Latest news with #EconomicOutlook2025
Sky News AU
06-07-2025
- Business
- Sky News AU
Regional growth fueling retail and dining sectors
Uber Eats ANZ Managing Director Ed Kitchen discusses the trend of people moving to regional areas and how Uber Eats aims to increase 'convenience' for restaurants, retailers and consumers within these areas. Prime Minister Anthony Albanese and top business leaders have discussed the major economic and political issues facing the nation at Australia's Economic Outlook 2025. 'The move of population into the regions has been really big and one in three Australians now live in regional Australia,' Mr Kitchen said at Australia's Economic Outlook. 'They have the same expectations of convenience that we do here. 'That's been a trend that we have been phenomenally surprised at the amount of adoption and demand from restaurants, retailers and consumers in the regions as well.'
Sky News AU
06-07-2025
- Business
- Sky News AU
Prime Minister Anthony Albanese accused of ‘waving the white flag' to President Trump as tariff talks stall and meeting eludes PM
President Trump has announced 12 signed letters will be sent to countries on Monday to outline the various tariff levels they face on goods exported to the US. Mr Albanese admitted at the Sky News Economic Outlook 2025 forum that he was not expecting an exemption from the universal 10 per cent tariff. Shadow trade minister Kevin Hogan told Sky News Sunday Agenda that Mr Albanese initially failed to prioritise the US relationship and has been scrambling ever since. 'I think he's waving a white flag, and I don't know why he'd be saying that before the (official tariff) announcement,' Mr Hogan said. 'It is embarrassing that our Prime Minister has not been able to secure a physical meeting (with President Trump). 'I think, initially it wasn't a priority of his. Now he seems to be struggling to get one.' Mr Hogan pointed to recent carve-outs from US tariffs granted to other allies, including the UK, Mexico and Canada. 'Steel and aluminium tariffs have gone up to 50 per cent. They're not at 10 per cent. Countries have got carve-outs to that… but not ours,' Mr Hogan said. 'There are countries dealing and talking to the US president, but not ours.' At the Economic Outlook event hosted by Sky News and The Australian, Mr Albanese downplayed the prospect of imminent tariff relief. 'We will continue to put our case… but bear in mind that during the first Trump administration, it took some period of time for change to occur then as well,' he said. 'You know, when negotiating with (him)… he has said that there's no more beautiful word in the English language than 'tariff',' Mr Albanese said. 'Now, we have a different view. That wouldn't be in my top million of words.' That admission drew criticism from the opposition, which has argued Mr Albanese's foreign policy priorities have been misaligned. Sky News recently revealed that Mr Albanese will visit Beijing before he makes it to the White House. Mr Hogan questioned why Mr Albanese would meet with China's leadership before arranging an in-person conversation with President Trump. 'The fact that he is going to see (Chinese President) Xi, I think is a good thing… But it's still embarrassing… he hasn't been able to secure a meeting with the US president.' Emergency Management Minister Kirsty McBain defended Mr Albanese and insisted the relationship with the US remains intact. 'This isn't an either-or situation… We're working really hard with all of our trading partners,' Ms McBain told Sky News Sunday Agenda. 'We've done away with about $20 billion in trade impediments (with China), because we've had a calibrated and open communication with them over the last three years.' She also dismissed claims the government was being snubbed by the US, arguing that Mr Albanese and Mr Trump had already spoken three times by phone. 'Each of them has been warm and friendly. We did have a meeting lined up, but obviously the situation in Iran and Israel required him to be back in the US,' she said.
Sky News AU
05-07-2025
- Business
- Sky News AU
Prime Minister Anthony Albanese dismisses GST changes ahead of economic roundtable, despite calls for ‘brave' overhaul
Prime Minister Anthony Albanese has ruled out lifting the Goods and Services Tax (GST) as part of any upcoming economic reform ahead of the productivity round table in August. Economists have long pushed the government to increase the GST and reduce personal income taxes, as a way to equalise the tax system. Speaking at Sky News' Australia's Economic Outlook forum on Friday, Mr Albanese said that changes to GST were 'not something we have given any consideration to'. 'I'm a supporter of progressive taxation, consumption taxes by definition are regressive in their nature, so that's something that doesn't fit with the agenda,' he said. While refusing to play what he called the 'rule-in, rule-out game', Mr Albanese made clear the government was not considering changes to the GST. However, he said he remained in favour of lowering income taxes 'as low as possible, consistent with providing appropriate services'. 'I remind you there's only one political party that went to the election arguing for lower taxes and that was the one that I lead.' CPA Australia, one of the country's major accounting bodies, has said it will submit a plan for 'fundamental reform' to the GST ahead of the economic round table. 'It's time for a grown-up conversation about Australia's tax system and the GST's structural weaknesses,' CPA Australia chief executive Chris Freeland said. 'Most tax specialists believe that increasing the GST is the key to broadening the overall tax base. 'Reducing the reliance on personal income tax would put more money in people's pockets and ultimately generate more revenue to drive economic growth.' While Mr Albanese said it was not on his agenda, he added that people were entitled to put forward whatever proposals they wish at the round table. Another major topic of discussion at the Australia's Economic Outlook 2025 event was the role of the private sector in driving productivity. Mr Albanese said he wanted to make it easier 'for business to create jobs, start and finish projects, invest in new technology and build new facilities'. 'From big employers to the millions of small businesses… Our government wants you to be able to resume your rightful place as the primary source of growth in our economy,' he said. 'That is the essential purpose of the roundtable we are convening in Canberra in August. We are seeking a broad range of views, so we can build broad agreement for action.' Mr Albanese's comments were welcomed by Australian Industry Group chief executive Innes Willox, who expressed concern about the 'failing investment economy' in recent years. 'Australia's long-term productivity challenges have been laid bare in recent years, with anaemic growth, difficult business conditions and a falling investment economy,' she said. 'We welcome Prime Minister Anthony Albanese's promise to be brave with reform… The evidence is clear on private sector weakness – around four in five of the jobs created last year were in government-supported industries. 'The Prime Minister rightly recognises that business needs to resume its rightful place as the engine of growth, if Australia is to realise its ambitions for a strong, productive and diversified economy.'
Sky News AU
04-07-2025
- Business
- Sky News AU
Anthony Albanese has ‘no understanding' of the struggles of small business
Shadow Cabinet Secretary Andrew Wallace says Prime Minister Anthony Albanese has got 'absolutely no understanding' of the industrial relations environment which has caused 'irreparable harm' to small business. Anthony Albanese and top business leaders discussed the major economic and political issues facing the nation at Australia's Economic Outlook 2025, hosted by Laura Jayes. 'Small businesses are going out the door like never before,' Mr Wallace told Sky News host Danica De Giorgio.
Sky News AU
04-07-2025
- Business
- Sky News AU
‘Incredibly tough': Calls for PM to address over-regulation and over-taxation in business
Wilson Asset Management founder Geoff Wilson says one of Australia's largest business problems is over-taxation and over-regulation, calling upon the Albanese government for an end to the 'pleasantries'. This comes amid Prime Minister Anthony Albanese's address at Australia's Economic Outlook 2025. 'It's an incredibly tough environment,' Mr Wilson told Sky News host Danica De Giorgio. 'What we need the government to do is to not overtax and overregulate – and that's the problem that all Australian companies have got at the moment. 'We don't want any more pleasantries, our small, medium-sized, and even large companies in Australia need some action by this government. 'Something has to be done.'
