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Australians want government to address their basic needs

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Australians emphasise living standards, long-term well-being, and direct government services.

The Centre for Policy Development has unveiled its highly-anticipated multi-year survey, the “Purpose of Government Pulse,” offering fresh insights into the Australian public’s perspectives on government objectives, priorities, and performance.

The survey, spanning the years 2015 to 2023, has been publicly released for the first time, revealing intriguing trends in Australian attitudes toward governance, with new data from December 2023.

Notable shift

The findings of the report suggest a notable shift in Australians’ expectations from their government.

The majority now prioritise a government that ensures a decent standard of living and makes decisions centered on the long-term wellbeing of the population.

33% of respondents now view the government’s primary role as guaranteeing a decent standard of living, a sharp rise from the previous 17%.

This shift reflects the growing demand for government intervention to address issues affecting the wellbeing of citizens, such as cost of living pressures and soaring interest rates.

Effective government

As economic challenges continue to impact families and communities, the report indicates that Australians increasingly seek proactive and effective government involvement in resolving these challenges.

The emphasis on wellbeing is further highlighted by the fact that 80% of Australians surveyed believe that the government should prioritise the wellbeing of the population above other considerations in decision-making, marking a 10-percentage-point increase since October 2021.

With healthcare, education, and employment services at the forefront of public concern, Australians also express a preference for the government to take a more active role in delivering these essential services, rather than outsourcing them to the private sector.

When asked about the importance of the government maintaining the capability to directly deliver public services, instead of relying on outsourcing, a resounding 87% of Australians stated that it was either somewhat or very important.

This trend aligns with previous survey results and highlights a sustained shift in public sentiment, which has become more pronounced since the onset of the COVID-19 pandemic.

Active role

CEO of the Centre for Policy Development, Andrew Hudson, commented on the findings, stating that they reflect a growing sentiment among Australians for the government to play a more active role in addressing their needs.

“Australians want their government to be involved in ensuring they are afforded a reasonable standard of living – that they have a job, can afford a home, can support a family. CPD’s survey reveals Australians are not content with government being a hands-off supervisor or regulator,” Hudson remarked.

Hudson further emphasized the shift towards prioritizing long-term wellbeing and environmental considerations over solely focusing on GDP growth.

“We have seen public capability decline over decades, with service delivery being increasingly outsourced. This has created a hands-off, market-driven system in critical service areas, particularly social security, welfare, employment, and migration services,” Hudson noted.

“Recent inquiries into employment services, robodebt, and our migration system have revealed the shocking shortcomings of this hands-off approach,” he added.

Ahron Young is an award winning journalist who has covered major news events around the world. Ahron is the Managing Editor and Founder of TICKER NEWS.

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US stocks face tests from Tesla, Netflix earnings

US markets brace for Tesla and Netflix earnings amid rising volatility and delayed inflation data

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US markets brace for Tesla and Netflix earnings amid rising volatility and delayed inflation data

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In Short:
– Earnings reports from Tesla and Netflix might affect U.S. stock performance next week amid high inflation concerns.
– Increased market volatility arises from U.S.-China trade tensions and fewer S&P 500 stocks in an uptrend.
This coming week, earnings reports from companies including Tesla and Netflix are anticipated to impact U.S. stock performance.
Investors are also awaiting delayed U.S. inflation data, which could test market stability as it remains near record highs.Recent trading activity has shown increased volatility, influenced by ongoing U.S.-China trade tensions and concerns regarding regional bank credit risks. The CBOE volatility index has seen a rise, indicating increased market uncertainty.

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The S&P 500 entered its fourth year of growth amidst these fluctuations, having previously experienced a period of calm. Experts suggest market risks are intensifying as valuations reach peak levels.

Market Volatility

Concerns regarding U.S.-China trade relations escalated last week when the U.S. threatened to raise tariffs by November 1 over China’s rare-earth export policies. President Donald Trump is scheduled to meet with President Xi Jinping in two weeks to discuss these issues.

Despite these challenges, major stock indexes gained ground over the week, with the S&P 500 up 13.3% year-to-date. However, a noticeable decline in the number of S&P 500 stocks in an uptrend raises caution among investors about underlying market weaknesses.

The upcoming third-quarter earnings will be closely monitored, especially as the government shutdown halts economic data releases. Companies like Procter & Gamble, Coca-Cola, RTX, and IBM are due to report. The delayed U.S. consumer price index is also expected to provide crucial insights ahead of the Federal Reserve’s monetary policy meeting on October 28-29.


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Australia’s unemployment rate rises to 4.5 per cent

Australia’s unemployment rate rises to 4.5 per cent in September, prompting calls for potential Reserve Bank interest rate cut

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Australia’s unemployment rate rises to 4.5 per cent in September, prompting calls for potential Reserve Bank interest rate cut

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In Short:
– Australia’s unemployment rate rose to 4.5% in September, the highest since November 2021.
– Economists note a cooling labour market, with fewer job ads and increased participation rate amid rising living costs.
Australia’s unemployment rate increased to 4.5 per cent in September, up from 4.3 per cent in August.It marks the highest seasonally adjusted unemployment rate since November 2021.

Economists suggest that the Reserve Bank should consider another interest rate cut next month. BetaShares chief economist David Bassanese noted a slowdown in employment demand as the labour market struggles to accommodate job seekers.

The number of officially unemployed rose by 33,900 in September, while the employment count increased by 14,900. The labour force expanded by 48,800 people, resulting in a participation rate rise of 0.1 percentage points to 67 per cent, returning to July levels.

In trend terms, the unemployment rate remained steady at 4.3 per cent.

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Labour Market

BDO chief economist Anders Magnusson stated that while the unemployment rate has increased, the labour market is cooling, not collapsing.

He pointed out that the 14,900 jobs added in September were slightly below the average for the past year.

A growing participation rate indicates that rising living costs are prompting more individuals to seek employment. Magnusson said the release confirms a gradual cooling of the labour market that keeps the Reserve Bank on track without necessitating immediate action.

He added that hiring activity is slowing, signalled by a 3.3 per cent drop in job advertisements in September, the largest monthly decrease since February 2024.

Despite this, he does not foresee a rate cut in November.


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Stocks rebound after Trump eases China trade tensions

Stocks rebound 600 points as Trump eases China trade tensions, signalling optimism in markets following Friday’s sell-off

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Stocks rebound 600 points as Trump eases China trade tensions, signalling optimism in markets following Friday’s sell-off

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In Short:
– Stocks rose on Monday after Trump expressed optimism about trade relations with China.
– The Dow Jones gained 621 points, with significant increases in tech stocks and broad market recovery.
Stocks gained ground on Monday, recovering from Friday’s decline after President Donald Trump expressed optimism regarding trade relations with China, stating they “will all be fine.”The Dow Jones Industrial Average rose by 621 points, approximately 70% of its previous loss. The S&P 500 experienced a 1.6% increase, nearing a 60% recovery of its earlier drop. The Nasdaq Composite increased by 2.3%, bolstered by rebounds in technology stocks.

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Oracle’s stock surged over 5%, with AMD and Nvidia seeing 1% and 3% increases, respectively. Broadcom’s stock jumped 10% following the announcement of a partnership with OpenAI.

Trump’s comments hinted that he might not impose a significant increase in tariffs on China, which had previously caused market turmoil. Vice President JD Vance similarly indicated a willingness to negotiate with China, while also asserting that the U.S. holds advantages in potential trade discussions.

Broader Recovery

Monday’s trading saw a positive shift with four out of five S&P 500 stocks rising, indicating widespread recovery. Small-cap stocks also made gains, with the Russell 2000 rising over 2.5%.

Market concerns persist, however, with a government shutdown continuing and a major payroll deadline approaching on October 15. Earnings reports from major financial institutions, including Citigroup and JPMorgan Chase, are expected this week, potentially impacting market sentiment.


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