Category Archives: Australian economy

RBA ‘will not hesitate’ to raise interest rates again to combat inflation, Michele Bullock warns

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Reserve Bank governor says there is ‘considerable uncertainty’ over Australia’s economic future and the board ‘remains vigilant’

Reserve Bank governor Michele Bullock said the central bank won’t hesitate to lift interest rates again to reduce “persistently high inflation” while acknowledging “I know this is not what people want to hear”.

In a speech on Thursday in the northern New South Wales town of Armidale, Bullock also talked up the need for more investment in renewable energy zones, noting these would account for half of electricity generation in coming decades.

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Australia news live: Linda Reynolds tells defamation trial she felt like a ‘punching clown on the fairground’ after social media posts by Higgins and Sharaz

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Wong endorses call from Blinken for de-escalation in Middle East

The foreign affairs minister, Penny Wong, said she endorsed Antony Blinken’s call for de-escalation in the Middle East.

We continue to add our voice to the support for the ceasefire outlined by President Biden and endorsed by the security council.

Thank you for an incredibly productive day.

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Anyone hoping for lower interest rates any time soon will be dismayed by RBA chief’s media conference

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Governor Michele Bullock makes clear any expectation of interest rate cuts this year ‘not aligned’ with bank’s present thinking

Those hoping for lower interest rates soon – whether stressed borrowers or those in the Albanese government itching for an early election – would have been dismayed by the Reserve Bank of Australia governor Michele Bullock’s media conference on Tuesday.

The RBA board had just wrapped up the eighth meeting under her leadership and considered just two options for its key interest rate: “hold for some time” or another rate hike. A rate cut was not up for discussion.

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Australia news live: Wong ‘deeply concerned’ about escalation in Middle East; RBA interest rate decision due today

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Reserve bank’s two-day August meeting likely to leave key interest rate unchanged for a sixth straight gathering. Follow the day’s news live

Australia will join the US Global Entry program in 2025, creating an easier pathway for the hundreds of thousands of Australians who visit the country each year.

Eligible Australians who sign up for the program would benefit from streamlined and expedited immigration and customs clearance channels on arrival into the US, a statement from the foreign minister, Penny Wong, says.

Joining the Global Entry program is a mark of the closeness and the strength of the relationship between our two countries.

The foundation of the friendship between Australia and United States is the friendship between our people. This program will deepen these links and make it easier to foster greater commercial ties.

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ASX loses $160bn in two days as US recession fears prompt sell-off

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Australian share market suffers worst two-day decline since start of pandemic as it tumbles 3.7% on Monday

Australia’s share market has suffered its worst day since the onset of the pandemic as fears of a US recession prompted investors to exit their positions, erasing more than $100bn in value from local stocks.

A sea of red overwhelmed the local market on Monday, with the benchmark S&P/ASX200 index down by 3.7% to 7,649 at the close.

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Australia news live: Coalition claims Labor education reforms a ‘school funding war’; NZ bushwalker’s body recovered from Tasmania hiking trail

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Murray Watt says advice needed from administrators to determine government support amid administration

Murray Watt, the newly-appointed minister for workplace relations, also weighed in on the Rex Airlines administration on ABC RN just earlier.

In terms of equity stakes or other financial government support, we’ll make those decisions once the situation becomes clearer through the administrator.

This would only be activated if the company is unable to repay entitlements to any workers who are retrenched, and let’s hope it may not get to that.

But also, our department would be providing employment support to workers who do lose their job to ensure that they can get back into work as quickly as possible.

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Housing approvals fall to lowest level in 12 years despite Labor’s pledge of 1.2m new homes

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Approved dwellings drop 6.5% in June amid high interest rates and building costs as CoreLogic rues ‘dismal result’

New dwelling approvals in Australia have sunk to their lowest in 12 years, as developers battle high interest rates and rising labour and material costs.

For the year to June, 162,892 houses and apartments secured approval, down 8.5% on the previous year and the least since 2011-12, the Australian Bureau of Statistics reported on Tuesday.

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Australia news live: states amass record debt but ratings agency says it is ‘manageable’; scam losses rise again

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S&P Global projects total state and territory debt to hit $600bn by late 2024. Follow the day’s news live

Peter Khalil on new role as special envoy on social cohesion

As Anthony Albanese unveiled changes to his cabinet ministry yesterday, he also announced three special envoys.

The act of forming that united whole, it really is about the relationships that we have with each other within our city, how we work together, common goals we share, what common ground we have, how that society works effectively …

It’s not just about multiculturalism [and] it’s not just about religious background or ethnicity. It’s much broader than that … We [have] our political beliefs, the intergenerational differences, the socioeconomic differences, and that is really important that we find ways and policies to strengthen our ability to form that united whole society, especially when it’s being threatened with fragmentation through many different challenges that we’re facing.

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Australian CEOs made less in 2023-24 but still earned on average 50 times a typical worker’s wage

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Audit also finds CEOs are more likely to be sacked than not get their bonus

Chief executives across Australia’s largest companies are making slightly less money, but are still taking home on average 50 times the pay package of a typical worker.

In its annual audit of CEO pay, the Australian Council of Superannuation Investors (Acsi) found chief executives at the 100 largest listed businesses averaged $5m in the 2023 financial year, down from $5.2m the previous year.

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Booktopia will not fill orders and may not issue refunds, say administrators

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Customers left out of pocket who placed orders have now become, in effect, unsecured creditors

The administrators handling the collapse of Booktopia have announced that orders placed with Australia’s largest online bookseller will not be filled – and there may be no refunds either.

It means out of pocket customers who placed orders prior to the company entering voluntary administration have now become, in effect, unsecured creditors – which voids store credits and gift cards too.

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Greens and academics criticise appointment of antisemitism envoy – as it happened

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Flights have been cancelled or delayed out of Brisbane airport this morning as thick smoke blankets the city.

According to the Brisbane airport website, nine domestic flights and two international flights have been cancelled. On social media, the airport wrote that widespread fog across Brisbane was “slowing movements on ground and limiting visibility.”

Flights are still departing but there are delays due to the reduced visibility.

Participants will be able to check accessible scorecards that will show what services DES providers offer and how they rate for quality and effectiveness, helping them make an informed choice when selecting their provider.

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Australia news live: Albanese announces special envoy to combat antisemitism, says Jewish students ‘worried’ to wear school uniform

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Meanwhile, attorney general to outline updated legislation to crackdown on money laundering. Follow the day’s news live

The minister for Indigenous Australians, Linda Burney, said that when it comes to the Alice Springs curfew, politics needs to be left out of it.

Speaking with ABC RN, Burney said:

This issues in Alice Springs have been a long time in the making … [The issues] will only be addressed over a long-term funding commitment, which we’ve made from the federal government.

We certainly are concerned that this is going to continue to increase and potentially overwhelm the hospital systems.

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Dutton says ‘Australia can learn’ from new British PM’s nuclear stance – as it happened

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‘Pretty clear’ Fatima Payman has been planning to join crossbench for a ‘long period’, minister says

The finance minister and manager of the government in the Senate, Katy Gallagher, is speaking with ABC RN after Fatima Payman’s resignation yesterday.

It’s difficult to go into, you know, when the decision was made – only Senator Payman knows that – but we do know, now that it’s been done, it’s a matter of fact that there had been obviously discussions about her role as an independent senator and for some time.

I think the way these decisions have been made by Senator Payman make it pretty clear that she has been thinking about this for a long period of time, and it was executed this week …

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Senator says PM’s office planted seed about crossing floor – as it happened

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Josh Burns says Labor motion to recognise Palestine as part of the peace process is ‘the bare minimum’

Josh Burns finished with:

This motion before the House is the bare minimum. It says that we support the recognition of a Palestinian state as part of a peace process. That peace process is something that I hold onto and that I have held onto my entire life.

That peace process says that we are all people, above all, and that there has to be a way through this. There has to be a way through this conflict. I wish that we could pull a lever here in Australia and it would all end today, but we have seen time and time again that that is not the case.

There are so many intractable parts of this conflict. I have a degree in this conflict, and I still don’t quite know how to fix it.

I know that there are players who are desperate to end the peace process and to try and disturb any efforts towards peace. I know that trees take years and years and years to grow and can be cut down in a second, and that is what the Middle East has demonstrated over and over again.

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Older Australians pressured into paying unfair robotax debts will not be compensated, government says

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Finance minister Katy Gallagher says people who felt intimidated into paying back ATO debts so old they are impossible to verify will not get their money back

Older Australians who felt pressured into paying decades-old debts as part of the troubled “robotax” campaign have hit out at a government decision to deny refunds after describing the tax grab as coercive.

The federal government has disclosed it intends to amend laws that will allow the Australian Taxation Office to keep debts put on hold before 2017 on ice indefinitely, rather than extract them from future tax refunds, as was planned.

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Australia politics live: Labor caucus endorses Payman suspension; Watt says no plan to ban live cattle exports

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PM calls for ‘a long-term solution in a peace process’ between Israel and Palestine. Follow today’s news headlines live

Shorten says he thinks Labor party is trying to give Senator Payman ‘space and time’

Bill Shorten continues:

I see why people feel so strongly. They can feel so strongly about the hostage is not being returned, or the deaths in Gaza. People could feel also very strongly about the near million deaths in Sudan.

I can get these very incredibly strong issues. And if you come from particular communities, they’re even more intense, although that doesn’t need to be the prerequisite.

Before I deny something, what’s your source?

No, I don’t believe that.

… Because I wasn’t there and I don’t believe it. I actually think the prime minister, Senator Wong and the leadership are handling a complicated issue pretty well.

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Australia politics live: Butler tells convenience stores and corner shops ‘you need to stop’ selling vapes as new laws begin

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Aly believes amended motion on recognition of Palestine was stronger than Greens motion

The Greens motion that Fatima Payman voted for, called for recognition of Palestinian statehood. Labor amended the motion to say that recognition of Palestinian statehood was part of a peace process that ended in a two-state solution.

I think actually our motion strengthened it because the I think just saying the night to recognise a Palestinian state without any context is in some ways tokenistic. I don’t want this to be tokenistic. I want this to be a very clear message to the Palestinian people that Australia supports their aspirations for statehood.

And as I say, I was hoping that that would have a resolution, would have got passed. And unfortunately, it didn’t.

There’s never one opinion here and you know, different people in the Muslim communities will have different views.

And I’ve been in contact with quite a few who have a very different view, who argue one of those things, or they’re they’re saying that, you know, the way to make change may not necessarily be the way that Fatima has chosen.

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Fatima Payman indefinitely suspended from Labor caucus – as it happened

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“I think he has the capacity,” Marles says when asked if Joe Biden has what it takes for the next four years. “I’ve got no doubt there will be no issues in relation to that.”

Marles says Biden administration doing ‘fantastic job’

We work very closely with him and we are very pleased with how we’re progressing with the United States both in terms of their position in the world, but also in terms of our equities, most significantly, of course, the Aukus arrangements that we have in place.

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Debt collection giant Panthera puts large parts of its business into administration

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A Guardian Australia investigation has revealed Panthera had circumvented blacklisting designed to stop it operating in Victoria

Major private debt collector Panthera Finance has appointed new directors and put parts of the company into administration as it seeks to sell off its scandal-plagued business.

Last month, Guardian Australia revealed Panthera, one of the country’s biggest private debt collection firms, had circumvented a blacklisting designed to stop it from operating in Victoria and continued to strike debt purchase deals within weeks of regulatory warnings.

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Fatima Payman admits she ‘upset a few colleagues’ by crossing the floor – as it happened

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Housing minister Julie Collins is speaking to the ABC RN about Labor’s build-to-rent bill which was knocked back in the Senate yesterday, with the Greens and the Coalition combining to delay it:

What we want to do is get this done. We’ve already been consulting, we announced it in the previous budget. Any delays will actually stop the pipeline of construction and the certainty for the sector.

What we want to do is get more affordable homes and more homes of every type on the ground as quickly as we can.

We’re saying they have to have a minimum of 10% to be eligible for the tax concessions that we’re talking about for each development.

That’s what our consultations and our discussions with the sector have done and, as I said, this is not the only thing we’re doing for affordable homes … My point here is that they continually delay and block housing up every time by coming together and having this unholy alliance between the Liberals and the Greens in the Senate, because they’re more interested in votes than they are about people.

We’re not open to negotiation and we want to get this done.

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