Weekly Wrap Up

Shadow Treasurer’s National Press Club Address

Following the Opposition’s Budget reply, Shadow Treasurer Angus Taylor addressed the National Press Club to outline the Coalition’s economic framework if elected at the upcoming federal election. Citing moderating inflation and gradually increasing unemployment, Mr Taylor criticised the Government for its “big spending, big government, and [a] big Australia approach”. He asserted that a Coalition government would instead prioritise a “back to basics economic agenda”.

As part of this vision, Mr Taylor proposed several measures, including establishing caps on government spending and implementing “fiscal guardrails”. Notably, he reiterated that the Coalition would reduce net overseas migration by 25 per cent over three years to alleviate housing market pressures. Media reports indicate this is at odds with Leader of the Opposition Peter Dutton’s policy of reducing net overseas migration to 160,000 per year – a 34 per cent decrease. Despite this apparent divergence, the Coalition remains committed to “restoring the dream of home ownership”.

Looking Ahead

In the Federal Parliament, only the House will sit next week while a fortnight of Senate Estimates commences. The VIC, and WA (Legislative Assembly only) Parliaments will sit next week.

ENVIRONMENT, RESOURCES AND ENERGY

Federal Developments

Minister for Climate Change and Energy Chris Bowen reappointed Clare Savage as Chair of the Australian Energy Regulator with Justin Oliver appointed as Deputy Chair. Ms Savage was first appointed as Chair in 2019 and will serve a further three years. Mr Oliver was previously the head of the Australian Competition and Consumer Commission’s regulatory law division.

The Federal Government announced $24 million in funding for the conservation of threatened native species, with grants of up to $500,000 awarded to 61 projects. These initiatives target the preservation of species such as Quokkas, Corroboree Frogs, Australian Sea Lions and Koalas.

State Developments

The Victorian Government strengthened the authority of Energy Safe Victoria, introducing new obligations for energy companies alongside the enhanced authority. Under the changes, major energy companies that breach general duties will face penalties of up to $1.66 million. The changes under the Electricity Safety Act 1998, Gas Safety Act 1997 and Pipelines Act 2005 came into effect on 16 May.

The WA Government released its 2024-2030 Battery and Critical Minerals Strategy aimed at facilitating greater investment in the downstream processing in rare earth minerals. Under the Strategy, the government will prioritise establishing more efficient approval processes, investing in common-user infrastructure, and targeting support for key projects.

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INFRASTRUCTURE, TRANSPORT AND WATER

Federal Developments

Minister for Infrastructure, Transport, Regional Development and Local Government Catherine King released the Transport and Infrastructure Net Zero Consultation Roadmap which aims to reduce emissions in the transport sector by 2050. The roadmap identifies opportunities to decarbonise the sector and is open for consultation until 26 July.

The Australian Competition and Consumer Commission released its eighth interim report as part of the Digital Platform Services Inquiry. The report focuses on competition and consumer issues relating to the use of information by data firms in Australia and supported a potential ban on unfair trading practices.

State Developments

The Victorian Parliament passed tax reform legislation which will replace stamp duty for commercial and industrial property transactions with an annual property tax. The Commercial and Industrial Property Tax Reform Bill 2024 will enable first purchasers of commercial and industrial properties entering the new scheme to access a government transition loan for financing the final stamp duty on their purchase from 1 July.

The NSW Government confirmed it will hold a social media summit in October to discuss the mental health impacts social media has on children and young people. The summit will bring together various stakeholders, including senior officials, policymakers, academics, and representatives from leading social media platforms, to discuss strategies and solutions. A public consultation period will be held ahead of the summit to gather input from the community.

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HEALTH 

Federal Developments

Minister for Health and Aged Care Mark Butler confirmed the Government will amend regulations to prohibit replica versions of weight loss medicines from being manufactured and sold in Australia, following advice from the Therapeutic Goods Administration. The regulations will remove products claiming to be replicas of Ozempic and Mounjaro from the pharmaceutical compounding exemption from 1 October.

The Federal Government announced the launch of the Australian Comprehensive Cancer Network (ACCN)  to improve access to comprehensive cancer care. Comprehensive Cancer Centres will function as core hubs within the ACCN, linking a range of cancer control services nationwide.

State Developments

The Victorian Government announced it will issue a retrospective payroll tax exemption for outstanding or future payments to contractor general practices (GPs) for the period up to 30 June, following a series of consultations with the primary care sector. The Government also confirmed it will provide an additional 12-month exemption for any GP businesses that have already begun paying payroll tax on this basis, as well as for GPs that provide bulk-billed consultations from 1 July 2025.

The NSW Government delivered a wages offer to recruit, reward and retain essential workers, with a 10.5 per cent increase that surpasses projected inflation rates, along with a cost of living supplement. The Government has also established a negotiation avenue for frontline workers, granting access to an independent Industrial Relations Commission for dispute resolution.