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Australian economy

Yesterday

Federal Treasurer Jim Chalmers.

Lure global capital with internationally competitive tax reform

Rather than Jim Chalmers’ “new growth model”, the fair dinkum way to increase foreign investment would be to progress a genuine growth agenda.

  • The AFR View
The Albanese government does not respond strategically to workers wefare.

On his third budget, Chalmernomics has finally emerged

The Albanese-Chalmers government embodies a short-term and emotive response to wage stagnation, not a rational one.

  • Stephen Anthony
Treasurer Jim Chalmers will deliver the budget on Tuesday.

The one standout success metric for the budget

More investment is required to drive productivity. We won’t get this without cutting red tape and making the things more business-friendly.

  • Bran Black
Transport Minister Catherine King.

Labor warned of risk from Victoria’s $200b rail loop

Infrastructure Minister Catherine King is fighting to keep secret the details of 30 projects that her hand-picked review said should be scrapped, as well as warnings over Victoria’s controversial Suburban Rail Loop, which will cost more than $200 billion to build and operate.

  • Ronald Mizen

This Month

So how do governments get smarter about how they play the game, so they and our taxpayers’ money don’t get skinned in a lopsided contest? We have a suggestion.

Can Labor pick winners without being dudded? We have ideas

There needs to be a process of competitive public testing and discovery against a clear public interest standard so that government and taxpayers’ money don’t get skinned in a lopsided contest with investors and project promoters.

  • John Wylie and Peter Harris
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Bruce Lehrmann leaves the Law Courts after losing his defamation case with Network Ten and Lisa Wilkinson in Sydney on April 15, 2024. Photo: Dominic Lorrimer .

Justice Michael Lee rules Lehrmann to pay trial costs

Bruce Lehrmann has been ordered to pay the vast majority of Network Ten’s legal costs for his failed defamation case; Air Vanuatu enters liquidation; Wong undecided on UN Palestine vote. How the day unfolded.

  • Updated
  • Euan Black
RBA governor Michele Bullock’s communications style is proving successful – so far.

Michele Bullock’s run of good news may be about to end

RBA governor Michele Bullock has proven a better communicator than her predecessor Philip Lowe. But her real test may still be yet to come.

  • Ronald Mizen
CBA and its rivals have reported strong demand for credit from businesses, a sign of strength in the economy.

Business loan demand spikes, keeping inflation fears alive

CBA, the country’s largest lender, says a strong labour market is driving “robust” demand from companies, which could push up prices, economists warn.

  • James Eyers and Lucas Baird
The energy transition and digitisation are the big themes for the rest of this decade, although both are only as good as government policy settings.

What we learnt as CEOs meet capital markets kings, queens

It’s been three days of watching CEOs pitch to fund managers and hearing their off-record feedback at Macquarie’s annual conference. Both sides are more upbeat.

  • Anthony Macdonald
Jim Chalmers will deliver his third federal budget on May 14

Everything we know about Tuesday’s budget so far

Treasurer Jim Chalmers will hand down the Labor government’s third federal budget this week. Here’s everything we know ahead of the announcement.

  • Updated
  • Tom McIlroy
Jon Gray says Australia’s long-term growth trends are strong despite a “rough patch”.

Blackstone wants bigger Australia bet as brighter economy beckons

Jon Gray says the US private capital giant will look to increase its exposure to Australia ahead of what he expects will be an economic upswing.

  • James Thomson
Cairns removalist Jesse Bradley says the rising cost of diesel is biting his business.

Transport costs up 10 per cent nationwide as petrol stokes inflation

The rising cost of diesel in the past three years has put a dent in Jesse Bradley’s removalist business based in Queensland.

  • Gus McCubbing
The RBA’s latest outlook for the economy means interest rates will need to stay higher for longer.

Petrol, strong jobs market stoking inflation: RBA

The central bank on Tuesday upgraded its near-term forecasts for headline inflation and pushed back the likelihood of interest rate relief until mid-2025.

  • Ronald Mizen
Reserve Bank governor Michele Bullock during her post-meeting press conference in Sydney on Tuesday.

Reserve Bank on high alert for rate rise

The RBA is “very alert” to the cost of stubbornly high inflation lingering in the economy, signalling interest rates will need to stay higher for longer.

  • Ronald Mizen
Macquarie Group CEO Shemara Wikramanayake’s a hard act to beat.

The four key themes dominating Macquarie’s talkfest

Macquarie chief Shemara Wikramanayake is the perfect person to open the biggest investor conference of the year with the last of her issues a sleeper for a lot of us in Australia.

  • Updated
  • Anthony Macdonald
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Macquarie CEO Shemara Wikramanayake opened the bank’s annual conference with a presentation on how AI development would require more data consumption.

Macquarie bets big on data centres in AI revolution

Shemara Wikramanayake expects the biggest tech companies to consume more data in their quest to sharpen AI platforms.

  • Aaron Weinman
Former Reserve Bank governor Philip Lowe still sees upside risk for rates.

Philip Lowe warns rates could rise again

The former RBA governor says with data surprising on the strong side getting back to a 2.5 per cent inflation level sustainably is not yet guaranteed.

  • Patrick Durkin and John Kehoe
Australia has joining a number of other Western countries in abandoning the hugely successful liberal market economic model and replacing it with a 1950s style State directed interventionist model.

Look to South America to see Made in Australia in practice

The Albanese government’s Peronist-like policies won’t add to growth and investment, despite the prime minister and treasurer’s rhetoric.

  • Alexander Downer
Assistant Trade Minister Tim Ayres.

‘Made in Australia’ won’t trigger subsidy arms race, minister says

Industry subsidies used to be taboo in the trade world. But Tim Ayres, spruiking the government’s new industrial policy in Europe, says things have changed.

  • Hans van Leeuwen
Jim Chalmers has flagged a pre-election budget pivot from curbing inflation to shoring up growth.

‘Made in Australia’ risks higher interest rates and a poorer future

The old rules of economics still apply and the consequences of Albanese’s big gamble could be widely felt.

  • John Kehoe