Category Archives: Australian economy

No questions asked: money laundering thrives in Australia because of professionals willing to facilitate it

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Lawyers, accountants and real estate agents face can little scrutiny and there is as yet no action from government to increase regulation

Raids earlier this month by the Australian federal police provided a rare window into the shady world of international money laundering. Australia is far from a model global citizen when it comes to cracking down on money laundering – and property has become a favoured vehicle for organised crime to hide and transfer dirty money.

The AFP arrested nine people, including the alleged head of the money-laundering organisation, Stephen Xin, at his Vaucluse home. They have now been charged with multiple money-laundering and proceeds-of-crime offences, allegedly carried out in support of the organisation’s extensive activities.

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Australia should force banks to repay scam victims and adopt better protections, advocates say

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Calls for federal government to mandate the checking of account details before money transfers are made

The federal government should take action to force banks to reimburse scam victims and check the account details match up on transactions to stop scams before the money is lost, consumer rights advocates say.

The call comes as Australia’s big four banks pushed back on mandatory reimbursements, arguing they could “inadvertently lead to increases in scam activity” and that customers should keep themselves safe.

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Jim Chalmers confident Australia will avoid recession despite warnings of more interest rate rises

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The treasurer also noted ‘very encouraging’ signs on power prices falling, saying Labor’s energy price relief package was working

The treasurer Jim Chalmers says there are “very encouraging” signs on power prices falling and is still confident Australia will avoid a recession despite continuing interest rate rises.

Last week in its first meeting for the year, the Reserve Bank increased the cash rate for the ninth time in a row to 3.35% and warned it was considering even more interest rate rises in coming months.

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Fines against WA climate protester ‘absurdly excessive’, Human Rights Watch says; refund for Myki charges during outage – As it happened

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Productivity commission report will be released in March

Chalmers says he has received a five-year review from the productivity commission about how Australia can respond to flagging productivity across the Australian economy.

I’d like to do that sooner, ideally in May, so that we can have this national debate about our productivity performance and some of the recommendations in there. Now, inevitably, a government won’t pick up and run with every single one of the recommendations from the Productivity Commission, but there may be some that we can run with. There will be some that align with the government’s economic plan and our policy objectives.

No doubt people will want to ask him about that and he can explain it. I think there’s a broader issue here about how the bank communicates the context for its decisions. This is one of the things that I have been discussing with the RBA Review Panel. I actually discussed it with them on Friday in one of the regular meetings that I have with the review panel, how they communicate their decisions and the context behind their decisions is one of the key focuses of that review.

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Reserve Bank causing households ‘too much pain’ with rate rises, says union chief Sally McManus

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Australian union leader says the absence of labour market expertise on the RBA board had caused ‘missteps’

The head of Australia’s union movement has blasted the Reserve Bank and its governor for a lack of “understanding” that rate rises are causing “too much pain” and low income earners have exhausted savings.

The Australian Council of Trade Unions secretary, Sally McManus, made the comments on Thursday after a ninth interest rate hike – and suggestions more increases will follow – sparked fears monetary policy could be tightened too far, risking recession.

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Greens and crossbench join Coalition to hand Labor first major defeat in parliament

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Senate blocks attempt to water down super funds’ transparency rules

The Greens and Senate crossbench have teamed up with the Coalition to hand the Albanese a major parliamentary defeat, disallowing its regulations watering down superannuation funds’ transparency.

The Greens joined the Senate revolt on Thursday, after warning earlier in the week it intended to help defeat Labor because the government backflipped on the unrelated issue of million-dollar fines for bankers.

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Labor urged to halve $8bn a year in fuel tax credits for trucks and heavy vehicles

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Reforming the scheme would shrink the budget deficit and help Australia hit net zero emissions by 2050, the Grattan Institute says

The Albanese government has been urged to halve the $8bn a year in fuel tax credits it gives mining trucks, semi-trailers and other heavy vehicles, with a new report finding changes are crucial for budget repair and meeting emissions targets.

Fuel tax credits have been “gnawing away an ever-growing share of fuel tax revenue”, with only half of the current amount spent justified in economic or social terms, according to a Grattan Institute report released on Monday.

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Jim Chalmers says it’s absurd to expect him to copy Paul Keating as critics lash values-based capitalism essay

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Treasurer says 2023 priorities include cost-of-living relief, a tax expenditure statement and the intergenerational report and wellbeing framework

Jim Chalmers has declared it is “absurd” to think the Albanese government in 2023 will be a photocopy of the Hawke and Keating governments in the wake of a sustained backlash against his new essay championing values-based capitalism.

The treasurer says the overwhelmingly negative reaction to his summer think piece, published by the Monthly last month, is out of step with sentiment in the investor community and also reveals a disconnect between some opinion leaders in Australia and cutting-edge economic policy analysis overseas.

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NSW Liberals promise households $250 in electricity bill support if re-elected

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Dominic Perrottet says homes will be able to receive the rebate if they compare energy providers

New South Wales residents will receive a $250 rebate for comparing energy providers and plans, in the latest Coalition election promise ahead of next month’s state election.

The premier, Dominic Perrottet, said households would be able to access the one-off cost-of-living payment by comparing energy plans using a tool on the Service NSW website.

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Sydney renter hit by 35% hike as housing crisis sparks calls to cap increases

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Tenants’ Union says some form of rent control is needed to alleviate pressure during a ‘nasty’ time in the market

Millie Bannister was already anxious about how much the rental market had skyrocketed in Sydney when she received a letter from her landlord saying they wanted to increase her rent by 35%.

“Last time, it only increased by $60, but now it’s going to increase by $270 a week, which is a 35% increase, and around $12,000 per year. For me and my roommate, two people in their mid-20s, it is not [easy] to wrangle with.”

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Superannuation tax breaks will cost budget $52bn, almost matching Australia’s age pension

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New analysis calls for major changes including restrictions on concessions as the country risks having ‘two classes of state-funded retirees’

Tax breaks for superannuation will cost the federal budget $52.5bn this financial year, almost as much as the aged pension, according to a new analysis.

A research paper by the Australia Institute argues that since super tax concessions cost almost as much as the $55.3bn spent on the pension, Australia has “two classes of state-funded retirees in Australia”.

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Australia news live: voice working group says Dutton committed to ‘further talks’; Alice Springs report may not be made public until next week

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Australian batter Usman Khawaja has been cleared to join his teammates in India after his visa issues were sorted, AAP reports.

Pakistan-born Khawaja will fly out of Melbourne today, more than a day later than planned, after an anxious wait for his visa to be approved.

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Business sector has driven shift to ‘values-based capitalism’, Jim Chalmers says

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Treasurer hits back at criticism of his essay that championed co-investment and economic inclusion

Jim Chalmers says Australia’s business and investment community has driven a shift to values-based capitalism, hitting back at a volley of criticism in some news outlets after the publication of the treasurer’s 6,000-word essay championing co-investment and economic inclusion.

Chalmers made the observation on Wednesday while leading a round of consultation with the investment community about a new framework for disclosing climate-related risk. The treasurer participated in a round table convened by the Australian arm of the UN Principles for Responsible Investment initiative.

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Capsule found after ‘needle in a haystack’ search – as it happened

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The deputy prime minister and defence minister, Richard Marles, spoke to ABC AM Radio from London following a meeting with the UK prime minister, Rishi Sunak.

Marles would not be drawn into whether he discussed with Sunak the possibility of Australia acquiring British built nuclear submarines under the Aukus deal but said when the announcement is made it will be a “genuinely trilateral effort.”

Prime Minister Sunak commented on just how full the agenda is between our two countries and how much that is making – perhaps our oldest and most historic relationship – one which is deeply relevant in in the contemporary moment and certainly Aukus is central to that.

And we’re close to announcement and I’m not about to preempt that now. But I think what you’ll see is when we ultimately do announce the optimal pathway that we’ve been working on with both the United States and United Kingdom, that what it really is, is a genuinely trilateral effort to see by the UK and the US provide Australia with a nuclear powered submarine capability.

We’re confident that what we will be announcing in the coming weeks is a pathway that will be able to be delivered by all partners on time.

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Australia news live updates: ClubsNSW chief says he ‘misspoke’ in linking Perrottet’s faith to pokies policy

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Independent MP Alex Greenwich calls on Josh Landis to step down following comments about NSW premier. Follow the latest updates live

Alice Springs’ convention centre was packed last night for a meeting where business owners alleged they’ve suffered losses due to government inaction.

The ABC is reporting that organiser and business owner Garth Thompson told the crowd that the Northern Territory government had neglected Alice Springs and residents “deserve to be compensated for what the government has put us through”.

I’m more than proud to stand here and say we, as a community of Alice Springs, are about to sue our government for $1.5 billion in compensation.

Those of us who came here for a community meeting ended up listening to 20 to 30 minutes of a local business owner essentially stir up a very emotive narrative centred around the protection of private property.

I think it’s fair to say that the premier has very little understanding of this issue and has acted from his conservative Catholic gut rather than based on evidence.

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Authorities use GPS data to try to find missing device – as it happened

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Perrottet promises easier access to housing for domestic violence victims

NSW domestic violence victims will have easier access to housing through concessions on stamp duty and rental bond loans if the Perrottet government is re-elected, AAP reports.

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Jim Chalmers says May budget to have ‘much bigger focus’ on tackling entrenched disadvantage

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Exclusive: Treasurer says ‘best way to shift the needle’ is to ‘find out where those challenges are most acute’, and ‘this is something I care deeply about’

Treasurer Jim Chalmers has revealed he will use the May budget to spearhead “a much bigger focus” on entrenched disadvantage in Australia’s most vulnerable communities to ensure people have better pathways to economic participation.

Chalmers told Guardian Australia’s politics podcast he was working with the social services minister, Amanda Rishworth, on a new package that would “identify some of the most vulnerable communities in our country, work out how to empower local leaders and pool our resources and make a meaningful difference to some on the entrenched disadvantage that’s in our country”.

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Linda Reynolds sends formal defamation complaint to Brittany Higgins’s partner – as it happened

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Ukrainian loss would embolden leaders in Pacific region, ambassador says

The ambassador of Ukraine to Australia and New Zealand, Vasyl Myroshnychenko, stresses that the reason Australia’s assistance needs to continue is because it’s in Australia’s interests to support the Ukraine:

The reason why we need to keep up and step up that assistance because this war in Ukraine is disrupting everything. It’s really undermined security, regionally, globally.

It’s having a major impact on your partners here in the region. Look at Indonesia. I mean, they are really suffering from the lack of food that can get on their market. They have 275 million people to feed and they really rely on grain from Ukraine, which now they have a hard time getting hold of as the prices have surged. We’ve seen the impact on the energy markets on the volatility of the commodity markets.

What’s important is that Australia continues to support Ukraine. We are truly thankful for what Australia has done so far, especially the last package which was announced in October where another 30 Bushmasters were allocated and the troops which are now in Britain have already been able to train Ukrainian soldiers. It’s really a big help.

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Myanmar backflip on Sean Turnell’s amnesty leaves government ‘deeply concerned’ – as it happened

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‘We have to change the attitudes … it won’t matter what day’, McCarthy says

Malarndirri McCarthy, the assistant minister for Indigenous affairs and Yanyuwa Garrawa woman, says Australia Day has always been a time of reflection for her – both on the brutality her people experienced and celebration of the nation.

We know the 26 January always brings debate, I mean, look at the last 10 years with people talking about changing the date. I’ve been on the record saying, well, I think we have to change the attitudes across our country, it won’t matter what day.

We ought to be proud of our country at some point in a united way. And whether it’s the 26th of January or another day, that’s something that our country has to mature and grow towards.

[I’m] disappointed. For a couple of reasons: if we look at the United Nations declaration of Indigenous peoples ... nothing in the declaration undermines the authority of the state, the country’s government. In Australia we did not cede ownership of Australia. Regrettably, it was determined by the British on the day, that terra nullius existed in Australia, which was overturned in 1992 through the Mabo high court decision ... whilst we haven’t ceded ... we haven’t progressed that matter.

It’s important that we as Aboriginal and Torres Strait Islander people have an opportunity to be able to contribute to policies that impact us, and programs and legislation – and that’s the first step. And we’ll go down and address the other matters, truth-telling is already progressing, treaty, although some states already looking at treaties within their own jurisdictions. So, I feel a bit offended when we’re starting to determine that the support or determination of whether to support a voice is predetermined by whether you address some of the other issues in Indigenous affairs. As I said in my speech last night, they can co-exist, these approaches. If you support the principle of Aboriginal and Torres Strait Islander people having input into policy and legislation, that’s what you should support - it shouldn’t be predicated on whether other things are happening.

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MP calls for action on crime in ‘under siege’ town – as it happened

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Pearson urges voice dissenters to ‘be smart’

Karvelas also asks Pearson about the concerns that are coming from the left, including Indigenous affairs spokesperson for the Greens, Lidia Thorpe, who will be calling for treaty before voice at the Invasion Day rally.

And when you have a breakthrough response, a breakthrough response like constitutional recognition, you’ve got to grab it. You’ve got to switch from protest to grabbing the opportunity.

… And I believe that a full response to the Uluru statement will achieve actual real reconciliation. We’re at a point in our history where the protest has achieved the result we desire. And, and so we’ve got to be smart about it.

This this year is the most important here in the past 235. That’s my assertion. This is the most important year and and this referendum is the most important question concerning Indigenous and non-Indigenous Australians since the first fleet.

We’ve got to understand what is at stake, and that is the chance for reconciliation and if the referendum is kiboshed through game play and spoiling game by the opposition, we will lose the opportunity forever.

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