Category Archives: Cost of living crisis

Inflation rises to 4%, stoking concern interest rates could increase again

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The consumer price index increased to its highest level in 2024, indicating the Reserve Bank is unlikely to cut interest rates soon

Australia’s monthly inflation rate increased to its highest level in 2024 in the latest indication that the Reserve Bank won’t be cutting interest rates soon and might yet hike again.

Consumer prices rose 4% last month from a year earlier, the Australian Bureau of Statistics said on Wednesday. That compared with the 3.6% pace recorded for April, and the 3.8% rate expected for May by economists.

The jump in May’s inflation was propelled in part by automotive fuel prices, which were up 9.3% from a year earlier even as they retreated 5.1% during the month itself.

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Australia politics live: Julian Assange leaves Belmarsh prison after plea deal and will return to Australia, WikiLeaks says

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WikiLeaks X account has tweeted that ‘Julian Assange is free’. Follow today’s news headlines live

‘It’s just a lazy delay’

Bill Shorten says a further delay of the Senate vote on the NDIS bill won’t actually lead to any changes:

There’s no good reason on God’s green earth to have another eight weeks of review, which isn’t actually eight weeks.

There won’t be a whole lot of new submissions come in, there won’t be some brand new arguments not considered.

I’m horrified after 12 months of reviewing the NDIS and then another six months of discussing the review including [in] the last three a Senate committee having public hearings calling for submissions.

The opposition has used words never ever said before by them.

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Supermarkets could face billions in fines for grocery code breaches as Labor commits to reforms

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Government to adopt recommendations of conduct review in full amid consumer and supplier complaints about soaring profits

Labor has promised to legislate massive new fines for breaches of the grocery code of conduct, which would be made mandatory under changes proposed by Craig Emerson’s independent review.

On Monday the Albanese government will announce it is adopting in full the recommendations of Emerson’s report on the code, an interim version of which was released in April amid consumer and supplier complaints about soaring supermarket profits.

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Families set to pocket more than $60 a week from stage-three tax cuts

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Treasury analysis shows ‘mums and dads’ will be among the biggest beneficiaries when 1 July cuts kick in, Jim Chalmers says

Australian families are set to pocket more than $60 a week when the government’s tax cuts kick in from July, according to new analysis from Treasury.

The federal budget’s cost-of-living measures will come into effect on 1 July, including the tax cuts and energy relief for all households and 1m small businesses.

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Virgin Australia plane makes emergency landing – as it happened

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Ex-Liberal staffer Bruce Lehrmann arrives at a Toowoomba court

Bruce Lehrmann arrives at a Toowoomba court for a committal hearing into allegations he raped a woman in 2021.

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New ‘targeted’ search in Samantha Murphy investigation – as it happened

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Sydney’s light rail network disrupted today amid industrial action

A reminder for Sydney commuters that the light rail network will be disrupted today amid planned industrial action.

Recent estimates have Australians consuming around 3,300,000 bags of cocaine per year, with every single one of them bought off the black market. There is no way of knowing whether any of them have been cut with deadly substances like fentanyl or nitazene.

We have to acknowledge that the majority of people who use cocaine do so recreationally and there is absolutely no chance of stopping people using the drug. We therefore need to consider all options to reduce harm, including regulating cocaine in a similar way to how we regulate alcohol.

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Shannon Fentiman referred to Queensland ethics committee over ‘cross your legs’ stoush – as it happened

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Max-Chandler Mather weighs in on Bandt’s potential legal action against attorney-general

Greens MP Max Chandler-Mather spoke to ABC News Breakfast earlier about the ongoing stoush between his party and Labor, with Adam Bandt threatening legal action against the attorney general, Mark Dreyfus, over comments on pro-Palestine protests.

Asking me to comment on the specifics of a case like that – outrageous comments by the attorney general, completely baseless and without fact … this is an attempt to distract from the fact that the Labor government is complicit in a genocide being carried out by Israel in Gaza.

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Politics live: question time claims and counter-claims over Australia’s military ties with Israel

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Going fully electric would save households more than $600 a year for next four decades, report says

Households would save an average of $608 a year for the next 40 years if new residential buildings in New South Wales were required to be fully electric, according to a report commissioned by climate organisation 350 Australia.

It cuts energy bills for local residents and small businesses during a cost of living crisis and reduces climate pollution, at almost no cost to councils. It will be low-income people and renters who will benefit most from council-led electrification.

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Australia politics live: $600,000 speechwriter not responsible for Bill Shorten’s ‘zingers’, Matt Keogh says

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Workplace relations minister Tony Burke has conceded role wouldn’t ordinarily be paid that much. Follow today’s news headlines live

For a bit of a change of pace, you may enjoy this essay from Malcolm Turnbull in Foreign Affairs, where he outlines how he believes world leaders can deal with a second Trump presidency.

Turnbull bases a lot of his arguments on his own dealings with Donald Trump while prime minister. He runs through the infamous refugee deal phone call (the transcript of which was leaked) and the trade back-and-forths over tariffs.

The caricature of Trump as a one-dimensional, irrational monster is so entrenched that many forget that he can be, when it suits him, intelligently transactional. Like most bullies, he will bend others to his will when he can, and when he cannot, he will try to make a deal. But to get to the deal-making stage, Trump’s counterparts have to stand up to the bullying first.

I would certainly like to see the performance lifted. I would like to see better outcomes, particularly for the more vulnerable cohorts.

We also have work going on, in response to a parliamentary inquiry into the employment services system, going on in parallel to overseeing this new system.

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Gina Rinehart retains top spot on rich list as 200 wealthiest Australians see fortunes grow by 11%

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Technology figures including Afterpay founders rise up AFR rich list rankings, reflecting ‘changing nature’ of Australian economy

Australia’s rich have continued to grow their fortunes, with the tech and property sectors creating more of our top earners, according to this year’s Australian Financial Review’s rich list.

Gina Rinehart has kept her top spot for the fifth year in a row on the annual list, which reveals the total wealth of the 200 richest people in Australia increased 11% to $624.9bn, even as the country struggled with high inflation and a cost-of-living crisis.

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Decline of the pre-work coffee: why more Australians are skipping their weekday cafe breakfasts

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Employees are working from home or packing their own lunches when they go to the office – but they’re still spending on weekend brunches

More Australians are skipping their pre-work takeaway coffee and breakfast roll so they can splurge on a meal on the weekend, as the rise of hybrid work and high living costs upend spending habits.

Transactions data from digital payments platform Square shows the number of purchases at food and drink businesses between 7am and 11am on weekdays has dropped to below pre-pandemic levels, led by falls in Melbourne, Sydney and Brisbane.

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Australia news live: Telstra announces 2,800 job cuts; mediation talks in Reynolds and Higgins defamation case

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Liberal senator, and former political staffer expected to attempt again to resolve a pair of high-profile defamation cases. Follow today’s news headlines live

A High Court decision in Britain to allow Julian Assange to appeal his extradition to the US is a “small win” for the WikiLeaks founder but he should be freed now, the union for Australia’s journalists says.

As AAP reports, the Media, Entertainment & Arts Alliance remains concerned there is no certainty an appeal will be successful, which would mean Assange could still be tried for espionage in the US.

Tonight’s decision by the High Court is a small win for Julian Assange and for the cause of media freedom worldwide.

MEAA welcomes the decision of the High Court, but we remain concerned that there is no guarantee of success.

We call on the Australian government to keep up the pressure on the US to drop the charges so Julian Assange can be reunited with his family.

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Guardian Essential poll: $300 energy rebate shouldn’t go to high-income households, voters say

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Poll finds lukewarm response to Labor’s 2024 budget, with only 27% of people thinking it will make a ‘meaningful difference’ to the cost of living

A majority of voters approve of the main measures in Labor’s third budget, although three in five think the Albanese government’s $300 electricity bill rebate should have been better targeted.

Those are the results of the latest Guardian Essential poll of 1,149 voters, which found a lukewarm reaction to the budget overall, with just over a quarter (27%) saying it would make a “meaningful difference” to their cost of living.

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Australian home lenders accused of ignoring mortgage customers in financial distress

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Some borrowers have been abandoned in a cost-of-living crisis and lenders must meet their obligations, the regulator says

Major Australian lenders are not doing enough to support mortgage customers in financial hardship, and in some cases they are ignoring requests for assistance altogether, the corporate regulator has found.

In a major report to be released on Monday, the Australian Securities and Investments Commission (Asic) found that more than one-in-three customers dropped out of a hardship application, a process designed to vary repayments while a borrower gets back on their feet, because of unnecessary barriers.

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Chalmers says Dutton’s budget reply lacks economic credibility – as it happened

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Shorten and Dutton clash over reduced migration

Earlier this morning the NDIS minister, Bill Shorten, and the opposition leader, Peter Dutton, clashed over Dutton’s promise to reduce Australia’s migration intake in his budget reply speech last night.

Well, Bill, a couple of points. One is that we say that, in the first year, 40,000 homes will be freed up. That includes the numbers who would be bidding at auctions this weekend against Australian citizens.

If the government had have adopted our policy over a five-year period, you would free up 325,000 homes. So the number of people who are foreign citizens, who are buying houses in our country is low, but nonetheless it contributes to an overall shortage of housing in our country.

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Australia’s budget has ‘gaping hole’ in funds for DV victims, environment and housing, advocates say

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Labor touts cost of living package as ‘substantial’ but advocates say changes are inadequate

The federal government’s decision not to further increase funding for jobseeker, housing and domestic violence is a “gaping hole in the heart of the budget”, advocates have warned, with politicians and civil society dismayed there was not more cost of living support announced on Tuesday.

The treasurer, Jim Chalmers, said the budget’s cost of living package was “substantial” and targeted at “middle Australia”, listing the revamped stage-three tax cuts, $300 energy bill rebates, a slight increase to rent assistance and freezing medicine prices as the highlights of its response.

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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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Supermarkets inquiry: forcibly break up major retailers for anti-competitive behaviour, report says

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Senate committee examined how major chains including Coles and Woolworths have set prices during Australia’s cost of living crisis

Major supermarkets should be forcibly broken up if they engage in anti-competitive behaviour, a Senate inquiry has recommended, in a move designed to empower shoppers and suppliers against Australia’s dominant food retailers.

The findings pit the Greens-chaired Senate committee against the Labor government, which opposes legislative changes that would allow the court-enforced divestiture of assets. Supporters say the move would act as an incentive for supermarkets to not misuse market power.

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Higher costs and cramped conditions: the impact of Europe’s housing crisis

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Affording a home has become a political issue as rents and prices soar and supply plummets

Decades in the making, Europe’s housing crisis is being felt from the Netherlands to Portugal, Greece to Germany, and in Britain. Prices and rents have soared, availability and affordability have plunged and housing has become a political issue.

Between 2010 and 2022, property prices across the 27-member bloc surged by 47%, according to a 2023 Eurostat report. In some countries they almost trebled: Estonia recorded a 192% rise. Only in two member states, Italy and Cyprus, did they decline.

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‘Placement poverty’ to be tackled in Labor budget with new payments for student teachers and nurses

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Midwives and social workers will also be given $320 weekly payment for undertaking mandatory work placements at university

Student teachers, nurses, midwives and social workers will receive a $320 weekly payment during their mandatory placements under a new cost-of-living measure in the May budget.

The Albanese government will establish a commonwealth practical payment for 68,000 university students and 5,000 vocational education and training students undertaking mandatory workplace placements as part of their courses.

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