INFLATION RATE EASING; WAR POWERS PROBE

Inflation rate easing, says ABS

Australia’s annual inflation rate is trending down, falling to 6.8 per cent in the 12 months to the end of February, according to latest monthly figures. Indicative figures from the Australian Bureau of Statistics show that annual inflation peaked at 8.4 per cent in December and eased to 7.4 per cent in January. While price rises of several food categories have eased, electricity prices rose 17.2 per cent and housing by almost 10 per cent to the end of February, while the price of education rose 5.6 per cent over the year – the highest increase in five years.

Inquiry urges greater transparency on military commitment

A powerful Federal parliamentary committee has recommended that government improves its transparency and accountability of decision-making in sending military personnel into conflict. An inquiry into ‘war powers’ by the Joint Standing Committee on Foreign Affairs, Defence and Trade reaffirmed that decisions regarding armed conflict were fundamentally a prerogative of the Executive. But it also recommended that the Cabinet Handbook should require a written statement to be published and tabled in Parliament, setting out the objectives of major military operations, the orders made and their legal basis. Parliament should also be recalled as soon as possible to be advised, with parliamentary debate at the earliest opportunity, the inquiry report said.

Federal budget position $20 billion better than projected

Australia’s progressive budget deficit is more than $20 billion better off than projections made in the October budget, according to latest figures. Department of Finance monthly government financial statements show a deficit of $12.9 billion to the end of February, compared to the original profile deficit of $33.4 billion. On this trend, the Federal budget deficit for 2022-23 will come well under the $36.9 billion forecast last October. Receipts are running $13 billion higher and payments $7.5 billion lower than originally forecast; taxation revenue in the year to date is almost $12 billion higher.

Labor wins Opposition seat in Melbourne

Labor will increase its numbers in the 151-seat House of Representatives to 78, following its by-election victory in the outer eastern Melbourne seat of Aston. It is the first time in more than 100 years that an incumbent Australian government party has won a Lower House seat off the Opposition. The Liberals had held the seat since 1990, most recently under former Education Minister Alan Tudge, who resigned in February. Mary Doyle, who slashed the Liberal majority in the seat at the 2022 election, will be the new Labor MP.

ASIO bill to reform security clearance framework

Home Affairs Minister Clare O’Neil has introduced legislation into Federal Parliament to strengthen security clearance within the Australian Government. Ms O’Neil said the Australian Security Intelligence Organisation Amendment Bill would harden access to the nation’s most sensitive information, capabilities and secrets, and uplift vetting capability. It would also increase the ability to prevent foreign intelligence services exploiting high-level security clearance and review processes. Under the legislation, Australia’s highest-level security clearance would be centralised in ASIO.

National Reconstruction Fund now in law

Legislation to establish the $15 billion National Reconstruction Fund has passed through Federal Parliament. Industry and Science Minister Ed Husic said the fund, which would provide loans, equity investments and guarantees, was one of the largest peacetime investments in Australian manufacturing capability. The fund will direct finance to seven priority areas, including defence capability, renewables and low emissions technologies, and medical science.