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The Latest Breaking News from Chris Richardson

Bootlegger boom: big excise fuels black market booze

The government is being urged to cut the alcohol excise before the horse has bolted and another black market like illicit tobacco becomes entrenched.

AAP

Politics with Michelle Grattan: Economist Chris Richardson on next steps in fuel crisis

The war in Iran has become the third major economic crisis in the last 20 years, with fuel prices jumping and inflation once again starting to pick up. Australians are feeling worsening economic pain.

The Conversation

Spoils of Iran war to deliver Chalmers a budget boost

The federal budget will be billions of dollars better off, even with added spending, because of higher commodity prices and inflation, a top economist says.

AAP

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Second fuel security trip to Asia for PM

Prime Minister Anthony Albanese will leave on Tuesday for his second fuel security mission within a week.

The Conversation

The RBA conflict that could decide its next rates call

Australia's central bank must abandon its narrow path and choose between getting inflation down quickly or keeping unemployment low, economists say.

AAP

Grattan on Friday: would Labor be supporting this war if it were in opposition?

When Canadian Prime Minister Mark Carney addressed federal parliament on Thursday his well-crafted speech had one gaping hole. It did not mention the huge issue dominating world attention – the United States-Israeli strikes on Iran and the subsequent ever-widening conflict that has engulfed the region.

The Conversation

'Galling': Aussies set to pass up another gas windfall

War in the Middle East could drive energy prices towards record highs, but a failure to fix gas taxes means Australians will miss out on their share of profits.

AAP

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Pressure to fix gas tax raising less revenue than beer

Senator David Pocock will ramp up pressure on the government to re-examine a fossil fuels tax that raises less money than beer thanks to a "fatal mistake".

AAP

Treasury considering changes to Australia’s contentious tobacco excise, as calls grow for a freeze

The tax has climbed by 60% since 2020 and accounts for three-quarters of the legal cost of a packet of cigarettes

The Guardian - AU

Chalmers spins battery blowout into budget savings

Clever accounting has been used by the treasurer to claim the government's policy decisions improved the budget bottom line for the first time in eight years.

AAP

Mid-year budget update will project deficit of nearly $37 billion for current financial year

Wednesday’s budget update will project a deficit of $36.8 billion for this financial year, which is $5.4 billion better than forecast in the Pre-election Economic and Fiscal Outlook (PEFO) issued before the May election.

The Conversation

Plea for spending cuts as banks tip interest rate hikes

Half of Australia's big four banks are tipping the Reserve Bank to hike interest rates at its next meeting as inflation is pushed outside the target zone.

AAP

Budget update to reveal Australia's fiscal fortunes

The federal treasurer says he's booked another $20 billion in savings in the budget update, but is keeping mum on whether that means a smaller deficit.

AAP

‘Pure political pork’: government ends energy bill rebate as treasurer flags ‘difficult’ budget decisions

Chalmers flags pressure on national finances as Reserve Bank contemplates possibility of interest rate rises next year

The Guardian - AU

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AAP

Call to examine 'perverse' excise fuelling illegal cigs

Nationals leader David Littleproud says parliament needs to take a "courageous look" at the tobacco excise amid a surge in black market sales.

The Guardian - AU

The Coalition says ‘Jimflation’ is wrecking the nation – but would we have accepted the alternative?

Public spending can drive inflation, but from healthcare to education, Australians expect more and better public services – and Labor provided

AAP

Treasurer defends $4b hit from super tax backdown

An overhaul of a signature Labor tax plan will cost the budget billions, but the treasurer says it shouldn't be seen in isolation.

The Guardian - AU

Cigarette prices to jump by almost 7% amid growing concern about Australia’s booming black market

Rise in tobacco excise kicks in Monday as experts warn ‘prohibition style’ approach is doomed to fail

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The Guardian - AU

As the economy slows and productivity flatlines, is Australia having another banana republic moment?

In 1986 Paul Keating warned the nation was headed towards economic disaster without reform. Now, Jim Chalmers faces a similar dilemma

The Conversation

Grattan on Friday: Can Jim Chalmers reap a healthy crop with the help of his big worm farm?

One observer describes next week’s economic roundtable this way: “Chalmers has opened a can of worms – and everybody has got a worm”.

The Guardian - AU

If the economics of broadening or lifting Australia’s GST are challenging, the politics are horrendous

Labor is fundamentally opposed to changing the tax on consumption on the basis it hurts poorer Australians. And the worry about fairness is real

The Independent UK

‘The damage is done’: Why Trump’s tariff pause has not stopped the risk of global recession

Even with a 90-day halt on aggressive tariff hikes, leading economists say uncertainty has already caused considerable harm

AAP

Up in smoke: billions wiped off tobacco tax forecast

A booming tobacco black market has created a taxation deficit and forced a belated national crackdown on dodgy retailers and criminal gangs.

AAP

'Optimism' in budget as Australia seen turning a corner

The cost of living will be centre stage in the government's budget as many continue to do it tough, but a cabinet minister says there is reason to have hope.

The Conversation

View from The Hill: 5 things to look for in the budget – and why we really need another budget soon

Jim Chalmers likes to boast, or marvel, that he is the first treasurer since Ben Chifley to deliver four budgets in a term.

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