Category Archives: Australian economy

Australia news live: ‘weeks’ to restore production at Geelong refinery after blaze, Viva says; Chalmers warns of ‘big risks’ to inflation and growth

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Meanwhile ACT independent David Pocock is calling for a 25% tax on gas exports to fund welfare and housing. Follow today’s news live

Treasurer says capital gains changes and other tax reform still under consideration

Sticking with the budget, Chalmers said the government hasn’t made any decisions on capital gains tax reform.

We haven’t taken any decisions on those policies, whether the specific ones you mentioned [or others].

There’s more work to do on our options for tax reform in this budget.

The savings package won’t be exactly the same as what we would have been contemplating over the summer, but it will be a substantial savings package.

When we came to office the NDIS was out of control and it had strayed a long way from its original intended purpose.

It was growing around 22% when we got to office.

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Ben Roberts-Smith denies war crimes allegations – As it happened

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Defence Minister Richard Marles says the success of Australia’s alliance with the United States should not be measured against a single president or federal government in Canberra, insisting the longstanding ties will endure.

US President Donald Trump has repeatedly criticised Australia for not assisting with the war in Iran, while federal Labor, including Marles and Prime Minister Anthony Albanese, say the White House has not made any specific request for assistance.

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Australia news live: refinery fire will not lead to tougher fuel restrictions, PM says, though petrol production down by 40% at plant

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Australia secures extra fertilizer and 100m extra litres of fuel, PM says

Albanese has also provided an update on Australia’s talks with its allies in Asia to shore up imports of fuel and other goods affected by the effective closure of the Strait of Hormuz.

The advice that we have received today is that 80% of diesel production is continuing, 80% of aviation fuel is continuing, ongoing.

It has been slowed down just slightly because of the circumstances which are there, but 60% of petrol production [is] proceeding today as well.

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Chalmers warns of ‘more polarising politics’ – as it happened

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Seven-year-old girl drowns at swimming spot on Brisbane River

A seven-year-old girl has drowned at a popular swimming spot on the Brisbane River in the south-west of the city, AAP reports.

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News live: Labor dismisses Tony Abbott’s calls for Australia to join war; Queensland MP Jimmy Sullivan found dead

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Former PM asks ‘What is the point of having armed forces if they’re not to be used to support our allies in a just cause.’ Follow updates live

Head of IMF says Iran war will permanently scar global economy even if peace is reached

The head of the International Monetary Fund has warned that the Iran war will permanently scar the global economy even if a durable peace deal in the Middle East can be reached.

But now, even our most hopeful scenario involves a growth downgrade. Even in a best case, there will be no neat and clean return to the status quo.

Penny Wong’s previous statements, whether it’s concerned or gravely concerned, have had no effect.

But cancelling more than a billion dollars in Israeli arms contracts – that would not only respond to the moral situation of the appalling Israeli military attacks, it would also have the benefit of putting a very real material pressure on Israel to pull back from what is a disastrous, illegal, immoral war in Lebanon that is threatening the entire globe’s peace.

We should not be buying weapons that have been tested by Israeli defence manufacturers in conflicts like Gaza and Lebanon, and we should not be contributing any weapons parts.

Right now it also would have the important additional benefit of making it clear to Israel that this comes at a direct and real cost to them.

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Debit and credit card surcharges to be removed in Australia by October

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Treasurer Jim Chalmers says changes will help with cost of living and ‘Australians hate paying’ the surcharges

Debit and credit card surcharges will be gone by October under Reserve Bank reforms, with big banks likely to foot the bill for the cost-of-living measures.

The new rules, announced on Tuesday, will enable businesses to remove added fees on Mastercard, visa and eftpos card payments.

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Older Australians in ‘immediate danger’ as fuel crisis affects travel for aged care workers

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Unions and farmers call for government intervention as agriculture, construction and waste industries also at risk from higher prices

Care workers, tradespeople and transport drivers are being hit hard by ballooning fuel costs, with some industry groups urging the government to roll out assistance packages or even a jobkeeper-style wage assistance program to help businesses avoid laying off staff.

Reports of small mining businesses scaling back operations and some construction companies deciding against hiring more apprentices have prompted suggestions the government should step in to help, with the Master Builders Association already forecasting a downturn in the number of homes that will be built this year.

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‘Makes Covid look like a tea party’: Australian food prices could rise for the next year, farmers warn

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Iran conflict could see shortages not just in fuel, but fertiliser and fossil fuel resins – used to make milk bottles

Farmers say Australian consumers could pay more for everyday staples for the next year at least as a result of the US-Israel war on Iran.

But the CEO of dairy farmer cooperative Norco, Michael Hampson, says a six- to 12-month disruption to food supply is likely a best-case scenario, depending on the strait of Hormuz reopening soon and global petrochemical supply chains beginning to stabilise.

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‘Political Band-aid’: cutting Australia’s fuel excise could make petrol shortages worse, economists say

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Fuel tax cuts also risk adding to inflation by enabling some households with enough income to spend more

Fuel excise cuts would be a “political Band-aid” that could worsen petrol shortages and add to inflation, economists have warned.

The mining billionaire Gina Rinehart, Tasmania’s state premier and Liberal opposition leaders in New South Wales and Victoria have called for the Albanese government to cut the excise on petrol and diesel.

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Hundreds of petrol stations across Australia run out of fuel as Albanese inks supply deal with Singapore

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Energy minister, Chris Bowen, says ‘we’re a long way’ from further action like fuel rationing despite shortages

Hundreds of service stations across Australia have run out of fuel, with the federal government inking a deal with Singapore, one of the country’s biggest sources of refined petroleum, to keep supplies of diesel and petrol flowing.

Concerns are now broadening to supplies of fertiliser and other chemicals, heaping more pressure on the Albanese government’s leveraging of overseas exports of coal and gas in a bid to handle of the crisis.

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Liberals have ‘a lot of work to do’ after SA wipeout, Anne Ruston says – As it happened

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Australia not ‘contemplating’ fuel rationing but state and federal governments have powers, Bowen says

State governments also had fuel rationing powers, Chris Bowen said.

When I was a kid … in the 80s in Sydney, I remember petrol rationing was done by state governments – the state governments do have powers there.

Yes, the Commonwealth government, under the fuel emergency act, has powers.

It’s not designed to be invoked lightly. It really has powers primarily around defence and health, in the first instance, to ensure that those key areas are getting diesel that they need, but also other forms of fuel.

I would need to be satisfied that there’s a real shortage and that the powers under that act are useful.

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Australia news live: Tropical Cyclone Narelle poised to hit Queensland coast within hours with wind gusts up to 250km/h

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Tropical cyclone expected to make landfall in far north Queensland within hours. Follow today’s news live

Waves of near-record heights smash Cairns coastline

One of the challenges posed by Severe Tropical Cyclone Narelle is the lack of weather monitoring infrastructure in remote parts of Cape York.

Winds of that speed are pretty hard to imagine if you haven’t experienced them before. They are just so, so strong, capable of uprooting really large trees or completely stripping them of their branches …

It can also cause extensive damage to properties in the path of those very strong wind gusts as well as power outages.

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DiDi raises prices in Australia to cover soaring petrol costs amid conflict in the Middle East

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Other delivery and transport companies such as Uber, DoorDash and Australia Post are weighing whether to charge more

Rideshare giant DiDi has raised its prices to cover soaring petrol costs, becoming one of the first major companies after the airlines to charge Australian consumers more as a result of the conflict in the Middle East.

Uber, DoorDash and Australia Post were among the delivery and transport companies weighing whether to add charges, as small businesses hike fees.

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Australia news live: luxury car tax change could seal EU trade deal; far north Queensland braces for severe weather

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Jim Chalmers hints concession on threshold for imports could finally lead to an agreement. Follow the latest updates live

Two flights from Dubai land in Sydney and Melbourne

A second commercial flight landed in Sydney last night from Dubai and the first made its way to Melbourne from the Middle Eastern hub.

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Desperate first home buyers are fuelling price ‘up-crash’ at lower end of market, experts say

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Biggest house price increases in February come in smaller capital cities as buyers undeterred by interest rate hikes

Hot competition for cheaper Australian homes has powered a relentless “up-crash” in prices despite rising interest rates, economists warn.

Desperate first home buyers have bid up the price of affordable properties as they face off against investors, who have borrowed big despite government warnings they could lose tax discounts and deductions.

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Australia news live: SA Labor pledges $100k stamp duty waiver for ‘empty nesters’; Burke says Hanson’s Lakemba comments a national security risk

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The home affairs minister says the One Nation leader was frustrated with the Muslim community because it ‘didn’t give her what she wanted’. Follow live updates

Police investigating the mistaken kidnapping of grandfather Chris Baghsarian are appealing for information about suspicious car fires that could be related to the case, AAP reports.

Hopes are fading of finding the 85-year-old alive, who was taken captive more than a week ago when three men stormed his Sydney home and bundled him into an SUV.

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Coalition announce emissions policy after joint party room; more magic sand products recalled over asbestos contamination – as it happened

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Total fire ban in parts of New South Wales

While a storm system continues to affect parts of New South Wales’ east, the state’s west faces extreme fire danger.

I expect it will be pretty much what the Nationals have wanted all along because it’s been really clear that they have set the agenda in terms of the energy and climate policy of the Liberal Party.

I’m genuinely concerned and genuinely disappointed that this has happened because we do need to take action on climate change.

I think my a lot of my community will be going ‘Why on earth has the Coalition done this if they are seeking to ever take back seats’ like mine?

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Australia news live: Crisafulli declares end to ‘cannoli diplomacy’ with Albanese over lack of hospital funding

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BoM’s axing of free flood forecasting ‘potentially deadly consequences’

Natural disaster-prone councils in south-east Queensland say the Bureau of Meteorology’s decision to axe its free real-time flood forecasting tool is a “cost shifting” exercise with “potentially deadly consequences”, with New South Wales emergency services also affected.

The main treatment for viral gastroenteritis is to rest and drink plenty of fluids. Most people recover without complications, but more urgent care may need to be sought for infants, people with suppressed immune systems, and the elderly, who may experience more serious illness.

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Illegal tobacco burns $3.3bn hole in Australia’s tax revenue, crime agency says

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ACIC report says total impact of illicit trade on economy amounted to $4bn in a year amid debate over cigarette excise

The illegal tobacco market has left a $3.3bn hole in the federal government’s finances, with Australia’s national criminal intelligence agency warning organised crime’s dominance of the market is continuing to grow.

The Australian Taxation Office believes the illegal trade now accounts for one in five tobacco sales, which has led to reduced tax revenues despite the government’s excise on legal cigarettes reaching almost $30 for a pack of 20 sticks in September. The excise has increased almost eightfold since 2006, when it was $4.65.

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Australia politics live: Greens say secret Nauru deportations ‘not how any democracy should behave’

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Shoebridge accuses Labor of being ‘addicted to secrecy’. Follow today’s news live

Good morning and welcome to our live news blog. I’m Martin Farrer with some of the best overnight stories before Krishani Dhanji takes the controls.

Asio chief Mike Burgess gave a speech at the Lowy Institute in Sydney last night in which he said there were “at least” three countries whose governments were prepared to carry out assassinations on Australian soil. Asked whether it was too alarming, Burgess said that it was “incredibly important” for Australians to understand the dangers the country faced.

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