Jim Chalmers, the new Australian treasurer, said the nation cannot achieve a return to 1.5 percent productivity growth under current policies. The treasurer said he wanted to have an upfront national conversation on the challenge of increasing productivity, which enables wage growth. “But the starting point needs to be a more realistic assessment of where…
Australian Productivity Growth Can’t Reach Its Target Without Change: Treasurer
Economic Growth Outlook Dimmed by Interest Rate Rises: Australian Treasurer
Newly appointed Treasurer Jim Chalmers has said that Australia’s economic growth outlook will be affected by increasing interest rates. The warning comes after the treasurer had discussions with Reserve Bank of Australia (RBA) governor Philip Lowe as the central bank is trying to curb the fast-growing inflation. The RBA has explicitly displayed its intention to…
‘There Are More Important Issues’: Labor Treasury Defends Delayed Policy Costings Release
May 17, 2022
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anthony albaneseAustraliaAustralia federal election 2022Australia Labor PartyBusiness & EconomyeconomyJim ChalmersWorld
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Labor Treasury spokesman Jim Chalmers has rejected the claims that Australia Labor party’s (ALP) leader Anthony Albanese cannot handle the pressure after the opposition leader abruptly left his press conference in Perth on Wednesday. Albanese has reportedly brushed off several questions about Labor’s policy costings and whether it would post higher deficits than forecast. Instead, he argued that…
Treasurers Rule Out Increase to NDIS Levy
May 5, 2022
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Australiaaustralian federal electionAustralian federal election 2022Business & Economyeconomic policiesInternationalJim Chalmersjosh frydenbergWorld
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Treasurers from both major parties have ruled out increasing the Medicare Levy to control the spiralling cost of Australia’s National Disability Insurance Scheme (NDIS), which will hit $60 billion-a-year (US$42.7 billion) by 2030 and has pipped the budget of universal healthcare program Medicare. During the Treasurers Debate on May 4, incumbent Coalition Treasurer Josh Frydenberg…
Reserve Bank of Australia Needs More Monetary Experts: Economist
April 29, 2022
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AustraliaBusiness & EconomyBusinesses in COVID-19economic policieseconomyinflationJim Chalmersjosh frydenbergmonetary policyReserve Bank of AustraliaWorld
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The Reserve Bank of Australia (RBA) needs more monetary experts on its board as part of a much needed structural reform, the chief economist at the Centre of Independent Studies said. Peter Tulip, who previously worked at the RBA, noted that while many media reports have suggested an external RBA review to focus on the…
Reserve Bank of Australia Expected to Lift Interest Rates Amid Federal Election
April 28, 2022
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AustraliaBusiness & EconomyeconomyinflationInvestmentJim ChalmersMarketsPrime Minister Scott MorrisonReserve Bank of AustraliaWorld
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Economists and financial markets are now anticipating the Reserve Bank of Australia (RBA) to raise the cash rate in the next board meeting on May 3 instead of June, as previously predicted. The swift change in thinking comes right after the Australian Bureau of Statistics released new inflation figures on April 27, indicating the annual…
Coalition Promises More Jobs for Regional Australia
The Liberal-National coalition party has promised to generate 450,000 new jobs in regional Australia in the next five years as part of its election campaign. Prime Minister Scott Morrison, from the centre-right Liberal Party, said on April 27 the additional jobs were part of the total 1.3 million jobs the Coalition already pledged to deliver. “Only…
Earn Trust and Friendship of Pacific Neighbours Through Climate Change Policy: Australian Labor Party
April 25, 2022
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Australia needs to be a credible partner on climate change to rebuild its relationship with Pacific neighbours, including the Solomon Islands, the centre-left opposition spokesperson for Treasury Jim Chalmers said. Chalmers listed climate change, foreign aid responsibilities, and defence investment management as important factors Australia needs to work on to “earn” the trust and friendship…
IMF’s Economic Outlook Report Brings More Confidence to Australian PM
The latest upgrade of Australia’s economic outlook by the International Monetary Fund (IMF) has prompted Prime Minister Scott Morrison to show further confidence in his economic plan. According to the latest world economic outlook report, the projection of real GDP growth for Australia in 2022 rose to 4.2 percent from 4.1 percent in January’s report,…
Australian First Home Buyer Scheme Expanded With Bipartisan Support
April 19, 2022
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AustraliaAustralian federal election 2022First Home BuyersJim Chalmersmichael sukkarScott MorrisonWorld
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The Australian federal government announced that tens of thousands more citizens would be able to buy a house under its expanded Home Guarantee Scheme. The scheme’s property price caps have been increased across all states and territories and the number of available guarantees has also been increased to a total of 50,000 places a year…
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