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They are intended to complement traditional economic indicators such as gross domestic product, inflation and employment. "I think that they can be in concert and that is what the national wellbeing framework is all about." In a 127-page report titled "Measuring What Matters" issued to accompany the dashboard, the government painted a mixed picture of wellbeing. But measures of chronic health conditions, national security, biodiversity and fiscal sustainability had all declined. Several countries have attempted to diversify policymaking beyond economic benchmarks in recent years, most famously Bhutan, whose "gross national happiness" index is considered more important than GDP.

Persons: Carl Recine, Jim Chalmers, Wayne Cole, Alasdair Pal, Edwina Gibbs Organizations: Soccer Football, FIFA, REUTERS, Thomson Locations: New Zealand, Sydney, Australia, Bhutan

☆ Australia expects unemployment rate to rise as global economy slows
▼ + stars: | 2023-07-16 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, July 16 (Reuters) - Australian Treasurer Jim Chalmers said on Sunday that he expected the nation's jobless rate to lift from near a 48-year low on the back of higher interest rates and slowing global growth. The Reserve Bank of Australia (RBA) has said the jobless rate would need to rise to about 4.5% - still well below pre-pandemic levels - to bring the economy back into balance. Unemployment was expected to lift "a bit as the economy slows as a consequence of higher interest rates and global economic uncertainty", Chalmers said ahead of attending a meeting of Group of 20 (G20) finance ministers and central bankers in India with outgoing RBA Governor Philip Lowe. The RBA this month kept the cash rate at an 11-year high of 4.10%, having lifted rates by 400 basis points since May last year, but warned that further tightening might be needed. Reporting by Sam McKeith in Sydney; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Jim Chalmers, Chalmers, Philip Lowe, Sam McKeith, Jamie Freed Organizations: SYDNEY, Bank, Treasury, Australian Broadcasting Corp, Reserve Bank of Australia, Australian Bureau, Statistics, Thomson Locations: India, Sydney

☆ Australia upbeat on global tax talks at G20 in India
▼ + stars: | 2023-07-15 | by ( ) www.reuters.com time to read: +2 min

[1/2] Workers work to install a hoarding board near the venue of G20 Finance Ministers and Central Bank Governors meeting at Gandhinagar in Gujarat, India July 13, 2023. REUTERS/Amit DaveSYDNEY, July 15 (Reuters) - Australian Treasurer Jim Chalmers expressed optimism on Saturday about progress on a long-awaited overhaul of global corporate taxation at a meeting of Group of 20 (G20) nations in India. More than 140 countries were supposed to start implementing next year a 2021 deal overhauling decades-old rules on how governments tax multinational corporations. The rules are widely considered outdated as digital giants like Apple or Amazon can book profits in low-tax countries. The second pillar calls on governments to end competition on tax rates between governments to attract investment, by setting a global minimum corporate tax rate of 15% from next year.

Persons: Amit Dave SYDNEY, Jim Chalmers, Chalmers, Philip Lowe, Sam McKeith, William Mallard Organizations: Ministers, Central Bank Governors, REUTERS, ABC, Reserve Bank of Australia, Thomson Locations: Gandhinagar, Gujarat, India, Sydney

☆ Australia picks first female central bank head to shepherd through reform
▼ + stars: | 2023-07-14 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

Lowe will leave on Sept. 17, marking the end of his 43-year career at the bank. The decision comes as Lowe is due to accompany Chalmers to a Group of 20 meeting in India next week. "Michele Bullock will become the first woman to ever lead the Reserve Bank in this country." His two predecessors, again both career central bankers, were reappointed to second terms and each served 10 years in total. "The Reserve Bank is in very good hands as it deals with the current inflation challenge and implementing the recommendations of the Review of the RBA," Lowe said in a statement on Friday.

Persons: Michele Bullock, Governor Bullock, Philip Lowe, Jim Chalmers, Anthony Albanese, Lowe, Chalmers, Bullock, Tony Sycamore, She’s, Wayne Cole, Renju Jose, Praveen Menon Organizations: SYDNEY, Reserve Bank of Australia, Reserve Bank, Bank, London School of Economics, IG Group, Aussie, Thomson Locations: Australia, India, Sydney, Lincoln

SYDNEY, July 14 (Reuters) - Reserve Bank Deputy Governor Michele Bullock will take over from Governor Philip Lowe in September and has already flagged that leading the country's central bank through a period of change will be a major priority. Bullock, the first woman to helm the country's central bank, will have the task of leading the bank through its biggest internal shakeup in decades while also maintaining the fight against inflation. "I wasn't sure I would ever be in this position," Bullock said in a 2022 interview with her alma mater. "I never thought that Guy Debelle, who was the deputy governor, would leave the Bank. A review into the central bank published in April recommended sweeping changes including the setup of a separate specialist board to manage monetary policy, less frequent meetings and more public communication.

Persons: Michele Bullock, Philip Lowe, Bullock, Anthony Albanese, Jim Chalmers, Michele, Jonathan Kearns, Bullock's, Guy Debelle, Lowe, Su, Lin Ong, Lewis Jackson, Stella Qiu, Praveen Menon Organizations: SYDNEY, Reserve Bank, University of New, London School of Economics, Challenger, RBC Capital Markets, Thomson Locations: University of New England, Armidale, Sydney, Lincoln

☆ Australia govt appoints Michele Bullock as next central bank governor
▼ + stars: | 2023-07-14 | by ( Wayne Cole | ) www.reuters.com time to read: +2 min

SYDNEY, July 14 (Reuters) - Australian Treasurer Jim Chalmers on Friday said he would not reappoint the country's central bank chief to another term, instead replacing him with his deputy Michele Bullock. Chalmers and Prime Minister Anthony Albanese said Reserve Bank of Australia (RBA) Governor Philip Lowe would leave the bank after finishing his current seven-year term on Sept. 17, marking the end of his 43-year career. "Michele Bullock will become the first woman to ever lead the Reserve Bank in this country." The central bank has since lifted rates 12 times to a decade-high of 4.1%, adding hundreds of dollars to monthly mortgage repayments at a time when a cost of living crisis is already stretching household budgets. His two predecessors, again both career central bankers, were reappointed to second terms and each served 10 years in total.

Persons: Jim Chalmers, Michele Bullock, Chalmers, Anthony Albanese, Philip Lowe, Bullock, Lowe, Wayne Cole, Renju Jose, Leslie Adler, Jamie Freed Organizations: SYDNEY, Bank of Australia, Reserve Bank, Thomson Locations: Sydney, Lincoln

☆ Australia appoints Michele Bullock as next central bank governor
▼ + stars: | 2023-07-14 | by ( Clement Tan | ) www.cnbc.com time to read: +1 min

Australia has appointed Michele Bullock as the ninth governor of the Reserve Bank of Australia, the country's Treasury announced July 14. Australia has appointed Michele Bullock as the ninth governor of the Reserve Bank of Australia, the country's Treasury said Friday. Bullock, currently deputy governor of the central bank, becomes the first woman to lead the Australian central bank in its 63-year history, the Australian Treasury said in a statement. "I am committed to ensuring that the Reserve Bank delivers on its policy and operational objectives for the benefit of the Australian people." The RBA is Australia's central bank and banknote issuing authority.

Persons: Michele Bullock, Bullock, Philip Lowe, Lowe, Jim Chalmers Organizations: Reserve Bank of Australia, country's Treasury, Treasury, Australian Treasury, Reserve Bank Locations: Australia, Australian

☆ New Aussie central bank boss faces two-front war
▼ + stars: | 2023-07-14 | by ( Antony Currie | ) www.reuters.com time to read: +3 min

MELBOURNE, July 14 (Reuters Breakingviews) - Michele Bullock cannot count on a honeymoon period when she takes over at the Reserve Bank of Australia in September. The country’s Treasurer Jim Chalmers on Friday unveiled her appointment as the central bank’s first female governor after deciding not to extend gaffe-prone Philip Lowe’s seven-year tenure. By the time she steps up, Bullock, currently deputy governor, will probably face an economic war on two fronts. Lowe is a fall guy for the failure by global central banks to take rising prices seriously following the pandemic. Follow @AntonyMCurrie on TwitterCONTEXT NEWSMichele Bullock will be the next governor of the Reserve Bank of Australia, the country’s Treasurer Jim Chalmers announced on July 14.

Persons: Michele Bullock, Jim Chalmers, Philip Lowe’s, Bullock, Lowe, Chalmers, Philip Lowe, Una Galani, Thomas Shum Organizations: MELBOURNE, Reuters, Reserve Bank of Australia, Consumer, Thomson Locations: Australia

☆ Australia's central bank loses chief to public ire over rates
▼ + stars: | 2023-07-14 | by ( Wayne Cole | ) www.reuters.com time to read: +5 min

Lowe's dedication to the bank is not in doubt, having joined straight from school in 1980. The first mainly impacted markets while the second, and more fateful, soured sentiment with the public and politicians. A later review found the event had caused the bank "reputational damage" and the policy was unlikely to be used again. Lowe's mistake in 2021 was to be too specific on timing by repeatedly saying rates were unlikely to rise until 2024. With prices rising rapidly, Lowe was forced to reverse course and hike rates in May, a whole two years earlier than forecast.

Persons: Philip Lowe it's, Lowe, I'm, we'd, Jim Chalmers, Chalmers, Lowe's, Michele Bullock, Bullock, Wayne Cole, Shri Navaratnam Organizations: SYDNEY, Reserve Bank of Australia, MIT, Reserve Bank, Thomson Locations: Australia, Lincoln

☆ Australia cabinet will soon decide on next RBA governor - treasurer
▼ + stars: | 2023-07-12 | by ( Renju Jose | ) www.reuters.com time to read: +2 min

SYDNEY, July 12 (Reuters) - Australia Treasurer Jim Chalmers said on Wednesday the cabinet would meet soon to decide the next governor of the country's central bank, after local media reported that a government decision could be reached as early as this week. "Soon, I'll be taking to cabinet my recommendation for the appointment of the governor of the reserve bank. I don't want to front-run or pre-empt the timing or nature of that conversation with my colleagues," Chalmers told reporters. Chalmers added that the government has also held preliminary discussions with the opposition over the next RBA governor. But again, I don't want to pre-empt the conversation with my cabinet colleagues," Chalmers told ABC Radio.

Persons: Jim Chalmers, Chalmers, Philip Lowe's, Lowe, We've, Governor Lowe, Michele Bullock, Jenny Wilkinson, Renju Jose, Edmund Klamann Organizations: SYDNEY, Bank of Australia, Sydney Morning Herald, ABC Radio, Thomson Locations: India, Sydney

☆ RBA's Lowe says it remains to be seen if more tightening needed
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +2 min

Speaking in Brisbane, Lowe said there has been a "significant and rapid" tightening and the rate-setting policy board is very conscious that policy operates with a lag, with the full effects yet to be felt. "It takes time for households and businesses to adjust their spending and investment plans, and there are still significant resets of low fixed-rate loans to come," said Lowe. Markets expect that the central bank may have to hike two more times to tame inflation. "Whether or not this (further tightening) is required will depend on how the economy and inflation evolve," Lowe said. From 2024, the RBA will meet eight times a year, compared with 11 times currently, with meetings set to last longer than currently, Lowe said.

Persons: Philip Lowe, Lowe, Jim Chalmers, Stella Qiu, Muralikumar Anantharaman, Edmund Klamann Organizations: SYDNEY, The Reserve Bank of Australia, SEA, Thomson Locations: Brisbane

☆ Australia markets in the dark as clock ticks down on govt choice of RBA chief
▼ + stars: | 2023-07-05 | by ( Wayne Cole | ) www.reuters.com time to read: +3 min

Markets are still in the dark whether Treasurer Jim Chalmers will reappoint Reserve Bank of Australia (RBA) Governor Philip Lowe or bow to public pressure for a new pair of hands at an institution that stumbled over its policy messaging during the pandemic. "Markets would be more concerned if there wasn't that list," noted Shane Oliver, chief economist at AMP Capital. They are among the front runners in part because there is much pressure for Chalmers to appoint the first female head of the RBA. One dark horse also being mentioned is Guy Debelle, a former RBA deputy governor who resigned last year to join the green energy business of mining billionaire Andrew Forrest. It is possible Chalmers could reappoint Lowe for a shorter period to see out the RBA's current tightening cycle and planned changes in its operation and structure.

Persons: missteps, Jim Chalmers, Philip Lowe, Chalmers, Lowe, Shane Oliver, Michele Bullock, Jenny Wilkinson, Guy Debelle, Andrew Forrest, reappoint Lowe, AMP's Oliver, Wayne Cole, Shri Navaratnam Organizations: SYDNEY, Reserve Bank of Australia, Chalmers, Markets, AMP, Thomson

☆ Australia eyes bigger budget surplus but warns economy still slowing
▼ + stars: | 2023-06-28 | by ( Renju Jose | ) www.reuters.com time to read: +2 min

SYDNEY, June 28 (Reuters) - Australia's budget surplus for 2022/23 will be bigger than the A$4.2 billion ($2.81 billion) projected in the May budget but high inflation and global challenges will "significantly slow" the domestic economy, Treasurer Jim Chalmers said on Wednesday. "I can reveal that we're expecting the surplus will be bigger than forecast in May," Chalmers said in a speech to the Property Council of Australia. Australia's Labor government in May boasted the first budget surplus in 15 years for the year to June 2023, a huge turnaround from the A$37 billion shortfall forecast last October. "We expect (inflation) to stay higher than we'd like, for longer than we'd like, but still tracking in the right direction," Chalmers said. ($1 = 1.4963 Australian dollars)Reporting by Renju Jose in Sydney; Editing by Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

Persons: Jim Chalmers, Chalmers, Renju Jose, Sam Holmes Organizations: SYDNEY, Property Council of Australia, Labor, Reserve Bank of Australia, Thomson Locations: Australian, Sydney

☆ Australia to decide fate of central bank chief in July
▼ + stars: | 2023-06-22 | by ( Wayne Cole | ) www.reuters.com time to read: +3 min

[1/2] Governor of the Reserve Bank of Australia (RBA) Philip Lowe attends the G20 Finance Ministers and Central Bank Governors Meeting in Nusa Dua, Bali, Indonesia, 16 July 2022. Treasurer Jim Chalmers told reporters on Thursday he would announce his decision on Reserve Bank of Australia (RBA) Governor Philip Lowe's future in coming weeks, but would not be drawn on whether Lowe would keep his job. The clamour of criticism, particularly in the media, led Chalmers to launch an independent review of the central bank which recommended sweeping changes in its operation and the way policy was formed. "Obviously, the Reserve Bank Governor needs to be well placed to implement the recommendations of the review and to take the Reserve Bank into the future," said Chalmers. Possible replacements being touted are the current deputy governor Michele Bullock, Treasury official Jenny Wilkinson and former Bank of Canada official Carolyn Wilkins, who also led the review into the RBA.

Persons: Philip Lowe, Jim Chalmers, Philip Lowe's, Lowe, I’m, we'd, Chalmers, Michele Bullock, Jenny Wilkinson, Carolyn Wilkins, Wayne Cole, Renju Jose, Leslie Adler Organizations: Reserve Bank of Australia, Ministers, Central Bank Governors, Reserve Bank Governor, Bank, Treasury, Bank of Canada, Thomson Locations: Nusa Dua, Bali, Indonesia

☆ Australia says PwC leak of government tax documents may be referred to police
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, May 22 (Reuters) - Australia said on Monday the government will take further steps in response to the leak of government tax plans by accounting firm PricewaterhouseCoopers (PwC) and that the matter could be referred to the Australian Federal Police. PwC Australia's CEO stepped down this month and the firm has said it is "committed to learning for our mistakes". "I think the PwC experience has been deeply, deeply troubling and we've already taken some steps but we will be taking further steps," Treasurer Jim Chalmers also told ABC Radio in an interview on Monday. "I will have more to say about how we crack down on this behaviour, which is inexcusable, frankly," he said. PwC said this month that former Telstra and Optus CEO Ziggy Switkowski will lead an independent review into the leak and will report his findings and recommendations in September.

☆ Australia to regulate buy-now-pay-later sector
▼ + stars: | 2023-05-21 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, May 22 (Reuters) - The Australian government said on Monday it would introduce laws that will consider buy-now-pay-later (BNPL) services as a credit product in a bid to protect consumers in a largely unregulated industry. "Best way to do that is to legislate, to regulate as a credit product, so that we can manage some of the risks." But concerns about repayment have been rising as Australia battles high inflation, which now sits at near 30-year highs. Australia, home to about a dozen listed BNPL providers, has about 7 million active accounts that resulted in A$16 billion ($10.9 billion) of transactions in 2021-22, up 37%, data showed. ($1 = 1.4743 Australian dollars)Reporting by Renju Jose in Sydney; Editing by Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.

☆ Australian govt rejects concerns budget may worsen inflation
▼ + stars: | 2023-05-10 | by ( Renju Jose | ) www.reuters.com time to read: +2 min

But inflation sits at near 30-year highs of 7.0%, forcing the government to announce relief measures aimed at lowering power bills and easing pressure on consumer prices. "We wanted to take pressure off families whilst we didn't put pressure on inflation," Prime Minister Anthony Albanese told ABC Radio. The budget includes a A$14.6 billion ($10 billion) cost-of-living plan, set to deliver up to A$3 billion in direct energy bill relief for low-income families and small businesses. Treasurer Jim Chalmers brushed aside concerns the support measures could stoke inflation, saying all the relief would not impact the economy at the same time. ($1 = 1.4743 Australian dollars)Reporting by Renju Jose in Sydney; Editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

☆ Australia to deliver first budget surplus in 15 years
▼ + stars: | 2023-05-08 | by ( Stella Qiu | ) www.reuters.com time to read: +2 min

SYDNEY (Reuters) - Australia is set to deliver its first budget surplus in 15 years on Tuesday, as its coffers bulge with tax windfalls from higher commodities prices and wages, giving it room to dole out cost-of-living relief amid an inflation squeeze on households. FILE PHOTO: Tourists walk around the forecourt of Australia's Parliament House in Canberra, Australia, October 16, 2017. REUTERS/David GrayHowever, fiscal challenges loom large with resource prices well off their peaks and the domestic economy slowing thanks to high interest rates. That is a huge turnaround from a projected deficit of A$36.9 billion in October, although underlying structural pressures are seen keeping the budget in the red in years ahead. “This will be a responsible Budget, which focuses on people doing it tough,” said Chalmers in an interview with ABC Radio on Monday.

☆ Australia boasts rare budget surplus, before spending pressures intensify
▼ + stars: | 2023-05-08 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

FILE PHOTO: Tourists walk around the forecourt of Australia's Parliament House in Canberra, Australia, October 16, 2017. “Providing responsible, targeted relief is the number one priority in our Budget,” Chalmers told lawmakers, while also lauding the improvement in the budget bottom line. High prices for Australia’s commodity exports have also delivered a windfall to mining profits, and thus tax receipts, though prices are now well off their peaks. The government also raised its long-term commodity price assumptions in the budget, which is expected to contribute billions of dollars in extra revenues. Walker believed the revised commodity price projections were still conservative.

☆ Australian government pledges $10 billion in budget to ease cost of living
▼ + stars: | 2023-05-08 | by ( ) www.cnbc.com time to read: +1 min

Lamp posts in front of the Reserve Bank of Australia (RBA) building in Sydney, Australia, on Monday, Feb. 6, 2023. Australia's center-left Labor government said on Monday it would include 14.6 billion Australian dollars ($9.84 billion) over four years in the federal budget for cost of living relief for families and businesses, which it promised would not stoke inflation. "The centerpiece of the budget ... will be cost-of-living relief that doesn't add to inflation," Treasurer Jim Chalmers said in a statement, ahead of Tuesday's federal budget. We've carefully calibrated and designed this Budget so that it takes pressure off the cost-of-living rather than add to it." The government is set to unveil in the budget financial assistance for more than 5 million low-income families, small businesses and pensioners struggling with high power bills.

☆ Australia pledges $10 billion in budget to ease cost of living
▼ + stars: | 2023-05-07 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, May 8 (Reuters) - Australia's centre-left Labor government said on Monday it would include A$14.6 billion ($9.84 billion) over four years in the federal budget for cost of living relief for families and businesses, which it promised would not stoke inflation. The plan is designed to directly ease price pressures and inflation, the federal government said, which has eased in the first quarter but still sits near 30-year highs of 7.0%. "The centrepiece of the budget ... will be cost-of-living relief that doesn't add to inflation," Treasurer Jim Chalmers said in a statement, ahead of Tuesday's federal budget. We've carefully calibrated and designed this Budget so that it takes pressure off the cost-of-living rather than add to it." ($1 = 1.4830 Australian dollars)Reporting by Renju Jose in Sydney; Editing by Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ Australia govt to change petroleum tax, LNG projects to pay more
▼ + stars: | 2023-05-06 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, May 6 (Reuters) - Australia will change its Petroleum Resource Rent Tax (PRRT) to increase the tax paid by the offshore LNG industry, moves that should increase revenue by A$2.4 billion ($1.6 billion) over the next four fiscal years, Treasurer Jim Chalmers said on Saturday. "Under the current rules, most LNG projects are not expected to pay any significant amounts of PRRT until the 2030s. The Treasury review of gas pricing was started under the previous conservative government. Chalmers said both reviews had found that aspects of the PRRT were better suited to oil projects than LNG projects, and the deductions cap and other changes would help address that. There is expected to be a substantial improvement in the budget position due to higher than expected commodity prices boosting revenues.

☆ Australia to predict lower unemployment, higher wages in looming budget
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, May 5 (Reuters) - Australia's government is set to cut its forecasts for inflation while also predicting lower unemployment for longer in 2023/24 budget next week, a mix that it hopes will generate much-needed growth in real wages. Treasurer Jim Chalmers will now forecast unemployment of 3.5% for the June quarter of this year and 4.25% for the same period in 2025, both a quarter point lower than in the last budget in October, according to an extract of next Tuesday's budget seen by Reuters. The budget is expected to forecast real wages growth of 0.75% over the year to June 2024, up by half a percentage point from October, with inflation seen slightly lower and nominal wages growing faster. Chalmers has repeatedly stated his budget would be restrained on spending so as not to add to inflationary pressures, while also giving some targeted relief for cost of living pressures. "The May Budget will be focused on targeted cost-of-living relief that doesn’t add to inflation."

☆ Australia to reveal huge budget rebound, pledge restraint in response
▼ + stars: | 2023-05-01 | by ( Wayne Cole | ) www.reuters.com time to read: +3 min

Treasurer Jim Chalmers has spent weeks using "restraint" and "responsible" to describe his second budget since coming to power in May last year. Instead, the aim is to bank any budget savings, and there are plenty to go around. As recently as October, Chalmers had forecast a deficit of almost A$37 billion ($24.47 billion) for the year to end June 2023. "To place the budget on a more sustainable footing over the medium-term will require an increase in revenue flow and/or more spending discipline." In short, Australia, like most developed economies with aging populations, is finding deficits are the new normal.

☆ Australia's central bank to get new rate-setting board under review shake up
▼ + stars: | 2023-04-20 | by ( ) www.cnbc.com time to read: +2 min

Philip Lowe, governor of the Reserve Bank of Australia, speaks during a news conference in Sydney on April 20, 2023. Australia's central bank is expected to get a new specialist board to manage monetary policy that will give independent expert members more responsibility for setting interest rates, a dilution of the bank's traditional power over policy. Importantly for market confidence, the RBA's new Monetary Policy Board (MPB) would retain its independence from government and its flexible inflation target of 2% to 3%. The current mandate is unusual among central banks in having a broad remit for the economic prosperity and welfare of the Australian people. Similar criticisms have been levelled against many central banks over the effectiveness of policy communication to markets and the wider public.

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