Latest news with #ChrisRichardson
Sky News AU
22-07-2025
- Business
- Sky News AU
Ditch 'band aid' solutions for 'laser-like focus', independent economist Chris Richardson pleas to Albanese government
The Albanese government needs to ditch 'band aid' solutions for a 'laser like focus' on boosting Australia's economy, a leading economist has declared as Labor ventures on its second term agenda with a massive majority in Parliament. MPs and Senators returned to Canberra on Tuesday for the first day of Parliament under the second Albanese government where Labor holds 94 seats in the lower house. The government only needs the approval of the Greens to pass legislation through the Senate, meaning Labor has fewer blockades preventing its agenda becoming law and can allow it to introduce substantive economic reform. Leading economist Chris Richardson said Labor now has the opportunity - as post-pandemic inflation has settled and the RBA has begun delivering rate cuts - to offer substantive policy that will tackle Australia's stalling productivity. The Albanese government returned to parliament on Tuesday. Picture: NewsWire / Martin Ollman 'Our living standards are starting to grow again and we've got to go from band aid to laser-like focus on making Australians more productive,' Mr Richardson said on Business Now. 'If we want to be more prosperous - and we should, we've been spinning our wheels for a decade - then the government has to have a focus on seeing Australia (as) more efficient.' Australia's productivity will be the subject of a roundtable led by Treasurer Jim Chalmers next month where leaders across business, politics and unions will discuss the nation's ailing growth. Mr Richardson said he would 'love to see the government being ambitious' to boost productivity during its second term. 'Neither side of politics took anything terribly ambitious to the election for Australians, despite the fact that our living standards are essentially the same today as they were a decade ago (and) despite the facts that the challenges continue to grow around the world,' he said. 'I'd love to see ambition. The government, to its credit, has that summit coming in a month. 'But make or break will be just how hard it pushes. (It's a) second term government (with a) huge majority. If Australia can't get stuff done under current circumstances, what can we do?' Labor was plagued by sky high post-pandemic inflation during its first term - which ate into household budgets. Inflation rose more than 17 per cent over about three and a half years while wages fell behind, prompting Labor to introduce an array of cost of living assistance measures such as energy bill relief. A series of interest rate hikes through 2022 and 2023 added pressure to millions of Aussies doing it tough, however, the central bank has begun cutting rates in 2025. Labor will look towards fostering long term economic prosperity at the productivity roundtable from August 19 to 21. Here, the government said it will strive to "enhance economic resilience and strengthen budget sustainability".
ABC News
14-07-2025
- Business
- ABC News
Treasury advice comes after 'Seinfeld election' about nothing
Economist Chris Richardson says the frank Treasury advice was leaked in the wake of an election with no bold policies.
The Herald Scotland
11-07-2025
- Business
- The Herald Scotland
Japanese whisky giant opens new base in Scottish city
Suntory Global Spirits now employs more than 550 people across the UK, including its distilleries and additional operations in Scotland and London, where it has also opened a new office. The new office on West George Street "offers a city-centre space for the company's approximately 50 city-based corporate employees, in addition to the company's existing offices in Springburn". Chris Richardson, of Suntory Global Spirits, said: "Suntory Global Spirits and our brands have a longstanding connection to Glasgow, and today we have teams from various global corporate functions as well as production and local teams working here. "We are delighted to provide this new central Glasgow office space that enhances our presence in Scotland and provides our people with a facility where they can do their best work. "This is a great example of how Suntory continues to invest in its people and ensure we are at the centre of the action in key cities around the world." The news follows the launch of its new UK commercial business earlier this year, which saw the company become directly responsible for the UK marketing and distribution of its spirits portfolio in the UK. The UK is also home to several of the company's brands, including Laphroaig, Bowmore, Auchentoshan, Teacher's, Glen Garioch, Ardmore and Ardray Scotch, and Sipsmith gin. Headquartered in New York City, Suntory Global Spirits is a subsidiary of Suntory Holdings Limited of Japan. Barrowland unveils 'ambitious' plans to alter famous facade It has evolved from a dance hall into one of Scotland's most beloved concert venues. Bands such as Franz Ferdinand, Manic Street Preachers, Mogwai and Idlewild all count the Barrowland Ballroom among their favourite places to play, for its superb acoustics, sprung dance floor and capacity crowds.
Sky News AU
05-05-2025
- Business
- Sky News AU
Election campaign was 'wasted', leading economist Chris Richardson declares, as sea of budget deficits await Aussies
A leading economist has torn into both major parties for failing to address Australia's tax system and promising major cash splashes during the Federal Election campaign, as years of budget deficits loom. Labor secured a massive win over the Coalition on Saturday, extending its majority position despite many expecting the Albanese government to be forced into minority with support from the Teals and Greens. Both major parties made lavish spending promises throughout the campaign, which were denounced by many economists who instead called for restraint to tackle the looming sea of budget deficits. Chris Richardson, a leading budget watcher, was one of the many sceptics who, alongside urging budget restraint, called for reform to Australia's taxation system as he felt there were 'terrible taxes' and government spending to go with them. 'Problems in the budget have been building up over decades,' Mr Richardson told Sky News Business Now. 'Nobody's really substantially moved the dial on our tax system for a very long time. Basically since the GST. 'We have a bunch of terrible taxes. Things that need to be substantially better. You look at our spending, lots of it is stupid (and) lots that is almost completely wasted.' He continued to lay into the conduct of both parties during the election, lambasting the big spending promises as the state of the global economy remains uncertain due to United States President Donald Trump's trade war. 'So was the election campaign. It was also wasted,' Mr Richardson said. 'These things weren't addressed, nor was the challenge of a more volatile world. 'It's not the tariffs. It's the cost of the chaos, as the Trump Administration keeps changing its mind and its dollars around tariffs. That is a complication for the world.' The federal budget has faced increasing strain, with national debt projected to top $1.2 trillion within two years and deficits expected to persist through the coming decade. Treasury forecasts show deficits continuing into the foreseeable future—including $180 billion in deficits over five years. S&P Global last week warned the big spending promises of both parties could put Australia's AAA credit rating, which the nation has held since 2003, in jeopardy. 'The 'AAA' rating on Australia may be at risk if election promises result in larger, structural deficits and debt and interest expenses rising more than we expect,' S&P's report read. 'The budget is already regressing to moderate deficits as public spending hits post-war highs, global trade tensions intensify and growth slows. 'How the elected government funds its campaign pledges and rising spending will be crucial for maintaining the rating.'
Sky News AU
05-05-2025
- Business
- Sky News AU
Labor's budget problems have been ‘building up' for decades
Economist Chris Richardson claims the Labor Party's agenda for economic growth in Australia was on a mostly 'fingers crossed' strategy. 'Our incomes have gone nowhere … if you go back a decade, Australian average disposable incomes, inflation adjusted, our living standards, up 1.5 per cent,' Mr Richardson told Sky News host Ross Greenwood. 'There's no particular plan. "Problems in the budget have been building up over decades.'
