Summary
That is all for today folks, thank you for joining us on the blog. Here is a wrap up:
The Albanese government said next Tuesday’s budget will reveal that gross debt is projected to be $152bn lower in 2023-24 compared with the Coalition’s last budget. The treasurer, Jim Chalmers, hinted the budget will include further welfare and housing measures, and warned “substantial geopolitical uncertainty” is a “defining influence” on it.
Two students from Yarra Valley grammar school were expelled over a spreadsheet compiled by a group of boys that ranked their female classmates from “wifey” to “unrapeable”.
The Reserve Bank announced it will leave its key interest rate unchanged for a fourth board meeting in a row at 4.35%, and RBA governor, Michele Bullock, warned Australians should be “prepared” for a “bumpy” path to lower inflation.
Australia’s foreign affairs minister, Penny Wong, discussed the issue of recognition of Palestine and the push for a ceasefire in calls with the Palestinian prime minister and a minister from the United Arab Emirates.
The Victorian treasurer, Tim Pallas, handed down his 10th budget, which showed the state’s debt is expected to stabilise in the near future. The state government announced its $400 bonus for public school students across the state.
ANZ reported that homeowners are increasingly falling behind on their mortgages, with the value of past due loans held at the bank rising 22% over the past year to $14bn.
See you tomorrow!
Updated
Senate inquiry recommends supermarkets face break-up threat
A Senate inquiry has recommended that major supermarkets be forcibly broken up if they engage in anti-competitive behaviour in a move designed to empower shoppers and suppliers against Australia’s dominant food retailers.
The inquiry’s final report, released today, has also recommended that legislative changes are made to prohibit food retailers from charging excessive prices, otherwise known as price gouging.
The recommendations come against a backdrop of relentless price rises for basic goods, but robust profits for those which sell them, including major chains Coles and Woolworths.
The Senate committee has made 14 recommendations, which includes measures designed to: address food wastage; provide additional resources and powers to the competition regulator; and improve unit price labelling.
It also wants to address confusing promotions and discounts.
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