The Australian government has confirmed that it would not provide energy rebates for struggling Australians despite soaring electricity and gas prices. Speaking at the National Press Club on Oct. 26, Treasurer Jim Chalmers said that cash handouts would exacerbate inflation in the long term. His remarks came after the government released forecasts that retail power…
Australia’s Gross Debt to Reach $1 Trillion in 2023-2024
For the first time in history, Australia’s total public debt will soon reach $1 trillion (US$639 billion) for the first time in history as government spending is expected to be extended in the next few years. According to the newly released federal budget papers, Australia’s gross debt is estimated to grow from $895.3 billion to…
Record Spend on Renewables as Electricity Prices to Soar by 50 Percent in Australia
October 26, 2022
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2022 federal budgetAustraliaBusiness & Marketseconomic policiesGene TunnyinflationInternationalJim ChalmersRobert CarlingWorld
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Australians can expect their electricity bill to rise by another 56 percent over the next two years—according to budget estimates—with the Labor government banking on a wider rollout of renewable energy sources to help bring down prices. The soaring energy costs comes despite pledges from Prime Minister Anthony Albanese prior to winning the May election…
Australian Government Plans to Build One Million New Homes Under Ambitious Plan
The Australian government will reveal its ambitious plan to build more affordable housing when its first budget is delivered on Tuesday night. Treasurer Jim Chalmers confirmed he was working with state and territory governments, the building industry, and superannuation funds to build one million new homes. During its election campaign, the government already pledged 30,000…
Falling Aussie Dollar Has ‘Very Modest’ Impact on Inflation: RBA
October 23, 2022
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AustraliaAustralian dollarAustralian federal budgetBusiness & MarketseconomyinflationJim ChalmersReserve Bank of AustraliaWorld
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While the value of the Australian dollar has fallen significantly against the U.S. dollar this year, the depreciation is expected to contribute “only a very modest uplift” to inflation, according to a senior Reserve Bank official. Christopher Kent, the assistant governor of the Reserve Bank of Australia (RBA), said while the Australian dollar has fallen…
Cost of Australia’s Tax Cuts to Increase by $11 Billion
Australian Treasurer Jim Chalmers has said that the cost of the stage three tax cuts could reach over $250 billion (US$158 billion) as the government is trying to strike a balance in the federal budget. According to new estimates, the tax cuts would reduce the government’s tax revenue by $254 over a ten-year period, an…
Australian Unemployment Rate Remains Unchanged in September, Job Market Stays Tight
Australia’s unemployment rate stabilised at 3.5 percent in September, with a slight increase in the number of employed people. Data from the Australian Bureau of Statistics (ABS) showed that employment rose by 900 in the month, far below the 33,500 recorded in August, while the number of people without a job climbed by 8,800. In…
Living Cost Relief Could Worsen Inflation: Australian Treasurer Warns
Australian Treasurer Jim Chalmers has warned that some cost of living reliefs to be outlined in the Oct. 25 federal budget could flare up the already high inflation as the federal government is considering extra support for farmers impacted by the recent flooding. Speaking to the Nine Network, Chalmers said Australians could face a surge…
Labor Killing Economic Confidence: Opposition Leader
Opposition leader Peter Dutton has criticised the Australian Labor government’s approach to economic management, saying they are killing commercial confidence in our economy. Speaking at a press conference in Alice Springs in the Northern Territory on Oct. 17, Dutton called on the government to display more positivity, “Yes, it’s a dire situation in parts of…
U.S Interest Rate Hikes Could Worsen Inflation in Australia: Aussie Treasurer
Australian Treasurer Jim Chalmers is concerned about a potential rise in the country’s inflation rate caused by the aggressive interest rate hikes in the United States. Speaking to reporters before heading to Washington to attend the annual International Monetary Fund (IMF) meeting, the treasurer said the gap between the interest rates in the two countries…
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