Australian discount retailer Best and Less is under fire for not signing an international safety accord on factory safety despite indicating it would do so last year on the 10th anniversary of the Rana Plaza disaster in Bangladesh. Best and Less sources its product in part from Bangladeshi factories, and the accord, which was sparked … Read more
Heightened tensions in the Middle East and fears over China’s economic downturn have led Australia to make cuts to its international economic forecasts, with Treasurer Jim Chalmers warning of a “fraught and fragile” global outlook ahead of the May budget. The budget has upgraded forecasts for China’s GDP growth to 4.25 per cent in 2024, … Read more
Jim Chalmers says next month’s budget will be underpinned by “five pressures” on Australia’s economy. In a discussion with other G20 finance ministers in Washington overnight, the Treasurer laid bare the fine line Australia had to walk as it sought to grow, while the economy slowed. He said five global pressures – lingering inflation, slowing … Read more
Student debts are on track to have increased at least $12.3bn during Labor’s first three years of government, new analysis reveals, prompting an urgent call for action in next month’s budget. New Parliamentary Library projections prepared for the Greens show the indexation rate set to hit student debts on June 1 will come in between … Read more
The Albanese government has doubled down on its attempts to push back against China’s chokehold on the critical minerals supply chain, announcing it will pour $585m of taxpayer funds into projects producing key inputs for batteries, renewables and electric cars. Queensland-based Alpha Hpa, which specialises in the production of ultra-high purity alumina used in LED … Read more
Coles and Woolworths will face a grilling on Tuesday when the appear before a Senate inquiry set to probe the supermarket giants’ executives over high grocery prices. Both supermarkets have faced criticism in recent years for raking in multi-billion dollar profits during the cost-0f-living crisis, and their market dominance has been called into question as … Read more
The Australian sharemarket closed lower on Monday, as investors priced in rising geopolitical uncertainty in the Middle East. The benchmark ASX 200 fell 0.46 per cent, or 35.6 points, to end the session at 7752.5, while the broader All Ordinaries index slipped 0.51 per cent, or 40.8 points, to end at 8009.4. Tech stocks suffered … Read more
A signal Australia is prepared to recognise a Palestinian state has been branded by critics as a win for Hamas that rewards terrorists. Foreign Minister Penny Wong laid the groundwork for the policy shift in a major address to a security conference at the Australian National University, saying statehood could help “build momentum towards a … Read more
Treasurer Jim Chalmers has launched a personal spray against the opponents of his mooted mergers overhaul, suggesting his Coalition and Green counterparts know little about the economy. The changes, unveiled by Dr Chalmers on Wednesday, will bolster the powers of the Australian Competition and Consumer Commission (ACCC) by establishing a mandatory notification scheme for takeovers … Read more
The government has paid out $1.31bn in redress to institutional child sexual abuse survivors, but legal services advocating for them fear an uncertain and underfunded future unless there is an urgent intervention. In a joint inquiry into the national redress scheme on Monday, MPs and senators heard from the Department of Social Services that more … Read more
