News Analysis With the stark realities of global economic turbulence rapidly seeping into Australian livelihoods, Labor is approaching a crossroads. It must decide between gearing its fiscal policy towards softening the blow of the cost-of-living crisis for households or maintaining sizeable levels of spending to fulfil its initial election promises. Earlier last week, Federal Health…
ANALYSIS: Election Promises Hang Heavy Over Labor’s Next Budget
May 7, 2023
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Oil, Gas Companies in Australia to Pay More Tax Under Labor’s Petroleum Tax Reform
Oil and gas producers will face heavier taxes with the Labor government’s proposed overhaul of the petroleum resource rent tax (PRRT). Treasurer Jim Chalmers said on Sunday that the move is expected to raise $2.4 billion (US$1.62 billion) over the forward estimates. Without the changes, the sector is already forecast to pay more than $11…
Australian Businesses to Pay Super on Payday
Employers will be required to pay superannuation on fortnightly cycles instead of every three months in the latest crackdown on pension underpayments. The changes will apply to businesses of all sizes across the country from July 1, 2026. The Labor government said the policy would allow an average 25-year-old income earner to get an extra…
Australian Government Encourages Small Businesses to Go Electric with $314 Million Tax Break
The Australian government has introduced a $314 million (US$208 million) package to encourage small and medium-sized enterprises to electrify their businesses. The government said the Small Business Energy Incentive scheme, which will be featured in the May 9 federal budget, would help Australian businesses “save energy and save on their energy bills.” Up to 3.8…
Time Is Ticking for Jim Chalmers to Make His Mark as Treasurer
Commentary Australia’s federal treasurer, Jim Chalmers, is a young man in a hurry. While his mentor was Treasurer Wayne Swan, for whom he worked between 2007 and 2013, he appears to have Paul Keating’s trajectory in mind—treasurer to the prime minister. But Keating’s rise was meteoric. Winning office in only March 1983, he had done…
Independent Review Outlines Key Points for Upcoming RBA Reform
The Australian government has released an independent review of the Reserve Bank of Australia (RBA) that provides a framework for the central bank’s reform. The review (pdf) pointed out that the current RBA board’s composition and decision-making processes were not sufficient to allow the bank to make policy decisions, strategies and judgments effectively. It then made…
Australia’s Aged Care Costs To Inflate by $5 Billion in 2022-2023
Australia’s aged care sector will cost the country $5 billion (US$3.36 billion) more in 2022-2023 and is expected to put more pressure on the government budget in the coming years. The 2023 federal budget to be released on May 9 will feature aged care services as the fifth-largest area of government spending. Specifically, the total…
Greens Lock Horns With Labor Again Over Aussie Battlers
April 19, 2023
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Adam BandtAustraliaAustralian GreensBusiness & Marketseconomic policieseconomyincome assistanceJim Chalmersmay budgetWorld
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The federal Labor government has been accused of failing lower-income Australians after deciding not to increase the Jobseeker rate, as well as rental assistance. Greens leader Adam Bandt said the decision showed Labor did not care about the Aussie battler. “Labor is forcing people to live in poverty while giving a $9,000-year tax cut to…
Australian Treasurer Says No to GST Increase
Australian Treasurer Jim Chalmers has turned down the idea of hiking GST (goods and services tax) across the country, despite recommendations from the International Monetary Fund (IMF) to do so. Chalmers, who is visiting the United States to meet with global financial leaders, said making changes to the GST was not a priority for the…
Australia ‘Not Immune’ From Global Economic Malaise
April 11, 2023
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AustraliaAustralian economyBusiness & MarketseconomyIMF - International Monetary FundJim ChalmersWorld
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Treasurer Jim Chalmers says Australia is on track to avoid a recession despite the nation’s outlook being downgraded and a stalling international economy. The International Monetary Fund delivered a downbeat prediction for the global economy in its latest outlook, warning high inflation coupled with financial system turmoil could bring near-recession conditions. Chalmers said neither Treasury…
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