Category Archives: Australian economy

Labor vows to support working from home as Coalition touts public servants cuts – as it happened

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Angus Taylor calls Labor’s energy bill rebate ‘Band-Aid on a bullet wound’

The shadow treasurer, Angus Taylor, also says the Coalition will not “get in the way” of the government’s $150 energy rebate, announced last night.

We’re not going to get in the way of it. The starting point here though is very clear which is Labor’s failed on delivering its promise of a $275 power price reduction.

We’re not going to stand in the way of Labor cleaning up their own mess. This is putting a Band-Aid on a bullet wound. The solution here is to get a structural outcome which is a reduction in underlying electricity prices, which has not been achieved, of course. It’s gone the other way.

They are both supplied by the US with little to no sovereign input, are expensive and outdated. Like Aukus, this equipment is much more about signalling our loyalty to the US than defending Australia.

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Police investigating alleged online threats to third Sydney mosque – as it happened

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Jim Chalmers was also up on ABC News Breakfast this morning, where he was asked if there’s a reason the government can’t commit to more of the 20 recommendations.

He said it was committing to all of the recommendations “in principle” and, like earlier, that the government was working on some of them already.

The ACCC has handed down a 441-page report and not on any of those pages does it support the divestiture powers which have been proposed by our political opponents.

If you make one of the big chains sell in the community, there’s a risk that it’s just snapped up by the other big player in the supermarket sector and that would be counter-productive. Or if it chases supermarket options out of town in regional communities. It’s got hairs all over it, frankly.

We’re making the food and grocery code mandatory. We’re empowering the ACCC. We’re cracking down on mergers and acquisitions. We’re working to make it easier for new entrants to compete with the two big supermarkets in particular. These are all of the things that we’re cracking down on when it comes to the supermarkets.

We don’t want the supermarkets to be treating Australians like mugs.

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Australia news live: Albanese asked if he ‘trusts’ Trump; Dutton says he is confident an Aukus ‘plan B’ is not needed

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On the issue of Aukus, the opposition leader said the Coalition is committed to increased defence spending. Follow today’s news live

‘Israeli government does not have a lot of palatable options’ – Sharma

The Liberal senator and former ambassador to Israel Dave Sharma was up on ABC News Breakfast earlier to discuss the latest strikes carried out by Israel on Gaza.

If any of us were in their position, we would be single-mindedly focused on the return of our loved ones. I can understand that. This is a politically contentious issue in Israel, there’s no walking away from that, but I don’t think the government has a lot of good choices.

Continuing the ceasefire was not going to lead to the release of further hostages, at least according to the mediators involved in the talks. Hamas had basically said they weren’t planning on returning any more. As I said, in that situation, the Israeli government does not have a lot of palatable options.

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PBS-listed medicine to cost no more than $25 a script if Labor re-elected

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Election pledge part of Albanese’s focus on cheaper medicines as a cost-of-living measure that will also help reduce inflation

A re-elected Labor government would reduce the price of PBS-listed medicines to no more than $25 a script, in a major new election pledge to be included in next week’s budget that builds on Anthony Albanese’s focus on cheaper medicines as a cost-of-living measure.

With the formal election campaign to start within weeks, where Labor will focus strongly on health as a key issue, Albanese will on Thursday deliver a major speech promising that four out of five medications on the Pharmaceutical Benefits Scheme would become cheaper under the plan which would cost the government $689m.

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Network Ten and Wilkinson ordered to pay own costs in Lehrmann defamation case – as it happened

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Growing inequality erodes social cohesion – Leigh

In his speech, Andrew Leigh will say growing inequality is an issue because it erodes social cohesion.

When wealth is concentrated among a few, society becomes fragmented. Our sense of collective responsibility diminishes, and the fabric that binds us as Australians weakens.

This approach contrasts with our predecessors, whose tax policies disproportionately benefited the highest earners, widening the gap between rich and poor. By maintaining a fair and responsible tax structure, we can fund essential public services while ensuring that the most fortunate Australians contribute their fair share.

Yet since the 1980s, Australia has seen what economists describe as a ‘Great Divergence’, reversing the gains of earlier decades.

Today, the top 1% of income earners receive nearly 10% of national income, nearly doubling their share from 40 years ago. Wealth inequality is even more extreme, with the richest 10% owning more than 60 times the wealth of the bottom 10%.

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Australia news live: Wong urges ‘all parties’ to respect Gaza ceasefire; renters need $130k income to afford average property, report shows

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‘Palestinian civilians cannot pay the price of defeating Hamas. It has now been two weeks since humanitarian aid last entered Gaza’ says foreign minister. Follow today’s news live

Labour-hire flight attendants to get pay boost

More than 750 domestic flight attendants funnelled to Qantas by labour-hire firms will get a hefty pay boost, AAP reports, in what is being hailed as a victory for “same job, same pay” laws.

Some of these crew will no longer need three jobs to make ends meet and put a roof over the heads of their families.

These are workers who wear the same uniform, do the same work, work the same rosters but have been paid significantly less than their colleagues. They do the same job and they deserve the same pay.

A crime scene has been established and an arson chemist will attend the scene [this] morning. The investigation into the circumstances surrounding the fire remains ongoing.

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New drugs added to PBS; alleged e-scooter bandit arrested – as it happened

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Bandt: government could deliver cheap renewable energy

The Australian government could use publicly owned electricity generators and retailers such as Snowy Hydro to offer power at cost to households and businesses, Bandt says.

I think a surplus mentality, understanding that we have got an enormous amount of sun and wind and if we back it up with storage, we could really drive down the cost of electricity in this country, and make it a place that you bring your businesses to from overseas, deliver cheap electricity for households. A mind shift is needed and the government could play a big role in that given its stake in a publicly owned generator.

We need to fast-track the build of renewables and also of storage.

But look, we have to wait to see – is there a peace [deal]? What is the agreement? What is the request that is being made? There are things that could be done right now, though. The ABC reported a couple of weeks ago that Australia is still the largest buyer of Russian oil. And it’s meant to be sanctions imposed.

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Australia news live: Dutton criticises PM’s ‘shocker’ after Trump tariff decision; suspicious packages wash up on Queensland beaches

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The prime minister has ruled out imposing reciprocal tariffs on the US. Follow today’s news live

Trump tariff decision bad for Australia-US ties – Butler

Mark Butler said the US tariff decision was “bad for our relationship” when asked whether it had a damaging effect on international relations on ABC News Breakfast a short while ago.

This is a disappointing decision. It’s a bad economic decision. It’s bad for our relationship. It’s bad for the US, ultimately, because we think that the exports we send to them - which are significantly less than the exports they send to us - are good for the US economy. They’re good for US industry. They’re particularly good for defence, which is an important area of cooperation.

We think this is a bad decision that’s disappointing, and we’ll continue to press the case for it.

We’ve only been going at this for almost seven weeks that President Trump has been back in office. We intend to continue to press the case at the highest level – particularly ambassador Rudd has been relentless in this, meeting with officials almost constantly to press the American case. We’ve had a lot of senior ministerial engagement.

Obviously the prime minister has spoken directly with the president. We’ll continue to do that. It’s not only in Australia’s interest – which for us, is the most important thing – we’re confident, we’re very sure it’s in both of our interests’ interest to continue the open trade that has characterised particularly the last 20 years under the US FTA.

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Dutton says Labor claims ‘utter nonsense’; multimillionaire faces new child abuse material charges – as it happened

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Good morning blog readers – this is Rafqa Touma, and I’ll be taking you through the day’s live news updates. Thank you to Martin Farrer for getting us rolling this morning.

More than 125,000 properties are in the dark as crews work to restore power across QLD and NSW in Alfred’s aftermath.

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Trump vows to take ‘hundreds of billions’ in tariffs as Australia’s hopes of getting exemption fades

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Australia unlikely to escape US president’s global steel and aluminium tariffs despite intense lobbying to be carved out

Australia’s chances of escaping America’s global steel and aluminium tariffs appear all but extinguished, with the US president reconfirming his commitment to a comprehensive tariff regime he argues will be “the greatest thing we’ve ever done as a country”.

“We’re going to take in hundreds of billions of dollars in tariffs, and we’re going to become so rich, you’re not going to know where to spend all that money,” Donald Trump told reporters on board Air Force One flying from Florida to Washington DC.

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Australia news live: Victoria to tighten bail laws; man shot dead by police in Queensland

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The Victorian premier said she would be introducing legislation to' ‘bring about that change … very soon’. Follow today’s news live

Chalmers defends Australian defence spending as Trump administration says nation should spend more

Jim Chalmers has defended Australia’s defence spending as having already gone up “considerably”, amid suggestions from the Donald Trump administration that Australia should spend more.

That is a very, very substantial pick-up in defend spending and one of the reasons we’re doing that is to be able to work more effectively with our allies and partners like the United States … We do pay our own way on defence. We are substantially increasing defence spending.

We have got a good relationship with the Americans, particularly that economic relationship which is of mutual benefit, and these are the sorts of things that we have been talking about with our American counterparts as they finalise some of the policies on things like tariffs.

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Crisafulli urges residents to prepare as storm approaches – as it happened

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This blog is now closed. Read the latest Cyclone Alfred news update here

Sandbag queues ‘about an hour’ in Brisbane – Wells

The federal sports minister, Anika Wells, also spoke on the Today Show this morning from Brisbane and said it was the “calm before the storm”.

At the moment that’s the shortest it’s been in 24 hours. It’s a big couple of days ahead for south-east Queensland. We’re more than up to the task, but everybody’s doing their bit.

So everyone’s doing their bit and we thank them for it.

We know that there’s going to be damaging winds, there is going to be powerful surf, coastal erosion, and it will be followed by significant rain that can last a couple of days. So we’re really urging people to be alert, to be prepared, just like the SES is.

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Communities warned to prepare as weather system takes right turn – as it happened

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Why should Australia trust president Donald Trump, given how he’s treated Ukraine’s president at the Oval Office? Richard Marles said the government’s focus was on supporting Ukraine:

That’s where Australia lies. That’s the decision that we have to make. And Ukraine can absolutely rely on Australia’s ongoing support in their defence, and we will work with international partners.

We’ve obviously worked with the United States over the last three years, and we’ll continue to do that, but we’ve worked with the United Kingdom, and we’ll continue to do that as well, and with European partners, and look at the best way in which we can provide support.

We have established a timeline with [the] Ukrainian government about the delivery of those tanks to Ukraine. Now, for operational reasons, won’t go into the detail of that timeline.

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Australia news live: Conroy says Chinese flotilla under ‘unprecedented’ naval surveillance as it sails south of Adelaide

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Safety net for laid off fashion group workers

Workers out of a job after the collapse of fashion retailer Mosiac Group will be guaranteed their entitlements after the federal government fast-tracked access to its worker safety net scheme.

Staff are largely women, many balancing part-time employment with care responsibilities, and highly reliant on their pay, so we want to ensure they have as much certainty as possible around their finances going forward.

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Australia news live: Hastie warns ADF is ‘going to get weaker’ as China tests US allies with ‘gunboat diplomacy’

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Shadow defence minister told ABC RN China is testing US allies as Trump ‘resets relationships in Europe’. Follow today’s news live

ABC pays tribute to Antony Green as he announces upcoming election will be his last on-air

Continuing from our last post: the ABC’s director of news, Justin Stevens, has paid tribute to Antony Green as he announces the upcoming election would be his last on-air with the national broadcaster.

For more than three decades he has performed one of the ABC’s most important roles with precision, impartiality, dedication and unprecedented expertise.

He has the ABC’s immense gratitude and respect. I’m sure our audience joins me in thanking him and wishing him well as he prepares for his final federal election broadcast.

It’s time to retire. I turn 65 this coming weekend. I work on a three-year election cycle with federal elections, I won’t be presenting elections in three years’ time when I’m 68, so this will be my last on-camera election for the ABC.

I’ll stay on for a couple of years, handing over work and doing other things, but essentially I’m deciding to retire and work less.

There are 80 or 90 of them, a book on every election since 1990, state and federal … I [also] redesigned computer system. When I first started this, you had to be in the tally room to get the numbers. It was the only way to get data from the Electoral Commission to the ABC computer, so you had to be there. It’s a completely different world now.

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Australia news live: Woodside doubles profits thanks to record production of oil; funnel-web spider shortage threatens antivenom program

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Australia’s largest oil and gas producer has doubled its profits to $5.6bn. Follow today’s news live

Senate estimates will be back under way today, and AAP has flagged a little of what we can expect:

Creative Australia bosses, including the chief executive, Adrian Collette, will front an estimates hearing and it’s expected they’ll be questioned about the selection body’s shock decision to ditch the Venice Biennale team.

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‘Trusted capital from your long-term ally’: Australian super’s US trip to bolster efforts to avoid Trump’s steel tariffs

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Super Members Council says summit may sway US president on tariffs on Australian industry after seeing scale of investment in US

Australia’s $2.8tn superannuation industry will bolster the Albanese government’s bid to secure an exemption from the Trump administration’s 25% tariffs on steel and aluminium imports this week.

A delegation of Australia’s largest funds will meet with US government officials from Monday, as part of a four-day summit designed to improve awareness of the industry’s long-term contributions to the US economy and its plans to more than double investment.

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Australia news live: NSW health system ‘catastrophically let down’ toddler’s family, minister admits

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Two-year-old waited in emergency department for three hours before suffering a cardiac arrest and dying. Follow today’s news headlines live

Victoria to offer contactless public transport tickets from next year

Victorians will be able to use their phones, bank cards or smartwatches to pay for public transport travel from “early next year in a staged approach”, according to reports.

Following a successful start of a ticketless bus trial in Wangaratta, the Allan Labor Government will begin switching on tap-and-go technology across Victoria’s public transport network from early next year in a staged approach – meaning some passengers will soon be able to use their bank cards, phones and smart watches to travel on full fare tickets.

The new ticketing system will continue to be underpinned by extensive technical testing and will be carefully rolled out starting with rail from the beginning early next year – allowing full fare passengers more ways to pay for their travel.

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‘Wilful acts of bastardry’: former Treasury secretary says young Australian workers ‘robbed’ by tax system

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Ken Henry made comments at a tax summit in Melbourne, arguing fiscal drag is seeing taxes go up while real incomes fall

Recent governments have carried out “wilful acts of bastardry” and created intergenerational inequality and environmental destruction that will leave younger voters worse off, the former Treasury secretary Ken Henry has said, urging tweaks to Australia’s tax system to bridge the growing divide.

Henry, who worked under both the Howard and Rudd governments, used a speech at the Per Capita tax summit in Melbourne on Thursday morning to argue the country’s tax settings since the Howard government have fuelled inequality and left further generations and young workers “to pick up the tab”.

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As an election looms, will Australians remember Labor for one rate cut or the 12 hikes before that?

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The Albanese government had been sweating on the RBA decision, which clears the way for an election as soon as early April

Jim Chalmers tried to say he wasn’t taking credit for the big banks dropping their interest rates, but the sense of satisfaction – or perhaps relief – among other Labor MPs was palpable in the moments after the Reserve Bank of Australia announced its cut of 25 basis points.

Labor MPs Justine Elliot and Kristy McBain, both under pressure in tough races, tweeted “breaking” updates within two minutes of the announcement. Within a few more minutes, the likes of Jerome Laxale, Josh Wilson, Pat Conroy, Shayne Neumann, Mark Butler, Helen Polley, Tony Sheldon and the retiring Graham Perrett had also taken to their social media accounts to broadcast the news.

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