Weekly Update: 26th April

Highlights this week:

• In the media: ABA extended its ‘don’t tough it out on your own’ campaign, running ads on radio and digital platforms for four weeks
• Key data: CPI rose 1.0% in the March 2024 quarter 

Quote of the week:
“We need to recognise the balance of risks in the economy is shifting and our budget strategy needs to shift as well. We are trying to land a second surplus because we think that’s a good way to recognise that the inflation fight is not yet over but you can imagine a focus in the budget in the later years towards much more substantial investments in growth.”

– Treasurer Jim Chalmers speaking to Kieran Gilbert, Sky News

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Parliamentary Update:

• Treasurer Jim Chalmers held a press conference on 22 April in Canberra and commented on global growth forecasts in the Budget:
  • “…the Budget will downgrade forecasts for growth in most of the biggest economies that the Treasury provides a forecast for. There will be a downgrade for China, Japan and the UK, and there’ll be other changes in the forecasts that we will finalise in the next couple of weeks.” 
• Treasurer Jim Chalmers and Minister Amanda Rishworth released the Economic Inclusion Advisory Committee’s second report.
• The Environment Senate Standing Committee inquiry into greenwashing held public hearings in Canberra.  
• Housing Minister Julie Collins announced the opening of public consultation for the Help to Buy Program Directions. The Program Directions, which will sit alongside legislation, contain details of the scheme including eligibility criteria and participant obligations. 
• Assistant Treasurer Stephen Jones made several media appearances discussing AI scams and social media platforms.  

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Policy Update:

The ABA:  

• discussed scams regulatory policy with Treasury  
• discussed implementation of the Scam-Safe Accord with COBA  
• discussed current payments issues with AP+, including regulation of retail payments in Australia and the FATF consultation on payment transparency 
• attended the NSW Register General’s stakeholder forum.  
• met with the ICA to discuss the regulatory grid.   
• attended the McKell Insititute’s pre-budget address from the NSW Treasurer Daniel Mookhey MLC. 

• ACCC does not object to the collective bargaining notification CB10000486 lodged by COBA. Read more  
• RBA – Release report analysing the benefits, design choices and challenges associated with linking fast payment systems across countries. Read more 
• RBA – Latest release of archival records. Read more 

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Economic Update:

CPI rose 1.0% in the March 2024 quarter 

• The Consumer Price Index (CPI) rose 1.0 per cent in the March 2024 quarter and 3.6 per cent annually, according to the latest data from the Australian Bureau of Statistics (ABS). 
• Michelle Marquardt, ABS head of prices statistics, said:
  • “The CPI rose 1.0 per cent in the March quarter, higher than the 0.6 per cent rise in the December 2023 quarter.  
  • “Annually, the CPI rose 3.6 per cent to the March 2024 quarter. While prices continued to rise for most goods and services, annual CPI inflation was down from 4.1 per cent last quarter and has fallen from the peak of 7.8 per cent in December 2022.” 
• The most significant contributors to the March quarter rise were Education (+5.9 per cent), Health (+2.8 per cent), Housing (+0.7 per cent), and Food and non-alcoholic beverages (+0.9 per cent).  

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Communications and Media:

• The ABA extended its ‘don’t tough it out on your own’ campaign which was launched last year, with a further round of advertisements to run across radio and digital platforms. 
• The ABA wrote to every Federal MP providing them with campaign materials including social tiles and a printable poster for electorate offices.

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Coming up next week:

Parliament/regulators:

• Tue 30-Apr: Parliamentary Joint Committee public hearings on the oversight of ASIC, the Takeovers Panel, and Corporations Legislation

Data announcements:  

• 30/4 Retail Trade 

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Upcoming Submissions:

Published submissions

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Selected Media:

• Herald Sun – Banks are ‘highly motivated’ to hold onto customers: Anna Bligh
• AFR – Ugly CPI data shows why rate cuts are a distant prospect
• The Aus – Inflation’s four-year surge delivers big rises for many goods, services

Weekly Update