Renewables cheapest energy option: CSIRO
The CSIRO has released it's final GenCost report finding renewable's were cheaper when it comes to new builds and nuclear small modular reactors are the most costly form of energy generation.
ABC NewsRadio's Sarah Morice spoke with Paul Graham, CSIRO's Chief Energy Economist and GenCost lead author. He says there is only a few dollars difference in the cost.
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ABC News
31 minutes ago
- ABC News
Lower company tax rate, Productivity Commission advises treasurer ahead of roundtable
Small companies would pay less tax but the largest could pay more under a new reform proposal from the independent agency tasked with helping to shape Labor's economic reform agenda. In the first of several reports requested by Treasurer Jim Chalmers and slated for release in the lead-up to this month's reform roundtable, the Productivity Commission has called for a 20 per cent tax rate on profits for companies with revenue of up to $1 billion. That would represent a significant cut for all but the largest companies from the current rate, which is 25 per cent for companies with turnover under $50 million and 30 per cent for all others. At the same time, the commission has called for a new 5 per cent tax on net cashflow rather than profits, which could see some large companies pay a higher rate but would provide immediate tax relief for smaller companies seeking to build their capital. The overall package would be revenue-neutral but would boost investment by $7.4 billion, economic output by $14.6 billion, and productivity by 0.4 per cent, according to modelling undertaken by the commission. The proposal is one of several to reform company tax ahead of a roundtable, which Mr Chalmers has signalled he will use to seek new economic reforms to build on Labor's political agenda. Prioritising "consensus" among unions, business, and economists, the three-day roundtable will start with a focus on Australia's "resilience" amid global uncertainty, and will then consider productivity and regulation, followed by the budget and tax. The tax session will be the last and the longest, a scheduling decision that will fuel further speculation that the treasurer has an appetite to champion controversial tax reforms. Titled "a better tax system", it will begin with a presentation by Grattan Institute CEO Aruna Sathanapally, who said last week Australia needed higher taxes. "If we want to find a magic way to have Australia-level service expectations and remain being a low-taxing country, I'd love to know what it looks like," she told a pre-roundtable conference convened by independent MP Allegra Spender. "But my starting proposition is we're going to have to think about higher taxes or we're going to have to think about taking chunks out of our service expectations." Mr Chalmers has said he wants any reform proposals brought to the roundtable to be budget neutral or budget positive — that is, to raise money overall. While that could be achieved by holding taxes steady and reducing spending, which is also on the roundtable agenda, the treasurer has left the door open to tax reform and said he wants all options on the table. On Thursday, Shadow Treasurer Ted O'Brien, who will also attend the roundtable, said the Coalition would not support any package that raised taxes overall. Coalition sources have consistently emphasised this does not mean it would automatically oppose any single tax increase in isolation, leaving the door open to support for a package that raised some taxes but lowered others in equal measure. Mr O'Brien accused Mr Chalmers of "looking for more taxes to feed his spending spree" and said he would scrutinise roundtable proposals "on the principle that they be at most budget neutral; in other words, higher taxes will not be accepted". Under the Productivity Commission proposal, large companies that earn their profits from "rents", making profits using land and capital they already own, could pay more tax with a 5 per cent imposition on their cashflows on top of the existing profit tax. On the other hand, businesses seeking to acquire new capital could deduct that cost and lower their tax bill immediately, as opposed to the current system, where they can only deduct the cost over time using a deduction for depreciation. The commission says this would support innovation and investment because it would particularly benefit new businesses seeking to displace incumbents, as they tend to spend more on capital. It would also give companies some insurance against the risk of unsuccessful investments. The Productivity Commission's recommendations are regarded as influential ahead of the roundtable, where chair Danielle Wood is one of four presenters alongside Ms Sathanapally, RBA governor Michele Bullock, and Treasury secretary Jenny Wilkinson. Mr Chalmers did not indicate a view on the company tax proposal but said he welcomed its release. "We've already got a substantial productivity agenda underway, but we're ambitious to do more where we can … The PC's work is an important input into our economic reform roundtable," he said. The commission's report also recommended measures to shift the culture of government regulators to better consider the impact of regulations on business. Mr Chalmers said "reducing regulatory burden" was an "important part of our productivity effort and we're working with regulators on potential reforms to be considered as part of the roundtable process".
News.com.au
31 minutes ago
- News.com.au
Nowhere to go: Qld's tightest rental markets revealed
Queensland's rental market remains tight but stable, with 34 of the state's 50 regions recording vacancy rates at or below one per cent. But the Real Estate Institute of Queensland's (REIQ) June Quarter 2025 Residential Vacancy Rate Report revealed that while conditions remained tight, they were stable over the past three months. The statewide vacancy rate rose slightly, rising from 0.9 per cent to 1 per cent. Vacancy rates fell in just four regions - Rockhampton (0.7%), Townsville (0.9%), Cassowary Coast (1%)and Maranoa (0.3%) - declining by -0.1 percentage points. They remained unchanged in 15 regions - Brisbane LGA (1.0%), Inner Brisbane (1.2%), Middle Brisbane (1.0%), Outer Brisbane (0.8%), Ipswich (0.8%), Logan (0.8%), Pine Rivers (0.6%), Cairns (0.8%), Mackay (0.8%), Toowoomba (0.5%), Banana (0.5%), Burdekin (0.5%), Cook (0.0%), Mareeba (0.5%), and Whitsunday (1.1%). Greater Brisbane's rate was 0.9%, with parts of the southeast corner showing only slight relief, including Moreton Bay (0.8%), Caboolture (1.0%), Redcliffe (0.7%) and Redland (0.9%), along with the Sunshine Coast (1.0%) and Maroochy Coast (1.3%). REIQ CEO Antonia Mercorella said the June quarter results showed Queensland's rental market was holding relatively steady but remained severely undersupplied. 'This continued rental squeeze, while not worsening, is continuing to make a strong case for more investors and more rental accommodation to meet demand,' Mercorella said. 'We're seeing quarter after quarter of sliver-thin vacancy rate data, showing most of the state could support and sustain greater investment and new dwelling construction. 'There are some positive signs regarding investor interest in Queensland property, which is likely focused in areas where yields remain attractive, and sentiment is stabilising.' The latest ABS lending indicator data shows that Queensland registered the highest annual growth (24% in the year to March 2025) in new loans to investors for properties within the state) among all the states. Mercorella said jobs and vacancy rates went hand in hand, as did the social and economic fallout when these were both in short supply. 'Our regions rely on being able to attract and retain workers and a big part of this is being able to secure suitable accommodation nearby,' she said. 'The low rate of vacancies and therefore stifled job mobility is especially problematic, given concerns that unemployment may be starting to rise.' The seasonally adjusted national unemployment rate rose from 4.1 per cent to 4.3 per cent in June, and the Queensland unemployment rate rose from 3.7 per cent to 4.1 per cent. Mercorella said that alongside fast-tracking the delivery of new housing, we need to rethink the type of homes being built to meet our needs, and these can be regionally specific. 'We must ensure housing diversity reflects modern living arrangements - from smaller dwellings, smaller lot sizes and build-to-rent, to accessible and adaptable housing for an ageing population and even options for multi-generational living,' she said. The vacancy report revealed that the vast majority of regions (48 out of 50) wre sitting in what the REIQ classifies as a 'tight' rental market (up until 2.5%), with some having almost no available stock. Cook LGA had the tightest market with rental stock sitting at 0 per cent, with no rentals listed in Cooktown at all, followed by Goondiwindi (0.2%). They were followed closely by Charters Towers and Maranoa (both 0.3%), and a further four regions including Toowoomba, Banana, Burdekin, and Mareeba which all recorded just 0.5 per cent. At the other end of the scale, two regions entered the 'weak' category – defined as vacancy rates above 3.6 per cent - Isaac (4.2%) and Bay Islands (3.7%) which include North Stradbroke, Russell, Macleay, Karragarra, Lamb, and Coochiemudlo Islands. Noosa came closest to re-entering the healthy range at 2.4 per cent, however this may be because of the price point of the rental properties on offer, meaning that they stay listed for longer. The biggest increase in vacancies over the quarter were in Bay Islands, up 1.2 per cent, Isaac (+1%), Maryborough (+0.5%), and 0.4 per cent in Southern Downs, Gympie, Central Highlands, Fraser Coast and Noosa. A rental market is considered 'healthy' if it has a vacancy rate between 2.6 and 3.5 per cent. Ms Mercorella said that while quarterly shifts in some regions were encouraging, this should not be mistaken for a turnaround. 'We know that the data doesn't tell the whole story, as some renters are consolidating households, delaying moves, or even leaving town due to affordability challenges - these behavioural shifts can have a subtle but real effect on vacancy levels,' she said. 'The June quarter captures a period of natural tenant turnover - the end of financial year, cooler weather in some parts of the state, and school semester transitions can all prompt moves, opening up some properties that may have otherwise remained tenanted. 'Without a meaningful lift in new housing supply, we expect vacancy rates will hover around these tight levels for some time to come.'
News.com.au
31 minutes ago
- News.com.au
RBA fallout: shock twist as home prices surge to record high nationally
Australian property prices have climbed again to another record high over the past month as buyers capitalising on interest rate cuts slug it out over a dwindling pool of fresh real estate listings. PropTrack figures released today revealed national values rose 0.3 per cent over July and are now about 5 per cent higher than they were at this time last year. Adelaide recorded the strongest growth in the country. Perth, Brisbane and Hobart also recorded high growth, while rises in Sydney and Melbourne were more subdued. Nationally it was the sixth successive monthly rise in prices but the smallest gain since the RBA announced the first of two interest rate cuts in February. REA Group economist Anne Flaherty said the Reserve Bank decision to keep interest rates on hold at its last monetary meeting in early July may have moderated the pace of price growth in some markets. 'It may have encouraged more caution among some buyers,' she said. PropTrack noted that the slower, steadier growth over July was also the result of a brutal tug of war emerging across key markets. Low listing levels and falling interest rates heated competition for property on one hand, but this was moderated by crushing affordability constraints and economic uncertainty. The result has been a mixed market, exhibiting characteristics of boom conditions in some city suburbs but a slowdown in others. Agents revealed demand in the bigger capitals has also been more listing-specific than usual. Buyers normally gravitate more toward the best quality stock but this trend has been even more pronounced than usual. Part of the reason is that much of the activity pushing prices up appears to be coming from upsizers, who can often be more selective with their property choices. Investors and first-home buyers, who often snap up the more dated homes or those with some drawbacks like a location on a busier road, have been less active. The result is a situation where older housing or properties with major drawbacks are lingering on the market, while the top listings in 'blue chip' suburbs are attracting extreme levels of demand. Smaller capitals like Adelaide and Perth have even been an exception, attracting high levels of interstate investment activity largely because of the lower prices and prospect more capital growth. 'Adelaide growth has been more surprising because it has outperformed the rest of the country for so long,' Ms Flaherty said. 'Investors are having a huge effect there. That's part of what's driving up prices and putting Adelaide ahead of the rest of the country for home price rises.' PropTrack revealed that capital city growth exceeded rises in regional real estate markets over recent months. This was a trend that had been fairly entrenched since the prior interest rate hikes of 2022 of 2023, which had sent buyers searching for cheaper markets offering better value. Ms Flaherty said another reason cities like Adelaide and Brisbane were outperforming was because of the extreme price rises they had recorded over the last five years. She pointed out that Brisbane prices were an average of close to double what they were in 2020, with Adelaide seeing a similar but smaller rise. 'There are many homeowners who now have a lot of equity they can use to upgrade to their next house and all that extra spending pushes up prices even more.'
