Economy
Strong jobs figures clock on for future rate rise shift
2 July
Stronger-than-expected jobs and spending data has bolstered the case for more rate hikes, but events overseas could stay the Reserve Bank’s hand. An extra 40,300 jobs were added to the economy in May, driving down the unemployment rate to 4.4 per...[Read More]
Labor identifies businesses to be exempt from new tax
25 June
A budget backlash has prompted Labor to announce new carve-outs for innovative firms from the capital gains tax, as well as a backdown on a minimum tax on testamentary trusts. WHAT DID LABOR ANNOUNCE IN THE BUDGET? * The existing 50 per cent...[Read More]
Nation-first stamp duty cut gains federal endorsement
18 June
State governments have been encouraged to follow the lead of the ACT and abolish stamp duty, but it’s unlikely to happen without Commonwealth support. ACT Treasurer Chris Steel announced all first home buyers would be exempt from paying stamp duty...[Read More]
‘Bad to worse’: productivity sinks to post-pandemic low
18 June
Australians are working longer hours but it’s not showing up on the productivity scoreboard as levels tumble to a post-pandemic low. The Productivity Commission’s quarterly bulletin reinforces the scale of the challenge confronting Treasurer Jim...[Read More]
Tax changes push biotech and health sectors offside
11 June
Some of Australia’s leading health and life sciences organisations are urging Treasurer Jim Chalmers to review the changes to research and development taxes proposed in his budget. Sector advocates say while they’re concerned over a number of Dr...[Read More]
Minimum wage tops $1000 a week, stoking inflation fears
4 June
Workers on the minimum wage will receive more than $1000 a week for the first time, but businesses and economists warn the pay bump could fuel inflation and more rate rises. Industrial umpire the Fair Work Commission handed a 4.75 per cent pay boost...[Read More]
AI risks deepening divide between investors and workers
4 June
The divide between people who earn income from investments and those who work for a living could be exacerbated by the artificial intelligence revolution, economists at Australia’s largest business lender warn. While the adoption of AI is expected...[Read More]
Jobless jump, Iran war shoot down fears of rate rise
28 May
The likelihood of a rate hike in June has shrunk after a surprise jump in the unemployment rate showed the Iran war is having a material impact on Australia’s economy. While bad news for workers, the rise in the jobless rate from 4.3 per cent to...[Read More]
Labor happy with softer housing market since budget
27 May
Softer auction rates are a sign tax changes in the federal budget are making things easier for first home buyers, the housing minister says, as Labor weathered another day of criticism from investors and entrepreneurs. Auction clearance rates held...[Read More]
Governments warned not to hold back AI, tech start-ups
27 May
Australia is well-positioned to take advantage of the global boom in artificial intelligence but governments and regulators need to get the policy settings right so they don’t stifle start-ups. That’s the message from two of the country’s...[Read More]
Temporary fuel tax cut likely to remain temporary
27 May
Australia’s temporary fuel excise cut, which has brought down petrol prices, is likely to remain just that, federal Energy Minister Chris Bowen says. The three-month cut to the fuel excise started in April in response to soaring prices caused by...[Read More]
‘Hoarding has stopped’: Albanese reveals fuel levels
27 May
Drivers have almost a week’s more petrol and diesel in reserve than they did at the start of the Iran war, as the prime minister met with state and territory leaders on the ongoing fuel crisis. Anthony Albanese met virtually with premiers and...[Read More]
‘No whammy’: businesses hit back at budget tax overhaul
21 May
States and territories are being urged to slash stamp duty for small businesses and families to help them handle the fallout of a contentious overhaul of tax on investments. The federal government has flagged some GST relief for Australians affected...[Read More]
How housing became a generational budget battleground
20 May
Young homeowner Mika likes Jim Chalmers’ housing policies but the treasurer’s preferred choice of coffee is a problem. “Does anyone know how to make a long black?” she asks media and ministerial staff waiting in her small Canberra apartment...[Read More]
Business sector urges Canberra to tackle red-tape cuts
14 May
The federal government must crack on with harmonising regulations so that businesses like retailers, airports and farmers can avoid costly red tape, a major business lobby says. The Alliance of Industry Associations, representing 30 groups including...[Read More]