The Australian Labor government has turned down a proposal by the Greens to suspend housing rent across the country, saying it is not actively considering the matter. The rejection came following the Greens’ call for a nationwide two-year rent freeze and an ongoing policy to limit rent increases to two percent every 24 months. Treasurer…
Major Trade Union Says Energy Price, Wage Controls Will Help Economy Grow
August 11, 2022
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ACTUAustraliaAustralian Council of Trade UnionsBusiness & Marketseconomic policiesinflationInternationalJim ChalmersPeter DuttonWarren MundineWorld
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The Australian Council of Trade Unions (ACTU) has proposed radical reforms to spur productivity in the country, including controls on energy prices and stopping impending personal tax cuts. Yet federal Treasurer Jim Chalmers has responded, saying that while ideas were welcome, they would not necessarily be adopted at the September Jobs and Skills Summit. The…
Greens Party Calls for Government to Scupper Next Round of Tax Cuts
August 8, 2022
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Adam BandtAlbanese governmentAustraliaAustralian GreensBusiness & Marketseconomic policiesGreens PartyInternationalJim Chalmerstax cutstaxationWorld
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The left-wing Australian Greens is set a possible confrontation with the Labor government after its leader Adam Bandt signalled the party would attempt to scuttle a slated third tranche of tax cuts to families. In an address to the National Press Club on Aug. 3, Bandt claimed a further round of tax cuts would be…
Australian Inflation to Reach 7.75 Percent by the End of the Year
Australian Treasurer Jim Chalmers has warned that inflation in the country is expected to hit 7.75 percent by the end of 2022, around 3.5 percent higher than what he forecasted three months ago. In his address to the federal parliament, the treasurer said the government had scaled back the economic growth outlook. “It’s already 6.1…
Labor Government Loads up Tax Sweeteners for Aussies to Buy EVs
Australian federal Treasurer Jim Chalmers hopes to introduce a swathe of tax incentives—similar to some state governments—to help spur electric vehicle (EVs) sales in the country. It comes as the Labor Party puts forward legislation on the first day of Parliament, July 27, to enshrine a hard emissions reduction target of 43 percent by 2030….
Treasurer to Reveal Hit to Economic Growth
Treasurer Jim Chalmers is expected to tell people Australia’s inflation rate to exceed seven percent by year’s end as he prepares to deliver an economic update. Chalmers will make a ministerial statement to the federal parliament on Thursday and present Treasury revisions to the outlook for growth. “The headwinds our economy is facing – higher…
Australia to Hike Application Fees and Penalties for Foreign Investors
The Australian government has announced that it will double application fees for foreign investors in an effort to improve the federal budget by $455 million (US$315 million) in the next four years. Starting from July 29, foreigners who invest less than $75,000 will have to pay $4,000 in application fees. And those investing less than…
Reserve Bank of Australia to Go Under Review for First Time in Decades
July 20, 2022
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AustraliaAustralian inflationBusiness & Marketseconomyfiscal policyJim ChalmersMacroeconomicsmonetary policyReserve Bank of AustraliaWorld
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Treasurer Jim Chalmers has announced the first major review of the Reserve Bank of Australia (RBA) since the 1990s and will scrutinise its inflation target arrangements, policy tools, governance, and culture. “This is an important opportunity to get the ball rolling on the Reserve Bank review that the country desperately needs to make sure that…
Current Flu Season More Severe Than COVID: Australian State Premier
July 19, 2022
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anthony albaneseAustraliaAustralia COVID-19CCP VirusDominic PerrottetfluInfluenzaJim ChalmersSelf-isolationWorld
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New South Wales Premier Dominic Perrottet has called for a reduction in the seven-day isolation period adding that the winter influenza virus currently posed a bigger issue than COVID-19. “In many cases at the moment, the current strand of influenza is more severe than the current strands of COVID,” the premier told 2GB radio. He…
Government Must Cut Spending or Risk Inflaming Inflation: Economist
July 18, 2022
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Asia & PacificAustraliaAustralian budgetBusiness & MarketsBusinesses in COVID-19CCP Viruseconomic policiesInternationalJim ChalmersWorld
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Former Commonwealth Treasury official Gene Tunney says the federal government must cut spending to have any chance of reining in inflation. Tunney, now-director of Adept Economics, says multiple factors contributed to Australia’s current inflation rate of 5.1 percent—likely to be higher at the next announcement—including the war in Ukraine and billions in COVID-19 era subsidies….
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