Reserve Bank Leaves Cash Rate Unchanged

Apr 03, 2012

The Reserve Bank has left interest rates unchanged at its monthly meeting today.

Statement by RBA Governor Glenn Stevens: Monetary Policy Decision

At its meeting today, the Board decided to leave the cash rate unchanged at 4.25 per cent.

Recent information is consistent with the expectation that the world economy will grow at a below-trend pace this year, but does not suggest that a deep downturn is occurring. Several countries in Europe will record very weak outcomes, but the US economy is continuing a moderate expansion. Growth in China has moderated, as was intended, and is likely to remain at a more measured and sustainable pace in the future. Conditions around other parts of Asia softened in 2011, partly due to natural disasters, but are not showing signs of further deterioration. Some moderation in inflation has allowed policymakers in the region to ease monetary policies somewhat. Commodity prices declined for a few months last year and are noticeably off their peaks, but have been relatively stable for a while now, at quite high levels. Australia’s terms of trade have peaked, though they remain high. [Read more...]

Filed Under: Reserve Bank Tagged With:

Clarke and Dawe: ‘A Senior Editor’

Feb 02, 2012

A particularly good start to the year for Clarke and Dawe.

This video was first shown on tonight’s edition of 7.30.

Filed Under: Media, Video Tagged With:

Gillard Speech: Building A New Australian Economy Together

Feb 01, 2012

Prime Minister Julia Gillard has delivered a key economic speech to the Australia-Israel Chamber of Commerce.

Julia GillardThe speech centres on the concept of “building a new economy” in “the Asian century” which is transforming the global economic order. Gillard says “our nation is strong enough to bend those
transformations to our own purposes – from a strong base, we can build a new economy, one which is even stronger, one which is full of opportunity.”

Gillard envisions “a new economy which is prosperous and fair, creative and skilled; where mining and manufacturing flourish and services grow; where the government manages the economy for working people, for the future”.

She said: “We can see an opportunity to build a new Australian economy. And we can see more: an opportunity to build the new economy together, to include every Australian in its growth. Our people do not want to be forced to choose between mining and the rest; nor do they want to choose between a strong future for manufacturing and a strong economy as a whole.”

The Prime Minister also reiterated her government’s commitment to bringing down a surplus budget in May.

  • Listen to Gillard’s speech (34m)

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  • Download a copy of Gillard’s speech (PDF)

Prepared text of Prime Minister Julia Gillard’s speech to the Australia-Israel Chamber of Commerce.

Building A New Economy Together

It’s good to address an audience and a forum which does such great work to promote friendship and co-operation between two great countries, Australia and Israel.

Decades after the desert was first made to bloom, Israel is a place where ideas still bloom.

And this Chamber is a place where ideas bloom too.

Friends, in 2012 Australians will be watching the economic situation of Europe closely.

It’s only by understanding just how serious and complex the European problem is that Australians can truly understand our own position of strength in the world economy, the important opportunities we have created for ourselves – and the part every Australian can play in the work of coming years. [Read more...]

Filed Under: Audio, Audio2012, Economy, Gillard Government Tagged With:

Abbott: My Plan For A Stronger Economy, A Stronger Australia

Jan 31, 2012

Federal Opposition Leader Tony Abbott has addressed the National Press Club in Canberra on his “plan for a stronger economy and a stronger Australia”.

The keynote speech was Abbott’s first major speech for the new year. He maintained his political attack on the Gillard government and made only broad commitments.

  • Listen to Abbott’s speech

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  • Listen to Abbott’s responses to questions

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MY PLAN FOR A STRONGER ECONOMY AND A STRONGER AUSTRALIA

Four decades after Donald Horne ironically tagged Australia as “the Lucky Country”, the Gillard government is relying on good luck rather than on good management to secure our nation’s future.

The government often cites the fragile international economic situation but fails to propose any new policies to respond to it. It claims ownership of the fundamental strength of the Australian economy even though its own actions have weakened it. And it boasts of a future return to surplus while actually delivering the four biggest budget deficits in Australian history.

Labor’s economic strategy is to hope that China’s strength will keep our economy growing. It’s lazy, complacent economic management from a government which is much better at deception and dirty tricks than at the hard work of actually running the country.

The Eurozone crisis is a terrible verdict on governments that spend too much, borrow too much and tax too much yet our prime minister is lecturing the Europeans while copying their failures.

In just four years, Labor has turned a $20 billion surplus into $167 billion in accumulated deficits and $70 billion in net Commonwealth assets into $133 billion of net debt. That’s $6000 for every Australian man, woman and child.

At the heart of Labor’s failure is the assumption that bigger government and higher taxes are the answer to every problem. [Read more...]

Filed Under: Audio, Audio2012, Economy, Liberal Party, Video Tagged With: ,

Poker Machine Doublespeak

Jan 23, 2012

It was a day for doublespeak yesterday as Gillard Government functionaries came out in force to promote their leader’s “problem gambling policy”.

Andrew Wilkie and Julia GillardThey all denied Andrew Wilkie had been stabbed in the back.

“We don’t have the numbers to deliver the package he has asked for,” said Health Minister Plibersek, overlooking the inconvenient truth that Gillard signed up to the policy in exchange for Wilkie backing her into government.

Communications Minister Conroy confusingly explained it thus: “It’s a minority government – it wasn’t about promising something we couldn’t keep.”

Of course not. Black is white. [Read more...]

Filed Under: Gambling, Gillard Government, Opinion Tagged With: ,

Ministers Line Up To Back Gillard Over Pokies Backdown

Jan 22, 2012

Filed Under: Gambling, Gillard Government, Video Tagged With: ,

Andrew Wilkie Withdraws His Support For Gillard Government

Jan 21, 2012

Andrew Wilkie has withdrawn his support for the Gillard minority government.

Andrew WilkieThe independent member for Denison says the problem gambling proposals announced today by Julia Gillard are in breach of the agreement he signed with her after the 2010 election.

However, Wilkie said he will support the government’s problem gambling legislation in the House.

Wilkie said Gillard put the proposals to him last Sunday. He said he wanted to be “a man of my word” but that he didn’t want poker machine reform to “slip through our fingers”.

On the question of Supply, Wilkie said there were measures he didn’t support last year but he was bound to support the Budget bills in Parliament. “I can now provide no certainty when it comes to budgetary measures. Previously, the government could rely on me in matters of confidence, now it can’t.”

Wilkie said he still believes the numbers were there in the House to pass mandatory pre-commitment. He said it wasn’t a threat to the government but his relationship with the opposition might now be “warmer”. He said: “I can now be more independent than ever.”

Wilkie said he felt very let down, “very disappointed”, with the Gillard government, as did many Australians.

This is the text of a statement released by Andrew Wilkie:

ANDREW WILKIE WITHDRAWS SUPPORT FOR GOVERNMENT

The Independent Member for Denison, Andrew Wilkie, has withdrawn his support for the Federal Government due to the Prime Minister’s failure to honour her agreement on poker machine reform.

“I can no longer guarantee supply and confidence for the Government because the Prime Minister has told me she can’t honour the promise to introduce mandatory pre-commitment on poker machines by the end of 2014,” Mr Wilkie said.

“Consequently I regard the Prime Minister to be in breach of the written agreement she signed, leaving me no option but to honour my word and end my current relationship with her Government.

“Frankly, a deal’s a deal and it must be honoured. Our democracy is simply too precious to trash with broken promises and backroom compromises. So I will walk, take my chances and so be it.

“As someone said to me this week, millions of people are concerned about poker machines, but everyone should care about politicians being true to their word.

“Moreover the Government has failed to seize the opportunity to enact genuinely meaningful poker machine reform. This Parliament presents a remarkable opportunity to finally do something about poker machine problem gambling and its devastating social and financial damage cost. But instead the Government took the easy way out.

“The Government’s explanation that it doesn’t have the numbers is simply wrong. The legislation should be debated in the Parliament and tested on the floor of the House. After all, that’s what democracy is supposed to be about.”

Mr Wilkie acknowledged that the Government is pursuing limited reform and expressed the hope that this first step would lead to meaningful reform.

“I will not stand in the Government’s way because I do feel that in the circumstances it would be better to achieve at least some reform.

“The push for pokies reform has not failed,’’ he said. “Poker machine problem gambling is now a hot topic, polling shows a strong groundswell for reform and the Commonwealth is set to intervene in gambling regulation for the first time in our history.

“But our foothold is small, so it’s more important than ever that pressure is kept on the Government to deliver the reform package announced today and eventually much more.

“Some people will ask why I would still withdraw my support for the Government when it’s progressing reform.

“But the issue is not that the Government is not progressing poker machine reform. Rather the issue is that the Government has decided it can’t deliver on the reforms it agreed to, which I’ve insisted repeatedly were the basis for my ongoing support and which I’ve honoured since the agreement was made some 16 months ago.”

Mr Wilkie added that in relation to matters of confidence, it’s in the public interest for parliaments to be stable and go full term.

“I will only support motions of no confidence in the event of serious misconduct and not support politically opportunistic motions. I will consider budget measures on their merits.

“As far as I’m concerned it’s still early days in the campaign for reform because too many people are being hurt by the pokies and the vast majority of people are looking to their elected representatives to do something about the problem.

“This and future governments must be forced to understand that this is just the start. The millions of people affected adversely by poker machines now and in the future deserve nothing less than our full support to minimise the damage.

“I will continue to push for mandatory pre-commitment and $1 maximum bets.”

Filed Under: Audio, Audio2012, Gambling, Gillard Government, Independents, Video Tagged With: , ,

Gillard Backs Down On Poker Machine Reforms

Jan 21, 2012

The Gillard government has announced a year-long “large scale trial” of mandatory pre-commitment technology for poker machines in the ACT from February next year. The trial will last beyond the next election.

Gillard and Macklin announce the government's pokies backdown

The government says it will “expand pre-commitment technology to every poker machine across the country, that could then be used for mandatory pre-commitment if it is supported by a trial”.

The Cabinet decision, announced in Melbourne today, represents a cave-in by the government and a victory for the clubs industry and nervous Labor backbenchers.

The decision breaks a deal with Andrew Wilkie and could result in the independent member for Denison withdrawing his support for the government. The post-election agreement Wilkie made with Julia Gillard stipulated legislation of mandatory pre-commitment before this year’s May Budget.

This is the text of a government statement:

Tackling Problem Gambling in Australia

The Gillard Government today announced its plan to tackle problem gambling, helping the five million Australians affected by problem gambling in this country.

This plan means the Gillard Government will do more to tackle problem gambling than any Commonwealth Government in Australia’s history.

The Government will act to:

  • Undertake a large scale trial of mandatory pre-commitment;
  • Expand pre-commitment technology to every poker machine across the country, that could then be used for mandatory pre-commitment if it is supported by a trial.

Rolling the technology out to every machine now ensures that we will be ready to flick the switch to a best-practice mandatory pre-commitment system, if the trial results support it.

We believe this evidence-based pathway to help problem gamblers and their families will gain the necessary support to pass the current Parliament.

It is our intention to introduce legislation in the first Parliamentary session of this year which will require that:

  • All new poker machines manufactured from 2013 must be capable of supporting pre-commitment; and
  • By 31 December 2016 all poker machines must be part of a state linked pre-commitment system, except eligible small venues which will have longer.

We will also continue to work on pre-commitment technology through the COAG Select Council on Gaming Reform. At this forum in May last year, state and territory gaming ministers agreed to support the required infrastructure for pre-commitment technology in all jurisdictions.

The Gillard Government understands that many Australians enjoy gambling responsibly. But for others it can have devastating consequences.

Problem gambling ruins lives.

That’s why in November 2008 we asked the Productivity Commission to inquire into problem gambling in Australia.

The Productivity Commission found that problem gambling affects up to five million Australians, including friends, family and employers of people with a gambling problem.

These far reaching impacts are why the Australian Government is delivering genuine, long-lasting reforms to help problem gamblers and their families.

The Government is also taking a range of other actions to support problem gamblers and their families including:

  • Introducing a $250 daily withdrawal limit from ATMs in gaming venues (excluding casinos) by 1 February 2013;
  • Electronic warnings and cost of play displays on poker machines by 2016;
  • Additional counselling support with 50 new financial counsellors to work with problem gamblers, and expanding the reach of Gambling Help Online;
  • Strengthening self-exclusion arrangements; and
  • Improving training for staff in pokies venues.

Further, the Government recognises that gambling online and sports betting are a growing concern, and we will:

  • Ban the promotion of live odds during sports coverage;
  • Extend pre-commitment to online betting services;
  • Crack down on online sports betting companies offering credit and introduce stricter limits on betting inducements; and

    • Increase the powers of the Australian Communications and Media Authority (ACMA) to enforce these new rules.

The actions the Gillard Government is taking will be the most significant and far reaching national reforms to tackle problem gambling ever seen in this country.

Filed Under: Gambling, Gillard Government Tagged With: , , ,

Cabinet Papers From 1982-1983 Released

Jan 01, 2012

Cabinet papers from 1982, the final full year of the Fraser coalition government, and 1983, the first year of the Hawke Labor government, have been released.

The papers were formerly released under the thirty-year rule, but this has been reduced to twenty years. Until 2020, two years of Cabinet documents will be released each year.

  • National Archives of Australia – Index to 1982 and 1983 Cabinet Papers
  • 1982-1983: The historical context and issues of interest – Dr. Jim Stokes
  • Listen to Dr. Stokes (22m)

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  • Listen to Bob Hawke discuss the events of 1983 (5m)

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  • Listen to Bob Hawke answer media questions about his government in 1983 (26m)

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Filed Under: Audio, Audio2012, Cabinet Papers, Fraser Government, Hawke Government Tagged With: , ,

Confusion, Timidity And Capitulation On Asylum Seekers

Dec 26, 2011

Late on Friday, twenty minutes after Republicans in the United States Senate agreed to a compromise proposal on a payroll tax extension, Air Force One lifted off to take US President Barack Obama to Hawaii for Christmas.

Asylum seekersIt was a near-miss. The president’s family had gone on ahead and Obama remained alone in the White House with the family’s dog for most of the week, sweating on a political deal with his strident opponents in the Congress.

Here, Julia Gillard went on holidays a week ago, leaving her deputy, Wayne Swan, and Immigration Minister Chris Bowen to slug it out with an equally strident Opposition on the perennial issue of asylum seekers.

Unlike Obama, Swan and Bowen left town on Friday with no hint of an agreement. The discussions were “cordial”, both sides agreed. Further talks are anticipated, but the Opposition made it clear the initiative must come from the Government.

On Christmas Eve, a boat carrying 116 passengers was intercepted off Christmas Island. It was the 69th boat to enter Australian territorial waters this year. The previous 68 carried 4,457 passengers. [Read more...]

Filed Under: Gillard Government, Opinion, Refugees Tagged With: , , ,