AUSTRALIA – POLITICS AND GOVERNMENT

Cost-of-living handouts that bust inflation a trick

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Original article by Patrick Commins, Joe Kelly
The Australian – Page: 1 & 4 : 14-May-24

The federal government has confirmed that the 2024 budget will feature measures to combat inflation and the cost-of-living crisis, including electricity bill rebates and rental assistance. However, former Reserve Bank of Australia board member Warwick McKibbin contends that using government subsidies to combat inflation is a "political trick" that will not address underlying price pressures in the economy. McKibbin has also questioned the Treasury’s forecast that inflation will return to the RBA’s target range of 2-3 per cent by the end of 2024. He adds that the Treasury and the RBA have underestimated the inflationary impact of the revised stage-three personal income tax cuts that take effect on 1 July.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, RESERVE BANK OF AUSTRALIA

Surplus of $9.3b, then a sea of red ink

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 14-May-24

The federal government is set to announce a budget surplus of $9.3bn for 2023-24, having previously forecast a deficit of $1.1bn in the mid-year economic and fiscal outlook in December. It will be only the second successive budget surplus since the global financial crisis; however, this will be followed by large deficits over the forward estimates period, which the government has attributed to "unavoidable spending". Meanwhile, Prime Minister Anthony Albanese says it will be "a Labor budget through and through", with cost-of-living relief that will reduce rather than increase inflation and a tax cut for every worker.

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AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

ALP maintains election winning lead over Coalition for a fourth straight week before Federal Budget is delivered: ALP 52% cf. L-NP 48%

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Original article by Roy Morgan
Market Research Update – Page: Online : 14-May-24

The Albanese Labor Government has retained the lead for the fourth week in a row with support on 52% (unchanged) ahead of the Coalition on 48% (unchanged) on a two-party preferred basis before Treasurer Jim Chalmers delivers this week’s pre-election Federal Budget. If a Federal Election were held now the ALP would be re-elected with a slim majority as they have now, the latest Roy Morgan survey shows. Although the overall two-party preferred result was unchanged, primary support for the ALP increased 2% to 32% this week but is still well behind the Coalition, unchanged on 37%. Looking at the minor parties, support for the Greens increased 0.5% to 13.5% and support for One Nation was down 0.5% to 5.5%. Support for Independents was down 1% to 7.5% and support for Other Parties was down 1% to 4.5%. The latest Roy Morgan survey is based on interviewing a representative cross-section of 1,654 Australian electors from May 6-12, 2024. When comparing different polls it is always important to make sure to take note of the dates when the polls are conducted to undertake a proper comparison between two polls.

CORPORATES
ROY MORGAN LIMITED, MORGAN POLL, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN GREENS, ONE NATION PARTY

Palestine chant may incite violence

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Original article by Joe Kelly
The Australian – Page: 1 & 7 : 8-May-24

Former ASIO director-general Dennis Richardson contends that ‘from the river to the sea’ is a "very violent statement" and its use by pro-Palestine demonstrators could prompt violence against communities in Australia. Prime Minister Anthony Albanese has expressed similar sentiments about the now widely-used chant, and he has stated that it has "no place on Australia’s streets". Richardson and Albanese have discussed the issue in a documentary hosted by former treasurer Josh Frydenberg that will be broadcast by Sky News later in May. Meanwhile, Frydenberg has called for action to remove pro-Palestine encampments at some of the nation’s major universities.

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AUSTRALIAN SECURITY INTELLIGENCE ORGANISATION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

ALP maintains election winning lead over Coalition in early May for third straight week: ALP 52% cf. L-NP 48%

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Original article by Roy Morgan
Market Research Update – Page: Online : 7-May-24

The Albanese Labor Government has retained the lead for the third week in a row with support unchanged on 52%, ahead of the Coalition on 48% (also unchanged) on a two-party preferred basis. If a Federal Election were held now the ALP would be re-elected with a slim majority as they have now, the latest Roy Morgan survey shows. Despite a clear election winning lead, primary support for the ALP dipped 1.5% to 30% this week. The news early last week that a grandmother in Perth had been bashed in a home invasion by a freed immigration detainee put further pressure on the government’s policy on immigration detention over the week. Support for the Coalition increased 0.5% to 37% while support for the Greens dropped 1% to 13%. Looking at the minor parties, support for One Nation was up 0.5% to 6%. Support for Independents was up 0.5% to 8.5% and support for Other Parties was up 1% to 5.5%. The latest Roy Morgan survey is based on interviewing a representative cross-section of 1,666 Australian electors from April 29 to May 5. Further details will be released in Roy Morgan’s weekly video update presented by CEO Michele Levine.

CORPORATES
ROY MORGAN LIMITED, MORGAN POLL, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN GREENS, ONE NATION PARTY

Chalmers to fight inflation, then spend

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Original article by Ronald Mizen
The Australian Financial Review – Page: 1 & 4 : 7-May-24

The federal government’s budget on 14 May will show that Australia’s gross debt has risen to $904bn in 2023-24; this is about $152bn lower than was forecast ahead of the 2022 federal election. However, the nation’s debt-to-GDP ratio is expected to rise from 33.7 per cent in the current financial year to 35.1 per cent by 2025-26. Meanwhile, Treasurer Jim Chalmers has signalled that combating inflation will be the key focus of the 2024 budget, while he has flagged an increase in government spending over the forward estimates period.

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AUSTRALIA. DEPT OF THE TREASURY

Chalmers to fight inflation, then spend

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Original article by Ronald Mizen
The Australian Financial Review – Page: 1 & 4 : 7-May-24

The federal government’s budget on 14 May will show that Australia’s gross debt has risen to $904bn in 2023-24; this is about $152bn lower than was forecast ahead of the 2022 federal election. However, the nation’s debt-to-GDP ratio is expected to rise from 33.7 per cent in the current financial year to 35.1 per cent by 2025-26. Meanwhile, Treasurer Jim Chalmers has signalled that combating inflation will be the key focus of the 2024 budget, while he has flagged an increase in government spending over the forward estimates period.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY

ALP maintains election winning lead over Coalition in early May for third straight week: ALP 52% cf. L-NP 48%

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Original article by Roy Morgan
Market Research Update – Page: Online : 7-May-24

The Albanese Labor Government has retained the lead for the third week in a row with support unchanged on 52%, ahead of the Coalition on 48% (also unchanged) on a two-party preferred basis. If a Federal Election were held now the ALP would be re-elected with a slim majority as they have now, the latest Roy Morgan survey shows. Despite a clear election winning lead, primary support for the ALP dipped 1.5% to 30% this week. The news early last week that a grandmother in Perth had been bashed in a home invasion by a freed immigration detainee put further pressure on the government’s policy on immigration detention over the week. Support for the Coalition increased 0.5% to 37% while support for the Greens dropped 1% to 13%. Looking at the minor parties, support for One Nation was up 0.5% to 6%. Support for Independents was up 0.5% to 8.5% and support for Other Parties was up 1% to 5.5%. The latest Roy Morgan survey is based on interviewing a representative cross-section of 1,666 Australian electors from April 29 to May 5. Further details will be released in Roy Morgan’s weekly video update presented by CEO Michele Levine.

CORPORATES
ROY MORGAN LIMITED, MORGAN POLL, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN GREENS, ONE NATION PARTY

PM set to invest big in green hydrogen

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Original article by Sarah Ison, Rosie Lewis, Jess Malcolm
The Australian – Page: 1 & 5 : 1-May-24

The federal government’s budget on 14 May is expected to include a significant investment in ‘green’ hydrogen. This is tipped to exceed the $2bn that Labor committed to its Hydrogen Headstart program in 2023. Clean Energy Council CEO Kane Thornton notes that the government considered that investment to be a "down payment" on its support for Australia’s nascent hydrogen industry. There is speculation that the government will provide the hydrogen industry with direct subsidies; the options under consideration are said to include a tax credit model and a reverse auction process.

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CLEAN ENERGY COUNCIL LIMITED

Labor’s plan to woo right investments

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 6 : 1-May-24

The federal government is set to overhaul the nation’s foreign investment rules, which will include fast-tracking applications from investors with a proven record of investing in Australia. The reforms will also result in closer scrutiny of proposed foreign investment deals that have national security implications, such as critical infrastructure and mineral resources. Treasurer Jim Chalmers will outline the proposed reforms in a Lowy Institute speech on Wednesday; he will also reveal more details of Labor’s flagship Future Made in Australia policy.

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AUSTRALIA. DEPT OF THE TREASURY