Original article by David Rogers
The Australian – Page: 27 : 12-Jul-19
HSBC Australia’s chief economist Paul Bloxham says the federal government’s tax cuts are likely to have a similar short-term economic impact as an 0.5 per cent reduction in the cash rate. Bloxham adds that there is plenty of scope for the government to stimulate the economy via fiscal policy, particularly given that there is limited capacity for monetary policy to provide further stimulus. He has also flagged the possibility of establishing an independent fiscal authority to co-ordinate fiscal and monetary policy.
HSBC AUSTRALIA HOLDINGS PTY LTD, RESERVE BANK OF AUSTRALIA
Original article by Richard Ferguson, Rachel Baxendale
The Australian – Page: 1 & 2 : 12-Jul-19
Reserve Bank of Australia governor Philip Lowe says he is in full agreement with Treasurer Josh Frydenberg’s view that the Australian economy remains sound. Lowe and Frydenberg met for two hours in Melbourne on 11 July. Lowe said after the meeting that it was a "remarkable achievement" that more Australians have a job now than at any previous time in the country’s history, while shadow treasurer Jim Chalmers claimed that Frydenberg is letting the RBA do nearly all of the heavy lifting.
RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC
Original article by Rosie Lewis
The Australian – Page: 6 : 10-Jul-19
Australian Industry Group CEO Innes Willox says there is scope for the federal government to pursue stimulus measures in addition to its income tax cuts package. He says that although returning the Budget to surplus should remain a priority, there should also be increased government spending in areas that will generate economic growth. Treasury Josh Frydenberg is confident that the economy will be boosted by factors such as the tax cuts, monetary policy easing and the Coalition’s infrastructure spending program.
THE AUSTRALIAN INDUSTRY GROUP, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, AUSTRALIAN RESOURCES AND ENERGY GROUP, AUSTRALIAN LABOR PARTY
Original article by Sid Maher
The Australian – Page: 1 & 2 : 18-Jun-19
The 2019 Australian National Outlook report highlights the economic benefits from pursuing economic, social and environmental reform over coming decades, and the likely cost of failing to undertake reform. The two-year study concludes that a wide-ranging reform agenda could see the Australian economy grow to between $5.5trn and $5.6trn by 2060; conversely, the economy would grow to just $4.1trn without such reform. The report also warns that in a worst-case scenario, the digital divide could see the unemployment rate could peak at 20 per cent by 2040 and then average 10 per cent in future years.
CSIRO, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB
Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 7-Jun-19
Treasurer Josh Frydenberg says he is prepared to look at new measures that might boost the economy, so long as they do not represent a breach of election commitments. Frydenberg says his first task is to implement the measures in the Coalition’s pre-election Budget. Frydenberg is about to attend the G20 Finance Meeting in Japan, and he says he will hold talks with his overseas counterparts about reforms to boost productivity that they might be embracing in their economies.
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. PRODUCTIVITY COMMISSION, RESERVE BANK OF AUSTRALIA, BUSINESS COUNCIL OF AUSTRALIA
Original article by James Eyers
The Australian Financial Review – Page: 6 : 23-May-19
Treasurer Josh Frydenberg has welcomed the Australian Prudential Regulation Authority’s move to ease mortgage lending restrictions. He says the move will ensure continued access to credit for both households and businesses, and he argues that banks have an "economic and social responsibility" to keep lending. Frydenberg also says the Coalition’s tax and infrastructure policies will be key drivers of economic growth and job creation. Frydenberg met with APRA chairman Wayne Byres and Reserve Bank governor Philip Lowe on 22 May.
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET
Original article by Joe Kelly
The Australian – Page: 9 : 17-May-19
Prime Minister Scott Morrison used his last major speech before the election to emphasise that voters want a government that they can trust and rely on. Addressing the National Press Club in Canberra, Morrison warned that Labor’s policies of increased taxes and government spending would stifle wages growth, dampen consumer confidence and impede economic growth. He said the Coalition’s policies will create 1.25 million jobs and 250,000 new small and medium enterprises.
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY
Original article by Michael Roddan, Joe Kelly
The Australian – Page: 6 : 9-May-19
Opposition Leader Bill Shorten has indicated that Labor will "modernise the economy" if it wins the federal election. Former IFM Investors chairman Garry Weaven says a Labor government would not pursue significant economic reform, adding that "revolutionary" reform is not necessary. Robert Carling of the Centre for Independent Studies agrees that a Shorten government would not seek to undertake reforms on the scale of those implemented by Labor under former prime ministers Bob Hawke and Paul Keating.
AUSTRALIAN LABOR PARTY, IFM INVESTORS PTY LTD, THE CENTRE FOR INDEPENDENT STUDIES LIMITED, ACTU, GRATTAN INSTITUTE, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET
Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 6 : 8-May-19
Treasurer Josh Frydenberg is confident that the Australian economy would be resilient in the event of a significant downturn in the global economy. Frydenberg notes amongst other things that the tax cuts in the April 2019 Budget will boost consumer spending and economic activity, and he believes that the Coalition’s policy settings are sufficient without having to pursue stimulatory measures such as bringing forward the full tax cuts package. Frydenberg also dismisses suggestions that legislating the tax cuts is the Coalition’s only real policy agenda.
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, CENTRE ALLIANCE, NATIONAL PARTY OF AUSTRALIA, ADANI MINING PTY LTD
Original article by Jacob Greber
The Australian Financial Review – Page: 1 & 2 : 8-Apr-19
The International Monetary Fund is expected to downgrade its forecast for the Australian economy in its latest World Economic Outlook. Thomas Helbling, the IMF’s lead economist for Australia, warns that the nation’s housing market downturn has been more severe than anticipated and it has occured sooner than expected. He says the property market downturn will need to be offset via government policies aimed at stimulating the economy, such as increased investment in infrastructure. Helbling has also raised the possibility of interest rate cuts.
INTERNATIONAL MONETARY FUND