Category Archives: Australian economy

Labor targets student and some worker visas in overhaul of Australia’s temporary migration program

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Government says temporary migration system is ‘broken’ and changes to student and skilled worker visas are needed to address exploitation

The Albanese government will lift the bar for international students and some workers to get a visa and as it seeks to overhaul what it says is Australia’s “broken” temporary migration program.

A new 10-year temporary migration strategy to be released on Monday will include moves to crack down on the use of student visas as a “back door” entry for employers looking to import low-skilled workers, while the government will also create new visas targeting highly skilled workers, particularly those in growth industries. It comes with the government flagging that overseas migration has peaked and is set to fall in the next 12 months.

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Foreign investors who snap up Australian homes to face higher taxes

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Fees for foreign investors who leave properties vacant will double and taxes will triple for those who buy existing houses

Foreign investors in Australia will face higher fees and steeper penalties for buying existing homes and leaving them empty as the government aims to address housing affordability.

The federal government on Sunday announced new rules tripling taxes for foreigners who buy existing houses in Australia and a doubling in fees for those who leave dwellings vacant.

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Final question time of the year – as it happened

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MPs don casual wear for late-night sitting

Given the late sitting (the house has been doing “family friendly” hours for most of the year, which has made sittings past 8pm or 8.30pm rare) there were a few more casual looks on the benches than we are used to.

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There are 26 jobseekers for every entry-level position in Australia, report finds

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Anglicare chief says its survey shows more than half a million people are being ‘left behind’, with demand for starter jobs outstripping supply across country

A lack of suitable jobs and a trend towards insecure work is locking hundreds of thousands of people in poverty, according to a new report that finds there are 26 jobseekers for every entry-level position in Australia.

Anglicare’s annual Jobs Snapshot found that of the 26 people out of work for each entry-level position, 18 are technically “long-term” unemployed, meaning they have been out of the workforce for more than 12 months.

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Bracket creep is cooling Australia’s economy – it’s good news for interest rates but not for household budgets

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The weak economy probably means the next RBA rates move – short of an inflation surprise next month – will be a cut

Philip Lowe used his final speech as Reserve Bank governor to call on fiscal policy to “provide a stronger helping hand” in managing inflation so the central bank didn’t have to carry most of the load – and the ire.

“Raising interest rates and tightening policy can make you very unpopular, as I know all too well,” Lowe said on 7 September, 10 days before many battling borrowers cheered him out the door.

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Jim Chalmers open to clean energy investment reforms pushed by super funds

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Treasurer says government ‘committed to consider’ proposals, including concessional finance to bankroll new transmission infrastructure

Jim Chalmers has signalled the Albanese government is open to considering sweeping reforms being championed by industry superannuation funds to unlock billions in private capital to fund Australia’s clean energy transition.

After meeting on Tuesday with banks, venture capital firms, super funds and investor groups in Canberra, the treasurer told journalists he had committed to consider specific measures proposed by AustralianSuper, cbus, HostPlus, CareSuper, Hesta, UniSuper and the behemoth Australian fund IFM Investors.

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Australia news live: Reserve Bank to deliver year’s last interest rates decision as economists tip no change

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Poll finds 28 of 30 economists expect central bank to keep cash rate steady at 4.35%. Follow the day’s news live

Good morning, and happy Tuesday.

I’m Emily Wind and I’ll be with you on the blog today – many thanks to Martin for kicking things off.

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Dutton urges PM to put preventive detention on national cabinet agenda – as it happened

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Assistant climate change minister asked whether Australia ‘can be taken seriously’ without fossil fuel phase-out promise

The assistant minister for climate change and energy, Jenny McAllister, was also making the rounds this morning amid the Cop28 summit.

We, of course, are working towards transforming our national electricity system to incorporate 82% renewables by 2030. This is a really ambitious transformation, but one that we believe will lay the foundations for a cleaner and more affordable energy system for Australians.

If you think about what it means to take our energy system from 33% renewables to 82%, that does mean that our fossil fuel use within our own energy system at home is changing very dramatically over the course of a decade.

We know that globally, we need to see similar changes and similar investments in the new technologies to drive low emissions power, not just here in Australia, but actually, right across the world.

… or any electorate around the country where it is proven to be technologically feasible, has a social licence and it is going to get prices down.

We have to be humble enough at these conferences at Cop to say what are other countries doing? What peer countries are doing is they are saying we are looking at nuclear energy as part of the balanced mix.

We must in Australia be driven not by ideology, but by economics and engineering and learn from those countries and that includes consideration for zero emissions nuclear energy, and people may be arguing all they like, but we will be very open and transparent as we always have been.

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Stage set for national cabinet clash over GST – as it happened

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The NSW Australian Paramedics Association will take part in a 12-hour strike today, from 7am to 7pm, despite the threat of legal action.

Members will still attend emergency “lights and sirens” jobs as part of an ongoing pay dispute.

We want to assure the public that emergencies will still be attended to, with our focus intensifying on life-threatening cases.

Our decision to limit responses to non-emergency jobs enhances our capacity to manage critical cases.

Facing potential legal repercussions and a substantial fine of up to $20,000 per day, our commitment remains firm.

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Industry super funds warn slow transition to net zero puts Australia at risk of losing ‘attractive’ investments

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A new report argues that $12bn a year on average between now and 2050 will be required to transition to renewable energy

Industry super funds have warned the Albanese government that Australia’s energy transition risks falling behind as big funds chase more compelling investment opportunities in the US, UK and Europe.

AustralianSuper, cbus, HostPlus, CareSuper, HESTA and UniSuper have co-authored a new report with Australian fund IFM Investors calling for more favourable investment conditions underwritten by taxpayers to unlock private capital for the domestic transition to net zero emissions.

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Australia politics live: Albanese says Israel-Hamas war protest at Melbourne hotel ‘beyond contempt’

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Chalmers: ‘We are making some welcome progress in the fight against inflation’

Is Jim Chalmers confident that interest rates could fall from next year?

My job is to focus on this fight against inflation. And we saw overnight from the OECD, we saw from Deloitte Access Economics, we saw in the Bureau of Statistics data which came out yesterday, that we are making some welcome progress in the fight against inflation and that will determine the future directory trajectory of interest rates

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Australia politics live: PM delivers national apology to thalidomide survivors; Pocock and Plibersek strike deal on Murray-Darling

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Plan will remove a cap on buybacks and extend deadlines for water recovery targets. Follow the day’s news live

For what kinds of crimes would preventive detention be used?

Preventive detention can be used for terrorists or terrorism suspects already (yes, we already do this) so what other crimes will be added to the list? (Not all of the cohort have committed crimes.)

What I can tell you is that we’ll work through the detail of the law over the coming days. We’ve had a high court decision for about 17 hours now.

But the high court decision actually specifically refers to child sexual abuse as one of the grounds on which preventive detention might also be lawful.

We will work through these issues and will do so in a way that is fast but also constitutional. What we have seen on the other side of politics is a pretty torrid history of rushing laws, doing it improperly and writing things that aren’t constitutional, that are later thrown out by the high court and the consequence is that the Australian community is less safe.

We don’t want to make that mistake. We will work through this carefully.

The most important thing to understand from the high court’s ruling is that the high court has said that politicians don’t get to make that decision (indefinite detention).

And so politicians have previously been allowed to hold people in immigration detention for very long periods of time. The high court has told us that that’s not constitutional under these circumstances.

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Australia’s inflation rate eased to 4.9% in October, reducing likelihood of another rate rise as weak consumer spending reduces likelihood of another interest rate rise

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Consumer price index rose last month at an annual rate of 4.9%, which is lower than economists had forecast

Australia’s inflation rate has eased sharply in October as weak consumer spending made it less likely the Reserve Bank will inflict another interest rate rise on the economy.

The consumer price index rose at an annual clip of 4.9% last month compared with a 5.6% pace in September alone, the Australian Bureau of Statistics said on Wednesday. Economists had expected CPI to come in at 5.2%.

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Stephanie Foster appointed new home affairs secretary – as it happened

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The NSW Council for Civil Liberties (NSWCCL) has backed the campaign for a royal commission into immigration detention – including onshore and offshore detention on Nauru and Papua New Guinea.

As mentioned earlier in the blog, the campaign will be launched in Canberra today.

Our mandatory, arbitrary immigration detention regime is unnecessarily cruel and degrading. Instead of offering refuge for those who seek the safety of our shores, we imprison people, strip them of their humanity and allow them to be demonised in our media and by our politicians. It is a system that conditions the Australian public to dehumanise others. This cruelty has persisted for decades.

Increased discussion and debate around gender equality, a tight labour market and impending legislative reform have helped drive action on workplace gender equality over the last year.

We see an increase in the proportion of women in management and at the upper pay quartiles, and we also see the proportion of women being promoted and appointed at manager level is higher than the proportion of women managers overall. As this trend continues, we can expect to see the gender pay gap continue to fall.

The management opportunities for part-time employees are negligible; the number of men taking paid primary carer parental leave has barely shifted; and the number of women in CEO roles and on boards has stagnated.

If we want real change, we need employers to take bold action. We need employers to look across the drivers of gender inequality and be imaginative in their solutions.

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Black Friday: Australian shoppers tipped to spend more than $6bn in four-day sales period

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Retailers say online sales on Friday were 10-25% up on last year, with the shopping event becoming bigger than Boxing Day

Retailers say Black Friday has gotten off to a strong start, with Australians tipped to spend a record amount as they seek savings during the cost-of-living crisis.

The Australian Retailers Association (ARA) has predicted shoppers will spend $6.36bn across the four days between Black Friday and Cyber Monday, up 3% from last year, according to their research in partnership with Roy Morgan.

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Australia news live: Bruce Lehrmann back in the witness box as defamation case kicks off third day

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Former Liberal staffer’s defamation trial against Network Ten and journalist Lisa Wilkinson continues in the federal court. Follow the day’s news live

The minister for Indigenous Australians, Linda Burney, has said the government is yet to decide how to best consult with First Nations people after the loss of the Indigenous voice referendum.

Burney was on RN Breakfast earlier and said today’s Closing the Gap meeting, the first since the referendum, would focus on the silver linings from the loss.

What we have seen is a group of young Aboriginal and Torres Strait Islander people get involved in the political process.

We had 6 million Australians say yes. And the thing that really excited me about the outcome in places like the Tiwi Islands, where … Aboriginal and Torres Strait Islander people wanted this change. And those votes are really important.

Education is the most powerful cause for good in this world, that is where you learn.

If you want to protest, do it on the weekend. School is on, we expect them to be there.

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Australian banks buckle to pressure over scams and vow to block transfers to suspect accounts

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Consumer groups have long lobbied for institutions to crack down on scams by rejecting transfers if name and bank details of recipient don’t match

Australian banks have buckled under pressure and will do more to fight scams by introducing technology that will block customers from transferring money to some fraudulent accounts.

The banks had initially resisted calls – including from the Australian Competition and Consumer Commission (ACCC) and the Consumer Action Law Centre (Calc) – to block transfers if the name and bank details of the recipient did not match.

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Man found dead after statewide search – as it happened

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Hostage release essential if truce to last, Paterson says

Rewinding to Liberal MP James Paterson’s appearance on RN Breakfast this morning, wheN he said more needs to be done to free the hostages Hamas is holding in Gaza.

We don’t know how many of them are still alive, and their continued release would be essential for any continuing ceasefire because otherwise Israel continues to have a legitimate military objective.

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Housing prices back at record levels, defying Australia’s interest rate rises

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The 7.5% drop from the April 2022 peak has been recovered, but some cities are faring better than others, CoreLogic analysts say

Australian home prices are back at record levels, recovering all of the 7.5% dip from their previous peak in April 2022, according to the data group CoreLogic.

As of Wednesday, Corelogic’s home value index had climbed 8.1% higher than the recent nadir reached at the end of January this year, defying five additional interest rate rises by the Reserve Bank since then.

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Australia news live: Bruce Lehrmann ‘utterly destroyed’ by Ten broadcast, court told

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Former Liberal staffer is seeking ‘substantial’ damages over The Project broadcast, lawyer says. Follow today’s news live

More than 20 people have been arrested and charged following an unauthorised pro-Palestine protest at Port Botany overnight.

According to a statement from NSW police, about 400 people gathered at the protest. Police issued a move-on direction, which they say was not complied with.

The group continued to occupy Foreshore Road, blocking vehicle movement.

That just gives a really clear line drawn that if it’s labour hire, it’s covered, if it’s service contractors, it’s not.

In terms of the conversations with the crossbench, I continue to reach out to the crossbench [and] there’s a series of meetings that continue to happen.

They’ve made a decision that they don’t want to deal with this bill until next year. I would rather we were dealing with it over the next fortnight. We certainly will be dealing with it next week in the House of Representatives.

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