Latest news with #Chalmers
Epoch Times
3 days ago
- Business
- Epoch Times
Australia Official Inflation Holds Steady, Despite Near-20 Percent Surge in Egg Prices
Australia's annual inflation rate remained unchanged at 2.4 percent in April, reinforcing market expectations that the Reserve Bank may again lower interest rates at its next meeting in July. The Australian Bureau of Statistics (ABS) confirmed on May 28, that headline inflation for the month matched February and March. While this was slightly above the market forecast of 2.3 percent, the figure remains well within the Reserve Bank of Australia's (RBA) inflation target band of 2 to 3 percent. Trimmed mean inflation—regarded as the RBA's preferred measure for assessing underlying price pressures—edged up slightly to 2.8 percent in April, from 2.7 percent the previous month. Egg Prices Surge Nearly 20 Percent, While Rebates Drive Down Electricity Costs Among the top contributors to annual inflation were food and non-alcoholic beverages (up 3.1 percent), housing (up 2.2 percent), and recreation and culture (up 3.6 percent). While overall food inflation slowed compared to March, egg prices surged 18.6 percent year-on-year due to supply constraints caused by bird flu outbreaks and the government-backed cull of over 1 million birds. 'While annual inflation eased for most food categories in April, egg prices were up by 18.6 percent in the past 12 months,' said Michelle Marquardt, ABS head of prices statistics. Related Stories 5/14/2025 5/16/2025 Housing costs rose at a moderate pace, with new dwelling prices up 1.2 percent and rents increasing 5.0 percent—though both were down slightly from March. Electricity prices, meanwhile, fell 6.5 percent over the year to April, helped by taxpayer-backed rebates. 'Without all the Commonwealth and State government rebates, electricity prices would have risen 1.5 percent,' Marquardt added. 'Substantial and Sustained' Inflation Progress: Chalmers Treasurer Jim Chalmers welcomed the data, calling it 'encouraging news.' 'It shows that the progress that we have made together as Australians on inflation has been substantial and it has been sustained,' Chalmers said. 'It is actually the longest period where both measures of inflation have been in a target range since this monthly data started being collected in 2018.' Rate Cut Odds Grow as Price Stability Persists The latest CPI report arrives just a week after the central bank cut the official cash rate to 3.85 percent. Financial markets are now betting heavily on a further reduction, with odds of another cut in July sitting at 78 percent this morning. RBA Governor Michele Bullock recently signaled that she is open to more cuts if inflation remains in check. 'We are prepared to reduce rates again if inflation continues to trend downward and broader economic indicators remain supportive.' However, the Board struck a cautious tone, warning of heightened global uncertainty and volatility in financial markets over the past three months. The statement noted that recent tariff announcements had prompted a market rebound but added that, 'There is still considerable uncertainty about the final scope of the tariffs and policy responses in other countries.'
The Age
4 days ago
- Business
- The Age
Chalmers ‘confused' about veteran MPs' super tax escape clause: Bragg
Liberal senator Andrew Bragg has accused Treasurer Jim Chalmers of not knowing how the government's new super tax will work after a senior Labor minister refused to say whether it was fair that some public officials would be able to delay paying their resultant tax bill. Bragg, in a statement on Tuesday, said Chalmers had been unclear and confused about how the tax on super balances of more than $3 million would apply to the prime minister. 'Chalmers clearly hasn't read his unrealised gains tax bill and draft regulations,' he said. 'He doesn't know how it works for the prime minister and retired politicians.' Pressure on the government's new tax on superannuation earnings has come from tax experts and investors who say the threshold should be indexed and the capturing of unrealised capital gains trashed. Chalmers himself has dismissed the calls. The new tax, set to take effect on July 1, will double the tax rate for superannuation earnings from 15 per cent to 30 per cent for the portion above $3 million in a super balance. The tax rate will also apply to unrealised capital gains on amounts above this threshold. Chalmers, at a press conference earlier this month, said he was unable to put an exact number on the amount of tax the prime minister would pay in the first year of his pension, but said there were provisions in the draft regulations for defined benefit schemes that would ensure the taxes were fair. 'When it comes to the prime minister, his pension's not yet known,' he said. 'There are calculations, [and] those calculations are very similar to the ones that the Liberals and Nationals put in when they changed superannuation in the last term of the government and will apply to the prime minister, [and] any politician who's got the equivalent of more than $3 million in super.' Appearing on Nine's Today Show on Tuesday morning, Employment and Workplace Relations Minister Amanda Rishworth deflected a question on whether it was fair that some politicians elected before John Howard scrapped the scheme in 2004 could wait until retirement to pay the tax bill on their savings, while others caught by the tax – estimated to be just 1 in 200 people – would have to find the cash to pay immediately. Rishworth, elected in 2007, will not get annual salary when she leaves parliament, but argued that all politicians would still have to pay the higher tax rate on earnings if their super balances tipped over the new threshold.
Sydney Morning Herald
4 days ago
- Business
- Sydney Morning Herald
Chalmers ‘confused' about veteran MPs' super tax escape clause: Bragg
Liberal senator Andrew Bragg has accused Treasurer Jim Chalmers of not knowing how the government's new super tax will work after a senior Labor minister refused to say whether it was fair that some public officials would be able to delay paying their resultant tax bill. Bragg, in a statement on Tuesday, said Chalmers had been unclear and confused about how the tax on super balances of more than $3 million would apply to the prime minister. 'Chalmers clearly hasn't read his unrealised gains tax bill and draft regulations,' he said. 'He doesn't know how it works for the prime minister and retired politicians.' Pressure on the government's new tax on superannuation earnings has come from tax experts and investors who say the threshold should be indexed and the capturing of unrealised capital gains trashed. Chalmers himself has dismissed the calls. The new tax, set to take effect on July 1, will double the tax rate for superannuation earnings from 15 per cent to 30 per cent for the portion above $3 million in a super balance. The tax rate will also apply to unrealised capital gains on amounts above this threshold. Chalmers, at a press conference earlier this month, said he was unable to put an exact number on the amount of tax the prime minister would pay in the first year of his pension, but said there were provisions in the draft regulations for defined benefit schemes that would ensure the taxes were fair. 'When it comes to the prime minister, his pension's not yet known,' he said. 'There are calculations, [and] those calculations are very similar to the ones that the Liberals and Nationals put in when they changed superannuation in the last term of the government and will apply to the prime minister, [and] any politician who's got the equivalent of more than $3 million in super.' Appearing on Nine's Today Show on Tuesday morning, Employment and Workplace Relations Minister Amanda Rishworth deflected a question on whether it was fair that some politicians elected before John Howard scrapped the scheme in 2004 could wait until retirement to pay the tax bill on their savings, while others caught by the tax – estimated to be just 1 in 200 people – would have to find the cash to pay immediately. Rishworth, elected in 2007, will not get annual salary when she leaves parliament, but argued that all politicians would still have to pay the higher tax rate on earnings if their super balances tipped over the new threshold.
West Australian
5 days ago
- West Australian
‘Judicial corruption': Ex-law lecturer accused of posing as Justin Bieber to solicit explicit images makes sensational claim in court
A former law lecturer accused of posing as pop icon Justin Bieber to convince children to send him explicit images over Facebook and Skype has dropped his legal team and bizarrely claimed his case involves 'cover-ups and judicial corruption'. Gordon Douglas Chalmers was scheduled to be arraigned at Brisbane District Court on Monday on more than 200 charges, including child grooming and making child exploitation material. Chalmers, a former lecturer at Queensland University of Technology (QUT), instead went on a tangent trying to address the court, claiming there were 'exceptional circumstances' that warranted his matter being treated differently. After a brief adjournment, his legal team returned to the bar table and told Judge Deborah Richards they were withdrawing from the matter due to Mr Chalmers' grant of legal aid being terminated. Mr Chalmers claimed in court that he did not terminate the arrangement before claiming his relationship with his lawyers was not 'absolute'. He then went on a tangent, claiming the matter ended up before Judge Richards because of 'the worst case of judicial corruption' and 'cover-ups' during pre-trial proceedings. Mr Chalmers requested an adjournment so 'a fair and just consideration' could be made on how his matter would proceed. A Legal Aid representative told the court that it would take up to eight weeks for another grant of aid to be assessed. Mr Chalmers continued by claiming barristers would be 'disbarred' if they raised the matters he alleged in court, asserting his matter was considered 'career-destroying' by lawyers. 'They are more concerned about their future job prospects than standing up for not just their clients' rights but also about their duties and obligations to the court,' Mr Chalmers claimed. After Mr Chalmers claimed that Judge Richards had been handed a poisoned chalice, she wryly replied: 'That's OK, I'm used to poisoned chalices. 'So presuming there will be an application, likely a rejection, then possibly an appeal – that will be the process, won't it?' Judge Richards asked the Commonwealth Chalmers' matter was adjourned to July 21 to allow his legal aid grant to be assessed. He was remanded in custody. Mr Chalmers no longer holds a position at QUT, according to the university's website. He has been in custody on remand since 2017 following his arrest. Police allege Mr Chalmers used online platforms including Facebook and Skype to communicate with his victims, allegedly posing as Bieber while contacting children. Mr Chalmers initially faced 900 charges, but the bulk were dropped upon his committal in 2017.
Perth Now
5 days ago
- Perth Now
‘Corruption': Alleged Bieber poser's rant
A former law lecturer accused of posing as pop icon Justin Bieber to convince children to send him explicit images over Facebook and Skype has dropped his legal team and bizarrely claimed his case involves 'cover-ups and judicial corruption'. Gordon Douglas Chalmers was scheduled to be arraigned at Brisbane District Court on Monday on more than 200 charges, including child grooming and making child exploitation material. Chalmers, a former lecturer at Queensland University of Technology (QUT), instead went on a tangent trying to address the court, claiming there were 'exceptional circumstances' that warranted his matter being treated differently. After a brief adjournment, his legal team returned to the bar table and told Judge Deborah Richards they were withdrawing from the matter due to Mr Chalmers' grant of legal aid being terminated. Former QUT law lecturer Gordon Douglas Chalmers is alleged to have convinced children to send him explicit images over platforms like Skype and Facebook. Supplied Credit: Supplied Mr Chalmers claimed in court that he did not terminate the arrangement before claiming his relationship with his lawyers was not 'absolute'. He then went on a tangent, claiming the matter ended up before Judge Richards because of 'the worst case of judicial corruption' and 'cover-ups' during pre-trial proceedings. Mr Chalmers requested an adjournment so 'a fair and just consideration' could be made on how his matter would proceed. A Legal Aid representative told the court that it would take up to eight weeks for another grant of aid to be assessed. Mr Chalmers continued by claiming barristers would be 'disbarred' if they raised the matters he alleged in court, asserting his matter was considered 'career-destroying' by lawyers. 'They are more concerned about their future job prospects than standing up for not just their clients' rights but also about their duties and obligations to the court,' Mr Chalmers claimed. During his appearance at Brisbane District Court (pictured), Mr Chalmers claimed his matter involved 'judicial corruption' and dropped his legal team. NewsWire/ Glenn Campbell Credit: News Corp Australia After Mr Chalmers claimed that Judge Richards had been handed a poisoned chalice, she wryly replied: 'That's OK, I'm used to poisoned chalices. 'So presuming there will be an application, likely a rejection, then possibly an appeal – that will be the process, won't it?' Judge Richards asked the Commonwealth Chalmers' matter was adjourned to July 21 to allow his legal aid grant to be assessed. He was remanded in custody. Mr Chalmers no longer holds a position at QUT, according to the university's website. He has been in custody on remand since 2017 following his arrest. Police allege Mr Chalmers used online platforms including Facebook and Skype to communicate with his victims, allegedly posing as Bieber while contacting children. Mr Chalmers initially faced 900 charges, but the bulk were dropped upon his committal in 2017.
