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…
U.S Interest Rate Hikes Could Worsen Inflation in Australia: Aussie Treasurer
Australian Government Rejects Medicare Levy Hike
The Australian government has turned down calls for raising the Medicare levy to alleviate the strain on the health systems across states and territories. Australian Treasurer Jim Chalmers said while the government acknowledged that the public health system was under pressure, it was not considering lifting the levy temporarily or permanently. “That’s not something that…
Australian Treasurer Expects No Budget Surplus in Several Years Despite Budget Recovering
Australian Treasurer Jim Chalmers has warned the country is unlikely to see a budget surplus in the next few years despite a recently announced $50 billion (US$32.3 billion) improvement in the government’s bottom line. In the final budget outcome paper for the 2021-2022 financial year, the federal government posted an underlying deficit of $32 billion….
Fuel Prices to Stay Cheap Longer in Regional Australia
Fuel prices in regional Australia could remain lower than urban prices for the next several weeks despite the reinstatement of the full fuel excise tax. The fuel tax reduction, which the previous Morrison government introduced in March to relieve living cost pressures, will expire on Sept. 28, as confirmed by Treasurer Jim Chalmers. The reinstatement…
Australian Federal Budget Improves by $50 Billion in 2021-2022 Financial Year
Australian Treasurer Jim Chalmers has revealed that the federal budget’s bottom line improved by $50 billion (US$33.4 billion) in the 2021-2022 financial year. However, he warns that the turnaround is temporary. The treasurer said the final budget outcome for the 2021-2022 financial year, which is due to release in full on Sept. 28, would be $50 billion higher…
Electric Cars Unable to Go the Distance: Regional MPs
September 9, 2022
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Asia & PacificAustraliaBarnaby JoyceBusiness & MarketsColin BoyceDai Leeconomic policiesElectric VehiclesenergyEVsInternationalJim ChalmersWorld
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Australian MPs representing rural and suburban seats are arguing against the Labor government’s plan to introduce tax incentives to spur electric vehicle (EV) sales in the country. Nationals MP Barnaby Joyce said for many voters in his electorate of New England, a vast expanse of northern New South Wales, EVs were too expensive and impractical…
Australian Economy Grows in June Quarter, But More Challenges Await
The Australian economy rose by 0.9 percent in the June quarter. However, the growth was foreshadowed by challenging economic conditions. National accounts data from the Australian Bureau of Statistics showed that increased household spending and exports continued to drive economic growth for the third consecutive quarter, taking the GDP growth rate to 3.9 percent for…
Reserve Bank of Australia Lifts Cash Rate to 2.35 Percent
The Reserve Bank of Australia (RBA) has announced the fifth consecutive interest rate increase and hinted at further rises in the upcoming months. At its board meeting on Sep. 6, the RBA decided to raise the official cash rate by 0.5 percent to 2.35 percent, the highest level since 2015. The decision was made as…
Australian Petrol Prices to Hike as Albanese Government Refuses to Extend Fuel Tax Cut
Australian Prime Minister Anthony Albanese has insisted on reinstating the full fuel excise tax in September while acknowledging that the country would face more inflationary pressures. Citing budget pressures, the Labor government has rejected calls to extend the fuel excise tax reduction. Previously, the former Coalition government halved the fuel excise tax for six months…
Skills Shortage, Not Unions’ Demands, Should Be ‘Priority’ of Job Summit: NSW Premier
September 1, 2022
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Australiaaustralian unemploymentaustralian unionsDominic PerrottetinflationJim ChalmersPeter DuttonWorld
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The high level of union representation at the Labor’s job summit risks making the event “out of touch,” New South Wales Premier warned, as he criticised unions for adding to the economic challenges of Australian families. While only 14 percent of Australian workers are trade union members, Labor’s Job and Skill Summit saw unions making…
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