Category Archives: Australian economy

Record property prices in multiple Australian cities with Sydney up 7.5% in past year

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Economists say limited sales volumes and rising populations have more than made up for the dampening effect of higher interest rates

Australia’s property prices have soared to record levels in several capital cities as limited sales volumes and rising populations more than made up for the dampening effect of higher interest rates, two data groups say.

The new figures show significant growth in Brisbane, Adelaide, and in Perth, where five areas have recorded annual gains of more than 15%, while prices in Sydney are 7.51% higher than a year ago.

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Major multinational port operator paid zero tax in Australia while raking in billions

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Exclusive: DP World, part-owned by the Dubai government, may have ‘artificially reduced profits’, a new report claims

DP World, one of Australia’s two largest port operators, has paid no tax in Australia despite generating revenue of more than $4.5bn over eight years.

A new report by the Centre for International Corporate Tax Accountability and Research (Cictar) says that DP World’s top Australian subsidiary may have “artificially reduced profits” to achieve the result.

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Australia news live: ‘that’s a question for Keating,’ Albanese says when queried on former PM’s abstention from Israel-Hamas statement

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PM also acknowledged ‘tragic’ Queensland bushfires on Tuesday, warning pf ‘difficult summer’. Follow the day’s news live

Fire at Tara ‘remains uncontained’, QFES acting deputy commissioner says

QFES acting deputy commissioner Joanne Greenfield also spoke to Sunrise this morning, and provided an update on the bushfire at Tara:

The Tara fire is quite large now and still remains uncontained in most of its edges.

Crews have been down there working overnight trying to strengthen the control line and try to bring areas of it into containment.

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Australia’s banks face unprecedented wave of threats, RBA warns

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A rush on withdrawals among the possible dangers as sector likely to see risks with ‘a different complexion’ in coming decade, assistant governor says

Australia’s banking industry faces emerging threats from potential rapid-fire bank runs to climate change and geopolitical tensions that are without historical precedents, a senior Reserve Bank official has warned.

Brad Jones, an assistant RBA governor, told a Sydney conference on Tuesday that “the emerging risks we are likely to confront over the next decade have a different complexion to those of recent decades” and that what passes for resilience today will likely need to evolve over time.

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Penny Wong urges Australians in Lebanon to ‘consider leaving’ – As it happened

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Foreign minister flags government’s concerns about ‘volatile security situation’. This blog is now closed

Pay deal averts six-day strike by dairy workers

A looming strike at one of Victoria’s major milk companies has been averted after the processor struck a pay deal with the union.

There is some concern around Mount Isa, and we are looking at what we can do to support that area being so remote in the western part of our state.

So looking at the weather we have today, still very extreme fire danger in the western part of Queensland. We are certainly looking at another challenging day.

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Australia’s taxes ‘inadequate’ for ‘adequate services’, former secretary of finance warns

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Michael Keating to call for revenue review at Australia Institute summit as Labor provides update on multinational tax avoidance

Australia’s taxes are “inadequate” to finance government responsibilities including for aged care and defence, a former head of the finance department has warned.

Michael Keating, the secretary of the Department of Finance from 1986 to 1991, will call for a review of revenue at the progressive thinktank the Australia Institute’s revenue summit on Friday. The call is aimed at sparking debate about methods to close the tax gap including congestion charging, lifting and broadening the goods and services tax and adjusting the stage-three income tax cuts.

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Australia news live: devastation revealed in Queensland bushfire aftermath

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There is ‘a lot of anxiety’ in the Western Downs where at least 16 houses have been destroyed, the mayor says. Follow the day’s news live

Civilians in the blockaded Gaza Strip will receive an extra $15m in humanitarian aid from the Australian government.

Prime minister Anthony Albanese made the announcement at a joint press conference with US president Joe Biden.

The plaintiff served years in prison that he otherwise would not have. At no stage did Victoria Police take positive steps to remedy its wrongdoing by expeditiously informing the plaintiff of Gobbo’s conduct in order to quash his conviction. Victoria Police has not apologised to the plaintiff.

Starting this court case is a significant moment for me. I am anxious about the future but also cautiously optimistic about finally holding police to account for what they did to me.

In the pursuit of justice, vindication came first, and now I see compensation as a measure of accountability.

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Eight more Australians leave West Bank – as it happened

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Military deployment to Middle East will be for evacuation of Australians

Defence minister Richard Marles was asked on Today what the role of the aircraft and troops sent to the Middle East would be.

We’ve made our position really clear.

Israel has a right to defend itself and to move against Hamas. What is absolutely essential in doing that is that the protection from the centre and and all the steps that Israel takes, and that the rules of war are adhered to and we’ve been making that very clear, as well.

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Grim end to year predicted for Labor with high chance of at least two more interest rate rises

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Strong quarterly inflation figures sends market scrambling as odds on for interest rate hike at Reserve Bank’s Melbourne Cup Day meeting

The Albanese government looks set for a dismal end to 2023 with the looming prospect of two Reserve Bank interest rate rises, compounding the disappointment of the failed voice referendum.

Wednesday’s surprisingly strong September quarter inflation figures prompted many economists to jettison views that official interest rates had peaked. Investors now price the odds of another quarter-point RBA hike to 4.35% on 7 November at 80%, doubling in a day, according to Bloomberg.

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Australia’s inflation rate rose 1.2% in September quarter boosted by higher fuel prices

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Quarterly CPI was higher than economists’ expectations and will increase speculation that the Reserve Bank may again raise interest rates

Australia’s inflation rate quickened in the September quarter, boosted by higher petrol prices, adding to pressure on the Reserve Bank to hike interest rates again.

The headline consumer price index rose 1.2% in July-September, up from 0.8% in the June quarter, the Australian Bureau of Statistics reported on Wednesday. Economists had expected the quarterly rate to come in 1.1%.

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The RBA has left its key interest unchanged at 4.1% for the past four months. Ahead of today’s inflation numbers, markets were pricing in about a one-in-three chance that the central bank would lift the cash rate to 4.35% at the 7 November meeting.

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Asio boss says violent protesters will receive ‘full force of my agency’ – as it happened

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While speaking to ABC RN, Chris Bowen was asked if he is concerned about ongoing social cohesion within his electorate amid the Israel-Hamas war. (Bowen is the MP for McMahon, located in Sydney’s outer western suburbs, which has a high percentage of Australians with Muslim ancestry.)

Bowen responded:

It’s important, in this very difficult time in the Middle East, to know that you can believe in the legitimate aspirations and rights of the Palestinian people without exonerating in any sense the heinous acts of Hamas.

You can also believe in the right of Israel to exist and to defend itself [while] expressing concern about the loss of innocent life of Palestinians who do not support Hamas and had nothing to do with Hamas.

I have been concerned by the politicisation of this issue … demanding stronger statements and stronger actions when really, I think the prime minister, the foreign minister and the government have set a very important and considered tone and I think it’s vital that the community hears that tone.

And of course … there is absolutely no place in modern Australia for antisemitism or Islamophobia. Both should be equally condemned. And in an environment like this, it’s particularly important to do so.

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Petrol prices spiked 7% in September quarter and there’s more pain to come, Australian treasurer suggests

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Costs could rise as conflict between Israel and Hamas in the Middle East worsens, Jim Chalmers warns

Australians are feeling the impact of inflation at the petrol pump with the latest data expected to show fuel prices rose by more than 7% in the three months to the end of September.

Treasury estimates the latest consumer price index data for the September quarter, to be released on Wednesday, will reveal the soaring cost of petrol brought on by global factors including the war in Ukraine, supply constraints and the weaker Australian dollar.

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Australians told ‘do not travel’ to Lebanon – as it happened

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No move on paying super to people on paid parental leave

But so far, the government has not moved on paying superannuation to parents (mostly women) on paid parental leave.

Super, of course, is really important and it’s something we would very much like to look to in the future when the budget can afford it. But this is a very big step forward, the current arrangements, but we’ll continue to look around superannuation into the future and consider it in each budget context.

I think with the reserved period as well, we’re going to see an increase in shared care, both parents taking some time out, which is really, really important if we want to get a more equal burden of, you know, of that share of care.

So that is really important as well.

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Australia politics live: Penny Wong condemns ‘any indiscriminate attacks and targeting of civilian infrastructure’ after Gaza hospital blast

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‘Protection of civilian lives must come first and respect for international humanitarian law is paramount,’ Australian foreign minister says. Follow the day’s news live

Lingiari MP Marion Scrymgour speaks on the referendum

Just before the house adjourned for the evening on Tuesday, Labor Lingiari MP Marion Scrymgour gave a speech about the referendum which is very much worth your time:

I want to say a few things about what led us to the recent referendum and what it means for those first peoples Australians most affected by the outcome, particularly the first peoples Australians in my electorate of Lingiari.

Because of some arcane parliamentary tradition, which I understand derives from English House of Commons, we are obliged to call the making of a speech at this time and in this place a ‘grievance debate’.

The price tag of Israel’s right to defend itself cannot be the destruction of Palestine.

Israel’s right to defend its civilians cannot equate to the annihilation of Palestinian civilians. I hereby call for an immediate ceasefire to come into effect, alongside many world leaders and experts.

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Australia news live: Sydney pro-Palestine rally to go ahead without NSW police approval; Cheng Lei freed from China

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Follow the day’s news live

Heavy traffic near Sydney airport after truck crash and fluid spill

Traffic remains heavy near Sydney airport after a two-truck crash caused a fluid spill.

This is one of the most important priorities for us coming out of what’s occurred in the previous days.

Minister Wong is [working] really hard on that. The Australian government will do whatever is necessary to protect [its] citizens.

We’ll do whatever is necessary to make sure we can secure the safety of Australians … We’re working very hard to make sure we protect Australians not just overseas, but here at home.

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Stage-three tax cuts: overhaul could save budget $130bn and deliver bigger savings to most workers

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Australia Institute says its plan would let government lift jobseeker payment while still improving budget bottom line

The stage-three tax cuts could be renovated to save the budget up to $130bn while still delivering bigger tax cuts to 80% of income earners, according to the Australia Institute.

The progressive thinktank has released a report modelling four alternatives to the controversial tax cuts, finding they could save between $70bn and $130bn. Those savings are enough to lift the jobseeker payment to the rate of the age pension while still making a net improvement to the budget bottom line.

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Head of Australia’s competition watchdog calls for new mandate to police airline industry

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Exclusive: Gina Cass-Gottlieb says ACCC needs greater powers to help new entrants compete with Qantas and Virgin

The head of the competition watchdog has called for a fresh mandate from the Albanese government to monitor the airline industry and help new entrants compete with established players Qantas and Virgin.

The chair of the Australian Competition and Consumer Commission, Gina Cass-Gottlieb, said the regulator sees “a case” for a mandate to look into competition, prices and industry practices after an earlier direction expired in June.

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China lifts trade restrictions as relationship improves – as it happened

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Trade minister Don Farrell welcomes ‘positive step forward’ but says Australia pressing for all remaining restrictions to be lifted. This blog is now closed

Chalmers also declared the government is not “currently contemplating” a fuel subsidy, as prices continue to rise.

It comes after new data released yesterday showed cost of living is still increasing, with fuel costs jumping 9.1% in August, gas up 12.9% and electricity 12.7%.

It’s not something that we are currently contemplating. And one of the reasons for that is we’ve got I think, a much better way of providing cost of living help for people.

Historically, what the Reserve Bank tries to do is to understand the overall direction of travel.

And the direction of travel has been really clear, inflation is moderating overall, we’ll get these bumpy and lumpy figures month to month from time to time, but it’s moderating overall.

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Australia news live: Jacinta Allan expected to become new premier of Victoria after Dan Andrews resigns; Tesla battery storage fire in Queensland

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Bill Shorten says Allan is a ‘leader in her own right’; rule quirk means Labor may have acting premier

Andrews’ handling of pandemic ‘a legacy of his strength’, Bill Shorten says

NDIS minister and former Labor leader Bill Shorten has spoken highly of outgoing Victorian premier Daniel Andrews while speaking to ABC RN this morning.

I think the pandemic was the most unusual period in Victoria … and I think that we were learning a lot as we went along during that.

When I think back to those first few days, in March 2020, I think the aim was to ensure that we had enough hospital space to be able to treat people if they got very sick, and that required, I think, a high degree of central leadership.

Police will continue to monitor the situation as there are a large number of batteries on site … Nearby residents are urged to monitor [social media] and be prepared for police to door-knock homes in the area if the situation worsens.

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Australia’s wealthiest 20% worth 90 times the country’s poorest, new report reveals

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Superannuation and property investment fuels growing inequality, with the richest fifth worth an average of $3.2m

Australia’s wealth gap has continued to grow over the past two decades, with superannuation and property investment driving inequality across the country, a new report from the Australian Council of Social Service and the University of New South Wales has revealed.

Over the past two decades the average wealth of the top 20% has grown at four times the rate of the lowest, the report has shown using figures from the latest Australian Bureau of Statistics data in 2019.

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