Category Archives: Australian economy

Australia politics live: Toyota boss says fuel efficiency standard ‘not a car tax’ as Labor defends secrecy around bill

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Renewed push to scrap activity level requirements for childcare subsidies

There was a lot of disappointment last budget when the government did not scrap the activity test as a way of making early child education more accessible and universal.

Zoe Daniel MP, Member for Goldstein

Georgie Dent, the CEO of the Parenthood

Sam Page, the CEO of Early Childhood Australia

Kate Carnell, the former Australian Small Business and Family Enterprise Ombudsman and former ACT chief minister

Natalie Walker, the deputy chair of Goodstart Early Learning

Sue Morphett, a businesswoman and the former president of Chief Executive Women

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Australia politics live: Catherine King takes aim at Liberals over preselection of women at end of heated question time

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Chalmers: we can have cost-of-living relief and wage growth

Here is how Jim Chalmers was selling the wage submission (at least on ABC TV this morning). The treasurer said it wasn’t a binary choice between cost of living relief and wages growth:

We don’t see cost of living relief as ‘instead of’ decent wages growth. We want to see wages growth on top of the billions of dollars of cost of living relief that the Albanese government is rolling out.

… The tax cuts we’re rolling out for everyone, or cheaper childhood education or cheaper medicines - none of those are a substitute for getting wages growing in the economy once again.

I think if you’ve followed Tasmanian laws, and they’ve worked very well down there and actually your bill is based on that, you might have … a good good bit of airing out there and actually be able to settle this once and for all.

I think there’s a very fine line between having choices … and running … a business or a school or anything else.

People send their kids to faith based schools with expectations and I think we’ve got a walk a very, very fine line with all of that.

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Israel must allow humanitarian relief to reach Gaza, Australia and UK say in new joint statement – as it happened

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As part of the latest Aukus developments, Australia will send A$4.6bn to the UK to clear bottlenecks at the Rolls-Royce nuclear reactor production line.

Richard Marles was asked why it costs so much, and why this component needs to be done in the UK. He told ABC News Breakfast:

We made clear a year ago that we wouldn’t be building the nuclear reactors in Australia. They will be built by Rolls Royce at its facility in Derby in the UK and once the sealed reactors are built, they will be taken here to the Osborne Naval ship yard and placed in the submarines which the rest of which will be built here at Osborne.

Building nuclear reactors is difficult to do and in order for this to play out, that facility in Derby, which is building nuclear reactors for Britain’s navy, that needs to be expanded and that is what this contribution is for.

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One in 20 Australian mortgage holders are spending more than they earn

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Reserve Bank says households are generally weathering the record run of interest rate rises but 5% of owner occupiers are in a dire financial position

About one in 20 mortgage holders are spending more than they earn because of higher interest rates and cost-of-living increases but that share should halve by the end of 2025, the Reserve Bank said in its latest financial stability review.

The semi-annual report, released on Friday, was generally upbeat about the financial health of households and businesses, finding “nearly all borrowers continue to service their debts on schedule” even though conditions are likely to remain challenging for many this year.

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David Shoebridge says Julian Assange ‘may not survive’ trial and extradition – as it happened

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Expect to hear a lot more on this today:

Southern Australia could face gas shortages during “extreme peak demand days” from 2025 as Bass Strait supplies dwindle, the Australian Energy Market Operator has said.

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Australia politics live: Peter Dutton claims PM ‘misrepresented’ earlier comments about Kevin Rudd’s performance as US ambassador

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The Republican candidate for the US presidency, former president Donald Trump, has had a few things to say about former Australian prime minister and current US ambassador Kevin Rudd.

Trump spoke to UK conservative Nigel Farage on GB News, saying if Rudd is hostile “he will not be there long”:

The Aukus deal that is in place, America, you know, the UK, Australia, very, very important deal, it is there to try and combat that huge growth in China. But now of course things have changed in Australia, we have a Labor government in Australia. The previous ambassador, Joe Hockey, I think was quite a good friend of yours, you got on pretty well with him. Now they have appointed Kevin Rudd. Former Labor MP, an he has said the most horrible things, you were a destructive president, a traitor to the west, and he is now Australia’s ambassador in Washington. Would you [take a phone call from him?]”

Yeah, well don’t know. He won’t there be long if that is the case. I don’t know much about him. I heard he was a little nasty. I heard he’s not the brightest bulb. I don’t know much about him, but he won’t be there long if he is at all hostile.

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Australia politics live: Coalition slams Keating for China meeting; RBA tipped to hold rates

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Former PM called ‘reckless’ for accepting talks with foreign minister Wang Yi. Follow the day’s news live

Energy minister Chris Bowen is on a bit of a media blitz this morning.

More renewables are coming on to the grid, which is lowering the default price of energy, but this is Bowen’s main message (he is speaking to ABC radio RN here)

Nuclear is the most expensive form of energy in the world at the moment. There will be a real choice at the next election between the cheapest form of energy and the most expensive.

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Reserve Bank tipped to hold interest rate but economists split on when cuts will start

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Pundits and investors expect the RBA to leave its cash rate unchanged at 4.35% when the board meets on Tuesday

The Reserve Bank is widely tipped to leave its key interest rate on hold at this week’s board meeting, but economists are split on how soon borrowers can expect rate relief.

The central bank will announce the results of its second board meeting for 2024 on Tuesday. Pundits and investors alike anticipate the RBA will leave its cash rate unchanged at its 12-year high of 4.35%.

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Australia politics live: Steven Miles says Suncorp Stadium will host Brisbane Olympics opening and closing ceremonies

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‘There’ll be a lot of people grieving today’

Both Barnaby Joyce and Tanya Plibersek were asked about soldier Jack Fitzgibbon, the son of former defence minister Joel Fitzgibbon.

The Fitzgibbon family are a family of honour. Jack died in service to our nation. Joel has served our nation. The family will be absolutely grieving. We hope and pray Jack is with our maker, give comfort to them. You’ve seen the Fitzgibbons, you’ve watched them on television. They’re a great family. He is also my mate. We’ll turn up and give what support we can to Jack’s family.

It’s just the worst thing that any parent can imagine and so our hearts go out to Joel and Diane and their family and the friends and comrades that Jack had in the service as well. We know there’ll be a lot of people grieving today.

Well, first of all, of course it’s not on government devices in Australia either. We’ve got a ban here in Australia on government devices. But there are 8.5 million Australians who are using it.

We’ll take the advice of our security and intelligence agencies on anything we need to do around TikTok. I think people should be careful of the data that they put online in general. Like I say, if the security and intelligence agencies give us advice on TikTok, we’ll take it.

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Passengers treated after ‘technical problem’ – as it happened

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Outer suburban drivers overtake inner-city drivers in EV uptake

New data from the Electric Vehicle Council shows that outer suburban drivers have overtaken inner-city drivers in their EV uptake.

I think some tired stereotypes about EVs in Australia will need to be updated.

What this data tells us is that the average EV buyer lives in the suburbs and might well be keen to use the new car to take the kids camping on the weekend. They might even be thinking about towing a boat.

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Lowitja O’Donoghue remembered at state funeral – as it happened

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North Melbourne’s Alastair Clarkson free to coach in round one after avoiding suspension for outburst in weekend’s trial match. This blog is now closed

Scooter rider dies in crash in Sydney

A scooter rider has died following a crash at North Ryde in Sydney this morning.

We are yet to see her beautiful eyes open, however, she has shown some really positive signs that she may be hearing her loved ones.

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Almost 1 million Australians are working at least two jobs as cost-of-living pressures bite

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More workers are taking on multiple jobs as they grapple with higher interest rates, inflation and underemployment

Almost 1 million Australians are working at least two jobs as many workers struggle to meet cost-of-living pressures amid rising underemployment.

The latest figures from the Australian Bureau of Statistics released on Friday show 970,700 people held multiple jobs in December 2023, up from 957,100 three months earlier.

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Australia news live: former Victorian MP Fiona Patten winds up Reason party and rules out political comeback; police to provide update in Samantha Murphy press conference

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NSW government urged to double social housing by 2050

Homelessness NSW is urging the state government to spend $1bn each year for a decade to double the supply of social housing by 2050.

NSW has failed to invest in social housing for decades. Last year, just one-fifth of people seeking help from homelessness services could find long-term accommodation.

Right now, many of the 57,000 households on the social housing waitlist are forced to wait up to a decade for a safe and stable place to call home.

Underfunded frontline providers are being flooded with calls for help and forced to turn away one in every two people who need accommodation. Services will be unable to keep staff on or their doors open without more funding.

Even for people who get through the door, help is limited. Half of those who need temporary or crisis accommodation cannot access it. That means women and children are forced to return to violent partners, seek shelter in a vehicle, on a couch or the street.

But there has been no improvement in closing the gap on life expectancy, with Indigenous Australian males and females expected to live 8.8 and 8.1 years respectively, less than other Australians.

The target to reduce the number of children in out of home care is not on track, while the target to reduce adult imprisonment is not on track and worsening.

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Competition watchdog to call for power of mandatory disclosure in investigations

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ACCC chief Gina Cass-Gottlieb wants legislaltion changed to enable it to force businesses to give up data without the need for government backing

The competition watchdog should have its powers increased so it can initiate its own inquiries with mandatory disclosure clout, says Gina Cass-Gottlieb, the head of the Australian Competition and Consumer Commission.

The ACCC can now launch its own investigations, such as a probe into exorbitant foreign exchange transfer fees. However, the agency only has compulsory information collection powers if specifically directed by the government such as for its current probe into supermarket behaviour.

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Labor pledges 12% superannuation on publicly funded paid parental leave

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Plan designed to help close retirement savings gap between women and men is expected to cost $250m a year from July 2025

Parents will receive 12% superannuation – or about $106 a week – on their publicly funded paid parental leave from July 2025, under a major initiative to be announced by the Albanese government.

The decision, expected to cost at least $250m a year to the federal budget, responds to calls from the Women’s Economic Equality Taskforce, unions and the crossbench to pay super on PPL as a way to help close the retirement savings gap between women and men.

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Australia news live: West Gate Bridge climate protesters jailed; Greens propose plan for 360,000 homes

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Proposal to create a public property developer, with 70% of homes offered for rent, and rents capped at 25% of average household income. Follow the day’s news live

New analysis shows 2m hectares of Queensland forest destroyed in five years

More than 2m hectares (4.94m acres) of bushland in Queensland that included large swathes of possible koala habitat has been cleared over a five-year period, new analysis shows.

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Australia news live: Higgins and Reynolds in defamation mediation talks; first apparent lithium battery-related fire deaths in NSW

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Zoe Daniel says Asean has not done enough on crisis in Myanmar

The independent MP for Goldstein, Zoe Daniel, was just on ABC RN to discuss the ongoing humanitarian crisis in Myanmar. She argued that Asean hasn’t done enough on the issue, and needs to do more.

There’s also I think, a desire within Asean for economic cooperation and to try to take that route with the junta as a form of leverage … My concern though is that, I think, that we might be heading down the path of a form of normalisation with the junta and you’ve currently got a situation where about 30% of the country is in stable control of rebel ethnic groups, and the junta is really only holding the major cities.

Any form of normalisation with the junta that is pushed by Asean, and I think will be raised with the Australian government for support this week, could backfire because it could in effect allow the junta to enter some of those areas that are reasonably stable and are actually managing themselves.

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Australia to launch $2bn fund to ‘turbocharge’ trade with south-east Asia

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Anthony Albanese plans to boost clean energy and infrastructure exports, and increase visas for travellers from the region

Australia will set up a $2bn fund to “turbocharge” trade and investment in south-east Asia, with a focus on clean energy and infrastructure.

The prime minister, Anthony Albanese, will announce the fund in Melbourne on Tuesday when he addresses a gathering of 100 chief executives from Australia and south-east Asia.

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Australia news live: NSW government to look ‘really closely’ at GPS rules for police-issued weapons after killing of Luke Davies and Jesse Baird

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‘Change needs to be made’ on NSW police policies and procedures, premier says. Follow the day’s news live

‘Context has changed’ since NSW lit up Opera House to support Israel, Minns says

ABC News Breakfast host Michael Rowland:

You ordered the lighting up of the Sydney Opera House sails in support of Israel after 1,200 Israelis were murdered by Hamas terrorists on October 7. Since then, 30,000 Palestinians have died. Will you consider lighting up the Sydney Opera House in support of Palestine?

This is an international conflict now and I don’t want to further exacerbate or pull apart Sydney’s already quite volatile mix. I would make the point that much of what will be said in New South Wales will [not] affect the peace situation in the Middle East, but a lot of what could be said can affect peace right here in this state. So we need to be careful with our commentary, we need to focus on not exacerbating community tensions or divisions, and that’s going to be the NSW government’s approach over the coming months.

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Australian workers’ productivity drops 3.7% as employment surges and investment slows

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Wage growth from higher employment and hours worked without output gains could fan inflation, Productivity Commission warns

A surge in employment combined with scant investment by firms to improve output triggered a sharp drop in worker productivity, limiting prospects for income growth without fanning inflation, the Productivity Commission said in its annual report.

Across the economy, productivity fell 3.7% in 2022-23, as output growth failed to keep pace with a record 6.9% increase in hours worked, the commission said. A rush by employers to hire new staff was much higher than in previous bursts – the nearest comparison was the 4.3% rise in hours worked in 1988-89.

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