Key events
Competition change could boost household finances, Leigh to argue
Household budgets would be bolstered and cost-of-living pressures would ease under proposed changes to the nation’s competition policy, the federal government says, Australian Associated Press reports.
The assistant treasurer, Andrew Leigh, will today reveal the findings of a government taskforce in a speech to the Economic Society of Australia in Perth later this morning.
Leigh will argue a revitalised national competition policy could result in an ongoing boost to GDP of up to $45bn, according to Productivity Commission modelling – an increase of up to $5,000 a year for every household.
The commission also estimated proposed changes would lower prices by an estimated 0.7% to 1.5% in the long run, he said.
Welcome
Good morning and welcome to our live news blog. I’m Martin Farrer with the top overnight stories and then it’ll be Catie McLeod with the main action.
In sad news that broke yesterday, former Australian of the year Richard Scolyer has revealed his brain cancer has recurred and his “prognosis is poor”. More on this soon.
Anthony Albanese and Peter Dutton have both cancelled fundraising events with donors amid heightened sensitivity about political campaigning in the wake of ex-Tropical Cyclone Alfred. We reported exclusively last night that the prime minister had decided to postpone a dinner with 10 wealthy donors in Sydney because of fears he could be accused of insensitivity in the same way Labor attacked Dutton for attending a plush event with pubs tycoon Justin Hemmes. But the Coalition leader then cancelled another event.
Thousands of homes are still without power, schools remain shut and the threat of further flooding remains in Queensland. We will have the latest from the areas hit by ex-Tropical Cyclone Alfred. Plus, our political correspondent writes that while the storm may have blown Albanese’s election plans off course, his high-profile response could help him win back voters.
There’s been another sharp selloff on Wall Street overnight on fears that Donald Trump’s economic policies could lead to a recession in the US. The benchmark S&P 500 index fell 1.4% to its lowest point since September, while the tech-focused Nasdaq has slumped by 2%. The ASX is on track to open down 0.81% later this morning as a result so a government plan to improve household finances being outlined by Andrew Leigh this morning is well timed. More coming up.