Columnist Peter van Onselen argues that Treasurer Jim Chalmers has the education, background and capacity to be a stronger economic leader, but lacks Paul Keating's willingness to question the assumptions he brought into office. He says Chalmers has absorbed more of Wayne Swan's political defensiveness than Keating's intellectual restlessness, and that policies such as the expanded home deposit scheme could push house prices higher before supply catches up. The column also points to the Australian Taxation Office's decision to stop accepting credit card payments after a surcharge ban, a move that led Chalmers to announce taxpayer funding to keep payments going.
Summary written by Upside AI from the original article. Read the source for full details.
Read the original on dailymail.com ↗
Keywords
Open a keyword to see other news on the same topic.
Related news
- Difficult times arent a sign of schism at the top of the ALP
Readers' letters respond to coverage of tension between Prime Minister Albanese and Treasurer Jim Chalmers after the May budget. Some argue the budget was only mildly inflationary, that most spending came from the private sector, and that Chalmers deserves credit for ending negative gearing and capital gains concessions, while others call for leaders to stop scapegoating each other and take responsibility. Two readers criticise the Greens over their handling of allegations of inappropriate behaviour towards women, citing a 47-page dossier maintained for almost a decade to manage media scrutiny and monitor party members.
- Stockland ( SGP ASX ) housing buyer inquiries drop to seven - year low as residential property downturn continues
Stockland's new housing inquiries, a leading indicator of future sales, fell to 10,452 in the three months to September, almost half the 20,183 recorded in the December quarter. That is the lowest level since the September quarter of 2020 and the lowest in at least seven years. The company, the country's largest listed diversified developer, linked the decline to higher interest rates, rising construction costs and broader economic uncertainty that have stifled demand from potential buyers.
- This Morning (17/10): 2nd Session of the 16th National Assembly Opens
The 2nd Session of the 16th National Assembly opens on the morning of October 17 at the National Assembly House in Hanoi and is expected to run 28 working days, closing on November 21. Lawmakers will consider and adopt 43 laws and resolutions, including amended versions of the Criminal Code, Land Law and Housing Law, and give opinions on four other bills. The Prime Minister will report on the 2026 socio-economic development plan and the planned 2027 plan, and the Assembly will approve the 2025 state budget final accounts. The session runs in two phases with a recess from November 15-19 for revising drafts, and a question-and-answer day around November 12 will address two of six selected areas.
- Australia has delayed economic reform and now a crisis is looming
A Grattan Institute report says state government debt has more than doubled since 2019, with the interest bill now at 0.6% of annual economic output, and warns that future Australians will pay for today's deficits through higher taxes or worse public services. An AMP survey finds more than half of adults under 30 have changed their plans to have children due to cost-of-living pressures, and saving a 20% deposit takes most more than a decade. To repair the budget, Grattan proposes raising the GST from 10% to 15% and taxing fresh food, which it estimates would raise an extra $76 billion a year, with $33 billion going to income tax cuts, $25 billion to welfare and rent assistance, and $18 billion to the states. It also recommends scrapping the 2018 GST deal with Western Australia to save $6 billion. The report notes Australia's tax take of 29.4% of GDP is below the OECD average of about 34%, arguing for modest revenue increases alongside spending discipline.
- Weighing the real cost of migration cuts
The editorial argues that Australia is a migration success story, yet anxiety about the scale and pace of overseas migration since Covid-19 is growing and pushing politicians to propose deep cuts. Using Parliamentary Budget Office tools, the report finds One Nation's pledge to push migration into net negative territory for three years would keep the budget in deficit for over a decade, add $275 billion to national debt and cut economic output by $212 billion over the next decade. The Coalition's plan to cut net migration to 100,000 a year for two years is debated as revenue neutral, since the tools assume current settings. The editorial warns against making migrants the scapegoat for domestic challenges and calls on all parties to lay out their policies in detail for independent scrutiny.
- Anthony Albanese and Jim Chalmers : Inside the growing rift at the heart of the Labor government
Labor MPs are questioning whether the relationship between Prime Minister Anthony Albanese and Treasurer Jim Chalmers has soured, as economic pain, rising inflation and interest rate hikes strain voter trust. Chalmers says he takes responsibility for the government's pressures, but many colleagues say he has alienated them by being too sensitive to feedback. Albanese implied at an ACCI dinner that he personally intervened to reverse an Australian Taxation Office ban on credit card payments, without mentioning Chalmers, who had announced the backflip; those close to Chalmers say he was 'stung'. After pressure from the Coalition's Angus Taylor, Labor also reversed its position on the 'widow's tax', and sources say Albanese indirectly criticised Chalmers' strategy, which Labor denies.
Related markets
Latest news
- Tech Stocks Power S & P 500 and NASDAQ Higher
Global equities closed Monday with a mixed picture: a tech-led rally on Wall Street contrasted with broad declines in Europe and uneven results in Asia-Pacific. The S&P 500 rose 31.29 points (0.41%) to 7,690.73 and the NASDAQ Composite jumped 290.85 points (1.11%) to 26,430.89, while the Dow Jones Industrial Average slipped 36.38 points (0.07%) to 51,966.03. The CBOE Volatility Index fell 7.76% to 18.44. In Europe, the FTSE 100 dropped 1.08%, the DAX fell 1.18% and the CAC 40 lost 1.11%. In Asia, the KOSPI rose 1.76% and the Hang Seng gained 0.52%, but the Nikkei 225 fell 0.62% and the IDX Composite plunged 3.64%.
- Commentary : Liberty , equality , misery ? Why France is burning
Bloomberg Opinion's Lionel Laurent argues that France's unrest has become regular, following a weekend of rioting that saw looting hit some 1,500 stores nationwide and 500 people detained in Paris alone. Beyond short-term political failures, he points to lopsided public spending: pensioners are the biggest beneficiaries, while spending on security, the courts and education has barely risen as a share of GDP. Surveys suggest the French on average lack €500 a month to comfortably cover their outgoings, and INSEE estimates that a €440 minimum-wage increase would bring only about €100 in extra take-home pay. The French median wage rose 22.8% since 2017, while inflation rose 23.4%. With the 2027 presidential election looming, the column warns the unrest could boost support for far-right leader Marine Le Pen.
- RBNZ Governor Anna Breman Warns Misinformation May Weaken Monetary Policy
Reserve Bank of New Zealand (RBNZ) Governor Anna Breman warned that misinformation could distort public beliefs about the economy and weaken monetary policy as central banks work to keep inflation expectations stable. She argued that keeping expectations anchored after a supply shock may reduce the policy tightening needed to contain inflation, limiting costs to output and employment, though policymakers may still need to tighten when warranted. In an unpublished 2026 survey, fewer than 25% of New Zealanders spontaneously mentioned inflation or interest rates when asked about the RBNZ's responsibilities. Breman also raised concerns about AI-generated misinformation, such as deepfake videos and inaccurate search summaries, which make maintaining public trust harder. Stats NZ releases September-quarter inflation data on Oct 22, and the RBNZ's next Official Cash Rate review is set for Oct 28.
- Wall Street Ends Mixed : NASDAQ Surges , S & P 500 Rises , Dow Dips
U.S. stocks closed Monday mixed: the NASDAQ Composite jumped 290.85 points (1.11%) to 26,430.89 on a strong technology-driven rally, the S&P 500 rose 31.29 points (0.41%) to 7,690.73, and the Dow Jones Industrial Average slipped 36.38 points (0.07%) to 51,966.03. European markets broadly declined, with the FTSE 100 down 1.08%, the DAX off 1.18% to 25,319.77, and the CAC 40 down 1.11%. In Asia, results were uneven: the Hang Seng gained 0.52% and the KOSPI rose 1.76%, while the IDX Composite plunged 3.64% and the S&P BSE SENSEX fell 1.17%. In the Americas, the S&P/TSX Composite declined 0.69% to 35,928.63.
- Corporate earnings reports show how inflation affects consumers
Many U.S. companies are set to release quarterly reports this week that could give a clearer picture of how inflation is affecting businesses and consumers. Inflation is weighing on producer and import prices, which measure rising costs before they reach shoppers. Hasbro, Netflix and General Motors report Tuesday, and analysts expect General Motors' profits to have surged; the same day, the government releases its September new-home construction report, which is expected to show homebuilding edged higher after two months of declines. United Airlines Holdings is expected to report a slimmer profit on Wednesday, as airlines have raised fares but face rising fuel and labor costs. Higher fuel prices, especially diesel for long-haul trucks and freight trains, are also pushing up shipping and warehousing costs. Consumer surveys show households are increasingly worried about inflation's effect on their budgets and their ability to plan for the future.
- News Analysis : How West Bank settler violence is testing Israel ahead of elections
Israeli police arrested 10 suspects over violent incidents involving foreigners in the West Bank at the weekend, including attacks on a Washington Post photographer and a European diplomatic delegation. The rare move comes amid growing international alarm over settler attacks on Palestinians. With national elections next week, Prime Minister Benjamin Netanyahu faces demands for accountability while depending on far-right coalition partners such as Itamar Ben-Gvir and Bezalel Smotrich, who back settlement expansion. Britain has imposed an import ban on settlement goods, the Netherlands has banned settlement products, and 12 nations have announced coordinated trade restrictions. Meanwhile, 61 Israeli economists warned that unchecked violence and settlement expansion pose a grave economic risk, and an Israel Democracy Institute survey found nearly two-thirds of Jewish Israelis agree that violence against Palestinians damages Israel’s international legitimacy.
Get the briefing on Telegram or Zalo
Join the Upside Telegram channel or Zalo group for the Vietnam stocks and gold briefing at 8:00 and 19:00 (Vietnam time) on trading days, plus a weekly wrap on Saturday morning.