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The Latest Breaking News from Chris Richardson

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.

AAP

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

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 Guardian - AU

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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 Conversation

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 Guardian - AU

‘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

The Independent UK

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

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'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.

AAP

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.

The Conversation

View from The Hill: Alfred forces Albanese into budget of risks and opportunities

The “maybe” March 25 budget is now a definite, the government’s hand forced by Cyclone Alfred.

The Conversation

Labor set for budget boost thanks to higher tax take

Australia's bottom line will be $11 billion better off, if the government releases a budget before the election, a leading economist predicts.

AAP

Coalition, Labor miss the mark on $347b spending claim

The opposition's claim Labor has added $350 billion in spending omits the impact of inflation, while Labor's response misconstrues the coalition's planned cuts.

AAP

Crackdown on tobacco research, phoenixing boosts budget

Policy decisions will result in a $17.5 billion deterioration of the federal books, even as tax crackdowns boost revenue, a mid-year budget update predicts.

AAP

Hint of consumer recovery to keep RBA focused on prices

Australia's retail sales enjoyed a boost from an early start to Black Friday discounting and recovering bank balances following tax cuts.

AAP

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The Conversation

Grattan on Friday: Donald Trump’s win will make 2025 even more challenging for Anthony Albanese

Early Wednesday evening, Queensland Nationals senator Matt Canavan raced down the Parliament House stairs to collect a bag of McDonald’s from an Uber. To celebrate Trump’s victory, he called out as he ran.

AAP

Chalmers threads budget needle with difficult economy

Treasurer Jim Chalmers is confident he can beat inflation in the near term while gearing up for growth in a low-carbon world in his government's third budget.

AAP

'Under the pump': expenses help for battling families

Cost-of-living support will be a key focus in the Albanese government's third federal budget, which will be handed down next week.

The Guardian - UK

Jürgen Klopp hurls yet another stick of dynamite at TNT Sports

In today’s Football Daily: explosive stuff from Liverpool’s manager; and Clatt’s all folks

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The Guardian - AU

Labor could raise welfare payments for cost-of-living relief without stoking inflation, economists say

Albanese government would need to couple any increases in unemployment benefits and pensions with savings, experts say

The Guardian - AU

Stronger than expected budget position to fuel calls for cost of living relief, economists say

Majority of additional revenue disclosed in midyear budget update likely to be banked to avoid further stoking inflation

AAP

'We're under pressure too', Chalmers tells treasurers

State and federal treasurers are yet to reach an agreement on the GST no worse off guarantee but talks are set to continue at national cabinet next week.

WEKU

Cities know the way police respond to mental crisis calls needs to change. But how?

About 1 in 5 people killed by police since 2015 were having a mental health crisis. Like other cities, Philadelphia is trying a new approach: sending along social workers to respond to those calls.

The Conversation

Politics with Michelle Grattan: Economist Chris Richardson on a likely interest rate rise and the fall in living standards

The International Monetary Fund (IMF) released a report this week calling on Australia to raise interest rates again, adding to the speculation the Reserve Bank will increase the cash rate on Tuesday.

AAP

Federal budget back in black for first time in 15 years

The Labor federal government has smashed its earlier forecasts for a budget surplus, although the treasurer says deficits are expected in coming years.

AAP

Borrowers on red alert as inflation fight rakes economy

Economists and experts have identified groups at higher risk of serious financial stress and pain as interest rate hikes battle stubborn inflation.

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