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Tue 13 Aug, 2013

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PEFO update to detail state of finances

The Federal Government's finances will be laid bare later today with the release of the Pre-election Economic and Fiscal Outlook (PEFO).

The release of PEFO will be the final budget update before the election on September 7.

The publication is an independent assessment of the current state of the budget and economic outlook made by the departments of Treasury and Finance.

It comes just over a week after Prime Minister Kevin Rudd's government released its own economic statement just before the election campaign started, confirming $33 billion in revenue writedowns.

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The Drum

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Rudd comes unstuck even without a gotcha moment

This election started with a firmly entrenched public view that Labor is riven with conflict and it has a wasteful, and ruinous, economic record.

In this election, all roads lead back to the Rudd/Gillard/Rudd record. The Beattie return only had impact for about 24 hours.

Kevin Rudd's efforts to sell a new start have hit the wall. Tony Blair is perhaps the best adherent to the idea of a new start, but Rudd is not in Blair's class.

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Just In

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Crucial Holden ballot could determine carmaker's future

Workers at Holden's Elizabeth plant in South Australia have begun on whether to accept a new wage proposal that could make or break the carmaker's future in Australia.

Holden is looking to slash labour costs to stay viable and has presented workers with a proposal including a three-year wage freeze to avoid the plant closing.

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World

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Egypt authorities delay crackdown on Morsi supporter camps

Egyptian security authorities have postponed their plans to move in and clear two protest camps by supporters of the country's ousted president in Cairo.

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Business

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Motorists set for petrol price reprieve

Motorists are enjoying a slight reprieve at the bowser with falling global oil prices and a stronger Australian dollar pushing petrol prices down from their recent highs.

Figures from Commsec and the Australian Institute of Petroleum show the national average petrol price fell by around 7 cents a litre in the last fortnight to 151.2 cents a litre.

Commsec economist Savanth Sebastian expects more good news for drivers in the coming weeks.

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Politics

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Election Live: PEFO update to lay Government finances bare

The costings debate will fire up again today as the Government releases its budget figures in the Pre-election Economic and Fiscal Outlook (PEFO) update.

The Government is expected to use the final budget update before election day to increase the pressure on the Opposition to release its budget costings.

On the ground, PM Kevin Rudd is starting the day in Townsville after a quick tour of northern Queensland seats late yesterday, while Opposition Leader Tony Abbott is in Melbourne.

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Sport

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Broad sparks Aussie capitulation as England wins Ashes

Stuart Broad demoralised Australia's fragile middle order as England stole a 74-run victory in the fourth Test at Durham.

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Science and Technology

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Trials of cancer drug suspended over data concerns

The ABC can exclusively reveal that clinical trials of an experimental cancer drug have been suspended after serious questions were raised about the accuracy of scientific data.

The University of New South Wales is investigating a number of allegations concerning the science and data underpinning the DZ13 compound.

DZ13 was developed by an Australian team of researchers and heralded as a super drug in the fight against skin cancer.

Two previous UNSW investigations found no evidence of research misconduct, but a third probe was prompted by further concerns raised separately by an eminent Australian scientist and a former DZ13 researcher.

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Environment

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Fukushima plant leaking contaminated water 'for years'

Workers at the crippled Fukushima nuclear plant have told the ABC that contaminated water has most likely been seeping into the sea since the disaster two-and-a-half years ago.

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