Latest news with #CentreforIndependentStudies
Sydney Morning Herald
7 days ago
- Business
- Sydney Morning Herald
Sydney rental crisis: Sydney rents for houses and unis hit record highs in June quarter
That was followed by the outer west and Blue Mountains, where house rents were up 6.7 per cent to $640 a week. The outer south-west recorded the strongest rental growth for units – up 7.4 per cent to $520 a week. That was followed by other far-flung and more affordable regions, including the Central Coast (up 5.8 per cent) and Blacktown (up 5.6 per cent). Powell said traditionally affordable pockets were recording stronger rates of rental growth. 'Tenants are shifting property types and locations. They're looking for those pockets of affordability, and they're difficult to find in Sydney when that affordability ceiling has been reached.' Centre for Independent Studies chief economist Dr Peter Tulip said the housing affordability issue was creating growing divisions within society. 'Those that have housing are doing well and those that do not are doing badly, and it's increasing inequality,' he said. 'At the bottom of the market, it's increasing rental stress that's seriously exacerbating poverty and homelessness.' Tulip said some Australians will be permanently locked out of home ownership. 'Home ownership has been called an aspiration in Australian culture and those dreams are being crushed. Many young people are understandably bitter and angry about this.' Loading He said the productivity of the economy was being increasingly harmed as dynamic workers left the city in favour of other capital cities or moved further out. 'Sydney is exporting its housing shortage to the rest of the country,' he said. 'People live with their parents, have two-hour commutes or live in overcrowded houses, which are all indicators of worsening living standards. Some of them show up in the statistics, many of them don't.' Tenants' Union of NSW chief executive Leo Patterson Ross said some tenants were having to compromise on essentials such as food and healthcare. 'We routinely hear people putting off things that aren't covered by Medicare like dentistry that they know they really need, but at the end of the day, rent can't wait,' he said. 'There's still a cumulative increase [in rents] year-on-year. It's not slowing down, it would be some relief for figures to go backwards. We're still seeing rent hikes that are above people's wages and that puts pressure on the household budget.' Renter Alex Colman, 40, has found a more affordable property in North Sydney. Credit: Wolter Peeters Renter Alex Colman, 40, said he was fortunate to have found a two-bedroom unit in North Sydney that he can comfortably afford. He previously lived in a one-bedroom unit, also in North Sydney, that was cheaper, but it had significant mould and substandard living conditions. 'The mould was terrible,' the director of IT company CICT Solutions said. 'We had to take everything out of the cupboards, disinfect and clean. 'When we first moved in, we had so many issues with the unit to begin with. The previous tenants had dogs, and it stunk of wet carpet and dog.' Colman and his girlfriend Jennifer Diaz previously lived in a one-bedroom unit. Credit: Wolter Peeters Before that, Colman lived in a two-bedroom unit in Zetland, where his rent was much higher. Little Real Estate national manager Stephen Erickson said once-affordable neighbourhoods are now becoming unaffordable. 'You get better value for money with cost of living … if you go three or four suburbs out,' he said.
Sky News AU
25-06-2025
- Business
- Sky News AU
Albanese govt accused of ignoring nuclear energy as Australia becomes ‘odd man out' after New York makes huge nuclear call
The Albanese government's unwavering commitment to renewable energy has faced more scrutiny with Australia quickly becoming the 'odd man out' after New York announced its plan to build a huge nuclear power plant. Earlier this week, New York Governor Kathy Hochul revealed she had directed the state's power authority to add at least one gigawatt of new nuclear-power generation – enough to power at least a million homes - to its aged fleet of reactors. Ms Hochul's project seeks to 'catalyse' a new chapter in US nuclear reactor construction which has plateaued for decades. Senior Policy Analyst at the Centre for Independent Studies (CIS) Zoe Hilton told the Albanese government has 'stubbornly refused' to seriously considered the option of nuclear power in Australia while continuing to 'ignore' global trends. Ms Hilton said the New York Governor understood renewable energy 'simply cannot compete with nuclear power' which could provide cities the energy they need on demand and not when the weather 'decides to cooperate'. 'Despite the dozens of countries currently planning to build nuclear plants for the first time, or expand their existing fleet, the Albanese government has stubbornly refused to seriously consider civil nuclear power for Australia,' she said. 'Our government continues to ignore the global trend towards prioritising reliable baseload power, including coal and nuclear.' Ms Hilton said in the recent election campaign, Labor 'promulgated false information' about the costs of nuclear from renewables lobby groups and energy market bodies who 'refuse to question government policy'. Peter Dutton and then shadow energy minister Ted O'Brien announced in the last term of Parliament that the Coalition would take a domestic nuclear power policy to the election. The proposal included plans for seven government-owned nuclear reactors, but the opposition failed to successfully prosecute the policy during the campaign. Despite new Liberal leader Sussan Ley declaring all policies were on the table, part of the concessions she made to the Nationals to keep the Coalition in tact was to agree to lift the moratorium on nuclear. However, Ms Hilton warned the Coalition would fall further out of favour with voters if it turns its back on its nuclear energy convictions. 'The Coalition lost the last election because voters sensed their lack of deeply held convictions on a range of policy issues. If the Coalition were to cave in now and abandon their commitment to reliable baseload power in favour of intermittent renewables, this will only confirm to voters that they don't believe in their own policies,' she said. 'It's highly ironic that nuclear energy has been so heavily politicised in Australia when … (it) is one of the very few policies Democrats and Republicans agree on.' Nationals Senator Matt Canavan told Sky News host Steve Price on Tuesday night it did not matter 'how loud we scream' about nuclear, the Energy Minister had his 'head in the sand'. Mr Canavan said it was 'not surprising' the Democrat-dominated city of New York was planning to build a large nuclear power plant as many other countries and even companies have championed the source of energy. 'We've seen the UK Labour government champion the construction of nuclear power. We've see Microsoft, Google, Amazon, all of them, back nuclear power,' he said. 'Australia is the odd man out here. 'We have abundant amounts of natural resources and energy, including uranium, the world's largest uranium reserves, and how silly is it for us to export that uranium to the world but not allow us to use it ourselves.'
The Advertiser
15-06-2025
- Business
- The Advertiser
Transparency boost: Reserve Bank homes in on key change
How Reserve Bank board members vote on interest rate decisions is set to become public knowledge, with the bank and the federal government positively disposed to implementing the transparency-boosting reform. The government's landmark review into the central bank's operations recommended it publish non-attributed votes in the board's post-meeting statement when it does not reach a consensus decision on monetary policy. While most of the review's 51 recommendations have already been accepted, a decision on board votes was put off until the central bank's new monetary policy board could meet and deliberate on the proposal. With two meetings under the new board's belt, Reserve Bank governor Michele Bullock met with Treasurer Jim Chalmers on Wednesday to discuss the remaining changes, including signing an updated statement on the conduct of monetary policy. Dr Chalmers said the reforms were closer to completion - "and that's a very good thing". "They're all about reinforcing the Reserve Bank's independence, clarifying its mandate, modernising its structures and strengthening its accountability," he said. "I pay tribute to Governor Bullock, the bank's boards and its leadership for the reforms already in place and the constructive discussions we've been having about the rest. "A lot of progress has been made already and I'm looking forward to bedding down these final changes." Changes made to the Reserve Bank's operations have increased its transparency and communication with the public after the review found it had not always been clear or detailed enough. The review was prompted in part by previous governor Philip Lowe's forward guidance debacle. In 2021, amid great uncertainty at the height of the COVID-19 pandemic, Dr Lowe sought to reassure borrowers with comments that he did not expect the next cash rate rise to come into 2024, which the public eventually perceived to be a broken promise. Better communication was seen as a way to prevent such incidents from recurring. But publishing anonymised member votes has limited benefit when the board tends to vote unanimously most of the time. Critics say the consensus-focused board is prone to groupthink. Peter Tulip, chief economist at the Centre for Independent Studies and a former Reserve Bank researcher, said many board members could not articulate a coherent position on monetary policy, discouraging dissenting points of view. "But my strong view is that we don't want board members like that on the board. Anonymity shields them," he told AAP. Dr Tulip argued dissenting votes should be attributed to individuals to encourage the appointment of expert board members who would not rubber-stamp the governor's decision. While it was not among the review recommendations, Dr Tulip called for the Reserve Bank to publish its projections of the cash rate, which central banks, including the US Federal Reserve, do. The Reserve Bank's aversion to any forward guidance has been a "stupid over-reaction" to the embarrassment following Dr Lowe's misstep, Dr Tulip said. Presenting projections alongside a confidence interval would make the board's pronouncements less susceptible to misinterpretation. The board will consider its final decision on publishing votes when it meets on July 7-8. The board will welcome a new member at the meeting, with recently-appointed Treasury Secretary Jenny Wilkinson taking her ex-officio seat at the table in place of predecessor Stephen Kennedy. Prime Minister Anthony Albanese poached Dr Kennedy to become the nation's next top bureaucrat after the retirement of Glyn Davis as Secretary of the Department of the Prime Minister and Cabinet. The treasurer will soon release a Statement of Expectations for the Reserve Bank's new governance board, which will make clear its role in overseeing the bank's culture and driving institutional change. How Reserve Bank board members vote on interest rate decisions is set to become public knowledge, with the bank and the federal government positively disposed to implementing the transparency-boosting reform. The government's landmark review into the central bank's operations recommended it publish non-attributed votes in the board's post-meeting statement when it does not reach a consensus decision on monetary policy. While most of the review's 51 recommendations have already been accepted, a decision on board votes was put off until the central bank's new monetary policy board could meet and deliberate on the proposal. With two meetings under the new board's belt, Reserve Bank governor Michele Bullock met with Treasurer Jim Chalmers on Wednesday to discuss the remaining changes, including signing an updated statement on the conduct of monetary policy. Dr Chalmers said the reforms were closer to completion - "and that's a very good thing". "They're all about reinforcing the Reserve Bank's independence, clarifying its mandate, modernising its structures and strengthening its accountability," he said. "I pay tribute to Governor Bullock, the bank's boards and its leadership for the reforms already in place and the constructive discussions we've been having about the rest. "A lot of progress has been made already and I'm looking forward to bedding down these final changes." Changes made to the Reserve Bank's operations have increased its transparency and communication with the public after the review found it had not always been clear or detailed enough. The review was prompted in part by previous governor Philip Lowe's forward guidance debacle. In 2021, amid great uncertainty at the height of the COVID-19 pandemic, Dr Lowe sought to reassure borrowers with comments that he did not expect the next cash rate rise to come into 2024, which the public eventually perceived to be a broken promise. Better communication was seen as a way to prevent such incidents from recurring. But publishing anonymised member votes has limited benefit when the board tends to vote unanimously most of the time. Critics say the consensus-focused board is prone to groupthink. Peter Tulip, chief economist at the Centre for Independent Studies and a former Reserve Bank researcher, said many board members could not articulate a coherent position on monetary policy, discouraging dissenting points of view. "But my strong view is that we don't want board members like that on the board. Anonymity shields them," he told AAP. Dr Tulip argued dissenting votes should be attributed to individuals to encourage the appointment of expert board members who would not rubber-stamp the governor's decision. While it was not among the review recommendations, Dr Tulip called for the Reserve Bank to publish its projections of the cash rate, which central banks, including the US Federal Reserve, do. The Reserve Bank's aversion to any forward guidance has been a "stupid over-reaction" to the embarrassment following Dr Lowe's misstep, Dr Tulip said. Presenting projections alongside a confidence interval would make the board's pronouncements less susceptible to misinterpretation. The board will consider its final decision on publishing votes when it meets on July 7-8. The board will welcome a new member at the meeting, with recently-appointed Treasury Secretary Jenny Wilkinson taking her ex-officio seat at the table in place of predecessor Stephen Kennedy. Prime Minister Anthony Albanese poached Dr Kennedy to become the nation's next top bureaucrat after the retirement of Glyn Davis as Secretary of the Department of the Prime Minister and Cabinet. The treasurer will soon release a Statement of Expectations for the Reserve Bank's new governance board, which will make clear its role in overseeing the bank's culture and driving institutional change. How Reserve Bank board members vote on interest rate decisions is set to become public knowledge, with the bank and the federal government positively disposed to implementing the transparency-boosting reform. The government's landmark review into the central bank's operations recommended it publish non-attributed votes in the board's post-meeting statement when it does not reach a consensus decision on monetary policy. While most of the review's 51 recommendations have already been accepted, a decision on board votes was put off until the central bank's new monetary policy board could meet and deliberate on the proposal. With two meetings under the new board's belt, Reserve Bank governor Michele Bullock met with Treasurer Jim Chalmers on Wednesday to discuss the remaining changes, including signing an updated statement on the conduct of monetary policy. Dr Chalmers said the reforms were closer to completion - "and that's a very good thing". "They're all about reinforcing the Reserve Bank's independence, clarifying its mandate, modernising its structures and strengthening its accountability," he said. "I pay tribute to Governor Bullock, the bank's boards and its leadership for the reforms already in place and the constructive discussions we've been having about the rest. "A lot of progress has been made already and I'm looking forward to bedding down these final changes." Changes made to the Reserve Bank's operations have increased its transparency and communication with the public after the review found it had not always been clear or detailed enough. The review was prompted in part by previous governor Philip Lowe's forward guidance debacle. In 2021, amid great uncertainty at the height of the COVID-19 pandemic, Dr Lowe sought to reassure borrowers with comments that he did not expect the next cash rate rise to come into 2024, which the public eventually perceived to be a broken promise. Better communication was seen as a way to prevent such incidents from recurring. But publishing anonymised member votes has limited benefit when the board tends to vote unanimously most of the time. Critics say the consensus-focused board is prone to groupthink. Peter Tulip, chief economist at the Centre for Independent Studies and a former Reserve Bank researcher, said many board members could not articulate a coherent position on monetary policy, discouraging dissenting points of view. "But my strong view is that we don't want board members like that on the board. Anonymity shields them," he told AAP. Dr Tulip argued dissenting votes should be attributed to individuals to encourage the appointment of expert board members who would not rubber-stamp the governor's decision. While it was not among the review recommendations, Dr Tulip called for the Reserve Bank to publish its projections of the cash rate, which central banks, including the US Federal Reserve, do. The Reserve Bank's aversion to any forward guidance has been a "stupid over-reaction" to the embarrassment following Dr Lowe's misstep, Dr Tulip said. Presenting projections alongside a confidence interval would make the board's pronouncements less susceptible to misinterpretation. The board will consider its final decision on publishing votes when it meets on July 7-8. The board will welcome a new member at the meeting, with recently-appointed Treasury Secretary Jenny Wilkinson taking her ex-officio seat at the table in place of predecessor Stephen Kennedy. Prime Minister Anthony Albanese poached Dr Kennedy to become the nation's next top bureaucrat after the retirement of Glyn Davis as Secretary of the Department of the Prime Minister and Cabinet. The treasurer will soon release a Statement of Expectations for the Reserve Bank's new governance board, which will make clear its role in overseeing the bank's culture and driving institutional change. How Reserve Bank board members vote on interest rate decisions is set to become public knowledge, with the bank and the federal government positively disposed to implementing the transparency-boosting reform. The government's landmark review into the central bank's operations recommended it publish non-attributed votes in the board's post-meeting statement when it does not reach a consensus decision on monetary policy. While most of the review's 51 recommendations have already been accepted, a decision on board votes was put off until the central bank's new monetary policy board could meet and deliberate on the proposal. With two meetings under the new board's belt, Reserve Bank governor Michele Bullock met with Treasurer Jim Chalmers on Wednesday to discuss the remaining changes, including signing an updated statement on the conduct of monetary policy. Dr Chalmers said the reforms were closer to completion - "and that's a very good thing". "They're all about reinforcing the Reserve Bank's independence, clarifying its mandate, modernising its structures and strengthening its accountability," he said. "I pay tribute to Governor Bullock, the bank's boards and its leadership for the reforms already in place and the constructive discussions we've been having about the rest. "A lot of progress has been made already and I'm looking forward to bedding down these final changes." Changes made to the Reserve Bank's operations have increased its transparency and communication with the public after the review found it had not always been clear or detailed enough. The review was prompted in part by previous governor Philip Lowe's forward guidance debacle. In 2021, amid great uncertainty at the height of the COVID-19 pandemic, Dr Lowe sought to reassure borrowers with comments that he did not expect the next cash rate rise to come into 2024, which the public eventually perceived to be a broken promise. Better communication was seen as a way to prevent such incidents from recurring. But publishing anonymised member votes has limited benefit when the board tends to vote unanimously most of the time. Critics say the consensus-focused board is prone to groupthink. Peter Tulip, chief economist at the Centre for Independent Studies and a former Reserve Bank researcher, said many board members could not articulate a coherent position on monetary policy, discouraging dissenting points of view. "But my strong view is that we don't want board members like that on the board. Anonymity shields them," he told AAP. Dr Tulip argued dissenting votes should be attributed to individuals to encourage the appointment of expert board members who would not rubber-stamp the governor's decision. While it was not among the review recommendations, Dr Tulip called for the Reserve Bank to publish its projections of the cash rate, which central banks, including the US Federal Reserve, do. The Reserve Bank's aversion to any forward guidance has been a "stupid over-reaction" to the embarrassment following Dr Lowe's misstep, Dr Tulip said. Presenting projections alongside a confidence interval would make the board's pronouncements less susceptible to misinterpretation. The board will consider its final decision on publishing votes when it meets on July 7-8. The board will welcome a new member at the meeting, with recently-appointed Treasury Secretary Jenny Wilkinson taking her ex-officio seat at the table in place of predecessor Stephen Kennedy. Prime Minister Anthony Albanese poached Dr Kennedy to become the nation's next top bureaucrat after the retirement of Glyn Davis as Secretary of the Department of the Prime Minister and Cabinet. The treasurer will soon release a Statement of Expectations for the Reserve Bank's new governance board, which will make clear its role in overseeing the bank's culture and driving institutional change.
Perth Now
15-06-2025
- Business
- Perth Now
Transparency boost: Reserve Bank homes in on key change
How Reserve Bank board members vote on interest rate decisions is set to become public knowledge, with the bank and the federal government positively disposed to implementing the transparency-boosting reform. The government's landmark review into the central bank's operations recommended it publish non-attributed votes in the board's post-meeting statement when it does not reach a consensus decision on monetary policy. While most of the review's 51 recommendations have already been accepted, a decision on board votes was put off until the central bank's new monetary policy board could meet and deliberate on the proposal. With two meetings under the new board's belt, Reserve Bank governor Michele Bullock met with Treasurer Jim Chalmers on Wednesday to discuss the remaining changes, including signing an updated statement on the conduct of monetary policy. Dr Chalmers said the reforms were closer to completion - "and that's a very good thing". "They're all about reinforcing the Reserve Bank's independence, clarifying its mandate, modernising its structures and strengthening its accountability," he said. "I pay tribute to Governor Bullock, the bank's boards and its leadership for the reforms already in place and the constructive discussions we've been having about the rest. "A lot of progress has been made already and I'm looking forward to bedding down these final changes." Changes made to the Reserve Bank's operations have increased its transparency and communication with the public after the review found it had not always been clear or detailed enough. The review was prompted in part by previous governor Philip Lowe's forward guidance debacle. In 2021, amid great uncertainty at the height of the COVID-19 pandemic, Dr Lowe sought to reassure borrowers with comments that he did not expect the next cash rate rise to come into 2024, which the public eventually perceived to be a broken promise. Better communication was seen as a way to prevent such incidents from recurring. But publishing anonymised member votes has limited benefit when the board tends to vote unanimously most of the time. Critics say the consensus-focused board is prone to groupthink. Peter Tulip, chief economist at the Centre for Independent Studies and a former Reserve Bank researcher, said many board members could not articulate a coherent position on monetary policy, discouraging dissenting points of view. "But my strong view is that we don't want board members like that on the board. Anonymity shields them," he told AAP. Dr Tulip argued dissenting votes should be attributed to individuals to encourage the appointment of expert board members who would not rubber-stamp the governor's decision. While it was not among the review recommendations, Dr Tulip called for the Reserve Bank to publish its projections of the cash rate, which central banks, including the US Federal Reserve, do. The Reserve Bank's aversion to any forward guidance has been a "stupid over-reaction" to the embarrassment following Dr Lowe's misstep, Dr Tulip said. Presenting projections alongside a confidence interval would make the board's pronouncements less susceptible to misinterpretation. The board will consider its final decision on publishing votes when it meets on July 7-8. The board will welcome a new member at the meeting, with recently-appointed Treasury Secretary Jenny Wilkinson taking her ex-officio seat at the table in place of predecessor Stephen Kennedy. Prime Minister Anthony Albanese poached Dr Kennedy to become the nation's next top bureaucrat after the retirement of Glyn Davis as Secretary of the Department of the Prime Minister and Cabinet. The treasurer will soon release a Statement of Expectations for the Reserve Bank's new governance board, which will make clear its role in overseeing the bank's culture and driving institutional change.
Sky News AU
12-06-2025
- Politics
- Sky News AU
‘Tolerating difference is eroding': Social cohesion in Australia is ‘under strain'
Centre for Independent Studies Peter Kurti says social cohesion in Australia is 'under strain'. '7 October 2023 and the response that we saw to that on the streets of our cities, showed in fact there can be one set of Australians who denounce and condemn another set of Australians who are openly,' Mr Kurti told Sky News host Chris Kenny. 'We need a new model of agreement … that we agree to live with difference.' Mr Kurti claims a 'willingness to tolerate difference is eroding' in Australia.
