Labor win brings climate, wages to fore

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Anthony Albanese has been sworn in as the next Prime Minister after his Labor party clinched victory in the election on Saturday, ousting the Coalition that had been in power since 2013. The votes are still being counted. Several political analysts expect Labor will win enough seats to form a majority government. At the time of writing, Labor is expected to win 77 seats.

The election was marked by a spectacular swing towards independent candidates and the Greens campaigning on climate change reform and a Federal Independent Commission Against Corruption (ICAC). There was also a strong swing away from the Coalition from female voters.

So, what does it all mean for policy? Find out in this week’s economic update.

Download – 23 May 2022 weekly economic outlook

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Inflation and rate hikes remain front of mind for households and businesses. This week, we received an update on how consumer and business confidence is faring in the face of strong inflation and the first increase in the cash rate in more than a decade.
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This week, the Reserve Bank raised the official cash rate by 25 basis points from a record low of 0.1%. The cash rate now stands at 0.35%. This was the first hike since November 2010 and marks the beginning of the end of ultra-cheap money.
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The Reserve Bank’s (RBA) April board meeting quickly regathered the attention of headlines last week. The RBA has turned a corner and has laid the groundwork for its first cash rate hike in over a decade, making the question of ‘when’ all the more important.
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