PM SUPER PLAN FOR HOUSING; WA IN SURPLUS
PM unveils superannuation plan for first-home buyers
Prime Minister Scott Morrison has targeted two contentious areas – housing and superannuation – with a plan to assist first-home buyers forming the focus of his official campaign launch. With less than six days to election day, the PM unveiled a scheme to allow first-home buyers to invest up to 40 per cent of their superannuation, to a maximum of $50,000, to help with the purchase of their first home. Applying to both new and existing homes, the invested amount would be returned to the superannuation fund when the house was sold, including a share of any capital gain. Mr Morrison also announced a policy to enable Australians aged over 55 to downsize their property and invest up to $300,000 per person in their superannuation fund, outside existing contribution caps, from the sale proceeds.
Cancer centre pledge for Queensland
The Coalition has pledged to invest up to $375 million to establish a comprehensive cancer centre in Queensland, to combine research, diagnosis, treatment and care. To be delivered with the Queensland Government, the proposed cancer centre would form part of a national cancer network, following similar announcements in South Australia and Western Australia.
Albanese vows to boost advanced manufacturing
Federal Labor has announced that it will establish a $1 billion advanced manufacturing fund to build on national strengths and diversify Australia’s industrial base. Labor Leader Anthony Albanese said the fund would target innovation in transport, defence, resources, agricultural and food processing, medical science, renewables, and low emission technologies manufacturing.
Labor to partner with WA in hospital funding
Anthony Albanese has returned to Western Australia to announce Labor’s support for a new hospital surgicentre to benefit patients in Perth’s eastern suburbs. Labor says it will fund the $150 million Bentley hospital surgicentre – which will separate non-complex elective surgery from emergency surgery – on a 50-50 basis with the McGowan Government. WA is crucial to Labor’s hopes, with three Liberal-held Perth seats in its sights.
International travel bouncing back
International travel is rebounding strongly, with Australia recording a 39 per cent increase in arrivals and a 90 per cent jump in departures in March. Figures supplied by the Australian Bureau of Statistics show 374,000 arrivals and 335,000 departures for the month; in September-October last year, international arrivals were bottoming at 16,000 trips a month and departures at 30,000. Pre-Covid 19, Australia was recording both arrivals and departures at around two million trips a month.
Iron ore prices powering WA budget surpluses
Western Australia is on track to achieve its fifth budget surplus in a row, after Premier and Treasurer Mark McGowan forecast an operating surplus of $1.6 billion in last week’s 2022-23 state budget. WA Budget papers predict a surplus of $5.7 billion for the current financial year, with a smaller future surplus predicated on lower iron ore prices, from the estimated price of almost $US140 per tonne in 2021-22 to $US77.5 per tonne next year. WA’s budget surpluses stand out among other states, with Victoria recently announcing a $7.9 billion budget deficit for 2022-23, and the Northern Territory last week forecasting a $1.1 billion budget deficit next year.
Budget swansong for NT Chief Minister
Chief Minister and Treasurer Michael Gunner used his budget day to announce that he was retiring from politics in the Northern Territory. He has been replaced by former Health Minister Natasha Fyles.