Category Archives: Australian economy

Cost-of-living crisis: Albanese government launches taskforce to review competition in bid to ease pressures

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Panel’s appointment comes as Woolworths reports rise in net annual earnings to $1.6bn, a day after Coles posts $1.1bn profit

The Albanese government will appoint a taskforce to provide a rolling competition review in a bid to lower cost-of-living pressures by creating a more productive and dynamic economy.

The taskforce, set up in Treasury, will include an expert panel including Danielle Wood, chief executive of the Grattan Institute, and Rod Sims, former chair of the Australian Competition and Consumer Commission (ACCC). It will engage in “targeted public consultation” and provide continuous advice over the coming two years.

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Australia news live: Brisbane to undergo ‘mock earthquake’; Coles profit up to $1.1bn

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Supermarket operator posts 4.8% rise in full year cash profit, lifted by strong rise in groceries revenue. Follow today’s live news updates

AEC monitoring disinformation about electoral processes

Rogers said the AEC has seen an increase in mis- and disinformation over the last few years, particularly around the electoral process itself.

It’s all about the electoral process. We’re seeing an increase in [disinformation]. We’re seeing an increase in threats to staff. Which is very disappointing. And we’re monitoring that very closely.

At the last federal election, we had similar issues. We’re seeing behaviours we haven’t seen previously. The people who work elections are community members … Treat people with respect and civility.

We’re ready for it whenever it may be. That’s what we do in any case. We’re used to these events when we don’t know the date until a few weeks out. We’ve got all systems go.

We would ultimately like the rate to be exactly the same as the general roll, but it’s very close.

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Senator responds to report – as it happened

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Conroy says comments at Labor conference about strategic balance in Pacific

Conroy is asked about comments he made at the Labor conference, saying it is against Australia’s interest to have one power dominate our region, especially one that breaches international laws.

And is it your view that China is trying to do that, dominate our region?

I’m not going to be going into what other countries are doing but it’s clear that we’re seeing great strategic competition in our region, and it’s appropriate that we respond through increased diplomatic engagement and an increasing deterrence in the Australian Defence Force.

They all play complementary roles in promoting peace and stability in our [region].

So this is about peace and stability in our region by deterring conflict and I know you will respond that saying, well, aren’t we just engaging in military buildup, but in the end, the only way we pursue peace and stability is by presenting strength. This is what this is about.

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Australia’s population to grow at slowest rate since federation, intergenerational report forecasts

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Australians are expected to live longer and remain healthier to an older age, while having fewer children over the next 40 years

Australia’s population is forecast to grow at its slowest rate since federation, the latest intergenerational report from Treasury has found.

The report, which forecasts what the next four decades will look like, has found population growth is projected to slow to an annual average of 1.1% over the next 40 years, compared to 1.4% over the past four decades.

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Inflation spiral: food prices could yet rise higher and may never come down

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Concerns are growing over the effects of a warming climate on production and the danger of high grocery prices getting embedded into Australia’s economy

Food prices have been rising rapidly and there are reasons to fear they will push even higher. Economists warn some prices might never come down.

The ominous outlook is linked to drought conditions wilting crops in major grain-producing nations, disrupted grain deliveries out of Ukraine and moves by governments to ban food exports to protect their own supplies.

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ALP national conference day one – as it happened

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The conference is up and running.

We will bring you as much of it as we can – and will make sure we have all the main motions covered off, as well as the tone and vibe of it all.

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Australia’s oversupply of wine tops 2.8bn bottles in wake of China trade dispute

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New report suggests glut will last years, even if Beijing drops tariffs early, while prices of Australian red wine grapes plummet by more than half

Australia has an oversupply equivalent to more than 2.8bn bottles of wine – a little more than 100 bottles per person – after the trade dispute with China slashed exports to the biggest consumer of Australian wines.

The excess wine is being stored in large steel vats in wineries across Australia, equating to 859 Olympic wine-filled swimming pools.

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RBA says slowing economy and acute pressure on household budgets behind interest rate pause

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Minutes from the Reserve Bank’s August meeting show the board considered lifting the cash rate to 4.35% but decided to allow more time to look at economic data

Slowing economic growth helping to drag inflation down and a recognition that some households faced “acute financial challenges” were among the reasons the Reserve Bank left interest rates on hold earlier this month.

Minutes from the RBA’s August meeting, released on Tuesday, showed the board viewed the risks facing the economy as “broadly balanced” between allowing inflation to remain too high for too long or slowing the economy too hard.

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In previous downturns the world turned to China as an engine of growth – this time that driver may not be there

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What might Chinese deflation mean for interest rates, commodity prices and even EV exports outside China?

When Australia’s central bank released its quarterly economic update last week, China’s “uncertain” economic outlook topped a list of domestic worries for Australia.

The International Monetary Fund too singled out China in its latest world economic outlook as among the “downside” tilts to its balance of risks.

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Commonwealth Bank posts record $10bn profit amid rising stress for borrowers

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Annual results for CBA are 6% higher than previous year, buoyed by expanded profit margins during interest rate hikes

Australia’s biggest lender, Commonwealth Bank, has posted a record $10.16bn cash profit, even as more of its customers succumb to rising borrowing rates, prompting a sharp increase in bad debts.

The bank’s 2022-23 results were 6% higher than a year earlier, buoyed by expanding profit margins generated during a period of fast-rising interest rates.

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Labor launches crackdown on tax adviser misconduct following PwC scandal

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Government says it will increase penalties for promoting tax avoidance schemes and bolster regulators’ powers

Penalties for promoting tax avoidance schemes will be increased tenfold and financial regulators will get much stronger powers as the federal government seeks to fix “severe shortcomings” in the nation’s financial systems exposed by the PwC scandal.

In what the treasurer, Jim Chalmers calls, “the biggest crackdown on tax adviser misconduct in Australian history”, advisers and firms promoting tax exploitation schemes would face fines up to $780m, while red tape that hamstrung regulators from better investigating PwC will be slashed. The Treasury department will also conduct a two-year whole-of-government response to the shortcomings exposed by the disclosure of confidential tax information.

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Past and present public servants to be investigated – as it happened

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Home prices to keep rising despite higher rates: REA

National property prices are expected to increase by up to five per cent in 2023, having already lifted more than two per cent since the start of the year, AAP reports.

We saw price increases despite rising interest rates and reduced borrowing capacities and anticipate moderate price increases to continue over the coming months.

Don’t wait for a flare to rise from Canberra, until you get started.

The campaign has truly begun. Get out there, talk to your family, talk to your friends.

This is your moment.

I urge you to campaign for a future you want to see.

We will win this referendum, conversation by conversation. Silence doesn’t make history, people make history.

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Australia news live: NSW to review ‘red flags’ systems after child abuse charges; premier calls for urgent meeting of state agencies

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Chris Minns calls meeting of state government agencies after Queensland childcare worker was charged with 1,623 child abuse offences. Follow live news updates today

In a back and forth between Patricia Karvelas and prime minister Anthony Albanese on whether he supports a federal treaty, he says the no voice to parliament campaign is trying to muddy the waters:

What the no campaign want to do is to focus on everything that’s not happening.

What is happening is a vote in the last quarter of this year for a voice to parliament. And what that is about is recognising First Nations people in our constitution and then listening to Indigenous Australians so as to get better results. That’s what the focus is on. And what I find, I think, very enlightening, is … the no campaign want to talk about everything except for the question.

Well, where does it say that? It doesn’t even say that in the Uluru statement. It doesn’t say that, it doesn’t speak about the commonwealth negotiating treaties. It doesn’t say that Patricia. So don’t get sucked into it.

Today, the Greens need to vote for this legislation. You can’t say that you’re supporting housing, supply, public housing and then vote against it.

I’m not prepared to negotiate on Radio National, Patricia. People talk all the time across the parliament all the time.

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Billionaire investor threatens to pull out of UK amid global outcry at new oil rush

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Australian mining entrepreneur Andrew Forrest criticises ‘clickbait’ fossil fuel plans as others say Britain has lost credibility

The billionaire Australian mining tycoon and investor Andrew Forrest has led international condemnation of the UK’s new oil rush, saying he would pull his major investment from the country if the prime minister pursued “clickbait” fossil fuel policies.

The iron ore magnate, who also runs the Minderoo Foundation philanthropic organisation, threatened to move his investments out of the UK over Rishi Sunak’s swivel towards new oil and gas drilling.

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Labor to meet Greens over housing bill – as it happened

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RFS predicts severe bushfire season to come

Firefighters are scrambling to catch up on bushfire preparations as NSW braces for a hot summer, AAP reports.

The No 1 factor for that not going ahead was the weather conditions, the rain, the flooding, that’s meant the crews weren’t able to get out and do that important work in communities.

There is plenty more to be done and this boost in mitigation personnel will enable even more vital work to be undertaken.

This is a tragedy. Our thoughts are with the family and friends of the Australian Defence Force personnel on board. All were from the 6th Aviation Regiment based at Holsworthy army barracks in Sydney and valuable members of our community.

Our thoughts are also with those who served alongside these four young men – their friends and colleagues in uniform – and the broader defence community.

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News live: economists wary ahead of RBA rates decision; agriculture minister says Australia is free of lumpy skin disease

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Anthony Albanese says increasing the income-free area for jobseeker would have ‘unintended consequences’. Follow live news updates today

PM says he would ‘rather not have’ double dissolution trigger as housing bill to be reintroduced

Anthony Albanese has spoken to ABC Sydney and FiveAA about Labor’s $10bn housing Australia future fund bill, which is going to be reintroduced to parliament, possibly providing a trigger for a double dissolution election.

That doesn’t necessarily provide for an early election, it could go into 2025 – but what it does is mean that can be a focus and you have a joint sitting after a double dissolution is held, but I just want this legislation to be passed … Their spokesperson [Max Chandler Mather] put this in writing in an opinion piece in a magazine, essentially saying that if this is just waved through and happens we won’t be able to continue to door knock and campaign on it. Well, I don’t want to play politics with this – I want to get this done. We have a mandate for it, and the Senate should pass it.

The truth is you do need appropriate development, particularly along public transport corridors … But it’s true sometimes local government can get in the way because people want to oppose anything at all that looks like development. But the truth is we do need to increase housing supply, that’s the key.

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Missing ADF personnel involved in Queensland helicopter crash identified – As it happened

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Families grant permission to name the four service members who went missing during military exercises off the coast of Whitsundays on Friday – this blog is now closed

Asked about the surplus the government now finds itself overseeing, Rishworth is asked whether there will be any further assistance in the next budget.

Of course, the changes we’re making - whether it’s to rent assistance, jobseeker - are structural changes. They’re ongoing increases that will be applied. So when you talk about the surplus from last year, that’s a very different circumstance to the reforms that we’ve made which are ongoing and structural. We have calibrated these to be responsible to help people that are doing it tough. But also, that they’re sustainable into the long-term.

The economic inclusion committee was providing a very specific advice on the level of jobseeker to inform the budget process. Of course, the budget process has to take in a range of different factors, including a responsible structural adjustment. But also, of course, as the treasurer has said, making sure that we’re not adding to inflation. So there is a lot of issues that we do have to weigh up in a budget process.

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NSW police taskforce to investigate spate of shootings – as it happened

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Wholesale power prices down from a year ago but still at elevated levels

Emissions from Australia’s main electricity grid dropped more than 6% in the June quarter from a year ago to a record-low for the period, and wholesale prices stabilised, the Australian Energy Market Operator (Aemo) said.

I think some of the people who are raising issues in the US Congress about this are saying ‘look the US has its own issues about its industrial base, its capacity to up its submarine production.’

But you know, what Aukus is about is actually augmenting the capacity to supply submarines in the region. And we Australia will be injecting money into the US industrial base.

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Australia news live: Morrison ‘in complete denial’ over robodebt, Shorten says as former PM seen back in public

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Government services minister says royal commission ‘is gripping reading’. Follow live news updates today

Cash says department was responsible for contracts amid reports of money paid to Pacific politicians over detention processing

Cash has also brushed off the Coalition government’s role in media reports of the taxpayer money for detention processing that went to Pacific politicians.

There is no suggestion that Peter Dutton himself played a part in signing the contracts. These contracts are signed by the Department of Home Affairs.

What Mr. Burke seems to want to do now is to reintroduce the uncertainty that existed prior to a legislation the Coalition government introduced.

… What this gets down to is one thing. These changes are part of the Albanese government’s ongoing campaign to attack and undermine those who choose to undertake casual work, despite the fact that it works for millions of Australians.

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News live: Burney rules out voice debate with Price, saying ‘this is about Australians not politics’

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Minister for education Jason Clare said increasing access to a Commonwealth-supported place at university will cost $34m over the next four years – “That’s a pretty good investment”.

He said on ABC RN this morning:

If you’re a young Indigenous person today, you’re more likely to go to jail than you are to university.

The cost of having somebody in jail every year is about $120,000. The cost of a university place is $11,000.

Tuna sushi.

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