Australia's Albanese is a negotiator with concern for social issues
SYDNEY (Reuters) - Australian Prime Minister Anthony Albanese, seeking re-election in a tight race, is a pragmatic leader who pledged to end divisions but was set back by the failure of a referendum on Indigenous people and the headwinds of global inflation.
His centre-left Labor government pulled Australia closer to major security ally the United States, committing A$368 billion ($232 billion) to their AUKUS nuclear submarine partnership with Britain.
He also restarted dialogue with China after a diplomatic freeze, saying stabilising ties with Australia's biggest customer was in the national interest.
That effort secured the removal of an unofficial boycott of A$20 billion of Australian commodities and the release of a journalist jailed for three years.
Those who know Albanese, 62, say he is genuinely motivated by a mix of pragmatism and concern for social justice gained from childhood struggles, when he was brought up in public housing by a single mother on a disability pension.
"There is a lovely softness to him. I have seen him cry," said Labor parliamentarian Linda Burney, a long-time neighbour in inner Sydney, who attributed her entry into politics to encouragement from the prime minister.
"He has just been a rock in my life," added Burney, who became the first Indigenous person elected to the parliament of New South Wales in 2003, before going on to be Minister for Indigenous Australians in federal parliament.
Polling shows Australians are likely to elect a hung parliament, leaving either Labor or the opposition Liberal-National coalition to strike deals with independents to form a minority government.
WORKING CLASS BOY MADE GOOD
In the 2022 campaign that won Albanese the prime minister's office after nine years of conservative rule, Labor spotlighted his working-class credentials heavily.
Albanese was an old mate who had "a socialism of the heart", British singer-songwriter Billy Bragg wrote on social media after the prime minister quoted his lyrics during his first press conference in the role.
The first in his family to attend university, Albanese studied economics and engaged in student politics.
But by 2024, media headlines focused on his A$4-million ($2.5 million) purchase of an oceanfront house in New South Wales, amid a housing affordability crisis that has become the dominant theme of the 2025 election.
Despite delivering early on core promises to boost childcare funding and lift wages of low-income workers, Albanese was hampered as global inflation caused by the war in Ukraine drove up energy prices and interest rates, said Frank Bongiorno, a professor of history at the Australian National University.
Burney, who sat in cabinet meetings, said Albanese worked with his team to craft household relief measures such as energy bill rebates that were "just crucial in terms of seeing Australia through very difficult times".
Albanese has been called over-cautious after setting a two-term strategy for what he wanted to achieve, said Bongiorno, who added it was uncertain if he would get another chance at the job.
"There hasn't been a one-term federal government in Australia since 1932, the depression era," Bongiorno said.
Labor's 2025 election promises feature tax cuts and a centrepiece pledge of A$8.5 billion more for healthcare under a revitalised Medicare.
Albanese's passion for the National Rugby League, a sport he discussed with U.S. President Donald Trump on their first telephone call in 2025, eventually dovetailed with geopolitics.
Australia pledged A$600 million ($378 million) to bring its Pacific Islands neighbour Papua New Guinea into the league and fund its team - if it rejected security ties with Beijing.
PNG leader James Marape said in February he would "forever appreciate" Albanese's support to create the first national team.
As prime minister, Albanese staked significant political capital on improving the position of Australia's Indigenous peoples.
He pushed ahead with a national referendum in 2023 seeking to recognise them in the constitution, despite opposition by the conservative Liberal-National coalition.
Albanese said he accepted responsibility after more than 60% of Australians voted "No".
"That was an enormously damaging episode to the government, it sapped its confidence, it sapped its sense of purpose, it made the government for the first time look like a loser," said Bongiorno, who has authored a book on the Labor Party.
Albanese's policy themes owe a debt to Bob Hawke, Labor's longest-serving prime minister, in whose reformist government he worked as a research officer, after being elected president of the party's youth wing at 22.
Hawke launched the universal health scheme Medicare and took steps towards a treaty with Indigenous people but ultimately failed to deliver it.
Albanese was at the centre of managing Australia's last minority government, as Leader of the House for Labor Prime Minister Julia Gillard, between 2010 and 2013.
"If it is a hung parliament, his leadership, his negotiation skills and his experience in the political arena is going to be absolutely critical," said Burney.
($1 = 1.5883 Australian dollars)
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


CNBC
27 minutes ago
- CNBC
India to maintain Russian oil imports despite Trump threats, government sources say
India will keep purchasing oil from Russia despite U.S. President Donald Trump's threats of penalties, two Indian government sources told Reuters on Saturday, not wishing to be identified due to the sensitivity of the matter. On top of a new 25% tariff on India's exports to the U.S., Trump indicated in a Truth Social post last month that India would face additional penalties for purchases of Russian arms and oil. On Friday, Trump told reporters he had heard that India would no longer be buying oil from Russia. But the sources said there would be no immediate changes. "These are long-term oil contracts," one of the sources said. "It is not so simple to just stop buying overnight." Justifying India's oil purchases from Russia, a second source said India's imports of Russian grades had helped avoid a global surge in oil prices, which have remained subdued despite Western curbs on the Russian oil sector. Unlike Iranian and Venezuelan oil, Russian crude is not subject to direct sanctions, and India is buying it below the current price cap fixed by the European Union, the source said. The New York Times also quoted two unnamed senior Indian officials on Saturday as saying there had been no change in Indian government policy. Indian government authorities did not respond to Reuters' request for official comment on its oil purchasing intentions. However, during a regular press briefing on Friday, foreign ministry spokesperson Randhir Jaiswal said India has a "steady and time-tested partnership" with Russia. "On our energy sourcing requirements ... we look at what is there available in the markets, what is there on offer, and also what is the prevailing global situation or circumstances," he said. The White House did not immediately respond to requests for comment. Trump, who has made ending Russia's war in Ukraine a priority of his administration since returning to office this year, has expressed growing impatience with Russian President Vladimir Putin in recent weeks. He has threatened 100% tariffs on U.S. imports from countries that buy Russian oil unless Moscow reaches a major peace deal with Ukraine. Russia is the leading supplier to India, the world's third-largest oil importer and consumer, accounting for about 35% of its overall supplies. India imported about 1.75 million barrels per day of Russian oil from January to June this year, up 1% from a year ago, according to data provided to Reuters by sources. But while the Indian government may not be deterred by Trump's threats, sources told Reuters this week that Indian state refiners stopped buying Russian oil after July discounts narrowed to their lowest since 2022 - when sanctions were first imposed on Moscow - due to lower Russian exports and steady demand. Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp and Mangalore Refinery Petrochemical Ltd have not sought Russian crude in the past week or so, four sources told Reuters. Nayara Energy - a refinery majority-owned by Russian entities, including oil major Rosneft, and major buyer of Russian oil - was recently sanctioned by the EU. Nayara's chief executive resigned following the sanctions, and three vessels laden with oil products from Nayara Energy have yet to discharge their cargoes, hindered by the new EU sanctions, Reuters reported last week.


Time Business News
an hour ago
- Time Business News
Hospitality Cash Flow Experts Reveal Smart Ways to Keep Your Restaurant Profitable in Australia
Managing cash flow remains one of the most significant challenges facing Australian hospitality businesses today. Between rising ingredient prices, staff shortages, fluctuating customer demand, and seasonal shifts, restaurant owners must continuously monitor how money moves in and out of their business. Cash flow problems have been the downfall of many bustling restaurants, even those with strong customer turnout. When cash inflows slow down or expenses spike unexpectedly, even profitable operations can find themselves struggling to meet ongoing costs and turn a profit. This article distills valuable insights from hospitality cash flow experts, offering practical tips tailored specifically for Australian restaurants. You will also discover how debt collection services designed for the hospitality sector can assist in recovering unpaid invoices and reducing financial losses. Running a restaurant in Australia is no easy feat. The hospitality industry faces distinct pressures from the cyclical nature of business. Peak seasons like Christmas, Easter, and school holidays bring busy trading periods, whereas months such as February and July can be notoriously slow. Despite fluctuations in sales, rent, wages, and supplier bills must be paid promptly. One delayed payment can cause a domino effect, especially if multiple customers or clients postpone their payments. Even restaurants with steady foot traffic can experience cash flow crunches. Moreover, suppliers often enforce strict payment terms. Falling behind on payments can jeopardize supply reliability, potentially disrupting kitchen operations. Add in recurring expenses such as marketing campaigns, equipment maintenance, and utility bills, and cash flow management becomes a complex balancing act. The unpredictable interplay of revenue and expenses means business owners must maintain a careful watch over daily income and outgoings, anticipating upcoming costs and planning for unexpected setbacks. Cash flow experts bring structured financial planning and clarity to what can often feel like a whirlwind of transactions. These professionals analyse daily sales, spending habits, and fixed costs, providing restaurateurs with a clear picture of how money flows through their operations. Beyond just tracking income and expenses, cash flow experts prepare businesses for significant upcoming spending such as tax obligations, licence renewals, or major equipment repairs ensuring these costs are factored into financial plans well in advance. Their expertise enables early identification of profit leaks and cash flow pressure points. By implementing well-tested strategies and simple operational adjustments recommended by such experts, restaurants can dramatically improve their financial resilience. For example, cash flow consultants may suggest renegotiating supplier terms, tweaking menu prices, or implementing cash flow forecasting software. These insights are invaluable to restaurateurs aiming to sustain profitability through volatile periods. Improving cash flow is often about making small, strategic adjustments that cumulatively create significant positive effects. Here are several actionable tips hospitality cash flow experts recommend: Review Daily Earnings and Stock Levels: Monitor daily sales to adjust your stock purchases accurately. Avoid overstocking items with slower turnover to reduce waste and free up cash. Monitor daily sales to adjust your stock purchases accurately. Avoid overstocking items with slower turnover to reduce waste and free up cash. Focus on High-Margin Menu Items: Identify your best-selling and most profitable dishes, and consider promoting these more heavily. Updating your menu periodically ensures alignment with current customer preferences and profitability goals. Identify your best-selling and most profitable dishes, and consider promoting these more heavily. Updating your menu periodically ensures alignment with current customer preferences and profitability goals. Offer Incentives for Early or Prepaid Bookings: Encourage customers to pay upfront or early by offering small discounts or value-added incentives. This can improve cash flows and reduce the likelihood of no-shows. Encourage customers to pay upfront or early by offering small discounts or value-added incentives. This can improve cash flows and reduce the likelihood of no-shows. Implement Deposit Requirements for Large Groups: For functions or large bookings, require a deposit to secure the reservation. This helps cover upfront costs and reduces the risk of cancellations without notice. For functions or large bookings, require a deposit to secure the reservation. This helps cover upfront costs and reduces the risk of cancellations without notice. Schedule Staff According to Customer Traffic: Use historical sales data to predict busy and slow periods, aligning staff rosters accordingly to avoid overstaffing and minimise labour costs. Use historical sales data to predict busy and slow periods, aligning staff rosters accordingly to avoid overstaffing and minimise labour costs. Use Automated Financial Tracking Software: Invest in software solutions that automatically track income, expenses, and key performance indicators (KPIs). Real-time financial insights enable faster decision-making and accurate budgeting. Invest in software solutions that automatically track income, expenses, and key performance indicators (KPIs). Real-time financial insights enable faster decision-making and accurate budgeting. Maintain a Cash Reserve: Wherever possible, build a cash cushion through disciplined savings during profitable periods to buffer against slow months or unexpected costs. Taking a proactive, data-driven approach to daily operations helps maintain control over money movement and prevents budget overruns. These small improvements also build a culture of financial mindfulness among staff. Many restaurants operate with payment terms, especially when providing group functions, catering, or events where invoices are sent after the service. Unfortunately, delayed or unpaid client invoices are common, which can severely disrupt cash flow. The best debt collection services for restaurants designed specifically for Australian small businesses including restaurants offer expert support to recover overdue payments without harming customer relationships. These agencies understand the hospitality sector's nuances. They balance professional firmness with respectful communication to maintain goodwill and compliance with Australian consumer laws. Some collection agencies integrate directly with your point-of-sale systems, allowing you to send overdue accounts for recovery conveniently. Utilising a reputable debt collection service can reduce losses, improve cash inflows, and free up valuable time for managers to focus on operations rather than chasing payments. If an invoice remains unpaid for over 30 days despite multiple reminders and no response from the client, it may be time to consider professional debt collection. Acting early increases the likelihood of recovering debts and avoids the amount becoming more difficult to recoup later. However, choosing the right agency is crucial. Look for agencies experienced in hospitality, able to tailor their approach to your restaurant's specific needs and budget. Transparent communication and regular case updates are essential features of a reliable service. When selecting a cash flow consultant or financial advisor, hospitality experience is vital. The advisor should provide straightforward, actionable advice that fits your restaurant's size, location, and operational model. Furthermore, compatibility with your existing accountant or bookkeeper ensures seamless integration and avoids duplication or conflicting strategies. Ask for references or case studies demonstrating their success in helping Australian restaurants across major cities such as Melbourne, Sydney, and Brisbane. An ideal advisor will not only crunch numbers but also understand the daily realities of running a restaurant business and offer solutions that are practical and achievable. Cash flow issues affect every restaurant at some stage, but they don't have to signal failure. With the right tools, forward planning, and expert support, your restaurant can maintain profitability . best debt collection services for restaurants withstand the inevitable ups and downs of business. Regularly monitoring your financial health, encouraging upfront deposits, fine-tuning operational efficiencies, and enlisting professional help for overdue payments make a tangible difference. Remember: profit isn't a lucky accident. It comes from disciplined planning, smart decision-making, and the willingness to seek outside help when needed. If you're struggling with cash flow or late payments, don't wait to speak to a debt collection agency or a hospitality cash flow expert today to set your business on stable financial footing and preserve its future success. TIME BUSINESS NEWS


CNBC
an hour ago
- CNBC
U.S. envoy tells Israeli hostage families he is working on plan to end Gaza War
U.S. President Donald Trump's Middle East envoy told families of hostages being held by Palestinian militant group Hamas on Saturday that he was working with the Israeli government on a plan that would effectively end the war in Gaza. Trump has made ending the conflict a major priority of his administration, though negotiations have faltered. Steve Witkoff is visiting Israel as its government faces mounting pressure over the deteriorating humanitarian conditions in the enclave. In a recording of the meeting, reviewed by Reuters, Witkoff is heard saying: "We have a very, very good plan that we're working on collectively with the Israeli government, with Prime Minister Netanyahu ... for the reconstruction of Gaza. That effectively means the end of the war." The White House did not immediately respond to a request for comment on his remarks. Witkoff also said that Hamas was prepared to disarm in order to end the war, though the group has repeatedly said it will not lay down its weapons. In response, Hamas, which has dominated Gaza since 2007 but has been militarily battered by Israel in the war, said it would not relinquish "armed resistance" unless an "independent, fully sovereign Palestinian state with Jerusalem as its capital" was established. Indirect negotiations between Hamas and Israel aimed at securing a 60-day ceasefire in the Gaza war and deal for the release of half the hostages ended last week in deadlock. On Saturday, Hamas released its second video in two days of Israeli hostage Evyatar David. In it, David, skeletally thin, is shown digging a hole, which, he says in the video, is for his own grave. "They are on the absolute brink of death," David's brother Ilay said at a rally in support of the hostages in Tel Aviv, where thousands gathered holding posters of those in captivity and chanted for their immediate release. "In the current unimaginable condition, they may have only days left to live." Israeli Minister of Foreign Affairs Gideon Sa'ar said the "world cannot remain silent in the face of the difficult images that are the result of deliberate sadistic abuse of the hostages, which also includes starvation". Witkoff, who arrived in Israel with Benjamin Netanyahu's government facing a global outcry over the devastation in Gaza and the starvation growing among its 2.2 million people, met the prime minister on Thursday. Afterwards, a senior Israeli official said an understanding between Israel and Washington was emerging that there was a need to move from a plan to release some of the hostages to a plan to release all the hostages, disarm Hamas and demilitarize the Gaza Strip, echoing Israel's key demands for ending the war. On Tuesday, Qatar and Egypt, who are mediating ceasefire efforts, endorsed a declaration by France and Saudi Arabia outlining steps toward a two-state solution to the Israeli-Palestinian conflict. As part of it, they said Hamas must hand over its arms to the Western-backed Palestinian Authority. The crisis in Gaza has also prompted a string of Western powers to announce they may recognise a Palestinian state. On Friday, Witkoff visited a U.S.-backed aid operation in southern Gaza, which the United Nations has partly blamed for deadly conditions in the enclave, saying he sought to get food and other aid to people there. Dozens have died of malnutrition in recent weeks after Israel cut off all supplies to the enclave for nearly three months from March to May, according to Gaza's health ministry. It said on Saturday that it had recorded seven more fatalities, including a child, since Friday. Israel blames Hamas for the suffering in Gaza and says it is taking steps for more aid to reach its population, including pausing fighting for part of the day in some areas, air drops and announcing protected routes for aid convoys. U.N. agencies have said that airdrops of food are insufficient and that Israel must let in far more aid by land and quickly ease the access to it. The Gaza war began when Hamas killed more than 1,200 people and took 251 hostage in an attack on southern Israel on October 7, 2023, according to Israeli figures. Israel's offensive has since killed more than 60,000 Palestinians, according to Gaza health officials. According to Israeli officials, 50 hostages now remain in Gaza, only 20 of whom are believed to be alive.