Markets live updates: ASX to rise after fresh highs on Wall Street as US rate cut bets rise
Jobs numbers for July will be released at 11:30am AEST, with the unemployment rate tipped to have improved slightly to 4.2 per cent.
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ABC News
21 minutes ago
- ABC News
Treasurer downplays leaked department document listing possible outcomes of productivity round table
Treasurer Jim Chalmers has downplayed a leaked document from his department that included possible outcomes of the government's upcoming productivity round table, saying it should not come as a "big surprise" that briefings have been prepared. The pre-written list of recommended outcomes, prepared for cabinet and seen by the ABC, includes advice to pause changes to the National Construction Code, which is similar to a Coalition proposal that was panned by Labor at the federal election. Opposition Leader Sussan Ley has seized on the document as evidence that the much-touted talks are a "stitch-up", despite the government's repeated pledge to not rule anything in or out before business leaders, unions and economists gather at Parliament House on Wednesday. "When I read information that says it's all been choreographed, it's all been lined up, even to the level of announcements being made from outcomes, I wonder whether people who are attending this round table are indeed wasting their time," Ms Ley told reporters in Adelaide on Thursday. The treasurer, however, was adamant that the forum was a "genuine attempt" to tackle big issues in the economy and that the government did not "pre-empt any of the reform directions" that would come out of it. "I don't think it should come as a big surprise to anyone that the Treasury has been briefing us on those ideas, helping us to prepare for those proposals that people have said that they will put to us," he said. The Treasury advice, first reported by the ABC on Thursday, also included measures to speed up housing approvals, such as a national artificial intelligence plan to cut environmental red tape, and reforms to clear a backlog of 30,000 housing approvals currently being assessed under the Environment Protection and Biodiversity Act. Mr Chalmers would not be drawn on on whether the government would accept the recommendation to pause changes to the National Construction Code, telling reporters "there are a number of issues that have been proposed to us". He also stressed that the document was "not a government announcement" and that the recommendations within it were not government policy. "I have been consulting for weeks now in probably one of the most intensive periods of consultation that people have seen for a long time and ideas like that have been put to us, not just those ideas that have been reported today but probably hundreds of different ideas have been put to us," he said. Housing Minister Clare O'Neil confirmed the code would be up for discussion at the talks, but echoed the treasurer in stating she did not want to pre-empt any outcomes. Industry has approached next week's summit cautiously, after some business leaders left the government's 2022 Jobs and Skills Summit feeling the government had entered with a pre-determined outcome. Mr Chalmers has repeatedly said nothing would be off the table at the talks, only specifying that any proposal should be budget positive or at least budget neutral. He has previously flagged that tax reform would be a priority, but that was thrown into question after the prime minister last week suggested the government was "only" looking at tax policies it took to the election. Earlier on Thursday, Prime Minister Anthony Albanese also batted away accusations the meeting was a waste of time, saying "ideas are popping up all the time". "Those ideas are getting assessed as they're being made. Government will make decisions, to be very clear, governments make decisions," he said. "What next week is, though, is an opportunity for people to advance their ideas, to advance policies, and that's a really constructive thing."
ABC News
an hour ago
- ABC News
Whose economic summit is it anyway?
Productivity is the word of the week, dominating the lead-up to Treasurer Jim Chalmers' Economic Reform Roundtable. Even the RBA's rate cut - which had the Treasurer metaphorically dancing in the aisles - was quickly overshadowed by a warning from the RBA Governor: Australia's productivity is falling faster than forecast. It's shaping up as a summit with big stakes - and behind the scenes, there's been a quiet tug of war over who owns it. Is this Anthony Albanese's policy agenda, or Jim Chalmers' political stage? All of that comes off the back of an historic announcement from the Prime Minister to begin the week - Australia will formally recognise Palestinian statehood, triggering diplomatic ripples at home and abroad. Patricia Karvelas and Fran Kelly are joined by Melissa Clarke, Radio National Breakfast political correspondent on The Party Room. Got a burning question? Got a burning political query? Send a short voice recording to PK and Fran for Question Time at thepartyroom@
Daily Telegraph
an hour ago
- Daily Telegraph
ABS travel data shows fall in Aussie visits to US
Don't miss out on the headlines from Breaking News. Followed categories will be added to My News. Australian holiday-makers continue to drift away from the US, with fresh Australian Bureau of Statistics data revealing a stark fall off in visitor numbers. Overseas arrivals and departures data shows the US fell from third to fourth most popular travel destination across 2024-25. Travel to the vast and vibrant North American democracy was now 25 per cent lower from 10 years ago, the ABS said. China, meanwhile, rose two spots to fifth place, even as the government recommends travellers exercise a 'high degree of caution' when visiting the Communist country. More restrictive US trade and entry policies, introduced following US President Donald Trump's victory in November last year, could be dampening Australia's traditional American wanderlust. The US boasts a range of legendary cities including New York. Picture: Visit USA In a trading update from July, travel booking company Flight Centre warned of an 'ongoing global downturn in bookings to the US' and said Australian holiday-makers were searching for destinations closer to home. 'This volatility temporarily disrupted traditional travel and booking patterns during Flight Centre's peak trading period as some customers either booked closer-to-home overseas holidays (in Australia, examples include China, Japan, Fiji and New Zealand) or delayed finalising travel plans,' the company said. The $2.8bn company delivered a reduced profit forecast as a result of the disruption in traditional travel patterns. Though travel to the US declined, Indonesia held steady as Australia's most popular travel destination. Indonesia remains Australia's most popular holiday destination. Picture: Getty Images The northern neighbour, which boasts the tourism crown jewel of Bali, accounted for 14 per cent of Australian overseas trips across the year. Some 87 per cent of the 1,741,370 trips recorded to Indonesia were for holidays. New Zealand came in second place, Japan third, the US fourth and China at No.5. Trips to Japan have tripled compared with 2015, while trips to India have doubled. For travel into Australia, New Zealanders took out top spot, accounting for 16.6 per cent of all visitors, or 1,391,140 visits. The median duration of stay in Australia was 12 days, the same as 2023-24. Originally published as ABS overseas arrivals and departures data shows 25 per cent fall in Aussie visits to US
