Saturday, September 11, 2010

Team Gillard, complete


Cabinet Ministers

Julia Gillard
Prime Minister
Wayne Swan
Deputy Prime Minister
Treasurer
Kevin Rudd
Minister for Foreign Affairs
Chris Evans
Minister for Jobs, Skills and Workplace Relations
Simon Crean
Minister for Regional Australia, Regional Development and Local Government
Minister for the Arts
Stephen Smith
Minister for Defence
Nicola Roxon
Minister for Health and Ageing
Jenny Macklin
Minister for Families, Housing, Community Services and Indigenous Affairs
Anthony Albanese
Minister for Infrastructure and Transport
Stephen Conroy
Minister for Broadband, Communications and the Digital Economy
Minister Assisting the Prime Minister on Digital Productivity
Kim Carr
Minister for Innovation, Industry and Science
Penny Wong
Minister for Finance and Deregulation
Peter Garrett
Minister for Schools, Early Childhood and Youth
Robert McClelland
Attorney-General
Joseph Ludwig
Minister for Agriculture, Fisheries and Forestry
Tony Burke
Minister for Sustainable Population, Communities, Environment and Water
Martin Ferguson
Minister for Resources, Energy and Tourism
Chris Bowen
Minister for Immigration and Citizenship
Craig Emerson
Minister for Trade
Greg Combet
Minister for Climate Change and Energy Efficiency


Ministers

Tanya Plibersek
Minister for Human Services
Minister for Social Inclusion
Brendan O’Connor
Minister for Home Affairs and Justice
Minister for Privacy and FOI
Kate Ellis
Minister for Employment Participation and Childcare
Mark Arbib
Minister for Indigenous Employment and Economic Development
Minister for Sport
Minister for Social Housing and Homelessness
Nick Sherry
Minister for Small Business
Minister Assisting the Minister for Tourism
Warren Snowdon
Minister for Veterans’ Affairs and Defence Science and Personnel
Bill Shorten
Assistant Treasurer
Minister for Financial Services and Superannuation
Mark Butler
Minister for Mental Health and Ageing
Gary Gray
Special Minister of State
Jason Clare
Minister for Defence Materiel

Parliamentary Secretaries

David Bradbury
Treasury
Jacinta Collins
Education, Employment and Workplace Relations
Julie Collins
Families, Housing, Community Services and Indigenous Affairs
Mark Dreyfus
Climate Change and Energy Efficiency
Cabinet Secretary
Justine Elliot
Foreign Affairs and Trade
Don Farrell
Sustainable Population, Communities, Environment and Water
David Feeney
Defence
Mike Kelly
Agriculture, Fisheries and Forestry
Catherine King
Health and Ageing
Infrastructure and Transport
Kate Lundy
Immigration and Citizenship
Prime Minister and Cabinet
Richard Marles
Foreign Affairs and Trade
Jan McLucas
Families, Housing, Community Services and Indigenous Affairs



TRANSCRIPT OF PRESS CONFERENCE, MELBOURNE SEPTEMBER 11, 2010

PM: I’m here today to announce the shape of the new ministry of the Gillard Government, and first and foremost can I say the new ministry delivers on my promise to have a dedicated Department of Regional Australia that will be within my portfolio as Prime Minister, and it will be led by a dedicated Cabinet minister, Simon Crean.

Simon Crean will work with a team of ministers and parliamentary secretaries, who will seek to represent regional Australia to the Government. This is delivering on the focus that I agreed with the independents in the House of Representatives. It’s delivering on a promise to regional Australia to focus on their needs.

Secondly, the ministry continues a strong emphasis on economic management and the creation of jobs. Of course, the Australian economy has emerged from the global financial crisis the envy of the world. That has happened because we have sought to provide stable economic management and we have sought to focus on jobs.

That kind of economic stability will continue, as will our approach to ensure the budget comes to surplus in 2013.

Wayne Swan will, of course, continue as Treasurer to lead the economic team.

Senator Penny Wong will become the Minister for Finance, to work with Wayne Swan ensuring the budget comes to surplus in 2013.

Senator Chris Evans, our leader in the Senate, Senator Chris Evans from Western Australia, will lead a strategic focus on jobs as the new Minister for Jobs, Skills and Workplace Relations.

Craig Emerson will be a new Cabinet member and Minister for Trade, and obviously will continue to travel the world to ensure that our country gets the best opportunities to sell the things that we make so well to the rest of the world.

Martin Ferguson will continue with his key role, working in energy; working with the resources sector; and of course working in tourism, too.

Our focus on skills continues. During the election campaign and over a number of years, Australians, I believe, have become familiar with my core belief that having an economy that offers people the benefit of work is vital, but of course making sure that we focus on education is vital – giving every child a chance of a great school education.

That’s why I have asked Peter Garrett to be the Minister for Schools, Early Childhood and Youth, to continue a key focus on the education reforms that this Government has started to deliver and will continue to deliver to make good on our promise as a nation to give every child a fair go.

The economic team will also include Kim Carr, continuing to work in his important portfolio of Industry, Innovation, Science and Research; and Anthony Albanese, working in his important portfolio of Transport and Infrastructure.

The work of this team across human capital, infrastructure, innovation, industry policy, is vital to our jobs, productivity and participation agenda.

Of course, Anthony Albanese will continue to lead the Government’s work in the House of Representatives as the Leader of Government Business.

The foreign affairs and defence team will be Kevin Rudd as Minister for Foreign Affairs and Stephen Smith as the Minister for Defence.

Stephen Smith will also continue in his portfolio or obligation as Deputy Leader of Government Business in the House of Representatives, working with Anthony Albanese.

Then, this new ministry also delivers on my promise that we will deliver a sustainable Australia and a sustainable population policy for this country. I’ve asked Tony Burke to lead this work as a new Minister for a Sustainable Australia, working in population policy, on the environment, water, and also housing policy.

I’ve asked Greg Combet to join the Cabinet and lead the Government’s work on climate change.

I have asked Chris Bowen to lead the Government’s work on immigration and citizenship. Of course, our focus is always on making sure that we keep border protection strong, and Chris Bowen will be focussed on that work.

Stephen Conroy will continue with his special responsibilities, including the responsibility for broadband, but we will build on that with Steve Conroy also serving as a minister assisting me to ensure that across the whole of government, whether it’s health, whether it’s education, whether it’s any part of government, we are working to maximise what the broadband network can deliver in those service delivery areas.

Nicola Roxon will continue as the Minister for Health and Ageing.

Jenny Macklin will continue in her portfolio covering families and community services and Indigenous affairs.

Robert McClelland will continue as the Attorney-General.

Joseph Ludwig will move into a new area of responsibility as the Minister for Agriculture, Fisheries and Forestry.

This is the core Cabinet team.

Then, also serving in the ministry I have invited the following members to serve.

Tanya Plibersek will take a new responsibility to be the Minister for Human Services and the Minister for Social Inclusion. Tanya has done extraordinary work in her responsibility for housing. She will now move to this new challenge. Of course, as many people would know, Tanya is looking forward to taking a short period of maternity leave as she has her child, and of course when Tanya returns from maternity leave and beyond she will continue to be a strong member of the Government team, and of course she is a woman with an extraordinary future.

Brendan O’Connor will move to take additional responsibilities. He is currently the Minister for Home Affairs. He will move to also be the Minister for Justice, and he will work with me on additional responsibilities in my portfolio for privacy and information.

Senator Mark Arbib will also take on a new role and greatly increased responsibility. Senator Mark Arbib will serve in the area of Indigenous employment and economic development, something so important to ensuring that we close the gap for Indigenous Australians. He will also serve as the Minister for Social Housing, with a key focus on homelessness, and he will serve as the Minister for Sport.

Kate Ellis is also stepping up to new responsibilities, particularly the responsibility for employment participation, a strong focus on jobs, working with Chris Evans, as well as continuing her connection with child care policy.

Warren Snowdon will serve in the portfolios of Veterans Affairs and also Defence Science and Personnel. People would be aware that Alan Griffin, who served in comparable portfolios, has chosen for personal reasons not to make himself available for the ministry.

Senator Nick Sherry will continue to serve the Government, working in important areas, and most particularly important economic areas. He will be assisting on tourism and will have a sharp focus on the needs of small business.

Then, of course, the ministry is being strengthened by four new members.

Firstly, Bill Shorten, who will step up to the responsibility of being Assistant Treasurer, as well as working in superannuation and financial services; Mark Butler, who will join Nicola Roxon in a focus on health and will be particularly focussed on ageing and mental health; Gary Gray, who will become the Special Minister of State; and Jason Clare, who will have a focus on defence procurement in the Defence Materiel portfolio.

As you would see from the ministerial list, Justine Elliot has moved to being a parliamentary secretary. That has been done at her request, obviously for family and other reasons, but she will serve as Parliamentary Secretary for Trade.

The depth of the Labor team, I believe, is shown by the parliamentary secretary list. People would see there a large number of new names. Overall, we’ve got nine new parliamentary secretaries, showing the depth of the team.

People would also see that through the allocations here, through ministers and parliamentary secretaries, we do have a person dedicated to the voice of regional Australia right around the country.

I’m very happy to take any questions.

JOURNALIST: Prime Minister, the (inaudible) Kevin Rudd, you know, obviously you had in the past. (inaudible) put that behind you now?

PM: Of course.

JOURNALIST: Will you be moving into The Lodge soon, and have you got any plans to visit the troops overseas?

PM: Oh, look, we’ll be making those arrangements over time. From my point of view there’s no particular rush in terms of moving into The Lodge. Obviously, at the appropriate point, too, I would be seeking to visit our troops serving overseas.

JOURNALIST: Prime Minister, is it unusual that Stephen Smith made his announcement before your actual (inaudible)

PM: Look, just a question of logistics and his timing and commitments and mine.

JOURNALIST: Prime Minister, what’s the reason for giving Peter Garrett Minister for Schools, Early Childhood and Youth, away from environment?

PM: Well, I want Peter Garrett to continue the Government’s record of reforms in school education. Peter Garrett is a man who’s been motivated across his life to address disadvantage in our community, and if you are serious about addressing disadvantage – whether it’s closing the gap for Indigenous Australians or whether it’s looking at Australians who are born into poorer and more disadvantaged circumstances generally – the best way of creating fairness, equity and opportunity is to give kids a great education.

I believe that with absolute passion, as does Peter Garrett, so this is a special new responsibility for him.

JOURNALIST: And did you talk to the independents about Simon Crean taking on the role of Minister for Regional Australia?

PM: Look, I of course made all of the selections here, but I’m well aware that Simon Crean, over a long period of time, has exhibited a passion for localism, for the embrace of localism, for the embrace of regional development, and I’m sure the independents know that.

JOURNALIST: And what was their reaction to, what was their reaction to you telling them that Simon Crean would be, in effect, their minister?

PM: Well, look, I haven’t specifically confirmed it to them, but I’m confirming it to everybody now.

OK?

JOURNALIST: Mark Arbib and Bill Shorten are-

PM: -Just a tickle at the back of my throat.

JOURNALIST: It seems quite likely that people will, may interpret that as looking after them after the role that they played in bringing you the leadership – any response to that?

PM: Well, Mark Arbib was a minister, and he is stepping up to additional responsibilities, and that’s because he’s performed well as a minister. He’s shown a particular passion for Indigenous employment, and that’s why he retains a connection with that, and this is a broader, new role for him. It’s based on the capacity and work he’s done so far as a minister.

Bill Shorten is a very talented member of the federal parliament. He did extraordinary work as parliamentary secretary in the disabilities area, which I think has been recognised broadly, and if you talk to anybody in the advocacy community for people with disabilities they will talk glowingly of the role Bill Shorten played. Given he’s shown that kind of merit and capacity, then it obviously makes sense to offer him a further opportunity at the next stage, and that’s in the ministerial ranks.

JOURNALIST: Prime Minister, who is taking over Mr Shorten’s responsibility for disability?

PM: You will see the way we’ve done the parliamentary secretary list there that we’ve indicated what portfolios people will be connected to, so you would see in the area of family and community services – where disability lies – there will be two parliamentary secretaries working there. You can see that Jan McLucas is there and Julie Collins. It’ll become a question for Jenny Macklin how she allocates individual duties.

JOURNALIST: Prime Minister, (inaudible) an opportunity to have more women in the ministry?

PM: Well, look, across the team there’s a large number of women and, of course, I lead the Government where for the first time we have a woman as Prime Minister. I think in those circumstances people understand that Labor is committed to hearing the voice of women. It’s happening right at the top.

JOURNALIST: Prime Minister, I see Anthony Byrne’s been dumped as a parl sec (inaudible) is there any reason, particularly, why (inaudible)

PM: Look, there have been a few changes in parliamentary secretaries. Obviously, the role of parliamentary secretary is to give people an opportunity. Anthony Byrne performed well and I’d be looking forward to him getting opportunities in the future, including opportunities directly in the parliament.

JOURNALIST: Prime Minister, hoping for a win for the Doggies tonight?

PM: I certainly am, certainly am, and I’ll be there to cheer the Bulldogs on.

JOURNALIST: (inaudible) would you give to Brad Johnson (inaudible)

PM: I think, well, I knew that, I was thinking about the message. I’d say, after the period that’s been, a win’s a win, and if you can get there by one point it’s still a win.

Thank you.



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In praise of Ron Ekel (Warning: the cutest video you will ever see)


In 1994 and 1995 I worked on a business TV program The Bottom Line with the best theme music ever, composed by the same guy who did this.

Among my colleagues were Max Walsh, Maxine McKew, Murray Travis, Helen Grasswill, Ruth Dexter, Margot Saville, Sophie Emtage, Stuart Miller, Stewart Palmer and later Ticky Fullerton, James Walker and Steve Skinner.

And Ron Ekel.

Not only is he the best cameraman I have ever worked with, he also has the best way with human beings - which is one of the reasons why he was so good in his job.

He is now with Foreign Correspondent.

Where it seems his magic isn't limited to human beings.

Enjoy:







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Friday, September 10, 2010

Gee, how to make the tax system work is sort of obvious...

A visiting tax expert has urged Australia to lift the Goods and Services Tax and slash other taxes to make life simpler for business and householders.

Chas Roy-Chowdhury, head of taxation for the UK-based Association of Chartered Certified Accountants said he was hoping for an invitation to the summit.

He said at 10 per cent, our GST rate was low by international standards. It would still be attractive if lifted to 20 per cent. Only at 25 per cent had there been found to be problems with public acceptance overseas.

Australia's high headline rates of personal and company tax disadvantaged us internationally by making us appear to be a high tax country when we were not.

"If I was multinational looking to invest, the high rates before deductions, offsets and exemptions might put me off," he said...

The Henry Review’s plan to eliminate most exemptions and ensure all types of income were taxed, would make the headline rates lower at no cost to revenue and Australia more attractive.

"It also would be good for Australians," Mr Roy-Chowdhury told The Age. "If you can see what you are paying you buy in to the system; tax doesn’t become a separate dark art you leave to other people."

The Henry Review recommends that fringe benefits and employers’ super contributions be taxed as income in the hands of recipients and that the fringe benefits tax exemption presently enjoyed by charities be phased out.

It has published an indicative tax scale with only only two rates for most people - zero for the first $25,000 and 35 per cent for everything thereafter up to $180,000.

"That sort of simplicity is worth paying for," said Mr Roy-Chowdhury. "I would advocate smoothing the way by sending anyone adversely affected a cheque in the post." Asked if he was suggesting bribing losers to accept the new system he said transitional rebates had an honourable history overseas and were worth the expense.

He welcomed the Henry Reviews' aim of making the system so simple that tax returns were not needed, but warned Australia not to go as far as Britain had done and make returns optional.

"In introducing a new computer system the UK authorities have just discovered they have been collecting the wrong amounts of money," he said.

"‘People have been switching jobs so often it has overwhelmed the automatic system of updating records we had thought was serving us well."

Published in today's Age


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Australia is the most generous nation on earth?

That's what thew new Gallop World Giving Report says.

The top 10 most-generous countries, in order:

1. Australia
1. New Zealand
3. Ireland
3. Canada
5. Switzerland
5. United States
7. Netherlands
8. United Kingdom
8. Sri Lanka
10 Austria



Gallup found that giving money is more strongly correlated with happiness than with gross domestic product. HT: CATHERINE RAMPELL

By the way, happiness is itself correlated with Sunshine. We've lots of that.


World Giving Report



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Who's making all those jobs then?

NSW 26,000
Victoria 22,700
Western Australia 15,900
Queensland 6700
South Australia 4200
Tasmania 1000

ABS 6202.0 Trend, 3 months to August

NSW has replaced Victoria as the engine of Australia's jobs growth, creating the bulk of the nation's 31,000 new jobs in August and pushing its unemployment rate down to just 5 per cent, a rate beaten only by Western Australia.

The trend for the past three months shows NSW creating 26,000 new jobs to Victoria's 23,000, a turn around from the previous quarter when Victoria outclassed NSW two to one.

"Some things are finally going right for NSW," said Access economics director Chris Richardson. "Party it's because NSW has been sick for so long it has a lot of potential for recovery."

"Some of it has to be the finance sector. With NSW the home to many finance companies, it is where they will put on workers."

"And the wind-down of stimulus programs is hurting Victoria more than NSW. It made better use of them."

University of NSW economics lecturer Nigel Stapledon said the withdrawal of stimulus and the resurgence of mining meant a return to the old order.

"Before the financial crisis the mining boom was pushing up the dollar, squeezing manufacturers. Victoria is the centre of manufacturing... The stimulus measures shored it up but they are fading," he said.

"NSW has big chunks of mining, even South Australia has a few, but Victoria doesn't have much. We are back to where we were, with the mining states propsering at the expense of non-mining states."

Premier Kristina Keneally welcomed the return to a 5 per cent unemployment rate saying it was a "strong result for the $400 billion NSW economy and great news for NSW families
and businesses."

The NSW economy had been growing for six consecutive quarters, "more than could be said for Victoria, Queensland and Western Australia".

Rounded to two decimal places the NSW unemployment rate has slipped below 5 per cent to 4.98, the best result since September 2008, and better than the national average of 5.1 per cent.

Tasmania has the nation's worst unemployment rate at 6 per cent, Queensland and South Australia are on 5.4 per cent, Victoria 5.5 per cent, and Western Australia 4.5 per cent.

The Bureau of Statistics said while total employment climbed 31,000, full-time employment climbed 53,000, meaning around 22,000 part-time jobs were converted to or replaced by full-time jobs.

The good result would not have been influenced by the 70,000 temporary workers taken on for polling day because the August survey had asked questions about the employment in the fortnight prior to election week.

This means there should be no one-off boost in the August numbers to be retraced, making further improvements likely in September and holding open the possibility of a national unemployment rate below 5 per cent before the end of the year.

Treasury's pre-election forecasts had unemployment remaining at 5 per cent until mid next year and then sliding slowly to 4.75 per cent by mid 2012.

The faster rate of improvement yesterday had economists bringing forward their guesses as to the timing of the next rate rise, with the futures market placing a 24 per cent probability on an interest rate hike at the next Reserve Bank board meeting, up from zero a few days ago.

But the Bank itself has indicated it is relaxed about jobs growth so long as inflation remains well contained. It won't have a inflation update until its November meeting on Melbourne Cup day.

Published in today's SMH and Age

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Thursday, September 09, 2010

The expanding summit. Let's see. Superannuation, GST...

Good, eh?

Treasurer Wayne Swan is under pressure to broaden the scope of next year's tax summit to include discussion of the Goods and Services Tax.

The deal with the independents that handed Labor government includes a commitment to convene a "public forum of experts" to discuss the Henry Review by June 2011.

Mr Swan confirmed yesterday that all 135 recommendations of the Henry Review would be up for discussion including those his government had specifically ruled out, among them more highly taxing capital gains and rationalising taxation of alcohol.

"We said there were some things that we as a government would never do, and we said there were many other recommendations of Henry on which we wanted to see a community debate and discussion in the next term of Parliament," he said.

While he was not keen for a debate on the 19 recommendations ruled out he accepted that the June forum would have the right to consider them, along with the mining tax for which legislation would be prepared in parallel with the summit.

"I am sure there will be many people who will want to discuss issues in Henry that we ruled out," he said... "They may want to discuss the draft mining legislation. I am relaxed about that but the Government is very firm in its commitment that we must progress this piece of legislation."

PricewaterhouseCoopers tax partner Tim Cox welcomed the commitment but said the summit had to go further and examine the Goods and Services Tax, about which the Henry Review was specifically prevented from reporting.

"The countries we compare ourselves with are increasing their rates of GST. New
Zealand lifted its rate from 10 to 12.5 per cent and will lift it again to 15 per cent next month. Britain lifts its rate to 20 per cent in January."

"The costs of putting the system in place have already been borne. If we lifted our rate to 12.5 per cent, most companies could do that in an afternoon."

A boost in Australia's rate from 10 per cent to 12.5 per cent would raise an extra $12 billion, climbing to $15 billion in three years time.

Used to fund a cut in the rate of personal tax, company tax, payroll tax or or state-based so-called nuisance taxes the increase could be attractive.

"We should not consider tax changes in isolation," said Professor Julian Disney of the Community Tax Forum, which has no position on the GST.

"If all you do is discuss the popular measures in the Henry Review and not the unpopular ones, you won't get a system which hangs together. We certainly want those measures ruled out back on the table."

A spokesman for the Treasurer was last night unsure as to whether the GST would have a place in the Tax Summit saying "the details of how the forum will operate and what will be discussed are yet to be announced, but we have said consistently that the government has absolutely no plans to raise the GST".

Australian Industry Group chief Heather Ridout who sat on the Henry Review said including the GST in the summit was no guarantee it would be increased.

"I was at the last tax summit in 1985 where we did not make progress and threw out the GST, so they're not without their complexities," she said.

Published in today's SMH and Age


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Wednesday, September 08, 2010

And so, to tax...


Henry is back from the dead. A firm commitment from Labor to leave the tax review alone for the rest of the term has been replaced by a commitment to open the whole Henry Review up for discussion, culminating in a public tax summit mid next year.

High among the items for discussion at the summit will be an idea both sides regarded as too radical to embrace during the campaign, although the Coalition gave a nod in its direction - one simple flat tax rate of 35 per cent applying to all but the highest earners, balanced by a very high $25,000 tax-free threshold.

All manner of tax breaks and offsets would vanish and welfare payments would be simplified and largely removed from interaction with the tax system as a result of the high threshold.

Henry wants to tax fringe benefits and super contributions as income (which they are) and eliminate the need most personal tax returns. Labor adopted these ideas half-heartedly and, in the case of super, explicitly rejected them.

With them back on table, able to be examined objectively and openly, Henry's back with a chance.

Published in today's SMH and Age

The spectre of a 40 per cent super profits tax once again haunts the mining industry now that a government committed to a mining tax will have to deal with the Greens in the Senate to get it passed.

The deal hammered out between Gillard and the big three miners ahead of the election cut the effective tax rate from 40 to 22.5 per cent and limited it to just iron ore and coal.

The Greens will hold the balance of power in the Senate after July and have said they will only support the tax at the originally-proposed rate of 40 per cent with the proceeds set aside to create a sovereign wealth fund.

Independent Robb Oakeshott also wants the original proposal back on the table as part of a proper debate about tax reform, set to culminate in a tax summit mid next year.

BHP and Rio share prices fell on the deal between Labor and the independents and the Association of Mining & Exploration Companies fired the first shot in a new war releasing a statement headed "No mandate! No tax!"

Published in today's Age

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And guess what? The economic seas look calm...

...for once, for now

The Reserve Bank has presented the incoming government with an glowing picture of the economy arguing near-perfect conditions are likely to continue for about a year.

In a statement released after the Bank's Adelaide board meeting likely to reflect the briefing that will be given to the prime minister Governor Glenn Stevens said the economy would remain strong as stimulus measures were withdrawn, with private spending taking the place of government spending.

Whereas "high levels of public spending" had helped keep the economy growing at its long-term trend over the past year, in the year ahead the work would be done by private income and spending boosted by the mining boom.

Record prices for Australia's key exports had pushed Australia's terms of trade past their previous peak. They were already boosting incomes and were set to "strongly" boost business investment.

While credit conditions for some businesses remained difficult, evidence was "slowly emerging of more willingness to lend".

With inflation contained within the top half of the Bank's target zone it sees no need to increase rates in the near term, all the more so because there are signs of international growth slowing, potentially moderating Mining Boom Mark II.

The picture painted is that of Goldilocks economy... neither too hot nor too cold for the foreseeable future, giving the Gillard government breathing space of kind denied to its predecessor.

Access Economics forecasts released this morning  point to retail sales growing strongly in the year ahead boosted by the 350,000 additional jobs created in the past year.

"Consumer confidence has lifted in recent months on the back of pauses in interest rates and the rising dollar," said Access director David Rumbens. "The Reserve Bank may keep rates where they are for a few more months giving retailers some breathing space in the lead-up to Christmas."

"But we still do expect some further rate rises to occur over the next year, and the recent spectacular rate of jobs growth to moderate from here. That means good retail conditions may be ahead, though still well shy of previous booms."

Access predicts outsized real spending growth of 5.2 per cent in Victoria this financial year with NSW growth a more moderate 2.6 per cent reflecting Victoria's much faster employment and population growth.

It warns that the smaller population targets embraced by both sides during the campaign should slow sales growth with half the sales growth in recent years being due to population.

Lower targets might also drive up the cost of workers. "Retail may be particularly exposed in terms of supply of part-time workers if there is a sharp reduction in the number of international students coming to Australia," Mr Rumbens said.

Financial markets took news of the new government in their stride with the Australian dollar falling from 91.5 to 91.2 US cents and share prices at first falling then retracing losses to close flat. Bond fell then recovered.

Published in today's SMH and Age

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Tuesday, September 07, 2010

Oh, and there's a formal agreement

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The price

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It's Gillard - Labor to govern

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Eyes on TVs - 3.00 pm

Media Alert 3.00 pm


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