Government banks consecutive surpluses

? Treasurer Jim Chalmers has become the first Labor treasurer since Paul Keating to deliver two successive budget surpluses. According to Treasury’s Final Budget Outcome (FBO) for 2023-24, the budget will be in surplus by A$15.8 billion. This follows a A$22.1 billion surplus in the 2022-23 budget, and is A$6.4 billion better than the A$9.3 billion surplus forecast in May.

? The ongoing unrest in the Middle East will have far-reaching implications for Australian businesses, who can no longer ignore geopolitical tensions. Australian companies, particularly those in the defence sector, will need to prepare for ripple effects including supply chain disruptions, trade wars, and rising geopolitical instability, all of which could reshape markets for years to come.

? The Greens would demand a A$54 billion healthcare package in the event of a minority government after the next federal election. The party would use an overall tax increase of A$514 billion over 10 years — from “excessive corporate profits” — to fund a substantial package that includes 1,000 healthcare clinics over four years, as well as a tripling of the bulk billing incentive and increased pay for junior doctors.

? Resources Minister Madeleine King has warned gas producers to ensure stable supply and affordable prices, or risk enabling the Greens. Speaking at the Australia-Japan roundtable, Ms King said that failing to meet domestic gas needs could damage the industry’s social licence and empower those who seek to shut it down.

? Executives are increasingly willing to pay a premium for strategy advisors who not only bring traditional consulting expertise but also deep industry knowledge. No longer satisfied with one-size-fits-all advice, companies are seeking specialised knowledge that can directly address their individual challenges, particularly in capital-intensive industries such as mining.

? The federal government has announced a A$30 million funding boost for the Australian Competition and Consumer Commission (ACCC) to step up investigations into supermarket practices. The move comes amid increasing pressure to address the cost-of-living crisis, without further stoking inflation through direct financial assistance to households.

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