Category Archives: Australian economy

News live: economists wary ahead of RBA rates decision; agriculture minister says Australia is free of lumpy skin disease

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Anthony Albanese says increasing the income-free area for jobseeker would have ‘unintended consequences’. Follow live news updates today

PM says he would ‘rather not have’ double dissolution trigger as housing bill to be reintroduced

Anthony Albanese has spoken to ABC Sydney and FiveAA about Labor’s $10bn housing Australia future fund bill, which is going to be reintroduced to parliament, possibly providing a trigger for a double dissolution election.

That doesn’t necessarily provide for an early election, it could go into 2025 – but what it does is mean that can be a focus and you have a joint sitting after a double dissolution is held, but I just want this legislation to be passed … Their spokesperson [Max Chandler Mather] put this in writing in an opinion piece in a magazine, essentially saying that if this is just waved through and happens we won’t be able to continue to door knock and campaign on it. Well, I don’t want to play politics with this – I want to get this done. We have a mandate for it, and the Senate should pass it.

The truth is you do need appropriate development, particularly along public transport corridors … But it’s true sometimes local government can get in the way because people want to oppose anything at all that looks like development. But the truth is we do need to increase housing supply, that’s the key.

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Missing ADF personnel involved in Queensland helicopter crash identified – As it happened

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Families grant permission to name the four service members who went missing during military exercises off the coast of Whitsundays on Friday – this blog is now closed

Asked about the surplus the government now finds itself overseeing, Rishworth is asked whether there will be any further assistance in the next budget.

Of course, the changes we’re making - whether it’s to rent assistance, jobseeker - are structural changes. They’re ongoing increases that will be applied. So when you talk about the surplus from last year, that’s a very different circumstance to the reforms that we’ve made which are ongoing and structural. We have calibrated these to be responsible to help people that are doing it tough. But also, that they’re sustainable into the long-term.

The economic inclusion committee was providing a very specific advice on the level of jobseeker to inform the budget process. Of course, the budget process has to take in a range of different factors, including a responsible structural adjustment. But also, of course, as the treasurer has said, making sure that we’re not adding to inflation. So there is a lot of issues that we do have to weigh up in a budget process.

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NSW police taskforce to investigate spate of shootings – as it happened

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Wholesale power prices down from a year ago but still at elevated levels

Emissions from Australia’s main electricity grid dropped more than 6% in the June quarter from a year ago to a record-low for the period, and wholesale prices stabilised, the Australian Energy Market Operator (Aemo) said.

I think some of the people who are raising issues in the US Congress about this are saying ‘look the US has its own issues about its industrial base, its capacity to up its submarine production.’

But you know, what Aukus is about is actually augmenting the capacity to supply submarines in the region. And we Australia will be injecting money into the US industrial base.

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Australia news live: Morrison ‘in complete denial’ over robodebt, Shorten says as former PM seen back in public

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Government services minister says royal commission ‘is gripping reading’. Follow live news updates today

Cash says department was responsible for contracts amid reports of money paid to Pacific politicians over detention processing

Cash has also brushed off the Coalition government’s role in media reports of the taxpayer money for detention processing that went to Pacific politicians.

There is no suggestion that Peter Dutton himself played a part in signing the contracts. These contracts are signed by the Department of Home Affairs.

What Mr. Burke seems to want to do now is to reintroduce the uncertainty that existed prior to a legislation the Coalition government introduced.

… What this gets down to is one thing. These changes are part of the Albanese government’s ongoing campaign to attack and undermine those who choose to undertake casual work, despite the fact that it works for millions of Australians.

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News live: Burney rules out voice debate with Price, saying ‘this is about Australians not politics’

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Minister for education Jason Clare said increasing access to a Commonwealth-supported place at university will cost $34m over the next four years – “That’s a pretty good investment”.

He said on ABC RN this morning:

If you’re a young Indigenous person today, you’re more likely to go to jail than you are to university.

The cost of having somebody in jail every year is about $120,000. The cost of a university place is $11,000.

Tuna sushi.

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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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