Category Archives: Australian economy

Australia’s annual inflation rate falls to 6.8% fuelling hopes cost of living pressures are easing

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Figures indicate Reserve Bank may consider pausing interest rates at its next meeting on Tuesday

Australia’s annual inflation rate slowed in February, led by smaller rises for fuel and housing, adding to evidence that the worst of the price increases has passed.

The consumer price index rose at annual pace of 6.8% last month, the Australian Bureau of Statistics reported on Wednesday. Economists had expected the annual rate would have dropped to about 7.2% from January’s 7.4% pace.

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NSW election 2023 live results: polls have closed and votes are now being counted after Dominic Perrottet and Chris Minns made final pitches – latest news

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Premier casts vote in seat of Epping and Labor leader says he is ‘feeling optimistic’ as party hopes to return to power after 12 years in opposition

Dominic Perrottet has given some more expansive comments after voting a short time ago in his seat of Epping. He and Labor leader Chris Minns spoke last night, exchanging text messages and wishing each other good luck.

Here’s some more from the premier:

It’s a real honour to serve the people of New South Wales. There’s a lot at stake in this election. I will be working hard all day.

It’s not about the Liberal or National party. Ultimately, elections are about our people. My team has the plan to deal with the challenges of today, but we’re all wanting to set up the state for the children.

Our party has been here for 12 years, it’s transformed New South Wales. We were the worst performing economy, the state had stalled. We’ve turned that around. We’ve built schools and hospitals, the motorways have transformed people’s lives. But it’s all about the future and where we go from here. I believe my team has the plan, the experience, energy and ideas to take the state forward.

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Majority of Australians on jobseeker and parenting payments live in poverty, study finds

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Report on 3 million people living below the breadline shows welfare payments are ‘totally inadequate’ and action is needed in May budget, Acoss says

The majority of people on the jobseeker and parenting payments are living in poverty while about a third of single parents are also below the breadline, according to a new study.

A report from the University of New South Wales and the Australian Council of Social Service, to be released on Wednesday, provides further insight into the demographics of 3 million people, including 761,000 children, previously identified as living in poverty in the 2019-20 financial year.

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Cross-party anti-poverty push targets ‘inadequate’ jobseeker payments

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Liberal and Labor MPs Bridget Archer and Alicia Payne unite in call for welfare boost

Two major-party MPs have launched a cross-party push to put the focus on unacceptable levels of poverty in Australia as they call for an increase to the “inadequate” jobseeker payment.

The parliamentary friends of ending poverty group, chaired by the Labor backbencher Alicia Payne and the Liberal MP Bridget Archer, will launch on Tuesday night with speeches from the Rev Tim Costello and the economist Chris Richardson, who has long called for an increase to unemployment benefits.

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Coalition’s super changes will affect three times as many people as Labor’s plan, modelling shows

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Jim Chalmers says figures based on Treasury projections reveals opposition’s ‘deception’

The Coalition’s superannuation changes will affect three times as many people as Labor’s new package over the long term, according to figures compiled by the Albanese government.

The treasurer, Jim Chalmers, said the figures showed “the Coalition’s dishonesty, deception and double standards” ahead of the resumption of parliament on Monday.

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Neo-Nazis and trans rights protesters clash in Melbourne; bushfire alert for parts of Great Ocean Road – as it happened

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Melbourne forecast to reach 37C while northern regions of the state could exceed 40C. This blog is now closed

Federal government welcomes decision to hear MH17 case

The federal government has welcomed the International Civil Aviation Organization Council’s decision to hear Australia and the Netherlands’ case against Russia for the downing of flight MH17.

We have maintained since May 2018 that the Russian Federation is responsible under international law for the downing of Flight MH17.

We now look forward to presenting our legal arguments and evidence to the ICAO Council as we continue to seek to hold Russia to account.

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Four arrested after climate protesters occupy Dominic Perrottet’s office – as it happened

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Six teenagers and a dozen adults occupied NSW premier’s office, protesting approval of new coal and gas projects. This blog is now closed

We’ve got some more information on the news the Albanese government is set to spend $1.3bn buying 220 Tomahawk cruise missiles.

The deputy prime minister, Richard Marles, said Australia would be working closely with the US to get more missile capability.

Making sure we have longer-range strike missiles is a really important capability for the country. It enables us to be able to reach out beyond our shores further and that’s ultimately how we are able to keep Australia safe.

The cruise missiles are a critical part of that, as are the submarines that launch them.

Our banking system is really well capitalised. It’s well regulated. We’re well placed in Australia to withstand some of the vulnerability in banking systems.

Whether it’s Silicon Valley banks, and the steps taken by the Americans, or credit Swiss, and the loans provided by the central bank, we’re monitoring it closely.

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Workers face longer hours for less pay without productivity boost, Jim Chalmers says

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Treasurer says Australia must improve service delivery in the care sector to offset ‘woeful’ economic indicators

The treasurer, Jim Chalmers, says Australians’ incomes will fall and the working week will get longer without major boosts to productivity, saying the nation must boost service delivery in the care sector to offset some “woeful” economic indicators.

Ahead of releasing the Productivity Commission’s five-yearly report on Friday, Chalmers again downplayed the prospect of major cost-of-living relief in the May budget, but said it would be soon become a focus for the government.

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ABC staff to walk off job next week – as it happened

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Acting prime minister and defence minister Richard Marles has spoken to ABC News Breakfast this morning after the $368bn announcement of the Aukus deal yesterday.

In response to the reaction from China accusing Australia, the US and Britain of embarking on a “path of error and danger”, Marles defends making a decision that is in Australia’s national interest:

We are seeking to acquire this capability to make our contribution to the collective security of the region and the maintenance of the global rules-based order.

And one of the issues within our region we are witnessing the largest conventional military build-up that the world has seen since the end of the second world war. And it’s not Australia who is doing that, but that shapes the world in which we live.

We’re completely confident these are in complete compliance with non proliferation.

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Most Australian states face sharp power bill rises, despite government’s intervention

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Energy regulators issue draft default market offer, which set cap for this year’s increases

Power bills for households in three states will rise as much as 23.7% from 1 July if the Australian Energy Regulator’s draft determination, announced on Wednesday, is confirmed. Prices in Victoria may rise by almost a third.

The AER chair, Clare Savage, said the increases were “significant” but they could have been as much as 40% to 50% without the federal government’s intervention in December to cap domestic gas and black coal prices.

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Australia news live: more rain across flooded Queensland region brings ‘extended peak’

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Major flood warning issued in north-west Queensland after Burketown residents evacuated overnight. Follow the day’s news live

Control of submarines will remain with Australia: Courtney

Courtney appears confident that control of the submarines will remain with Australia, saying “no one wants to be in a situation where there is any conflict of who is in charge or who is giving orders or who is taking orders”.

We understand that that is precious for every nation, to be able to control and make their own decisions.

We have such a carve-out for Canada today. Again, the defence sectors are much more free-flowing and seamless because of the fact that we made that adjustment, and that is going to be a focus.

No one will be foisting off clunkers on good friends and allies.

We need to train up the Australian sailors and officers in terms of nuclear propulsion which is all we’re talking about here, not nuclear weapons. And when the time comes for the deeds, the title to be handed to the government of Australia of a vessel, that again is going to be totally with the full understanding that it is going to be under Australian control.

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Queensland mother whose son took his life calls for change at robodebt royal commission – As it happened

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Inquiry into the unlawful scheme, which ran from 2015 to 2019, is ongoing. This blog is now closed

Final robodebt hearing shines light on people affected

A Centrelink employee and a customer impacted by the illegal robodebt scheme will be the final two witnesses appearing at the royal commission’s public hearings, AAP reports.

The international standard now in the OECD area is beyond 52 weeks. It’s great we’re moving to 26 but we are not going fast enough, doing what other countries are doing. We have slipped down the international rankings on paid parental leave.

It’s very important that we give the support to parents when a new baby arrives so they can share the leave, they can begin life with a new child, give that child the best shot and alongside that, of course, we need quality, early childhood education and care which we in the Greens think should be free, just like primary school.

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Sydney trains delayed due to ‘communication issue’ – as it happened

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Facing up to financial distress

It is not just academic though – there have been increased reports of people feeling distressed because of financial pressures.

When people are under extreme financial pressure, that has implications for their wellbeing more broadly. I mean, I think that is understood. And I’m sure that the governor in accepting that meeting understands that.

What we want to do as government is make life a little bit easier for people where we can, whether it’s with energy bills, whether it’s with cheaper early childhood education, cheaper medicines, trying to get wages moving again, financial security is a big part of what we’re focused on, particularly when these cost-of-living pressures are so acute.

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Philip Lowe leaves clues his rate-rising work may be done – bar an Easter finale | Peter Hannam

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The RBA governor has ditched his hawkish tone and the odds now seem to favour just one more rise, probably in April – but that could change

There are, as Reserve Bank governor Philip Lowe reminded us as he announced a record 10th consecutive interest rate rise, “a range of potential scenarios for the Australian economy”.

One scenario, it seems, involves interest rates not rising much further. In fact, the RBA’s pre-Easter gathering on 4 April may mark the final rate hike in this cycle.

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Women earn $1m less than men over lifetime and retire with $136,000 less super, study finds

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Research adds to growing calls to pay more parental leave and for superannuation on paid parental leave

Women in Australia earn $1m less on average over their lifetimes than men and retire with $136,000 less in superannuation, according to research released on International Women’s Day.

The research by the Australia Institute’s Centre for Future Work, released on Wednesday, suggests that the biggest driver of the gap in retirement savings is still the gender pay gap.

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Australia politics live: RBA interest rates decision due today; Atlassian cuts 500 jobs in latest tech layoffs

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Australian software company to cut about 500 jobs, representing 5% of its workforce. Follow the day’s news

Climate change minister: many industries cannot comply with emissions reduction without offsets

What about what David Pocock wants – limits on the number of carbon credits big polluters can use? Chris Bowen says:

My position publicly is the same as it is privately – that if you put hard caps on carbon credits when you’re requiring 4.9% emissions reduction each and every year, then that is a problem, because you’ve got industries which won’t be able to comply with that without without accessing [credits].

Now, people say you can’t offset your way to net zero and you can’t offset your way to the 1.5 degrees. And I agree with that.

Mr Bandt with respect says ‘well, there’s this pipeline of projects and Labor wants to approve them’, now that is not the case.

What there is, is a register of projects which companies have … filled in and said one day we might want to develop this or we’re interested in developing this … many of them are yet to get environmental approvals, finished final investment, decisions for board approval, insurance, finance, etc.

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Opposition demand funding for yes and no campaigns – as it happened

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The RBA board will meet tomorrow to make its decision about raising interest rates (which, if it does so, will be the 10th increase in a row). The board has said it won’t hesitate to raise interest rates again and again to get inflation down to its target band (between 2 and 3%), but the data shows whatever savings buffer some people had after the pandemic is diminishing.

David Pocock told ABC Breakfast TV it might be time to look at how we deal with inflation:

I mean, this is a big question. There’s so many Australians doing it tough. My understanding is that they are simply implementing the rules. I’d like to maybe see some discussion about the rules.

If – you know, to reduce inflation, is the best way just to give money to the banks? You know, there’s surely a better way of locking up some of the cash in the economy, whether it’s putting it into super, raising the GST, I don’t know – but to have politicians criticise what seems to be just the process that has been set up by politicians is one thing.

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‘Web of lies’: how scammers are taking advantage of Australia’s tight rental market

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The ACCC received more than 658 reports about rental and accommodation scams last year, with a reported loss of $544,846

Like many, Aven was desperately looking for a house.

Last October, the 21-year-old was frantically applying for dozens of rental properties – attending inspections, putting in applications and becoming increasingly stressed by the string of rejections.

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Australia joins Quad countries to launch new counter-terror talks – as it happened

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Australia, the US, India and Japan join to ‘counter new and emerging forms of terrorism, radicalisation to violence and violent extremism’. This blog is now closed

‘A broken promise writ large’

Opposition leader Peter Dutton was also on the Today show (which has clearly been busy this morning).

They want to tax you on the profit before you actually sell the shares, which is unbelievable. And I think it continues to go from disaster to disaster for the government.

You can’t as a prime minister look people in the eye and tell them one thing and do the complete opposite, a broken promise writ large.

It is a modest change ... It only affects people if you have $3m in your superannuation fund. That’s about 0.5% of superannuants.

We inherited a budget from Peter [Dutton] and his crew which was a trillion dollars in debt. There’s nothing to show for it. We need to be responsible. That’s what we’re trying to do.

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Australia news live: mediation fails in Sally Rugg’s legal dispute with Monique Ryan; Sticky Fingers axed from Bluesfest

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Ley and Dutton express support for Bridget Archer after rumours Liberal party could dump her

Yesterday our political editor Katharine Murphy brought you the story that a veteran party insider suggested that the Liberal party could dump outspoken moderate Bridget Archer ahead of the next federal election.

Bridget is a friend, a colleague and a terrific member for the seat of Bass. I visited her not that long ago, and she’s doing great work and she’s an amazing woman, amazing woman. And you know, Patricia how much I respond well to amazing women.

Do you think 80,000 people who’ve got more than $3m are really doing it tough?

Well, that $3 million is not indexed. That will change over time. And the principle is the thing that Australians will note.

But are they doing it tough?

I’m not here to say who’s doing it tough and who’s not doing it tough.

Australians are doing it tough, though, aren’t they? And some are obviously not doing it tough.

Well, people are doing it tough for the government that hasn’t got the fiscal policy settings right. And doesn’t understand how to manage money and doesn’t have spending constraints anywhere within its programs. In all of this conversation, we have not heard anyone say that we’re going to save money. I mean, that seems to be just a passing comment from the government. Yes, of course. People are doing tough. They’re doing it tough because they can’t pay their electricity bills. They’re doing it tough because their mortgages are going up.

But they’re not the people with more than $3 million in their super accounts.

I’m not going to comment on what individual people might be experiencing in their family budgets. The direction this government is going is one that breaks faith with the Australian people and misunderstands the sound fundamental basis, which is: it’s your money, you deserve to keep more of it.

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