How AI risks repeating the IT productivity paradox
Today, artificial intelligence is everywhere, and the world is again investing (many) billions. As Treasurer Jim Chalmers sets out to host an economic reform roundtable focused on rekindling sluggish productivity growth, with AI firmly on the agenda, we had better learn from history.
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AU Financial Review
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Australia's recognition of Palestine case of ‘when, not if': Chalmers
Treasurer Jim Chalmers says Australia's recognition of Palestinian statehood is a matter of 'when, not if', in the strongest indication yet the Albanese government is about to break with the US and Israel over a major sticking point in the protracted Middle East conflict. Chalmers' comments come after Canadian Prime Minister Mark Carney said he was willing to recognise Palestine at the United Nations in September subject to conditions, joining Britain and France in moving in that direction.
The Advertiser
21 minutes ago
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Mortgage rate relief prospects welcome, says Chalmers
Another interest rate cut will be "welcome relief" for mortgage holders, says Treasurer Jim Chalmers, as a top central banker prepares to speak in the wake of a promising inflation result. Reserve Bank of Australia deputy governor Andrew Hauser will give a speech at an economic forum hosted by investment bank Barrenjoey on Thursday. It comes less than 24 hours after the Australian Bureau of Statistics revealed the central bank's preferred measure of inflation, the trimmed mean, eased to an annualised 2.7 per cent in the June quarter. The outcome reflected the "remarkable progress" Australia has made in cutting inflation in the last three years, Dr Chalmers said. The result was slightly softer than economists had expected and was widely interpreted as being consistent with the RBA board lowering the cash rate to 3.6 per cent, from a current 3.85 per cent, at its next board meeting in August. "But it's never mission accomplished because the global environment is uncertain - we've got some persistent structural issues in our economy, growth in our economy is soft, and people are under pressure," Dr Chalmers told ABC television on Thursday. In a bid to address those structural issues in the economy, Dr Chalmers has convened a roundtable of experts, business and unions to discuss Australia's productivity woes. They will gather in late August. Building more homes sooner will be a central focus of the roundtable, the treasurer hopes. "That's the government's priority. The primary focus there, I think, at the roundtable will be around how we speed up approvals and get the zoning for housing right, because we desperately need more homes," he said. But fault lines have opened up between businesses and unions on artificial intelligence. Peak union body, the ACTU, has called for tougher regulations to ensure AI does not lead to job losses, while business groups have warned against regulation that could stifle the adoption of the technology. Independent MP Zali Steggall has called for the government to appoint a special envoy for AI and the future of work to drive adoption of the technology while addressing growing public distrust. "I am concerned it's going to be unions trying to put a lid on it," Ms Steggall told AAP. "Look, I am supportive of guardrails. It has to be done safely, but to suggest that you can put the genie back in the bottle is unrealistic." The former Winter Olympian on Thursday launched her economic plan to re-energise the economy while speeding the transition to net zero, by encouraging clean energy investment and reducing the cost of housing. The RBA stunned analysts by leaving rates on hold in July, with governor Michele Bullock telling an event last week that the board preferred a "measured and gradual" approach to easing interest rates. While less pivotal than inflation or jobs data, retail sales figures released by the ABS on Thursday will provide an update on the vitality of the Australian consumer. The recovery in household spending has been softer than the RBA had expected, the board said in minutes from its last meeting. But sales are expected to rebound to the highest level since the beginning of 2024, following a run of softer months. The retail print is the last the bureau will produce before it switches over to a more comprehensive measure of consumption, the monthly household spending indicator. Opposition frontbencher Michaelia Cash said while it was a good thing inflation was falling, Australians were still doing it tough because prices had grown faster and for longer compared to the rest of the world. "So Jim, take all the credit you like. But the bad news is you're the architect of the cost of living crisis that Australians live under your government," she told Nine television on Thursday. Another interest rate cut will be "welcome relief" for mortgage holders, says Treasurer Jim Chalmers, as a top central banker prepares to speak in the wake of a promising inflation result. Reserve Bank of Australia deputy governor Andrew Hauser will give a speech at an economic forum hosted by investment bank Barrenjoey on Thursday. It comes less than 24 hours after the Australian Bureau of Statistics revealed the central bank's preferred measure of inflation, the trimmed mean, eased to an annualised 2.7 per cent in the June quarter. The outcome reflected the "remarkable progress" Australia has made in cutting inflation in the last three years, Dr Chalmers said. The result was slightly softer than economists had expected and was widely interpreted as being consistent with the RBA board lowering the cash rate to 3.6 per cent, from a current 3.85 per cent, at its next board meeting in August. "But it's never mission accomplished because the global environment is uncertain - we've got some persistent structural issues in our economy, growth in our economy is soft, and people are under pressure," Dr Chalmers told ABC television on Thursday. In a bid to address those structural issues in the economy, Dr Chalmers has convened a roundtable of experts, business and unions to discuss Australia's productivity woes. They will gather in late August. Building more homes sooner will be a central focus of the roundtable, the treasurer hopes. "That's the government's priority. The primary focus there, I think, at the roundtable will be around how we speed up approvals and get the zoning for housing right, because we desperately need more homes," he said. But fault lines have opened up between businesses and unions on artificial intelligence. Peak union body, the ACTU, has called for tougher regulations to ensure AI does not lead to job losses, while business groups have warned against regulation that could stifle the adoption of the technology. Independent MP Zali Steggall has called for the government to appoint a special envoy for AI and the future of work to drive adoption of the technology while addressing growing public distrust. "I am concerned it's going to be unions trying to put a lid on it," Ms Steggall told AAP. "Look, I am supportive of guardrails. It has to be done safely, but to suggest that you can put the genie back in the bottle is unrealistic." The former Winter Olympian on Thursday launched her economic plan to re-energise the economy while speeding the transition to net zero, by encouraging clean energy investment and reducing the cost of housing. The RBA stunned analysts by leaving rates on hold in July, with governor Michele Bullock telling an event last week that the board preferred a "measured and gradual" approach to easing interest rates. While less pivotal than inflation or jobs data, retail sales figures released by the ABS on Thursday will provide an update on the vitality of the Australian consumer. The recovery in household spending has been softer than the RBA had expected, the board said in minutes from its last meeting. But sales are expected to rebound to the highest level since the beginning of 2024, following a run of softer months. The retail print is the last the bureau will produce before it switches over to a more comprehensive measure of consumption, the monthly household spending indicator. Opposition frontbencher Michaelia Cash said while it was a good thing inflation was falling, Australians were still doing it tough because prices had grown faster and for longer compared to the rest of the world. "So Jim, take all the credit you like. But the bad news is you're the architect of the cost of living crisis that Australians live under your government," she told Nine television on Thursday. Another interest rate cut will be "welcome relief" for mortgage holders, says Treasurer Jim Chalmers, as a top central banker prepares to speak in the wake of a promising inflation result. Reserve Bank of Australia deputy governor Andrew Hauser will give a speech at an economic forum hosted by investment bank Barrenjoey on Thursday. It comes less than 24 hours after the Australian Bureau of Statistics revealed the central bank's preferred measure of inflation, the trimmed mean, eased to an annualised 2.7 per cent in the June quarter. The outcome reflected the "remarkable progress" Australia has made in cutting inflation in the last three years, Dr Chalmers said. The result was slightly softer than economists had expected and was widely interpreted as being consistent with the RBA board lowering the cash rate to 3.6 per cent, from a current 3.85 per cent, at its next board meeting in August. "But it's never mission accomplished because the global environment is uncertain - we've got some persistent structural issues in our economy, growth in our economy is soft, and people are under pressure," Dr Chalmers told ABC television on Thursday. In a bid to address those structural issues in the economy, Dr Chalmers has convened a roundtable of experts, business and unions to discuss Australia's productivity woes. They will gather in late August. Building more homes sooner will be a central focus of the roundtable, the treasurer hopes. "That's the government's priority. The primary focus there, I think, at the roundtable will be around how we speed up approvals and get the zoning for housing right, because we desperately need more homes," he said. But fault lines have opened up between businesses and unions on artificial intelligence. Peak union body, the ACTU, has called for tougher regulations to ensure AI does not lead to job losses, while business groups have warned against regulation that could stifle the adoption of the technology. Independent MP Zali Steggall has called for the government to appoint a special envoy for AI and the future of work to drive adoption of the technology while addressing growing public distrust. "I am concerned it's going to be unions trying to put a lid on it," Ms Steggall told AAP. "Look, I am supportive of guardrails. It has to be done safely, but to suggest that you can put the genie back in the bottle is unrealistic." The former Winter Olympian on Thursday launched her economic plan to re-energise the economy while speeding the transition to net zero, by encouraging clean energy investment and reducing the cost of housing. The RBA stunned analysts by leaving rates on hold in July, with governor Michele Bullock telling an event last week that the board preferred a "measured and gradual" approach to easing interest rates. While less pivotal than inflation or jobs data, retail sales figures released by the ABS on Thursday will provide an update on the vitality of the Australian consumer. The recovery in household spending has been softer than the RBA had expected, the board said in minutes from its last meeting. But sales are expected to rebound to the highest level since the beginning of 2024, following a run of softer months. The retail print is the last the bureau will produce before it switches over to a more comprehensive measure of consumption, the monthly household spending indicator. Opposition frontbencher Michaelia Cash said while it was a good thing inflation was falling, Australians were still doing it tough because prices had grown faster and for longer compared to the rest of the world. "So Jim, take all the credit you like. But the bad news is you're the architect of the cost of living crisis that Australians live under your government," she told Nine television on Thursday. Another interest rate cut will be "welcome relief" for mortgage holders, says Treasurer Jim Chalmers, as a top central banker prepares to speak in the wake of a promising inflation result. Reserve Bank of Australia deputy governor Andrew Hauser will give a speech at an economic forum hosted by investment bank Barrenjoey on Thursday. It comes less than 24 hours after the Australian Bureau of Statistics revealed the central bank's preferred measure of inflation, the trimmed mean, eased to an annualised 2.7 per cent in the June quarter. The outcome reflected the "remarkable progress" Australia has made in cutting inflation in the last three years, Dr Chalmers said. The result was slightly softer than economists had expected and was widely interpreted as being consistent with the RBA board lowering the cash rate to 3.6 per cent, from a current 3.85 per cent, at its next board meeting in August. "But it's never mission accomplished because the global environment is uncertain - we've got some persistent structural issues in our economy, growth in our economy is soft, and people are under pressure," Dr Chalmers told ABC television on Thursday. In a bid to address those structural issues in the economy, Dr Chalmers has convened a roundtable of experts, business and unions to discuss Australia's productivity woes. They will gather in late August. Building more homes sooner will be a central focus of the roundtable, the treasurer hopes. "That's the government's priority. The primary focus there, I think, at the roundtable will be around how we speed up approvals and get the zoning for housing right, because we desperately need more homes," he said. But fault lines have opened up between businesses and unions on artificial intelligence. Peak union body, the ACTU, has called for tougher regulations to ensure AI does not lead to job losses, while business groups have warned against regulation that could stifle the adoption of the technology. Independent MP Zali Steggall has called for the government to appoint a special envoy for AI and the future of work to drive adoption of the technology while addressing growing public distrust. "I am concerned it's going to be unions trying to put a lid on it," Ms Steggall told AAP. "Look, I am supportive of guardrails. It has to be done safely, but to suggest that you can put the genie back in the bottle is unrealistic." The former Winter Olympian on Thursday launched her economic plan to re-energise the economy while speeding the transition to net zero, by encouraging clean energy investment and reducing the cost of housing. The RBA stunned analysts by leaving rates on hold in July, with governor Michele Bullock telling an event last week that the board preferred a "measured and gradual" approach to easing interest rates. While less pivotal than inflation or jobs data, retail sales figures released by the ABS on Thursday will provide an update on the vitality of the Australian consumer. The recovery in household spending has been softer than the RBA had expected, the board said in minutes from its last meeting. But sales are expected to rebound to the highest level since the beginning of 2024, following a run of softer months. The retail print is the last the bureau will produce before it switches over to a more comprehensive measure of consumption, the monthly household spending indicator. Opposition frontbencher Michaelia Cash said while it was a good thing inflation was falling, Australians were still doing it tough because prices had grown faster and for longer compared to the rest of the world. "So Jim, take all the credit you like. But the bad news is you're the architect of the cost of living crisis that Australians live under your government," she told Nine television on Thursday.
Sky News AU
2 hours ago
- Sky News AU
Treasurer Jim Chalmers says recognition of Palestine is inevitable as global momentum builds, but warns Hamas must be excluded from governance
Federal Treasurer Jim Chalmers has signalled Australia's direction on Palestinian statehood, declaring recognition of Palestine was a "matter of when not if'. His remarks come as Canada joins France and the United Kingdom in declaring their intention to recognise a Palestinian state, provided key conditions are met, including the exclusion of Hamas from any future leadership and the release of Israeli hostages. Prime Minister Mark Carney confirmed Canada would proceed with recognition by September, conditional on agreements from the West Bank's governing authority. His move follows a wave of diplomatic momentum among Western allies, as global leaders prepare for a high-stakes showdown at the UN General Assembly in September 9. Mr Chalmers welcomed the international developments and said the Albanese government was in ongoing talks with global counterparts to chart Australia's next steps. 'The Prime Minister and the Foreign Minister will respond in due course, but I welcome this momentum and this progress in the international community,' Mr Chalmers told Sky News. 'From an Australian point of view the recognition of the state of Palestine is a matter of when not if. 'So, in that light, this progress is welcome, but it is also conditional. As Prime Minister Carney said and as Prime Minister Albanese said, we need to make sure that there is no role for Hamas in any future leadership. We need to make sure that the hostages are released too. 'Our support is conditional in overcoming some of those obstacles. So, it's a matter of when not if.' Despite the clarity of direction, Mr Chalmers echoed Prime Minister Anthony Albanese's caution about setting a deadline for recognition, insisting that timing would depend on international conditions and negotiations. 'We'll make our decisions on this matter. I think there were good reasons yesterday why the Prime Minister was reluctant to set a time frame on this,' he said. 'There are obstacles to overcome, but we see the recognition for the state of Palestine as an important step towards a two-state solution. 'It's the best pathway out of this enduring cycle of violence, and most importantly, so that Israeli families and Palestinian families can raise their kids in peace. That's what this is all about.' Mr Albanese, speaking yesterday, stopped short of confirming a timeline, but reiterated his lifelong support for a two-state solution and hinted that the moment for meaningful change may finally be approaching. 'Sometimes out of a crisis comes a moment of opportunity to actually advance forward in a real way, advance forward for Israelis and Palestinians,' he said. 'I've said for a long time, my entire political life, I support two states: the right of Israel to exist within secure borders and the right of Palestinians to have their legitimate aspirations for their own state realised. That's my objective, not making a statement, not winning a political point, but achieving that.' Mr Chalmers also addressed criticism that recognising Palestine now would amount to rewarding Hamas, firmly rejecting the suggestion. 'I don't see it that way. We heard it from Prime Minister Carney and Prime Minister Albanese that the hostages are released and there is no role for Hamas in the future of a Palestinian state,' he said. 'That is a key consideration for all the like-minded countries in the world that have been working through these issues in conjunction with us that Hamas is not rewarded and that Hamas has no role.' The international push remains fraught with geopolitical tension, with US President Donald Trump opposing any move to recognise Palestine. But Australia's top leaders appear undeterred, determined to shape a diplomatic path that could finally bring a two-state solution back within reach. 'There is a lot of discussion with our counterparts in the international community, and the Prime Minister, the Foreign Minister, and the Cabinet are considering the best way forward,' Mr Chalmers said. 'The Prime Minister didn't put a timeframe on that yesterday, so, I won't be putting a timeframe on it this morning.'
