AUSTRALIA – POLITICS AND GOVERNMENT

Immigration not on target to drop

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Original article by Sarah Ison
The Australian – Page: 4 : 26-Mar-24

Recent data from the Australian Bureau of Statistics shows that net overseas migration totalled 548,000 in the year to September. The Coalition has questioned the federal government’s claim that its policies will reduce net overseas migration to just 375,000 in the year to June. The Coalition estimates that net overseas migration would need to be reduced by 27 per cent – or 76,600 people – in the remainder of the current financial year in order to achieve this. Former Department of Immigration bureaucrat Abul Rizvi believes that net overseas migration for 2023-24 is likely to be around 400,000 to 500,000.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS

Bullock backs Chalmers in RBA stoush with Coalition

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Original article by Michael Read
The Australian Financial Review – Page: 4 : 20-Mar-24

Treasurer Jim Chalmers wants the Coalition’s support for legislation to overhaul the Reserve Bank of Australia, as he does not want to negotiate with the Greens. The Coalition is concerned that Chalmers wants the RBA existing board members to be appointed to its new governance board so he can "stack" the interest rates-setting board with people who are aligned with Labor. RBA governor Michelle Bullock says she would like "continuity with respect to both boards", but adds that she has no firm views on just how many current board members should serve on each of the new boards.

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RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY

End of subsidy will risk power bill cut

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Original article by Patrick Commins, Sarah Ison
The Australian – Page: 1 & 2 : 20-Mar-24

The Australian Energy Regulator’s proposed changes to the default market offer could reduce household power bills by up to 7.1 per cent in 2024-25. Businesses in turn could see their electricity costs fall by up to 10 per cent. However, the AER’s proposed changes to the default market offer will be offset by a likely big increase in electricity bills for many households if the federal government does not renew its commitment to the energy bill relief fund in 2024-25, which is jointly funded by the states. It has provided energy subsidies to people on low incomes and small businsses.

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AUSTRALIAN ENERGY REGULATOR

Independents move to ban mega donations in far-reaching political transparency overhaul

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Original article by Paul Karp
The Guardian Australia – Page: Online : 19-Mar-24

Political donations of more than $1.5 million would be banned under the fair and transparent elections bill, which is being tabled by crossbench and independent MPs in both houses of federal parliament. The bill also calls for a ban on donations from socially harmful industries such as the fossil fuel sector and for ‘truth-in-political advertising’. It further calls for the donation disclosure threshold to be lowered to $1,000, but it does not support a recommendation from the electoral matters committee to cap spending on elections, due to concerns that this could effectively entrench the two major parties.

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Federal voting intention unchanged in mid-March ALP 51.5% cf. L-NP 48.5%

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Original article by Roy Morgan
Market Research Update – Page: Online : 19-Mar-24

The latest Roy Morgan survey shows that support for the ALP is unchanged at 51.5%, ahead of the Coalition on 48.5% (also unchanged) on a two-party preferred basis. If a Federal Election were held now the Albanese Government would be re-elected, but forced into minority government with the support of minor parties and independents. Primary support for both major parties fell: support for the Coalition was down 1% to 37%, while support for the ALP was down 0.5% to 31.5%. Support for the Greens dropped 0.5% to 12.5%, One Nation support increased 1.5% to 5.5%, with the biggest increase in support in Queensland, up 2.5% to 8%. Support for Independents was unchanged at 9% and support for Other Parties was up 0.5% to 4.5%. The latest Roy Morgan survey is based on interviewing a representative cross-section of 1,710 Australian electors from March 11-17. 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

ALP support drops after Dunkley by-election: ALP 51.5% cf. L-NP 48.5%

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Original article by Roy Morgan
Market Research Update – Page: Online : 13-Mar-24

The latest Roy Morgan survey shows that support for the ALP has fallen 2% to 51.5%, but still ahead of the Coalition on 48.5% (up 2%) on a two-party preferred basis. If a Federal Election were held now the Albanese Government would likely be re-elected but forced into minority government with the support of minor parties and independents. There was a swing to the Coalition in all six States, with the biggest swings in Victoria after the state’s mid-year financial report showed that its debt has increased to more than $126 billion. Meanwhile, primary support for the Coalition has increased 1.5% to 38%, while support for the ALP was down 2% to 32%. Support for the Greens dropped 0.5% to 13%, One Nation support increased 0.5% to 4%, support for Independents was up 0.5% to 9% and support for Other Parties was unchanged at 4%. The latest Roy Morgan survey is based on interviewing a representative cross-section of 1,714 Australian electors from March 4-10. 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

NSW slams GST pool as WA gets extra $6.2b

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Original article by Michael Read, Samantha Hutchinson, Tom Rabe, Gus McCubbing
The Australian Financial Review – Page: 3 : 13-Mar-24

Victoria will gain the most from the annual distribution of goods and services tax revenue. The Commonwealth Grants Commission has advised that the state will be allocated $23.7bn of GST revenue in 2024-25, an increase of $3.8bn. Meanwhile, Western Australia will continue to benefit from the GST ‘floor’ that the former Coalition government introduced in 2018; the state will receive an additional $6.2bn in 2024-25 that it not have been entitled to under the previous GST distribution arrangements. NSW Treasurer Daniel Mookhey has called for changes to the system for distributing GST revenue, after the state’s share was reduced to $26.1bn in 2024-25.

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AUSTRALIA. COMMONWEALTH GRANTS COMMISSION, NEW SOUTH WALES. THE TREASURY

Tax take and spending near record highs

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Original article by Michael Read
The Australian Financial Review – Page: 6 : 8-Mar-24

Analysis of the latest national accounts data shows that federal, state and local government spending equated to 27.2 per cent of GDP in 2023, which is nearly a record high. Tax revenue across all three levels of government was also a near-record high of 30.3 per cent of GDP. Treasurer Jim Chalmers has indicated that his primary focus will shift from containing inflation to stimulating the economy. However, he has ruled out a big increase in government spending, while economists contend that reducing debt should be the federal government’s priority.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY

Labor’s housing plan panned as a trivial side issue

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Original article by Tom McIlroy
The Australian Financial Review – Page: 8 : 6-Mar-24

The Centre for Independent Studies’ chief economist Peter Tulip appeared before a Senate committee on Tuesday. He expressed support for the federal government’s target of building 1.2 million homes in five years. However, Tulip contended that the government’s Help to Buy shared equity scheme is a "trivial distraction" from real solutions to address the housing affordability crisis; he warned that the scheme will only benefit 40,000 home buyers, while increasing house prices and rents for all Australians. The Coalition opposes the scheme, while the Greens are demanding a number of concessions to gain their support.

CORPORATES
THE CENTRE FOR INDEPENDENT STUDIES LIMITED, AUSTRALIAN GREENS

Ex-PwC chief wants tax leak report released

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Original article by Edmund Tadros
The Australian Financial Review – Page: 3 : 6-Mar-24

Law firm Linklaters’ report on the tax leaks scandal at PwC Australia was released in 2023, but the professional services firm’s global parent has refused to provide a copy of the report to Australian authorities. PwC International has to date only published a one-page statement which summarises the findings of the report. Kristin Stubbins, who became acting CEO of PwC Australia in the wake of the scandal, appeared before a parliamentary inquiry on Tuesday. Stubbins said she had expected a "more comprehensive release" of the report.

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PRICEWATERHOUSECOOPERS AUSTRALIA (INTERNATIONAL) PTY LTD, PRICEWATERHOUSECOOPERS