Category Archives: Australian economy

New drugs added to PBS; alleged e-scooter bandit arrested – as it happened

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Bandt: government could deliver cheap renewable energy

The Australian government could use publicly owned electricity generators and retailers such as Snowy Hydro to offer power at cost to households and businesses, Bandt says.

I think a surplus mentality, understanding that we have got an enormous amount of sun and wind and if we back it up with storage, we could really drive down the cost of electricity in this country, and make it a place that you bring your businesses to from overseas, deliver cheap electricity for households. A mind shift is needed and the government could play a big role in that given its stake in a publicly owned generator.

We need to fast-track the build of renewables and also of storage.

But look, we have to wait to see – is there a peace [deal]? What is the agreement? What is the request that is being made? There are things that could be done right now, though. The ABC reported a couple of weeks ago that Australia is still the largest buyer of Russian oil. And it’s meant to be sanctions imposed.

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Australia news live: Dutton criticises PM’s ‘shocker’ after Trump tariff decision; suspicious packages wash up on Queensland beaches

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The prime minister has ruled out imposing reciprocal tariffs on the US. Follow today’s news live

Trump tariff decision bad for Australia-US ties – Butler

Mark Butler said the US tariff decision was “bad for our relationship” when asked whether it had a damaging effect on international relations on ABC News Breakfast a short while ago.

This is a disappointing decision. It’s a bad economic decision. It’s bad for our relationship. It’s bad for the US, ultimately, because we think that the exports we send to them - which are significantly less than the exports they send to us - are good for the US economy. They’re good for US industry. They’re particularly good for defence, which is an important area of cooperation.

We think this is a bad decision that’s disappointing, and we’ll continue to press the case for it.

We’ve only been going at this for almost seven weeks that President Trump has been back in office. We intend to continue to press the case at the highest level – particularly ambassador Rudd has been relentless in this, meeting with officials almost constantly to press the American case. We’ve had a lot of senior ministerial engagement.

Obviously the prime minister has spoken directly with the president. We’ll continue to do that. It’s not only in Australia’s interest – which for us, is the most important thing – we’re confident, we’re very sure it’s in both of our interests’ interest to continue the open trade that has characterised particularly the last 20 years under the US FTA.

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Dutton says Labor claims ‘utter nonsense’; multimillionaire faces new child abuse material charges – as it happened

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Good morning blog readers – this is Rafqa Touma, and I’ll be taking you through the day’s live news updates. Thank you to Martin Farrer for getting us rolling this morning.

More than 125,000 properties are in the dark as crews work to restore power across QLD and NSW in Alfred’s aftermath.

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Trump vows to take ‘hundreds of billions’ in tariffs as Australia’s hopes of getting exemption fades

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Australia unlikely to escape US president’s global steel and aluminium tariffs despite intense lobbying to be carved out

Australia’s chances of escaping America’s global steel and aluminium tariffs appear all but extinguished, with the US president reconfirming his commitment to a comprehensive tariff regime he argues will be “the greatest thing we’ve ever done as a country”.

“We’re going to take in hundreds of billions of dollars in tariffs, and we’re going to become so rich, you’re not going to know where to spend all that money,” Donald Trump told reporters on board Air Force One flying from Florida to Washington DC.

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Australia news live: Victoria to tighten bail laws; man shot dead by police in Queensland

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The Victorian premier said she would be introducing legislation to' ‘bring about that change … very soon’. Follow today’s news live

Chalmers defends Australian defence spending as Trump administration says nation should spend more

Jim Chalmers has defended Australia’s defence spending as having already gone up “considerably”, amid suggestions from the Donald Trump administration that Australia should spend more.

That is a very, very substantial pick-up in defend spending and one of the reasons we’re doing that is to be able to work more effectively with our allies and partners like the United States … We do pay our own way on defence. We are substantially increasing defence spending.

We have got a good relationship with the Americans, particularly that economic relationship which is of mutual benefit, and these are the sorts of things that we have been talking about with our American counterparts as they finalise some of the policies on things like tariffs.

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Crisafulli urges residents to prepare as storm approaches – as it happened

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This blog is now closed. Read the latest Cyclone Alfred news update here

Sandbag queues ‘about an hour’ in Brisbane – Wells

The federal sports minister, Anika Wells, also spoke on the Today Show this morning from Brisbane and said it was the “calm before the storm”.

At the moment that’s the shortest it’s been in 24 hours. It’s a big couple of days ahead for south-east Queensland. We’re more than up to the task, but everybody’s doing their bit.

So everyone’s doing their bit and we thank them for it.

We know that there’s going to be damaging winds, there is going to be powerful surf, coastal erosion, and it will be followed by significant rain that can last a couple of days. So we’re really urging people to be alert, to be prepared, just like the SES is.

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Communities warned to prepare as weather system takes right turn – as it happened

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Why should Australia trust president Donald Trump, given how he’s treated Ukraine’s president at the Oval Office? Richard Marles said the government’s focus was on supporting Ukraine:

That’s where Australia lies. That’s the decision that we have to make. And Ukraine can absolutely rely on Australia’s ongoing support in their defence, and we will work with international partners.

We’ve obviously worked with the United States over the last three years, and we’ll continue to do that, but we’ve worked with the United Kingdom, and we’ll continue to do that as well, and with European partners, and look at the best way in which we can provide support.

We have established a timeline with [the] Ukrainian government about the delivery of those tanks to Ukraine. Now, for operational reasons, won’t go into the detail of that timeline.

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Australia news live: Conroy says Chinese flotilla under ‘unprecedented’ naval surveillance as it sails south of Adelaide

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Safety net for laid off fashion group workers

Workers out of a job after the collapse of fashion retailer Mosiac Group will be guaranteed their entitlements after the federal government fast-tracked access to its worker safety net scheme.

Staff are largely women, many balancing part-time employment with care responsibilities, and highly reliant on their pay, so we want to ensure they have as much certainty as possible around their finances going forward.

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Australia news live: Hastie warns ADF is ‘going to get weaker’ as China tests US allies with ‘gunboat diplomacy’

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Shadow defence minister told ABC RN China is testing US allies as Trump ‘resets relationships in Europe’. Follow today’s news live

ABC pays tribute to Antony Green as he announces upcoming election will be his last on-air

Continuing from our last post: the ABC’s director of news, Justin Stevens, has paid tribute to Antony Green as he announces the upcoming election would be his last on-air with the national broadcaster.

For more than three decades he has performed one of the ABC’s most important roles with precision, impartiality, dedication and unprecedented expertise.

He has the ABC’s immense gratitude and respect. I’m sure our audience joins me in thanking him and wishing him well as he prepares for his final federal election broadcast.

It’s time to retire. I turn 65 this coming weekend. I work on a three-year election cycle with federal elections, I won’t be presenting elections in three years’ time when I’m 68, so this will be my last on-camera election for the ABC.

I’ll stay on for a couple of years, handing over work and doing other things, but essentially I’m deciding to retire and work less.

There are 80 or 90 of them, a book on every election since 1990, state and federal … I [also] redesigned computer system. When I first started this, you had to be in the tally room to get the numbers. It was the only way to get data from the Electoral Commission to the ABC computer, so you had to be there. It’s a completely different world now.

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Australia news live: Woodside doubles profits thanks to record production of oil; funnel-web spider shortage threatens antivenom program

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Australia’s largest oil and gas producer has doubled its profits to $5.6bn. Follow today’s news live

Senate estimates will be back under way today, and AAP has flagged a little of what we can expect:

Creative Australia bosses, including the chief executive, Adrian Collette, will front an estimates hearing and it’s expected they’ll be questioned about the selection body’s shock decision to ditch the Venice Biennale team.

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‘Trusted capital from your long-term ally’: Australian super’s US trip to bolster efforts to avoid Trump’s steel tariffs

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Super Members Council says summit may sway US president on tariffs on Australian industry after seeing scale of investment in US

Australia’s $2.8tn superannuation industry will bolster the Albanese government’s bid to secure an exemption from the Trump administration’s 25% tariffs on steel and aluminium imports this week.

A delegation of Australia’s largest funds will meet with US government officials from Monday, as part of a four-day summit designed to improve awareness of the industry’s long-term contributions to the US economy and its plans to more than double investment.

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Australia news live: NSW health system ‘catastrophically let down’ toddler’s family, minister admits

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Two-year-old waited in emergency department for three hours before suffering a cardiac arrest and dying. Follow today’s news headlines live

Victoria to offer contactless public transport tickets from next year

Victorians will be able to use their phones, bank cards or smartwatches to pay for public transport travel from “early next year in a staged approach”, according to reports.

Following a successful start of a ticketless bus trial in Wangaratta, the Allan Labor Government will begin switching on tap-and-go technology across Victoria’s public transport network from early next year in a staged approach – meaning some passengers will soon be able to use their bank cards, phones and smart watches to travel on full fare tickets.

The new ticketing system will continue to be underpinned by extensive technical testing and will be carefully rolled out starting with rail from the beginning early next year – allowing full fare passengers more ways to pay for their travel.

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‘Wilful acts of bastardry’: former Treasury secretary says young Australian workers ‘robbed’ by tax system

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Ken Henry made comments at a tax summit in Melbourne, arguing fiscal drag is seeing taxes go up while real incomes fall

Recent governments have carried out “wilful acts of bastardry” and created intergenerational inequality and environmental destruction that will leave younger voters worse off, the former Treasury secretary Ken Henry has said, urging tweaks to Australia’s tax system to bridge the growing divide.

Henry, who worked under both the Howard and Rudd governments, used a speech at the Per Capita tax summit in Melbourne on Thursday morning to argue the country’s tax settings since the Howard government have fuelled inequality and left further generations and young workers “to pick up the tab”.

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As an election looms, will Australians remember Labor for one rate cut or the 12 hikes before that?

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The Albanese government had been sweating on the RBA decision, which clears the way for an election as soon as early April

Jim Chalmers tried to say he wasn’t taking credit for the big banks dropping their interest rates, but the sense of satisfaction – or perhaps relief – among other Labor MPs was palpable in the moments after the Reserve Bank of Australia announced its cut of 25 basis points.

Labor MPs Justine Elliot and Kristy McBain, both under pressure in tough races, tweeted “breaking” updates within two minutes of the announcement. Within a few more minutes, the likes of Jerome Laxale, Josh Wilson, Pat Conroy, Shayne Neumann, Mark Butler, Helen Polley, Tony Sheldon and the retiring Graham Perrett had also taken to their social media accounts to broadcast the news.

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Albanese says RBA rate cut ‘won’t have an impact’ on timing of federal election – as it happened

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The prime minister was also asked to weigh in on the ongoing dispute between the NSW government and rail unions – and whether the federal government plans to intervene.

But Anthony Albanese shot this suggestion down, saying this was “a state dispute of a state branch of a union over pay with a state government”.

I support very much the efforts of the Minns government to bring this dispute to an end, common sense has to apply here, and I think that the union needs to acknowledge that it is alienating people through these actions of not turning up to work. And there was hope on the weekend that it would be settled, [and] it should have been …

We’re getting to the point where the union needs to see common sense, settle this dispute with the Minns government. [The NSW premier] Chris Minns is working very hard to get an end to this dispute.

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Australia news live: embattled casino operator Star offered $650m lifeline; name of next cyclone changed from Anthony to avoid using PM’s name

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Hume rules out working with teals if Coalition wins 70-72 seats

Jane Hume was asked whether the Coalition was in a position to form any alliances with the crossbench, amid new polling from YouGov showing neither party looks to be coming out with a clear majority.

That would cause chaos, and would cause chaos politically and economically as well.

On average, the teals have voted with the Greens around 78% of the time, with Labor around 75% of the time, and with the Coalition around 18% of the time.

I think it’s really important to look at what people do rather than what people say. We’re planning on going to this election to win the election, because Australians deserve better than what they’ve had for the last three years.

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Trump’s reciprocal tariff threat brings fears for Australian trade

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Economist argues GST is not protectionist and should not attract any new levy from the US but concern remains for steel industry

US president Donald Trump has threatened “reciprocal tariffs” on US trade partners in retaliation for some domestic taxes, such as value-added taxes, sparking concerns Australia could be targeted.

But economists have argued Australia’s value-added tax – the goods and services tax, which is applied to imported and domestically sourced goods and services identically – is not protectionist, and so could escape retaliation from the US.

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Australia news live: ‘we have got your back’, Albanese tells steel workers amid speculation over Trump tariffs

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Australia prime minister says Trump giving ‘great consideration’ for an exemption. Follow the latest news headlines live

Dutton calls for more details on interaction between Australia and China in South China Sea

The opposition leader, Peter Dutton, has also weighed in on that interaction between Australian and Chinese aircraft in the South China Sea on Tuesday.

And then Richard Marles did a press conference to provide details. So we haven’t had a briefing on it as yet, but on what the deputy prime minister says it is deeply concerning because it puts that safety at risk, the safety of our personnel. And that is not something that Australia can tolerate.

[It] needs to be transparent in terms of what’s happened, and I just don’t think we’ve seen all of the detail yet from Richard Marles.

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Littleproud says ‘hardly any’ public servant jobs to go under Coalition government in significant backdown

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It’s a change of pace for the Nationals leader who vowed to slash as many as 36,000 public servant jobs back in August 2024

The opposition has walked back its vow to slash tens of thousands of federal government jobs, suggesting a Dutton government, if elected, will make the bureaucracy more efficient through “natural attrition”.

The Nationals leader, David Littleproud, said on Monday “hardly any” public service jobs will be on the chopping block if the Coalition were to win at the polls, in a significant backdown on comments in 2024 promising to dump as many as 36,000 public servants.

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Australians rack up record credit card spending as growing numbers struggle to pay off debt

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Reserve Bank statistics show the national credit card debt sits at $17.8bn, up $236m in December 2024 alone

Australians racked up a record $28bn in personal credit card transactions in December, according to new data, leaving many households unable to clear debts and paying extreme interest charges.

The Reserve Bank statistics, analysed by financial comparisons site Canstar, show that Australians are struggling to clear purchases made on credit more than ever before amid persistently high living costs.

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