Category Archives: Australian economy

Australia news live: ‘are you really worth seven times the salary of the PM?’ Labor senator asks Deloitte chief

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Former competition watchdog Allan Fels tells parliamentary inquiry federal government must act now to avoid conflicts of interest. Follow the day’s news live

Divers are trying to retrieve hundreds of drones that plunged into Melbourne’s Yarra River over the weekend due to a technical error.

The drones were part of a light show for the Matildas’ game against France on Friday night but fell into the river due to a technical glitch. The retrieval operation began on Sunday and is continuing on Monday.

We want to see all drones taken back out of the river because we know if they are left there they will leach chemicals which can damage the environment.

We want investors to come into the market to take advantage of the great demand for rental accommodation.

But we don’t want to stifle that by putting unnecessary burden (on landlords).

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Michele Bullock spells continuity at RBA – but respite unlikely for borrowers

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The new chief was one of the board members raising interest rates, but has been brought in to reform the central bank

When the Albanese government announced Michele Bullock as the next Reserve Bank governor on Friday, few were particularly surprised – and that was the plan.

Sure, the opposition leader, Peter Dutton, got on the front foot the previous day, prematurely warning against choosing a public servant. The treasurer, Jim Chalmers, had shared his shortlist with his shadow, Angus Taylor, but held back Bullock as his pick.

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ACCC to compel companies to back up environmental claims with evidence

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Australia’s competition watchdog publishes draft guidelines in a bid to stamp out greenwashing

Companies should have evidence to back up claims they make about their environmental sustainability, according to draft guidelines developed by the competition watchdog in a bid to stamp out greenwashing.

The Australian Competition and Consumer Commission (ACCC) published the draft guidance on Friday after its recent greenwashing internet sweep identified concerning practices ranging from overstating climate action to companies developing their own certification schemes.

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Nationals accuse Labor of ‘hypocrisy’ over response to scathing APVMA report – as it happened

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Cabinet meeting to decide Lowe’s successor today

Philip Lowe will be replaced as the Reserve Bank governor, with today’s cabinet meeting to decide his successor, Guardian Australia has confirmed.

If I was asked to continue in the role, I would be honoured to do that and I would continue.

If I am not asked to continue in the role, I will do my best to support my successor, and the treasurer has said he will make an announcement before the end of this month.

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Australia news live: calls for flu jab increase after second child’s death; Tasmanian Greens leader resigns

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Andrew and Nicola Forrest, billionaires in iron ore mining, have separated after 31 years of marriage.

They said the separation will not impact their mining operations, in a statement:

After 31 years of marriage, we have made the decision to live apart.

Our friendship and commitment to our family remains strong.

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Young renters reducing spending amid cost of living crisis more than any other group: CBA boss

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Commonwealth Bank head Matt Comyn said people who bought their first home during the pandemic had also reduced spending by around 30%

Renters are hitching their belts even tighter than mortgage holders as rising prices erode their savings capacity.

Commonwealth Bank data suggests those aged between 25 and 29, who are likely facing sharp rental increases, are pulling back on spending more than any other group.

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Where to next for the Australian economy, the RBA – and Philip Lowe?

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The Reserve Bank governor will soon find out if his term has been extended – but economic hints from major banks tell a happier story than expected

Philip Lowe may yet go down as one of the unluckiest central bank governors in Australian history or perhaps elsewhere.

Within a few days, the treasurer, Jim Chalmers, will decide on whether to extend the Reserve Bank governor’s seven-year contract when it concludes in mid-September. Few expect Lowe will get the nod to stay on.

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CEOs at Australia’s biggest companies earn 55 times more than typical worker, report finds

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Acsi says earnings at 100 largest listed firms show ‘more restraint’ but ‘everyone wins a prize’ attitude still prevails

Chief executives at Australia’s biggest companies are earning 55 times more than a typical worker, according to the country’s biggest governance adviser.

CEO pay at the 100 largest listed firms averaged at $5.2m in the 2022 financial year, the Australian Council of Superannuation Investors (Acsi) said in a new report. The report found executive pay fell from 2021 levels, but noted that period had particularly high CEO pay rates.

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Australia news live: ANZ says customers ‘by and large are faring extremely well’ despite interest rates squeeze

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A student on New South Wales’s Central Coast has died after contracting the influenza virus, just days after NSW chief health officer Kerry Chant warned circulation of influenza B was rising and young people were at heightened risk from the strain.

You can read the full story here:

Having a budget which is in much better nick means that if at some future point – and we’re not contemplating additional measures right now – but at some future point if we need to, we do that from a much more solid foundation. And that’s because we’re managing the budget so responsibly.

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Robodebt royal commission report handed down – as it happened

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Bill Shorten: robodebt commission report will be a ‘vindication’ for victims and their families

The NDIS minister, Bill Shorten, says today “is a vindication” for victims of the robodebt scandal with the royal commission report being handed down. He told ABC’s RN this morning:

The heart of this story today is the fact that real people unlawfully had debt notices … raised against them by the most powerful institution in Australia, the commonwealth government.

Two of these people, after receiving robodebt notices, subsequently took their own lives that I’m aware of.

Today is not the day [their mothers] want. What they really want is their sons to be alive.

One of the challenges we’re seeing across the country is great teacher shortages … COVID brought that timetable forward.

Classrooms are more complex, there is a great diversity of needs across the classroom, and as society changes a lot of teachers and education ministers are testifying about the impact of technology in classrooms.

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Rents rise again across Australia with Sydney seeing fastest rise in 20 years

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Median unit in harbour city now costs more than median house in every other capital, Domain says, as immigration adds to rental ‘pressure cooker’

Rents continued to climb across Australia in the June quarter, particularly in the biggest cities, with a median unit costing more to rent in Sydney than a median house in every other state capital, data from Domain showed.

A record migrant intake that will swell the nation’s population by 715,000 people over two years and a return of overseas students and temporary visa holders will add to the “rental pressure cooker”, Domain said in its quarterly report. About 127,000 additional dwellings will be needed this financial year alone.

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RBA interest rates: banks split on future rate hikes as uncertain economic outlook prompts pause

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Homeowners with a mortgage will be breathing a sigh of relief after RBA paused rate rising at Tuesday’s board meeting

Australian borrowers have had a reprieve after the Reserve Bank paused its interest rate hikes for only the second time in the past 14 meetings, giving the central bank more time to assess the state of the economy.

The RBA left its official cash rate at 4.1% on Tuesday, which is still the highest level in 11 years. Economists had been divided in their forecasts, with about half predicting the pause and the others expecting another 25 basis point increase.

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Minister suggests rate pause based on uncertain outlook – as it happened

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Foreign minister Penny Wong says the focus of Indonesia’s president Joko Widodo’s visit to Australia will be on strengthening economic ties between the two countries, on ABC RN this morning.

One of the things we’re focused on is how do we improve our economic ties. Obviously, the nation is an increasing economic power and will be over the next decade. We want to make sure we’re partners in that. So there will be a great focus on the economy and the economic relationship.

You’ll see some big changes to make sure we make business travel easier.

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RBA should pause rate rises as ‘deflationary shock’ sweeps global economy, former board member says

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Warwick McKibbin says Australia’s central bank has been slow to react as supply pressures from Covid and war in Ukraine abate

The Reserve Bank should pause lifting interest rates because a “deflationary shock” is beginning to sweep the global economy, according to the former RBA board member Warwick McKibbin.

The director of the ANU Research School of Economics said it is becoming clear supply shocks from Covid and Russia’s war against Ukraine are abating. However central banks, including Australia’s, have so far been slow to react.

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Australia’s budget surplus swells to $19bn due to surging tax revenue

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Economist Chris Richardson says figure well above earlier forecasts is a reminder of ‘how lucky the Lucky Country has been’

The federal budget is on track to smash its earlier surplus forecasts as the government rakes in much more revenue.

The underlying cash balance for the 12 months to May was $19bn, well above the $4.2bn surplus flagged for the 2022-23 financial year in the last federal budget.

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Banks stick to rate hike predictions – as it happened

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Historical societies say banning hate symbols could impact history preservation

Historical societies are also concerned about the proposal to ban Nazi and Islamic State symbols, AAP reports. They worry it will limit education and the preservation of history, and impact memorabilia value.

Modellers need to be able to purchase these items (and) symbols, let alone the basic right of Australian citizens to partake in the legitimate hobby of collecting modelling military items.

The words inscribed on the Islamic flag are sacred words and written by Muslims on a daily basis.

These words are taken directly from our scripture, the Holy Quran, and therefore cannot be subject to a ban.

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Inflation retreated in May to 5.6%, easing fears RBA will again raise interest rates

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Consumer price index fell in May from 6.5% in April showing further signs that the worst of inflation may be over

Australia’s monthly inflation rate retreated in May, easing fears the Reserve Bank will hoist its key interest rate again at next Tuesday’s board meeting.

The headline consumer price index increase last month was 5.6%, the lowest since April 2022, the Australian Bureau of Statistics said on Wednesday. Economists had expected the measure to drop from April’s 6.8% level to 6.1%.

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PM launches byelection campaign – as it happened

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Birmingham tells RN he is ‘conflicted’ over voice to parliament

Shadow foreign minister, Simon Birmingham, avoids disclosing what he will vote in the voice referendum, dodging ABC RN’s Patricia Karvelas’ questions.

Do you support the voice?

I’ve been clear that I don’t intend to actively campaign in the referendum.

Why aren’t you taking a position? I mean, you’re making it clear that you want it to be private. If it’s private, that means you are actually sitting on the fence.

Patricia, I think you can hear from my answer there, that I am, in some ways conflicted and think this is a very difficult situation the country has been put in, that we have got a question before a proposed change.

We’re getting a situation where the government is not really directly responding to Ukraine’s requests for the Hawkei vehicles, or the Abrams tanks, nor the D mining equipment they’ve asked for.

[The Albanese government’s] contribution in terms of humanitarian assistance is simply $10m compared with the $65m that had been provided previously. So this is a concern …

Status as the leading non-Nato contributor to Ukraine has slipped away and the type of support being offered now doesn’t seem to be either meeting Ukraine’s requests, providing the modern equipment that they want or need, nor the type of scale that would seem to keep Australia commensurate support of our other parts.

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Scandal-hit PwC announces new Australian boss – as it happened

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States will ‘do their own things’ on rent caps: Collins

Speers asks for what evidence Collins is referring to. The minister points to research by Graeme Samuel, former boss of the ACCC, which she referred to in parliament this week and again reiterates the talking point:

The overwhelming evidence suggests that it doesn’t work. States and territories will do their own things in terms of this. What we are being asked to do here is have eight different jurisdictions make these decisions at the same time and we have been told very clearly from those jurisdictions that they won’t be doing this. Some states have already ruled out both freezes and caps. What we’ve been asked to do is simply not achievable and we won’t commit to something that is not achievable, David.

When you look at the evidence that has been cited by others, the evidence shows that it reduces supply significantly by up to 15%. The other thing that it shows is the quality of the stock diminishes over time, so I will look at the data and the evidence and the data and the evidence says that it doesn’t work.

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The pandemic pie peak has passed but we’re far from the demise of an Australian classic

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Consumption of meat pies has fallen back to pre-Covid levels, reflecting a return to normal patterns rather than a long-term crisis, experts say

One of Australia’s favourite foods, the meat pie, was reported to be an endangered species this past week, with headlines warning the “iconic” food was “dying out”, and reports citing falling sales. But reports of its death may be somewhat exaggerated.

While meat pie sales have dipped to their lowest levels since 2019, it could be a case of the nation recalibrating its pie-eating habits after Covid-19 lockdowns sent demand for frozen pies into overdrive.

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