PM BID TO TIP POLL TREND; LNP GAS PUSH

Election starter’s gun fired for May 3

Australia’s 18 million voters will go to the polls on May 3, with sitting Labor Prime Minister Anthony Albanese seeking to become the first PM since 2004 to win successive elections. All 150 seats in the House of Representatives will be contested, and almost half the 76-member Senate (the four Territory senators serve single terms). Labor goes into the election seeking to defend 78 seats on a three-seat margin, while the Liberal-Nationals Coalition needs an 18-seat gain on its 2022 defeat to form majority government. The Australian Electoral Commission says there are more than 710,000 people added to the electoral roll since the 2022 election, and estimates that almost 98 per cent of eligible voters are enrolled to vote. Liberal PM John Howard in 2004 was the last national leader to be re-elected after serving a full term.

Dutton lays down policy agenda for energy, inflation

Coalition Leader Peter Dutton has used the final sitting day of Federal Parliament to pledge wide-ranging reforms in the energy sector in a bid to restrain inflation and cost-of-living pressures. In his Budget in Reply speech, Mr Dutton committed to an east coast domestic gas reservation scheme to divert between 50 and 100 petajoules of gas destined for the export market. The Opposition Leader also pledged to end the Labor Government’s $20 billion Rewiring the Nation Fund and axe the almost $14 billion of production tax credits for green hydrogen. Mr Dutton said the Liberal-National Party Coalition would also scrap the $10 billion Housing Australia Future Fund and reduce the permanent migration program by 25 per cent.

Inflation edging down as insurance costs ease

Inflation is continuing to trend down in Australia, with the headline annual Consumer Price Index indicator edging lower to 2.4 per cent in February. Figures from the Australian Bureau of Statistics also show that the annual level of core inflation, which excludes volatile and one-off impacts, rose by 2.7 per cent in February, down from 2.8 per cent in January. Lower insurance costs contributed to moderating inflation; in the 12 months to February, insurance prices rose by just 7.6 per cent, compared to a 16.5 per cent peak a year earlier.

Lower export earnings tipped for resources, energy exports

Export earnings from Australian resource and energy commodity exports are expected to fall by more than six per cent in the current 2024-25 year, driven by lower economic growth and trade actions. The Department of Industry, Science and Resources’ quarterly report tips the value of the commodity exports to fall from $415 billion to $387 billion this year. By 2029-30, the report says, exports will steady at about $343 billion, or $300 billion in real terms. Iron ore exports are expected to fall by $8 billion next year, accompanied by falls in the export of metallurgical and thermal coal, gas and oil.

NDIS annual cost to hit $52 billion next year: Budget papers

Australia’s National Disability Insurance Scheme (NDIS) will cost more than $52 billion next financial year, with Federal Budget Papers forecasting it to rise by 7.6 per cent on its estimated cost in 2024-25. The NDIS is the nation’s third highest public expense by program, after revenue to the States and Territories ($100 billion in 2025-26) and support for seniors ($65 billion).  According to the Budget Papers, the NDIS outranks by program expense, aged care services ($41.3 billion), medical benefits ($35.2 billion), and assistance to the States for healthcare services (almost $34 billion). Commonwealth debt management, or servicing of public debt interest, is forecast to reach $28.4 billion next year.

Labor moves to ban non-compete clauses on worker movements

Workers who face ‘non-compete’ clauses when seeking to move to higher-paying jobs would be protected under Federal Government proposals announced on Budget night. Treasurer Jim Chalmers said a ban on non-compete clauses would assist up to three million Australians covered by the clauses, including childcare workers, hairdressers, and construction workers. The proposed ban on non-compete clauses would apply to workers earning less than the current high-income $175,000 threshold in the Fair Work Act. Dr Chalmers said Treasury’s competition review had heard reports of minimum wage workers being sued by employers, and of workers being threatened with legal action if they switched jobs. After a period of consultation, proposed legislation would be due to come into effect in 2027.