How life will change for millions of Aussie from July 1
Don't miss out on the headlines from Economy. Followed categories will be added to My News.
From minimum wage increases to a crackdown on tobacco, a number of changes will come to effect for millions of Australians from July 1.
State and federal governments typically use the new financial year as a starting point for a range of regulatory and legislative changes.
Among this year's changes are an increase to the minimum wage and changes to skilled migration.
The NSW and Victorian governments will also crack down on tobacco with new licensing schemes.
The Albanese government will institute a number of changes from July 1. Picture: NewsWire / Andrew Henshaw
See the full list of changes here:
National
– The minimum wage will increase by 3.5 per cent from July 1. The Fair Work Commission has approved the increase in the national minimum award to $948 per week or $24.95 per hour, which will apply from the first full pay period starting on or after July 1. The minimum award wages will increase by the same percentage.
– A number of changes to nsuperannuation will come into effect from July 1. On that day, the superannuation guarantee rate will increase to 12 per cent. The new percentage will be applied to all salary and wages paid to eligible workers on or after July 1, and will mean employers will have to pay a minimum of 12 per cent to an employee's superannuation fund. The maximum super contribution base will meanwhile decrease from $65,070 to $62,500.
– From July 1, Services Australia will lift the number of Parental Leave Pay days from 110 to 120 for children born from that day. Parents, including of adoptive children, will be able to claim up to three months before the date they expect the child to 'enter their care'.
– Skilled visa income thresholds will be increased by 4.6 per cent from July 1, when the annual indexation takes affect. The Core Skills Income Threshold and Temporary Skilled Migration Income Threshold will increase from $73,150 to $76,515 while the Specialist Skills Income Threshold will increase to $141,210.
– The sorts of products smokers can purchase is set to change from July 1. In the new financial year, a raft of changes to tobacco sales will come into full affect, including the banning of flavoured or menthol cigarettes, the removal of names such as 'smooth' and 'gold', packets will be standardised at 20 cigarettes, as well as the rolling out of consistent shapes and sizes, and new health information. Many of the changes have already been implemented.
NSW Premier Chris Minns has faced criticism ahead of the state's tobacco crackdown. Photo: NewsWire/ Gaye Gerard
NSW
– From July 1, NSW will finally have a tobacco licensing scheme. Retail businesses selling tobacco and non-tobacco smoking products will be required to notify NSW Health, with stiff penalties for any breaches.
– A new Community Services Industry portable long service leave scheme will be introduced on July 1. It will give workers in the community services industry, who often work with multiple employers, access to long service leave after seven years of service to the industry with one or more employers.
– Improved protections for renters will come into effect from July 1, including making it easier for accessibility infrastructure to be installed, providing evidence that an animal is an assistance animal, and obtaining approval for minor renovations.
– A raft of changes to strata in NSW will come into effect from July 1. They include new strata committee duties, protection for owners in strata from unfair terms, increased penalties for developers, and other improvements to strata laws.
– Community land law changes will also take effect from July 1, including ensuring that sustainability is discussed during annual general meetings, that requests to change association property for accessibility infrastructure only needs a majority vote at an association meeting, and that by-laws don't ban sustainability infrastructure based on appearance – except if it is a heritage property.
Tobacconists in NSW and Victoria will require a licence from July 1. Picture: Newswire/ Gaye Gerard
Victoria
– New rules requiring motorists to slow down to 40km when passing workers on the roadside, or stationary or slow-moving vehicles (travelling at 10km/h or less) displaying flashing lights, will be introduced from July 1. Previously applicable to emergency and law enforcement vehicles, motorists will now also have to slow down for other vehicles, including accident towing trucks, roadside assistance, and incident response vehicles.
– From July 1, tobacco retailers and wholesalers will be required to apply for a licence to sell tobacco products. Tough penalties will apply for those found contravening the new regulations, inducing a fine of $829,878 for anyone operating without a licence or caught possessing or selling illicit tobacco. For an individual, it is $165,975 (or five years prison.
– A planning permit will not automatically be required for a venue with a liquor licence in Victoria beginning July 1.
– The payroll tax free threshold will increase from July 1 to will be lifted from $900,000 to $1,000,000 for annual returns, and from $75,000 to $83,333 for monthly returns.
– The Victorian Default Offer, a set electricity price, will be set at $1675 from July 1.
Victorian Premier Jacinta Allan has spearheaded a number of changes. Picture: NewsWire / Aaron Francis
Queensland
– Annual rent and eligibility checks for all social housing tenants will be reintroduced from July 1. The checks will confirm if tenants still meet income thresholds.
– People convicted of a crime will pay more from July 1, when the Queensland government indexes the rate of a penalty unit. From that date, a single penalty unit will rise from $161.3 to $166.9 for most offences covered under state legislation, as well local law penalties.
Western Australia
– Reforms to WA's public sector will begin to take effect from July 1. They include the transition of the Department of Jobs, Tourism, Science and Innovation to the Department of Energy and Economic Diversification and a new Office of Defence Industries. A new Department of Mines, Petroleum and Exploration will administer and drive the future development of the resources industry.
– Rebates will be made available for residential solar batteries of up to $1300 for Synergy customers and up to $3,800 for Horizon Power customers from July 1. The reforms are aimed at allowing more households access to batteries and rebates.
South Australia
– The SA government will implement cost of living measures from July 1, including capping the price of a 28-day student pass on the MetroCard to $10 – down from $28.60. The change means a trip for a student on public transport will cost about 25c.
Victorian motorists will finally have to slow to 40km for roadworks. Picture: NewsWire / Luis Enrique Ascui
Tasmania
– RBF Life Pensions, Interim Invalidity Pensions, and Parliamentary Pensions will be indexed in-line with reflation and a Consumer Price Index of 1.150 per cent on July 1.
– TasWater, Tasmania's water and sewage utility, will increase its prices by 3.5 per cent from July 1. The average residential customer will see an increase of about 12.04 cents per day.
– From July 1, the electoral reforms will establish a new scheme for disclosing political donations and electoral expenditure in parliamentary elections, and administering public funding in relation to House of Assembly elections in Tasmania.
Northern Territory
– The payroll tax-free threshold will increase to $2.5m on July 1, with maximum annual deductions also increased to $2.5 million
maximum annual deduction to $2.5 million
ACT
– On July 1, the ACT government will raise the minimum age of criminal responsibility from 10 to 14.
– A short-term rental accommodation levy will be introduced in the ACT on July 1. It will apply to books of no more than 28 days.
– The ACT Public Service will berestructured from July 1, including directorate mergers, function transfers and the creation of the new Digital Canberra directorate.
Originally published as How life will change for millions of Aussie from July 1
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West Australian
36 minutes ago
- West Australian
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The Advertiser
5 hours ago
- The Advertiser
Average home prices hit $1m with more growth to come
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Mr Albanese said it was too complex and expensive to get a project off the ground, adding that Housing Minister Clare O'Neil had been tasked with reducing those barriers. "It is too hard and one of the areas is regulation," he told the National Press Club. He also backed a failed NSW project to redevelop Sydney's Rosehill Racecourse, describing the controversial proposal as "absolutely right". The proposal aimed to transform the 140-year-old track into a "mini-city" encompassing about 25,000 homes, but it was ultimately voted down by the racecourse owner's members. "That's the sort of thing that we're going to need to do. You can't deal with supply issues without having the courage to do things like that," Mr Albanese said. "(We) want to make sure that housing is fit for purpose and all of that but if we can cut through on some of the red tape, then that will reduce costs." According to the ABS, the increase in residential dwellings was fuelled by housing markets in Queensland, Western Australia and South Australia. While NSW remains Australia's most expensive property market with a median price of $1.25 million, Queensland is not far behind at $944,700. Though prices are rising, further interest rate cuts could slow the pace of increases compared to the same period last year. Data reveals the average price in the ACT went backwards, falling to $941,300, as the Northern Territory maintains the lowest mean price at $517,700. Eliza Owen, head of research at property analyst group Cotality, told AAP it was not a surprise the nation's property market continued to be pushed to record values. "(It comes) off the back of long-term constraint on housing supply, compounded by more recent factors like interest rate reductions, which increase access to finance," she said. Ms Owen noted the interest rate reduction earlier this year helped reinvigorate demand across the housing market on a fairly broad basis. While the average dwelling price has reached seven figures for the first time, Ms Owen said factors such as rate reductions had given markets like Sydney a "sugar hit", rather than triggering a large upswing like the robust growth seen in 2021. Australia's property market continues to strengthen and gain momentum as the value of the average home soars past the $1 million mark for the first time. The national mean dwelling price reached $1,002,500 in the March quarter, a 0.7 per cent increase from the previous three months, according to Australian Bureau of Statistics figures released on Tuesday. Figures from the ABS show the total value of the nation's residential dwellings rose by $130.7 billion to a staggering $11.4 trillion. "We're certainly not going to see the massive increases that we saw during COVID, but we do think house prices will continue to increase, particularly as interest rates are predicted to fall further," she told AAP. Prime Minister Anthony Albanese, speaking at the National Press Club on Tuesday, noted that regulation and red tape had made building and buying a home in Australia too hard. Mr Albanese said it was too complex and expensive to get a project off the ground, adding that Housing Minister Clare O'Neil had been tasked with reducing those barriers. "It is too hard and one of the areas is regulation," he told the National Press Club. He also backed a failed NSW project to redevelop Sydney's Rosehill Racecourse, describing the controversial proposal as "absolutely right". The proposal aimed to transform the 140-year-old track into a "mini-city" encompassing about 25,000 homes, but it was ultimately voted down by the racecourse owner's members. "That's the sort of thing that we're going to need to do. You can't deal with supply issues without having the courage to do things like that," Mr Albanese said. "(We) want to make sure that housing is fit for purpose and all of that but if we can cut through on some of the red tape, then that will reduce costs." According to the ABS, the increase in residential dwellings was fuelled by housing markets in Queensland, Western Australia and South Australia. While NSW remains Australia's most expensive property market with a median price of $1.25 million, Queensland is not far behind at $944,700. Though prices are rising, further interest rate cuts could slow the pace of increases compared to the same period last year. Data reveals the average price in the ACT went backwards, falling to $941,300, as the Northern Territory maintains the lowest mean price at $517,700. Eliza Owen, head of research at property analyst group Cotality, told AAP it was not a surprise the nation's property market continued to be pushed to record values. "(It comes) off the back of long-term constraint on housing supply, compounded by more recent factors like interest rate reductions, which increase access to finance," she said. Ms Owen noted the interest rate reduction earlier this year helped reinvigorate demand across the housing market on a fairly broad basis. While the average dwelling price has reached seven figures for the first time, Ms Owen said factors such as rate reductions had given markets like Sydney a "sugar hit", rather than triggering a large upswing like the robust growth seen in 2021. Australia's property market continues to strengthen and gain momentum as the value of the average home soars past the $1 million mark for the first time. The national mean dwelling price reached $1,002,500 in the March quarter, a 0.7 per cent increase from the previous three months, according to Australian Bureau of Statistics figures released on Tuesday. Figures from the ABS show the total value of the nation's residential dwellings rose by $130.7 billion to a staggering $11.4 trillion. "We're certainly not going to see the massive increases that we saw during COVID, but we do think house prices will continue to increase, particularly as interest rates are predicted to fall further," she told AAP. Prime Minister Anthony Albanese, speaking at the National Press Club on Tuesday, noted that regulation and red tape had made building and buying a home in Australia too hard. Mr Albanese said it was too complex and expensive to get a project off the ground, adding that Housing Minister Clare O'Neil had been tasked with reducing those barriers. "It is too hard and one of the areas is regulation," he told the National Press Club. He also backed a failed NSW project to redevelop Sydney's Rosehill Racecourse, describing the controversial proposal as "absolutely right". The proposal aimed to transform the 140-year-old track into a "mini-city" encompassing about 25,000 homes, but it was ultimately voted down by the racecourse owner's members. "That's the sort of thing that we're going to need to do. You can't deal with supply issues without having the courage to do things like that," Mr Albanese said. "(We) want to make sure that housing is fit for purpose and all of that but if we can cut through on some of the red tape, then that will reduce costs." According to the ABS, the increase in residential dwellings was fuelled by housing markets in Queensland, Western Australia and South Australia. While NSW remains Australia's most expensive property market with a median price of $1.25 million, Queensland is not far behind at $944,700. Though prices are rising, further interest rate cuts could slow the pace of increases compared to the same period last year. Data reveals the average price in the ACT went backwards, falling to $941,300, as the Northern Territory maintains the lowest mean price at $517,700. Eliza Owen, head of research at property analyst group Cotality, told AAP it was not a surprise the nation's property market continued to be pushed to record values. "(It comes) off the back of long-term constraint on housing supply, compounded by more recent factors like interest rate reductions, which increase access to finance," she said. Ms Owen noted the interest rate reduction earlier this year helped reinvigorate demand across the housing market on a fairly broad basis. While the average dwelling price has reached seven figures for the first time, Ms Owen said factors such as rate reductions had given markets like Sydney a "sugar hit", rather than triggering a large upswing like the robust growth seen in 2021. Australia's property market continues to strengthen and gain momentum as the value of the average home soars past the $1 million mark for the first time. The national mean dwelling price reached $1,002,500 in the March quarter, a 0.7 per cent increase from the previous three months, according to Australian Bureau of Statistics figures released on Tuesday. Figures from the ABS show the total value of the nation's residential dwellings rose by $130.7 billion to a staggering $11.4 trillion. "We're certainly not going to see the massive increases that we saw during COVID, but we do think house prices will continue to increase, particularly as interest rates are predicted to fall further," she told AAP. Prime Minister Anthony Albanese, speaking at the National Press Club on Tuesday, noted that regulation and red tape had made building and buying a home in Australia too hard. Mr Albanese said it was too complex and expensive to get a project off the ground, adding that Housing Minister Clare O'Neil had been tasked with reducing those barriers. "It is too hard and one of the areas is regulation," he told the National Press Club. He also backed a failed NSW project to redevelop Sydney's Rosehill Racecourse, describing the controversial proposal as "absolutely right". The proposal aimed to transform the 140-year-old track into a "mini-city" encompassing about 25,000 homes, but it was ultimately voted down by the racecourse owner's members. "That's the sort of thing that we're going to need to do. You can't deal with supply issues without having the courage to do things like that," Mr Albanese said. "(We) want to make sure that housing is fit for purpose and all of that but if we can cut through on some of the red tape, then that will reduce costs." According to the ABS, the increase in residential dwellings was fuelled by housing markets in Queensland, Western Australia and South Australia. While NSW remains Australia's most expensive property market with a median price of $1.25 million, Queensland is not far behind at $944,700. Though prices are rising, further interest rate cuts could slow the pace of increases compared to the same period last year. Data reveals the average price in the ACT went backwards, falling to $941,300, as the Northern Territory maintains the lowest mean price at $517,700. Eliza Owen, head of research at property analyst group Cotality, told AAP it was not a surprise the nation's property market continued to be pushed to record values. "(It comes) off the back of long-term constraint on housing supply, compounded by more recent factors like interest rate reductions, which increase access to finance," she said. Ms Owen noted the interest rate reduction earlier this year helped reinvigorate demand across the housing market on a fairly broad basis. While the average dwelling price has reached seven figures for the first time, Ms Owen said factors such as rate reductions had given markets like Sydney a "sugar hit", rather than triggering a large upswing like the robust growth seen in 2021.
The Advertiser
5 hours ago
- The Advertiser
Economic summit aims to firm up drooping productivity
An economic summit on lifting lagging productivity rates can serve common interests for the business sector and unions, the prime minister says. Anthony Albanese has announced plans for a productivity roundtable in August in Canberra to shape the nation's economic growth. Experts have expressed concern about Australia's lagging rate of productivity, a key economic measure of efficiency and long-term driver of improved living standards. Despite criticism previous economic summits were too slanted towards unions, Mr Albanese said outcomes from the roundtable had not been decided. He called for a mature discussion from all parties, noting it was in everyone's interest for productivity to improve. "We're a Labor government, we support unions existing ... but we will always respect both the role of business and the role of unions," he told the National Press Club on Tuesday. "There are common interests ... you don't get union members unless you've got successful employers. "It's the private sector that drives an economy. What the public sector should do is facilitate private sector activity and private sector investment." The Productivity Commissioner's most recent report showed labour productivity fell 0.1 per cent in the December quarter and dropped 1.2 per cent in the past year. The Business Council of Australia says productivity growth over the past decade has been the lowest in 60 years. Council chief executive Bran Black welcomed the roundtable, saying "lifting business investment is essential to boosting productivity, lifting real wages, creating jobs and ensuring more opportunity for more Australians". "We will continue to be very clear about policies that the business community believes will be counterproductive to improving productivity," he said. Mr Albanese said he wanted a boost to productivity, alongside other economic indicators as part of his second-term agenda. "We want to build an economy where growth, wages and productivity rise together," he said. "The starting point for our government is clear. Our plan for economic growth and productivity is about Australians earning more and keeping more of what they earn." ACTU secretary Sally McManus said working Australians must be at the centre of the roundtable. "We need to leave behind the idea that productivity is equated with cutting pay and making people work harder for less," she said. "We have a common interest in addressing the challenges we face and when we work together our country is at its best." Australian Chamber of Commerce and Industry chief executive Andrew McKellar said boosting productivity was essential for economic growth. "The business community looks forward to participating in the summit and contributing constructive and sensible ideas to address the problem," he said. Shadow treasurer Ted O'Brien said the roundtable could amount to nothing but a talkfest. "Anthony Albanese has actively sought to undermine productivity by abolishing structures to drive it," he said. "He also saddled the economy with thousands of new regulations in the last parliament. "If this change of heart by Labor is true, it will be akin to turning around the Titanic." The prime minister announced Jenny Wilkinson would become the first female Treasury secretary. Ms Wilkinson, who heads the Department of Finance, will replace Steven Kennedy, who will become the nation's most senior public servant as head of the Department of the Prime Minister and Cabinet. They will begin their new roles on Monday for five-year terms. An economic summit on lifting lagging productivity rates can serve common interests for the business sector and unions, the prime minister says. Anthony Albanese has announced plans for a productivity roundtable in August in Canberra to shape the nation's economic growth. Experts have expressed concern about Australia's lagging rate of productivity, a key economic measure of efficiency and long-term driver of improved living standards. Despite criticism previous economic summits were too slanted towards unions, Mr Albanese said outcomes from the roundtable had not been decided. He called for a mature discussion from all parties, noting it was in everyone's interest for productivity to improve. "We're a Labor government, we support unions existing ... but we will always respect both the role of business and the role of unions," he told the National Press Club on Tuesday. "There are common interests ... you don't get union members unless you've got successful employers. "It's the private sector that drives an economy. What the public sector should do is facilitate private sector activity and private sector investment." The Productivity Commissioner's most recent report showed labour productivity fell 0.1 per cent in the December quarter and dropped 1.2 per cent in the past year. The Business Council of Australia says productivity growth over the past decade has been the lowest in 60 years. Council chief executive Bran Black welcomed the roundtable, saying "lifting business investment is essential to boosting productivity, lifting real wages, creating jobs and ensuring more opportunity for more Australians". "We will continue to be very clear about policies that the business community believes will be counterproductive to improving productivity," he said. Mr Albanese said he wanted a boost to productivity, alongside other economic indicators as part of his second-term agenda. "We want to build an economy where growth, wages and productivity rise together," he said. "The starting point for our government is clear. Our plan for economic growth and productivity is about Australians earning more and keeping more of what they earn." ACTU secretary Sally McManus said working Australians must be at the centre of the roundtable. "We need to leave behind the idea that productivity is equated with cutting pay and making people work harder for less," she said. "We have a common interest in addressing the challenges we face and when we work together our country is at its best." Australian Chamber of Commerce and Industry chief executive Andrew McKellar said boosting productivity was essential for economic growth. "The business community looks forward to participating in the summit and contributing constructive and sensible ideas to address the problem," he said. Shadow treasurer Ted O'Brien said the roundtable could amount to nothing but a talkfest. "Anthony Albanese has actively sought to undermine productivity by abolishing structures to drive it," he said. "He also saddled the economy with thousands of new regulations in the last parliament. "If this change of heart by Labor is true, it will be akin to turning around the Titanic." The prime minister announced Jenny Wilkinson would become the first female Treasury secretary. Ms Wilkinson, who heads the Department of Finance, will replace Steven Kennedy, who will become the nation's most senior public servant as head of the Department of the Prime Minister and Cabinet. They will begin their new roles on Monday for five-year terms. An economic summit on lifting lagging productivity rates can serve common interests for the business sector and unions, the prime minister says. Anthony Albanese has announced plans for a productivity roundtable in August in Canberra to shape the nation's economic growth. Experts have expressed concern about Australia's lagging rate of productivity, a key economic measure of efficiency and long-term driver of improved living standards. Despite criticism previous economic summits were too slanted towards unions, Mr Albanese said outcomes from the roundtable had not been decided. He called for a mature discussion from all parties, noting it was in everyone's interest for productivity to improve. "We're a Labor government, we support unions existing ... but we will always respect both the role of business and the role of unions," he told the National Press Club on Tuesday. "There are common interests ... you don't get union members unless you've got successful employers. "It's the private sector that drives an economy. What the public sector should do is facilitate private sector activity and private sector investment." The Productivity Commissioner's most recent report showed labour productivity fell 0.1 per cent in the December quarter and dropped 1.2 per cent in the past year. The Business Council of Australia says productivity growth over the past decade has been the lowest in 60 years. Council chief executive Bran Black welcomed the roundtable, saying "lifting business investment is essential to boosting productivity, lifting real wages, creating jobs and ensuring more opportunity for more Australians". "We will continue to be very clear about policies that the business community believes will be counterproductive to improving productivity," he said. Mr Albanese said he wanted a boost to productivity, alongside other economic indicators as part of his second-term agenda. "We want to build an economy where growth, wages and productivity rise together," he said. "The starting point for our government is clear. Our plan for economic growth and productivity is about Australians earning more and keeping more of what they earn." ACTU secretary Sally McManus said working Australians must be at the centre of the roundtable. "We need to leave behind the idea that productivity is equated with cutting pay and making people work harder for less," she said. "We have a common interest in addressing the challenges we face and when we work together our country is at its best." Australian Chamber of Commerce and Industry chief executive Andrew McKellar said boosting productivity was essential for economic growth. "The business community looks forward to participating in the summit and contributing constructive and sensible ideas to address the problem," he said. Shadow treasurer Ted O'Brien said the roundtable could amount to nothing but a talkfest. "Anthony Albanese has actively sought to undermine productivity by abolishing structures to drive it," he said. "He also saddled the economy with thousands of new regulations in the last parliament. "If this change of heart by Labor is true, it will be akin to turning around the Titanic." The prime minister announced Jenny Wilkinson would become the first female Treasury secretary. Ms Wilkinson, who heads the Department of Finance, will replace Steven Kennedy, who will become the nation's most senior public servant as head of the Department of the Prime Minister and Cabinet. They will begin their new roles on Monday for five-year terms. An economic summit on lifting lagging productivity rates can serve common interests for the business sector and unions, the prime minister says. Anthony Albanese has announced plans for a productivity roundtable in August in Canberra to shape the nation's economic growth. Experts have expressed concern about Australia's lagging rate of productivity, a key economic measure of efficiency and long-term driver of improved living standards. Despite criticism previous economic summits were too slanted towards unions, Mr Albanese said outcomes from the roundtable had not been decided. He called for a mature discussion from all parties, noting it was in everyone's interest for productivity to improve. "We're a Labor government, we support unions existing ... but we will always respect both the role of business and the role of unions," he told the National Press Club on Tuesday. "There are common interests ... you don't get union members unless you've got successful employers. "It's the private sector that drives an economy. What the public sector should do is facilitate private sector activity and private sector investment." The Productivity Commissioner's most recent report showed labour productivity fell 0.1 per cent in the December quarter and dropped 1.2 per cent in the past year. The Business Council of Australia says productivity growth over the past decade has been the lowest in 60 years. Council chief executive Bran Black welcomed the roundtable, saying "lifting business investment is essential to boosting productivity, lifting real wages, creating jobs and ensuring more opportunity for more Australians". "We will continue to be very clear about policies that the business community believes will be counterproductive to improving productivity," he said. Mr Albanese said he wanted a boost to productivity, alongside other economic indicators as part of his second-term agenda. "We want to build an economy where growth, wages and productivity rise together," he said. "The starting point for our government is clear. Our plan for economic growth and productivity is about Australians earning more and keeping more of what they earn." ACTU secretary Sally McManus said working Australians must be at the centre of the roundtable. "We need to leave behind the idea that productivity is equated with cutting pay and making people work harder for less," she said. "We have a common interest in addressing the challenges we face and when we work together our country is at its best." Australian Chamber of Commerce and Industry chief executive Andrew McKellar said boosting productivity was essential for economic growth. "The business community looks forward to participating in the summit and contributing constructive and sensible ideas to address the problem," he said. Shadow treasurer Ted O'Brien said the roundtable could amount to nothing but a talkfest. "Anthony Albanese has actively sought to undermine productivity by abolishing structures to drive it," he said. "He also saddled the economy with thousands of new regulations in the last parliament. "If this change of heart by Labor is true, it will be akin to turning around the Titanic." The prime minister announced Jenny Wilkinson would become the first female Treasury secretary. Ms Wilkinson, who heads the Department of Finance, will replace Steven Kennedy, who will become the nation's most senior public servant as head of the Department of the Prime Minister and Cabinet. They will begin their new roles on Monday for five-year terms.
