Category Archives: Australian economy

Morrison pledges $20m for tourism; Shorten tests positive as 44 Covid deaths recorded – as it happened

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Foreign minister meets Solomon Islands counterpart in Brisbane; poll shows independent Sophie Scamps has real prospect of taking seat from Liberal Jason Falinski; Bill Shorten tests positive for Covid; NSW records 19 Covid deaths; Victoria nine, Queensland five, Tasmania two, NT one, SA two and WA six. This blog is now closed

Coalition and Labor have so far pledged billions for local projects. But not all sides of the electoral fence are reaping the benefits, write Elias Visontay and Nick Evershed.

Last night Marise Payne met with the foreign minister of Solomon Islands, Jeremiah Manele, in Brisbane. The pair discussed the rising tensions between the two countries.

Australia has been consistent and clear in stating our respect for Solomon Islands’ sovereign decision-making, however we have reiterated our deep concerns about the security agreement with China, including the lack of transparency. I again reinforced this in my meeting tonight. We agreed that Australia remains Solomon Islands’ security partner of choice.

I again welcomed Prime Minister Sogavare’s assurance that Solomon Islands will not be used for a foreign military base.

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Independents slam ‘dirty tactic’, reporting fake campaign signs; 30 Covid deaths – as it happened

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Independents report ‘misleading and unauthorised’ campaign signs; Scott Morrison won’t say if he will resign in case of hung parliament; Anthony Albanese backs royal commission into the pandemic; trans rights ‘debate’ ‘hugely regrettable’, Liberal senator says; at least 30 Covid deaths recorded. This blog is now closed

How does Andrew Bragg think Dave Sharma and Trent Zimmerman are feeling, given their seats are under threat:

As I say, I don’t agree with the analysis. I think the Liberal party has been a strong party of government because we have been able to represent a whole lot of different people across our country and we are doing that right now through things like strong climate policies, but also a social liberal agenda which protects minority groups such as the LGBTI community which I addressed last night at the Equality Forum.

Well, people are entitled to their opinions. I don’t always agree with everything you say and I don’t always agree with what my colleagues say. We are entitled to have our own views and cross the floor and make our own statements known where it is appropriate.

I mean, I’m not a commentator on these things. People are entitled to their own views. I think I have been very clear we have a strong voice for people in the cities and people should absolutely vote for Dave Sharma and Trent because they’ve done a great job in standing up for their communities.

I don’t agree with Mr Turnbull’s analysis. We have done important work for people who live in the inner cities on things like achieving the net zero 2050 commitment, and also developed economic policies which favour the inner city on things like fintech and cryptocurrency and we have made important commitments, as I spoke about last night to the equality forum, on HIV, listing Prep on the PBS.

The idea we are a party only for the bush or for the bushes is not true, or for the burbs is not true. We govern for all Australians.

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Federal election 2022 live updates: O’Connor says PM ‘doesn’t get soft power’ as Dutton defends Solomons response

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Defence debate kicks off at National Press Club; Labor accuses Coalition of ‘cynical and stupid’ lack of attention to Indonesia relationship; ‘significantly poorer health outcomes’ for people living outside cities, NSW health inquiry finds; Anthony Albanese bungles NDIS question; Scott Morrison says he doesn’t have a ‘magic pen’ for wages; NSW records 21 Covid deaths, Victoria records 14, Queensland records 11. Follow all the day’s news live

In that exchange, Stuart Robert said he had been acting as the education minister for a year. But Alan Tudge didn’t announce he was stepping down until 2 December last year.

Perhaps the last five months have just felt like a year for Robert.

I’m the acting education minister, and have been for almost 12 months. So I’ve got full authority in terms of running the education portfolio, as well as skills and workplace and the other things that I do.

I suggest in his electorate. I don’t know where he is. I tend not to keep track of my colleagues’ whereabouts.

I’m not across those issues so, unfortunately, I can’t give you any degree of answer. They’re issues that are dealt with by the Department of Finance, very much at arm’s length from anyone. Certainly arm’s length from me. My responsibility as required by the prime minister as the acting education minister and the acting minister for youth, is to use all of those resourcing and requirement and continue to act in the best interests of the people of Australia, which I’ve been doing with my state and territory colleagues. That’s why just before the election, of course, we signed off on the national curriculum, which was a landmark piece of work that we did together as education ministers right across the country.

Again, Lisa, I’m just not across those issues in any detail at all.

I’m still not across what the details are. I’m not across what the legalities are.

Again, I’m not going to comment on things that I’m just not across. I don’t think that the Australian people expect the acting education minister to wade into every issue, especially issues that I’m simply not briefed on. My brief is to ensure that we can get the best possible curriculum and the best possible teacher education quality out of our universities, and that’s exactly what we’re doing.

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Ruston dismisses suggestion Liberal party has ‘lost its way’; Hunter candidates square off – as it happened

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Jim Chalmers accuses Josh Frydenberg of lying about tax as treasurer and shadow treasurer pressed on NDIS in debate; Coalition ‘oblivious’ to pressures facing working families, Albanese says; border force won’t confirm reports of asylum seekers moved to Christmas Island; at least 56 Covid deaths recorded. This blog is now closed

In a move designed to hold on to what is known as the “grey vote”, the government has announced a two-year freeze on deeming rates, in response to the interest rate rise.

That means pensioners with cash deposits which will increase with the rate rise (interest rates on bank accounts go up too) won’t have to worry about hitting the cap of how much they can earn before their pension is impacted.

We have always said where there are good ideas we will support them. We sought to be constructive during the pandemic and did support many of the measures and, you know, looking at this decision today, we have said, yes, this is a good idea and we will.

He already has, we went to a religious service at a local synagogue and no doubt he has many competing requests on his ...

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Election 2022 live updates: RBA chief warns interest rates could hit 2.5% as Labor seizes on ‘cost of living crisis’

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Scott Morrison defends economic ‘shield’ after RBA lifts cash rate target from historic low; Philip Lowe says more interest rate rises to come; Jim Chalmers says central bank decision ‘a very serious development’; nation records 41 Covid deaths. Follow the latest updates live

Scott Morrison doesn’t get sick of the “silly” photo ops [silly photo opportunities being how the question was framed], he tells Melbourne radio’s Neil Mitchell, because he “doesn’t see them that way”.

He then gives a hero-gram to tradies.

I don’t fit in those ways, what I see is [being] out and about and doing what Australians do every day.

... What I enjoy doing is standing there with an apprentice who shows me what they’re learning, and then I’d have a go at it.

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Victoria’s treasurer delivers health-focused budget and promises return to surplus

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Tim Pallas announces new hospitals, clearing of a surgery backlog and hiring of thousands of healthcare workers

The Victorian government will spend $12bn to repair its Covid-battered health system with the treasurer, Tim Pallas, confident that the worst of the pandemic is behind the state and a return to surplus will happen in the near future.

Pallas’s eighth budget, handed down on Tuesday, includes $2.9bn worth of new health infrastructure. This includes $900m to build a hospital in Melton, in Melbourne’s west, which will include a 24-hour emergency department and an intensive care unit, along with maternity and mental health services.

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Reserve Bank interest rates: RBA lifts official cash rate to 0.35% in first rise since 2010

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Central bank raises rate by 0.25 percentage points in a move that will stoke cost-of-living debate ahead of federal election

The Reserve Bank of Australia has lifted its official cash rate for the first time in more than 11 years in its first intervention in a federal election since John Howard lost office in late 2007.

The central bank lifted its cash rate target from the record low 0.1% it had hovered at since November 2020, during the depths of the Covid pandemic. It was raised more than expected to 0.35%, and the RBA signalled more rises to come.

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In an election budget, Victorian treasurer Tim Pallas is fighting a war on many fronts

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Analysis: To fight his way back to surplus, Pallas relies on economic growth rather than spending cuts or increased taxes

Inflation, a Covid comeback, Russia’s invasion of Ukraine and Josh Frydenberg “short-changing” his home state – these are the major battles Victoria’s treasurer, Tim Pallas, faces as he plots a narrow course towards a small budget surplus within four years’ time.

To fight his way back to surplus, Pallas is relying on economic growth – fuelled by the state’s speedy bounceback from a Covid-19 recession and a full-to-overflowing $21bn-a-year infrastructure pipeline, which itself contains significant potential pitfalls – rather than cutting spending or increasing taxes.

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ABC misses out on final leaders’ debate; key independents back call for robodebt inquiry – as it happened

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Channel Seven to host final debate of election campaign; crossbenchers back call for royal commission into robodebt scandal; Scott Morrison focuses on cost of living concerns; Anthony Albanese marches for May Day in Brisbane; Sally McManus would support wage increase for public sector workers; 13 Covid deaths recorded across the nation. This blog is now closed

Labor is still on the campaign sell for its first homeowner policy.

Jason Clare faced questions ranging from, “Is this too small to have an impact?” to, “Won’t it drive up house prices?”

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Coalition pledges to cut medication costs; 53 Covid deaths – as it happened

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Prime minister announces a $10 cut to PBS scripts from next year in an attempt to tackle cost-of-living pressure, while Labor vows to hold a royal commission into the robodebt scandal. This blog is now closed

Now some questions on China’s security deal with the Solomon Islands.

Morrison, asked about the timing of the announcement, says:

We’re very aware of the influence that the Chinese government seeks to have in this country. We, in fact, introduced laws to prevent it. So any suggestion that the Chinese government doesn’t seek to interfere in Australia – well, we didn’t put that legislation in for no reason. We put it in there to ensure that Australian security could be safeguarded from foreign influence in our own country.

The Chinese government would say that, wouldn’t they?

There are temporary measures that we put on the budget, longer term measures in the mid-year statement. It is a fairly common way that we do budgets …

This is a longer term measure and it will start next calendar year. So the reason that we’re talking about it now, normally we would make an announcement like that later in the year.

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Victoria’s government quietly prepares an election budget while attention is diverted

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Analysis: In the days before last year’s budget, $4.2bn in commitments were announced. Just $277m has been announced ahead of Tuesday’s

With all eyes fixed on the federal election campaign, you’d be forgiven for nearly forgetting Victoria’s treasurer, Tim Pallas, is set to hand down a state budget in a couple of days.

So far, all we know is that health will be a main theme of the pre-election budget. Improving lengthy ambulance wait times, emergency department overcrowding and the state’s triple zero call-taking system are front of mind after several much-publicised deaths, including that of a 72-year-old man who waited more than three hours for a bed at a regional hospital earlier this month.

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Buyers warned about rushing into government’s First Home Guarantee scheme

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Predicted rate rises and falls in property values pose risks to those considering loans with a 5% deposit, experts say

First-home buyers have been warned to plan carefully before taking advantage of a federal government scheme that would allow them to secure property with a 5% deposit, at a time interest rates are predicted to rise.

Experts say the First Home Guarantee scheme could be appropriate for people who plan to stay in one spot for a while and are comfortable riding out a possible property value trough, but warn it could still be risky, especially in regional areas.

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Australia faces prospect of pre-election rate rise as inflation and consumer prices soar

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Annual CPI rate rise to 5.1% was higher than expectations and reflects higher fuel and food costs, sparking fears of an interest rate rise

Australia faces the prospect of a pre-election rate rise by the Reserve Bank after underlying inflation pace soared to its highest in 13 years while the broader consumer price measure increased at the quickest pace since the GST was introduced in 2000.

The 5.1% annual consumer price index (CPI) reading for the March quarter easily topped the market expectation of 4.6% pace. The so-called trimmed mean inflation, which strips out volatile changes and is used by the central bank to set rates, rose 3.7%, or the most since March 2009.

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Payne says China military base in Solomons would be a ‘red line’ – as it happened

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Queensland senator Matt Canavan adds to uncertainty about Coalition climate commitments; foreign minister accuses Labor of ‘playing politics’ on national security after Penny Wong criticises Scott Morrison for ‘refusing to take responsibility in Pacific’; at least 50 Covid deaths as WA to ease mask mandate in some settings. This blog is now closed

Scott Morrison is in Townsville (north Queensland) today where he will be making announcements on energy.

Given what we just heard from Scott Morrison there, it’s worth your time having a listen to climate and environment editor Adam Morton on today’s Full Story podcast examining if the policy differences between the Coalition and Labor and ultimately asking: is either party preparing enough for the transformational change ahead?

Economic modelling should be used as a guide. Both sides of politics lean on it more as a forecast that will be fact ... I don’t think anybody can tell us exactly what our power bills will be in 2025, 2030, 2050 but no one disagrees that more solar and wind is good in terms of lowering prices because it is much, much cheaper to generate what’s in place.

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Australia’s first-home buyers urged to ‘go in with eyes wide open’ about future rate rises

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The good news is more places on offer in the first home guarantee scheme. The bad news could be higher mortgage repayments

Laura Valencic has never had the luxury of calling the “bank of mum and dad” to help her buy a home.

After the federal government announced more places under the first home guarantee scheme in the budget, Valencic feels like she finally has an in. But she’s wary of a potential pitfall in the future: will she be able to afford the mortgage repayments when interest rates rise?

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Australia news live updates: MPs respond to Morrison criticism; 20 Covid deaths; major Optus mobile network outage

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Foreign and defence ministers label Putin a ‘war criminal’; major Optus mobile network outage; ministers respond to criticism of Scott Morrison; NSW records 12 Covid deaths and 19,183 new infections; Victoria records eight deaths and 12,007 new infections. Follow all the latest updates live

Another senior Liberal has taken aim at Scott Morrison, accusing him of “self-serving ruthless bullying” and claiming he has “ruined” the Liberal party.

Catherine Cusack, a NSW Liberal who announced two weeks ago she would resign from the Legislative Council over her anger about flood relief, adds her voice to a growing chorus of critics of Morrison from within his own party in an opinion piece for Guardian Australia.

The concerns over the prime minister’s character are now well established, and they’re well established not by the Labor party, but the people who know him best.

I mean his own deputy prime minister called him a liar and a hypocrite*. These people know him best, they’ve served in cabinet with him, in the Liberal party with him over a period of many years ...

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Australia’s minimum wage should be raised by 5% to counter inflation and living costs, unions say

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ACTU secretary Sally McManus says increase needed for low-paid workers to ‘keep their heads above water’

Australia’s lowest-paid workers should get a 5% pay rise – or $2,000 more a year, according to a submission from unions to the industrial umpire.

The Australian Council of Trade Unions has called for the minimum wage to increase from $20.33 an hour to $21.35, to boost the wages of 2.67m employees who rely on the annual wage review for a pay rise.

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Australia news live updates: many Lismore buildings ‘expected to flood again’; new Russia sanctions; man’s body found in Qld flood waters

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Many buildings in Lismore are ‘expected to flood again’ as CBD ordered to evacuate; severe weather warning for large parts of NSW; foreign minister announces ‘Magnitsky-style sanctions’ targeting 39 Russians; treasurer Josh Frydenberg says election will be held ‘in a matter of weeks’; nation records 24 Covid deaths, with record high daily case numbers in Tasmania. Follow the latest updates live

The New South Wales government has approved fewer than 400 disaster relief grants for flood-ravaged northern rivers businesses, despite receiving almost 8,000 requests for help since applications opened almost a month ago.

After the state’s north was left reeling by weeks of devastating floods, the government announced grants of up to $50,000 for small businesses to help pay for cleanup costs, repairs, replace damaged stock and to lease temporary premises.

Today it’s been revealed that the unemployment rate will have a friend for the first time in 50 years. This is a remarkable achievement that belongs to 26 million Australians. We’ve avoided the scouring of the labour market so reminiscent of previous recessions in Australia in the 80s and 90s.

We now have an unemployment rate that is very, very low and we are banking that dividend, now with the cost of living.

Would you be providing that if Australians weren’t going to the polls in a matter of weeks?

We would of course be providing cost-of-living relief given the circumstances that Australia now faces. There’s higher expected inflation, indeed, it’s a global phenomenon. There’s petrol prices rising above $2 a litre and with the other challenges on Australian companies.

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Morrison government predicts unemployment will drop to 50-year low as it spruiks pre-election budget

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Treasurer’s office says dip to last years, as Labor points to stagnant wages and vows to lift them

Josh Frydenberg’s pre-election budget will project Australia’s unemployment rate will drop to 3.75% this year, its lowest figure in 50 years, with the Coalition to talk up a “remarkable” post-pandemic recovery.

The treasurer’s fourth federal budget will also fund an extra 15,000 subsidised training courses for aged care workers, in a nearly $50m promise to boost the sector’s workforce.

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Australia live news update: man drowns at Sydney beach; Labor’s Katy Gallagher says ‘mean girls’ label ‘diminishes women’; 11 Covid deaths

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Man drowns on Sydney’s northern beaches; Labor senator Katy Gallagher says she had no ‘difficult arguments’ with Kimberley Kitching beyond what was normal in politics; Victoria records five Covid deaths and 7,466 new cases; NSW records one death and 17,450 new cases; Queensland records 7,738 new cases and one death; Western Australia records 7,197 new cases, four deaths. Follow developments live

The NSW Labor opposition has outlined a plan for the state to rebuild and recover from the devastating floods that have left about 1,500 people in emergency accommodation and damaged or destroyed about 95,000 homes, AAP reports.

The federal and New South Wales governments were too slow to act in the immediate response and have been too slow in their support, NSW Labor has said in a statement today.

The difference is, David, we’re looking for maximum community benefit and economic benefit while the government’s looking for maximum political benefit.

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