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The Latest Breaking News from Saul Eslake

Top economists give budget modest rating and doubt inflation will fall as planned

Asked to grade Treasurer Jim Chalmers’ third budget on his own criteria of delivering on “inflation in the near term and then growth in the medium term”, most of the 49 leading economists surveyed by the Economic Society of Australia and The Conversation have failed to give it top marks.

The Conversation

US and China need ‘climate armistice’ to meet net zero, says former head of CSIRO

‘Climate change is a global problem. It needs that global level of collaboration,’ says Larry Marshall

The Guardian - AU

Victorian budget a family affair, but details scant

The Victorian budget remains cloaked in secrecy but shapes as a no-frills affair as the government tries to combat rising debt and infrastructure blowouts.

AAP

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Spotlight on RBA after concerning inflation data

No change in the official cash rate is expected this week, with the Reserve Bank's reaction to a stronger inflation print the main point of interest.

AAP

Tas election pledges to put budget in 'worse' position

Tasmania's major parties have accused each other of overspending and budget mismanagement days out from the state election.

AAP

Reserve Bank tipped to hold interest rate but economists split on when cuts will start

Pundits and investors expect the RBA to leave its cash rate unchanged at 4.35% when the board meets on Tuesday

The Guardian - AU

Stage-three tax cut changes will have minimal effect on inflation, economists predict

Banks say tax tweaks approved by Anthony Albanese’s cabinet may slow pace of RBA interest rate cuts and further reforms are needed to fill budget shortfalls

The Guardian - AU

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Labor could raise welfare payments for cost-of-living relief without stoking inflation, economists say

Albanese government would need to couple any increases in unemployment benefits and pensions with savings, experts say

The Guardian - AU

View from The Hill: Josh Frydenberg puts political ambition aside to remain in business

Former Treasurer Josh Frydenberg’s decision to put a business future before an attempted political revival is a blow for the Liberal Party, but a relief for the teal member for Kooyong, Monique Ryan.

The Conversation

Controversial new Tasmanian AFL stadium could add $226m a year to economy, report finds

But a parliamentary committee says there has been no evidence to bolster the key assumptions underpinning the business case

The Guardian - AU

Unpleasant budget looms as Victoria eyes soaring debt

There are not many pleasant ways for Victoria to bring its perilous financial position under control ahead of the state budget, a leading economist says.

AAP

‘Significantly weaker’: Unemployment rise sparks fears for Australian jobs

A surprise uptick in unemployment in April has stoked fears the labour market may be starting to turn, as forecasts predict a jobs downturn.

The New Daily

Going halves: are shared equity schemes the answer in Australia’s pricey property market?

Nonprofit schemes aim to help first home buyers who cannot rely on ‘the bank of mum and dad’ – but they have their limits

The Guardian - AU

‘Disingenuous’: Inflationary trade-off in Jim Chalmers’ budget

Jim Chalmers claims his cost-of-living package won't worsen inflation, but experts take a different view, saying it will.

The New Daily

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The New Daily

Australians have been scared off loans – and that’s exactly what the RBA wants

The majority of Aussies have been spooked off of loans and have lost faith in the decisions of the RBA, research shows.

The New Daily

‘Peaked’: Small relief from slowing inflation as rents and utility bills soar

Inflation has begun easing as goods prices fall, but the cost of living crisis isn’t over yet as rising rents and utility bills hit families.

ABC News

The mining sector made more than half of Australia's corporate profits, so why do economists want to ignore it?

Australia's mining sector has generated windfall profits over the past two years, the result of dramatically higher prices for fossil fuel energy, but has it driven inflation?

The Guardian - AU

Warning decline in Australia’s adult literacy being hidden by lack of data

New national study to be launched to document deterioration in basic reading and writing skills, particularly in Tasmania

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The New Daily

Porter Davis collapse: What’s wrong with the Australian construction industry?

Building giant Porter Davis unlikely to be the last construction giant to collapse under the weight of inflation and rising interest rates.

The New Daily

Increase GST rather than change tax on super, expert says

Proposed changes to super pension payments have been questioned by some experts, who say more comprehensive tax reform would be better.

The New Daily

Rental market is bad and likely to get even worse

The lines of hopeful tenants vying for rental properties are only expected to get longer as pressures on Australia's rental market intensify.

The New Daily

Super funds deliver stability for members as regulators call for more transparency

Superannuation has proved its stability in troubled times with the average balanced fund making a gain of 1 per cent while shares fell.

The Conversation

Grattan on Friday: Should Anthony Albanese keep his word on the Stage 3 tax cuts?

The final, mega stage of the Coalition’s tax cuts, worth more than $240 billion over a decade, is now in the gun sights of many critics, who are calling for Anthony Albanese to dump his promise to deliver it.

The New Daily

MPs lean on Anthony Albanese, but dumping of tax cuts quashed

Senior Labor sources last night quashed speculation that the government was giving itself room to dump the controversial stage three tax cuts.

ABC News

Stamp duty or land tax? Economists say the one that makes the most sense is politically toxic

The Tasmanian Premier stood up in parliament and refused to rule out a switch from stamp duty to a land tax on the family home, but a hasty statement shortly afterwards saying there were no such plans has economists scratching their heads.

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