News

Tasmania's Treasurer Guy Barnett announced the establishment of an Efficiency and Productivity Unit to audit government programs and identify cost-cutting opportunities, a move criticized for mirroring policies from former U.S. President Donald Trump. Union leaders and opposition members have expressed significant concern over potential impacts on services and the direction towards privatizing public assets.

The Australian government is investing $20 million to expand Baxter Healthcare's production facility in Western Sydney, aiming to increase domestic IV fluid production by 20 million units annually and reduce reliance on imported medicine. This investment aims to address the ongoing national shortage of IV fluids, which has caused frustration among medical professionals and extended hospital stays for patients.

Inflation has slowed, but prices remain 20% higher than pre-pandemic levels, meaning the "cost of living crisis" will continue for many Australians until wages catch up to the new price level. This will require sustained wage growth exceeding inflation, a process that could take years according to the RBA.

Labor's fate in the upcoming election hinges on tomorrow's Reserve Bank interest rate decision, as rising mortgage rates squeeze a significant portion of voters, particularly in Melbourne and Perth. The party is investing resources in traditionally safe seats with high mortgage rates, but faces a tough battle to retain vulnerable seats and win new ones.

Star Entertainment, facing severe financial difficulties, could be placed under administration as early as Wednesday due to insufficient funds and the absence of a refinancing deal. The company's future remains uncertain as various parties, including potential buyers and creditors, await the outcome of the administration process.