Category Archives: Australian economy

Australia weather live updates: more heavy rain forecast for NSW and Qld as SES issues flood warnings; Sydney downpours cause train delays and airport flight cancellations

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Dozens of flights cancelled at Sydney airport and drivers told to avoid non-essential travel as inland low and coastal trough combine

Helen Reid from the Bureau of Meteorology has just provided us with an update on the Sydney rain and said the city could very well receive a month’s worth of rain in one day.

She pointed to the Observatory Hill gauge and said on average in April, there is around 126.5mm of rainfall during the month. Since 9am yesterday morning, there has been 106mm of rain.

We are expecting rainfall over Sydney to increase during today … I would suggest that if we got more than the April average, that wouldn’t be too beyond too far beyond this stretch of imagination.

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Australia news live: PM says it ‘isn’t good enough’ to say Gaza strike on aid workers ‘just a product of war’

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Prime minister reiterates that has ‘demanded full accountability for what has occurred’ from Israeli prime minister Benjamin Netanyahu. Follow the day’s news live

After a number of comments about the state of famine in Gaza, which Hyman appears to be disputing – it’s quite difficult to keep up with his comments, though they seem to include allegations that Hamas is stealing aid – he is asked by host Sally Sara if he’s rejecting UN concerns of hunger and starvation in Gaza. I will come back and check his comments shortly but the upshot seems to be that he is, more or less.

I’ll bring you more direct lines from this interview shortly, bear with me.

I mean, obviously, we know that this isn’t something that the IDF would do or the Israeli Air Force would do on purpose.

There’s a war going on. Wars are awful. Nobody wanted this war, we certainly didn’t want this war, but we’re forced to fight it because it’s a war for our very existence.

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Youth curfew ‘not the long-term solution’, MP says – as it happened

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Anthony Albanese has called a snap press conference in Canberra at 8.30am. We’ll have coverage of this for you soon.

A man has died in Melbourne’s south after being struck by a truck on a major highway near Frankston.

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Australia faces postwar-style reconstruction to reach net zero target, says Combet

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A ‘pipeline’ of clean projects is being assembled, says the head of the agency charged with multibillion-dollar transformation

Australia faces a postwar-scale reconstruction costing hundreds of billions of dollars in private and public investment to reach net zero emissions by mid-century, the former Labor climate minister and incoming Future Fund chair, Greg Combet, says.

Speaking at the National Press Club, Combet said the Net Zero Economy Authority – a new government agency proposed to help manage the country’s transformation from a dirty to a clean economy – was putting together a “pipeline” of clean industrial projects and would be “figuring out how to help bring them to concrete investment decisions”.

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Ten lawyers tell court Lehrmann may have leaked confidential material to Spotlight program – as it happened

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Aviation firefighters will walk off the job amid revelations many of the nation’s airports are ill-equipped to handle emergencies, AAP reports.

Leaked risk assessments carried out by Airservices Australia reveal travellers at 13 airports including Brisbane, Melbourne, Perth and Adelaide airports, were found to be at extreme risk if there was a fire or aircraft incident because of a lack of firefighting resources.

These leaked documents confirm that Australia’s air travellers face a dire risk every time they set foot on an aircraft in Australia.

Clearly, this significant and ongoing risk to all Australian air travellers is unacceptable and cannot be allowed to continue.

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Australian house prices hit record high for fifth consecutive month

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CoreLogic data shows prices rose 0.6% in March while separate index from PropTrack produces similar results

National home values set a record high for a fifth consecutive month in March as a resilient economy and the swelling population pointed to further increases to come.

The home value index compiled by data group CoreLogic showed prices rose 0.6% last month, matching February’s increase. Median home prices were $772,730, rebounding just over one-tenth since its recent nadir in January 2023.

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Senator Tammy Tyrrell quits Jacqui Lambie’s party to sit as independent – as it happened

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Local MP says government ‘had to do something’ about ‘weeks of unrest’ in Alice Springs

MP for Lingiari, Marion Scrymgour, says the government “had to do something” when asked if a youth curfew, imposed for Alice Springs from last night, was necessary.

That’s culminated in some of the riotous behaviours that we’ve seen played out in the streets of Alice Springs, which over a number of weeks, has gotten increasingly worse. The government had to do something.

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Australia politics live: Toyota boss says fuel efficiency standard ‘not a car tax’ as Labor defends secrecy around bill

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Renewed push to scrap activity level requirements for childcare subsidies

There was a lot of disappointment last budget when the government did not scrap the activity test as a way of making early child education more accessible and universal.

Zoe Daniel MP, Member for Goldstein

Georgie Dent, the CEO of the Parenthood

Sam Page, the CEO of Early Childhood Australia

Kate Carnell, the former Australian Small Business and Family Enterprise Ombudsman and former ACT chief minister

Natalie Walker, the deputy chair of Goodstart Early Learning

Sue Morphett, a businesswoman and the former president of Chief Executive Women

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Australia politics live: Catherine King takes aim at Liberals over preselection of women at end of heated question time

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Chalmers: we can have cost-of-living relief and wage growth

Here is how Jim Chalmers was selling the wage submission (at least on ABC TV this morning). The treasurer said it wasn’t a binary choice between cost of living relief and wages growth:

We don’t see cost of living relief as ‘instead of’ decent wages growth. We want to see wages growth on top of the billions of dollars of cost of living relief that the Albanese government is rolling out.

… The tax cuts we’re rolling out for everyone, or cheaper childhood education or cheaper medicines - none of those are a substitute for getting wages growing in the economy once again.

I think if you’ve followed Tasmanian laws, and they’ve worked very well down there and actually your bill is based on that, you might have … a good good bit of airing out there and actually be able to settle this once and for all.

I think there’s a very fine line between having choices … and running … a business or a school or anything else.

People send their kids to faith based schools with expectations and I think we’ve got a walk a very, very fine line with all of that.

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Israel must allow humanitarian relief to reach Gaza, Australia and UK say in new joint statement – as it happened

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As part of the latest Aukus developments, Australia will send A$4.6bn to the UK to clear bottlenecks at the Rolls-Royce nuclear reactor production line.

Richard Marles was asked why it costs so much, and why this component needs to be done in the UK. He told ABC News Breakfast:

We made clear a year ago that we wouldn’t be building the nuclear reactors in Australia. They will be built by Rolls Royce at its facility in Derby in the UK and once the sealed reactors are built, they will be taken here to the Osborne Naval ship yard and placed in the submarines which the rest of which will be built here at Osborne.

Building nuclear reactors is difficult to do and in order for this to play out, that facility in Derby, which is building nuclear reactors for Britain’s navy, that needs to be expanded and that is what this contribution is for.

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One in 20 Australian mortgage holders are spending more than they earn

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Reserve Bank says households are generally weathering the record run of interest rate rises but 5% of owner occupiers are in a dire financial position

About one in 20 mortgage holders are spending more than they earn because of higher interest rates and cost-of-living increases but that share should halve by the end of 2025, the Reserve Bank said in its latest financial stability review.

The semi-annual report, released on Friday, was generally upbeat about the financial health of households and businesses, finding “nearly all borrowers continue to service their debts on schedule” even though conditions are likely to remain challenging for many this year.

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David Shoebridge says Julian Assange ‘may not survive’ trial and extradition – as it happened

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Expect to hear a lot more on this today:

Southern Australia could face gas shortages during “extreme peak demand days” from 2025 as Bass Strait supplies dwindle, the Australian Energy Market Operator has said.

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Australia politics live: Peter Dutton claims PM ‘misrepresented’ earlier comments about Kevin Rudd’s performance as US ambassador

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The Republican candidate for the US presidency, former president Donald Trump, has had a few things to say about former Australian prime minister and current US ambassador Kevin Rudd.

Trump spoke to UK conservative Nigel Farage on GB News, saying if Rudd is hostile “he will not be there long”:

The Aukus deal that is in place, America, you know, the UK, Australia, very, very important deal, it is there to try and combat that huge growth in China. But now of course things have changed in Australia, we have a Labor government in Australia. The previous ambassador, Joe Hockey, I think was quite a good friend of yours, you got on pretty well with him. Now they have appointed Kevin Rudd. Former Labor MP, an he has said the most horrible things, you were a destructive president, a traitor to the west, and he is now Australia’s ambassador in Washington. Would you [take a phone call from him?]”

Yeah, well don’t know. He won’t there be long if that is the case. I don’t know much about him. I heard he was a little nasty. I heard he’s not the brightest bulb. I don’t know much about him, but he won’t be there long if he is at all hostile.

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Australia politics live: Coalition slams Keating for China meeting; RBA tipped to hold rates

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Former PM called ‘reckless’ for accepting talks with foreign minister Wang Yi. Follow the day’s news live

Energy minister Chris Bowen is on a bit of a media blitz this morning.

More renewables are coming on to the grid, which is lowering the default price of energy, but this is Bowen’s main message (he is speaking to ABC radio RN here)

Nuclear is the most expensive form of energy in the world at the moment. There will be a real choice at the next election between the cheapest form of energy and the most expensive.

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Reserve Bank tipped to hold interest rate but economists split on when cuts will start

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Pundits and investors expect the RBA to leave its cash rate unchanged at 4.35% when the board meets on Tuesday

The Reserve Bank is widely tipped to leave its key interest rate on hold at this week’s board meeting, but economists are split on how soon borrowers can expect rate relief.

The central bank will announce the results of its second board meeting for 2024 on Tuesday. Pundits and investors alike anticipate the RBA will leave its cash rate unchanged at its 12-year high of 4.35%.

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Australia politics live: Steven Miles says Suncorp Stadium will host Brisbane Olympics opening and closing ceremonies

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‘There’ll be a lot of people grieving today’

Both Barnaby Joyce and Tanya Plibersek were asked about soldier Jack Fitzgibbon, the son of former defence minister Joel Fitzgibbon.

The Fitzgibbon family are a family of honour. Jack died in service to our nation. Joel has served our nation. The family will be absolutely grieving. We hope and pray Jack is with our maker, give comfort to them. You’ve seen the Fitzgibbons, you’ve watched them on television. They’re a great family. He is also my mate. We’ll turn up and give what support we can to Jack’s family.

It’s just the worst thing that any parent can imagine and so our hearts go out to Joel and Diane and their family and the friends and comrades that Jack had in the service as well. We know there’ll be a lot of people grieving today.

Well, first of all, of course it’s not on government devices in Australia either. We’ve got a ban here in Australia on government devices. But there are 8.5 million Australians who are using it.

We’ll take the advice of our security and intelligence agencies on anything we need to do around TikTok. I think people should be careful of the data that they put online in general. Like I say, if the security and intelligence agencies give us advice on TikTok, we’ll take it.

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Passengers treated after ‘technical problem’ – as it happened

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Outer suburban drivers overtake inner-city drivers in EV uptake

New data from the Electric Vehicle Council shows that outer suburban drivers have overtaken inner-city drivers in their EV uptake.

I think some tired stereotypes about EVs in Australia will need to be updated.

What this data tells us is that the average EV buyer lives in the suburbs and might well be keen to use the new car to take the kids camping on the weekend. They might even be thinking about towing a boat.

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Lowitja O’Donoghue remembered at state funeral – as it happened

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North Melbourne’s Alastair Clarkson free to coach in round one after avoiding suspension for outburst in weekend’s trial match. This blog is now closed

Scooter rider dies in crash in Sydney

A scooter rider has died following a crash at North Ryde in Sydney this morning.

We are yet to see her beautiful eyes open, however, she has shown some really positive signs that she may be hearing her loved ones.

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Almost 1 million Australians are working at least two jobs as cost-of-living pressures bite

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More workers are taking on multiple jobs as they grapple with higher interest rates, inflation and underemployment

Almost 1 million Australians are working at least two jobs as many workers struggle to meet cost-of-living pressures amid rising underemployment.

The latest figures from the Australian Bureau of Statistics released on Friday show 970,700 people held multiple jobs in December 2023, up from 957,100 three months earlier.

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Australia news live: former Victorian MP Fiona Patten winds up Reason party and rules out political comeback; police to provide update in Samantha Murphy press conference

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NSW government urged to double social housing by 2050

Homelessness NSW is urging the state government to spend $1bn each year for a decade to double the supply of social housing by 2050.

NSW has failed to invest in social housing for decades. Last year, just one-fifth of people seeking help from homelessness services could find long-term accommodation.

Right now, many of the 57,000 households on the social housing waitlist are forced to wait up to a decade for a safe and stable place to call home.

Underfunded frontline providers are being flooded with calls for help and forced to turn away one in every two people who need accommodation. Services will be unable to keep staff on or their doors open without more funding.

Even for people who get through the door, help is limited. Half of those who need temporary or crisis accommodation cannot access it. That means women and children are forced to return to violent partners, seek shelter in a vehicle, on a couch or the street.

But there has been no improvement in closing the gap on life expectancy, with Indigenous Australian males and females expected to live 8.8 and 8.1 years respectively, less than other Australians.

The target to reduce the number of children in out of home care is not on track, while the target to reduce adult imprisonment is not on track and worsening.

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