logo
Forrest's China warning  Melbourne airport melee

Forrest's China warning Melbourne airport melee

This week on the Chanticleer podcast, James and Anthony discuss Andrew Forrest's concerns about Australia's iron ore industry, ask what comes next after the Reserve Bank of Australia's latest interest rate cut, and take you inside the spicy battle over one of the country's busiest airports.
Listen to the full conversation below, or download the podcast from Apple, Spotify, or wherever you get your podcasts. New episodes of the Chanticleer podcast are available every Friday at 5pm AEDT.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

What to tell your kids about how to prepare for AI
What to tell your kids about how to prepare for AI

AU Financial Review

time4 hours ago

  • AU Financial Review

What to tell your kids about how to prepare for AI

For anyone with a teenager near the pointy end of high school or university, it's the sort of question that keeps you up at night: how do you best prepare them for the disruption artificial intelligence will bring to the workforce? The Australian Financial Review AI Summit created a rare opportunity to ask the leaders of very big businesses to career technologists, venture capitalists and even Australia's chief scientists. For Chanticleer, who has a 16-year-old at home, the answers were invaluable and will hopefully be helpful for anyone who's trying to assist a young person navigate this brave new world.

Three million workers are getting a pay rise. Here's how it could affect you
Three million workers are getting a pay rise. Here's how it could affect you

Sydney Morning Herald

time5 hours ago

  • Sydney Morning Herald

Three million workers are getting a pay rise. Here's how it could affect you

Millions of Australian workers will receive one of their largest real pay rises in years after the Fair Work Commission upped minimum wages by 3.5 per cent, delivering the country's lowest paid an extra $32 a week. About 180,000 people will see their hourly rate increase from $24.10 to $24.95 from July 1 because of Tuesday morning's ruling by the industrial umpire, but its consequences extend far beyond those on the absolute lowest wages to all workers covered by an industry award. The commission's pay panel said that pay for the fifth of Australian workers on industry minimum pay rates had gone backward since 2021 because of inflation, but that price rises had been brought under control. 'We are satisfied that the level of wage increase we have determined is sustainable,' it said in a statement. In the case of modern awards, the benchmark C10 award rate of pay has declined by 4.5 percentage points relative to inflation as measured by the consumer price index. But what does that mean for the economy? Which workers will this affect? And how much money will they get? Nearly 3 million Australians will get a pay rise – and some workers will miss out Australia's industrial system has minimum pay rules for 121 industries, from aviation to health and the law. According to the federal government, up to 2.9 million workers have their pay set through those rules. That includes about 180,000 who are on the absolute national minimum wage, which is $24.10 and will be $24.95 when the increase starts on July 1. The award system also includes workers on much higher pay, such as airline pilots earning almost $220,000. Loading The pay of all of those workers, who are concentrated in industries such as hospitality, retail and the service sector, will automatically rise by 3.5 per cent. That means a childcare worker on the minimum hourly rate will get an extra 85 cents an hour, whereas the captain of a large airliner will get an extra $3.88. Other workers will miss out. They include people whose pay is higher than award minimums, set through enterprise bargaining agreements, are self-employed, or in jobs that are too senior to be covered by an award, such as high-level managers and professionals. The Fair Work Commission considered multiple factors – particularly living standards and inflation Tuesday's decision announced by Fair Work Commission president Adam Hatcher said the pay panel had considered relative living standards, needs of workers, workforce participation, economic competitiveness and gender equality. The commission also considered the Reserve Bank of Australia's assessment that the nation's inflationary episode was over, having spiked in 2022, and that said inflation had sustainably returned to the target band of 2-3 per cent. 'The continuation of this inflationary episode has meant that over the last three annual wage review decisions the Fair Work Commission has repeatedly deferred taking any action to reverse this decline in real wages out of the concern this might result in the persistence of higher inflation,' he said. 'The result has been that living standards for the employees dependent on modern award wages have been squeezed and the low paid have experienced greater difficulty in meeting their everyday needs.' Hatcher said this was a key factor in the commission's decision to award a real increase in the minimum wage. 'We are concerned that if this opportunity is not taken … the loss in the real value of wages which has occurred will become permanently embedded.' When was the last increase? The Fair Work Commission sets the minimum wage every year before July 1. Last year, the commission announced a 3.75 per cent increase. The commission's pay panel sets the minimum wage each year to give the lowest-paid workers an increase in income, balanced against factors including the jobs market, inflation and growth in the economy. Inflation was factored into the FWC's decision. But views are split on whether wage rises will increase inflation Chief executive of business group the Australian Chamber of Commerce and Industry, Andrew McKellar – who suggested the commission opt for a smaller a 2.5 per cent wage increase – said the increase was generous and risked increasing inflation. 'It is a bump above inflation and it comes on the back of stronger increases over the past two years,' he said. 'For businesses that are most vulnerable, particularly small and medium-size businesses in sectors like retail, restaurants [and] cafes … an increase of this magnitude will be very difficult for them to swallow.' However, Australian Council of Trade Unions secretary Sally McManus, who wanted a 4.5 per cent increase, welcomed the decision as a 'great outcome'. '3.5 per cent means [the Fair Work Commission is] starting to catch up again, and that makes an enormous amount of difference in terms of people's bills, people's ability to pay for the basics,' she said at a press conference in Melbourne. 'I do think that the government's argument that a real wage increase is economically sustainable was something the commission listened to, and I do believe that 3.5 per cent does fit with what the government was arguing, and that means that people are getting ahead.' Workplace Minister Amanda Rishworth said the Fair Work Commission's decision was consistent with the government's submission. 'We argued for an economically sustainable real-wage increase for our lowest-paid workers,' she said. 'This decision will have a positive impact on workers … that rely on our award system.'

Why the RBA opted for smaller rate cut
Why the RBA opted for smaller rate cut

Perth Now

time20 hours ago

  • Perth Now

Why the RBA opted for smaller rate cut

Global uncertainty on the back of the US President Donald Trump's tariff policy and a weakening Australian economy saw the Reserve Bank of Australia debate an outsized rate cut last month. Minutes from the RBA's May 20 policy meeting show the central bank is still nervous about the impact of Mr Trump's trade policy but wants to move 'cautiously and predictably' in line with market expectations. As such, households were not given an outsized 'insurance against global growth' 50 basis point rate cut. Instead, the bank highlighted the need for monetary policy settings to remain 'predictable at a time of heightened uncertainty'. RBA governor Michele Bullock speaking about the May interest rate cut. NewsWire / Nikki Short Credit: News Corp Australia 'They agreed that developments in the domestic economy on their own justified a reduction in the cash rate target and that the case for that action was strengthened by developments in global trade policy,' the minutes reveal. Ultimately though, the board agreed the case for a 25 basis point rate cut was 'the stronger one' as members were not persuaded that weakening global growth and domestic factors warranted an outsized rate cut. In a silver lining for households, should the impacts of global uncertainty materialise, the RBA board agreed it would need to move to 'expansionary settings' meaning there would be more cuts to the cash rate. The board judged in May however that there was not enough data around the impacts of any global uncertainty to switch to a more expansive monetary policy setting. 'They also judged it was not yet time to move monetary policy to an expansionary stance, taking account of the range of estimates involved, given that inflation was yet to return sustainably to the midpoint of the target range and the staff's assessment that the labour market was still tight,' the minutes read. The RBA board confirmed they have further room to cut rates NewsWire / Nicholas Eagar Credit: NewsWire The board also highlighted they had the firepower left to kickstart global growth should the worst of global uncertainty impact the local economy. 'In finalising the policy statement, members agreed that it was appropriate to convey their commitment to both of the Board's objectives,' the board said. 'They also agreed to convey that policy was well placed to respond decisively to international developments if they were to have material implications for activity and inflation of the kind described in the severe downside scenario set out in the May Statement on Monetary Policy.' Meeting for the second time under its new dual-board structure, the RBA cut the national cash rate by 25 basis points, from 4.10 to 3.85 per cent, but RBA governor Michele Bullock revealed a 50 basis point cut had been debated. 'There was an argument and we did debate it (a 50 basis point cut) but it wasn't the strongest argument in the room,' Ms Bullock said at the time. Unemployment Figures She stressed 'inflation hurts everyone', particularly those on lower incomes and renters. Responding to a question from NewsWire on whether households could expect further relief, and what message she had for those doing it tough, she acknowledged Australians had gone through a 'really rough few years', accentuated by sharp rises in everyday prices. 'I would say that bringing inflation down is the best thing we can do to help them, while keeping employment strong,' she said. 'At the moment we are on track to deliver that. I know you're doing it tough, but conditions are improving.'

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store