Category Archives: Australian economy

Ryan says supporters have received ‘threatening’ letters – as it happened

Posted on by

Independent MP for Kooyong says some supporters have received anonymous handwritten letters; nation records at least 11 Covid deaths. This blog is now closed

Standing proud in the Nadesalingams’ Biloela back yard is a rusty old Hills Hoist.

Birds squawk in the paperbark trees lining the road as mum Priya strolls in and out of the kitchen, determined to make sure we are looked after, offering us tea and water.

It was such an extraordinary time, and things were moving so quickly early ... the advice to the various governments at the time were really monumental.

It was quite terrifying ... we would do what the data was [saying], the experts together provided advice. In the end, Australians have done very well and turned up and got their vaccinations and we managed to live through some significant lockdowns and have come out of this better than many other countries.

We live in a great country with a great health system and I was confident we would be able to get our way through this, we still are not out of it, Covid is still here ... if you haven’t had that third dose vaccination, have it.

Continue reading...

Warning over Centrelink call centres as Services Australia slashes contracts

Posted on by

Exclusive: Agency says decision to cut outsourced workload by 30% is due to reduced demand as unions warn of longer wait times

Services Australia has embarked on a massive shake-up of its call centre operations, slashing the work it sends to labour hire firms as it approaches one of its busiest periods of the year.

Guardian Australia has learned the agency last week informed its outsourced “service delivery partners” it was cutting the “workload” sent to these four firms by about 30%.

Sign up to receive an email with the top stories from Guardian Australia every morning

Continue reading...

NSW government pledges $500m for faster rail services between Sydney and Central Coast

Posted on by

State to work with federal government on $1bn upgrade that could slash travel time between Sydney and Gosford to 25 minutes

The New South Wales government has backed a $1bn rail upgrade between Sydney and the Central Coast that could pave the way for faster train services.

The state will work with the federal government on the upgrade, with $500m to be set aside in the 21 June state budget, the premier, Dominic Perrottet, says.

Sign up to receive an email with the top stories from Guardian Australia every morning

Continue reading...

Biloela family welcomed home; Albanese announces $830m submarine penalty – as it happened

Posted on by

French defence minister welcomes Australia’s payment to Naval Group over submarine cancellation; 70 Covid deaths across the country. This blog is now closed

Prime minister Anthony Albanese will hold a press conference in Sydney at 10.15am

There are reports in French media that Australia has settled with French company Naval Group over the cancellation of the submarines contract by the former government. We have not confirmed, but we shall see if that’s what the press conference is about.

Continue reading...

Labor says Dutton ‘desperate’ to distract from defence failures – as it happened

Posted on by

Nadesalingam family arrive back home to Biloela; New Zealand ‘heartened’ by Albanese government’s climate stance; Australia records at least 40 Covid deaths. This blog is now closed

Jacinda Ardern will be raising Australia’s controversial deportation policy in today’s meeting. Asked if she has knowledge of whether the government is prepared to “water it down a little bit”, she replies:

Just to be clear, the issue we have is not with deportation. We deport as well. If a New Zealander comes to Australia and commits a crime, send them home ... but when someone comes here and essentially, hasn’t even really had any connection with New Zealand at all ... have all their connections in Australia and are essentially Australian, sending them back to New Zealand, that’s where we’ve had the grievance.

I’ve heard the prime minister prior to winning the election speak to his acknowledgement that that is the part of the policy that we’ve taken issue with. Even that acknowledgement says to me he’s hearing us, he knows it’s a problem.

It’s been a bugbear for us for a long time so I would like to see movement on it.

We talked about music on occasion but I’m not sure I would’ve picked necessarily the right music if I think I was given that task.

Continue reading...

Nation records 59 Covid deaths as NT announces closure of quarantine facility – as it happened

Posted on by

Two charged after remains found on Glass House Mountains; Victoria’s health workers to receive $3,000 one-off payment; nation records 59 Covid deaths as boosters recommended by Atagi for at-risk children between 12 and 15. This blog is now closed

Capacity mechanism is a priority to bring on renewables, energy ministers say

The first meeting of energy ministers yesterday evening indicated there will be a new intensity in federal-state-territory coordination.

Continue reading...

Albanese says cost of living concerns will be ‘front and centre’ of cabinet meeting

Posted on by

Inflation, energy prices and wages growth on Labor’s agenda as pressure builds to provide relief to low income earners before October budget

The prime minister, Anthony Albanese, says a cabinet meeting on Thursday will consider how best to respond to the cost of living crisis facing Australians amid warnings inflation will significantly worsen this year.

The meeting of his new inner ministry comes after the Reserve Bank this week lifted the official cash rate by 50 basis points to try and get on top of rapidly growing inflation. All of the big four banks have passed on the rate hike to mortgage holders.

Sign up to receive an email with the top stories from Guardian Australia every morning

Continue reading...

Australia live news update: Wong condemns ‘reckless’ North Korea missile launches; Nine overturns order to hand over drafts

Posted on by

NSW Appeals Court throws out order requiring Nine Entertainment to hand over draft material; foreign affairs minister labels North Korean ballistic launches ‘reckless and destabilising behaviour’; stripping dual nationals of citizenship unlawful, high court rules; National Disability Insurance Agency chief resigns; Victoria records 25 Covid deaths, Queensland 15, NSW records 10 deaths, WA records eight, ACT records one. Follow all the day’s news

China’s warning to Australia

China has warned Australia to stop “provocations” or face “serious consequences” after the federal government said a Chinese jet plane was intercepted, the AFP and Guardian staff report.

The Australian military plane seriously threatened China’s sovereignty and security and the measures taken by the Chinese military were professional, safe, reasonable and legal.

We can trace Australia’s celebrated connection to the space industry back to the 1950s and as a nation we have to build on that legacy.

Continue reading...

‘We can do much more’: Albanese calls on business to look past China to opportunities in Indonesia

Posted on by

Prime minister says there is significant opportunity for Australian companies in Indonesia’s growing economy

Anthony Albanese has declared Australia needs to move past its reliance on China for trade and income-generating opportunities with business needing to prioritise new strategies in Indonesia.

On his final day in Indonesia, the prime minister on Tuesday said industry could not rely on a thaw in the Australia-China relationship to restore lost opportunities.

Continue reading...

Reserve Bank hikes official interest rate by 50 basis points to 0.85% to curb inflation

Posted on by

Decision exceeded predictions from economists while Westpac was the first of the big banks to pass on the rise in full to customers

The Reserve Bank has announced the biggest single rise in the cash rate in 22 years as Australia’s central bank tries to quash inflation before it gets out of control.

The RBA board at its regular monthly meeting lifted its cash rate target 50 basis points to 0.85%. Economists were again surprised by the size of the move, having been mostly split between predicting a 25 or 40 point increase, according to Bloomberg.

Continue reading...

PM says prospect of Chinese naval base in Cambodia ‘concerning’ – as it happened

Posted on by

Prime minister responds to reports of Chinese naval base in Cambodia; nation records 29 Covid deaths. This blog is now closed

There’s no magic fix for inflation, Jason Clare says

Education minister Jason Clare appeared on the Today show this morning alongside Scott Emerson.

Inflation is through the roof. Wages are through the floor. We have got interest rates knocking at the door. The Reserve Bank ... have made it clear there will be a number of interest rate rises, which makes it harder for people with big rate rises already. Especially for people who are ahead in their mortgage, but if you have just signed up and the bank says you have to pay more, it will make it harder and harder.

There is no simple magic fix to this.

The market expects them to increase interest rates because we have an inflation problem in the economy and rising interest rates were something that the Reserve Bank governor flagged before the election and that is the trajectory we are on, but just because these interest rate rises are expected, it won’t make them any less difficult for a lot of people who are already confronting cost-of- living pressures.

That is the unfortunate reality. There is no point mincing words about that. Our job is the government is to make sure that after some of this near-term cost-of-living relief runs out that it is replaced by responsible long-term sustainable cost-of-living relief in areas like medicines and childcare, getting power bills down over time and getting real wages moving again.

Continue reading...

Job seekers could have welfare stopped under ‘onerous’ new points-based system, advocates warn

Posted on by

Mutual obligations system will require people to complete an expanded range of activities to keep their payments

Welfare advocates have warned job seekers may have their payments suspended under a new points-based mutual obligations system because of “unnecessarily onerous” requirements.

The “points-based activation system”, to be introduced from 1 July, replaces the rigid 20 job applications a month requirement that has frustrated job seekers and employers for many years.

Continue reading...

‘Out of control’ gas prices likely to filter down to Australian consumers, food processor says

Posted on by

Industry advocates push for eastern states to establish gas reserves as soaring energy costs put pressure on companies

One of Australia’s largest regional food processors says energy costs are “out of control”, with already elevated gas prices tripling since the company signed new contracts in early 2022.

Consumers will inevitably cop higher prices on their products with other costs also on the rise, including a jump of as much as 40% for raw materials such as tomatoes, carrots and apples in the past year, Jason Fritsch, the chief executive of Kagome, said.

Sign up to receive an email with the top stories from Guardian Australia every morning

Continue reading...

Unions back minimum wage submission – as it happened

Posted on by

Labor government recommends minimum wage be increased in line with inflation; Anthony Albanese says stopping new gas projects ‘doesn’t reflect the needs’ of economy; new monkeypox cases reported in NSW and Victoria; nation records at least 50 Covid deaths. This blog is now closed

‘Pick up the phone and call your energy retailer’

The CEO of the Australian Energy Council, Sarah McNamara, appeared on ABC News Breakfast this morning to discuss the perfect storm the market is currently facing.

It is not a systemic market failure under way but there is a coincidence of factors occurring in the market, putting pressure on the wholesale price and that will put pressure on retail bills as well.

Most consumers won’t experience the kind of wholesale market price spikes we are seeing at the moment. That is because their retailers have hedging contracts to ensure their supply costs are smoothed out over time. However, because there is general upward pressure on prices, people are going to experience higher bills over the coming year.

Continue reading...

Environment minister seeks ‘urgent briefing’ over scrapped recovery plans – as it happened

Posted on by

Tanya Plibersek seeks ‘urgent briefing’ over Coalition scrapping of recovery plans; NSW man diagnosed with monkeypox; nation records 57 Covid deaths. Follow all the day’s news

Treasurer questioned on staff shortages in hospitality

Amid his media blitz, treasurer Jim Chalmers appeared on Sunrise this morning discussing energy woes.

What are we going to do to alleviate those staff issues and how long is it going to take for that to happen?

Obviously there is a role for cheaper childcare so that if people want to work more and earn more we can tap [into] that really big workforce of parents that find it too hard because they get priced out of work by the childcare system. And we are up for ... conversation with business about migration settings to make sure that they are appropriate so that they are not a substitute for doing those other things at home.

Continue reading...

‘Complex and volatile’: cryptocurrencies should be regulated by financial watchdogs, say consumer advocates

Posted on by

Treasury inquiry told ‘crypto is high-risk and unsophisticated investors are at high risk of losing significant funds’

Consumer groups have called for strong financial regulation of cryptocurrency markets and investments in Australia, saying crypto assets are “complex, volatile and high-risk products that can cause harm to Australian consumers.”

In a submission to the federal treasury’s consultation paper on cryptocurrency, consumer group Choice has urged the federal government to “strongly consider regulating all crypto assets under the existing financial product regulatory regime for better outcomes for consumers and the community”.

Sign up to receive an email with the top stories from Guardian Australia every morning

Continue reading...

Anthony Albanese vows to ‘keep it real’ as he seeks good rapport with crossbench

Posted on by

Prime minister says he will treat Peter Dutton with respect: ‘I never underestimate my opponents’

Anthony Albanese has vowed to form a constructive relationship with parliament’s expanded crossbench and has warned against underestimating Peter Dutton as opposition leader.

In a wide-ranging interview on Sky News, Albanese reflected on the “great responsibility” of serving as prime minister but said he would try to “keep it real”.

Sign up to receive an email with the top stories from Guardian Australia every morning

Continue reading...

Pacific nations ‘very positive’ on re-engagement, PM says – as it happened

Posted on by

Bushmaster reportedly destroyed in fighting in Ukraine; nation records 30 Covid deaths. This blog is now closed

Finance minister Katy Gallagher is speaking now to ABC Insiders host David Speers. She says Labor faces “a very serious set of economic and budget challenges, and we don’t want to pretend it is anything but that”.

Q: Are you saying that the figures that were produced showing deficits totalling $224bn over the next four years – were they accurate or not?

Well, they are certainly the numbers that the finance department and the Treasury signed off on in the election campaign, but I think the point we are making is that there is a range of spending that we are having a look at in the budget and there is also clearly some huge budget pressures coming.

I guess in those areas – health, aged care, the NDIS, defence, national security – where there are all of them growing faster than GDP and going to play significant pressure on the budget going forward …

I haven’t had many moments to reflect, I’ve got to say ... it’s been a busy time. But I do understand the great responsibility that I have – I’m humbled by it. It says a lot about our great country that the son of a single mum, who was an invalid pensioner living in council housing, can rise to lead the country as prime minister and I’ll never take it for granted. I’ll honour it every day and I’ll do my best. That’s not to say I’ll be perfect, because none of us are, but I’ll try to keep it real on the way through and continue to keep my feet on the ground, because I think that is really important as well.

Australians are generous people and I think that they’ll give us a go. I get the sense out there that they want us to succeed. And I had people who didn’t vote for us as well, who said to me, we really want you to succeed for the sake of the country. So we’ll do our best.

Continue reading...

Labor’s jobs summit to focus on pay deals and productivity in bid to lift wages

Posted on by

Expert says collective bargaining is a ‘minefield’ for employers and simplifying it should be a focus of the forum

More immigration, improved skills policy and simplifying collective bargaining have emerged as three top demands from employers for the new Labor government’s jobs summit.

Experts suggest the forum could also pave the way for reforms including wage theft legislation, which was dropped from the Coalition’s industrial relations bill, and action on union demands about insecure work.

The better off overall test so hypothetical patterns of work don’t prevent pay deals being approved;

The requirements for the FWC to be satisfied that genuine agreement has been reached;

The requirement for employers to explain the terms of a proposed pay deal to employees prior to the vote.

Continue reading...

Australian federal election 2022 live: Plibersek says Albanese has a ‘tough job’ as polls tighten

Posted on by

AEC concedes some Covid-positive Australians ‘may not be able to vote’: prime minister responds after Labor announces policy costings; Covid and illness lead to drop in working hours; nation records at least 52 Covid deaths. Follow all the day’s developments live

Scott and Jenny Morrison are visiting Whitemore in the Labor-held electorate of Lyons in Tasmania this morning.

Brian Mitchell holds Lyons on a margin of 5.2%, although his buffer was inflated by the disendorsement of his Liberal opponent mid-campaign in 2019 for anti-Islamic social media posts. Morrison is still on the offence, seeking gains to offset expected losses elsewhere.

Continue reading...