Resources, News & Commentary from Malcolm Farnsworth
The final question on tonight’s Q&A produced an interesting contrast between Shadow Treasurer Joe Hockey and Finance Minister Penny Wong.
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The Gillard government’s campaign to promote the “Household Assistance Package” has begun with the airing of television advertisements.
The ads focus on the compensation payments which formed part of the Clean Energy Future legislation but they make no mention of the carbon price.
The Climate Commission has released a report on New South Wales climate impacts and opportunities.
Climate commissioners Tim Flannery, Will Steffen and Lesley Hughes spoke to the media about their report.
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This is the Climate Commission’s summary of its report, ‘The Critical Decade’.
New South Wales (NSW) is home to over a third of Australians, 31% of the national economy and is highly vulnerable to climate change. Scientists are concerned that climate change is increasing the risk of hot weather, heatwaves, and bushfires, and changing the patterns of drought and heavy rainfall. A changing climate is costly, putting pressure on human health, agriculture, infrastructure and the natural environment.
NSW is becoming hotter and drier. Record-breaking hot days have more than doubled across Australia since 1960 and heatwaves in the greater Sydney region, especially in the western suburbs, have increased in duration and intensity. [Read more...]
The Leader of the Opposition, Tony Abbott, has delivered his Budget Reply speech in the House of Representatives.
Abbott reiterated his commitment to abolish the carbon tax as the key component of a plan to relieve cost of living pressures. His only new promise was “to work urgently with the states to ensure that at least 40 per cent of Year 12 students are once more taking a language other than English within a decade.”
In what amounted to a campaign address, Abbott said: “I want to reassure the people of Australia that it does not have to be like this; we are a great people let down by bad government that will pass. There is a better way.”
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Official transcript of Tony Abbott’s Budget Reply speech.
The job, Madam Deputy Speaker, of every member of this parliament is to help shape a better Australia.
It’s to listen carefully to the Australian people, respect the hard-won dollars they pay in tax, do our honest best to make people’s lives easier not harder, and honour the commitments we make to those who vote for us.
If that’s how we discharge our duties as members of parliament, politics is an honourable calling, the public can respect their MPs and MPs can respect each other even when we disagree.
My values are the product of an Australian life, a real life much like yours, with Margie, raising three daughters in suburban Sydney, paying a mortgage, worrying about bills, trying to be a good neighbour and a good citizen; appreciating that no one has a monopoly of virtue or wisdom, and grateful that our country has normally been free from the class struggle that’s raged elsewhere to other countries’ terrible cost.
In a healthy democracy, people need not agree with everything a government does but they should be able to understand its purpose and to appreciate why it could be for the long term good of the nation as whole. [Read more...]
Download the official 2012-13 Budget documents released tonight by the Treasurer Wayne Swan.
All documents are PDF.
This is the official transcript of Treasurer Wayne Swan’s 2012-13 Budget Speech in the House of Representatives.
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Madam Deputy Speaker, I move that the Bill now be read a second time.
Strong Economy and Fair Australia
The four years of surpluses I announce tonight are a powerful endorsement of the strength of our economy, resilience of our people, and success of our policies.
In an uncertain and fast‑changing world, we walk tall — as a nation confidently living within its means.
This Budget delivers a surplus this coming year, on time, as promised, and surpluses each year after that, strengthening over time.
It funds new cost of living relief for Australian families.
It helps businesses invest, compete and adapt to an economy in transition.
And it finances bold new policies to help Australians with a disability, the aged, and those who can’t afford dental care.
It does these things for a core Labor purpose:
To share the tremendous benefits of the mining boom with more Australians. [Read more...]
The Reserve Bank of Australia has cut the cash rate by 50 basis points, or 0.5%, to 3.75%.
The decision, predicted last night by former RBA Governor Bernie Fraser, takes interest rates back to where they were in December 2009.
Treasurer Wayne Swan, Shadow Treasurer Joe Hockey and Australian Chamber of Commerce and Industry Chief Executive Peter Anderson have all commented on the rates decision.
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Text of statement by RBA Governor Glenn Stevens.
At its meeting today, the Board decided to lower the cash rate by 50 basis points to 3.75 per cent, effective 2 May 2012. This decision is based on information received over the past few months that suggests that economic conditions have been somewhat weaker than expected, while inflation has moderated.
Growth in the world economy slowed in the second half of 2011, and is likely to continue at a below-trend pace this year. A deep downturn is not occurring at this stage, however, and in fact some forecasters have recently revised upwards their global growth outlook. Growth in China has moderated, as was intended, and is likely to remain at a more measured and sustainable pace in the future. Conditions in other parts of Asia softened in 2011, partly due to natural disasters, but have recently shown some tentative signs of improving. Among the major countries, conditions in Europe remain very difficult, while the United States continues to grow at a moderate pace. Commodity prices have been little changed, at levels below recent peaks but which are nonetheless still quite high. Australia’s terms of trade similarly peaked about six months ago, though they too remain high. [Read more...]
Prime Minister Julia Gillard has delivered ANZAC Day speeches at Gallipoli.
Minister Warren Snowdon spoke at ceremonies at Villers-Brettoneux in France.
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Inflation increased by a negligible 0.1 per cent in the first quarter of 2012.
In the year to March, there was a 1.6 percent increase in prices. The underlying inflation rate was 2.1 per cent.
The low Consumer Price Index figure has surprised some commentators. The Reserve Bank is now being widely tipped to lower interest rates next week.
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Statement from the Treasurer, Wayne Swan.
Consumer Price Index – March Quarter 2012
Today’s inflation data show a moderation in both headline and underlying inflation through the year to March, with underlying inflation remaining well contained at the lower end of the Reserve Bank’s target band after falling to its lowest level in well over a decade.
Today’s figures are another reminder of Australia’s strong economic fundamentals – solid growth, low unemployment, strong public finances, a huge pipeline of investment, plus contained inflation – which put the Australian economy in a league of its own. [Read more...]
