Latest news with #Clennell
Sky News AU
a day ago
- Business
- Sky News AU
Australians risk falling back into another per capita recession after new figures revealed GDP slumped in March quarter
Australia's economy rose 0.2 per cent in the March quarter, however, a 0.4 per cent population growth over the same period is pushing the country back on the brink of a per capita recession. The nation was in a per capita recession - consecutive quarters where population growth outpaced economic growth - for 21 months before the economy picked up in the December 2024 quarter. New data from the Australian Bureau of Statistics showed GDP per capita fell 0.2 per cent in the March quarter, following a 0.1 per cent rise in December. If Australia records another quarter of population growth outpacing economic growth, it will be in a per capita recession. Sky News' Political Editor Andrew Clennell said the recent figures raised alarm bells for the Albanese government as it sought to bolster the nation's economy in its second term. "GDP per capita - that is a very concerning figure for the government," Clennell said. "It really plays into the arguments of business that (the government's) labour reforms haven't helped productivity." He noted there was a "silver lining" to the downturn in growth for Treasurer Jim Chalmers as it could lead to future rate cuts. "Inflation's low, unemployment's low and I expect the Treasurer will say natural disasters and exports being down amid global uncertainty are responsible for these anaemic numbers we've got today," Clennell said. Total GDP was up 1.3 per cent for the 12 months to March while GDP per hours worked, a key measure of productivity, fell one per cent over the year. ABS head of national account Katherine Keenan said weather events such as ex-Tropical Cyclone Alfred and a flat government spending were large contributors to the slow growth. "Public spending recorded the largest detraction from growth since the September quarter 2017," Ms Keenan said in a statement. "Extreme weather events reduced domestic final demand and exports. Weather impacts were particularly evident in mining, tourism and shipping." Prior to the ABS' release, Commonwealth Bank of Australia downgraded its forecast from 0.4 per cent quarterly growth to 0.3 per cent for March. 'With population rising by 0.4 per cent (during the quarter), that indicates a soft start to 2025 after the relative strength seen at the end of last year,' a CBA report read. Westpac had predicted just 0.1 per cent quarterly growth in March, while the Organisation for Economic Co-operation and Development downgraded Australia's 2025 growth from 1.9 per cent to 1.8 per cent. More to come.
Sky News AU
27-05-2025
- Business
- Sky News AU
‘Lack of clarity' around impact of Labor's super tax on federal politicians
Sky News Political Editor Andrew Clennell has flagged the 'lack of clarity' around the Albanese government's super tax and how it will affect federal politicians. The proposed legislation will apply a 30 per cent tax rate to super balances of more than $3 million, including unrealised capital gains. 'We already revealed here on Sky News those on the ex-state MP scheme, state judges, state police commissioners, won't cop the tax,' Mr Clennell said. 'A very simple fix is to make it on the withdrawals from the fund, not unrealised gains.'
Sky News AU
20-05-2025
- Politics
- Sky News AU
‘No coalition agreement': Liberals and Nationals fail to reach Coalition agreement paving the way for a major change to Australian politics
The federal Liberal and Nationals parties have failed to reach a new Coalition agreement, Sky News political editor Andrew Clennell has revealed. Sky News political editor Andrew Clennell revealed on Tuesday that a source inside the Nationals had suggested there 'will be no Coalition agreement'. The Nationals are set to hold a press conference to announce the decision, watch live on Sky News Australia below: 'I cannot remember the last time this has happened, but I think that there's too much of a distance between what the Liberals want and what the Nationals want,' Clennell said. 'A source has told me that this Nationals partyroom meeting early this morning. It was found that there was agreement not to proceed with a Coalition agreement.' More to come.
Sky News AU
19-05-2025
- Business
- Sky News AU
'An unfair system': Sky News Political Editor Andrew Clennell takes aim at Albanese government's ‘Robin Hood tax' on superannuation
Sky News Political Editor Andrew Clennell has hit out at the Albanese government's push to impose new tax measures on superannuation portfolios, calling it a 'Robin Hood tax'. Treasurer Jim Chalmers has been urged to reconsider his highly-controversial superannuation tax policy amid criticism from the opposition and crossbench. The policy has even faced scrutiny from within Labor Party ranks as Mr Chalmers has promised to forge ahead with legislation that was previously blocked by the Senate. With the Albanese government's new mandate and complete control of both the lower and upper house alongside the Greens, the 'unfair' tax appears inevitable. On Monday, Clennell said the government was relying on Australian's who 'don't have a lot of sympathy' for people with over $3 million in super, who will be slapped with an additional 15 per cent tax on their balances. However, the measure will not be indexed which means more and more workers will fall within the threshold over time. The policy also includes a tax on unrealised capital gains — meaning individuals would be taxed on paper profits which have not been sold or realised. 'Why not index it? Well, the simple reason is (the government) wouldn't get enough money, but that's the unfairness of it,' Clennell said. 'There's super tax that comes in on people on $250,000 a year. You pay an extra 15 per cent tax on your super and the crazy thing about that is, though, that's not indexed. 'And when you look at the growth of wages and you look at the grow of housing costs, when you don't index these things, way down the track, they can become an issue for everybody essentially. 'It just seems an unfair system … It's definitely a Robin Hood tax.' Clennell said the proposed framework appeared to be a statement by the government that 'people shouldn't have too much superannuation'. 'We're going to get to a stage in 10 years where everyone's going to need three men in their superfund to sort of survive through retirement,' Clennell said. 'In a sense, it's all fine now, right? I mean, it is all understandable now, but then index it so it remains targeting the very rich. And they won't.' Economists and fund managers have spoken out against Mr Chalmers' policy, which has been branded 'shameless economic theft'. Wilson Asset Management's founder Geoff Wilson warned the tax changes would be a detriment to small business in Australia. 'People will move away from taking risks. They'll restructure their investments," Mr Wilson told Sky News. Mr Wilson also said local entrepreneurialism and innovation will be under threat as many investors use self-managed super funds to invest in tech start-ups. 'Mr Albanese is correct in terms of the tax only affects a very small number of people in terms paying extra tax," he said. "But it actually affects every Australian in terms (of the fact) the $4.2 trillion is now going to be not going to be productively invested... I actually think it's a disaster.'
Sky News AU
12-05-2025
- Politics
- Sky News AU
‘He's dreaming': Sky News host spears outgoing Industry Minister Ed Husic after turning on party in heated ABC interview
Outgoing Industry Minister Ed Husic has been brought down a peg after he was booted from the Labor frontbench as part of a post-election reshuffle. Mr Husic, along with Attorney General Mark Dreyfus, was dumped from the ministry after internal caucus votes. Sky News was told Anthony Albanese had sympathy for the pair - as the Prime Minister was not responsible for deciding the members of ministry - but acknowledged there needed to be a refresh of the frontbench as well. Mr Husic was quick to lash out at his party following the decision and accused Deputy Prime Minister Richard Marles of acting as a 'factional assassin' in an explosive interview on ABC Insiders on Sunday. On Monday, Sky News Political Editor Andrew Clennell said Mr Husic was 'dreaming' if he thought Mr Marles was the 'only architect of his demise'. Clennell said Mr Husic was 'kind of popular' in Western Sydney, particularly among the pro-Palestinian community, but doubted there was any sniff of a scandal after his sacking. 'Is he the most talented cabinet minister that I've ever seen lose their job? No, he is not,' Clennell said. 'I think there was a bit of a self-indulgent attitude by Ed yesterday, frankly. No one out there really cares that a guy in the New South Wales right, who's not a mainstream guy, lost his job. 'Jim Chalmers wasn't getting sacked, Penny Wong wasn't getting sacked.' Clennell said Mr Husic's accusatory interview was 'quite the dummy spit' and speculated he could cause trouble 'down the track'. The Sky News host said there had been reports Mr Husic regularly argues with Foreign Minister Wong and Treasurer Chalmers, two of the most important and senior people in government. 'So this is perhaps where you end up when you're a relatively junior cabinet minister and you do that,' Clennell said. Mr Husic, the first Muslim to serve as a federal cabinet minister, had been one of the few Labor voices critical of Israel's conduct in Gaza. 'Innocent civilians (were) being slaughtered in their tens of thousands and being starved out of Gaza," he said. 'I tried to find the way to be able to speak at the cabinet table and speak elsewhere, to be able to make sure that communities we represent know that their voices are heard. 'You should have the ability to speak up on the issues that you believe in. You should have the ability to question. It builds a stronger, not a weaker, party to do so.'
