AUSTRALIA – POLITICS AND GOVERNMENT

Chalmers to fight inflation, then spend

roymorgansocial Leave a comment

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

Chalmers to fight inflation, then spend

roymorgansocial Leave a comment

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%

roymorgansocial Leave a comment

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

roymorgansocial Leave a comment

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.

CORPORATES
CLEAN ENERGY COUNCIL LIMITED

Labor’s plan to woo right investments

roymorgansocial Leave a comment

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.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY

$13b surplus tipped but Labor needs credible plan

roymorgansocial Leave a comment

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

Deloitte Access Economics expects the federal government to post a budget surplus of $13.4bn for 2023-24. The government itself had forecast a full-year deficit of $1.1bn in its mid-year economic and fiscal outlook in December. Deloitte says the budget bottom-line will be boosted by $14.5bn in additional company tax receipts and a $5.6bn increase in personal income tax revenue due to the strong labour market. Deloitte partner Stephen Smith says that while Labor is on track for a second successive budget surplus, this is unlikely to be repeated in 2024-25 due to the goverment’s spending plans. Smith adds that the Future Made in Australia policy could further undermine the budget position.

CORPORATES
DELOITTE ACCESS ECONOMICS PTY LTD

Brutal portrait of ALP’s detainee woes – and ministers go missing in action

roymorgansocial Leave a comment

Original article by Geoff Chambers, Paul Garvey
The Australian – Page: 1 & 2 : 30-Apr-24

The federal government is under renewed scrutiny following revelations that a former immigration detainee participated in a home invasion in which a 73-year-old woman was brutually assaulted. It is alleged that Kuwait national Majid Jamshidi Doukoshkan was one of three men who robbed a Perth couple. He was released into the community in late 2023 after the High Court ruled that indefinite detention is unlawful. Doukoshkan was granted bail earlier in 2024 after being charged with two counts of breaching a curfew order. The Opposition has called on Prime Minister Anthony Albanese to sack Home Affairs Minister Clare O’Neil and Immigration Minister Andrew Giles if they refuse to accept responsibility for the detainee disaster.

CORPORATES
HIGH COURT OF AUSTRALIA

Spending cuts must take heat off rates

roymorgansocial Leave a comment

Original article by John Kehoe
The Australian Financial Review – Page: 4 : 30-Apr-24

Economists are calling on the federal government to cut net discretionary spending in its 14 May budget, contending that such spending is making it harder for the Reserve Bank to combat inflation. Shadow treasurer Angus Taylor and Coalition finance spokeswoman Jane Hume said on Monday that the government should "restore budget discipline" by reintroducing the Coalition’s 23.9 per cent tax-to-GDP cap. Treasurer Jim Chalmers responded by claiming that the Coalition is advocating cuts to spending.

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

ALP maintains election winning lead over Coalition in late April: ALP 52% cf. L-NP 48%

roymorgansocial Leave a comment

Original article by Roy Morgan
Market Research Update – Page: Online : 30-Apr-24

The Albanese Labor Government has retained the lead for the second week in a row with support on 52% (unchanged) ahead of the Coalition on 48% (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. Primary support for both major parties increased this week, at the expense of the Greens, with the ALP up 1% to 31.5% but still behind the Coalition, up 1% to 36.5%; support for the Greens dropped 2% to 14%. Looking at the minor parties, support for One Nation was unchanged at 5.5%. Support for Independents was up 0.5% to 8% and support for Other Parties was down 0.5% to 4.5%. The latest Roy Morgan survey is based on interviewing a representative cross-section of 1,719 Australian electors from April 22-28. 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. 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

Morrison on meds: toll of top office laid bare

roymorgansocial Leave a comment

Original article by Cameron Stewart
The Australian – Page: 1 & 2 : 26-Apr-24

Former prime minister Scott Morrison has revealed that he experienced "debilitating and agonising" anxiety during much of his tenure in the nation’s top job. Morrison says his anxiety became increasingly acute as he steered the nation through challenges such as the COVID-19 pandemic and strained relations with China, and his doctor eventually prescribed medication to help him to cope with the medical condition. Morrison says the "unrelenting and callous" brutality of politics and media attacks contributed to his anxiety, but he acknowledges that this is the reality of politics.

CORPORATES