Latest news with #SimonBullard
Perth Now
5 days ago
- Business
- Perth Now
Reason Aussies are $3k worse off
Australians are $3000 a person worse off as a lack of competition among businesses adds to the country's productivity woes. That's the view of the Reserve Bank's latest research paper, which shows everyday Aussies are paying the price for the nation's lack of competition. The paper argues a core problem in Australia in the lead-up to the Covid-19 pandemic was the domination of big business, which led to higher prices. A lack of competition among businesses is costing households. NewsWire / Simon Bullard. Credit: News Corp Australia This in turn had negative impacts on productivity, incomes and the welfare of Australians as well as a misallocation of resources between firms. The RBA estimates that by 2017, this misallocation reduced productivity between 1 to 3 per cent, with the upper end of this range equating to every Australian being $3000 worse off today. 'Declining competition and productivity may be linked,' the RBA's report said. 'A decline in the degree of competition has the potential to weigh on productivity through a number of channels. 'It can blunt firms' incentives and ability to invest, innovate, improve and adopt new technologies.' The fall in productivity was not uniform across the economy. According to the paper, much of the falls were in 'upstream' industries, including manufacturing, wholesale trade and professional services. The RBA suggests the flow-on impacts could have reduced the goods and services businesses produce by as much as 40 per cent and households' quality of life by 20 to 30 per cent. Australia's Cash Rate 2022 The RBA's paper came out just days after the central bank's latest statement on monetary policy, which estimates productivity will continue to fall to just 0.7 per cent. According to the Australian Bureau of Statistics, Australia's long-term productivity has slumped. In 2003-2004, productivity grew at 1.8 per cent a year; in 2022-2023, it was down to just 0.9 per cent a year. The ABS graph shows Australia's falling productivity: Picture ABS Credit: Supplied To put a dollar figure on it, the Productivity Commission estimated that full-time workers would be $14,000 a year worse off by 2035 if Australia couldn't rediscover its previous growth and continued on its current trend. RBA governor Michele Bullock explained why the central bank cannot solve the productivity issue. Christian Gilles / NewsWire Credit: News Corp Australia When asked about productivity at a press conference, RBA governor Michele Bullock repeatedly pointed out it wasn't the central bank's issue. 'Businesses are looking at what they can do to take themselves out of the productivity slump,' she said 'There's nothing the Reserve Bank can do. 'All the Reserve Bank can do is make sure we have low and stable inflation, and if we have full employment, both of those things are very stable environments for businesses to think about how they might improve productivity, how they might produce more for the same amount of labour and capital input.' Australian politicians, industry experts and economists will soon meet in Canberra for a three-day forum aimed at lifting productivity. The roundtable has a focus on regulation, taxes, AI and even the amount of hours Australians should be working.
Perth Now
21-06-2025
- Politics
- Perth Now
New law to close horror ‘loophole'
The NSW government is set to introduce groundbreaking reforms aimed at bolstering support for victims of sexual violence across the state and closing a loophole that left a shocking crime unpunished in some cases. The Minns Labor Government is set to introduce a suite of reforms to parliament next week, bringing NSW into line with relevant Commonwealth offences and increasing protections from sexual exploitation. A new provision to the Crimes Act 1900 will ensure sexual offenders who either sexually assault someone or indecently interfere with their body after death are unable to escape prosecution when the time of death is unknown, making which specific crime occurred unclear. The new provision means when it is clear 'beyond a reasonable doubt 'that one of these two crimes occurred, but it is uncertain due to the timing of death which one, the accused will be sentenced with whichever offence has the lesser maximum penalty. Previously they would have been unpunished. Groundbreaking reforms aimed at bolstering support for victims of sexual violence across the state will be introduced to parliament next week. NewsWire / Simon Bullard. Credit: News Corp Australia The government says the reform is in 'direct response' to issues that arose in the inquest of Mona Lisa and Jacinta Rose 'Cindy' Smith in 2024, and the tireless advocacy of their families for reform. The penalty for indecently assaulting a deceased person will also be increased and criminalising female genital mutilation will also be strengthened. Other amendments to the act will redefine the age threshold for child abuse material offences, raising it from 16 to 18 years, aligning with Commonwealth standards. These reforms are designed to close existing legislative gaps and ensure the safety and wellbeing of children. The Crimes Act will also be amended to 'make it easier to prosecute people who commit sexual acts in the presence of children', the Minns government said in a statement. Changes to the act will also be made to ensure female genital mutilation is considered a crime regardless of the reason or motivation or age of the victim, while ensuring medically necessary practices are protected. The legislation, to be introduced in Parliament the day after the Minns Labor Government hands down the 2025-2026 NSW budget, comes after changes around domestic violence offences. These changes included making it harder for alleged domestic violence offenders to get bail, and introducing electronic monitoring for alleged serious domestic violence offenders. It also strengthened laws to protect against repeated breaches of ADVOs, and made changes to bail courts across NSW to ensure bail decisions are made by magistrates and judges – not registrars. The NSW government is set to introduce new reforms aimed at bolstering support for victims of sexual violence across the state. Photo: NewsWire/ Gaye Gerard Credit: News Corp Australia Attorney-General Michael Daley said the Minns Labor Government stands with victim-survivors. 'We are ensuring that women and children are better protected from sexual abuse and exploitation,' he said. 'Our Government is closing loopholes and strengthening the law to make it easier to prosecute those who commit acts of sexual violence. 'I thank the families of Mona Lisa and Jacinta Rose 'Cindy' Smith for their bravery and advocacy in the face of tragedy to strengthen New South Wales laws to better protect victims.' Minister for the Prevention of Domestic Violence and Sexual Assault, Jodie Harrison said the government is 'working to build a safer New South Wales for women and children'. 'Sexual and abuse and exploitation is unacceptable, at the same time as we are investing in support services for victim survivors, we are ensuring that perpetrators are held to account,' she said. 'We will continue to work with experts, advocates and victim survivors to address the impact of domestic and sexual violence across our state.'
The Australian
20-05-2025
- The Australian
Redfern: Woman fighting for life after alleged domestic violence assault
A man has been charged after a woman was critically injured in an alleged domestic violence assault in inner Sydney. The 47-year-old woman was rushed to Royal Prince Alfred Hospital after she was allegedly assaulted inside a Redfern unit just after 4.30pm on Saturday, NSW Police said. SYDNEY, AUSTRALIA - NewsWire Photos - MAY 18, 2025: A 47-year-old woman remains in Royal Prince Alfred Hospital in a critical condition after being allegedly assaulted in a home unit on Morehead Street, Redfern, about 4.30pm yesterday. NewsWire / Simon Bullard. Emergency services were called to the Morehead Street block following reports of an alleged assault and the woman was found with head injuries. She was treated by paramedics and a doctor before being rushed to hospital in a critical condition. The woman remains in a critical condition as of Sunday morning. Police allege the man and woman were known to one another. Picture: NewsWire / Simon Bullard. A 30-year-old man, who police say is known to the woman, was arrested and taken to Mascot Police Station. He has since been charged with cause grievous bodily harm to person with intent (domestic violence). The man was refused bail and is due to appear in Parramatta Local Court on Sunday. Police say the man and woman were known to one another. Steve Zemek Court reporter Steve Zemek began his career in his native Queensland before moving to Sydney with Australian Associated Press in 2014. He worked as an NRL journalist for five seasons, covering the game all over Australia and in New Zealand before making a career pivot towards court reporting in 2019. He joined NCA NewsWire in mid 2020 as a Sydney-based court reporter where he has covered some of the state's biggest cases. @stevezemek
Perth Now
15-05-2025
- Business
- Perth Now
Why cautious Aussies are still not spending
An extended holiday period on the back of Easter and Anzac Day falling in consecutive weeks helped lift consumer spending in April but not by as much as experts expected on the back of falling interest rates. In a welcome boost for retailers, the Commonwealth Bank Household Spending Insights Index rose by 0.2 per cent in April, on the back of a weak March quarter, driven by a lift in hospitality, recreation, household goods and food beverage. But even with the lift, Commonwealth Bank senior economist Belinda Allen told NewsWire that spending in the month remained a 'mixed bag' and was 'underwhelming'. Huge crowds of young punters celebrating Anzac Day barely lifted consumer spending. NewsWire / Simon Bullard. Credit: News Corp Australia 'I think it's going to take time for the interest rate cuts to really see consumers boost spending further,' she said. Australians' consumer confidence remained low, Ms Allen said, leading to less economic activity. 'Households are continuing to save at a higher level than you would expect given the improvements in inflation, the income tax cuts and lower interest rates,' she said. 'I think it's pretty evident there's still a bit of caution out there and certainly a lot of the global news wouldn't help either.' Ms Allen said it could take multiple rate cuts for sentiment to improve, citing the spending data as another reason to slash the official cash rate on May 20. Australia's Cash Rate 2022 'We do think it will take further interest rate cuts to see a further lift in momentum in consumer spending this year,' she said. Ms Allen also pointed to Wednesday's wage price index, which showed wages were up 3.4 per cent compared with headline inflation at 2.4 per cent, as a reason for households spending more in the month of April. 'It really comes down to sentiment,' she said. 'Even though we've still got a relatively tight labour market, inflation is coming down. It does look like households are still particularly cautious. However, a boost in money spent in hospitality helped lift consumer spending. NewsWire / Simon Bullard. Credit: News Corp Australia 'If you look at sentiment surveys that also came out on Wednesday, [Australians] are still more pessimistic than optimistic and that is being reflected in consumer decisions around how much they will spend and what they will spend it on.' Treasurer Jim Chalmers and new Employment Minister Amanda Rishworth welcomed the rise in wages, saying annual real wages had grown for 18 months in a row 'under the Albanese Labor government'. 'Under Labor, more Australians are working, earning more and keeping more of what they earn,' they said in a statement. 'We're really pleased with today's figures which show annual real wages have now grown for six quarters in a row after going badly backwards under the previous Liberal government and falling for the five quarters in the lead-up to the 2022 election. The Commonwealth Bank said April should have been a strong month for spending, as it featured the Easter‑Anzac Day 'super holiday', the lead-up to the federal election and a post‑Cyclone Alfred rebound, although it was marred by US President Donald Trump's tariff announcements. Comparing March and April 2025 with last year to remove the Easter impact, annual growth is still 5 per cent stronger. The biggest rise in consumer spending was insurance, up 1.6 per cent, followed by hospitality, up 1.4 per cent, communications digital, which grew 0.7 per cent, health, which jumped 0.4 per cent, and household goods and food beverage, both up 0.1 per cent. Unemployment Figures In good news for households' budgets, the biggest falls were in utilities, down 2 per cent, while electricity and gas costs also fell on the back of government subsidies. According to the Commonwealth Bank, the biggest cohort of households lifting spending was renters, with older Aussies who own their home outright accounting for the smallest uplift in spending. 'Generally, when we think about it, renters are younger, so they're the ones that are going to be out more in April, given we had kind of that public holiday effect of Easter through to Anzac Day,' Ms Allen said. 'I think the renter story was very much an age group story in particular categories and that may well retreat in the next month. 'In contrast, it's probably why owners outright fell as well, as they are less likely to be out at the pub on Anzac Day compared to renters.'
Perth Now
10-05-2025
- Politics
- Perth Now
‘No More': Protests rise against DV scourge
Thousands of protesters are marching across streets all over the country in a demand for action to address violence against women. Twenty four women have allegedly been killed by violence in 2025 already, spurring grassroot organisation What Were You Wearing to organise the 'No More: National Rally Against Violence' action. Thousands have marched onto major cities in Australia in demand for action on violence against women. NewsWire / Simon Bullard. Credit: News Corp Australia The protesters are demanding governments address violence against women and prevent future incidents. Activists, survivors, and family members of victims are calling for governments to provide more support for survivor-victims in every state and territory across the nation. The protesters marched from Belmore Park to Hyde Park in Sydney. NewsWire / Simon Bullard. Credit: News Corp Australia Among the rally cries is a demand for more funding for frontline domestic violence services, increased crisis housing, and the development of better prevention and rehabilitation frameworks. The keystone demand of the rallies is to introduce mandatory trauma-informed training for all first responders. Rallies are being held in Sydney, Melbourne, Brisbane, Perth, Adelaide, Canberra, Hobart and in regional centres. The rally comes as 24 women have already allegedly died from domestic violence related incidents this year. NewsWire / Simon Bullard. Credit: News Corp Australia 'Women's rights are under attack in Australia. Women are being murdered at alarming rates and there has been silence from our government,' What Were You Wearing announced earlier this week. 'Domestic, family and sexual violence rates are continuing to increase. 'Our rallies last year saw real change. We know we can do it again.' This comes as the NSW government has committed another $25.9m to extend the Staying Home Leaving Violence over four years to all 128 LGAs in the state. Protesters are demanding governments to take hard line action. NewsWire / Simon Bullard. Credit: News Corp Australia The program aims to fortify victims properties for their safety while forcing their abusers to move out. The program empowers local police to remove violent perpetrator from the home, while victim-survivors receive necessary support. This comes as the NSW state government has increased spending to fortify victims homes and kick abusers out. NewsWire / Simon Bullard. Credit: News Corp Australia Security upgrades for their home to ensure victims safety, financial advice, safety planning and legal help are all services provided to impacted families. The program has already supported 6,500 victim-survivors of domestic and family violence, 1293 of which were children subjected to abuse. The program provides services to support victim-survivors by providing protection and advice. NewsWire / Simon Bullard. Credit: News Corp Australia 'Too often victim-survivors of domestic and family violence are forced to leave their homes in order to escape abuse,' NSW Prevention of Domestic Violence and Sexual Assault Minister Jodie Harrison said. 'Staying Home Leaving Violence helps the victim-survivor to stay safely in their own home, or a home of their choice and to keep important connections in their own community. 'This program aims to support women to live in safety and to maintain housing stability.
