Category Archives: Australian economy

Nation records 60 Covid deaths as SA reports first monkeypox case – as it happened

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Nation records 60 Covid deaths; SA records first monkeypox case; Anthony Albanese meets Justin Trudeau at Nato summit. This blog is now closed

The prime minister, Anthony Albanese, has renewed his calls for China to condemn Russia’s invasion of Ukraine, declaring that Vladimir Putin “has made a strategic mistake because what his actions have done is unite the democratic world”.

Albanese – who has been in Madrid for a Nato summit – spoke to reporters yesterday after having a meeting on the sidelines with the leaders of Japan, South Korea and New Zealand.

There we discussed the important focus of this Nato’s summit on the Asia-Pacific region. The Russian invasion of Ukraine has solidified the support amongst democratic countries for the rules-based international order and a determination to continue to provide support to the government and the people of Ukraine who are suffering as a result of this breach of international law and this brutal invasion by Vladimir Putin’s regime.

Vladimir Putin has made a strategic mistake because what his actions have done is unite the democratic world and provide a real determination to make sure that the resilience being shown by the Ukrainian people is backed up by resilience and support from democratic countries, including Nato, but also countries throughout the world.

Well, what we saw is prior to the Russian invasion of Ukraine, we saw a without-limits partnership between Russia and China. We’ve seen a failure of China to condemn any of the Russian aggression that has occurred against Ukraine. China must look at what is happening and look at the resolve that is there from throughout the world and should be condemning Russia’s actions.

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Australia news live updates: ‘optimistic in the extreme’ to expect operational nuclear submarine by the 2030s, says Marles

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Defence minister blames Coalition for submarine delay; NSW parliamentary inquiry into Barilaro appointment begins; David Hurley apologises for promoting builder; Chris Bowen addresses National Press Club; NSW records 11 Covid deaths, Tasmania one. Follow live

Turnbull says Albanese ‘is not Scott Morrison and that’s a big advantage’

Australia’s new prime minister will have an easier time mending relations with the French “because he is not Scott Morrison and that’s a big advantage”, the former leader Malcolm Turnbull has told journalists in Paris.

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Nation records 75 Covid deaths as data shows fatalities rising since March – as it happened

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Australian Defence Force chiefs to have terms extended; nation records 75 Covid deaths as weekly fatalities double since March. This blog is now closed

The census shows that Christianity remains the country’s most common religion, AAP reports, with 43.9% of Australians identifying as Christian. But the number of followers continues to decline, dropping from 61.1% in 2011 and 52.1% in 2016.

Catholicism is the largest denomination, followed by Anglicanism. Other religions are growing: Hinduism was listed by 2.75% of respondents and Islam grew to 3.2%.

And close to 40% (38.9) have no religious affiliation, up from 22.3% in 2011 and 30.1% in 2016.

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Australian Taxation Office crackdown on family trust rorts causes alarm among tax advisers

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ATO gives example of child being given $180,000 then repaying it to parents for cost of bringing them up as going against community expectations

A crackdown by the Australian Taxation Office on rorts involving family trusts has drawn alarm from some advisers as some of the practices under the microscope have become common practice.

Tax advisers are also concerned at the prospect the ATO will be examining the past behaviour of family trusts, raising the prospect of bills for back taxes, inflated by years of interest and penalties.

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Senior ministers to retire before Victoria’s election – as it happened

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Housing market posts first monthly decline since September 2020; at least 52 Covid deaths recorded. This blog is now closed

Australian scientists celebrate world first

AAP is reporting that in a world first, Australian scientists have developed a device with “exquisite precision” that they say is a huge step towards a commercial quantum computer.

This is a remarkable piece of engineering. This experiment paves the way for larger and more complex quantum systems to be emulated in future.

It won’t be long before we can start to realise new materials that have never existed before.

All of this is just a fantasy because they don’t understand what actually happens at the bargaining table.

I think the Reserve Bank governor has weirdly changed his tune, he was the one who said so long as wages keep up with inflation and productivity, they are not inflationary.

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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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