Rob Lucas’s razor-thin budget surplus has been effectively wiped out by a fresh writedown in GST revenues, with this morning’s federal update slashing the state’s receipts by $136 million in the current financial year.
A $700 million settlement between financial intelligence agency AUSTRAC and Commonwealth Bank of Australia over money laundering has been welcomed by the Federal Government.
UPDATE | Prime Minister Malcolm Turnbull has bowed to growing internal pressure by setting up a year-long royal commission into the misconduct of Australia’s financial sector.
Australians appear to be taking a regional nuclear threat and jittery financial markets in their stride for now, although confidence remains hampered by weak wages growth.
Treasurer Scott Morrison will make changes to the way government debt is reported in the May budget to better explain what is “good and bad” debt.
It’s happened too many times to be a coincidence. In periods of political strife, coalition governments going back to John Howard have flicked the switch to focus on issues surrounding asylum seekers, immigration and national security.