Category Archives: Australian economy

Australia politics live: Dutton attacks Albanese for including calls for ceasefire and de-escalation in motion reflecting on 7 October

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So what’s that ARC research project on islands actually about, anyway?

A blog watcher has taken the trouble to look up the research project that has Liberal MP James Stevens all hot and bothered, Archipelagic Connections in Australian and Pacific Literature:

Australia is often defined as an isolated island-continent, ‘girt by sea’. This project aims to challenge this protectionist myth by analysing literary and historical connections between different geographical sites that have been represented as enclosed in Australian history.

It expects to offer new interpretations of interconnected narratives of Aboriginal Australian, South Sea Islander and migrant enclosure in Australian literature.

The project also contributes to national strategic initiatives into the ‘truth telling’ on Australia’s past relations to Aboriginal Australians and the study of environmental change in islands and archipelagos.

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Many cheered when banks eliminated ATM fees in 2017 – but now it’s a struggle to find one

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Bank-owned ATM numbers are down almost 60%, with many spots now taken by privately-owned machines charging about $3 per withdrawal

It is getting increasingly difficult to find an ATM and harder still to find one that doesn’t charge fees, prompting warnings that the push toward a cashless society is neither equitable nor wise.

Bank-owned ATM numbers are down almost 60% since 2017, according to regulatory data, with many spots now taken by third party-owned machines that typically charge about $3 a withdrawal.

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Australia news live: PM introduces Tu Le as Labor challenger for western Sydney seat of Fowler

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A joint police statement warns “there will be no tolerance for illegal behaviour or violence on any day of the year” in the lead-up to protests planned for the 7 October anniversary.

The statement comes from NSW police, Northern Territory police, the Queensland police service, South Australia police, Victoria police, Western Australia police, Tasmania police and Australian federal police.

Police respect the right to peacefully protest and assemble in Australia, however, there will be no tolerance for illegal behaviour or violence on any day of the year.

In Australia, there are offences that prohibit behaviour that incites or advocates violence or hatred based on race and religion, including the display of prohibited symbols in public under these circumstances.

The commission can confirm it carried out operational activity today at Parliament House. This was in relation to an ongoing investigation.

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Rally organisers and police reach agreement – as it happened

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The deputy prime minister, Richard Marles, is speaking with ABC RN from New Zealand where he is meeting with regional counterparts.

Asked about the escalation of the conflict in the Middle East, and whether “ceasefire negotiations in Gaza are now dead”, Marles said the “continued violence in the Middle East is obviously giving rise to enormous threat to civilian life”.

I think the international community is desperate to see an end to this violence, and certainly that’s how we’re exercising our international voice.

Israel has a right to defend itself. Every country has a right to defend itself, and to do so in a proportionate way. That said, we are calling for a ceasefire, along with the United States, along with other members of the international community.

The continued violence in the Middle East is giving rise to … unacceptable numbers of civilian lives lost, and the ongoing violence is a threat to civilian life. And we, along with international community, urge an end to this.

We have [been protesting for] 51 weeks in a row, [and it’s been] absolutely peaceful. Millions of Australians have come out, it’s not provocative at all.

What’s provocative is the fact that our government isn’t listening to tens of thousands, hundreds of thousands, millions of Australians, who have signed petitions, called their MPs, have done everything they’re supposed to do within this democratic framework to say ‘enough’ …

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Australia news live: Miles promises state-owned power company for Queensland; NSW police arrest woman following Sydney protest rally

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Children’s commissioner to address National Press Club today on youth justice

The children’s commissioner, Anne Hollonds, is due to address the National Press Club today on a new report calling for an overhaul of Australia’s approach to child justice.

That kind of slogan really is trying to show that ‘we’re really tough up here, we’re going to be tough on crime’. And what our report shows is that that approach, that traditional approach in this country, hasn’t worked and and that basically it’s evident that we’ve misunderstood the nature of the problem we’re trying to solve. We know that toughening up the justice system doesn’t actually prevent crime by children.

The idea that the states and territories could fix this on their own has been misguided, we need to work together on it.

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Assange says he is free because he ‘pled guilty to journalism’ – as it happened

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National weather forecasts

Sticking with the weather, here’s a look at the forecasts across Australia’s capital cities today:

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Australia’s housing crisis may be starting to ease as home prices fall in four capital cities

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New data also shows auction figures softening while rent rises are at their slowest pace in years

Australia’s housing crisis may be starting to ease with dwelling price rises tapering off and rents increasing at their slowest pace in four years, data groups say.

Property values increased 0.4% in September, close to the 0.3% rise recorded for both the previous two months, CoreLogic reported. PropTrack’s housing index was basically flat, rising just 0.04% for the month.

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How the most affluent Australians disproportionately benefit from negative gearing

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Those in the top tax bracket three times more likely to be negatively geared property investor, says economist

Negative gearing helps high-earning Australians the most, with those with income of more than $180,000 annually snaring almost one-quarter of the benefits, despite numbering just 5% of taxpayers.

Data from the Australian Taxation Office showed people who earn more than $180,000 were able to lower their collective tax bill by $1.3bn in 2021-2022 through negative gearing. The $1.3bn was roughly 25% of all the losses on rental properties claimed by taxpayers in that financial year.

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Australia news live: Keating says Labor ‘flogging a dead seahorse’ over Aukus deal; severe weather for parts of NSW and Queensland

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The BoM has issued a severe weather update for parts of north-east NSW and south-east Queensland as wet and windy weather continues to batter the east coast. Follow today’s news headlines live

Dutton says PM ‘desperately hoping’ interest rates will fall

Opposition leader Peter Dutton believes Western Australia will play a crucial role in the election. He told the West Australian:

My judgment is that we’re waiting for the results to come in from WA before we know the outcome of the election this time around.

It depends on whether the prime minister’s waiting to see if interest rates come down.

He’d be desperately hoping that they come down in February of next year and he can go from there.

We live in the territory. This is our home. We are fighting to protect our water from the dangers of fracking.

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Chalmers admits he sought advice about changing negative gearing but says it is not on Labor’s agenda

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Treasurer says it’s ‘not unusual’ for governments to get advice on ‘contentious issues’ but stresses changes to housing tax breaks are not in the works

Treasurer Jim Chalmers has conceded he did ask his department for information about possible changes to negative gearing and capital gains tax concessions, but the government insists any reform to the controversial tax breaks are not yet on the agenda.

The Independent senator David Pocock said the government had multiple options to make the system more equitable through moderate changes while still protecting investments made by ordinary families.

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Opposition leader calls for university’s leaders to quit – as it happened

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The foreign affairs minister, Penny Wong, has joined an international push “to hold the Taliban to account” under the Convention on the Elimination of All Forms of Discrimination Against Women.

Wong says:

We know the women and girls of Afghanistan are effectively being erased from public life by the various edicts the Taliban … have issued.

The steps we are taking with Germany, Canada and the Netherlands are unprecedented. We are intending to use the Convention on the Elimination of All Forms of Discrimination Against Women, to which Afghanistan is a party, to take action.

If I can … say again to the Australian Lebanese community. This is a deeply distressing situation for so many of you. I know that there are many Australians in Lebanon. There are many Australians who have relatives, family and friends in Lebanon. I again urge Australians in Lebanon to leave now. There are flight cancelations and disruptions, and there is a risk that Beirut airport may close for an extended period of time.

Please do not wait for a preferred route. Please take the first option you can to leave. We continue to monitor the situation closely. We have been working with partners on contingency plans now for many months but I again say to anyone who any Australian who is in Lebanon: please leave now.

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Several Labor MPs ‘open’ to reforms to negative gearing to address housing crisis

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Some politicians welcome a fresh and bold response to address affordability, while others wary of resurrecting a debate lost at the 2019 election

Some Labor MPs say the government shouldn’t be afraid of considering reforms to negative gearing, with several caucus members saying they were “open” to fresh and bolder responses to the housing crisis.

But others are wary of reopening a debate lost at the 2019 election, calling for caution amid concerns of an election scare campaign.

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Greens MP invokes Whitlam in public housing push – as it happened

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Plibersek approves three coalmine expansions

We have more on environment minister Tanya Plibersek’s approval of three coalmine expansions on Tuesday from Graham Readfearn here.

There’s a range of everyday common health conditions that are unnecessarily blocking up our emergency departments and contributing to those wait times to see our precious general practitioners.

We would love to see more GPs. Who doesn’t love their local family doctor? My wife and I and our children certainly do. But we all know how difficult it is to not only find one, find one that bulk-bills, but find one that hasn’t closed their books and can take an appointment. That’s not just in the bush, that’s in our major capital cities as well, whether it’s after 6pm or on a weekend, when your local pharmacy is open.

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No talk of hikes, no cut on the horizon: why RBA thinks it’s in the ‘right spot’ with interest rates

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There was good news and bad news as Australia’s central bank held the interest rate steady for the seventh time in a row

The good news is the Reserve Bank is all but done lifting interest rates. Less good news is that the central bank is also not about to cut them.

Those were probably the key takeaways from the RBA’s sixth board meeting of 2024 and the seventh since it last slugged borrowers with it’s last cash rate hike.

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Peter Hannam is Guardian Australia’s economics correspondent

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Australia news live: RBA ‘didn’t explicitly consider’ hiking interest rates, governor says

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Reserve Bank leaves interest rate on hold for seventh meeting in a row. Follow all the days’s headlines live

Tony Armstrong is leaving ABC News Breakfast for a new show screening in 2025. He told viewers this morning:

I just want to thank Brekky and the broader ABC News team for welcoming me in with open arms and helping me grow over the past few years. I love live TV and those moments that are unplanned and unpredictable where anything can happen. I’ve been so lucky to be surrounded by an incredible team and it’s those friendships that I’m going to cherish the most.

How blessed we’ve been to have Tone on our screens every morning, bringing the sparkle, joy and heart that only Tony can! Tony is a wonderful friend and everyone at News Breakfast is going to miss his infectious and caring nature. I know it’s meant so much to me and to thousands upon thousands of First Nations viewers waking up to see Tony representing us on the daily. Can’t wait to see what you do next, Tone! Maybe sleep?!

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No cuts in ‘near term’ as RBA leaves Australia’s official interest rate unchanged at 4.35%

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RBA decision was in line with economists’ forecasts as economy endures persistent inflationary pressures

The governor of the Reserve Bank, Michele Bullock, says she does not see interest rate cuts “in the near term” as the central bank waits for clearer evidence inflation is in retreat before it begins cutting borrowing costs.

The RBA ended its latest two-day board meeting on Tuesday by keeping its cash rate at 4.35%, the level its remained since November. The decision was as economists had expected.

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Reserve Bank expected to leave interest rate untouched for seventh meeting in a row

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Economic activity was ‘a little bit softer’ than central bank had predicted, one expert notes, but a rate cut still seems unlikely

How soon the Reserve Bank might cut interest rates will be the focus for borrowers and economists alike when the central bank wraps up its latest meeting on Tuesday.

Governor Michele Bullock is expected to keep the RBA’s key rate unchanged for a seventh meeting in a row, according to a survey of 45 economists by Reuters. The bank lifted the rate 13 times between May 2022 and last November.

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AFL stars walk Brownlow medal red carpet – as it happened

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Gallagher says government ‘not going to be threatened’ by Greens on RBA reform

Host Patricia Karvelas:

The two groups you need talking to you are not going to deliver what you’ve asked, so [the RBA reforms are] essentially dead. I mean, you might be keeping them on the table, but no one’s picking up what you’ve got on the table.

Well, we remain committed to them, PK, and you know if – and I would say the more likely path is if Peter Dutton stops being stubborn and engages with us – there is a way through on this. I don’t know why they have dealt themselves out on this…

They know this is good, sensible policy, and I would urge them to reconsider their opinion, their position, because we’re not going to go around being threatened, having the finger wave by Nick McKim saying that the government should rip up the way the bank the fiscal and monetary policy systems have worked in this country very successfully without political interference on the monetary policy side for decades.

Well, I just think the Greens are out of control at the moment, full of self importance and out seeking populist approach to everything. It’s crazy what they’re saying to us.

So if that’s their ultimatum – and you know, it’s a bit unseemly, Nick McKim going around issuing ultimatums – you know, no, we won’t work with that, because that is crazy. It’s economically irresponsible, and we won’t do it.

They remain on the table. We’re pretty keen on them. So is the bank, and we certainly thought that the Reserve Bank support for these reforms would sway the Liberal Party… The treasurer has been working with the shadow treasurer closely on it, but they’ve dealt themselves out, for whatever reason…

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Coalition’s nuclear power plan is ‘economic insanity’, Jim Chalmers says on eve of major Dutton speech

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‘It will cost more, it will push prices up, it will take longer,’ treasurer says of opposition leader’s ‘fantasy’

Coalition plans to build seven nuclear power plants are “economic insanity”, Jim Chalmers has said, in the lead-up to a speech by Peter Dutton that is expected to provide new details of the policy.

The federal opposition has outlined plans to build seven nuclear reactors across five states, should it win the next election, with the first to be built by 2035 to 2037 at the earliest.

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‘Stop doing dumb stuff,’ economist warns as housing affordability in Australia slips

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Saul Eslake says decades of ‘bad policies’ have inflated demand as report finds about 20% of households effectively ‘locked out’ of the market

Housing affordability has deteriorated over the past year to reach its worst level since records began in 1995. First home buyers now rely on wealthy families or high-income jobs to enter the market, according to the latest housing affordability report from PropTrack.

Driven by high mortgage rates and increasing home prices, affordability further deteriorated this financial year to the point where a median-income household earning about $112,000 could afford just 14% of homes sold – the smallest share since records began. This share has declined from 43% in just three years.

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