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Australian economy

Yesterday

The budget in five key charts

The five key graphs to understand the government’s latest federal budget.

  • Edmund Tadros

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.

  • Karen Maley
Harriet

From babies to Boomers: what’s in the budget for you

The 2024 federal budget includes power bill relief, more training places and additional rent assistance.

  • Joanna Mather and Lucy Dean
Andrew Forrest’s big wins arrived in the form of tax incentives that will boost both his publicly listed giant Fortescue Metals Group and private interests.

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.

  • James Thomson
Gladys Noszkowski is a Surfers Paradise retiree. The extension of a freeze on the deeming rate will mean retirees like her will keep more of their income.

Deeming rate freeze extension keeps pensioners $3300 in the green

The figure used to estimate how much retirees’ investments are earning will remain well below where it would otherwise be, easing fears of an “income cliff”.

  • Lucy Dean
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Wages are up and employment is strong, but households are under pressure.

Where Australians are spending their larger pay packets

Australian household income is up, but so is spending on some undesirables. The result is what our retail CEOs are talking a lot about - shopping for value.

  • Anthony Macdonald
Critics of the Albanese government’s gas strategy seem content for governments to prolong the lives of coal-fired power stations at taxpayers’ expense.

Gas critics are signing up for coal and candles

The climate movement needs to ask itself what is worse: gas in the new energy mix, or coal that lingers for longer.

  • Craig Emerson
Jim Chalmers will deliver his third federal budget on May 14

Here’s what we know is in Tuesday’s federal budget

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

This Month

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
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
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
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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
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