Regional Australia property market dips as prestige areas give up pandemic gains

Big beneficiaries of regional migration during Covid such as Byron Bay have been hit hardest by increasing interest rates, experts say

Regional Australia’s housing market has taken another hit with prestige areas such as Byron Bay continuing to reverse pandemic gains.

Richmond-Tweed (-24.2%), the southern highlands and Shoalhaven (-16.0%) and Illawarra (-13.7%) in New South Wales recorded the largest annual declines in house values.

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Silicon Valley Bank’s former CEO tells Senate he is ‘truly sorry’ for collapse

Greg Becker tells banking committee that takeover of SVB was ‘personally and professionally devastating’

The former CEO of the collapsed lender Silicon Valley Bank (SVB) has said he was “truly sorry” for what he called the “devastating” collapse of the bank that triggered the worst banking crisis since 2008.

Speaking at a Senate banking committee hearing on Tuesday, Greg Becker said he believed the bank was responsive to regulator concerns about managing risk and working to address issues before an “unprecedented” bank run led to its failure.

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One in five workers will be higher-rate taxpayers by 2027 – IFS

Jeremy Hunt’s freeze on allowances and thresholds will put a quarter of teachers and one-eighth of nurses in 40% income tax bracket

One in four teachers and one in eight nurses will be higher-rate taxpayers by 2027 as a result of the government’s record freeze on income tax allowances and thresholds, according to a leading thinktank.

The Institute for Fiscal Studies said better-paid public sector workers will be among the almost 8 million people – one in five of all taxpayers – who will pay income tax at 40% or above as result of the Treasury’s attempt to reduce the UK’s budget deficit.

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Grid connection delays for low-carbon projects ‘unacceptable’, says Ofgem

Watchdog’s chief writes to energy bosses as Grid sets out plan to cut waits by up to a decade

The energy watchdog for Great Britainwill label the decade-long wait to connect low-carbon projects to the electricity grid as “unacceptable”, amid tensions over a “blame game” for a mounting backlog of green power projects.

Jonathan Brearley, the chief executive of Ofgem, has written to energy bosses to warn that the current system, whereby energy projects queue for their connection, could be replaced by new methods to match power generation with demand.

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Australia news live: Dutton condemns ‘scumbags’ and ‘sick individuals’ after weekend Nazi display in Melbourne

Ahead of Reserve Bank releasing board meeting minutes, opposition leader continues to accuse budget of being inflationary. Follow the day’s news live

Dutton also brushed off the idea that he needs to be careful with his language around migration.

Now in terms of the dog whistling comments and the rest of it. They are comments made by former Labor staffers who now masquerade as journalists. So I don’t take that as authoritative sort of assessment of my view which I think is quite valid.

The best thing we can do for Australian families at the moment is reduce their mortgage payments.

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Australian banks announce new anti-fraud platform to help quickly freeze scam payments

Move adds to ‘arsenal of anti-scam initiatives’ as consumer rights groups call for laws to see banks reimburse victims

Australian banks have announced a platform that will help them act quickly to freeze money being sent to scammers by allowing the reporting of bank-to-bank scam payments in close to real time.

On Tuesday the Australian Banking Association announced the new Fraud Reporting Exchange (FRX) platform, which will facilitate the quick reporting of fraudulent payments as they are transferred to another bank. The move will boost “the likelihood that funds can be frozen and returned to customers”, the association said in a statement.

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Vice files for bankruptcy protection amid cut-price sale to consortium

Digital publisher and owner of Vice News and Vice TV was once valued at $6bn but has agreed sale for $225m

Vice, the once high-flying media startup that reached a peak valuation of nearly $6bn (£5bn), has filed for bankruptcy protection in the US as the digital publisher engineers a cut-price sale to a group of lenders.

The company, whose assets include Vice News, Motherboard, Refinery29 and Vice TV, has agreed a sale to a consortium that includes Fortress Investment Group, Soros Fund Management and Monroe Capital for $225m in the form of a credit bid for its assets as well as assuming Vice’s “significant liabilities”.

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UK could unlock £70bn a year in renewable energy, report claims

Plausible for UK to become global clean energy superpower if investment is ramped up

The UK could unlock £70bn every year by generating enough clean electricity to become a major exporter of energy to mainland Europe, according to a former government economist.

A new report has found that by increasing Britain’s clean electricity generation 50% above its current projections for 2050 it could become a clean energy superpower capable of exporting £17bn of green electricity to Europe a year.

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Ministers call for immigration and UK food prices to increase

Exclusive: Sunak urged to take urgent action to solve food crisis at meeting with Defra and farmers

Immigration and food prices must increase to solve the food crisis, ministers are to say at a summit.

Rishi Sunak will be joined by ministers from the Department for Environment, Food and Rural Affairs (Defra) as well as farmers and industry leaders at the meeting at No 10 on Tuesday.

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Hertz apologizes after refusing rental car to Puerto Rican customer

A worker at the rental chain demanded to see the American man’s passport, apparently unaware that the island is part of the US

The US rental car giant Hertz has apologized and pledged to retrain its staff after an employee denied a Puerto Rican customer a prepaid vehicle on the mistaken belief that he was from a foreign country and needed a passport.

During the encounter with the customer at New Orleans’s Louis Armstrong international airport, the Hertz employee also called over a law enforcement officer even though Puerto Rico has been a US territory since 1898 and has a (non-voting) member of Congress, according to a stunning report the CBS correspondent David Begnaud published on Twitter and Instagram late Saturday.

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UK ministers urged to intervene if Australian bank takes 100% of gas business

Macquarie has option for all of National Grid gas transmission and metering despite tainted history of owning utilities

Ministers have been urged to intervene if the Australian banking powerhouse Macquarie pushes the button on a mooted £3bn deal to take full control of a vital part of the UK’s gas grid.

A consortium made up of Macquarie Asset Management and British Columbia Investment Management Corporation completed the acquisition of 60% of the equity in National Grid’s gas transmission and meter business in January, in a deal which valued the business at £7.5bn.

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Sunak food summit promises star guest and lots of rhubarb

It’s hard to see the PM’s talks with farmers, store chiefs and the (rumoured) odd TV star producing concrete proposals

Farmers throwing in the towel amid soaring costs and labour shortages and falling domestic production of some foods have resulted in repeated gaps on British supermarket shelves – much to shoppers’ chagrin.

UK agriculture has had a torrid few years navigating the fallout from Brexit and the pandemic at a time when squeezed consumers are reassessing what they can afford to put in their shopping baskets.

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Britons face another day of disruptions as train crews stage strike

Most networks will have limited service as RMT members at 14 companies in England walk out

Passengers faced a second day of disruption on Britain’s railways on Saturday as the union leader Mick Lynch insisted the 24-hour strike had not targeted the Eurovision song contest.

Train crews are staging another 24-hour strike, immediately after Friday’s action by drivers, disrupting people travelling to Liverpool for the Eurovision final, as well as National League football fans heading to Wembley in London.

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Australian airlines push back on calls to compensate passengers for delays and cancellations

Exclusive: Companies say a compensation scheme like the EU’s would drive up air fares in Australia

Australian airlines are pushing back against calls for new laws that would force them to pay cash compensation to passengers whose flights are delayed or cancelled, with claims it would force carriers to preemptively raise air fares to fund payouts.

The resistance follows the Australian Competition and Consumer Commission, consumer advocate Choice and the Australian Lawyers Alliance all separately raising the prospect of a compensation scheme to rein in airlines arbitrarily changing their schedules, as the government considers its aviation white paper.

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Don Farrell invites Chinese commerce minister to visit SA family vineyard after Beijing meeting

The pair agreed to ‘step up’ dialogue to resolve outstanding trade issues and confirmed the review of China’s tariffs on Australian barley was ‘on track’

The Australian trade minister, Don Farrell, has invited the Chinese commerce minister to visit his family’s vineyard in South Australia after the pair met in Beijing on Friday night.

Speaking after the talks with Wang Wentao in Beijing, Farrell said he was “very pleased to confirm that we agreed to step up dialogue under our free trade agreement and other platforms to resolve our outstanding issues”.

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State to take control of TransPennine Express after ongoing poor service

Northern rail network to be run by state-owned operator of last resort when contract expires on 28 May

TransPennine Express (TPE) is to be run by the state after ministers announced that the failing rail company would not have its contract renewed.

The transport secretary, Mark Harper, said the northern rail network would be run by the state-owned operator of last resort after passengers experienced disruption, cancellations and a significant decline in the extent and reliability of the service.

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Kemi Badenoch criticised by ERG chief and other Tories over ‘massive climbdown’ on retained EU law – UK politics live

Business and trade secretary answers urgent question in Commons on retained EU law

Sir William Cash, chair of the European scrutiny committee, used his follow-up to his urgent question to say that Kemi Badenoch has declined three times to appear before this committee to discuss this issue.

He said the new amendments to the bill announced yesterday have not been scrutinised by the Commons.

The amendments published today, apart from her very short written ministerial statement yesterday and her article in the press today, are not accompanied by any explanation to this house despite the utter reversal in vital respects to the bill as passed by this elected house, why not?

The amendments have not been subjected to any analysis or questioning by this house, which is now essential given the fundamental change in government policy. This house is being treated in a manner which is clearly inconsistent with clear promises already made.

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Wendy’s to test AI chatbot that takes your drive-thru order

US fast-food chain says pilot program ‘seeks to take the complexity out of the ordering process’

The next time someone asks for fries with their shake, they might be talking to a robot. At least, that’s what the US fast-food chain Wendy’s has planned.

Next month, Wendy’s will be testing an artificial-intelligence-powered chatbot with the capability to speak with customers and take their orders.

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UK MPs urge minister to do more to free Hongkongers’ trapped savings

First British ministerial visit to Hong Kong since Chinese crackdown focused on attracting investment

The first British ministerial visit to Hong Kong since the introduction of draconian Chinese security laws five years ago was a chance to demand that China unlock more than £2bn in pensions belonging to British overseas passport holders who fled for the UK, former cabinet ministers have told the Foreign Office.

A letter signed by more than 90 MPs, including 10 former ministers, urges the trade minister Dominic Johnson to do more to release frozen savings belonging to thousands of Hongkongers.

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Budget 2023 live updates: government ‘got the balance right’, PM says when pushed on inflation and $40 jobseeker rise – latest news

Treasurer to resume spruiking his budget today at the press club in Canberra. Follow the day’s news and budget analysis, live

What about the jobseeker rate?

Anthony Albanese:

Reform is never done.

What we do as a Labor government is focus on what we can do for people, but we focus as well on doing it in a really practical way. I think one of the things that we need to examine, for example, with people who are on jobseeker, is how we improve employment services to get those long-term unemployed into work quite clearly. When you have an unemployment rate of 3.5% but you have a whole lot of people who are just stuck in, in unemployment, then what you need to do is to focus on how is it that the system can be reformed so that we provide those people with employment opportunities, because that’s the key.

You can’t do everything in every budget. And if I did that, you would be asking me questions about inflation. You’d be asking me questions about whether the deficit was too large. As it is what we’ve done is produce a projected surplus. We’ve got the balance, right, providing support, doing, I think, very significant changes.

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