Category Archives: Australian economy

Donald Trump hits Australian exports to US with new higher trade tariff over claims of ‘forced labour’

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Australia’s trade minister, Don Farrell, says tariff regime is unjustified and inconsistent with free trade agreement with US

Donald Trump has hit Australian exports with new trade tariffs, claiming the country is not doing enough to combat forced labour, but the Albanese government has demanded he remove them immediately.

The United States announced on Friday morning (AEST) that many Australian exports now attract a new 12.5% tariff as part of a broader regime affecting dozens of countries. However the Albanese government says Australia’s three largest export categories – including beef and gold – will avoid the tariff hit.

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Australia news live: Jim Chalmers says he has ‘other priorities’ than a gas tax; Anthony Albanese calls to congratulate Andy Burnham

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Treasurer points to other reforms after Labor members call for ‘fairer return’ from natural resources. Follow today’s news live

Good morning and welcome to our live news blog. I’m Martin Farrer with the top overnight stories before your regular blogger takes the reins.

Jim Chalmers has claimed rightwing political parties will “prey on” voter insecurities about a worsening economy while championing “anti-worker” policies. It comes as markets are now expecting another rate hike by the end of the year. He also continues to push back at rank and file Labor members’ calls for a new tax on gas exports, saying the government had “other priorities” for reform. More coming up.

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Australia news live: Brisbane fog causes flight delays; Labor faces seven major challenges, Chalmers says

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Treasurer says ‘parties of the sensible centre and the centre-left parties’ face ‘serious economic challenges’. Follow live

Self-reported domestic violence incidents declining in NSW but deaths and hospitalisations fail to fall

New data shows self-reported domestic violence incidents in New South Wales have declined, but the number of women and children murdered or hospitalised in domestic and family violence incidents over the past eight years has not significantly budged.

The decline in self-reported violence is significant because it reflects underlying levels of violence in the community, not just what is reported to police. It suggests that, despite rising reports of domestic violence to police, domestic violence in the community is not increasing and may be trending down.

There’s a strong perception that violence against women is rising, which is understandable given increases in police-recorded incidents, heightened media attention and greater public awareness.

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Australia news live: Barnaby Joyce dogged by Tommy Robinson questions – and by a dog – in spiky ABC interview

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One Nation MP grilled in 7.30 interview about Pauline Hanson’s podcast interview by far-right activist. Follow today’s news live

Anthony Albanese has congratulated the new UK Prime Minister Anthony Burnham after the latter took over the job yesterday. The Australian PM posted a note to X, emphasising the strategic allyship:

Congratulations Prime Minister Burnham on your appointment as Prime Minister of the United Kingdom.

Australia and the United Kingdom are longstanding friends, allies and partners, united by shared values and deep ties between our peoples.

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Australia news live: Barnaby Joyce defends Pauline Hanson’s meeting with Tommy Robinson; police make arrest after man dies in Sydney house fire

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One Nation MP says the media should be prepared to interview far-right activist. Follow today’s news live

Michelle Rowland says mandatory minimum standards for datacentres don’t apply to existing developments

The attorney general, Michelle Rowland, told ABC News that mandatory minimum standards for datacentres would apply to new developments, not existing ones.

The scope and the timing of those is something that I think will be properly determined by national cabinet.

This is an issue that not only state governments but local councils have been dealing with as well.

It goes from being this hunched-over ball of fluff at the top of a tree looking down at you, to suddenly spreading out its limbs and flying over your head like a magical flying carpet, or this weird stingray-UFO thing in the sky.

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Australia news live: NT police still seek answers over 25 year-old murder of British backpacker Peter Falconio

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Bradley John Murdoch was convicted of 28-year-old’s murder but remains were never found

Northern Territory Police have opened evidence boxes to uncover several previously unseen photographs from the investigation of the murder of British backpacker Peter Falconio and attempted abduction of his girlfriend Joanne Lees.

Tuesday is the 25th anniversary of the infamous outback disappearance.

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Women and university graduates in Australia most at risk of losing jobs to AI, report finds

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Those with high levels of vocational training, including tradespeople, are least exposed to AI displacement, according to government review

Artificial intelligence has yet to cause widespread job losses but the federal government has warned that telemarketers, advertising staff and accountants are among the occupations “most exposed” to being replaced by the technology.

According to a first-of-its-kind national report, people in the more exposed occupations are more likely to be women and have university qualifications.

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Australian house prices are falling but are still almost double what they were a decade ago

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The average dwelling price has risen to more than 17 years of a typical household’s disposable income

House prices have dropped across several Australian capital cities, with major banks predicting falls of 2% to 3% by the end of the year.

But after a decade of accelerating house prices, this wouldn’t make a significant dent in housing affordability.

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Accused double murderer Beau Lamarre-Condon’s mother granted bail – as it happened

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Richard Marles said he doubted China tested the long-range weapon yesterday in response to Anthony Albanese being in the Pacific to sign a new defence alliance with Fiji but said Australia remained deeply concerned by the development. He told ABC News:

At the end of the day, what we’re seeing here is a long-range missile test from China, which China itself has said is nuclear-capable … This is China demonstrating a much greater range in terms of being able to deploy a nuclear weapon.

And ultimately what that is, is deeply destabilising.

Our fundamental issue in relation to China is that we have seen a very dramatic military buildup by China without that strategic reassurance [to our neighbours].

There really isn’t an explanation as to why they are building the capabilities that they are and that is fundamentally destabilising.

I think the system is handling the matter as it should … I think it’s appropriate that the legal process takes its course.

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Higher-earning Australians flocking to 5% first home deposit scheme with some borrowers earning over $200,000

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Exclusive: Economists warn Labor’s removal of caps could be pushing up prices as support flows to people in better financial positions

Most Australian first home buyers are using the government’s 5% deposit scheme, with one in three new participants earning more than the scheme’s previous cap for high income earners.

The influx of high income earners into the first home guarantee program, economists warn, has pushed up property prices by increasing buying capacity for people who would have bought anyway.

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Cold feet and cooling prices: Australia’s property market is transforming – and first home buyers aren’t biting

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Exclusive: Data shows buyers are not rushing to get into the market, despite lower prices and less competition

First home buyers are starting to step back and investor demand is slumping in all areas except new property, as Australia’s housing market enters a downturn.

Research shows the market is transforming, nearly two months on from a third consecutive interest rate rise and sweeping tax reforms.

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Parliament has been getting frosty as winter closes in – but Labor may make one more gamble before the break

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As Labor pushes on with reforms, the Coalition must decide whether to join in the parliamentary deal-making

It’s the last week of parliament before the winter break, and not a minute too soon; tensions have been running a little high lately.

The lower house speaker, Milton Dick, has been yeeting MPs mere moments into question time and accused Angus Taylor of “demeaning” the parliament by calling Anthony Albanese a liar; Andrew Hastie claimed One Nation “has declared war on me, so they shall have war”; Labor has been goading the Coalition and its media “cheer squad” for opposing the budget; the Greens hate Labor’s NDIS bill; and people in the Coalition seem to be mad at everyone, including themselves.

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Australia news live: auction clearance rates continue to hover under 50% as Chalmers defends tax reform plan

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Big tech not cooperating ‘as much as we’d like them to’: Watt

Federal cabinet minister Murray Watt, says the government knows it’s needed to take more action to ensure social media giants are complying with a ban for under 16s that came into effect in December.

These laws were brand new, never developed anywhere in the world. And what we’ve learned is that the powers that the safety commissioner has do need to be beefed up, also to give her powers across things like age assurance tools. So things that sit outside the social media platforms themselves, but compelling them to provide information so that she can do her job even better.

The pace of change is accelerating, the global and generational pressures are intensifying, and people have got legitimate concerns about where they fit in that, and then we’ve got the anger industry, and parties of the populist right trying to make that worse rather than trying to make that better.

It is a difficult time around the world to be an incumbent government, from our point of view. We are using the power of incumbency to take real action, to deliver cost-of-living help, to deliver real change. The best antidote to anger is action … The Albanese Labour government has chosen to address those concerns rather than dismiss them.

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Australia news live: arrival of H5N1 bird flu a ‘genuine wildlife emergency’, experts say; fuel excise rebate extended for extra month

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Tram passengers in Melbourne will be able to pay for their trip using a bank card, smartphone or smartwatch from today.

The long awaited expansion of tap-and-go payments follows a staged roll out to the city’s train network and main regional routes. Buses are expected to follow.

From today, you can step off a train and straight on to a tram using the same phone, watch or bank card.

Four in five tap and go trips are already being made with a phone or smartwatch – showing more Victorians are leaving the wallet at home.

The potential for this virus to kill wildlife in significant numbers means it could be particularly catastrophic for threatened species.

We are talking about possible extinctions, alongside severe impacts to common birds like our beloved pelicans and black swans.

This is a genuine wildlife emergency and it must be treated as such with emergency funding to increase efforts to protect wildlife populations.

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NSW lifts drone ban over Sydney beach after shark attack – as it happened

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The Senate will deliver its report from the NDIS inquiry on Tuesday. Butler doesn’t directly answer a question about whether or not he is willing to make any significant changes to the legislation the government has put forward.

He says:

Look, the direction of travel I think is an important one for us to follow through. This largely reflects reviews and insights that we’ve gathered over the last three years since the independent review was done of the NDIS in 2023 and endorsed by all governments at national Cabinet later that year.

I’m utterly convinced this is the right plan for the NDIS… I’m not saying there won’t be any change. We heard ideas from the crossbench in the debate in the House of Representatives. I’ve very much heard that people want greater reassurance about what won’t change because of the reforms we’re putting in place.

We have to constrain that growth. Without reforms it would grow to $20 billion by the end of the decade and that’s simply not a sustainable position.

It’s also allowed us, as I said, to protect the core supports people rely upon for that safety that was part of your introduction.

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Capital city home prices fall across Australia as experts predict slump could last a year and cut values by 10%

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Buyers abandon auctions and Sydney, Melbourne and Canberra median house prices end May lower than they were at the end of 2025

Home prices in Australia’s capital cities have begun to fall, with experts predicting the decline could last at least a year and wipe as much as 10% from values.

The median capital city home price fell in May, the first decline since January 2025, as high interest rates and inflation stretched buyer budgets, Cotality reported on Monday. Auction success hit a new low for the year.

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Labor to announce easing of jobseeker mutual obligations requirements in major overhaul of employment system

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Employment minister Amanda Rishworth plans to move system from a ‘one size fits all’ employment services model to three streams of support

The Albanese government has flagged a major overhaul of Australia’s employment system, with minister Amanda Rishworth on Wednesday expected to outline plans to ease Centrelink’s much-maligned mutual obligations regime.

Rishworth is expected to tell the National Press Club that mutual obligation requirements were not helping Australians find work in a system that was “ill-equipped” and wasting the time of people who use welfare.

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Pocock open to independents forming party to counter Hanson – as it happened

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Climate activists say they have blocked two coal ships from entering Newcastle port

Climate activists say they have stopped two coal ships from entering the Port of Newcastle this morning after kayakers and a small boat entered the channel.

I grew up in the best years economically in Australia’s history, and I can’t sleep at night thinking about my 5 great-grandkids trying to live on a dead planet if we keep mining coal. I want to see more people my age standing up for what’s right.

There’s plenty of conversations going on all the time.

I think there’s so many people in politics for the right reasons and, when you’re in there, you want to say, well, how do we actually ensure that people can elect people that are going to come here and really deal with the root causes of the problems that we’re facing, because we haven’t seen that.

How do you be part of changing our country for the better? For me at the moment, that is serving people in the ACT, engaging on each issue, bringing solutions, using whatever power I have in the Senate to actually work on behalf of the people that have sent me there. As to what that looks like in the future, who knows?

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MPs urged to ignore fearmongering and pass Labor’s ‘long overdue’ negative gearing and CGT changes

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Exclusive: Any attempt to use the budget measures as an excuse to raise rent is opportunistic profiteering, housing advocates say

Australia’s peak community and housing groups have urged federal parliament to quickly pass Labor’s changes to negative gearing and capital gains tax, saying the reforms would improve fairness for renters and young homebuyers.

The government may introduce its negative gearing and CGT changes into parliament as soon as the coming sitting fortnight, with hopes of passing the legislation soon after with the support of the Greens.

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Australia news live: Albanese congratulates Delta Goodrem on Eurovision fourth-place finish; Queensland Labor set to win Stafford byelection

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Jim Chalmers says the opposition’s policy to index tax brackets would cost the budget a quarter of a trillion dollars over ten years, while claiming that the government is returning bracket creep to taxpayers.

It’s a slightly tricky position, as Angus Taylor argues that Labor is “betraying” itself because the high figure is actually how much the government is keeping and spending through bracket creep ever year.

This is a Government that returns bracket creep when it is responsible to do that.

That [policy] would cost tens of billions of dollars in extra debt interest, because he’s got these uncosted, unfunded, tax announcements that he [Taylor] made in his Budget reply, which was all about trying to stave off One Nation.”

What Angus Taylor is proposing to do is to pump the most money into the economy when inflation is already at its highest.

“This betrays the fact that the government plans to raise income tax rates to the tune of $35 billion This says more about their plan than our plan ...

If Labor’s saying that they plan to raise income taxes to the tune of $250 billion in the next 10 years ... [if] that is their tax hike, that’s their planned income tax increases.”

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