Category Archives: Australian economy

Nuclear more costly and could ‘sound the death knell’ for Australia’s decarbonisation efforts, report says

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Analysis from Bloomberg New Energy Finance says even if nuclear is successfully implemented it would be ‘at least four times’ more expensive than average cost of renewables

A nuclear-powered Australian economy would result in higher-cost electricity and would “sound the death knell” for decarbonisation effort if it distracts from renewables investment, a report by Bloomberg New Energy Finance (BNEF) argues.

The report comes as ANZ forecast September quarter power prices will dive as much as 30% once government rebates kick in. A separate review by the market watchdog has found household energy bills were 14% lower because of last year’s rebates.

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Shorten says NDIS ‘too important for political games’ after bill blocked – as it happened

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Wong rejects Birmingham’s criticism, says US alliance ‘deep and strong’

Asked about her Liberal counterpart Simon Birmingham’s criticism of Anthony Albanese’s phone call with Julian Assange and his claims that the deal to release Assange has “damaged” the US-Australian alliance, Penny Wong says:

That’s not not correct and disappointing that Simon would go to the alliance. He would know that our relationship with the United States is deep and strong.

And that is why we were able to advocate in the way we did. And ultimately, the pathway to resolving this, … had to be through the resolution of the legal process.

Dr Yang remains a priority for our government. We continue to raise his case with the Chinese authorities at all appropriate levels and we will continue to do so. It was obviously raised, as you know, when Premier Li was here.

What I would say is today I am very pleased to see Mr Assange reunited with his family in Australia.

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Lift prices, find your niche or shut: Australian cafes face tough choices as inflation bites

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Hospitality outlets are being forced to evolve as cost-of-living pressures change the way cash-strapped consumers spend their money

The Sydney eatery John Montagu is known for its sandwiches.

The cafe in the harbourside suburb of Woolloomooloo has an avid following, especially among those who appreciate that it is named after the Earl of Sandwich, which may sound comical but is a bone fide noble title.

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Inflation rises to 4%, stoking concern interest rates could increase again

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The consumer price index increased to its highest level in 2024, indicating the Reserve Bank is unlikely to cut interest rates soon

Australia’s monthly inflation rate increased to its highest level in 2024 in the latest indication that the Reserve Bank won’t be cutting interest rates soon and might yet hike again.

Consumer prices rose 4% last month from a year earlier, the Australian Bureau of Statistics said on Wednesday. That compared with the 3.6% pace recorded for April, and the 3.8% rate expected for May by economists.

The jump in May’s inflation was propelled in part by automotive fuel prices, which were up 9.3% from a year earlier even as they retreated 5.1% during the month itself.

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Australia politics live: Julian Assange leaves Belmarsh prison after plea deal and will return to Australia, WikiLeaks says

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WikiLeaks X account has tweeted that ‘Julian Assange is free’. Follow today’s news headlines live

‘It’s just a lazy delay’

Bill Shorten says a further delay of the Senate vote on the NDIS bill won’t actually lead to any changes:

There’s no good reason on God’s green earth to have another eight weeks of review, which isn’t actually eight weeks.

There won’t be a whole lot of new submissions come in, there won’t be some brand new arguments not considered.

I’m horrified after 12 months of reviewing the NDIS and then another six months of discussing the review including [in] the last three a Senate committee having public hearings calling for submissions.

The opposition has used words never ever said before by them.

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Labor and Greens strike anti-vaping deal – as it happened

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David Pocock also spoke to the ABC about his private member’s bill that would see housing treated as a human right. He said it was needed because:

There’s no overarching national plan and this would legislate that these are the objectives, we want to see housing affordable, we want to reduce homelessness and then it would be up to the government to actually work out – how are we going to do that?

What are the policies that we think will address this?

One of my heroes Desmond Tutu used to say ‘don’t raise your voice, improve your argument’.

It’s pretty tragic the major parties tear the opposition down rather than improving their argument and making their plans stand on their own two feet.

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Families set to pocket more than $60 a week from stage-three tax cuts

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Treasury analysis shows ‘mums and dads’ will be among the biggest beneficiaries when 1 July cuts kick in, Jim Chalmers says

Australian families are set to pocket more than $60 a week when the government’s tax cuts kick in from July, according to new analysis from Treasury.

The federal budget’s cost-of-living measures will come into effect on 1 July, including the tax cuts and energy relief for all households and 1m small businesses.

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Shadow energy minister says system in ‘dire trouble’ – as it happened

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Australia needs more gas supply on east coast, Albanese says

Anthony Albanese is speaking to the ABC from Devonport.

We’ll work those issues through with Aemo.

We need more gas supply. We announced our future gas strategy a short while ago because we understand that we need more supply. Gas has an important role to play in manufacturing in particular. But also in providing firming capacity for the renewables rollout.

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Australia news live: Dutton announces Coalition’s nuclear policy and proposed sites, but no costs

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Sites named at Collie, Mt Piper, Callide, Tarong, Liddell, Northern energy in South Australia and Loy Yang. Follow the day’s news live

Sussan Ley says Coalition nuclear policy will be a ‘sensible proposition’

I just wanted to return to Sussan Ley’s appearance on Sky News this morning, where she was asked how a potential future Coalition nuclear policy would circumvent nuclear bans:

We’ll work through all that. We have a sensible proposition to put to the Australian people and I know that when we talk about nuclear people are starting to tune in, understanding that if 19 of the 20 biggest economies in the world are using nuclear, if it makes sense for cleaner baseload power, because it’s zero emissions, if it helps us get to 2050 net zero, if it does all of the things that we want it to do in terms of emissions, and in terms of securing affordable cheaper power for Australians … why would people not consider it? And I believe they will.

Now, the government says it’s renewables only. We can see that that’s actually not going to happen. The government talks about hydrogen, it’s not at scale. It’s not even something they can demonstrate works in that short timeframe and they talk about batteries that aren’t going to provide the storage for their renewables.

So, they are in a complete mess over this, and they need to be put on the sticky paper and asked what they are going to do for families, households and manufacturing businesses.

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RBA governor says inflation still above target; Matt Kean to retire from politics – as it happened

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Liberals criticise treatment of journalist by Chinese officials at press conference

Opposition foreign affairs spokesman Simon Birmingham has condemned the treatment of journalist Cheng Lei at federal parliament yesterday.

This was an entirely counterproductive and inappropriate act by Chinese officials that should have been called out by our prime minister and government officials.

It is a reminder that we have two very different systems, the Chinese system and the Australian system, different systems of government, of course as a democracy, different respect when it comes to media, to freedom of speech, but this visit is taking place in Australia.

It is concerning, I think a lot of this comes from so many Australians genuinely doing a tough at the moment, having to make really tough decisions, from telling their kids that they can no longer play basketball or be part of the scouts group because they can’t afford the … 500 bucks a year that costs, to other Australians who are deciding between going to see the GP or fulfilling a script and putting food on the table.

People are doing it tough and so when they hear politicians talk about these targets in the future … I think Peter Dutton use this to whip up fear.

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Chinese premier Li Qiang’s Australia visit overshadowed by officials’ apparent attempt to block Cheng Lei’s view at event

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The first visit to Australia by a Chinese premier in seven years was marked by anti-China groups protesting China’s disregard for human rights

The Australian government has rolled out the welcome mat as China’s premier, Li Qiang, visited Canberra, but his trip may have been overshadowed by an apparent attempt by Chinese officials to block the view of the formerly detained Australian journalist Cheng Lei during a signing ceremony.

The first trip to Australia by a Chinese premier in seven years is the most striking symbol yet of the easing of tensions in a previously turbulent relationship.

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Virgin Australia plane makes emergency landing – as it happened

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Ex-Liberal staffer Bruce Lehrmann arrives at a Toowoomba court

Bruce Lehrmann arrives at a Toowoomba court for a committal hearing into allegations he raped a woman in 2021.

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Peter Dutton’s plan to ditch 2030 emissions target would drive up power bills, Penny Wong says

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Comments come after opposition leader claims higher grocery prices are result of Labor ‘not taking into account gas and nuclear’

Penny Wong has warned that ditching 2030 greenhouse gas reduction targets would lead to higher electricity prices as Peter Dutton foreshadowed an election campaign fought on energy policy.

The opposition leader told Sky News on Sunday that energy would be a “big difference between the two parties as we head into the next election”, a week after backing away from Australia’s legislated 2030 emissions target of a 43% cut compared with 2005 levels.

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Australian banks to alert customers on interest rate moves under changes to get savers better deals

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Move comes after consumer watchdog found banks were using pricing strategies that were highly complex or took advantage of the tendency to set and forget

People will be alerted each time their interest rate moves and when promotional offers expire under a suite of changes aimed at prodding bank customers to snag a better deal.

The federal government plans to act on a number of recommendations from two Australian Competition and Consumer Commission reports that found bank customers could earn and save more if not for barriers stopping them switching to better offers.

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Police investigate after pro-Palestinian slogans graffitied on Canberra war memorial – as it happened

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The education minister, Jason Clare, has said stricter regulations on social media for teenagers had bipartisan support.

Speaking to Channel 7’s Sunrise, Clare called social media a “cesspit”, and added that Labor’s age verification trial would be the first step to protecting young people.

I think we all agree that social media’s a cesspit. We all agree we don’t want our kids on it. It’s about how do you do it?

This should be something where the Labor party and the Liberal party can work together.

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Australia news live: person ‘likely’ with dementia made call to police before 92-year-old allegedly assaulted by police, Karen Webb says

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Chalmers asked about findings that jobseekers unable to afford ‘basics of life’

The treasurer Jim Chalmers was up on ABC News Breakfast just earlier, asked about new Anglicare data showing Australians on income support are “structurally unable to afford the basics of life”.

This is the primary motivation for the substantial cost of living relief that we’re providing in the budget. Whether it is the tax cuts for every Australian taxpayer, energy bill relief for every household, help with student debt and cheaper medicines, plus the increases to jobseeker – which were in the budget before last – all of these are important ways that we can not just understand and acknowledge the pressures that people are under, but actually respond to them.

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Australia’s unemployment rate dips to 4% as economy adds 40,000 new jobs

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Jobless rate eases as employers shrug off rising costs to keep adding to their workforces

Australia’s unemployment rate eased last month as employers shrugged off rising costs including higher interest bills to keep adding to their workforces.

The jobless rate was 4% in May, the Australian Bureau of Statistics said on Thursday. That was in line with economists’ predictions and was a slight drop from April’s 4.1%.

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New ‘targeted’ search in Samantha Murphy investigation – as it happened

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Sydney’s light rail network disrupted today amid industrial action

A reminder for Sydney commuters that the light rail network will be disrupted today amid planned industrial action.

Recent estimates have Australians consuming around 3,300,000 bags of cocaine per year, with every single one of them bought off the black market. There is no way of knowing whether any of them have been cut with deadly substances like fentanyl or nitazene.

We have to acknowledge that the majority of people who use cocaine do so recreationally and there is absolutely no chance of stopping people using the drug. We therefore need to consider all options to reduce harm, including regulating cocaine in a similar way to how we regulate alcohol.

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Australian capital city rents have biggest monthly fall in over four years but crisis ‘far from over’

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Sydney house rents still nation’s highest but an expected rise in vacancy rates this winter could provide some relief to tenants, expert says

Average asking rents in Australia’s capital cities fell 0.5% in May, the largest percentage monthly decline in more than four years.

New data released by SQM property research shows the fall in average capital city rents – to $723 in May – was the largest monthly percentage decline on that measure since April 2020.

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Australia news live: Dutton suggests Coalition won’t provide 2030 emissions target before election5; Qld state budget announcement today

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Opposition leader says Coalition will ‘make our announcements in relation to our targets in due course’. Follow today’s news headlines live

Murray Watt says the opposition has “started the new climate wars” after Barnaby Joyce and Keith Pitt, two senior Nationals, called for Australia to pull out of the Paris agreement. You can read more on this from Karen Middleton below:

Speaking to ABC News Breakfast, Watt said:

We’re back to the same old climate wars in the Coalition. I saw overnight that [Joyce and Pitt] openly called for the Coalition to pull out of the Paris agreement. They’ve spent the last couple of days trying to paper over the cracks in the Coalition, saying that they can withdraw the target without withdrawing from the agreement. Now it’s out there in the open for everyone to see. And you can set your clock by Barnaby Joyce causing new climate wars within the Coalition. It’s seem like we’re back to the bad old days.

We’re on track to get to 42%, which is only 1% short of the 43% target.

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