OPINION: The real question is whether the Albanese government’s economic agenda is up to the job of preventing above-target inflation from becoming entrenched.
Starting a new parliamentary year, Anthony Albanese says that Labor’s prosecution of the case for enshrining an Indigenous Voice in the Constitutionfrom tackling other priorities, especially the cost-of-living crisis.
Fiscal policy needs to be in concert, not in conflict, with the Reserve Bank’s low-inflation monetary policy.With the Reserve Bank poised on Tuesday to raise its official cash rate for the ninth consecutive board meeting, Jim Chalmers’ declaration that the May budget will haveis welcome, along with Anthony Albanese’s decree that new spending proposals must be offset by savings elsewhere.
This would, in turn, increase the chances of a hard landing and a significant uptick in unemployment. Fiscal policy needs to be in concert, not in conflict, with the Reserve Bank’s low-inflation monetary policy.The upside of the energy crisis for Australia is booming prices for our iron ore, coal and gas exports. The short-term tax and royalty windfall will likely produce a sharp improvement in the budget deficit this financial year, even if officials downplay the chances of a temporary surplus.
Dr Chalmers has flagged the budget’s long-term structural challenges – due mainly to Labor’s spending monuments in health, aged care, childcare, disability and education – and talked of conducting a “conversation” about how to pay for social services. But that sounds like code for further ratcheting up the size of government and paying for it with inflationary tax rises – which would break Mr Albanese’s election promise of no new taxes.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'Outstretched hand': Anthony Albanese optimistic misinformation won't sink the VoicePrime Minister Anthony Albanese has described the Voice as an 'outstretched hand' ready to be grasped by Australians.
Read more »
NT government will legislate new alcohol restrictions next week: AlbanesePrime Minister Anthony Albanese says the Northern Territory government will legislate new alcohol restrictions when they meet next week. “The dry zones will remain in place until an approved community alcohol management plan is developed and agreed to by the liquor controller in the Northern Territory,” Mr Albanese said. “We have also announced a Central Australia plan for a better and safer future for Central Australia, with $250 million dollars of investment.”
Read more »
Increase in mortgage repayments a ‘reality of a world where there’s inflation’: AlbanesePrime Minister Anthony Albanese says the drastic increase in mortgage repayments is the “reality of a world where there’s inflation”. “I think Australians understand that there is a lot of upward pressure on interest rates at the moment, they’re not my words, they’re his - the Leader of the Opposition,” Mr Albanese said. “The words of the Leader of the Opposition on the third of May, 2022.”
Read more »
Albanese says Indigenous voice next step in reconciliation and opponents ‘trying to start a culture war’In a speech on Sunday, PM to argue referendum comes at a time of increasing polarisation when democracy needs to be ‘protected’
Read more »
Albanese goes for broke on the VoiceOPINION: Anthony Albanese is doubling down on the Voice, insisting the principles of recognition and consultation are simple and sensible, and that Australians will vote yes in the referendum,
Read more »
The ‘bulk of the media’ gave Albanese a ‘pass’ on AO attendanceThe bulk of the media has given Prime Minister Anthony Albanese a “pass” on his Australian Open attendance amid the Alice Springs crime crisis, says Sky News host Rita Panahi. “The media reaction has been quite astonishing to see,” she said. “We saw the meltdown when ScoMo spent a week with his family in Hawaii when we had the bushfires happening. “Here we have a crisis that is actually of government policy – this is territory and federal-level Labor policy that has helped see this mayhem in the NT.”
Read more »