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The Albanese government will ban non-compete clauses for nearly 3 million workers, aiming to boost competition and remove barriers for employees to start their own businesses, potentially leading to higher wages. This move is part of a broader effort to crack down on anti-competitive labor practices and support low- and middle-income earners ahead of the federal election.

Treasurer Jim Chalmers has delivered a budget with a $42 billion deficit, featuring a ban on non-compete clauses for most workers and $17 billion in new tax cuts. The budget has been met with mixed reactions, with some praising its spending initiatives while others express concern about the lack of structural reform.

Chinese electric vehicle (EV) company BYD is making significant strides in the industry, surpassing Tesla in revenue with $170 billion in 2024 and introducing a revolutionary super-fast charger that can fully power EVs in just five minutes. This innovative technology aims to address charging anxiety and further accelerate the adoption of electric vehicles.

The Australian government's Help to Buy program is expanding, offering first-home buyers a chance to own properties with lower deposits and smaller mortgages. This $800 million expansion will increase the scheme's caps on property values and buyer incomes, allowing an estimated 40,000 Australians to enter the housing market.

The 2023 federal budget is a pre-election affair, packed with handouts and extra spending, with the hope that wages growth and the corresponding lift in income tax will eventually close the gap between spending and revenue. However, there are concerns about the sustainability of this strategy, as the budget relies on the continued strength of the labour market, which may not be sustainable.