![Quietly, the mining industry has just doubled the price of coking coal.](/web/20161012153443im_/http://www.smh.com.au/content/dam/images/g/h/p/g/a/f/image.related.landscape.460x307.gs0bgd.png/1476280504896.jpg)
What's mining ever done for us? Just wait
A good chunk of Scott Morrison's budget problems could have vanished, just as they vanished for Peter Costello during mining boom at the start of the century.
Peter Martin is the Economics Editor for The Age.
A good chunk of Scott Morrison's budget problems could have vanished, just as they vanished for Peter Costello during mining boom at the start of the century.
Six months ago the business-backed Committee for the Economic Development of Australia presented the Turnbull government with what it said was a clear and practical plan to return the budget to surplus. There were 5 of them in fact, including different mixes of proposals such as better taxing superannuation contributions, halving the tax discount for capital gains, ending negative gearing, boosting taxes on luxury cars, alcohol and tobacco, and taxing the private health insurance rebate.
Prime minister Malcolm Turnbull's most senior advisor has lashed out at Australian managers, saying they are failing to pursue opportunities and holding back national income.
Australia's bank chiefs could be forgiven for thinking they've survived the worst, says Peter Martin.
If the Reserve Bank's official cash rate is 1.5 per cent and you can borrow for a home at 4.4 per cent, why are credit rates as high as 21 per cent?
Mobile phone numbers and internet addresses will replace bank account numbers and money will be transferred near-instantly between institutions, according to the RBA.
First impressions count, and at his first public outing as the Reserve Bank governor, Philip Lowe was determined not to waste his.
Incoming Reserve Bank chief Philip Lowe has appealed to the Turnbull government to help him out with economic management by borrowing big for infrastructure, saying there's only so much further cuts in interest rates can do.
In his first public comments as new RBA chief, Philip Lowe says the RBA doesn't see its job as always keeping tabs on price growth and isn't too worried about the housing market.
The OECD has pointed to a way out of what it calls a 'low-growth trap' where persistently weaker than expected economic growth weighs on expectations.
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