Spending addiction fuels a new decade of deficits
This pre-election budget includes $300 in power bill discounts for every household, $1.9 billion in rent assistance and $14 billion in tax credits for critical mineral miners and green hydrogen producers.
- Opinion
- Federal budget
Chalmers crumbles and gives up spending restraint
Jim Chalmers is like a bloke who successfully dieted for two years but crumbled after someone shoved a bucket of KFC under his nose, writes Phillip Coorey.
Real wages forecast to grow by 0.5pc a year
Workers will enjoy substantial real wage growth for the next three years, according to Treasury, even as pay and inflation forecasts clash with the Reserve Bank.
$24b in front-loaded spending risks fuelling inflation
Spending and taxing decisions in this budget will tip an extra $24 billion into the economy, jarring with the government’s claims that it is putting downward pressure on inflation.
- Opinion
- Chanticleer
Why Andrew Forrest is a big budget winner
Jim Chalmers’ $23 billion bet on turning Australia into a green industry superpower ignores many of the issues on the top of the business sector’s wishlist.
Labor’s $24b green energy superpower bet
The Albanese government has made a $24 billion bet on turning Australia into a renewable energy superpower, powered by green hydrogen, critical minerals processing and green commodity exports over the coming decade.
$300 off every household’s power bill in cost-of-living cash splash
In addition to a tax cut from July 1, every household will receive an electricity bill discount as part of a $7.8 billion cost-of-living package.
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FEDERAL BUDGET
- Opinion
- Federal budget
There’s an $80b spending bomb buried in the budget
The people who should be most worried about this profligate pre-election budget are Reserve Bank governor Michele Bullock and home borrowers, writes John Kehoe.
The 14 measures you might have missed
From fast-tracked passports to sweet potato levies, there are many more things the in 1000 pages of federal budget documents than you might imagine. Here are some of them.
Labor pumps $630m into green jobs
Labor will spend more than $630 million to help secure workers for its signature Made in Australia agenda.
NDIS spending blows out by $5.4b
The budget reveals government spending on the NDIS ballooned by another 21 per cent in 2023-24, with the scheme tipped to cost $61 billion by 2027.
Treasury expects unemployment to climb to 4.5pc by this time next year
Sluggish hiring could lead cautious households already grappling with higher interest rates to save rather than spend the windfall from tax cuts.
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Companies
Anglo American to sell Queensland coal in big shrink, spurning BHP
Anglo American will sell or shut everything except its copper, iron ore and potash mines as part of a strategy to dodge BHP’s advances.
Arena the big winner in the new net-zero bureaucracy
Arena will receive $5.1 billion in extra funding to cover its enlarged responsibilities overseeing key aspects of the drive to make Australia a renewable energy superpower.
Optus denies ‘cloaking’ Deloitte report on 2022 cyberattack
A press release published after Optus’s 2022 cyberattack had legal purposes, even though they were never mentioned, Optus has argued in a court appeal.
Casino regulator bans Star staff from tables over collusion
The NSW Independent Casino Commission has banned the two employees from operating games in the state for a decade.
China’s biggest mine on Aussie soil makes $820m profit
Chinese conglomerate CITIC made a profit of almost $820 million on magnetite operations in WA that it says are under threat because billionaire Clive Palmer refuses to hand over more land.
- Exclusive
- Aviation
Bonza hopes fade as VietJet walks from deal talks
The Vietnamese low-cost carrier confirmed it was out of the running as administrators prepare to ground the airline beyond their earlier midnight deadline.
EY manager claims he was sacked for complaining about 80-hour week
EY Australia has rejected claims by a manager he was sacked because he complained about being told to put in unreasonable hours.
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Markets
ASX closes lower ahead of federal budget; critical mineral miners jump
Australian edged down in quiet session ahead of federal budget. Energy and real estate stocks fall. Budget at 7.30pm. US producer prices ahead.
Investors weigh whether to chase China’s new bull market
The 27 per cent surge in Chinese stocks this year continues to wrong-foot many asset managers, but some are cashing in following a disappointing few years.
Australian ETF winners had returns as high as 153pc
US megacap tech stocks and cryptocurrencies proved profitable investments in the last year, according to the latest top-performing ETF data – alongside some other surprise standouts.
- Opinion
- Chanticleer
Meme stock stupidity is back at the dumbest possible time
The $6 billion jump in the value of crappy US retailer GameStop is a sign of pure speculative excess.
Does Roaring Kitty’s return signal another round of meme-stock mania?
Shares of GameStop surged on Wall Street after a surprise social media post by Keith Gill, famed for creating a trading frenzy in meme stocks in 2021.
Opinion
Budget spending spree that locks in a decade of deficits
Given all the good luck since coming to office, there are no excuses for Labor not running successive substantial surpluses to repair the budget buffers and start repaying the pandemic debt at this point in the cycle.
Editorial
The costs of the future still start adding up today
Jim Chalmers is betting he can get the balance right between curbing inflation in the short term while promoting growth in the longer term.
Columnist
Chalmers’ Made in Australia is just a drop in the bucket
The new strategy is just a drop in the bucket compared with the US, and taxpayers can be relieved that the treasurer has been remarkably frugal in its funding.
Columnist
Chalmers crumbles and gives up spending restraint
Jim Chalmers is like a bloke who successfully dieted for two years but crumbled after someone shoved a bucket of KFC under his nose.
Political editor
Chalmers’ latest effort basks in a green glow
Sit back and behold Jim Chalmers’ big green Australian budget. But making forecasts is easy, and will voters buy the story?
Senior writer
The most irresponsible budget in recent memory
The government set itself a simple standard: not to make the Reserve Bank’s job harder. Michele Bullock may just choke on her cornflakes.
Economist
Reports
BOSS Best Places to Work
The awards celebrate the achievements of the best small, medium and large organisations and nine sector winners.
Politics
Decade of deficits to spark debt interest surge
While Treasurer Jim Chalmers was spruiking debt in 2023-24 being $904 billion, gross debt is forecast to rise sharply in the years ahead.
Tax fraud, capital gains tax crackdown to raise $3.3b
The budget includes a broad crackdown on tax fraud, the shadow economy and the avoidance of capital gains tax by foreign residents, which Labor hopes will raise $3.3 billion.
Labor pumps $630m into green jobs
Labor will spend more than $630 million to help secure workers for its signature Made in Australia agenda.
Defence’s big budget boost four years away, as soldier shortage hits 5000
Despite dire strategic times, defence spending will hover just above 2 per cent for several years before starting to meaningfully rise from mid-2027.
Solomons, PNG win in $1b-plus Pacific play to ward off China
The government will provide funds for telecommunication cables in the Solomon Islands, help Papua New Guinea with a $600 million bailout and upgrade embassies.
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World
Blinken visits Ukraine as Russia’s military closes in
The US secretary of state arrived in Kyiv to reassure Ukraine of America’s commitment to help the push-back against Russian advances that have gathered pace in recent months.
Trump leads in crucial states as Biden’s support unravels
A new set of polls shows the US president is behind in five of six battleground states, as the economy, Israel’s war and a desire for change press on voters.
Biden orders Chinese crypto miner to sell land near US military base
The US president ordered MineOne Partners and its associates to sell the land next to Warren Air Force Base in Wyoming within 120 days.
What a second Trump presidency could bring
The influential American conservative platform Project 2025 has spent two years crafting a 900-page proposal for key areas of immigration, tax and trade.
- Opinion
- Israeli-Palestinian conflict
Israel cannot stand alone and Netanyahu knows it
The American decision to restrict arms sales could be a turning point in the US-Israel relationship.
Property
- Exclusive
- Property development
Former AFL star pays $190m for Cranbourne Golf Course
The 70-hectare site in Melbourne’s south-east will support up to 1500 new homes with an end value of about $1 billion.
Why would anyone want to invest in Melbourne’s housing market?
Some experts are predicting Melbourne’s housing market to bounce back strongly in the next two years, but others warn about getting in too early.
- Exclusive
- Luxury property
Retiring Reece chair lists $12m family mansion in South Yarra
Melbourne-based Reece chair Tim Poole and his wife Jane have listed their South Yarra home, Atherley, after 24 years owning the Italianate mansion.
For $490 million, last private land in Arctic archipelago can be yours
The massive tract of land could be an investment project for a high-net-worth individual looking to make an impact as an environmentalist.
Demand for housing and sheds to drive Frasers forward
Frasers’ booming Australian residential and industrial businesses will help drive profits at the Singaporean giant, after they fell at the half-year stage.
Wealth
Deepfake images lure investors to bogus stock clubs
The ASX is among the latest to be exploited in frauds costing investors at least $25 million a week. Here’s how to spot a scam:
- Opinion
- Gold
Why superannuation funds are wrong on gold
Millions of Australians could be missing out on the benefits of gold because of a conflict of interest inherent in big super.
ASIC finds super funds still charging fees for no service
Super funds are obliged to ensure members are only charged for financial advice they actually receive but not all are doing so.
Technology
A toothbrush that cuts your hair? This is the Swiss army knife of grooming
As Panasonic’s multifunction device reveals, there’s a natural order to morning ablutions.
- Updated
- AI
‘Like AI from the movies:’ New ChatGPT arrives
The launch was not without some snags: after coaching a researcher through solving an algebra problem, it said: “Wow, that’s quite the outfit you’ve got on.”
- Exclusive
- Quantum Computing
UK’s bet on PsiQuantum is one-fiftieth the size of Australia’s
Leading British quantum computing specialists have expressed surprise at the Albanese government’s decision to invest nearly $1 billion in backing the start-up.
Work & Careers
- Opinion
- Federal budget
Gender and family advocates will have to wait a bit longer
The issue with announcing a rise in wages for childcare workers is that there is a multi-enterprise bargaining process underway.
- Opinion
- Workplace
Baidu’s PR boss was fired for being a workplace tiger mum
When the of head of public relations for China’s Google was fired over blunt remarks about staff, managers everywhere lost an honest voice.
Life & Luxury
Why this EV driver regrets buying his $85k car
Catch up with the latest instalment in our fortnightly series in which we speak to EV drivers who explain the highs and lows of electric car life in Australia.
The five tests that will tell you how well you’re ageing
Does getting out of a chair make you go “oof”? It’s time to start future-proofing your body, using these methods that can be done at home.
Using Ozempic before surgery may be dangerous
Even if users follow “nil by mouth” instructions before an operation, they may still have food in their stomachs when they are wheeled into the operating theatre.
Ties are making a comeback. Just not for the office
As ties disappear from formal occasions, they’re turning up again in casual dressing.
‘It’s about remembering aromas’: how Chanel’s ‘nose’ makes perfume
Chanel makes some of the world’s most desirable fragrances. Olivier Polge brings them to life.
