Here is a look at what is making news around the country today.
Today’s national news includes petrol prices going down ahead of Easter, Labor seen to win in the Dunstan by-election, a minimum wage increase recommended in line with inflation, and a worsening housing crisis that could threaten the economy.
Politics
Labor seen to win in Dunstan by-election
Sky News reported that postal and pre-poll votes for the Dunstan by-election have begun counting. The South Australian government is on the verge of claiming an upset win. Speculation is now growing that the result could cause a changing of the guard within the state Liberal Party. There is a road back for the Liberals to take Dunstan, but it will be difficult to flip the result going forward. Labor’s Cressida O’Hanlon is likely to claim the seat.
Economy
Minimum wage increase recommended in line with inflation
The government will support a minimum wage increase in line with inflation this year as low-income families grapple with living costs. However, the rise would be smaller as inflation eased, Reuters has reported. In a submission to the Fair Work Commission’s 2023-24 Annual Wage Review, the Labor government will recommend the increase to ensure “the real wages of the low-paid workers do not go backwards”, a position the government has held in the last two years. “This is all about ensuring that people can earn more… And that’s because we recognise that these cost-of-living pressures fall disproportionately on the lowest paid in our workplaces,” Treasurer Jim Chalmers said.
A worsening housing crisis could threaten the economy
NAB CEO Ross McEwan has warned the spiralling housing crisis could soon threaten the economy even more, The Mercury has reported. “He talks about the impact on the rest of the economy—the physical economy,” The Motley Fool’s Chief Investment Officer Scott Phillips said. “It makes perfect sense because if you think about it, every dollar you have to put into a mortgage or to rent can’t be spent in the economy. To be fair, somebody gets that mortgage repayment, and somebody gets that rent, so the money doesn’t disappear. But if you think about the marginal propensity to spend … the circular cash flow – that is threatened,” Mr Phillips said.
Travel
Petrol prices go down ahead of Easter
Motorists have been encouraged to fill up their cars this week as petrol prices continue to fall nationally, News9 reports. All of the capitals except Canberra have reported a price fall in the lead-up to the Easter break, according to the NRMA. However, the price reprieve may be short-lived, with prices expected to rise next week. Petrol prices in Sydney have fallen to 190.5 cents per litre for regular unleaded. Diesel prices have also dropped to 200.2 cents per litre. NRMA spokesperson Peter Khoury said petrol prices were nearing the bottom of the cycle and were expected to rise again next week. “For families going on an Easter road trip, they should fill up now before travelling for the long weekend,” he said.
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