Chris Bowen's claim to win election through energy policy is ‘nonsense'
'The vast majority of Australians are not intimately familiar with each party's policies when they go into the polls,' Ms Storer told Sky News host Chris Kenny.
'For him to then say, this is the silent majority's endorsement of all I'm doing … nobody is endorsing that, sir, but yes, you guys did win.
'To say it's on the back of their energy policies … that's just nonsense.'
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Sky News AU
2 hours ago
- Sky News AU
Three years of soaring inflation continues to weigh on Aussie households despite Jim Chalmers lauding inflation's decline
Aussies continue to be plagued with the cumulative impacts of years of price rises despite Treasurer Jim Chalmers lauding a recent drop in inflation. Mr Chalmers on Wednesday boasted about inflation falling to its lowest point since March 2021 when annual headline inflation sank to 2.1 per cent in the June quarter. 'No major advanced economy has achieved what Australia has been able to achieve,' the Treasurer said during Question Time. 'Inflation in the low 2s, unemployment in the low 4s (and) three years of continuous economic growth. 'At the same time that inflation is going up in the US, the UK, Canada, New Zealand, it's coming down here in Australia.' But household budgets are strained by cumulative price rises since Labor came to power with a myriad of factors including global supply chain constraints and large government spending being blamed for costs of many everyday goods soaring. analysis of Australian Bureau of Statistics inflation data has revealed how the costs of many household items have skyrocketed in the 36 months to July 1. Eggs are up a whopping 41 per cent with the good soaring 19.1 per cent over the past year alone. It comes amid shortages that left supermarket shelves bare after avian flu swept the nation's poultry farms. Insurances are up more than 35 per cent, while rents have jumped 19.68 per cent and gas and household fuels are up almost 30 per cent. Meanwhile, a litany of household staples including milk (up 17.88 per cent), bread (up 19.87 per cent) and fruit (up 18.37 per cent) have surged in recent years. The cost of food and non-alcoholic beverages as a whole are up 14.43 per cent, just above the 12.37 per cent total consumer price index rise over the past three years. Despite massive inflation amongst some goods, others have either sank in cost or increased below the CPI jump. Fuel costs (down 6.12 per cent) have settled since they spiked after Russia invaded Ukraine, while meat and seafoods have only risen about six per cent over three years. The rises feel unsustainable for many Australians, and the pain will not evaporate until wages catch up with the price jumps seen across the economy. Deloitte Access Economics partner Stephen Smith predicted it will be about half a decade before Australians can regain their pre-pandemic purchasing power. 'While inflation is now back within the RBA's target band, Australians are not going to see prices fall back to where they were before the pandemic,' Mr Smith told 'While some prices do fluctuate over time – such as petrol and certain groceries – prices more generally tend to rise. 'Inflation is generally forecast to remain in the RBA's target band of 2-3 per cent into the future, which means it will take several years before Australians' purchasing power is restored to pre-pandemic levels. 'In other words, the households today cannot afford the same basket of goods and services that they could before the pandemic, and they are unlikely to recover that purchasing power for at least another five years.' Shadow Treasurer Ted O'Brien said the recent inflation data was welcome news for millions of Aussies banking on further rate relief, but stressed cumulative price rises weighed heavily on households. 'A rate cut would be welcome relief to the average Australian mortgage holder who is currently paying an additional $1,900 in interest every month compared to when Labor came to office,' a statement from Mr O'Brien read. 'The price of everything has gone up under Labor and, despite today's announcement, it is never coming down. 'The ABS data simply indicates prices are now increasing at a slower rate.' Trimmed mean inflation – the middle 70 per cent of price changes core the RBA's rate decisions – continues to fall within the central bank's 2-3 per cent target band, sparking hopes of mortgage relief down the track. Many have criticized large government spending, which has soared to 27.6 per cent of GDP, for worsening inflation while prices jumped after the pandemic. 'Government spending did exacerbate the inflation problem, primarily because of income support and other payments to households, which added to spending in the economy,' Mr Smith said. 'Some of this support, such as the energy bill relief payments, could have been better targeted toward low-income households, reducing spending pressure in the economy. He acknowledged that government spending was 'not the primary driver of inflation' with administered prices - which are set by non-market forces, based on inflation data and are for services such as childcare, medical and insurance. 'This perpetuates the problems and makes it more difficult to bring inflation back down to more normal levels,' Mr Smith said. Lifting the nation's economy and putting more cash back into everyday Aussies' pockets will come into focus this month when leaders across business, politics and unions congregate at the upcoming economic roundtable. It is here where the leading minds will attempt to conjure up a solution to the nation's lagging growth and stalling productivity.
West Australian
3 hours ago
- West Australian
Nick Bruining: An over 55s guide to accessing JobSeeker and superannuation before you get the age pension
With Australia's unemployment rate edging up slightly in June, many older people not yet eligible for an age pension will be weighing up their options. That can include using up their savings or tapping into their superannuation to carry them over until the age pension eligibility age of 67. Ceasing employment after turning 60 and not intending to return to work at the time you access your super is a valid 'condition of release' and allows full access to all of your nest egg. One other option is the poorly understood JobSeeker allowance payment from Centrelink. JobSeeker is a means-tested allowance benefit. Allowances are different to pension payments because they are regarded as a temporary support payment to carry you over until you return to paid employment. While the normal JobSeeker payment for a single is $789.90 a fortnight, a single over 55 receives a higher rate of $850.60 if they have been on a JobSeeker payment for nine consecutive months. Eligible couples receive $725.70 each, and as with other income support payments couples are assessed as a single entity under the means test system. JobSeeker payments form part of your taxable income for the year. For those under 60, receiving JobSeeker can also open the door to accessing some of your super before retirement. If you've been in receipt of a Centrelink income support payment for at least 26 weeks, you can apply to have up to $10,000 released from your super every 12 months. Be aware that this withdrawal is taxable. JobSeekers are subject to an asset and income test — but with big differences compared to the age and disability support pension rules. While the asset means test lower limits are identical to the pension figures, once you exceed the limit no benefit is payable. It does not taper down in the same way as a pension. For a single homeowner, the asset test limit is $321,500, excluding the value of the home. For a couple, it's $481,500. Note that Centrelink will accept the second-hand or scrap value for fixed assets, so don't calculate this number based on insured values. Importantly, all money held in superannuation accumulation phase is exempt from means testing until you hit 67. Non-homeowners are allowed an additional $252,000 in assets, whether as a single or a couple. The income test is complex and is calculated in the same way as the age pension. It is not the same as the Australian Taxation Office's method. In essence, if your Centrelink-assessable income exceeds $150 a fortnight, your allowance will start to reduce. The cut-off limits vary considerably based on your family situation, but for many older kid-free Australians, it is around the $1500-a-fortnight mark — and higher once you've been on benefits for more than nine months. Importantly, the 'mutual obligation' requirements for over 55s is quite different to younger recipients of JobSeeker. Mutual obligations require you to demonstrate some activity that makes you job ready. While ideally you'll continue to seek paid employment, you can meet your obligations through other activities such as formal study or approved voluntary work. In both cases, this needs to take up at least 30 hours a fortnight of your time if you are over 60. Between 55 and 60, you must continue to seek work with a maximum of 15 hours doing voluntary work in the first 12 months of unemployment. After 12 months, the same rules for over 60s apply. One important point to note: if you are over 60 and claiming JobSeeker at the same time and not simply doing voluntary work or study, you probably cannot access your super. The rules are, you can access your super once you cease any employment after turning 60. If you don't have a job to cease then, by definition you haven't satisfied this condition of release. Nick Bruining is an independent financial adviser and a member of the Certified Independent Financial Advisers Association
The Advertiser
3 hours ago
- The Advertiser
Emissions reduction 'central' to boosting productivity
An answer to Australia's languishing productivity lies in its response to the threat of climate change, an independent government advisory body has found. Adapting to growing climate-related risks while also reducing emissions and transitioning to clean energy will enable higher productivity growth and living standards, according to an interim report by the Productivity Commission. The findings come as Treasurer Jim Chalmers prepares to convene a roundtable in search of a solution to the nation's lagging productivity. "Australia's net zero transformation is well under way," commissioner Barry Sterland said. "Getting the rest of the way at the lowest possible cost is central to our productivity challenge." By minimising the costs of reducing emissions through careful policy design, resources would be freed up for more productive activities, the interim report found. It recommended ensuring incentives to invest in technology that can achieve reductions. The Renewable Energy Target and the Capacity Investment Scheme, for example, will not support new investment in renewables after 2030, which means new market-based incentives should be implemented to eventually replace them. The report also recommends incentivising heavy vehicle operators to reduce emissions. Long-overdue reforms to Australia's main environment law would also better protect the natural world by introducing national standards and improving regional planning, while speeding up approvals for infrastructure to make energy cheaper. Though Australia has already set targets to cut greenhouse gas emissions 43 per cent by 2030 and achieve net zero emissions by 2050, the interim report found Australia will face significant climate-related risks regardless of emissions reductions. This means adapting to climate change is integral to growing productivity. The government has been urged to boost resilience to climate perils, which would lower the cost of disaster recovery and help maintain quality of life while Australia grapples with the impacts of climate change. Australians' homes in particular must become better adapted to climate risks, prompting the Productivity Commission to call for a housing resilience rating system and resources to help households, builders and insurers more easily identify upgrades. Dr Chalmers' roundtable will convene later in August and some invited to attend have already called for similar reforms. Former Treasury secretary Ken Henry in July urged the government to overhaul the nation's environment laws or risk Australia missing its most important economic goals. An answer to Australia's languishing productivity lies in its response to the threat of climate change, an independent government advisory body has found. Adapting to growing climate-related risks while also reducing emissions and transitioning to clean energy will enable higher productivity growth and living standards, according to an interim report by the Productivity Commission. The findings come as Treasurer Jim Chalmers prepares to convene a roundtable in search of a solution to the nation's lagging productivity. "Australia's net zero transformation is well under way," commissioner Barry Sterland said. "Getting the rest of the way at the lowest possible cost is central to our productivity challenge." By minimising the costs of reducing emissions through careful policy design, resources would be freed up for more productive activities, the interim report found. It recommended ensuring incentives to invest in technology that can achieve reductions. The Renewable Energy Target and the Capacity Investment Scheme, for example, will not support new investment in renewables after 2030, which means new market-based incentives should be implemented to eventually replace them. The report also recommends incentivising heavy vehicle operators to reduce emissions. Long-overdue reforms to Australia's main environment law would also better protect the natural world by introducing national standards and improving regional planning, while speeding up approvals for infrastructure to make energy cheaper. Though Australia has already set targets to cut greenhouse gas emissions 43 per cent by 2030 and achieve net zero emissions by 2050, the interim report found Australia will face significant climate-related risks regardless of emissions reductions. This means adapting to climate change is integral to growing productivity. The government has been urged to boost resilience to climate perils, which would lower the cost of disaster recovery and help maintain quality of life while Australia grapples with the impacts of climate change. Australians' homes in particular must become better adapted to climate risks, prompting the Productivity Commission to call for a housing resilience rating system and resources to help households, builders and insurers more easily identify upgrades. Dr Chalmers' roundtable will convene later in August and some invited to attend have already called for similar reforms. Former Treasury secretary Ken Henry in July urged the government to overhaul the nation's environment laws or risk Australia missing its most important economic goals. An answer to Australia's languishing productivity lies in its response to the threat of climate change, an independent government advisory body has found. Adapting to growing climate-related risks while also reducing emissions and transitioning to clean energy will enable higher productivity growth and living standards, according to an interim report by the Productivity Commission. The findings come as Treasurer Jim Chalmers prepares to convene a roundtable in search of a solution to the nation's lagging productivity. "Australia's net zero transformation is well under way," commissioner Barry Sterland said. "Getting the rest of the way at the lowest possible cost is central to our productivity challenge." By minimising the costs of reducing emissions through careful policy design, resources would be freed up for more productive activities, the interim report found. It recommended ensuring incentives to invest in technology that can achieve reductions. The Renewable Energy Target and the Capacity Investment Scheme, for example, will not support new investment in renewables after 2030, which means new market-based incentives should be implemented to eventually replace them. The report also recommends incentivising heavy vehicle operators to reduce emissions. Long-overdue reforms to Australia's main environment law would also better protect the natural world by introducing national standards and improving regional planning, while speeding up approvals for infrastructure to make energy cheaper. Though Australia has already set targets to cut greenhouse gas emissions 43 per cent by 2030 and achieve net zero emissions by 2050, the interim report found Australia will face significant climate-related risks regardless of emissions reductions. This means adapting to climate change is integral to growing productivity. The government has been urged to boost resilience to climate perils, which would lower the cost of disaster recovery and help maintain quality of life while Australia grapples with the impacts of climate change. Australians' homes in particular must become better adapted to climate risks, prompting the Productivity Commission to call for a housing resilience rating system and resources to help households, builders and insurers more easily identify upgrades. Dr Chalmers' roundtable will convene later in August and some invited to attend have already called for similar reforms. Former Treasury secretary Ken Henry in July urged the government to overhaul the nation's environment laws or risk Australia missing its most important economic goals. An answer to Australia's languishing productivity lies in its response to the threat of climate change, an independent government advisory body has found. Adapting to growing climate-related risks while also reducing emissions and transitioning to clean energy will enable higher productivity growth and living standards, according to an interim report by the Productivity Commission. The findings come as Treasurer Jim Chalmers prepares to convene a roundtable in search of a solution to the nation's lagging productivity. "Australia's net zero transformation is well under way," commissioner Barry Sterland said. "Getting the rest of the way at the lowest possible cost is central to our productivity challenge." By minimising the costs of reducing emissions through careful policy design, resources would be freed up for more productive activities, the interim report found. It recommended ensuring incentives to invest in technology that can achieve reductions. The Renewable Energy Target and the Capacity Investment Scheme, for example, will not support new investment in renewables after 2030, which means new market-based incentives should be implemented to eventually replace them. The report also recommends incentivising heavy vehicle operators to reduce emissions. Long-overdue reforms to Australia's main environment law would also better protect the natural world by introducing national standards and improving regional planning, while speeding up approvals for infrastructure to make energy cheaper. Though Australia has already set targets to cut greenhouse gas emissions 43 per cent by 2030 and achieve net zero emissions by 2050, the interim report found Australia will face significant climate-related risks regardless of emissions reductions. This means adapting to climate change is integral to growing productivity. The government has been urged to boost resilience to climate perils, which would lower the cost of disaster recovery and help maintain quality of life while Australia grapples with the impacts of climate change. Australians' homes in particular must become better adapted to climate risks, prompting the Productivity Commission to call for a housing resilience rating system and resources to help households, builders and insurers more easily identify upgrades. Dr Chalmers' roundtable will convene later in August and some invited to attend have already called for similar reforms. Former Treasury secretary Ken Henry in July urged the government to overhaul the nation's environment laws or risk Australia missing its most important economic goals.
