AUSTRALIA – POLITICS AND GOVERNMENT

Chalmers concedes energy rebates must end

roymorgansocial Leave a comment

Original article by Rhiannon Down
The Australian – Page: 7 : 21-May-25

Treasurer Jim Chalmers has refused to rule out extending the federal government’s energy rebate for a third time. However, he acknowledges that the government is aware that the $6.8bn rebate must end at some stage, which is why it has been extended for just six months rather than a year. Independent economist Chris Richardson says the rebate is "bad policy" and the money should have been used to reduce the structural deficit and increase unemployment benefits. Professor Bob Breunig from the Australian National University agrees that the rebate should not be extended beyond 2025, arguing that such subsidies tend to be inflationary.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN NATIONAL UNIVERSITY

King to offer first details of critical minerals stockpile

roymorgansocial Leave a comment

Original article by Tom Rabe, Peter Ker
The Australian Financial Review – Page: 8 : 21-May-25

The federal government has emphasised that mining companies will not be required to contribute to its proposed critical minerals stockpile. Resources Minister Madeleine King is set to disclose some details about the stockpile at a mining summit today; she will argue that Australia has an obligation to take a lead on critical minerals and rare earths globally, given that China – which dominates the sector – is seeking to impose export controls on some of these minerals. King adds that the stockpile will only hold ‘small’ and ‘temporary’ volumes of critical minerals; she has also downplayed concerns that the policy will distort prices, arguing that China’s market dominance is already doing this.

CORPORATES
AUSTRALIA. DEPT OF INDUSTRY, SCIENCE AND RESOURCES

Liberals back Nationals split as necessary reset after election lashing

roymorgansocial Leave a comment

Original article by Olivia Caisley
abc.net.au – Page: Online : 21-May-25

The National Party has formally abandoned its long-standing alliance with the Liberal Party, advising that it will not renew the Coalition agreement for the upcoming term of parliament. Nationals leader David Littleproud the negotiations between the two parties broke down over a number of policy issues, including nuclear energy, expanded divestiture powers for supermarkets and a $20 billion regional future fund. Former prime minister John Howard has urged the two parties to resolve their differences and reunite; however, a number of senior Liberals believe that the split was necessary, and some contend that it should have happened long ago. The Liberals will remain the formal Opposition in Parliament, with 28 lower house seats; the National will have 15 seats and Labor will have about 94.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY

No rush to strike a tariff deal with volatile Trump

roymorgansocial Leave a comment

Original article by Cameron Stewart
The Australian – Page: 6 : 14-May-25

Australia is among more than 50 countries that hope to negotiate a better tariffs arrangement with the Trump administration in the wake of the global turmoil caused by the so-called ‘Liberation Day’ in early April. Australia failed to receive an exemption from the baseline tariff of 10 per cent and a tariff of 25 per cent on steel and aluminium exports, despite being one of the few countries that has a trade surplus with the US. However, government officials have indicated that Labor will adopt a "wait and see" approach, and assess the outcome of other countries’ negotiations with the US before seeking a deal on tariffs.

CORPORATES
UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, AUSTRALIAN LABOR PARTY

Ley puts tax, economic reform on to-do list

roymorgansocial Leave a comment

Original article by John Kehoe
The Australian Financial Review – Page: 4 : 14-May-25

Federal Opposition leader Sussan Ley has indicated that all of the Coalition’s policies will be up for review in the wake of the election defeat on 3 May. This includes nuclear energy and the net zero emissions target of 2050. Ley added that economic and tax reform will be priorities for the Coalition; she also committed to consulting with her colleagues and the community in reviewing the Coalition’s policies. Robert Carling from the Centre for Independent Studies says the Coalition needs to abandon ‘populist’ policies. Ley has become the Liberal Party’s first female leader at federal level, after defeating Angus Taylor 29-25 in a party room vote on Tuesday. New deputy leader Ted O’Brien is expected to replace Taylor as shadow treasurer.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, THE CENTRE FOR INDEPENDENT STUDIES LIMITED

Cabinet backs above-CPI wage rise for low paid

roymorgansocial Leave a comment

Original article by Ewin Hannan
The Australian – Page: 5 : 14-May-25

The newly sworn-in cabinet ministers have approved the federal government’s submission to the Fair Work Commission’s annual wage review. The submission will argue the case for an "economically sustainable real wage increase" for workers on the minimum wage and industry award wages. The government has not specified a percentage increase, although it says this must be above the inflation rate. The budget papers in March had forecast an inflation rate of 2.5 per cent in 2024-25 and three per cent in 2025-26. The ACTU has called for a minimum wage rise of 4.5 per cent from 1 July.

CORPORATES
AUSTRALIA. FAIR WORK COMMISSION, ACTU

Unease stirs inside Labor on super tax

roymorgansocial Leave a comment

Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 14-May-25

Treasurer Jim Chalmers has confirmed that the federal government intends to proceed with legislation to double the tax rate on superannuation balances exceeding $3m and introduce a tax on unrealised capital gains. Some Labor MPs have expressed concern about the proposed superannuation tax changes, noting that the reforms had generated a lot of negative feedback at polling booths on election day. Independent MP Allegra Spender says that although Labor now has a mandate for superannuation tax reform. she contends that it is "bad policy" and should be reconsidered.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY

‘Extreme, divisive politics’: Greens’ near-total wipe-out

roymorgansocial Leave a comment

Original article by Clare Armstrong
Herald Sun – Page: Online : 8-May-25

Sky News and the ABC have both declared that Labor’s Sarah Witty has won the seat of Melbourne, which Greens leader Adam Bandt has held since 2010. However, a Greens spokeswoman has stated that the minor party has yet not conceded defeat in the previously safe seat, arguing that "many thousands of votes" have not yet been counted. The Greens are hopeful that more than 15,000 absentee and declaration votes will favour Bandt. Commenting on Bandt’s defeat, a Labor source said "he’ll blame Labor, he’ll blame the Liberals, he’ll blame voters, but he’ll never blame himself". The Greens went into the federal election with four MPs in the lower house, but Stephen Bates and Max Chandler-Mather have also lost their seats and Elizabeth Warren-Brown’s seat of Ryan in Queensland is in doubt. Greens senators Sarah Hanson-Young and Mehreen Faruqi are believed to be the frontrunners to succeed Bandt.

CORPORATES
AUSTRALIAN GREENS, AUSTRALIAN LABOR PARTY

Liberal MPs urge unity leadership ticket as Abbott questions conviction

roymorgansocial Leave a comment

Original article by Sarah Ison, Jack Quail
The Australian – Page: 5 : 8-May-25

Liberal Party insiders contend that an increasingly acrimonious leadership contest is undermining efforts to rebuild in the wake of Saturday’s election rout. Sussan Ley, Dan Tehan and Angus Taylor are expected to be in contention to succeed Peter Dutton as Opposition leader. Supporters of Ley have rejected claims that she has offered prime shadow cabinet portfolios in exchange for votes in a leadership ballot. A number of Liberal MPs have called for Ley and Tehan to run on a ‘unity ticket’, with some suggesting that the latter would garner enough support to be deputy leader but not enough to take the top job. Meanwhile, former prime minister Tony Abbott says the Liberals’ leadership has lacked "courage and conviction" in recent times.

CORPORATES
LIBERAL PARTY OF AUSTRALIA

Labor to push ahead on super tax

roymorgansocial Leave a comment

Original article by Phillip Coorey, Sumeyya Ilanbey
The Australian Financial Review – Page: 1 & 4 : 8-May-25

The federal government has indicated that reducing the higher education debt of students and graduates by $16bn with be its first legislative priority for its second term in office. Labor has also reaffirmed its commitment to superannuation reform, including the controversial tax on unrealised capital gains. The reforms had been intended to take effect on 1 July but were rejected by the Senate earlier in 2025 due to opposition from a number of crossbenchers; however, they will be sidelined in the new Senate given that Labor and the Greens will have a majority in the upper house.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS