The RBA is going to look pretty bloody stupid:
An unexpected decline in government spending means Labor started the financial year in a better budget position than expected just months ago, giving it flexibility for more cost-of-living support in the mid-year budget update.
Ahead of an election campaign expected to start as early as March, departments and agencies have been told the update due in early December would have a strong cost-of-living focus.
One source familiar with the directive said Treasury had told bureaucrats only urgent and unavoidable spending would be considered outside of cost of living and consumer-focused measures.
But not as stupid as Treasurer Jim “chicken” Chalmers who will have no choice but to extend his energy rebates.
Otherwise, a new and huge inflation shock hits on the eve of the election:
Made even worse in March by the AER which will announce even higher electricity prices from July next year:
Kill the gas cartel or it will kill you. The Australia Institute:
Australia exports about 35 times more gas than would be needed to cover any potential shortfall of supply on the east coast in coming years.
And the gas giants use more gas each year to liquify gas for export than the gas used by Australia’s entire manufacturing industry.
Government could ensure supply at home by requiring gas companies to set aside gas to meet domestic needs, using laws and policies already in place.
Yeh, nah.
Let subsidise the cartel gouging with bill rebates instead.
