logo
Leaked advice shows big housing, AI news

Leaked advice shows big housing, AI news

Yahooa day ago
A leak revealing the Treasury pre-wrote a list of outcomes from Labor's much-hyped economic roundtable is proof the 'whole exercise is being choreographed', Sussan Ley says.
The roundtable will not happen until next week, and yet a Treasury document showed pre-written advice for cabinet, the ABC reported on Thursday.
Among the recommendations was pausing the National Construction Code, which sets safety and environmental standards for buildings.
The code has been criticised, including by the Productivity Commission, for driving up the cost of construction by imposing overly strict regulations.
The leaked document also recommended a plan to roll out artificial intelligence to process building approvals.
The Opposition Leader said it was clear the government already knew what it wanted from the upcoming roundtable.
'It's all been lined up, statements are ready to go out,' Ms Ley told Nine's Today.
'People are going there in good faith and they want to see outcomes.
'They want see us growing the economic pie and they want to see Australians pay less tax and be rewarded for their effort.
'I fear that none of those things are actually on the agenda at this productivity roundtable.'
Her predecessor, Peter Dutton, took a 10-year pause on the National Construction Code to the federal election.
Whether the policy remains in line with Ms Ley's vision for the Coalition is unclear.
Further on housing, the Treasury advice recommended measures to streamline housing approvals and reforms to clear a backlog of 30,000 applications waiting to clear environmental hurdles.
The artificial intelligence plan would be key to getting through that backlog.
The focus on housing comes amid widespread expectations the Albanese government will fall short of its pledge to build 1.2 million homes by 2030.
Employment and Workplace Relations Minister Amanda Rishworth defended the pre-written advice, saying it was normal for Treasury officials to prepare notes based on conversations in the lead-up to the big talks.
'It's not surprising that Treasury would prepare advice to government and, of course, in the lead-up to the productivity roundtable, there has been ministers and other organisations holding a lot of discussions,' Ms Rishworth told the ABC.
'There's been other roundtables led by government ministers discussing some of the challenges and some of the opportunities.'
She added that it was 'a really good opportunity to bring people together and look at the very long term of what we need to do as a country'.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Mortgage broker reveals $112,000 home loan mistake: ‘Costing you a bomb'
Mortgage broker reveals $112,000 home loan mistake: ‘Costing you a bomb'

Yahoo

time7 minutes ago

  • Yahoo

Mortgage broker reveals $112,000 home loan mistake: ‘Costing you a bomb'

A mortgage broker has revealed how Aussies could shave thousands off their home loan and pay it off quicker by making one simple change to their repayments. The Reserve Bank of Australia (RBA) cut the cash rate this week, providing welcome relief to millions of borrowers, but there are other ways to save aside from getting a lower interest rate. Most banks and lenders will set monthly home loan repayments as a default and Cameron Capital founder Mary Cameron said it could be 'costing you a bomb'. She said just switching the frequency of your repayments to fortnightly or weekly can make a surprisingly big difference to your loan. 'Having a smart structure and paying it off with these earlier and more frequent payments [means] that you can save over $100,000 over the life term and four years of your loan,' Cameron told Yahoo Finance. RELATED RBA cuts interest rates delivering cash boost for millions of mortgage holders Hidden $3,000 per year cost of cashless revolt as record number of banknotes hoarded ATO $2,548 tax refund cash boost for 2.6 million Aussies Cameron gave the example of a borrower with a $550,000 home loan with an interest rate of 5.8 per cent over 30 years. They would have monthly repayments of $3,208, but if they switched to fortnightly repayments of $1,604 they could take four years off their loan and save $109,000 in interest. If they switched to weekly repayments of $802, they could save four years on their loan and save $112,000 in interest. Cameron said to consider how often you get paid. If you are paid weekly or fortnightly, it might make sense to match your repayments to your pay can paying fortnightly or weekly save me money? The reason for the difference is because you are actually making more repayments during the year compared to monthly. That's because by paying half the monthly amount every two weeks, you'd make the equivalent of an extra month's repayment each year, as there are 26 fortnights in a year, which works out to 13 monthly repayments annually. There are similar benefits for weekly repayments too. 'It's a sneaky little way of actually slipping in an extra repayment for the year. So by paying it off weekly, you're actually without realising it getting a whole month repayment in that annual year,' Cameron explained. Interest is also calculated daily, so the more frequently your debt is being repaid, the lower your interest costs will be. Cameron said most banks will allow you to switch to fortnightly or weekly repayments. You can ask your mortgage broker for help with this or call up the bank directly and make sure it suits your personal circumstances. How else could I save on my home loan? If you're looking for more ways to pay off your loan quicker, Cameron said keeping your repayments the same after the RBA's recent cash rate cuts could be worth considering. Vanguard calculated that borrowers with a $600,000 mortgage and 25 years remaining on an interest rate of 5.8 per cent could pay off their loan more than a year earlier and save $29,705 in interest over the life of their loan just by keeping repayments the same after Tuesday's rate cut. 'You're smashing down the loan a lot sooner, just keeping the repayments the same without reducing your repayments to the new, smaller amount,' Cameron said. CBA, NAB and ANZ revealed millions of borrowers have already been doing this, with just one in 10 opting to lower their repayments following the May rate cut. Westpac is the only Big Four bank that automatically drops repayments for customers paying the minimum amount. Popping any lump sum bonus money you receive, like any tax refund, is another way to bring down your home loan, Cameron said. 'Even if it's once a year and they get $5,000 from their tax return, throw that in your mortgage account. Don't keep it in a savings account because it's doing nothing for you,' she said. You could also consider rounding up your repayments. 'If your repayment is something like $2,378 per month, just round it up to $2,500 a month,' Cameron said. 'You'd be surprised with just that $130 extra a week, throwing that in other than just the standard amount that you're required to make, how that little extra adds up massively over time.' Aussies have also been switching to different banks, with recent ABS data revealing nearly 100,00 mortgages switched to a different lender in the June quarter. That works out to more than 1,000 mortgages refinanced a day.

Tradie slashes $1,500 electricity bill amid ‘unprecedented' solar battery boom: ‘Massive savings'
Tradie slashes $1,500 electricity bill amid ‘unprecedented' solar battery boom: ‘Massive savings'

Yahoo

time24 minutes ago

  • Yahoo

Tradie slashes $1,500 electricity bill amid ‘unprecedented' solar battery boom: ‘Massive savings'

Australians are installing home batteries in huge numbers following the introduction of the federal government's subsidy scheme last month. Some Aussies say they have been able to slash their electricity bills significantly after installing batteries, avoiding recent price hikes. Tradie Neil Westgarth installed two solar batteries last year after being fed up with rising electricity prices. The 58-year-old told Yahoo Finance his bills were roughly $1,500 a quarter for his family's Inverell home, where he lives with his wife and 17-year-old daughter. 'The amount electricity is these days is just ridiculous and we had the money there, so I thought it's gonna pay for itself in the long run,' he said. RELATED Major EV warning as true battery range for big brands like Tesla and BYD exposed 30,000 Aussie workers needed for Census jobs paying up to $60 per hour Huge push for four-day work week to become reality for all Australians Westgarth spent $11,000 installing two batteries, which are 20kwh combined. He was able to get a rebate on the batteries offered by the government at the time. Since getting the batteries, Westgarth said his most recent winter bill was $240 for the quarter, while the bill before that was just $59 for the quarter. 'It's massive savings. We're very happy with it,' he said. It's a big upfront cost, but Westgarth has calculated it will take them about five years to pay off the batteries. The family installed solar panels about five years ago. It set them back about $6,000 for a 6kwh system at the time. More than four million Aussie households have rooftop solar panels installed, but only one in 40 has a battery system installed. Home battery installations surge The federal government's Cheaper Home Batteries Program gives a 30 per cent discount on the cost of installing a battery. The $2.3 billion scheme was first announced during the election campaign and opened on July 1. The Clean Energy Regulator revealed 19,592 solar batteries were installed throughout July, with the average battery size installed being 18.2 kWh. About 37.5 per cent of installations were in New South Wales, 21 per cent in Queensland, 15 per cent in South Australia, and 13 per cent in Victoria. Battery provider VoltX Energy said it had seen substantial increases in demand since the rebate announcement, up 390 per cent in Queensland, 315 per cent in South Australia, and 160 per cent in New South Wales compared to June. 'This level of growth is unprecedented. A year ago, we were installing a modest number of batteries each month — today, that number has grown by over 2,000 per cent, with consistent momentum month after month,' chief operating officer David Sedighi said. The provider predicts another 160,000 new household battery installations will occur across Australia in the next 12 months. Sedighi said the biggest barrier now was the number of qualified installers available. The ACCC recently put the electricity industry on notice as more households invest in batteries and solar. 'The ACCC will be watching carefully and actively monitoring consumer complaints. We will hold solar and battery installers, retailers and suppliers accountable to ensure they comply with Australia's consumer laws," ACCC commissioner Anna Brakey said. 'Consumers looking to take advantage of the new subsidies for solar home batteries to lower their energy bills, should take their time and not feel pressured to rush in straight away." Savings of up to $2,300 a year on offer Government modelling found households with existing rooftop solar could save up to $1,100 off their power bill each year by installing a battery, while those with new solar could save up to $2,300 a year. Residents in NSW can also now claim a rebate for installing a battery and connecting it to a virtual power plant. Westgarth said the energy bill savings he received from installing batteries were going towards paying off his mortgage. Westgrath said electricity used to be one of his biggest costs, along with groceries and fuel. 'With all these price rises, if we didn't have the battery and solar, I reckon the electricity bill would be closer to $1,700 or $1,800 a quarter,' he said, adding that he had a high usage household. Clean Energy Regulator executive general manager Carl Binning said it has been promising to see so many Aussies interested in installing a solar battery. 'An increase in solar batteries across Australia benefits the householder and reduces supply and demand across the whole electricity grid, meaning lower electricity bills for everyone,' he said. Default electricity prices rose on July 1 for those in New South Wales, Victoria, Queensland, South Australia, Tasmania and the ACT. Origin and AGL also increased the prices on their market plans for customers in July and August, while EnergyAustralia is hiking its plans in August and in retrieving data Sign in to access your portfolio Error in retrieving data

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store