- Polls out in the week following the federal budget suggest a mixed reaction among voters to the government’s economic plan, although they remain confident in the Labor government.
- While the government may be disappointed in the tepid response, it would not be surprised, given this was a budget with few sweeteners and one aimed at getting the nation’s finances in order. In addition, it comes very early in the election cycle.
- The Reserve Bank of Australia says inflation will stay above its target range until around 2025, forcing the central bank to keep interest rates higher until then. It came as the bank raised the official cash rate by 0.25 of a percentage point to 2.85 per cent — the seventh straight monthly interest rate rise.?
- Continuing high prices and correspondingly high interest rates will pose an economic and political problem for the federal government, which will likely need to further rein in spending in an effort to keep a lid on prices.
- New South Wales Chief Health Officer, Kerry Chant, has warned that Covid-19 infections would increase soon. Dr Chant’s concerns echo those of Victoria’s Chief Health Officer, Brett?Sutton, who said numbers in the state indicated the beginning of another?surge. Victoria recorded a 25 per cent increase in case numbers last week.
- Federal Health Minister, Mark Butler, said it is a timely reminder for people to get their booster doses and to make sure they are up to date with their vaccinations.?
- The reported deployment of nuclear-capable B-52 bombers to Australia’s north has raised tensions with China, and underscored the importance of the region to the alliance, according to analysts.
- The report prompted a warning from the Chinese government, with a spokesman saying: “Such a move by the US and Australia escalates regional tensions, gravely undermines regional peace and stability, and may trigger an arms race in the region.”?
For more on these and other developments, see today’s edition of CMAX Advisory’s Australian Weekly Report.
