Business + Economy – Research and News

Scott Morrison and Mathias Cormann have announced the Coalition’s election costings. Adrian Muscat/AAP

Coalition squeezes welfare lemon again

A $2 billion welfare crackdown is the main contributor to new savings announced by the government to improve the budget by $1.1 billion across the forward estimates.
Chris Bowen and Tony Burke put out Labor’s costings just after Malcolm Turnbull’s official launch of the Coalition’s campaign. Dan Peled/AAP

Labor costings: ALP deficit $16.5 billion higher over the budget period

Labor has unveiled its costings, showing it would have a deficit of around $16 billion higher across the forward estimates than that shown in the Pre-election Economic and Fiscal Outlook.
Chris Bowen stressed that Labor’s fiscal program, when fully released, would ‘see us return to budget balance in exactly the same time frame as the government’. Mick Tsikas/AAP

Labor to release savings package

The opposition will attempt to strengthen its economic credentials by announcing on Friday a package of savings to help pay for its policies and improve the budget bottom line.
Barnaby Joyce has announced an assistance package for beleaguered dairy farmers. Mick Tsikas/AAP

Dairy farmers get $555 million in concessional loans

Agriculture Minister Barnaby Joyce has announced a package of concessional loans and facilitation of access to assistance for the beleaguered dairy industry.
Treasurer Scott Morrison says ‘this is not a time to be splashing money around’. Mick Tsikas/AAP

Election budget sends companies sweeteners to drive growth

The Turnbull government has promised company tax cuts to stimulate investment and action to prevent middle-income earners moving into a higher tax bracket, in a budget that will launch its election campaign.
Scott Morrison told a news conference the Turnbull government welcomed foreign investment where it was consistent with Australia’s national interest. Mick Tsikas/AAP

Kidman sale to Chinese given preliminary ‘no’

Treasurer Scott Morrison has announced that his "preliminary decision" is that the purchase of the Kidman pastoral empire by a Chinese-dominated buyer "is contrary to the national interest".
Scott Morrison told a joint news conference with Assistant Treasurer Kelly O'Dwyer that the banks would pay an additional $121 million to increase the resources of ASIC. Lukas Coch/AAP

Morrison warns banks not to pass on new ‘user-pays’ impost to finance ASIC reform

Scott Morrison has warned the banks not to pass on to customers the $120 million user-pays charge imposed on them to finance a strengthened Australian Securities and Investments Commission.
Opposition leader Bill Shorten says public confidence in the banking sector has taken ‘hit after hit’ in recent years. Tracey Nearmy/AAP

Labor pledges royal commission into bank behaviour

Bill Shorten has promised a Labor government would set up a royal commission into misconduct in the banking and financial services industry.
Prime Minister Malcolm Turnbull attending Westpac’s 199th birthday lunch in Sydney on Wednesday. Dean Lewins/AAP

Banks get a bollocking from Turnbull on ethics

Prime Minister Malcolm Turnbull has given banks a bollocking for unethical behaviour, suggesting they have not repaid the support they received during the global financial crisis.
The Productivity Commission last year recommended that Sunday penalty rates should be brought in line with those applying to Saturday. Evan Schwarten/AAP

Penalty rate cut will hurt economy without helping business: Labor

The federal opposition says that reducing penalty rates in the retail and hospitality sectors would widen the gender pay gap across the economy and hit consumption.