Category Archives: Australian economy

Australia news live: Alan Joyce secures final $3.8m bonus two years after leaving Qantas; neo-Nazi Thomas Sewell refused bail

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Former chief executive left the airline after a series of corporate decisions sparked a reputational crisis. Follow today’s news live

Coalition of the willing meeting a ‘positive sign’ for Ukraine, former ambassador says

The former Australian ambassador to Russia, Peter Tesch, has appeared on ABC News Breakfast after Anthony Albanese joined a virtual meeting with world leaders signed up to the coalition of the willing for Ukraine on Thursday night.

The issue is that we are still no closer to a credible and durable peace settlement, because Moscow keeps walking both sides of the street, and that is provoking a degree of frustration. But in the absence of serious, additional pressure upon Moscow, it’s difficult to see a near-term solution here - notwithstanding Ukraine’s clear willingness to engage seriously in discussions.

And importantly, although the details are vague … President Trump at least remains engaged in that dialogue and that’s very important.

Our case for a 35% pay increase over three years will begin in the NSW Industrial Relations Commission later this month. As part of this case, which is one of the biggest industrial cases this state has seen, we will present evidence around the gendered undervaluation of nurses and midwives’ work and the work value changes our professions have seen over the past 16 years.

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Pauline Hanson joins crowds in Canberra as anti-immigration protests heat up across country – as it happened

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Asked about the planned anti-immigration protests across Australia today, Julian Leeser says he’s concerned about some of the anti-Indian and antisemitic sentiment being expressed. But he also adds that there are people who will be attending these protests with “goodwill”:

There are people there of goodwill who want to change policies in relation to this country. But I would say to them be careful of the company you keep. I’ve seen some of the material for that particular protest and I’m really concerned about the anti-Indian sentiment that is being expressed and some of the antisemitic undertones of some of those protests.

We are working through this legislation through our processes but I will say this: This cohort of people have had ample opportunities to put their case. They have exhausted all appeal avenues and the question now is whether they can be removed to another country.

This is a legitimate arrangement. The only reason people can remain in Australia – and this is very well established under the migration law of this country – is if they have an Australian citizen or on a valid visa.

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Government to ‘feel the pressure’ after Gaza protests, says Greens leader – as it happened

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David Littleproud continues to insist the Coalition is not setting itself up for another election defeat by maintaining its support for nuclear power.

Speaking to 2GB on Sunday, Littleproud said the Coalition would take a different approach than it did at the last election by lifting the moratorium on nuclear power generation in Australia and “let the market do it”.

I just say to your city viewers, regional Australia is bearing the brunt of this. I’m seeing towns and I’m actually seeing families being torn up by these renewable projects that are tearing up their productivity, your food security and actually the native environment. And it’s all without premise.

Artificial intelligence was absolutely central to our discussions because it will be absolutely gamechanging in our economy and our society into the future.

Getting it to 8% will be a good effort but not good enough, as minister Mark Butler has pointed out, so we will continue to work with the states on providing the support that people need and deserve, particularly in this instance, when it comes to Thriving Kids.

Well, that’s the ongoing discussions that we’ve been having, whether it’s treasurers, health ministers, NDIS ministers, leaders, have been having this discussion since the deal was struck.

What’s the best way to implement. Two deals, not one. They are closely related. There are billions and billions of dollars tied up in them and so we’ve been trying to progress both of those deals at once for good reason because there are swings and roundabouts for both of us.

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Retirees ‘deserve’ super tax breaks, treasurer says, as government considers how to give younger Australians ‘fair go’

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No plan to alter concessional measures on retirees’ superannuation as part of tax reforms, Jim Chalmers says

Retirees still deserve concessional treatment on their superannuation, the treasurer says, despite mounting calls for an overhaul of the tax system.

Jim Chalmers said fairness for younger generations needed to be considered as part of any change to taxes, after talks at the three-day productivity roundtable in Canberra.

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News live: Australia says Israel’s West Bank settlement plan is ‘unacceptable’ and demands press access to Gaza

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Albanese government joins 20 other countries in condemning Israeli plan to expand Jewish settlements. Follow today’s news live

Australia signs international statement to allow media access to Gaza

It’s been a busy night for the Department of Foreign Affairs and Trade.

In light of the unfolding humanitarian catastrophe in Gaza, we, the undersigned members of the Media Freedom Coalition, urge Israel to allow immediate independent foreign media access and afford protection for journalists operating in Gaza.

Journalists and media workers play an essential role in putting the spotlight on the devastating reality of war. Access to conflict zones is vital to carrying out this role effectively. We oppose all attempts to restrict press freedom and block entry to journalists during conflicts.

The decision by the Israeli higher planning committee to approve plans for settlement construction in the E1 area, East of Jerusalem, is unacceptable and a violation of international law.

We condemn this decision and call for its immediate reversal in the strongest terms.

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Young Australians may endure worse lives than their parents, ‘worried’ productivity chief warns

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Productivity Commission chair urges ‘growth mindset’ to solve looming problems for future generations ahead of economic summit, while reiterating call to limit AI regulation

Young Australians may endure worse lives than their parents, the nation’s productivity chief has warned.

Danielle Wood, chair of the productivity commission, said young people are facing a future of lower wages, increased costs and the impacts of climate breakdown without major government action to tackle major economic challenges.

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PM deflects question about literal red carpet for Putin and says Trump ‘an advocate for peace’ in Ukraine – as it happened

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Tim Wilson sidesteps question about whether Coalition will dump support for net zero

Finally, Wilson was asked about internal pressure within the Coalition to abandon support for any policies that might help Australia achieve net zero and to address the climate crisis.

We should make sure that we have net zero outages, net zero price increases, and net zero emissions, because you need to have things in a position of balance of policy to make sure that we can grow the future of the Australian economy, because that’s also the basis of social licence to cut emissions as well. If you don’t have net zero outages and net zero price increases, public support for net zero emissions reduction is also going to fray.

I’m going to work with my colleagues to make sure we drive them forward as part of a policy package to take to the next election. I’m absolutely committed to making sure we have simplification, to make it easier to employ more Australians, and to raise standards of living, and improve the number of Australians [getting jobs] and well-paid jobs.

We’ve got big challenges coming ahead around [things] like artificial intelligence and making sure we make workplaces more productive, but also building out the capacity for small businesses to be successful as part of a dynamic economy.

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Australia news live: Israel’s deputy foreign affairs minister says Sydney Harbour Bridge marchers ‘useful idiots’

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Attorney general says Australia complying with international obligations regarding defence exports to Israel

Michelle Rowland says she is confident that Australia is meeting its obligations regarding defence approvals for exports of parts for F-35 fighter jets bound for Israel.

Certainly Israel is a democracy in the region. We maintain relations, obviously at that level. But as the prime minister himself has clearly said, these were difficult conversations that he needed to have with the government of Israel. We stand by the statements that we’ve made in terms of recognition – it has long been the policy of this government to have a two-state solution.

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Commonwealth Bank urged to repay fees of 2 million low-income customers after posting record profit

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Australia’s biggest bank delivers bumper payout to shareholders as CBA vows to end lending to coal companies with no net zero plans

The Commonwealth bank has posted a record cash profit, sparking renewed calls for Australia’s biggest bank to repay more than 2 million low-income customers $270m in fees – something it has refused to do.

CBA recorded $10.25bn in annual cash profits for the year to June – a 4% lift on the previous year – and gave a bumper $2.60 payout per share to shareholders.

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Australia’s borrowers may have to wait weeks for Reserve Bank’s rate cut to reduce their mortgage

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NAB said it would wait 13 days to pass on the 0.25% cut to borrowers, while Westpac announced it would wait 14 days

Mortgage rates will slide after the Reserve Bank announced a third interest rate cut of the year – but borrowers with some major banks may have to wait weeks for relief.

Lenders have lined up to reduce their rates by 0.25%, with 20 banks – including each of the big four – announcing on Tuesday that they will pass on the cuts but only two of them doing so immediately.

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Arts and media groups demand Labor take a stand against ‘rampant theft’ of Australian content to train AI

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Productivity Commission report raises possible exemption for ‘text and data mining’ and expanding fair dealing rules, prompting fierce pushback

Arts, creative and media groups have demanded the government rule out allowing big tech companies to take Australian content to train their artificial intelligence models, with concerns such a shift would “sell out” Australian workers and lead to “rampant theft” of intellectual property.

The Albanese government has said it has no plans to change copyright law, but any changes must consider effects on artists and news media. The opposition leader, Sussan Ley, has demanded that copyrighted material must not be used without compensation.

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Jeremy Rockliff says he expects crossbenchers will allow Liberals to form government – as it happened

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Controversial MP Mark Latham says he has “broken no law” as he publicly responds to a former partner’s allegations of domestic violence.

The former federal Labor leader and NSW One Nation leader has described recent reports involving former partner Nathalie Matthews as “false, reckless and irresponsible”.

I have broken no law. The police did not involve themselves in the AVO matter.

I have breached no standing orders of the Legislative Council. The NSW parliament has stringent processes about inappropriate behaviour, and in my six years there, I’ve never been notified of a complaint against me.

The Marine Rescue Batemans Bay and Bermagui crews said sea conditions were favourable last night, but it was quite dark with little assistance from the moon, and they had to navigate around numerous whales.

They are searching an area offshore from just north of Narooma to south of Bermagui under the direction of Marine Area Command and will continue to do so until otherwise instructed.

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Labor moves to bolster penalty rates and overtime pay protections for millions of workers

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Legislation will prevent award wage penalty rates from being cut in exchange for higher rates of base pay if it will leave workers worse off

Workers who rely on award wages would have their rights to penalty rates and overtime pay protected under one of the first pieces of legislation to be introduced to the new federal parliament.

The changes to the Fair Work Act would effectively ensure workers paid under awards cannot have their penalty rates reduced in return for a higher rate of base pay if it leaves workers worse off.

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Social services department warned Tanya Plibersek she faces uphill battle amid ‘political polarisation’

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Brief obtained under freedom of information laws shows new minister told of ‘increased risk of entrenched disadvantage’ in Australia

Tanya Plibersek has an uphill battle to justify and prioritise Australia’s multibillion-dollar social services system, her department has warned, against a backdrop of “rising geopolitical tensions and political polarisation”.

The Department of Social Services, which is responsible for a quarter of federal government spending, delivered the warning to the new social services minister about the flow-on effects of global uncertainty in a brief dated 13 May and obtained by Guardian Australia under freedom of information laws.

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Australia news live: Bob Brown takes out ad praising woman injured in pro-Palestine protest; AMA welcomes new medicinal cannabis guidelines

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The political leader of the central Tibetan administration – Tibet’s government in exile – is visiting Australia this week.

It comes as Anthony Albanese heads to China this weekend.

It is not enough to have freedom only in a few countries in this world. Freedom is necessary for every human being in this world.

When prime minister Albanese’s visiting there, I would urge him to also say that he would like to visit Tibet.

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Segal says stripping universities of funding a ‘last resort’ – as it happened

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Australia’s biggest peanut supplier set to shut down

The corporate owners of Australia’s biggest peanut processor will scale down the century-old business in the coming 18 months before shutting it down for good.

There isn’t detail, and it’s unclear whether those tariffs will ever actually be applied.

We do know that the contributions from the pharmaceutical industry in the US to that investigation has been to urge the US government to focus their levers on non-friendly countries and not apply tariffs or punitive levers to allies such as Australia.

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Australia news live: Chalmers ‘urgently seeking more detail’ after Trump flags 200% pharmaceutical tariffs; head-on collision on Sydney Harbour Bridge

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Treasurer says Trump’s tariff threats on foreign pharmaceuticals and copper ‘very concerning developments’. Follow the latest news live

Chalmers says millions of people were hoping for interest rate relief yesterday

Jim Chalmers says “there were millions of people who were hoping for more rate relief yesterday and didn’t get it”.

As per letters sent to various countries yesterday, in addition to letters that will be sent today, tomorrow, and for the next short period of time, TARIFFS WILL START BEING PAID ON AUGUST 1, 2025. There has been no change to this date, and there will be no change. In other words, all money will be due and payable starting AUGUST 1, 2025 - No extensions will be granted. Thank you for your attention to this matter!

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Celebrity chef Peter Russell-Clarke dies aged 89 – as it happened

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Here’s how Melbourne’s Metro Tunnel will transform the city and commuting

For nearly a decade, deep beneath Melbourne, tunnel boring machines and construction crews have been quietly reshaping the city with the creation of the Metro Tunnel.

I think every Liberal seat in the country is a marginal seat, right now. But my feelings around quotas and the talk in the media oversimplifies the issue, which is around the culture in the Liberal Party and how women are treated in the Liberal Party …

I had two attempts to take me out as a sitting member of parliament by blokes, very aggressively. So, until the culture is addressed, we could have all the quotas in the world, but it will be a revolving door of women.”

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Australia news live: man shot dead by police in siege in Victorian town; boy dies after e-bike crash in Sydney

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Victoria police say they attempted to engage with armed man before ‘siege of several hours’. Follow the latest updates live

Smoke coming from Sydney tram causes to be suspended on Randwick line

Light rail services on the Randwick line have stopped due to smoke coming from the roof of a tram.

The man managed to get back into his car and drive a short distance before being overcome by his injuries.

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News live: Wong says Trump ‘keen’ for meeting with Albanese; Creative Australia apologises to Venice Biennale artists

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Power continues to be restored in NSW

About 5,800 customers remained without power at 7am Thursday, according to network operators Ausgrid, Endeavour Energy and Essential Energy.

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