GAS CHALLENGE FOR LABOR; SA ‘SURPLUS'
Gas supply challenge for new government
Prime Minister Anthony Albanese has signalled a nation-wide approach to dealing with rising energy prices, with state and territory energy ministers due to meet this week. In Perth, the PM said new Resources Minister Madeleine King and new Climate Change and Energy Minister Chris Bowen had met with “appropriate” companies and would meet with states and territories to develop a national energy policy. He said a trigger on diverting gas exports to domestic supply would not come into effect until next year, ruling out immediate relief as rising gas and electricity prices feed into higher inflation.
Deputy PM to head Defence
Ten days after the Federal Election, Anthony Albanese unveiled his 23-member Cabinet, following an Interim Cabinet that was sworn-in two days after his poll victory. Major changes to the pre-election shadow ministry include the appointment of Deputy PM Richard Marles as Minister for Defence, Jason Clare as Minister for Education, Tanya Plibersek as Minister for the Environment and Water, and Clare O’Neil as Minister for Home Affairs and for Cyber Security. Earlier, the PM announced that former Vice-Chancellor at The University of Melbourne, Professor Glyn Davis, would be the new Secretary of the Department of the Prime Minister and Cabinet.
Major refresh for Coalition Shadow Cabinet
Federal Opposition Leader Peter Dutton has announced sweeping changes in selecting his Shadow Cabinet. New Nationals Leader David Littleproud will be Shadow Minister for Agriculture, while Deputy Liberal Leader Sussan Ley is the new Shadow Minister for Industry, Skills and Training. Former Energy Minister Angus Taylor is the Shadow Treasurer, WA’s Andrew Hastie the new Shadow Defence Minister, Senator Anne Ruston the Shadow Minister for Health and Aged Care, and Karen Andrews the new Shadow Minister for Home Affairs.
New SA Treasurer forecasts budget surplus turnaround
South Australia’s new Labor government has delivered its first budget, with Treasurer Stephen Mullighan forecasting a $233 million net operating surplus in 2022-23. While the budget papers project a return to surplus from the forecast deficit of $1.7 billion for 2021-22, the State’s net debt level in the general government sector is projected to climb from $19 billion in 2022-23 to $25 billion in 2025-26. Almost $600 million has been allocated to help deliver the state’s hydrogen strategy, including a hydrogen electrolyser facility, power station and storage facility in the Whyalla region, and a further $30 million toward a clean hydrogen industrial hub.
Economic growth slows in March quarter
Australia has recorded two successive quarters of economic growth as it emerges from Covid-19, with the economy growing, seasonally-adjusted, 0.8 per cent in the March quarter. Figures from the Australian Bureau of Statistics showed that rising household and government spending contributed to growth, offset by lower household savings ratios, a rise in import levels and sluggish private investment. The latest quarterly growth figure of 0.8 per cent, however, is well below the 3.6 per cent growth recorded for the December quarter.
Trade surplus trending up
Some positive economic news for the new Federal Government: Australia’s trade surplus has rebounded, with export levels remaining strong. Australian Bureau of Statistics figures show that the nation recorded a seasonally-adjusted monthly trade surplus of almost $10.5 billion in April, after sliding to $7.8 billion in February. The stronger trade surplus was attributed to a rise in goods and services exports, including a rise in travel exports, and a fall in the importation of processed industrial supplies and non-industrial transport equipment.