Reserve Bank Lowers Rates To 2.75%

May 07, 2013 Leave a Comment

The Reserve Bank of Australia has cut its cash rate 0.25% to 2.75%, the lowest rate since the 1950s.

In a statement, Governor Glenn Stevens said the RBA’s board “judged that a further decline in the cash rate was appropriate to encourage sustainable growth in the economy, consistent with achieving the inflation target.”

Swan

The Treasurer, Wayne Swan, said the economy had strong growth, low unemployment and contained inflation. He said there was no comparison between today’s low interest rates and the emergency rates that prevailed during the global financial crisis.

Hockey

The Shadow Treasurer, Joe Hockey, said the Reserve Bank was showing leadership and doing the “heavy lifting” for the government by responding to a deteriorating economy. He said rates were now beyond emergency levels.

  • Listen to Wayne Swan’s remarks (11m) – transcript below

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  • Listen to Joe Hockey’s remarks (6m)

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  • Listen to remarks by Peter Anderson, Australian Chamber of Commerce and Industry (4m)

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  • Interest Rates Since 1990

Text of statement from Reserve Bank Governor Glenn Stevens.

At its meeting today, the Board decided to lower the cash rate by 25 basis points to 2.75 per cent, effective 8 May 2013.

The global economy is likely to record growth a little below trend this year, before picking up next year. Among the major regions, the United States continues on a path of moderate expansion and China’s growth is running at a more sustainable, but still robust, pace. Japan has announced significant new policy initiatives aimed at strengthening demand and ending deflation. The euro area remains in recession. Commodity prices have moderated a little in recent months though they remain high by historical standards.

Financial conditions internationally continue to be very accommodative, with risk spreads reduced, funding conditions for most financial institutions improved and borrowing costs for well-rated corporates and sovereigns exceptionally low. [Read more...]

Filed Under: Audio2013, Economy, Gillard, Reserve Bank Tagged With: , , , , ,

Gillard: I Don’t Comment On Polls

Feb 18, 2013 Leave a Comment

Prime Minister Julia Gillard has doggedly refused to comment on poor opinion poll figures published today.

The Neilsen poll in Fairfax newspapers The Age and the Sydney Morning Herald shows the ALP primary vote on 30% and the Coalition leading the ALP by 56% to 44% on the two-party-preferred vote.

The Coalition’s primary vote in the Nielsen poll is 47%. Tony Abbott’s approval rating is 42%, compared to Julia Gillard’s 40%.

Gillard

The Essential poll published today has the Coalition leading the ALP by 54% to 46%. It has the ALP’s primary vote at 35%.

On the weekend, News Limited Sunday papers published a Galaxy poll of women voters showing the Coalition leading the ALP 53% to 47%.

The polls coincide with renewed speculation about Gillard’s leadership and a possible return of Kevin Rudd. The speculation also centres on the future of Treasurer Wayne Swan who is now increasingly seen as a weak link.

Speaking at Primo Smallgoods in Brisbane today, Gillard said she wanted to focus on jobs and yesterday’s Industry and Innovation statement.

Shadow Treasurer Joe Hockey also commented on the poll figures at a media conference in the ALP’s marginal NSW seat of Dobell. Hockey’s comments are interesting for the way in which he positions his attacks against Kevin Rudd as well as the government in general.

In an amusing aside, the Secretary of the Australian Workers Union, Paul Howes, also renounced his previous preoccupation with opinion polls. June 2010 seems so long ago.

Hockey

  • Listen to Gillard’s media conference (14m) – transcript below

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  • Listen to Joe Hockey’s media conference (9m)

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  • Watch Joe Hockey:
  • Watch Paul Howes:

Transcript of Prime Minister Julia Gillard’s media conference.

GILLARD: I’m here at Primo Smallgoods because yesterday I announced a billion dollar plan for Australian jobs.

It’s a plan for blue collar jobs. A plan for blue collar jobs today and tomorrow.

And as I made the point inside talking to the workers here, many people when they visualise a blue collar job in manufacturing would think of someone working on an assembly line in a car plant. [Read more...]

Filed Under: 2013 Federal Election, A.L.P., Audio2013, Gillard, Polls, Video Tagged With: , , , , , , ,

Tony Abbott Briefs Liberal Party Candidates

Jan 24, 2013 Leave a Comment

This is video of today’s Liberal Party candidate briefing by Tony Abbott.

Shadow Treasurer Joe Hockey and Liberal Party Federal Director Brian Loughnane participated in the conference call.

The Opposition Leader is planning a “mini campaign” over the coming week.

 

Filed Under: 2013 Federal Election, Liberal Party, Video Tagged With: , , , ,

Unemployment Rate Increases 0.1% To 5.4%

Jan 17, 2013 Leave a Comment

Australia’s unemployment rate increased by 0.1% to 5.4% in December.

There was a small fall in full-time employment, offset by increased part-time employment. The participation rate was steady at 65.1%.

Employment Participation Minister Kate Ellis and Shadow Treasurer Joe Hockey both commented on the figures.

Ellis

  • Listen to Kate Ellis comment on the figures (14m)

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Hockey

  • Listen to Shadow Treasurer Joe Hockey (7m)

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Text of media release from the Australian Bureau of Statistics.

Australia’s seasonally adjusted unemployment rate increased 0.1 percentage points to 5.4 per cent in December, as announced by the Australian Bureau of Statistics (ABS) today. [Read more...]

Filed Under: Audio2013, Economy, Gillard, Liberal Party Tagged With: , ,

Abbott On Budget Surplus: Government Has Completely Failed On Economic Management

Dec 20, 2012 Leave a Comment

Australians cannot trust the Gillard government to manage the economy or to tell the truth, according to the Leader of the Opposition, Tony Abbott.

Speaking at a joint press conference with shadow Treasurer Joe Hockey, Abbott said the government’s retreat on the budget surplus was another betrayal of a fundamental promise.

Abbott said the government had been behaving as if the surplus “wasn’t something that might happen, it was something that had happened.” The government has no economic strategy, just a political strategy, he said. “You can’t trust them to manage the economy or to tell the truth.”

Abbott

Abbott claimed that in the 2010 election campaign Gillard had made a budget surplus pledge the day after she promised not to introduce a carbon tax. “They’ve been talking of a surplus for three years.”

“We will pursue this government every single day for its failure until the election,” Abbott said. [Read more...]

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