Insurance companies are not going to increase premiums in response to the removal of the fire services levy, a Victorian inquiry has heard.
At a public hearing in Melbourne on Tuesday, representatives from Suncorp Group say that while premiums had risen in general - due to factors such as inflation and natural disasters - the company did not plan to increase them to offset the levy removal.
"The insurance premium will go up based on inflationary pressures," said home portfolio executive manager Stephen Jeffery. [More]
Treasurer Wayne Swan believes Australia has a bright future in the fast growing Asia region, on the back of economies like China and India.
He also insists the budget will support jobs and growth, while making room for critical investment and giving the Reserve Bank of Australia (RBA) room to run historically low interest rates.
The RBA released its first response to the May 14 budget on Tuesday in the minutes of its June 4 board meeting, at which it left the cash interest rate unchanged at 2.75 per cent. [More]
The people of NSW can expect huge improvements in transport and improved schools and hospitals after a $60 billion infrastructure boost in the state budget, the government says.
The controversial privatisation of the Port of Newcastle, unveiled by Treasurer Mike Baird on Tuesday as a centrepiece of his budget and understood to be worth up to $700 million over its 99-year-lease, will go towards infrastructure costs .
The government expects to use $340 million of the proceeds to revitalise Newcastle. [More]
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