LABOR BETS ON HOUSE PLAN; IMPORTS HIKE

Labor goes big on housing equity plan

Federal Opposition Leader Anthony Albanese has zeroed in on rising housing costs, with a home-buying assistance plan the centrepiece of Labor’s campaign launch. An Albanese Labor Government would provide eligible homebuyers an equity contribution of up to 40 per cent of the purchase price of a new house or 30 per cent of an existing house. Eligible home buyers would need to provide a deposit of two per cent, but the proposed Help to Buy scheme would only be available for individuals with a taxable income of up to $90,000, or $120,000 for couples. The scheme is costed at around $329 million over the budget forward estimates.

Albanese pledges $1 billion for minerals processing

In Perth for Labor’s campaign launch, Anthony Albanese has promised $1 billion to step up processing of Australia’s mineral resources. The Labor Leader said the nation’s rare earths and critical minerals presented an “unmissable opportunity” to develop a bigger resources industry and expand mining science technology capabilities. The $1 billion Value-Adding in Resources Fund forms part of Labor’s $15 billion National Reconstruction Fund.

Coalition, Labor promise cut in PBS script prices

As the election campaign focused on cost-of-living issues, the Morrison Government announced that if re-elected, it would cut the price of medications listed under the Pharmaceutical Benefits Scheme. The proposed $10 per script reduction represents a 24 per cent saving for Australians taking common medications, such as for blood pressure, high cholesterol, pain relief, depression and diabetes. One day after the Coalition announcement, Labor promised a $12.50 cut in the price of PBS-listed medications. Both the Coalition and Labor have also committed to extend eligibility for the Commonwealth Seniors Health Card.

PM targets Tasmanian manufacturing

With the Coalition defending two seats in Tasmania and pushing for a third, Scott Morrison returned again to the Apple Isle to announce that four Tasmanian businesses would share in almost $20 million of funding through the Modern Manufacturing Initiative. The co-funding would help companies involved in whiskey distilling, the recycling of aluminium smelter waste, fresh milk treatment, and production of seaweed extracts for medical products and uses.

Fuel imports driving higher costs

Figures on export and import prices released by the Australian Bureau of Statistics have underlined why the nation’s annual inflation rate has jumped to 5.1 per cent. The ABS figures show the cost of petrol and petroleum product imports rose 20.4 per cent in the March quarter - and 70.7 per cent for the 12 months - with a 19 per cent jump in fertilisers also feeding into higher food costs. The import price index rose 5.1 per cent in the March quarter, and 19.3 per cent through the year. But it was outstripped by the price of Australian exports, which rose 18 per cent in the first three months of 2022 and more than 46 per cent through the year, fuelled by strong iron ore and coal prices.