Category Archives: Australian economy

Property prices dropped further in September and falls ‘could accelerate’ again with rate rise

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Investors and banks predict RBA will raise cash rate further on Tuesday, while rent increases begin to slow around Australia

Australia’s property prices fell another 1.4% in September as the cost of borrowing increased, and another interest rate rise is likely after Tuesday’s Reserve Bank meeting.

Last month’s drop in CoreLogic’s home value index was less than the 1.6% fall in August but the pace of declines could quicken again if the RBA’s key interest rate keeps rising, said Tim Lawless, the data group’s research director.

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Majority of Australians back sound economic management over keeping promised tax cuts, survey suggests

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Almost half of those polled support axing stage three cuts while one quarter thought they should be kept

Support for the stage three tax cuts remains low with the majority of Australians backing sound economic management over sticking to election promises, a new survey suggests.

The research from the Australia Institute found that high-income earners were particularly likely to support the repeal of the stage three tax cuts, despite being the main beneficiaries of the changes.

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News live: Australia supports inquiry into Iran death, Wong says; first majority female high court bench

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Attorney general Mark Dreyfus has announced the appointment of justice Jayne Jagot to the high court. Follow the day’s news live

Queensland seeking partnerships from the federal government in renewable plan

The Queensland premier, Annastacia Palaszczuk, was asked to clarify how long the state will keep exporting coal for:

There’s still going to be countries that need our coal and, of course, the metallurgical coal [that] is needed for steel production. Let’s be clear about that. Until there’s alternative to manufacturing steel, the world will still need metallurgical coal.

The plan is $62bn. We have a $6bn down payment on that … we’ve already got $11bn worth of private investment coming in.

But there will be even more coming in as well. So roughly, it will be around, over $30bn, between $30bn and $40bn we’re providing, but we’re seeking partnerships from the federal government.

Well, in Europe, of course, there’s a lot of reliance on gas coming in from the Ukraine and parts of Russia, is my understanding.

But what we’re doing here very clearly is [ensuring] that the hydro dams get built. And then, as the hydro dams come online, that’s when you start phasing down the reliance on coal-fired power stations.

We’re building sea walls as we speak. People are having to build their houses on 7-to-12-foot stilts above the ground because of the water coming underneath. Ancestral graves that the ABC has reported on are being washed away. This is happening in Queensland. It’s not just an island on the Pacific ocean. It is happening to Queenslanders. To Australians. And we all have a duty to look after one another.

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Australia news live: government asks Optus to pay for new passports after data breach; severe thunderstorm warning for Sydney

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Prime minister says Labor believes ‘Optus should pay, not taxpayers’ after customer data compromised. Follow the day’s news

Election wash-up

As we reported yesterday, the AEC will be appearing at the electoral matters parliamentary committee hearing this morning.

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Clare O’Neil suggests Labor may legislate fines after Optus data breach – as it happened

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The Nationals want to get back to their roots – the regions.

The country party are launching a “regional listening tour” to find out what is affecting people in the country.

Migration is not the only solution to the challenges our regions are up against,” Littleproud said.

We need to look at what can be done now to help those Australians that are already in town.

We know distance is one of the greatest barriers to opportunity. So we’re coming to your town to create this opportunity to share your concerns and help us come up with the solutions.

For example, would a Regional University Centre stop our children from leaving town? Or could paying their HELP debts be the incentive they need to stay where we need them?

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PM speaks out against discrimination; Penny Wong calls on China to rein in Putin – as it happened

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Dozens of flood warnings across NSW after state lashed by heavy rainfall overnight. This blog is now closed

Wong highlights decline in the UN’s Human Development Index

Despite inheriting the biggest debt in our nation’s history, the new Australian Government is determined to play its part in supporting the development of other nations, particularly in our region.

We are alarmed that, for the first time, the UN’s Human Development Index has declined for two consecutive years – in 2020 and 2021 – and the impact of this decline has been most severe on women and girls, with nearly half a billion women and girls now living in extreme poverty. And the global food security crisis is increasingly grave.

The Australian parliament I serve in is ever more reflective of our modern nation, both enriched by their diversity. And this follows the collective decision of the Australian people to turn the page and write a new future for themselves. Newly elected parliamentarians have origins from across the world and Indigenous Australians have been elected in record numbers and serve in the ministry in record numbers.

The new Australian government is determined to make real progress on the national journey of healing with Indigenous Australians, the First Peoples of our continent. And as foreign minister, I am determined to see First Nations perspective at the heart of Australian foreign policy, and this week I have been encouraged by discussions with other countries on their own journeys. I am humbled to be guided in these efforts by First Nations colleagues.

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Australia’s cashless debit card to become voluntary from 4 October, Labor says

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Legislation to end mandatory scheme delayed by death of Queen Elizabeth II but now expected to pass next week

People on the cashless debit card will be able to leave the program from early October after legislation to abolish the mandatory income management program was delayed due to the death of Queen Elizabeth II.

The Albanese government announced the updated timeline late Friday, along with the details of a new “enhanced” card which people who choose to remain on the income management program will be able to use. They also announced $67m in additional social supports for communities transitioning off the card.

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Thorpe leads protest in Melbourne – as it happened

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Q: Is an external review now the precedent for anyone at other clubs who may come forward with similar allegations?

McLachlan:

Our integrity team is investigating many things concurrently. I think it depends on the nature of the allegation and the particular circumstance. But that’s certainly what we felt was warranted here. And I hope that history says that all allegations will be taken seriously and investigated thoroughly and confidentially.

And that’s the challenging part about this, that these courageous people have come forward and now there’s a huge spotlight on them. And I hope it doesn’t deter them to lean in on this and have that conviction to tell their stories to this independent panel so that we can get to the bottom of this.

I spoke to our senior Indigenous players last night. Eddie was on the call. Shaun Burgoyne was there, and Shane Edwards and Steven May and Neville Jetta and others.

And what was confronting for them – and I think they’d be happy for me to talk about this – Burgoyne was there right through this period, and was confronted and challenged he didn’t see any sign of this. I know that was weighing heavily on him.

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Australian farmers fear exports could be hurt by new EU land-clearing laws

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But environmental groups say changes could put sustainable producers at ‘front of queue’

Australian farmers are scrambling to understand the ramifications of new European laws on land-clearing, which could harm exports of products such as beef or paper under stricter environmental controls.

But environmental groups and some in the federal government believe the new laws could help Australian producers with more sustainable farming techniques get to “the front of the queue”, as negotiations continue for a free trade agreement with the European Union.

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BoM forecasts wetter-than-average summer for eastern states – as it happened

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Hearing that house prices are going down but looking around and seeing they are still astronomical?

Grogs explains why – yup, house prices are falling, but they are coming from eye-watering heights.

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Indigenous protest planned on national day of mourning – as it happened

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New Covid variant is probably inevitable in northern winter, says Monique Ryan

The independent MP for Kooyong, Dr Monique Ryan, says we need to “rejig” how we are dealing with Covid.

I think we need greater transparency about the federal and state government’s approach to Covid and their plans for what is probably an inevitable new variant emerging over the northern winter.

I think workplaces and schools and aged care childcare facilities lack clarity about what the plan is for the inevitable next outbreaks of Covid and there’s a lot of uncertainty and anxiety about the fact that the government seems to have been winding back the mitigation strategies, whether we’re talking about mask-wearing, social isolation, quarantine, without really a plan for how this is going to affect people going forward.

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Mixed reaction on potential delay to integrity commission bill – as it happened

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And the London police have responded to the viral video of a police officer talking to a protester at Parliament Square – with a statement that reads like it is reminding officers people have the right to peaceful protests.

If you haven’t read the UK Guardian’s editorial today, you may enjoy it

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Queen public holiday: Australian business groups express concern over lost revenue and staffing disruptions

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Industry bodies join medical association in criticising Albanese government over notice for national day of mourning after death of Queen Elizabeth

Australian retail and business groups have joined the medical association in raising concerns about disruptions caused by the public holiday to commemorate Queen Elizabeth II after her death on 8 September.

The prime minister, Anthony Albanese, made the announcement on Sunday that a “one-off public holiday” would be held on 22 September as a national day of mourning, after the Queen’s funeral on 19 September.

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Australia politics live: David Pocock withdraws comment after criticising ‘bullshit’ climate scepticism in Senate

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Labor is due to pass its climate bill through the Senate today. Follow the day’s news live

Looks like you can expect more questions for Kristy McBain in QT today.

Paul Fletcher dropped by doors as the opposition still try to make fetch happen:

We need to see the prime minister and his ministers demonstrate that they are taking compliance with the ministerial code seriously. The prime minister talked a great deal about integrity and accountability and he needs to explain how his code operates, how he’s satisfied that his ministers are in compliance with it. His ministers need to explain how that satisfied themselves that they are in compliance with the code.

We heard a lot from Mr Albanese … about new standards of integrity and accountability. This is now the first test, with a significant number of questions being asked about compliance with the ministerial code.

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RBA governor says at least two more interest rate rises needed to combat ‘scourge’ of inflation

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Philip Lowe has admitted ‘the magnitude of the pickup in inflation has come as a surprise to everyone’

The Reserve Bank will need to lift the official interest rate at least twice more to ensure the “scourge” of inflation is contained, with the pace and size of increases determined in part by how fast wages pick up, the bank’s governor, Philip Lowe, has warned.

In a speech on Thursday, Lowe admitted the pace of inflation had caught the RBA and other central banks flatfooted. They had no choice but to lift the cost of borrowing to stop an “inflation psychology” from taking hold.

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Federal Icac legislation to be introduced to parliament next week – as it happened

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Gallagher says Labor has not changed position on tax cuts

And on the stage three tax cuts, Katy Gallagher echoed the line the treasurer, Jim Chalmers, started last week and continued yesterday – which is effectively Labor playing dead on the $243bn cuts:

I have been asked this a number of times. You know, we haven’t changed our view on stage three. They don’t come in until 2024.

My sole focus at the moment is putting a budget together for October and what we can do in the short-term to relieve pressure on families. That is what I’m focused on everyday.

Well, the budget we inherited was heaving with a trillion dollars of Liberal party debt. We got deficits as far as the eye can see.

We got some programs that weren’t funded in an ongoing sense that clearly are programs that need ongoing funding.

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Australia politics live: RBA interest rates decision due; climate bill to pass Senate with Pocock amendments

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Labor’s signature climate change legislation will pass the Senate with some minor changes

Delayed rate pain

While the interest rate increases are hitting those already on variable rates, those who are on fixed rates which are about to expire are going to feel a lot of pain, when their repayments jump to include the cumulative increase all at once.

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Dutton withdraws Albanese ‘liar’ allegation in question time – as it happened

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Anthony Albanese insists stage-three tax cuts worth $243bn will go ahead

There has been a lot of talk around the incoming (July 2024) stage-three tax cuts given they will cost the budget $243bn over 10 years (at this point); overwhelmingly benefit men earning over $180,000; and destroy Australia’s progressive tax system (everyone earning between $40,000 and $200,000 will pay the same tax rate).

You make a choice about what you do, your initiatives and the initiatives we are making are positive ones that will make a difference to people, including our childcare policy.

It’s really important that our payments keep up with inflation. That’s why they’re indexed twice a year, and every little bit helps. This indexation will be particularly big this month, because inflation is particularly challenging.

And we know that it won’t solve every problem for everybody, but it’s important that we try and make sure that those payments keep up. That’s what the indexation is about. It will be welcome even as we acknowledge that times will still be tough for a lot of people.

I’ve been really upfront with people before the election, during the election and after the election. I’ve said to you many times over the last six months or so that it would be too expensive to continue that petrol price relief indefinitely. I think Australians understand that we’ve inherited a budget which is heaving with a trillion dollars in Liberal party debt, and that means some difficult decisions including this one.

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Consumer watchdog will crack down on petrol price gouging when tax cut ends, Labor says

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Federal government also confirms pension and jobseeker will rise 4% in line with consumer price index, as parliament returns

The federal treasurer, Jim Chalmers, has asked the competition watchdog to crack down hard on any price gouging when the petrol excise cut expires at the end of September.

The letter to the Australian Competition and Consumer Commission, released on Monday, confirms the government’s intention to reintroduce “the full excise” on 29 September. It was halved for six months in the March budget.

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More than 30 people died due to triple-zero delays in Victoria; Qantas boss warns against IR reforms – as it happened

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Alan Joyce says multi-employer bargaining could create problems; western NSW braces for flooding. This blog is now closed

And if you want a more expansive read on where the dispute between the Rail, Tram and Bus Union and the NSW government is at, Michael McGowan’s great analysis is a must-read:

NSW industrial relations minister calls out Labor’s ‘brazen intervention’ in rail dispute

The brazen intervention of Labor into the Fair Work Commission to support the rail unions and their political campaign of rolling strikes is a disgrace.

For Tony Burke to be asking the Fair Work Commission to ­implement his agenda while the summit is still sitting, let alone any consultation occurring on his planed legislation, shows the depth of arrogance and entitlement that the union movement and Labor bring to government.

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