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Next week’s Federal Budget has many Australians wondering how they will be affected. 

The government has strongly advocated for building a more resilient economy than their predecessors, yet in recent months, the economy is suffering due to a rapid rise in inflation. This has pushed up interest rates and is squeezing the cost of living with both consumers and businesses feeling the pressure. 

Following groceries, the leading financial stressors for Australians are petrol, rent, mortgage payments and energy bills. And just to make ends meet, Aussies are making more considered purchases, seeking higher paying employment or working multiple jobs. Australians are already anxious about inflation with growing concern there’s no end in sight. 

Will the government restore their trust in Australians and keep their pre Federal Budget promises?

Cost of living crisis

Latest data from CHOICE’s Consumer Pulse survey, revealed that cost of living pressures are a major concern, with 90% of Australians seeing an increase in their household bills and expenses over the past year. 

Inflation pressures are intensifying and the Reserve Bank of Australia (RBA) continues to drive up interest rates - their highest level in 7 years. The government has promised a long-term and sustainable approach to cost of living support in the form of a relief package. 

Concerned about their mortgage payments, up to a third of mortgage holders could struggle to keep up with future repayments, with younger generations particularly concerned about surging interest rates. 

Using Isentia data, during an eight week period from early August to early October 2022, 18% of Australia’s front pages featured cost of living stories. Even in a time of large local and international news such as the war on Ukraine and the Optus security breach, the cost of living crisis was still making front page news.

According to Pulsar data, anxieties around the cost of living, peaked following the RBA's interest rate announcements on 4 September and 4 October. For the sixth consecutive month, Australians have had to tighten an already lean household budget.

Apprehensions around security increased on 24 September as a result of the Optus security breach and again on 10 October when the government announced changes to the country's defence projects.  Also on 10 October, cost of living concerns spiked after growing speculation surrounding the Stage 3 tax cuts being recalibrated. Australians also felt a heightened sense of unease after the announcement of a future surge in energy costs, following a recent  35% rise.

Childcare fees are at their highest in 8 years, with child care subsidies failing to keep out of pocket costs to a minimum. On 16 September, conversation around child care spiked, as Treasurer Jim Chalmers promised to reduce the cost of childcare, yet pledged to keep spending restrained in light of budgetary constraints. 

As part of the cost of living relief package, this reduction won't come into play until mid 2023. Can Australian families wait this long?

Problematic climate conditions such as excessive rain and floods are leading to localised food price increases and diminished food quality. Even in the same area, poorer households are faring far worse than affluent counterparts. Across the board, there has been  a surge in the cost of fruit and vegetable prices (7.3%) and meat, seafood and bread rising by 6.3%. 

On top of these climate issues, labour shortages in both warehousing and transportation have resulted in added disruption to the supply chain. Freight costs are on the rise, putting intense pressure on importers and exporters. 

Are Aussie consumers looking at a continued supply chain that is more disruptive than the 2020 toilet paper shortage? The rise in the cost of living weighs on households' spending, and Australians are seeking alternate ways to make extra cash.

The thrifty shopper

As the cost of living rises, many Australians are seeking alternate ways to make or save cash; trimming budgets where they can; cancelling home entertainment subscriptions, and reducing insurance coverage for lower fees to name a few. Purchases at all levels are becoming more involved and highly considered, with discounts heavily sought after.

As Millennials and Gen Z shoppers are gaining more buying power, their passion for sustainable commerce is stronger than ever. Selling personal items to make extra cash has been on the rise with retail e-commerce platforms such as Facebook Marketplace and ‘Recommerce’ platforms like AirRobe, are booming. Not only are Australians becoming more financially savvy, they are conscious of the need to ‘reduce, reuse and recycle’ - a criteria these platforms adopt.

Following the money

There’s no doubt that inflation is changing salary expectations. And for those in industries where movement and remote working is possible, many Australians are following the money.

Data from the Reserve Bank of Australia, shows organisations have reported higher rates of employees leaving to achieve higher pay packets as a way to provide temporary relief for  the rise in cost of living. Interestingly, this higher voluntary turnover was especially concentrated in professional services. 

In response to labour shortages, organisations are implementing a range of non-base wage strategies - e.g bonuses, flexible work practices, more internal training and hiring staff with less experience, as opposed to increasing base wages.

Australian Bureau of Statistics (ABS) figures also show Australians are taking on multiple jobs, as full-time work forces employees to juggle several roles to make ends meet. Although multiple job holding is more common in low-paid industries, a record high of 900,000 people held multiple jobs in the June quarter of 2022. 

This is an increase of 4.3 per cent from the previous quarter and is a reflection of wages growth stagnating and nominal wages barely keeping up with consumer prices. The result; people needing to work more hours to make ends meet. 

Using data insights from Pulsar, wages is one of the ‘most anticipated’ topics in this year’s Budget. The Wage Price Index (WPI) rose 0.7 per cent in the June quarter and 2.6 per cent over the year, which represented a substantial fall in real wages given inflation rose 6.1 per cent last quarter. 

Social media conversation around wages is evolving with other indicators suggesting wages are still climbing alongside extreme uncertainty surrounding global growth and rampant inflation. 

Will Australians see more dollars in their pocket after the Budget is handed down?

Australians taking action

With Australians taking a greater interest in living a sustainable lifestyle, the government and organisations are prompted to influence the lever of positive change and create actionable outcomes.

Despite a great deal of politicians pledging change, governments are often swayed by the media and public opinion which can derail policies wanting to address complex, longer-term challenges. Millennials and Gen Zs have long pushed to see societal and economic change. 

Results from the 10th Annual Deloitte Global 2022 Gen Z and Millennial Survey shows they are increasingly becoming more politically involved. These influential cohorts are progressively showing interest in political issues, and turning to social media to discuss their opinions. Moreover, they are consciously making calculated career decisions and spending their money with organisations who share the same values.

Social engagement shows left wing millennials are showing concern over the budget and economic issues, with Treasurer, Jim Chalmers gaining the most chatter. Similarly, baby boomers are equally vocal, using the same keywords as millennials but they also seek strong leadership and a strong economy.

For younger demographics, their interactions or relationships with organisations is dependent on the organisation's treatment of the environment, their policies on data privacy and their position on social and political issues. 

For governments, tackling environmental, economic and social issues and their impact requires a huge transformation across all sectors. Market forces alone will not solve the problem, and the onus is on governments to take a lead to meet the sustainability challenge. 

The October Federal Budget is an opportunity for the government to show they are the lever of change by creating actionable outcomes and a positive impact. Australians are concerned for the welfare of the country and previous governments have fallen short. 

The government promises to back clean energy and build new renewable infrastructure across the country, will they succeed or disappoint?

The Federal Budget can be an overwhelming time, with an abundance of promises and policies, it can be hard to stay on top of the latest news. We have a comprehensive range of political news services available to help you navigate the political media coverage at this October Federal Budget. Want to learn what’s being said at this Federal Budget?

Click here to start navigating the announcements that may impact your organisation.

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“We need to address the societal wellbeing of our nation, not just the economic wellbeing”  Jacinda Ardern, Prime Minister of New Zealand

The 2019 Wellbeing Budget is hailed by many as a landmark of its time for its undeterred focus on the social sector. [1] The intent for this budget, which is set to be handed down May 30 2019, is to go beyond GDP per capita and debt to GDP ratios to analyse the wider effects on people’s wellbeing and the state of the environment in an intergenerational way.[2] Although New Zealand have GDP growth rates that many countries would envy, for many New Zealanders it has been thought this GDP growth (and previous years budgets) have not translated into higher living standards or better opportunities.[3]

New Zealand is the first western country to design and implement its entire budget around wellbeing initiatives and also instruct its ministries to propose policies to enhance wellbeing for the country. This year's Budget winner's are set to be education, health and environmental industries. The top five priorities of the budget are outlined as follows:

1. Creating opportunities for productive businesses, regions, iwi and others to transition to a sustainable and low-emissions economy

2. Supporting a thriving nation in the digital age through innovation, social and economic opportunities

3. Lifting Māori and Pacific incomes, skills and opportunities

4. Reducing child poverty and improving child wellbeing, including addressing family violence

5. Supporting mental wellbeing for all New Zealanders, with a special focus on under 24-year-olds

The wellbeing approach

The nation enjoys being the third freest economy in the world, and as such, ranks first globally for ease of doing business. The Wellbeing Budget will broaden the focus beyond economic and fiscal policy by using the Treasury’s Living Standards Framework to inform the governments’ investment priorities and funding decisions [4] on complicated issues including climate change, inequality and child poverty. Through effective planning and decision making to combat these issues, it will enable the best choices for current and future generations beyond economic growth and successfully embed wellbeing into the public policy.

While it has been rumoured government agencies have been siloed when seeking budget funding, the Ardern government have introduced a new framework to combat this rumour and encourage a collaborative funding process. This process involves ministers submitting joint proposals with their colleagues for funding requests and enables social issues such as Domestic Violence to receive dedicated and well-rounded funding.

Interestingly, since the Wellbeing Budget was first announced 13 December 2018, there have been 600+ mentions across broadcast and print. Unsurprisingly, Minister of Finance, Grant Robertson has been leading the conversations with 43 per cent alongside Prime Minister, Jacinda Ardern with her share of voice being 29 per cent. The wellbeing budget is surely getting a lot of airtime with 34 per cent of all mentions being across broadcast channels.

At the heart of the Wellbeing Budget is the Living Standards Framework (LSF) – a new dashboard of indicators to be used to advise successive governments’ how their policy choices affect New Zealanders over time and by using this framework, it will effectively embed wellbeing in New Zealand's public policy. In addition, the Ardern government is being guided by other indicators, including the new Child Poverty Reduction Act which obliges the Minister of Finance to report at each budget how the country is tracking on a set of child wellbeing and poverty measures. The current Minister of Finance Grant Robertson will be the first finance minister to do so.

Beyond GDP

Historically, GDP was never intended as a measure of societal progress and it’s only quite recently that alternative measures of societal progress have been developed and a global “beyond GDP” has emerged.

Internationally, this has led to the UN Sustainable Development Goals, the OECD Better Life Index and the Canadian Index of Wellbeing. Having these goals allow countries to track their progress towards aspirational goals including good health, superior education and wellbeing.

For a country that is socially progressive, it has taken a long time for the NZ political system to discuss wellbeing and the roles of values. Other taxpayers’ interests such as tourism, housing, immigration and education are also high on the list and the government has a great opportunity to reframe its budgets around the anticipated effect of the policies they’ve announced.

So, is the wellbeing budget a new way to measure the success as a country or is it just the introduction of another ‘first’ to keep the momentum going as a forward-thinking country?

If you would like to learn more about how you can stay across the wellbeing budget or any other topic, get in touch with us today

References

[1] https://www.bizlatinhub.com/nz-budget-2019-how-will-stack-up-business/

[2] https://www.newsroom.co.nz/2018/02/01/80182/what-2019s-wellbeing-budget-might-look-like

[3] https://www.newsroom.co.nz/2019/05/15/585288/robertson-shuns-rockstar-economy

[4] http://www.scoop.co.nz/stories/BU1904/S00496/social-enterprises-between-a-rock-and-a-hard-place.htm

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The HKSAR Government announced the Hong Kong Budget 2019 on late February 2019. Looking ahead on 2019, Hong Kong should endeavour to diversity its economy and sustain growth in economic performance. In this whitepaper, we will look into the key takeaways of this year’s budget and what society concerns about this budget.

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While renewables like wind and solar are often framed as the future of energy, the renewables market faces many challenges in seeing that journey through, especially regarding Australia’s Paris climate agreements. The path to a clean energy future in Australia is fraught with disruptions and distractions, as media reports, and exploring the factors shaping media coverage of energy alternatives and clean energy reveal a shifting understanding of renewable energy sources.

Peak media coverage of renewables centres on government actions seen as hindering clean energy progress. Stories like keeping Eraring operational, nuclear energy debates, and delays in environmental law reforms highlight a perception of indecision on ecological issues. While traditional media spikes around policy updates, social media discussions are steadily growing, reflecting increasing public engagement with Australia’s renewable energy transition. Analysing these trends reveals how media narratives shape and respond to audience perceptions in this evolving debate.

Renewable energy is widely hailed as a cleaner, cheaper, and more stable alternative to fossil fuels, but media and social discussions paint a more complex picture. Concerns about affordability and feasibility are growing, driven by economic shifts, supply chain issues, and the lingering effects of the 2022 energy crisis, which media attribute to cold snaps and the Russia-Ukraine conflict, all while Australia remains heavily reliant on coal and gas exports.

Topics like grid overload, the need for better battery subsidies, and the failure of taxpayer-funded rebates to support solar businesses dominate conversations. Meanwhile, wind farms face local opposition due to environmental and land use impacts, and debates over nuclear energy disrupt investment in solar and wind, further complicating Australia’s clean energy strategy.

Nuclear energy’s potential introduction into Australia’s future energy mix has further unsettled renewables investors, with media highlighting concerns over its impact on wind and solar investments. For more context listen to our podcast interview with Pablos Holman, General Partner at Deep Future. Wind energy faces criticism for using taxpayer funds to benefit private companies, while hydrogen’s future is uncertain following high-profile project withdrawals by Fortescue and Origin. The media’s portrayal of these issues underscores ongoing public and industry doubts about Australia’s renewable transition and the role of nuclear in the energy debate.

Watch below the shifts in coverage of significant policies and strategies over time to understand why some strategies stay in the headlines while others peter out.

The Labor government’s flagship Future Made in Australia Bill is central to its energy vision and, in November, was passed to support a net-zero transition. The May budget highlighted turning Australia into a renewable energy superpower with dedicated funds for solar, battery, and hydrogen projects. However, the opposition has framed hydrogen and critical minerals tax breaks as "corporate welfare". Over time, it looks like Labor’s Future Made in Australia Bill is at a tug of war for media attention against the opposition’s nuclear strategy. Australia’s energy future, however, is not wholly detached from fossil fuels. Labor's Future Gas Strategy positions gas as a necessary transition fuel while being central to Australia’s energy and export sectors.

Climate activists criticise the Future Gas Strategy for extending Australia's reliance on fossil fuels. Media critics call it another "broken promise" by the Albanese government, highlighting mismanagement that has negatively affected energy supply and costs. Though the "Future Made in Australia" narrative around energy security resonates with many, the government’s conflicting strategies raise questions about long-term benefits and who truly gains from its policies.

Australia's shift to clean energy faces complex debates and conflicting government signals, from promoting renewables to considering nuclear power. Despite loud voices in the media advocating for taxpayers and businesses, deeper media analysis reveals multiple layers and motives behind their arguments.

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