Category Archives: Australian economy

ACCC to probe whether banks use saver’s profession to determine interest rate

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As part of inquiry into pricing practices, consumer regulator will assess the criteria banks use when making rate decisions

The competition regulator will test whether banks and other lenders use a person’s profession, or other demographic information, to determine what savings rate they receive, amid growing concerns over pricing practices.

The Australian Competition and Consumer Commission (ACCC) has opened its inquiry into retail deposits for submissions, and will assess the criteria banks use when making rate decisions.

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Advice on voice a ‘cynical political tactic’ to confuse voters, Coalition claims – as it happened

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Ed Husic says board appointments alone won’t guarantee RBA diversity

The ministry for industry, Ed Husic, says he believes new appointments to the RBA board alone isn’t enough to bring diversity to the central bank – he says there need to be “deeper structures” put in place.

As a government, I can give you this assurance. We do like to take into account people’s views from different vantage points. I do think it is important that where decisions have an impact – not just in terms of investors or industry but the people that work in them or the broader community – I think it’s a healthier decision …

Some people will fix on ‘well, someone should have a seat at the board’ for that to occur and I understand why they’ll make those arguments. I’m not necessarily convinced that that specifically guarantees that will occur, just having one person on the board. There need to be a lot deeper structures for people to have that sense that they’ve had a say and that they can have an ability to influence and inform decision making.

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A singular focus on interest rates, fresher board, fewer meetings – but what else could change at the RBA?

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The Reserve Bank overhaul won’t fix mistakes of the past, but that’s not the point, analysts say

The most far-reaching overhaul of the Reserve Bank of Australia in decades will send a culture shock pulsing through the central bank, but its impact on interest rates for average borrowers and depositors alike will probably be marginal at best.

Because that’s not really the point, analysts say.

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ACTU will not push for spot on RBA board as review released – as it happened

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Bandt: if budget can afford stage-three tax cuts it can afford to lift Australians out of poverty.

Bandt is also highly critical of the government as it appears set to reject a call from its very own expert advisory panel to raise the jobseeker rate. He says if the budget can afford to keep stage-three tax cuts, it can afford to lift Australians out of poverty:

Everyday people are not causing inflation. They are the victims of inflation. Now, Labor has found over a quarter of a trillion dollars for tax cuts for billionaires and politicians that can’t lift people out of poverty.

Labor’s not making hard choices in this budget, they’re making everyone else make hard choices, like whether to pay for the rent or whether to put food on the table.

We’ll have a look at all of the recommendations of the review, and the government’s response when it’s released fully but a major party stitch up isn’t going to fix the inflation problem.

We need more than just outsourcing the issue of tackling inflation to the RBA, which is what Liberal and Labor want to do. We know that it is excessive profiteering that is driving higher prices and inflation in this country. It’s not the everyday people.

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Australia news live: Andrew Hastie fires back after Mark McGowan ‘cold war pills’ comment caught on camera

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Coalition’s defence spokesperson calls WA premier ‘a prison guard looking for work’. Follow live

Voice committee heads north to hear traditional owners

The prime minister, Anthony Albanese, has defended the wording of the proposed Indigenous voice to parliament, dismissing fears of possible high court challenges, AAP reports.

This is a legally sound proposition. It makes it very clear that parliament is in charge.

There’s no obligation and there’s certainly not an obligation on the government to agree to the voice. There is the provision for the voice to be heard, for at least the views to be put.

That will be up to the government as a whole. I don’t know.

The reality is that we know that people are doing it tough, absolutely doing it tough. And what we want to do is where it’s responsible that we can – and affordable – that we can support people doing it tough.

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Australia news live: Labor will not lift jobseeker despite recommendation for ‘substantial increase’ to base rate

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Joyce describes Indigenous voice as ‘a consultative power by selected group’

Joyce says the voice will affect all Australians, not just Indigenous Australians, because a selected rather than elected body will move away from the democratic process.

It is a massive change to how democracy works because we’re now dealing with a consultative power by selected group, not an elected group … and that move away from the democratic process.

What I’m asking you is that you say on one hand that there’s no legislation … But you also make a claim about a model which doesn’t exist, you can’t have it both ways.

In all the narrative from Mr Pearson, to his Ms Langton, to the Calma Langton report, they talk about selection, not election.

So then you do think you’ve got a model?

Then let us see the legislation.

I just don’t believe that we should be inserting a racial clause into our constitution in 2023.

Tick the box that you believe in racial differentiation. You’ve just ticked the box that you believe in racial differentiation.

It’s the form that it comes in. I’ve got no problems with the statement of fact that Indigenous Australians were the first people in Australia.

I’ve got no problems with the constitutional recognition referendum on the premise that we see the details first … I’m talking to about a more proper and pertinent alternative approach, which means that we get all the details not some of the details, we see the legislation before we vote, we don’t get a blank check. And we also make sure that we see the proper legal opinion before we vote not someone’s opinion of the opinion, which is what Mr Albanese is going to give us.

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Australia news live: household assistance on energy bills to be detailed in budget, Chalmers says

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Treasurer says volatility in the global economy to have ‘flow-on effect on budget’. Follow the day’s news live

The shadow minister for foreign affairs, Simon Birmingham, is chastising the PM for letting there be any doubt whether he will be attending the Nato security summit.

Bangarra Dance Theatre supports voting ‘Yes’ in voice referendum

For over three decades, Bangarra Dance Theatre has been privileged to be entrusted with sharing the powerful voices of the world’s oldest living cultures – the Aboriginal and Torres Strait Islander cultures of this nation.

The stories we tell have awakened a national consciousness to the deep scars of our colonial history, and the legacy of unseen trauma left in its wake. We attend to this knowing that by carrying Story, we also carry a responsibility to give insight into our experiences, promote understanding, and effect change. But is this enough?

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Australians report record $3.1bn losses to scams, with real amount even higher, ACCC says

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Investment fraud amounts for biggest share at $1.5bn, followed by remote access and payment redirection rorts

Australians lost a record amount of more than $3.1bn to scams in 2022, up from the $2bn lost in 2021, a new report from the Australian Competition and Consumer Commission has revealed.

The Targeting Scams report, which compiles data from Scamwatch, ReportCyber, major banks and money remitters, was based on an analysis of more than 500,000 reports.

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NSW minister calls frontline workers ‘heroes’ after paramedic killing – as it happened

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Kerrynne Liddle says ‘prove it’s not happening’ on child sexual abuse in Alice

Liberal senator Kerrynne Liddle, the first Indigenous senator from South Australia, and a name being touted as a contender for shadow minister for Indigenous Australians after Julian Leeser’s resignation.

I think we have to be really careful about politicising this issue, because matters related to any form of assault are sensitive, but important to understand and respond to.

… I think what’s really important though, is it can’t ignore the issue of sexual abuse, but you must also tackle those issues, alongside other issues which include [service] delivery and decision dysfunction.

Do you encourage your leader to temper his language given we haven’t yet seen evidence to say that there is a widespread phenomenon of this?

I say prove it’s not happening. And then we can have a conversation about the kind of language that we can actually use for this.

… You’ve got you’ve got the statistics, which everyone accepts are underreported and underrepresented. You’ve got to have relationships with communities to enable people to start talking about these safe spaces for young people to raise this issue of need to support people to have housing so that young people and older people are not at risk of this.

It’s possible to be optimistic about Australia’s economic future, and to be realistic about a global slowdown.

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Australia’s trade minister hopeful China bans will end but warns against putting ‘all our eggs in one basket’

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Don Farrell has dismissed talk of any Australian policy shift after breakthrough reached on barley exports

The Australian trade minister says he wants a quick return to normal trade with China but has warned exporters not to put “all of our eggs in one basket”.

In an interview with Guardian Australia, Don Farrell was bullish about the prospect of Australia succeeding in its international challenge against Beijing’s tariffs on Australian barley, saying he thought “we would ultimately win that”.

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Australia news live: Dutton says PM should ‘make sure’ federal police are sent to to Alice Springs; recount ordered for Sydney seat

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Opposition leader says locals are leaving town and tourism numbers are down due to lack of safety. Follow all the day’s news

If the NDIS is improved for people, it will be better for budget, Shorten says

Shorten is being asked about his other portfolio, minister for NDIS. The Grattan Institute yesterday made several recommendations to help rein in the budget, saying the government need to take a hard look at the NDIS.

If we run the scheme better for the person, the participant, the person with severe and profound disabilities. I also think that some of the other anxieties which are about money being wasted, will be dealt with.

We’ve been reforming individual features of the scheme already like getting people who are medically discharged from hospital on the NDIS, not languishing in hospital for months and months. We’ve been reducing some of the legacy cases.

So the budget will no doubt have measures which will be about improving the NDIS for participants but the budget isn’t an end in itself. So we’re doing work right now. There’ll be more work being done, and there’ll be work also finally announced when the review happens.

The bigger piece first of all, is that when the government thinks that someone owes a debt to the government, we’ve got to have a much more methodical transparent process to establish the accuracy of the debt.

The best thing you can do is not make a mistake to begin with – and I mean the government not make a mistake.

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Unemployment rate holds steady as Australian employers add 72,000 full-time jobs

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At 3.5% the unemployment rate remains near its lowest since the mid-1970s

Australia’s jobless rate held steady last month, with employers adding more than 72,000 full-time positions in the latest sign of resilience in the Australian economy.

The country’s unemployment rate for March was 3.5%, seasonally adjusted, the Australian Bureau of Statistics said on Thursday. Taking into account the drop of part-time roles of just over 19,200, the net jobs gain last month was 53,000.

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Dutton may allow conscience vote, Wyatt says – as it happened

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Treasurer flags power bill assistance

The treasurer, Jim Chalmers, is giving more specifics about how this IMF report may affect the upcoming May budget. He’s flagging the government will be helping Australians pay their electricity bills.

As we say these forecasts about a decline in the economy are because of these cost of living pressures, which is hurting families and pensioners and people right around Australia.

Because they are expected to be persistent because we expect inflation to be higher than we’d like for longer than we’d like and we do need to deal with in a responsible, methodical way those cost-of-living pressures and so we need to do that in a way that doesn’t make inflation worse.

On the view of the International Monetary Fund, the global economy is on an increasingly perilous path. The situation in the world has become more complex and more challenging even over the course of the last few months. And so we won’t be completely immune from that.

The Treasury does expect our own economy to slow considerably later this year because of that combination of a slowing global economy and the impact of higher interest rates here at home as well. So we’ve got a lot coming at us from around the world.

So is it your view that avoiding a recession is still possible but a lot harder now?

Of course, it’s still possible and it’s still the expectation of the Treasury and the Reserve Bank, and a number of other economic forecasters here in Australia.

But we need to be upfront … and say that a slowing global economy matters to us a great deal, and we do expect our own economy to slow considerably the Treasury and the Reserve Bank are not currently expecting a recession here at home.

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Australian Taxation Office to force banks to hand over landlord data in investment property crackdown

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Exclusive: Incorrect reporting of rental property income and expenses, and failure to declare capital gains are all in the spotlight

Banks will be compelled to hand over the data of 1.7 million landlords, including transaction details, as part of a tax office crackdown in search of $1.3bn in revenue lost from residential investment properties.

The data-matching program will target people failing to declare rental income or pay capital gains tax, and those incorrectly claiming deductions – including rental property loan interest – to reduce income and negatively gear properties.

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Australia news live: Liberal MPs praise Leeser’s decision to quit frontbench; contraceptive class action to begin in Melbourne

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Bridget Archer lauds former shadow minister’s ‘courage and integrity’. Follow live

Japanese hydrogen partners offer only short-term deals, want more funds

There’s been a few articles in the business media lately touting the promise of converting brown coal in Victoria into hydrogen and shipping the fuel to Japan.

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Australia’s richest captured 93% of economic growth between 2009 financial crisis and Covid, paper shows

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Wealthiest 10% captured growth in company profits while most Australians watched their real wages shrink, Australia Institute finds

A new paper from the Australia Institute shows 93% of the benefits of economic growth between 2009 and 2019 went to the top 10%, while the bottom 90% received just 7%.

The paper shows the share of economic growth going to the top 10% over that period was far higher in Australia than in other developed countries, including the US and Canada.

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Essential workers unable to afford to rent alone almost anywhere in Australia, report shows

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Aged care workers in capital cities would have to spend 77% of their pay on housing to pay the average rent of $572 a week

Soaring rents have made living alone impossible for Australia’s essential workers: new research shows some would have to spend around two-thirds of their income to afford a place on their own.

Comparing the average weekly unit rents against award wages for 15 essential jobs, the national housing campaign Everybody’s Home found there were virtually no regions of Australia where a single full-time essential worker, such as those in aged care, early childhood or nursing, could afford to rent by themselves.

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Housing values in some wealthy Australian suburbs have slumped more than a quarter, data reveals

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Affluent areas of capital cities ‘lead both the upswing and the downturn’, according to property data expert

Housing prices in some of Australia’s most affluent suburbs have had the biggest falls from pandemic peaks. Some high-end houses and apartments have lost more than a quarter of their value.

Nationwide data shows that many of the same wealthy areas that enjoyed exuberant price runs in the years leading up to and the initial period of the pandemic have now retraced the most.

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Value of Australian lithium exports tipped to match thermal coal in five years

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Revenue from mining key metal used in EV batteries to triple by 2027-28 while thermal coal exports set to fall by more than 70%

Exports of Australian lithium – a key metal used in batteries – are expected to earn as much as sales of thermal coal within five years, as the world increasingly embraces clean energy and the market value of fossil fuels falls.

New data released by the Australian government forecasts local lithium production will double and the industry’s revenue will triple by 2027-28 compared with last financial year.

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Australia’s booming banks should do more to protect customers from scams, advocates say

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More than $95m has been lost to scams so far this year, while the big four are expected to make more than $33bn

With the big four banks tipped to make record profits this financial year, consumer rights advocates are calling for financial institutions to invest more in protecting customers against scams.

Australians have lost more than $96m to scams so far this year, with the Australian Competition and Consumer Commission estimating that is just the tip of the iceberg as most go unreported.

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