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Australia News Live: $80 billion impact on budget due to interest rate hike; VCE Result Live | australia news

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Why: Will it be possible for the government to attract high-skilled workers through the new specialist route and fast-track their applications in just seven days?

Claire O’Neill,

Absolutely…if you have the passion and energy to fix the system anything is possible.

He said the government wants “talented people” such as scientists, doctors and cyber security experts to come to Australia and help increase productivity, but “it is almost impossible to get people into the country”.

Some of the highest skilled people who try to come to our country can take up to a year to get a visa to come here because they have to go through a special system that requires immigration to be signed in person. have to do. , and it’s absolutely crazy.

We’re going to set a seven-day service standard mean processing time because remember, with those really high-skilled people, we’re working with every other country in the world to get those people here. We are in a global race for talent and we will not win it unless we do basic things like give people quick replies on their applications.

Closing ‘Visa Factories’

Claire O’Neill He could not give any figures on how many “ghost colleges” would close as a result of the government’s new temporary migration strategy, but said these demonstrated “the worst integrity and exploitation issues in the system”.

You can read more about “Ghost College” below:

O’Neill describes this phenomenon as colleges setting up “what are really visa factories” for international students to study, but who are actually here to work:

This is really bad for the country because those students should have a good experience here, should get proper education. Instead, we know that they are congregating in low-wage occupations, are highly vulnerable to exploitation, and have no possible path to sustainability in our country.

It’s not good for them, it’s not good for Australia and that’s why we’re trying to close that funnel for the country.

‘It’s really hard to get the high-skilled workers we so desperately need’

state home minister Claire O’Neill Albany spoke to ABC RN a while back about the government’s new 10-year temporary migration strategy to be released today.

Claire O’Neill in Question Time. Photograph: Mike Bowers/The Guardian

As reported amy remikisThe government will raise the threshold for obtaining visas for international students and some workers and seeks to reform what it says is Australia’s “broken” temporary migration program.

You can read more on this below:

O’Neill said there would be a shortage of “hundreds of thousands” of people over a four-year period – and not just international students:

The overall mix of our migration program at this time is not beneficial to the country. and by that i mean It’s really hard to get the highly skilled workers that we so desperately need here, but we’ve made it very easy for people to use side door and back door entry into our workforce., And the primary way that’s happening right now is through international education.

We need to fix this immediately, and the way we’re doing that is making sure that we’re raising the standards for international students and making sure that they really have the opportunity to study here. Not for working. This is important to restore integrity and trust in the system.

Loan progress marked

More on what to expect at MyFo on Wednesday: Substantial improvement in the gross debt position has been marked.

Gross debt was projected to exceed $1 trillion in 2023-24, but is now projected to decline by $147 billion to $909 billion by the end of 2023-24.

Gross debt as a share of GDP is now expected to reach 35.4% of GDP, 9.5 percentage points lower than inherited in PAFO and 1.1 percentage points lower than forecast in the Budget for 2023-24 .

Due to higher borrowing costs, as reflected in the Budget, gross debt is expected to peak in 2027-28 compared to 2025-26.

treasurer jim chalmers Said:

There is no quick fix for the trillions of dollars of debt we inherited from our predecessors, but we have already made a significant difference, saving billions of dollars in interest.

Because of our efforts the debt will be lower than anticipated at the election and lower than anticipated at budget time.

We’ve found a way to fix the budget at the same time as we bring back tens of billions of dollars of cost-of-living relief and invest in skills, healthcare, energy and housing.

Rising interest rates put pressure on the budget

When the Mid-Year Economic and Fiscal Outlook (MyFos) is released on Wednesday, it will show that higher interest rates are putting additional pressure on the budget.

Borrowing costs will now overtake the NDIS to become the fastest growing area of ​​Commonwealth spending. To account for this, the Treasury has updated its assumption for the average cost of new borrowing to be 4.7% – compared to 3.4% at the time of Budget 2023-24.

This increase would cost the budget $80 billion more in interest payments over 11 years to 2033–34. Without this increase, gross debt would be $94 billion lower in 2033–34.

Meanwhile, gross debt as a share of GDP is now expected to reach 35.4% of GDP, 1.2 percentage points lower than the forecast for the Budget 2023-24 and the forecast for the Pre-Election Economic and Fiscal Outlook 2022. 9.5 percentage points less than.

treasurer jim chalmers Said that higher interest rates “are hurting households and they’re hurting budgets”:

With higher rates, the interest on the trillion-dollar debt left to us by the Coalition is costing taxpayers more.

The interest bill on the coalition’s wasted decade is now the fastest-growing expenditure in the budget.

We are getting the government debt on a better path, but servicing that debt is becoming more expensive.

Our responsible economic management is getting the budget on a better footing, but high interest rates are not helping.

VCE results come online

Caitlin Cassidy

Caitlin Cassidy

Year 12 students across Victoria are the first block in the country to receive their final exam results today.

Points go live online from 7am for VCE, with Tasmania on Wednesday and NSW and ACT on Thursday.

This year 57,601 students are graduating with the VCE, with a completion rate of 97.4%.

Approximately 51,214 students completed the traditional VCE, while another 6,387 completed the new VCE vocational major – an applied teaching certificate which is unmarked (11% of the group).

In total, 246,470 study scores will be issued to students on VCE courses. Of those, 21,754 were marked at 40 or above (top 8.8%) and 656 scored a maximum of 50 (0.3% of the group).

Victoria’s Minister of Education, ben carrollCongratulations to the students who have achieved VCE results.

Passing Year 12 is not for the faint of heart – but it is important to remember that it is only step one on your life journey – there are more options like university, TAFE, apprenticeships and work available than ever before.

Students can check their VCE results Here,

Good morning!

Emily Pawan

Emily Pawan

And happy Monday – I hope you enjoyed your weekend and stayed cool during that heat wave! I am Emily Pawan And I’ll be bringing you our rolling coverage today.

Making news today: The Mid-Year Economic and Fiscal Outlook (MyFos) will be released on Wednesday, projecting an $80 billion budget hit from interest rate hikes over the next decade. treasurer jim chalmers Said:

Higher interest rates are hurting families and they’re hurting budgets, and that’s what our mid-year outlook on Wednesday will show.

Year 12 students across Victoria are the first block in the country to receive their final exam results today. Marks for VCE go live online from 7am, with Tasmania on Wednesday and NSW and ACT on Thursday.

We’ll have more on these stories soon.

Meanwhile, the Queensland Premier, anastasia palaszczukannounced his retirement from politics yesterday – and no doubt we’ll continue to watch the outcome of this game during the week before the caucus meets on Friday to elect a new leader.

You can read more about their announcement here and here, in case you missed it yesterday.

If you see something that needs attention on the blog, you can contact me on X/Twitter @emilywindwrites or via email: [email protected].

With that, let’s get started.

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