Category Archives: Australian economy

Public service shake-up continues with four new secretaries for government departments – as it happened

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Dominic Perrottet called on to halt Barilaro appointment pending inquiry; at least 63 Covid deaths recorded nationwide. This blog is now closed

NSW teacher strike ‘about politics, not pay’, Kean says

Matt Kean has hit out at plans by public and Catholic school teachers to strike next Friday after receiving a 3% pay rise offer, well below the rate of inflation.

Our 3% pay increase is far more than the Labor government’s 1.5% pay increase for public servants down in Victoria.

So the same unions complaining about our generous pay rise up here in NSW and protesting aren’t marching in the streets down in Victoria.

A senior woman, a senior public servant with knowledge of financial markets and trade particularly with the United States was offered the job, it was rescinded by the New South Wales government.

We don’t know by whom. And then John Barilaro mysteriously was given it just last week.

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Albanese urged to intervene in Assange case; Perrottet defends Barilaro job; at least 55 Covid deaths – as it happened

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NSW premier says John Barilaro’s new role ‘no surprise’ to him; government ministers say Assange case ‘should be brought to a close’. This blog is now closed

Could an eighth world title be in the offing?

AAP reports:

Once I got past Caroline [Marks], I was super confident and I knew I could do it.

Lakey [Peterson] is an amazing surfer, so I knew it was going to be a tough Final but it doesn’t get any better. I love doing this. I love winning, I love doing this sport.

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Australia news live updates: Albanese extends Covid funding as nation records 51 deaths from virus; energy supply will meet weekend demand, Aemo says

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NSW premier says health funding ‘a great start’ after national cabinet meeting; electricity reserves improve across National Energy Market; ASX plunges to lowest level since November 2020; nation records 51 Covid deaths. Follow live

The PM is making the rounds this morning, appearing on Sunrise and repeating his line that almost a decade of “delay and denial” under the former Coalition government led to the current energy crisis (I feel like this will be a recurring theme today.)

People want an end to the nonsense that’s gone on for the last decade.

You can’t fix 10 years of inaction in just 10 days but we are taking immediate action through Aemo to make sure that the lights stay on. At the same time, we’re making sure that we create the investment environment to make sure we get it right.

The gas is actually the property of the people of the state, whichever state that is, and there should have always been enough for the state and the country in question. It just seems to me to be very strange that there’s no gas for local people yet.

Coal-fired power generation is very old technology and very difficult for coal plants to cope with renewables coming onto the grid, basically, new renewables every minute

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ASX: Australian stocks close almost 3.6% down after global sell-off on inflation fears

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Benchmark ASX200 index closes 246 points lower, after falling 360 points in the first 15 minutes of trading on Tuesday

Australian shares have joined a global retreat, ending almost 3.6% lower, as investors fear central banks will lift interest rates more aggressively, slashing economic growth and companies’ profits.

The benchmark ASX200 share index of the top 200 companies lost just over 5.2% within the first quarter an hour of trading, or more than 360 points. The losses, though, were pared by the end, with the market ending 246 points lower at 6,686. The Australian dollar also remained below 70 US cents.

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Ryan says supporters have received ‘threatening’ letters – as it happened

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Independent MP for Kooyong says some supporters have received anonymous handwritten letters; nation records at least 11 Covid deaths. This blog is now closed

Standing proud in the Nadesalingams’ Biloela back yard is a rusty old Hills Hoist.

Birds squawk in the paperbark trees lining the road as mum Priya strolls in and out of the kitchen, determined to make sure we are looked after, offering us tea and water.

It was such an extraordinary time, and things were moving so quickly early ... the advice to the various governments at the time were really monumental.

It was quite terrifying ... we would do what the data was [saying], the experts together provided advice. In the end, Australians have done very well and turned up and got their vaccinations and we managed to live through some significant lockdowns and have come out of this better than many other countries.

We live in a great country with a great health system and I was confident we would be able to get our way through this, we still are not out of it, Covid is still here ... if you haven’t had that third dose vaccination, have it.

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Warning over Centrelink call centres as Services Australia slashes contracts

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Exclusive: Agency says decision to cut outsourced workload by 30% is due to reduced demand as unions warn of longer wait times

Services Australia has embarked on a massive shake-up of its call centre operations, slashing the work it sends to labour hire firms as it approaches one of its busiest periods of the year.

Guardian Australia has learned the agency last week informed its outsourced “service delivery partners” it was cutting the “workload” sent to these four firms by about 30%.

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NSW government pledges $500m for faster rail services between Sydney and Central Coast

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State to work with federal government on $1bn upgrade that could slash travel time between Sydney and Gosford to 25 minutes

The New South Wales government has backed a $1bn rail upgrade between Sydney and the Central Coast that could pave the way for faster train services.

The state will work with the federal government on the upgrade, with $500m to be set aside in the 21 June state budget, the premier, Dominic Perrottet, says.

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Biloela family welcomed home; Albanese announces $830m submarine penalty – as it happened

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French defence minister welcomes Australia’s payment to Naval Group over submarine cancellation; 70 Covid deaths across the country. This blog is now closed

Prime minister Anthony Albanese will hold a press conference in Sydney at 10.15am

There are reports in French media that Australia has settled with French company Naval Group over the cancellation of the submarines contract by the former government. We have not confirmed, but we shall see if that’s what the press conference is about.

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Labor says Dutton ‘desperate’ to distract from defence failures – as it happened

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Nadesalingam family arrive back home to Biloela; New Zealand ‘heartened’ by Albanese government’s climate stance; Australia records at least 40 Covid deaths. This blog is now closed

Jacinda Ardern will be raising Australia’s controversial deportation policy in today’s meeting. Asked if she has knowledge of whether the government is prepared to “water it down a little bit”, she replies:

Just to be clear, the issue we have is not with deportation. We deport as well. If a New Zealander comes to Australia and commits a crime, send them home ... but when someone comes here and essentially, hasn’t even really had any connection with New Zealand at all ... have all their connections in Australia and are essentially Australian, sending them back to New Zealand, that’s where we’ve had the grievance.

I’ve heard the prime minister prior to winning the election speak to his acknowledgement that that is the part of the policy that we’ve taken issue with. Even that acknowledgement says to me he’s hearing us, he knows it’s a problem.

It’s been a bugbear for us for a long time so I would like to see movement on it.

We talked about music on occasion but I’m not sure I would’ve picked necessarily the right music if I think I was given that task.

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Nation records 59 Covid deaths as NT announces closure of quarantine facility – as it happened

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Two charged after remains found on Glass House Mountains; Victoria’s health workers to receive $3,000 one-off payment; nation records 59 Covid deaths as boosters recommended by Atagi for at-risk children between 12 and 15. This blog is now closed

Capacity mechanism is a priority to bring on renewables, energy ministers say

The first meeting of energy ministers yesterday evening indicated there will be a new intensity in federal-state-territory coordination.

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Albanese says cost of living concerns will be ‘front and centre’ of cabinet meeting

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Inflation, energy prices and wages growth on Labor’s agenda as pressure builds to provide relief to low income earners before October budget

The prime minister, Anthony Albanese, says a cabinet meeting on Thursday will consider how best to respond to the cost of living crisis facing Australians amid warnings inflation will significantly worsen this year.

The meeting of his new inner ministry comes after the Reserve Bank this week lifted the official cash rate by 50 basis points to try and get on top of rapidly growing inflation. All of the big four banks have passed on the rate hike to mortgage holders.

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Australia live news update: Wong condemns ‘reckless’ North Korea missile launches; Nine overturns order to hand over drafts

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NSW Appeals Court throws out order requiring Nine Entertainment to hand over draft material; foreign affairs minister labels North Korean ballistic launches ‘reckless and destabilising behaviour’; stripping dual nationals of citizenship unlawful, high court rules; National Disability Insurance Agency chief resigns; Victoria records 25 Covid deaths, Queensland 15, NSW records 10 deaths, WA records eight, ACT records one. Follow all the day’s news

China’s warning to Australia

China has warned Australia to stop “provocations” or face “serious consequences” after the federal government said a Chinese jet plane was intercepted, the AFP and Guardian staff report.

The Australian military plane seriously threatened China’s sovereignty and security and the measures taken by the Chinese military were professional, safe, reasonable and legal.

We can trace Australia’s celebrated connection to the space industry back to the 1950s and as a nation we have to build on that legacy.

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‘We can do much more’: Albanese calls on business to look past China to opportunities in Indonesia

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Prime minister says there is significant opportunity for Australian companies in Indonesia’s growing economy

Anthony Albanese has declared Australia needs to move past its reliance on China for trade and income-generating opportunities with business needing to prioritise new strategies in Indonesia.

On his final day in Indonesia, the prime minister on Tuesday said industry could not rely on a thaw in the Australia-China relationship to restore lost opportunities.

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Reserve Bank hikes official interest rate by 50 basis points to 0.85% to curb inflation

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Decision exceeded predictions from economists while Westpac was the first of the big banks to pass on the rise in full to customers

The Reserve Bank has announced the biggest single rise in the cash rate in 22 years as Australia’s central bank tries to quash inflation before it gets out of control.

The RBA board at its regular monthly meeting lifted its cash rate target 50 basis points to 0.85%. Economists were again surprised by the size of the move, having been mostly split between predicting a 25 or 40 point increase, according to Bloomberg.

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PM says prospect of Chinese naval base in Cambodia ‘concerning’ – as it happened

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Prime minister responds to reports of Chinese naval base in Cambodia; nation records 29 Covid deaths. This blog is now closed

There’s no magic fix for inflation, Jason Clare says

Education minister Jason Clare appeared on the Today show this morning alongside Scott Emerson.

Inflation is through the roof. Wages are through the floor. We have got interest rates knocking at the door. The Reserve Bank ... have made it clear there will be a number of interest rate rises, which makes it harder for people with big rate rises already. Especially for people who are ahead in their mortgage, but if you have just signed up and the bank says you have to pay more, it will make it harder and harder.

There is no simple magic fix to this.

The market expects them to increase interest rates because we have an inflation problem in the economy and rising interest rates were something that the Reserve Bank governor flagged before the election and that is the trajectory we are on, but just because these interest rate rises are expected, it won’t make them any less difficult for a lot of people who are already confronting cost-of- living pressures.

That is the unfortunate reality. There is no point mincing words about that. Our job is the government is to make sure that after some of this near-term cost-of-living relief runs out that it is replaced by responsible long-term sustainable cost-of-living relief in areas like medicines and childcare, getting power bills down over time and getting real wages moving again.

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Job seekers could have welfare stopped under ‘onerous’ new points-based system, advocates warn

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Mutual obligations system will require people to complete an expanded range of activities to keep their payments

Welfare advocates have warned job seekers may have their payments suspended under a new points-based mutual obligations system because of “unnecessarily onerous” requirements.

The “points-based activation system”, to be introduced from 1 July, replaces the rigid 20 job applications a month requirement that has frustrated job seekers and employers for many years.

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‘Out of control’ gas prices likely to filter down to Australian consumers, food processor says

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Industry advocates push for eastern states to establish gas reserves as soaring energy costs put pressure on companies

One of Australia’s largest regional food processors says energy costs are “out of control”, with already elevated gas prices tripling since the company signed new contracts in early 2022.

Consumers will inevitably cop higher prices on their products with other costs also on the rise, including a jump of as much as 40% for raw materials such as tomatoes, carrots and apples in the past year, Jason Fritsch, the chief executive of Kagome, said.

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Unions back minimum wage submission – as it happened

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Labor government recommends minimum wage be increased in line with inflation; Anthony Albanese says stopping new gas projects ‘doesn’t reflect the needs’ of economy; new monkeypox cases reported in NSW and Victoria; nation records at least 50 Covid deaths. This blog is now closed

‘Pick up the phone and call your energy retailer’

The CEO of the Australian Energy Council, Sarah McNamara, appeared on ABC News Breakfast this morning to discuss the perfect storm the market is currently facing.

It is not a systemic market failure under way but there is a coincidence of factors occurring in the market, putting pressure on the wholesale price and that will put pressure on retail bills as well.

Most consumers won’t experience the kind of wholesale market price spikes we are seeing at the moment. That is because their retailers have hedging contracts to ensure their supply costs are smoothed out over time. However, because there is general upward pressure on prices, people are going to experience higher bills over the coming year.

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Environment minister seeks ‘urgent briefing’ over scrapped recovery plans – as it happened

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Tanya Plibersek seeks ‘urgent briefing’ over Coalition scrapping of recovery plans; NSW man diagnosed with monkeypox; nation records 57 Covid deaths. Follow all the day’s news

Treasurer questioned on staff shortages in hospitality

Amid his media blitz, treasurer Jim Chalmers appeared on Sunrise this morning discussing energy woes.

What are we going to do to alleviate those staff issues and how long is it going to take for that to happen?

Obviously there is a role for cheaper childcare so that if people want to work more and earn more we can tap [into] that really big workforce of parents that find it too hard because they get priced out of work by the childcare system. And we are up for ... conversation with business about migration settings to make sure that they are appropriate so that they are not a substitute for doing those other things at home.

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‘Complex and volatile’: cryptocurrencies should be regulated by financial watchdogs, say consumer advocates

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Treasury inquiry told ‘crypto is high-risk and unsophisticated investors are at high risk of losing significant funds’

Consumer groups have called for strong financial regulation of cryptocurrency markets and investments in Australia, saying crypto assets are “complex, volatile and high-risk products that can cause harm to Australian consumers.”

In a submission to the federal treasury’s consultation paper on cryptocurrency, consumer group Choice has urged the federal government to “strongly consider regulating all crypto assets under the existing financial product regulatory regime for better outcomes for consumers and the community”.

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