Farming Today 03/03/25 - Solar farms on tenant farms, the wisdom of retired fishermen and supply chain fairness
Fishing is facing a shortage of workers – fewer people are coming from the European Union to work, and many older fishermen who retire aren't being replaced. At South Devon College they're hoping to attract new recruits to the industry - we go to event in collaboration with the charity the Fishermen's Mission, where the older generation of fishermen met those just starting out or considering a career at sea.
And we hear from the Agricultural Supply Chain Adjudicator. Farmers have long had concerns about the way supply chains work, saying they shoulder too much of the risk, and don't reap enough of the rewards. To help, an Agricultural Supply Chain Adjudicator has been appointed - in the first instance to enforce new rules aimed at improving transparency and fairness in the dairy sector. Similar regulations to cover pigs are expected this spring and then the plan is to look at eggs and fresh produce.
Presented by Charlotte Smith
Produced by Heather Simons
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Daily Mail
2 hours ago
- Daily Mail
Single photo says it all about the real reason Australians feel so poor right now
Australia's prohibitively expensive electricity prices and high government spending have been blamed for the nation's productivity crisis. Nationals senator Matt Canavan has convened an alternative roundtable at Parliament House in Canberra to Treasurer Jim Chalmers ' three-day Economic Reform Roundtable. Chalmers is trying to find policy solutions to Australia's slipping living standards. Senator Canavan said: 'There was no mention of a tripling of electricity prices that have occurred in the past 20 years.' 'There's no mention of the government spending that we've seen that is crowding out private investment.' Canavan, a former economist with the Productivity Commission, noted that from 1990 to 2004, electricity prices had fallen by 19 per cent. 'We actually got in there and made some hard decisions and we lowered the cost of living for Australian people and of course helped Australian businesses compete with the rest of the world,' he said. 'Of course, since then we've lost complete control of electricity prices.' During the 1990s to the mid-2000s, Australia's productivity - or hourly output per worker - increased by an average annual pace of 2.1 per cent during the first decade of the internet. That was a far cry from the one per cent plunge in the year to March on Anthony Albanese's watch as Prime Minister. The Reserve Bank has slashed its growth forecast to just 0.7 per cent a year for the next two years. Economists have linked Australia's weak productivity growth during the past decade to a reluctance by companies to invest in new technology and machinery that would make businesses more productive. 'We are not, in my view, going to fix our productivity crisis if we cannot lower energy prices in the country, it's as simple as that,' Canavan said. Gary Banks, a former chairman of the Productivity Commission, said Australia's productivity crisis risked making Australians poorer. 'Productivity ... has become a matter of general concern if not consternation,' he said. 'Even more concerning is the expectation, which is embedded in the Treasury's latest Intergenerational Report, of a much diminished future rate of productivity growth compared to what it was in the past. 'That will bring with it a comparable diminution in income growth and thus living standards in the longer term.' Chalmers on Wednesday said the second day of his three-day roundtable would focus on addressing Australia's productivity crisis. 'The first day was about resilience, today is about productivity and tomorrow more fundamentally about the Budget,' he said. 'But we all know those three things are very tightly linked. 'Productivity really sits at the core of so much of what we're trying to achieve. 'In the conversations yesterday about attracting more investment, about capital deepening, capital flows in the world and in our own economy. 'Productivity is the central focus of the government, of today's part of the roundtable, but also the work that we will all do in the months and years ahead. 'It was a really deliberate decision by our government to put productivity at the centre of our economic agenda and that's primarily or exclusively because that's how we get those higher living standards that we need to see in our economy.' Treasury is forecasting a string of deficits for at least the coming decade with government spending as a proportion of the economy at the highest level since 1986, outside of the Covid pandemic. Shadow treasurer Ted O'Brien told Canavan's summit that workers would end up paying higher income taxes unless government spending was restrained. 'Absolutely key to where the real problem lies, that is, the government has to stop the spending spree because if it doesn't, then it's only going to go after more taxes, and the only tax they are really relying on is income tax increases,' he said. 'That's entirely what they think is going to close the gap of the deficits.' Income taxes are expected to make up almost 52 per cent of commonwealth revenue during this financial year with neither side of politics committed to raising the GST from 10 per cent or broadening it to cover fresh food, health and education. Labor is also committed to a net zero by 2050 target and a 43 per cent reduction by 2030.


Reuters
4 hours ago
- Reuters
Japan's exports log biggest drop in 4 years as US tariff impacts intensify
TOKYO, Aug 20 (Reuters) - Japan's exports posted the biggest monthly drop in about four years in July, government data showed on Wednesday, as the impact of U.S. tariffs intensified, raising concerns about the outlook for the export-reliant economy. Total exports from the world's fourth-largest economy dropped 2.6% year-on-year in July in value terms, the biggest monthly drop since February 2021, when exports fell 4.5%. It was larger than a median market forecast for a 2.1% decrease and marks a third straight month of decline after a 0.5% drop in June. Despite the plunge in the value of exports, shipment volumes have so far held up as Japanese exporters have avoided major price hikes, said Takeshi Minami, chief economist at Norinchukin Research Institute. "But they would eventually have to pass on costs to U.S. consumers and that would further hamper sales in the coming months," he said. Exports to the United States in July fell 10.1% from a year earlier, with automobiles slumping 28.4% and automotive components down 17.4%. However, automobile exports fell just 3.2% in volume terms, suggesting Japanese automakers' price cuts and efforts to absorb additional tariffs have partly shielded shipments. The United States imposed 25% tariffs on automobiles and auto parts in April and threatened 25% levies on most of Japan's other goods. It later struck a trade deal on July 23 that lowered tariffs to 15% in exchange for a U.S.-bound $550 billion Japanese investment package. The agreed tariff rate on automobiles, Japan's largest export sector, is still far higher than the original 2.5%, exerting pressure on major automakers and parts suppliers. Exports to other regions were also weak. Those to China were down 3.5%, the data showed. Total imports in July dropped 7.5% from a year earlier, compared with market forecasts for a 10.4% fall. As a result, Japan ran a deficit of 117.5 billion yen ($795.4 million) in July, compared with a forecast of a 196.2 billion yen surplus. The outcome follows unexpectedly strong growth in gross domestic product (GDP) in the April-June quarter, separate data showed last week, fuelled by surprisingly resilient exports and capital expenditure. Economists said the strong exports growth in GDP data reflected differences in how the impact of price changes is factored in. Nevertheless, Norinchukin's Minami said that the Japanese economy has so far avoided the worst. "As the tariff deal has at least reduced uncertainties, the Bank of Japan is likely to resume rate hikes as early as in October," he said. ($1 = 147.7200 yen)


Daily Mail
5 hours ago
- Daily Mail
Make no mistake, what's unfolding is spiteful class warfare on steroids: JEFF PRESTRIDGE
Another day and yet another rumour emerges of an egregious attack on the wealth of Middle England by this tax-grabbing Government. It's enough to reduce grown men and women, the prudent and thrifty to tears. Having just informed us that a more pernicious inheritance tax regime is heading our way, Labour has now indicated that it is looking to impose a new property tax regime on middle-class homeowners. It seems that nothing in our financial armoury – our home, pension and savings – is sacred in the eyes of Labour. It's all there to be grabbed or taxed to the hilt. Although details of the proposed tax are rather sketchy – and Treasury officials are currently remaining schtum – the fact that the story broke in the Labour-supporting Guardian newspaper suggests that this new tax regime has legs. No smoke without fire. The tax, it seems, could apply to those selling homes worth more than £500,000 – and replace the current stamp duty tax which is levied on buyers. Another option is an annual levy on the value of a property – a wealth tax whichever way you look at it. At what rate the tax would be applied is anyone's guess but it would surely be set at such a level that it raised more than the Treasury currently receives in stamp duty (£11.6billion in the last financial year). After all, this is a tax overhaul driven essentially by Labour's desperate need to generate more revenue for the Treasury's coffers, much diminished by the Chancellor's bloated spending and costly U-turns on winter fuel payment and much-needed welfare reform. It's scary – bloody scary. Make no mistake about it, what is unfolding before our very eyes is class warfare on steroids. A spiteful assault on millions of people who through a mix of thrift, sacrifice and damned hard work have built their own financial fortress, only for the Big Bad Wolf that is Labour to come along and attempt to blow it down. While the current stamp duty tax regime is far from perfect, a replacement property tax – whichever form it takes – would bring with it a shedful of issues. For example, if it took the form of a seller's tax, it would surely clog up the housing market even more than it is now. I imagine that many elderly homeowners sitting in sizeable £500,000-plus properties would opt to stay put rather than sell up, pay the tax and downsize. But if it was an annual tax, it could blow a hole in your household budget. Alongside the replacement for stamp duty, Labour is also rumoured to be looking at abolishing council tax and introducing a 'local' property tax which owners, not residents, would pay. This would be based on the value of the home. Good luck there, Rachel Reeves, given that a similar idea (the poll tax) introduced some 35 years ago by a Conservative government led by Margaret Thatcher went down like a lead balloon – and was swiftly abandoned. Of course, there is a strong case for reform of property taxes in this country. But my suspicion is that Rachel From Accounts will use reform as cover to squeeze the middle classes until the pips squeak. As far as she is concerned our homes, pensions and savings are hers to tap for extra tax. Frightening. Beware of the Big Bad She-Wolf.