Browsing articles in "agriculture"
Saturday 23rd July 2016 - 6:20 pm
Comments Off on Shorten names his shadows

Shorten names his shadows

by Alan Thornhill

The main appointments Mr Shorten made to his new ministry and cabinet include:-

 

Deputy Opposition Leader and shadow minster for education Tanya Plibersek.

 

Shadow foreign affairs minister, and Senate Opposition Leader Penny Wong.

 

Shadow special minister of state and Deputy Senate Opposition Leader, Stephen Conroy

 

Shadow Treasurer Chris Bowen

 

Shadow minister for families and social services Jenny Macklin

 

Shadow minister for the environment and water Tony Burke

 

Shadow minister for climate change and energy Mark Butler

 

Shadow minister for defence Richard Marles

 

Shadow minister for finance Jim Chalmers

 

Shadow minister for employment and workplace relations Brendan O’Connor

 

Shadow Attorney General Mark Dreyfus QC

 

Shadow minister for immigration and border protection Shayne Newman

Please visit our sponsor
Tuesday 19th July 2016 - 1:10 pm
Comments Off on RBA”waiting”

RBA”waiting”

by Alan Thornhill

The Reserve Bank is waiting for fresh information, before it decides whether to cut interest rates again, as it did in May.

 

The bank clarified its position in the minutes from its July 5 Board meeting which it released today.

 

It said growth in Australia’s major trading partners appeared to have remained slightly below average over recent months.

 

This was  in line with earlier forecasts.

 

“ GDP growth in China appeared to have eased further, which was continuing to affect economic conditions throughout the Asian region,” the bank added.

 

It said, too,  that:  “monetary policy remained very accomodative across the major economies.”

 

That was expected to remain so given that inflation was below most central banks’ targets.

 

However, the bank added, this was despite improvements in labour markets leading to full employment in several large advanced economies.

 

It said: “ GDP growth in China appeared to have eased further, which was continuing to affect economic conditions throughout the Asian region.

 

“Monetary policy remained very accommodative across the major economies.

 

And it is expected to remain so given that inflation was below most central banks’ targets, despite improvements in labour markets leading to full employment in several large advanced economies, the bank added

 

It said:  “the United Kingdom’s vote to leave the European Union had led to considerable financial market volatility, which had since settled.

 

“Financial markets had functioned effectively throughout the episode and borrowing costs for high-quality borrowers remained low.
Any effects of the referendum outcome on UK and global economic activity remained to be seen.

 

In any event, the referendum result implied a period of uncertainty about the outlook for the United Kingdom and the European Union. In the absence of significant financial dislocation, the staff’s central case was that this uncertainty was expected to have only a modest adverse effect on global economic activity.

 

 

Commodity prices had generally increased since the previous meeting. At the time of the present meeting, the Australian dollar (in trade-weighted terms) was around the levels assumed in the forecasts at the time of the May Statement on Monetary Policy

 

 

 

 

 

Monday 18th July 2016 - 7:17 pm
Comments Off on Tony Abbott:off the team

Tony Abbott:off the team

by Alan Thornhill

Tony Abbott has missed out on a place in Malcolm Turnbull’s new ministry and Christopher Pyne is to become Australia’s new minister for defence industry.

 

The Prime Minister has also named Josh Frydenberg Australia’s new environment minister.

 

This has angered environmentalists who say Mr Frydenberg has always favoured the  coal industry over the Great Barrier Reef.

 

Mr Turnbull’s new ministry and cabinet are to be sworn in next week.

 

The Prime Minister’s decision to leave his predecessor, Mr Abbott, off his front bench comes as no surprise, even though hard right MPs, within the Liberal Party, would have welcomed such a move.

 

As he  promised do before the election, Mr Turnbull generally avoided unecssary changes changes when he announced his new team today.

 

But Mr Frydenberg will become minister for the environment and energy.

 

Mr Turnbull said all his previous cabinet ministers had been reappointed although there had been some changes and expansions in their duties.

 

He said:  “Senator Fiona Nash will add Local Government and Territories to her Regional Development and Regional Communications roles.

 

“Christopher Pyne will be appointed to the new role of Minister for Defence Industry, within the Defence portfolio.

 

“Mr Pyne will be responsible for overseeing our new Defence Industry Plan that came out of the Defence White Paper.

 

“This includes the most significant naval shipbuilding program since the Second World War.

 

“This is a key national economic development role. This program is vitally important for the future of Australian industry and especially advanced manufacturing.

 

“The Minister for Defence Industry will oversee the Naval Shipbuilding Plan which will itself create 3,600 new direct jobs and thousands more across the supply chain across Australia.

 

“Beyond shipbuilding, there is a massive Defence Industry Investment and Acquisition Program on land, in the air and inside cyberspace.

 

“This is a massive step change set out in the Defence White Paper. This investment in Defence Industry, as you know, is a key part of our economic plan.

 

“It will drive the jobs and the growth in advanced manufacturing, in technology, right across the country. And I’m appointing Christopher to be the Minister to oversee that and ensure that those projects are delivered.

 

“As I said at the outset, this is a term of government for delivery.

 

“We will be judged in 2019 by the Australian people as to whether we have delivered on the plans and the programs and the investments that we have promised and set out and described in the lead-up to the election.

 

Greg Hunt will move from Environment to become the Minister for Industry, Innovation and Science, where he will drive the National Innovation and Science Agenda.

 

“Can I say that Mr Hunt has been an outstanding Environment Minister and he served in that portfolio in Government and indeed, in opposition.

 

“He has a keen understanding of innovation, he has a keen understanding of science and technology and he will give new leadership to that important portfolio and those important agendas so central to our economic plan.

 

“Josh Frydenberg will move to the expanded Environment and Energy portfolio combining all the key energy policy areas.

 

“These include energy security and domestic energy markets for which he has been previously responsible in the current portfolio. Renewable energy targets, clean energy development and financing and emission reduction mechanisms which are part of Environment.

 

“Senator Matt Canavan will be promoted to Cabinet as the Minister for Resources and Northern Australia and I welcome Senator Canavan to the Cabinet in this key economic development role,” Mr Turnbull said.

 

 

 

 

Sunday 17th July 2016 - 6:52 pm
Comments Off on Turnbull “backs away” from promised super changes

Turnbull “backs away” from promised super changes

by Alan Thornhill

By late tomorrow (Monday), we should know what the new Turnbull government will look like, but not what it will do about its proposed changes to superannuation.

 

The Prime Minister, Malcolm Turnbull, signalled yesterday that a decision on that matter is still some way off.

 

Labor called that a “humiliating back down.”

 

Its superannuation spokesman, Jim Chalmers noted that Mr Turnbull had  had said before the July 2 election that the government’s proposed changes to superannuation were “absolutely ironclad”.

 

There are many critics, including some critical ones within the Liberal party, who don’t like the caps the government is proposing to put on tax free contributions to super.

 

Mr Turnbull, though, insists that they are needed, to make the system fairer.

 

But he warned reporters in Sydney today not to expect a quick resolution of this issue.

 

That’s  good advice, as those internal critics, in particular, are very powerful.

 

And they would seriously embarrass the Prime Minister if they forced him to back down, from a position that he, himself, has described as “fair,” so soon after an election.

 

Mr Turnbull told reporters today that he is listening “very carefully” to the concerns that “my colleagues and others” have raised at the proposed superannuation tax reforms.

 

“And they will go through the normal Cabinet and party room process.

 

“We are listening very keenly, I am listening very keenly and carefully to concerns that have been raised by my colleagues, and of course by other people in the community as well,” he said.

 

But Mr Turnbull added that he would not say more at a press conference.

 

Mr Chalmers ridiculed Mr Turnbull’s new stance.

 

“Well, it will be champagne flutes at twenty paces tonight at The Lodge as the members of the Turnbull Government gather to brawl about their superannuation changes,”  he said.

 

“ No amount of taxpayer-funded champagne and prawns will fix the deep divisions in the Liberal Party, in the Turnbull Government, over the mess they’ve made of superannuation,” Mr Chalmers added.

 

Mr Turnbull also coonfirmed today  that there would be some changes between his old ministry cabinet and cabinet and his new ones.

 

His junior Coalition partner, the Nationals, for example, are expected to get at least one extra seat, because they polled well in the July 2 elections.

Tuesday 12th July 2016 - 4:48 pm
Comments Off on Borrowing “not immoral” RBA chief

Borrowing “not immoral” RBA chief

by Alan Thornhill

 

Too little credit can present risk to an economy, a Reserve Bank chief warned today.

 

Luci Ellis,who heads the bank’s financial stability department said this is something policymakers need to keep in mind.

 

Addressing a seminar in Sydney, Ms Ellis said the dangers of too much credit are well known.

 

“Over-exuberant lending and borrowing can mean that some people are getting loans that they have little prospect of being able to repay even in good times,” she said.

 

But she added:  “Less well appreciated are the costs of having too little credit available.

 

“The point here is simply that in recognising that too much credit can be dangerous, we should not instead fall into the trap of thinking of all borrowing as illegitimate or somehow immoral,” Ms Ellis said.

 

“Less credit isn’t always and everywhere better.

 

“ The low levels of credit available in economies in the regulated era of past decades are not the benchmark we should be evaluating ourselves against now when we try to assess the risk in the system.”

 

“ Some activities can and should be financed with at least some debt, even in bad times – even though there are plenty of others that should not.”

 

Ms Ellis then said:  “in their efforts to protect the real economy, policymakers need to ensure that credit is still being supplied to good borrowers even in bad times.

 

A healthy and resilient banking sector can help achieve that;” Ms Ellis said

 

“Indeed, it would be difficult to manage it without one,” she added

 

She said though that Australia is not facing a credit squeeze.

 

“Let me be clear that Australia is not anywhere near having this problem,” Ms Ellis said.

 

“Whatever the concerns about concentration and competition in the Australian financial system, there is plenty of finance readily available to lower-risk customers.

 

“ But some recent examples overseas show the damage that can be done when there isn’t enough credit available

Tuesday 12th July 2016 - 1:42 pm
Comments Off on PM’s “get out of jail” card

PM’s “get out of jail” card

by Alan Thornhill

Analysis

 

What happens now that Malcolm Turnbull has at least the 76 lower house seats that he needs to form majority government?

 

We can expect to see tight government, as the Prime Minister takes up the reins, to start his fresh three year term.

 

Not quite as tight, though, as the independent Bob Katter has suggested.

 

 

Mr Katter warned, not altogether seriously, that a government with a majority of one, might lose a critical vote, if he left Parliament to attend his mother’s funeral, or to respond to a call of nature.

 

That’s not a worry

 

Australian parliaments, thankfully, have civilised arrangements called “pairing” to deal with exigencies like these.

 

The Opposition Leader, Bill Shorten, though, did raise as serious matter, when he warned of divisions in the Liberal party, particularly those involving the hard right, which supported Tony Abbott against Malcolm Turnbull, last September.

 

They have not forgotten or forgiven.

 

That became clear this week, when one member, Cory Bernardi, sent e-mails to supporters, urging them not to “… allow the political left to keep eroding our values, undermining our culture and diminishing our important institutions.”

 

The ratings agency, Standard and Poors, delivered the biggest challenge Mr Turnbull will face late last week, though, when it put Australia’s triple A credit rating on “negative watch.”

 

It cited both uncertainties which then existed about the July 2 election results and high levels of both domestic and international debt.

 

This means that the agency might well downgrade Australia’s presently excellent credit rating, if we don’t get those issues under control, over the next two years.

 

An astute Prime Minister might see it as more than that, too.

 

A “get out of jail free card” in fact.

 

Even governments which want to keep their pre-election promises often find it very difficult to do so.

 

So what could Mr Turnbull do, if he finds himself in that all-too-likely position?

Mr Shorten warned, during that eight week election campaign, that this is no time to be giving big companies $50 billion worth of tax cuts, over 5 years, even if they are to be phased in slowly.

 

And a report funded by Getup and published just days before the election said big miners and cigarette companies would be among the main winners, from that policy, which Mr Turnbull repeatedly said would create more “jobs and growth.

 

The miners, perhaps.

 

The cigarette companies.

 

Never.

 

So some adjustments can be expected there.

 

Nick Xenophon might also  be in for some disappointment when he comes to Canberra, seeking more money, to protect the jobs of steel workers, in his home State of South Australia.

 

Mr Turnbull might even be able to convince voters that some restraint in these areas is virtuous, as well as necessary, to avoid extra interest rate pain, for home buyers and others.

 

 

If he is astute enough.

 

 

Sunday 10th July 2016 - 7:09 pm
Comments Off on PM claims victory

PM claims victory

by Alan Thornhill

The Prime Minister, Malcolm Turnbull, claimed victory today in the Federal elections that were held on July 2.

 

He said the Labor Leader, Bill Shorten, had telephoned him earlier today and congratulated him on being re-elected as Prime Minister.

 

Then he added: “Mr Shorten said earlier today that he looked forward to seeking to reach common ground.

 

“And I welcome that remark, I welcome that.

 

“Because it is vital that this Parliament works.

 

“It is vital that we work together and as far as we can, find ways upon which we can all agree, consistent with our policies that we have taken to the election, consistent with our political principles, that we meet the great challenges Australia faces.

 

“We need to ensure that we have a strong economy in the years ahead,” Mr Turnbull said.

 

The newly re-elected Prime Minister then set out broad objectives, for his second term.

 

He said: “We need to ensure that we maintain a successful transition from the economy fuelled up by the mining construction boom, to one that is more diverse.

 

“We need to ensure that Medicare and education, our health services, and all those vital government services are provided for and Australians feel secure that they are provided for and guaranteed.

 

“And at the same time, we have to ensure that we bring our Budget back into balance.

 

“These challenges are not easy, there’s no simple solution to them.

 

“But that’s why they need our best brains, our best minds and above all, our best goodwill in this new Parliament to deliver that.,” he said.

 

 

He also dismissed a reporter’s suggestion that he might have more trouble with the new Senate than he had with the old, saying there were always cross benchers in the Senate  and there would only be one more in the new Senate.

 

Mr Turnbull also signalled, very clearly, that he would  not be taking his predecessor, Tony Abbott, back into Cabinet.

 

He said: “I have obviously given consideration to the Ministry both before and after the election and as you know I have said that the Ministry I lead – I led to the election, will be the Ministry I lead after the election.

 

“Regrettably several ministers have not been returned and so there will be some changes.

 

” but you shouldn’t anticipate large scale changes. ”

 

 

 

 

Thursday 7th July 2016 - 6:13 pm
Comments Off on Politicians squabble over Triple A warning

Politicians squabble over Triple A warning

by Alan Thornhill

The Federal government and opposition differed sharply today, after a major ratings agency, Standard and Poors, put Australia’s prized triple A status on negative watch.

 

It did so citing both the still unresolved Federal election result and high levels of both household and external debt.

 

The Treasurer, Scott Morrison, said the agency’s move, “reaffirmed the government’s fiscal direction and the need to “stick to the plan” the Coalition set out in its last budget.”

 

However the shadow treasurer, Chris Bowen, said it underlined the government’s “fiscal failure” and cast further doubt on its budget projections.

 

 

The agency’s warning means that  Australia’s AAA credit rating might be slashed in future  if there is no improvement in its budgetary performance.

 

 

This  could  increase  government borrowing costs and weaken international investment.

 

Mr Bowen said S&P statement is “sombre reading.”

 

He said the agency  “…calls out the Government on three years of fiscal failure, based on unrealistic Budget revenue forecasts and savings measures that will never pass the Parliament.

 

“S&P makes it clear that it doesn’t have much faith in the Government’s Budget revenue forecasts – a point Labor has consistently made since the Budget in May,” Mr Bowen added.

 

However Mr Morrison took a different view.

 

 

He said the agency’s warning reinforces the government’s message that Australia must “live within its means”.

 

 

He said S&P were clearly concerned about the outcome of the election and that “the pace of fiscal consolidation may be postponed”.

 

Mr Morrison said it would be irresponsible to increase the deficit over the next few years, because “that increases the debt and you can’t get that money back”.

Pages:«1234567...26»

My book

wx 2

Weathercoast by Alan Thornhill

A novel on the murder of seven young Anglican Christian Brothers in the Solomon Islands.

Available now on the iTunes store.

Profile

Alan Thornhill

Alan Thornhill is a parliamentary press gallery journalist.
Private Briefing is updated daily with Australian personal finance news, analysis, and commentary.

Please visit our sponsor

THE MARKETS

All Ordinaries5828.80  chart+17.30  chart +0.30%
S&P 5002413.37  chart+8.98  chart +0.37%
Aud/usd0.7467  chart-0.0033  chart -0.44%

Bhp Blt Fpo24.50  chart+0.30  chart +1.24%
Macq Group Fpo88.80  chart-0.05  chart -0.06%
Origin Ene Fpo8.01  chart+0.15  chart +1.91%
Newcrest Fpo20.78  chart+0.14  chart +0.68%
N/aN/A  chartN/A  chartN/A
Please visit our sponsor

Topics

News Archives