Category Archives: Australian economy

Three dead after being pulled from water off Phillip Island – as it happened

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Morrison to take up separate position at Dyne Asset Management

As we brought you just earlier, Scott Morrison will be taking up a role with international advisory and consulting firm American Global Strategies after his resignation from politics late February.

Well, firstly, I think we should be quite thoughtful of which category we’re talking about for farmers. If you’re talking about fruits and vegetables, we are in material deflation and have been for about four months … That is because of demand and supply in Australia. It’s a domestic product, it’s subject to demand and supply. It is causing pain for many of those farmers. But hopefully that situation will change with regard to the new year.

… We buy directly [where we can] from farmers, and we try and smooth out the price that they get so that they can plan and manage their business effectively.

But when you look at the red meat index, it does look like it’s trending up based on what’s happening offshore. So these things do flow through …

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Stage-three tax cut changes will have minimal effect on inflation, economists predict

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Banks say tax tweaks approved by Anthony Albanese’s cabinet may slow pace of RBA interest rate cuts and further reforms are needed to fill budget shortfalls

The Albanese government’s changes to the stage-three tax cuts won’t reignite inflation, although they may slow the pace of Reserve Bank interest rate cuts and more reforms are needed to close future budget gaps, economists say.

Cabinet has approved a revision to the cuts, legislated in 2019, that extends tax relief to those earning less than $45,000 a year to be paid for by reducing the benefit to higher-income earners, with full details still be formally released.

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Australia news live: SA swelters as heatwave warnings issued in other states; fire ants nest south of Byron Bay destroyed

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Homelessness increasing across Australia, report finds

In January every year, the Productivity Commission releases its Report on Government Services, which “monitor[s] the performance of Australian governments in the delivery of important services to the community”.

The first thing is to stay connected with the emergency messaging and understand the alerts that may and will come out as the cyclone approaches the coast.

But more importantly, use the next 48 hours to 72 hours to prepare yourself and your family for a potential cyclone crossing and flooding event after. You can do simple things like keep the fuel in your car topped up now, make sure you have enough food in your house for 72 hours, [and] make sure you have battery charging packs for your phone. Very simple things you can do.

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Albanese fuels cost-of-living relief expectations as MPs debate sticking with stage-three tax cuts

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PM says Labor government will receive advice by Wednesday’s caucus meeting on how best to assist Australians struggling with rising costs

Anthony Albanese has continued to raise expectations of further cost-of-living relief as some backbench MPs debate the possibility Labor could modify stage-three income tax cuts to pay for new measures.

On Monday the prime minister said “if we can find ways to put extra dollars in people’s pockets, particularly those low and middle income earners who are doing it tough, then we’re prepared to do so”.

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Albanese government secures further gas supply before meeting on cost-of-living relief

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Deal aimed at keeping energy bills affordable will see 260 petajoules supplied to gas-fired power stations in Australia’s south-east coast until 2033

Australia’s south-east coast will be further guaranteed gas supply in an effort to keep lights on and energy bills affordable before predicted supply shortages at the decade’s end.

It comes as the prime minister, Anthony Albanese, has called Labor MPs and senators to Canberra on Wednesday for a snap caucus to discuss further cost-of-living relief measures put forward by Treasury.

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Australia not prepared for how Antarctic ice changes will hit economy, scientist warns

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Exclusive: Prof Matt King says accelerated melting could transform country and affect viability of some agricultural industries

A leading Antarctic scientist has urged the Albanese government to pay closer attention to abrupt changes under way in the southern continent, warning they will affect Australians in ways that are little understood and research into them is drastically underfunded.

The head of the Australian Centre for Excellence in Antarctic Science, Prof Matt King, said he found it embarrassing how little was known about the local and global ramifications of changes including a historic drop in floating sea ice cover, the accelerating melting of giant ice sheets and the slowing of a deep ocean current known as the Southern Ocean overturning circulation.

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‘We’ve got to break them up’: farming groups say supermarkets use market power to distort prices

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Claim comes amid state and federal inquiries into Australian grocery sector and what producers say is a widening gap between wholesale and shelf prices

Farming groups have accused the major supermarkets of using their power to distort the market, leading to elevated prices for shoppers and low prices for producers.

The claim comes amid falling global prices for agricultural goods that have failed to dent grocery bills, and growing scrutiny of supermarket pricing practices through newly announced federal and state parliamentary inquiries.

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News live: Australia was ‘aware in advance’ of Nauru’s decision to sever ties with Taiwan, Conroy says

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Meanwhile, Penny Wong begins Middle East visit amid mounting fears of escalating violence in the crisis-torn region. Follow the day’s news live

Western Australian police have confirmed that child abuse detectives are currently in Broome as part of an ongoing investigation into historic child sex offences.

The ABC reported that they were searching a property owned by the Catholic Church, where Broome’s former Catholic bishop Christopher Saunders lived up until late last year.

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Labor says it’s looking for ways to ease cost-of-living pressures. Just don’t mention the stage-three tax cuts

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The cuts are already baked into the RBA’s forecasts and economists say there is little point looking at alternatives

Come 1 July, Australian taxpayers will have $20bn more to spend, a pulse of demand in the economy that will keep interest rates higher than they otherwise would be.

That is courtesy of the controversial stage-three tax cuts that are legislated and, it seems, unlikely to be delayed or modified by the federal government.

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‘I was livid’: Sydney single mother pressured by landlord to leave rental just nine months into lease

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Fiona was told that the landlord needed to move into the flat, which was then relisted for $300 more a week when Fiona moved out

A Sydney landlord put pressure on a single mother to leave her rental home after just nine months, eventually relisting the property at $300 more a week when the tenant’s lease expired.

Fiona*, who has two children, last year rented a two-bedroom apartment in Arncliffe for $690 a week through agency Century 21.

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Australian capital city rents up 13% over year as further hikes predicted for 2024 amid housing shortage

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Housing advocates call for urgent reform to address growing crisis as capital rents hit average of $600 a week

Australia’s record shortage of rental properties will continue to drive prices up for tenants, analysts say, with a new report revealing combined capital city rents rose 13.2% year-on-year.

Data from PropTrack, the property analytics division of REA Group, has revealed national rental prices rose 11.5% over the past year, with combined capital city rents up 13.2% to an average of $600 a week, driven by large increases in Sydney, Melbourne and Perth.

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Labor could raise welfare payments for cost-of-living relief without stoking inflation, economists say

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Albanese government would need to couple any increases in unemployment benefits and pensions with savings, experts say

Addressing competition issues and increasing unemployment benefits and pensions are ways the Albanese government could tackle cost-of-living pressures but they would have to be coupled with savings to avoid reigniting inflation, economists say.

The prime minister, Anthony Albanese, on Wednesday said he had asked Treasury and the finance department to develop “further propositions” for providing cost-of-living relief by the May budget.

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Australia’s property market faces fresh peaks and troughs with slowing prices and interest rates tipped to drop

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Price trends are unlikely to be straightforward in 2024, even if the RBA’s next move is a rate reduction

Australia’s “rollercoaster” real estate market faces fresh peaks and troughs in 2024 as the prospect of falling interest rates contend with a recent slowdown in price increases.

Renters, meanwhile, are experiencing smaller increases in payments but the share of income going to rent remains at near-record levels with little relief in sight.

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Data reveals most expensive Australian capital to buy petrol – and the cheapest

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Drivers in Brisbane bear brunt of record petrol prices this year – ‘only now are we starting to see some relief’

Australian motorists are copping the cost of volatile world oil prices but relief could be in sight.

Drivers in Brisbane bore the brunt of record petrol prices this year, making the Queensland city the nation’s most expensive capital to put fuel in the tank. Regular unleaded cost on average 193.4 cents a litre, an NRMA analysis of 2023 petrol prices across the country revealed.

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Boxing Day sales: retailers expect shoppers to spend $1.25bn amid cost-of-living crisis

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Australian Retail Association predicts $23.9bn in spending for sales period ending on 15 January

Retailers are expecting Boxing Day shoppers to spend $1.25bn on Tuesday as the sector hopes for relief from a drop in discretionary spending.

Retail sales have been sluggish throughout 2023 as cost-of-living pressures bite.

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ATO given clear legal advice before launching ‘robotax’ debt campaign

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Office told that ‘all debts must be offset’ referring to offsetting taxpayers’ arrears against future refunds and credits

The Australian Taxation Office received “clear advice” from the government’s chief legal adviser before launching a campaign to resurrect historical debts that caused widespread confusion and distress.

Meanwhile, the federal government has distanced itself from the tax initiative, arguing that decisions and processes related to the debts were a matter for the ATO.

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Australia news live: only 54.3% of Virgin flights and 66.3% of Qantas flights on time last month, transport minister says

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‘Very disappointing results, it is no wonder that so many Australians remain fed up with our major airlines,’ Catherine King says. Follow today’s news updates live

‘Very, very clear’ renewables are the cheapest form of energy, Bowen says

Renewable energy is the cheapest form of energy, including its storage and transmission costs, the energy minister told ABC RN.

Its conclusions this year are unimpeachable and very, very clear.

The cheapest form of energy is renewable energy, even including the costs that go with renewable energy around storage and transmission.

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Australia news live: Natasha Fyles resigns as Northern Territory chief minister; PM to visit north Queensland flood zones on Thursday

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Communities urged to exercise caution amid ‘huge volumes of water’

QFES commissioner Steve Smith has also made some comments on the flood situation up in Queensland.

There’s still huge volumes of water moving down through the systems, so at different points on the water, in the water catchments, they’re going to have rises. So we need people to stay informed, and they’ve done a great job in doing that. So we want that to continue with the support from community.

No. So we have commenced a search and rescue investigation into that. Degarra was one of the communities we couldn’t get into yesterday, but we have been speaking to a local man where there were a number of rescues completed yesterday in Degarra. So we have dispatched the water police vessel this morning, which left in the early hours of this morning and is on the way to that location. And in addition to that, we’ve now got rescue helicopters going that way as well.

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Tax ombudsman criticises ATO’s robotax for not considering ‘financial vulnerability’ of recipients

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Karen Payne says the debt notices had triggered a significant increase in complaints, and may require the government implementing a legislative fix

Australia’s tax ombudsman says the government should consider putting time limits on debt collection and ensure that people are not put into hardship after an ATO campaign to resurrect thousands of historical debts caused widespread distress and confusion.

Karen Payne, the country’s top tax bureaucrat in charge of the complaints management service, said the ATO campaign to extract the debts from tax refunds had triggered a significant increase in complaints, and may require a legislative fix.

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Do you know more? Email jonathan.barrett@theguardian.com

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Australians may get more cost-of-living relief in the next budget, Jim Chalmers says

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Exclusive: Treasurer says government working on measures to ease the squeeze as well as policies to accelerate transition to net-zero emissions

Jim Chalmers has said Australians could receive more help with cost-of-living relief in the budget next May and confirmed the government is working up new policy measures to accelerate the transition to net-zero emissions.

In an end-of-year interview with Guardian Australia following the release this week of the mid-year budget update, the treasurer said the government would consider further interventions to help households between now and the May budget as long as measures didn’t fuel inflationary pressure, which has been moderating.

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