Politics live: Greens propose tax change to save Australians $1,000 a year; eSafety says social media akin to gladiator arena
Shoebridge to pitch increased welfare spending, hike in tax-free threshold
Inflation expected to rise to 4.2%
Welcome
The Greens leader, David Shoebridge, will address the National Press Club in Canberra today, promising to help Australians struggling with cost-of-living and answering questions about allegations against senator Jordon Steele-John.
He will propose lifting the tax-free threshold from $18,200 to $26,000, meaning people earning a wage won’t pay tax on their first $26,000. He says that will save the average working Australian more than $1,000.
The Greens are also proposing a $1,000 annual boost for people on income support, including pensioners, carers, students, and job seekers.
No matter who you are, whether you’re working, studying, looking for work or on a pension, you’ll get more than $1,000.
Costings for the Greens from the Parliamentary Budget Office show the plan would cost about $22bn a year, with Shoebridge proposing to pay for it through higher taxes on gas exports and a market-based tax on resources companies.
Steele-John is on leave from parliament amid an investigation into allegations about his conduct towards women. He has denied the allegations.
Official data released at 11:30am are expected to show inflation accelerated to 4.2% in the year to September, from 4% in the month before, as rising fuel costs amid a worsening Middle East conflict compound cost of living pressures.
Look out for the Reserve Bank’s preferred gauge of underlying inflation, which removes the most volatile prices. That measure is predicted to hold at 3.6% in the year to the September quarter, economists say, but anything higher will virtually guarantee a fifth interest rate hike next Tuesday.
The RBA may feel the need to hike regardless, as recent comments from top central bank officials suggest they are more worried about high inflation becoming entrenched in the system than the rising rate of unemployment.
Financial markets are pricing in about a 65% chance of a Melbourne Cup day rate rise.
The latest inflation report also lands in the middle of a parliamentary sitting week, and the opposition will be quick to use the figures to attack Labor for its management of the economy.
Rising unemployment and accelerating inflation is not a situation anyone is comfortable with. But a more benign set of numbers today will take the heat off mortgaged households, the Reserve Bank and the Albanese government.
Good morning and welcome to our live news blog. I’m Martin Farrer with the top overnight stories and then it’ll be Kat Wong with the main action.
Australia’s eSafety commissioner, Julie Inman Grant told Senate estimates last night that she and her family had been subjected to an onslaught of online abuse and threats in the 10 years she has been in the role. More details in a minute.
The latest inflation figures will be released at 11.30 this morning and are expected to show an increase in prices of 4.2% in the year to September. That means the chances of a rate hike on Melbourne Cup day next week will also rise. More coming up.
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