Relief for energy costs as Federal Government releases budget
Low cost loans for solar panels and electrification for households and business continue the push towards renewable energy
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Relief for household energy costs, payment increases for job seekers and a bonus tax discount to help small businesses electrify – these are just a few takeaways from the Federal Government’s 2023 budget announced by Treasurer Jim Chalmers last night.
All businesses with an annual turnover of less than $50m will be eligible for 20 percent of spending that goes towards electrification and energy efficiency, including purchasing more efficient white goods, as well as upgrading to electric heating and cooling.
In further news around energy, the Government sought to relieve cost of living pressures with their energy bill relief plan, which will lower the costs for eligible households by up to $500. Prime Minister Anthony Albanese has forecast that the measure should help lower inflation by 0.75 percent.
“This is a responsible budget,” the Prime Minister said. “What we’ve done is to take pressure off families without putting pressure on inflation.
“What we haven’t done is put cash payments that would have added to inflation.”
Households seeking to improve their energy efficiency will have access to a low interest loan, with 110,000 on offer for upgrades such as solar panels and double glazing, as well as more energy efficient appliances. The Federal Government has set aside $1b to establish the fund.
Following repeated calls for more support aimed at job seekers, the budget also includes a $40 a fortnight increase in the JobSeeker payment, which still falls short of the recommendations by the Economic Inequality taskforce. Treasurer Jim Chalmers said on ABC News Breakfast that his government had ‘done what we can’ to address the needs of job seekers.
“We’ve tried to do as much as we can without blowing the budget and adding substantially to inflationary pressures in the economy,” he said.
The budget also sought to relieve pressure on the Medicare system, tripling the bulk billing system for the most common consultations
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Highlighting a significant recovery and robust growth across all key performance metrics.
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Bank of Sharjah has released its results for the period ending 30 June 2024, showcasing robust performance and strong momentum since the beginning of the year. The Bank reported a net profit of AED 171 million, a significant turnaround from the AED 144 million loss in the same period last year.
This remarkable improvement is attributed to a substantial increase in net interest income, stringent credit underwriting, and reduced operating costs, marking a 233% increase over the previous year when excluding the one-time impairment charge from de-linking its Lebanese subsidiary.
The Bank’s exceptional financial results highlight the effectiveness of its strategic focus on sustainable growth, with notable improvements across all major performance metrics. Funded and unfunded income both saw increases, with net interest income rising by 108% and operating income growing by 34%.
Additionally, the cost-to-income ratio improved significantly to 40.1% due to cost discipline measures. The balance sheet remains strong with a loans-to-deposits ratio of 86.63%, indicating comfortable liquidity. The Bank also maintains strong capitalization, with a regulatory capital adequacy ratio exceeding 15% and Tier 1 and CET1 capital ratios around 14%. These positive results underscore the Bank’s underlying strength, operational efficiency, prudent risk management, and ongoing enhancement of shareholder value.
Commenting on the Bank’s results, Sheikh Mohammed bin Saud Al Qasimi, Chairman of Bank of Sharjah, stated: “We are pleased with our outstanding performance in the first half of 2024, which reflects our commitment to adding value to our customers, supporting our communities, and rewarding our shareholders. Despite the challenging geopolitical situation in the region, the UAE economy has remained resilient and continues to register healthy growth following various economic diversification initiatives that provide consistent impetus for trade, investment, and wealth creation. Bank of Sharjah has entered a new chapter with a new leadership team, focused on building new business streams, expanding our reach across the UAE and the region, and delivering exceptional service to our customers.”
He added: “Our performance in the first half of the year demonstrates the effectiveness of our new strategy, and we look forward to delivering continued growth in the years to come.”
The CEO, Mr. Mohamed Khadiri, commented “2024 has begun exceptionally well for Bank of Sharjah, with the bank achieving a record year-on-year profit. I am delighted with our stellar performance as we continue to strengthen the bank’s fundamentals. Our outstanding results reaffirm that our new business strategy is on track to deliver sustainable revenue growth, driven by business expansion, operational efficiency, prudent risk management, and talent development. This achievement is also a testament to the Bank’s success in providing high-quality financial services that meet the aspirations and growing needs of our customers.”
He further added: “Bank of Sharjah is a strong and respected brand within the local community. We are leveraging our core strengths to build a platform that will operate at its full potential across the UAE and the region. The Bank remains focused on executing our strategy and is well-positioned to maintain strong performance throughout 2024 and beyond.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
