G’day. It’s Thursday, May 19 and you’re reading The Loop, a quick wrap-up of today’s news.
Let’s start here
Labor says its election commitments would cost the budget bottom line an extra $7.4 billion, but that it has identified more than $11 billion in savings over the next four years.
Shadow treasurer Jim Chalmers vowed that Labor’s commitments are “measured and modest” but current treasurer Josh Frydenberg labelled the costings a “farce”.
All this came just hours after the latest employment figures were released by the ABS, showing that unemployment had fallen to 3.9 per cent and underemployment had also dropped slightly to 6,1 per cent.
What else is going on
- Fraudster Melissa Caddick’s husband has officially vacated the couple’s luxury mansion in eastern Sydney, which is set to be sold by liquidators to help pay back some of the $23 million that Caddick swindled out of investors through her Ponzi scheme. The property with views of the Sydney Opera House is said to be worth between $15-$17 million.
- Construction company Metricon has been forced to deny reports it is in financial difficulty after the unexpected death of its founder just days ago. Its acting chief executive held a press conference today to push back against the reports, saying there’s “no truth to the rumours” and that all staff and suppliers had been paid “on time, in full”.
What Australia has been searching for online
- The Kid LAROI. The Grammy-nominated artist has become the first Aussie to…