Category Archives: Australian economy

Future Made in Australia: what’s in the $23bn package meant to create a ‘renewable energy superpower’

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Jim Chalmers’ budget didn’t answer all the questions about what projects will be funded but there is a lot more clarity now

The federal government has been talking up its Future Made in Australia (FMIA) policy in recent months and more detail was revealed in Tuesday night’s budget.

Here’s what we know so far.

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How it began v how it’s going: 2024 budget shows limits of financial forecasting

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Australia’s financials have generally improved compared with forecasts made a year ago but there are threats to the country’s outlook lurking

Financial forecasting is difficult at the best of times, let alone during a period marked by persistent inflation against a backdrop of global economic unease.

But forecasts still provide a framework for governments to build their policy and spending plans around. Australia’s financials have generally improved compared with forecasts made a year ago but there are more than a few threats to the country’s outlook lurking.

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Federal budget 2024 live updates: energy bill rebate and rent assistance boost confirmed ahead of Australian treasurer Jim Chalmers’s budget speech tonight – latest news

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Treasurer will be able to boast back-to-back surpluses when he speaks at 7.30pm tonight. Follow live updates today

Nick McKim said he agrees with EY chief economist, Cherelle Murphy, who says that you can look after people without impacting inflation by taking the money you are spending on people who don’t need it, and redirecting it to people who do. (Therefore it is the same pool of money, but targeted differently.)

McKim:

For example, you could end the massive tax breaks for property investors who own multiple investment properties then put in place a rent freeze and a rent cap, for example.

You could tax billionaires and CEOs on the basis of their wealth and you could use that revenue to raise income support, which would lift a large number of Australians out of the grinding poverty that they experience every day.

No, certainly not. I mean, what the surplus shows is that they’re prioritising their own political benefit over investing in the kind of programs that would provide genuine help to people who are really doing it tough at the moment.

So what you’re going to see in the budget tonight is that having talked up an absolute storm on things like climate change and on things like cost of living, Labor is simply not prepared to take the action necessary to respond to those challenges that the urgency and the scale that is required.

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PM promises ‘Labor party budget through and through’ – as it happened

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More details on government’s plan to cap international student numbers

The government has released a little more information on its plan to cap international students in a bid to ease housing shortages and clamp down on sub-standard education providers and agents. It will introduce legislation next week which will:

Prevent education providers from owning education agent businesses.

Pause applications for registration from new international education providers and of new courses from existing providers for periods of up to 12 months.

Require new providers seeking registration to demonstrate a track record of quality education delivery to domestic students before they are allowed to recruit international students.

Cancel dormant provider registrations to prevent them being used as a market entry tool by unscrupulous actors.

Prevent providers under serious regulatory investigation from recruiting new international students.

Improve the sharing of data relating to education agents.

[The Coalition will announce its] energy policy not at the time of the media’s choosing or at a time of the government’s choosing but a time of the Coalition’s choosing.

But it will be very clear in advance of the next election the way we want to go about opening up a new energy source for Australia. That will deliver emissions free energy and lower energy prices by increasing the mix of types of energy over the long term.

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US and China need ‘climate armistice’ to meet net zero, says former head of CSIRO

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‘Climate change is a global problem. It needs that global level of collaboration,’ says Larry Marshall

The world needs a “climate armistice” between the US and China if net zero emissions are to be reached while Australia should hone its efforts on a few key areas where it has an unusual competitive edge, Larry Marshall, the former CSIRO chief executive, said.

Speaking ahead of Tuesday’s budget in which the Albanese government’s Future Made In Australia (FMIA) plans will probably be prominent, Marshall said the nation ought to focus any industrial support on sectors such as processing of lithium or vanadium or products that realistically scale up.

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Jim Chalmers flags cost of living help for job seekers in federal budget

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‘There is more than one way to help people who are on income support,’ treasurer says when suggesting rebates and concessions could be boosted

The federal government is poised to expand rebates and concessions available to job seekers in next week’s federal budget, which is also expected to increase rent assistance.

The treasurer, Jim Chalmers, has confirmed that Tuesday’s budget will not increase the jobseeker payment but suggested it would boost concessions linked to social security payments, among a suite of measures designed to offer cost-of-living relief without pushing up inflation.

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Greens senator applies for court case against One Nation leader to be re-opened – As it happened

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Government’s promised ‘future gas strategy’ will argue the fossil fuel is important part of transition to net zero emissions. This blog is now closed

NSW’s arts minister, John Graham, says a Sydney council has sent a “terrible message” by voting to ban same-sex parenting books, importing a “US culture war into our country”.

In case you missed it: Cumberland city council voted to place a blanket ban on same-sex parenting books from local libraries. Labor councillor Mohamad Hussein voted in favour of the motion, which passed six to five.

That’s a good thing. I think it’s a chance for the council to reconsider.

It’s a terrible message to send, to have this councillor importing this US culture war into our country and playing it out on the shelves of the local library. I think the community expectations are clear – the local councillors should be coming around to pick up their bin, not telling them what to read.

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Budget sneak-peek predicts higher wages and tax breaks – but no increase for Australians on jobseeker

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Government dampens hopes for an increase to jobseeker, despite pressure from economists, social justice groups and equality advocates

Australians are forecast to have more disposable income next year, according to budget predictions, with higher wages, tax cuts and lowering inflation.

But those on unemployment payments are unlikely to see any major change to their financial situations, with the government dampening expectations the base jobseeker rate will increase, despite growing pressure from economists, social justice groups and equality advocates.

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Australia news live: Michele Bullock says data ‘pretty bumpy’ but RBA vigilant about continued high inflation risk

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Follow the day’s news live

The opposition leader, Peter Dutton, says the prime minister needs to “pick the phone up” and speak directly to the Chinese president, Xi Jinping, after the Australian government accused a Chinese fighter jet of dropping flares close to an Australian helicopter in international waters.

The defence minister, Richard Marles, yesterday branded the incident as “unacceptable” and said the Australian pilot had to take evasive action to avoid the flares. You can read all the details below:

I think the prime minister needs to pick the phone up, frankly, and speak to the Chinese president … and express our deep concern, because at some stage, there’s going to be a miscalculation and an Australian defence force member is going to lose their life.

And that is a tragic circumstance that has to be avoided at all costs, but there will be a miscalculation by somebody who’s flying that jet or somebody who’s on the deck of a Chinese naval ship, something will happen.

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Bonza urged to pay April wages; data breach exposes family violence, sexual assault data – as it happened

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PM responds to reports regional women camping out, sleeping in cars

Anthony Albanese has commented on reports that carparks in regional areas are being opened for women to sleep in tents or their cars.

We have allocated funding through our Housing Australia Future Fund for emergency accommodation for women and children escaping domestic violence. I will be in discussions with the states and territories as well about what more can be done.

We know that the circumstances where a woman is escaping a violent situation [and] has to sleep in her car or surf on a couch of a friend and rotate around, we hear stories about that as well, is unacceptable in 2024. We need to do better. There’s no question about that.

We need to look at bail laws. More importantly, we actually need to look at how we can keep women, or victims and children in the home environment and force the perpetrator to leave. We have a program in NSW called the Staying Home: Leave Violence program. There are over 138 LGAs in this state at the moment, only 91 have access to that program, even though we know it is incredibly effective. We need programs like that funded immediately, not just across NSW but across the country.

I am optimistic about who we are as a country and our capacity to take responsibility for ourselves. The time of us to do this is now. We don’t have three months, which is what the government is suggesting, to wait and see what happens next. By then another 23 women will have lost their lives.

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Bonza fleet’s grounding extended – as it happened

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Prime minister says trial ongoing into funding for women escaping violence

The prime minister, Anthony Albanese, is speaking to ABC RN about yesterday’s announcements after national cabinet.

Well, there is already a trial going ahead. We want to make sure that the processes are in place [so] that they will begin within the next financial year as a permanent program, not just offering financial support, but as well as offering support for referral services, risk assessments, safety planning, and other support …

This isn’t something that you solve with a meeting on one day. This is something that governments are determined to take action on. For some of us this is deeply personal, for others, it is incredibly important.

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Australia news live: Pauline Hanson ‘plainly targeted’ Greens senator with well-known racist phrase, court told

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Final submissions begin in racial discrimination case brought by Mehreen Faruqi against Hanson. Follow the today’s news live

As we flagged earlier, the treasurer Jim Chalmers will today announce foreign investment changes, with approvals to be made quicker and greater scrutiny to be placed on potential risks.

You can read all the details on this from Peter Hannam below:

Right now, we treat investments from right around the world more or less the same. We want to streamline it for the less-risky investments so we can devote much more time and energy and resources to screening the sorts of investments that we’re seeing in critical industries – like critical minerals, critical infrastructure, critical data, and the like.

This is all about strengthening the foreign investment framework to make sure that investment is in the national interest. We want to maximise the right kind of investment, but we want to minimise risk and that’s what these changes I’ll announce today are all about.

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Labor to fast-track foreign investment to help fund future industrial policy

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Treasurer Jim Chalmers will set a target of 30 days to clear cases as he seeks money for build-to-rent and energy transition

Foreign investment approvals will be made quicker but greater scrutiny will be placed on potential risks as Australia tries to balance economic and security interests, treasury Jim Chalmers will say on Wednesday.

Treasury will set a target to process half of foreign investment cases needing approval within 30 days after from next January, Chalmers will tell the Lowy Institute in Sydney. It will also seek more funds from abroad to support so-called build-to-rent housing ventures and the energy transition off fossil fuels.

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Sussan Ley ‘really disappointed’ with Elon Musk – as it happened

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Hundreds gather in Sydney for Anzac Day dawn service

AAP has the details on Sydney’s dawn service where hundreds of people – including veterans – gathered under a full moon and clear skies for a solemn service in the CBD.

You who have loved will remember the glow of their glad young years, as you stand today to salute them in silence, with pride and with tears.

The best thing about the ceremony this morning is to see the number of people that come early in the morning.

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Australia news live: Dfat issues Middle East travel advice; Nationals concerned after fire ants spotted near Murray Darling Basin

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Reports of explosions in Iranian city of Isfahan prompt sell-off of stocks in Australia – and in other markets such as Japan. Follow the day’s news live

The NSW police commissioner, Karen Webb, is speaking to the media after a 16-year-old was charged with a “terrorist act” for allegedly stabbing a bishop on Monday and is expected to appear at a bedside hearing today.

She said members of the joint counter-terrorism team interviewed the alleged offender at a medical facility last night, and he was subsequently charged with a commonwealth offence for terrorism and refused bail.

We expect he will be attending a bedside court hearing today to determine bail. This relates to the stabbing of the Bishop [Mar Mari Emmanuel, who] we allege on Monday night [was] stabbed up to six times.

We also allege that the boy had travelled for 90 minutes to attend that location from his home address.

We’ve got a crisis of male violence in Australia. We know that it’s a scourge in our society, we know it must end and I think it’s really clear women can’t be expected to solve violence against women although it is time for men to step up.

I don’t think debating definitions is the way to go … We need to act, we need to educate ourselves, men need to step up, we need to talk to our sons, to our colleagues, to our friends. We need to work together to a solution. And I think going down some kind of almost a wrong path to say let’s redefine – it’s not about definitions. This is about action. We need to shift the way in which we think about this …

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Seven boss departs – as it happened

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Marles continues breakfast rounds to discuss defence spending

The defence minister, Richard Marles, has been making the rounds this morning and has also spoken to ABC RN about yesterday’s defence announcement.

The reason why we make the observation that an invasion of Australia is a very unlikely scenario, no matter what happens, is because any adversary that wished to do us harm could do so much to us before ever setting foot on Australian soil – and disrupting those specific sea lines of communication, which I’ve described, would obviously achieve that. That that is where the risk of coercion lies, as one example.

And in order to protect ourselves in respect of that, we do need the ability to [project], because if you think about it, … the geography of our national security when seen through those lands is not the coastline of our continent. It in fact, lies much further afield.

We’re looking at a substantial increase on what’s already in the Online Safety Act. So not only a large amount – so for example, a $3m fine for an offence and ongoing fines, but a percentage of turnover as well.

We know that the revenues of some of these online platforms exceed those of some nations and so it needs to be a meaningful and substantial penalty system that’s put in place.

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Australia rises to second in world budget management rankings, IMF data shows

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Treasurer and finance minister hail ‘remarkable achievement’ as monitor finds balance to be behind only Canada among G20 countries

Australia’s overall budget balance is the second strongest among G20 nations, behind only Canada, according to the International Monetary Fund’s latest fiscal monitor.

The IMF’s half-yearly update, released on Wednesday night, found Australia’s overall budget balance came in at -0.9% of gross domestic product in 2023, with only Canada’s budget position (-0.6%) faring better.

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Industry to face ‘strict tests’ for public funding to incentivise green energy, Jim Chalmers says

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Treasurer offers more detail on forthcoming Future Made in Australia plan after concerns raised by productivity commissioner

Tax breaks and subsidies may be offered to industry as part of the government’s yet-to-be-detailed Future Made in Australia plan – but Jim Chalmers says there will be “strict tests” on public funding for the green energy strategy.

The treasurer says there must be “generational change” in Australia to match similar major green economy programs being undertaken by other nations including the US.

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Many aged care workers may wait until 2026 for full pay increase as Albanese government requests phased implementation

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Commonwealth requests Fair Work Commission phase in full 23% increase over two years to prevent workforce shortages elsewhere

Aged care workers should wait until January 2026 for the full 23% pay rise ordered by the Fair Work Commission, according to the Albanese government.

The commonwealth has requested that the commission phase in the increase over two years, from January 2025 and 2026, to prevent “large one-off wage increases” that would add to workforce shortages elsewhere in the economy.

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Guardian Essential poll: voters back Coalition’s super for homes and Greens housing policy

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Australians want wide-ranging reform of ‘failing’ housing system and back the Greens’ public sector property developer, poll finds

Australians think the housing system is failing and support a range of more radical solutions, including the Coalition’s push to use super for housing and the Greens’ public sector property developer.

Those are the results of the latest Guardian Essential poll of 1,165 voters which sends a warning shot to the Albanese government and state governments to do more to combat falling home ownership and higher rents.

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On the state government’s role to “provide social housing and regulate rentals”, 50% said it was doing a poor job while 19% said it was doing a good job.

On the federal government’s role to “set policies on how homes should be taxed”, 47% said it was doing a poor job and 19% said a good job.

On the local government’s role to “establish planning rules for local communities”, 41% said it was doing a poor job and 23% said a good job.

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