Category Archives: Australian economy

Shoppers to no longer pay fees when using debit cards under new Albanese government plan

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Treasurer says uncovering ‘unfair’ practices also part of proposed surcharge revamp designed to give consumers better deal and cut small business’s costs

The federal government is preparing to ban debit card fees and instruct the consumer watchdog to investigate excessive card costs, as the unpopular system of transaction charges gets set for an overhaul.

The proposed changes would mean consumers no longer pay a fee when using their debit card to buy their morning coffee or make a major retail purchase. Credit card fees would still apply.

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‘Easier to buy your 10th house than your first’: Unions NSW joins push to reform negative gearing and capital gains tax

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Exclusive: Survey finds 72% of 2,158 workers want Albanese government to rethink housing tax breaks – particularly renters and over-65s

Unions NSW has thrown its support behind reform of the negative gearing and capital gains tax concessions, arguing that the housing market is “fundamentally broken”.

The Unions NSW secretary, Mark Morey, is now calling on the Albanese government to reform the tax concessions and reinvest “profound savings” in housing, such as by expanding the Housing Australia Future Fund.

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Dfat says it has told Israel ‘unacceptable’ targeting of UN personnel in Lebanon must cease – as it happened

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Jacinta Nampijinpa Price on Voice referendum, one year on

The shadow minister for Indigenous Australians, Senator Jacinta Nampijinpa Price, was on ABC News Breakfast earlier on the first anniversary of the Voice referendum.

We have been calling for an inquiry into statutory authorities for the last 18 months, which we believe need to be looked at closely because of their failures to ... well, not all statutory authorities, but some, in terms of their failures of how they’re supposed to serve the interests of those that they are supposed to represent.

And this has been ongoing now and something that the Albanese Government has continued to ignore. But those voices – especially of Traditional Owners – that I have been speaking to, are growing louder, with more concern. And, really, there is a need to fix the structures that currently exist, and it begins with an inquiry.

There’s no evidence at all that current laws led by the Albanese government are stifling businesses from employing people. In fact, we’ve actually created nearly 1 million jobs since coming to office a bit over two years ago … So unfortunately, for some of the leading business groups calling for this, the evidence of what’s going on in the economy just doesn’t back up their wish list.

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Business Council blames slow local decision-making for feeding Australia’s housing supply crisis

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Peak business body proposes deadlines to ‘speed up’ local councils, saying delays are making developers reluctant to invest

Local councils would be forced to set deadlines for deciding on housing development applications and lose approval rights if they cannot stick to them, under a proposal from the national peak body representing big business.

The Business Council of Australia (BCA) is urging state governments to force local councils to consult housing development proponents and set agreed deadlines, case by case, for ruling on their applications – then be held accountable for meeting them.

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Australia news live: QLD LNP leader says end of coal before 2030s ‘fanciful’; patients at Sydney GP given less-effective vaccines

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The LNP leader, David Crisafulli, appears to be walking away from a commitment to 75% emissions reduction by 2035. Follow today’s news live

Rowland questioned on gambling ad ban

Michelle Rowland was also asked why it has taken 16 months for the government – as yet – to make no decision on gambling ads. The communications minister said the government has “been working diligently in this space” but action “should have been taken on this some 10 years ago”.

We’re working very closely with the states and territories because the vast majority of recommendations in our late colleague Peta Murphy’s report go to issues that go across commonwealth and state jurisdictions.

We’re also working very closely to ensure that there are no unintended consequences here and it’s actually effective.

We have every anticipation that we will be able to respond comprehensively this year and that’s what we’re working towards as a government.

We will be taking advice on the appropriate form in which that can be done. Legislation is obviously an option because there is an interactive gambling act at the commonwealth level, which enables some of these approaches to be implemented.

There will be penalty for the platforms just as they are now in the Online Safety Act … These penalties will be drafted and, as I said, we’re currently reviewing the Online Safety Act because the penalties as they stand … the maximum penalties are less than $1 million for some offences.

They are being challenged but, at the same time, the industry does understand the need to comply here and, by and large, does comply with the rules under the Online Safety Act.

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Australia politics live: Richard Marles tells question time ‘I feel very sad that events have got to where they have’ after chief of staff’s bullying allegations

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The opposition communications spokesperson, David Coleman, is speaking to ABC radio RN, criticising the government’s legislation designed to keep the NBN in public hands.

He is having trouble saying whether the opposition will support the bill, or whether a future Coalition government would want to sell the NBN.

We’re not going to just sort of immediately jump at some silly theatrical statement from the government. The adults in the room will review this in a normal way.

We’ve got no intention of changing the ownership structure of the NBN. Nobody does. And frankly, because the NBN is going so badly, there’s not exactly a lineup of people [wanting to buy it].

Parents are crying out for a degree of certainty, they’re crying out for government guidance, a lot more rule that people can follow. That doesn’t mean there won’t be challenging but at least provides a starting point for parents. It gives them a tool about how to address this and parents who have gone through all this and all the pain that social media can place upon their children, they’re the ones I think are the most powerful advocates for this reform.

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Australia politics live: Dutton attacks Albanese for including calls for ceasefire and de-escalation in motion reflecting on 7 October

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So what’s that ARC research project on islands actually about, anyway?

A blog watcher has taken the trouble to look up the research project that has Liberal MP James Stevens all hot and bothered, Archipelagic Connections in Australian and Pacific Literature:

Australia is often defined as an isolated island-continent, ‘girt by sea’. This project aims to challenge this protectionist myth by analysing literary and historical connections between different geographical sites that have been represented as enclosed in Australian history.

It expects to offer new interpretations of interconnected narratives of Aboriginal Australian, South Sea Islander and migrant enclosure in Australian literature.

The project also contributes to national strategic initiatives into the ‘truth telling’ on Australia’s past relations to Aboriginal Australians and the study of environmental change in islands and archipelagos.

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Many cheered when banks eliminated ATM fees in 2017 – but now it’s a struggle to find one

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Bank-owned ATM numbers are down almost 60%, with many spots now taken by privately-owned machines charging about $3 per withdrawal

It is getting increasingly difficult to find an ATM and harder still to find one that doesn’t charge fees, prompting warnings that the push toward a cashless society is neither equitable nor wise.

Bank-owned ATM numbers are down almost 60% since 2017, according to regulatory data, with many spots now taken by third party-owned machines that typically charge about $3 a withdrawal.

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Australia news live: PM introduces Tu Le as Labor challenger for western Sydney seat of Fowler

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A joint police statement warns “there will be no tolerance for illegal behaviour or violence on any day of the year” in the lead-up to protests planned for the 7 October anniversary.

The statement comes from NSW police, Northern Territory police, the Queensland police service, South Australia police, Victoria police, Western Australia police, Tasmania police and Australian federal police.

Police respect the right to peacefully protest and assemble in Australia, however, there will be no tolerance for illegal behaviour or violence on any day of the year.

In Australia, there are offences that prohibit behaviour that incites or advocates violence or hatred based on race and religion, including the display of prohibited symbols in public under these circumstances.

The commission can confirm it carried out operational activity today at Parliament House. This was in relation to an ongoing investigation.

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Rally organisers and police reach agreement – as it happened

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The deputy prime minister, Richard Marles, is speaking with ABC RN from New Zealand where he is meeting with regional counterparts.

Asked about the escalation of the conflict in the Middle East, and whether “ceasefire negotiations in Gaza are now dead”, Marles said the “continued violence in the Middle East is obviously giving rise to enormous threat to civilian life”.

I think the international community is desperate to see an end to this violence, and certainly that’s how we’re exercising our international voice.

Israel has a right to defend itself. Every country has a right to defend itself, and to do so in a proportionate way. That said, we are calling for a ceasefire, along with the United States, along with other members of the international community.

The continued violence in the Middle East is giving rise to … unacceptable numbers of civilian lives lost, and the ongoing violence is a threat to civilian life. And we, along with international community, urge an end to this.

We have [been protesting for] 51 weeks in a row, [and it’s been] absolutely peaceful. Millions of Australians have come out, it’s not provocative at all.

What’s provocative is the fact that our government isn’t listening to tens of thousands, hundreds of thousands, millions of Australians, who have signed petitions, called their MPs, have done everything they’re supposed to do within this democratic framework to say ‘enough’ …

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Australia news live: Miles promises state-owned power company for Queensland; NSW police arrest woman following Sydney protest rally

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Children’s commissioner to address National Press Club today on youth justice

The children’s commissioner, Anne Hollonds, is due to address the National Press Club today on a new report calling for an overhaul of Australia’s approach to child justice.

That kind of slogan really is trying to show that ‘we’re really tough up here, we’re going to be tough on crime’. And what our report shows is that that approach, that traditional approach in this country, hasn’t worked and and that basically it’s evident that we’ve misunderstood the nature of the problem we’re trying to solve. We know that toughening up the justice system doesn’t actually prevent crime by children.

The idea that the states and territories could fix this on their own has been misguided, we need to work together on it.

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Assange says he is free because he ‘pled guilty to journalism’ – as it happened

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National weather forecasts

Sticking with the weather, here’s a look at the forecasts across Australia’s capital cities today:

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Australia’s housing crisis may be starting to ease as home prices fall in four capital cities

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New data also shows auction figures softening while rent rises are at their slowest pace in years

Australia’s housing crisis may be starting to ease with dwelling price rises tapering off and rents increasing at their slowest pace in four years, data groups say.

Property values increased 0.4% in September, close to the 0.3% rise recorded for both the previous two months, CoreLogic reported. PropTrack’s housing index was basically flat, rising just 0.04% for the month.

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How the most affluent Australians disproportionately benefit from negative gearing

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Those in the top tax bracket three times more likely to be negatively geared property investor, says economist

Negative gearing helps high-earning Australians the most, with those with income of more than $180,000 annually snaring almost one-quarter of the benefits, despite numbering just 5% of taxpayers.

Data from the Australian Taxation Office showed people who earn more than $180,000 were able to lower their collective tax bill by $1.3bn in 2021-2022 through negative gearing. The $1.3bn was roughly 25% of all the losses on rental properties claimed by taxpayers in that financial year.

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Australia news live: Keating says Labor ‘flogging a dead seahorse’ over Aukus deal; severe weather for parts of NSW and Queensland

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The BoM has issued a severe weather update for parts of north-east NSW and south-east Queensland as wet and windy weather continues to batter the east coast. Follow today’s news headlines live

Dutton says PM ‘desperately hoping’ interest rates will fall

Opposition leader Peter Dutton believes Western Australia will play a crucial role in the election. He told the West Australian:

My judgment is that we’re waiting for the results to come in from WA before we know the outcome of the election this time around.

It depends on whether the prime minister’s waiting to see if interest rates come down.

He’d be desperately hoping that they come down in February of next year and he can go from there.

We live in the territory. This is our home. We are fighting to protect our water from the dangers of fracking.

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Chalmers admits he sought advice about changing negative gearing but says it is not on Labor’s agenda

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Treasurer says it’s ‘not unusual’ for governments to get advice on ‘contentious issues’ but stresses changes to housing tax breaks are not in the works

Treasurer Jim Chalmers has conceded he did ask his department for information about possible changes to negative gearing and capital gains tax concessions, but the government insists any reform to the controversial tax breaks are not yet on the agenda.

The Independent senator David Pocock said the government had multiple options to make the system more equitable through moderate changes while still protecting investments made by ordinary families.

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Opposition leader calls for university’s leaders to quit – as it happened

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The foreign affairs minister, Penny Wong, has joined an international push “to hold the Taliban to account” under the Convention on the Elimination of All Forms of Discrimination Against Women.

Wong says:

We know the women and girls of Afghanistan are effectively being erased from public life by the various edicts the Taliban … have issued.

The steps we are taking with Germany, Canada and the Netherlands are unprecedented. We are intending to use the Convention on the Elimination of All Forms of Discrimination Against Women, to which Afghanistan is a party, to take action.

If I can … say again to the Australian Lebanese community. This is a deeply distressing situation for so many of you. I know that there are many Australians in Lebanon. There are many Australians who have relatives, family and friends in Lebanon. I again urge Australians in Lebanon to leave now. There are flight cancelations and disruptions, and there is a risk that Beirut airport may close for an extended period of time.

Please do not wait for a preferred route. Please take the first option you can to leave. We continue to monitor the situation closely. We have been working with partners on contingency plans now for many months but I again say to anyone who any Australian who is in Lebanon: please leave now.

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Several Labor MPs ‘open’ to reforms to negative gearing to address housing crisis

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Some politicians welcome a fresh and bold response to address affordability, while others wary of resurrecting a debate lost at the 2019 election

Some Labor MPs say the government shouldn’t be afraid of considering reforms to negative gearing, with several caucus members saying they were “open” to fresh and bolder responses to the housing crisis.

But others are wary of reopening a debate lost at the 2019 election, calling for caution amid concerns of an election scare campaign.

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Greens MP invokes Whitlam in public housing push – as it happened

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Plibersek approves three coalmine expansions

We have more on environment minister Tanya Plibersek’s approval of three coalmine expansions on Tuesday from Graham Readfearn here.

There’s a range of everyday common health conditions that are unnecessarily blocking up our emergency departments and contributing to those wait times to see our precious general practitioners.

We would love to see more GPs. Who doesn’t love their local family doctor? My wife and I and our children certainly do. But we all know how difficult it is to not only find one, find one that bulk-bills, but find one that hasn’t closed their books and can take an appointment. That’s not just in the bush, that’s in our major capital cities as well, whether it’s after 6pm or on a weekend, when your local pharmacy is open.

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No talk of hikes, no cut on the horizon: why RBA thinks it’s in the ‘right spot’ with interest rates

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There was good news and bad news as Australia’s central bank held the interest rate steady for the seventh time in a row

The good news is the Reserve Bank is all but done lifting interest rates. Less good news is that the central bank is also not about to cut them.

Those were probably the key takeaways from the RBA’s sixth board meeting of 2024 and the seventh since it last slugged borrowers with it’s last cash rate hike.

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Peter Hannam is Guardian Australia’s economics correspondent

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