Labor accuses government of being ‘complacent’ about economy as ASX200 falls amid fears of a global recession
The Australian stock market has suffered its worst day in almost 18 months after $63bn was wiped off the value of shares amid mounting fears of a global recession.
The benchmark S&P/ASX200 index on Thursday tumbled 187.8 points, or 2.85%, to 6,408.1 points, while the broader All Ordinaries shed 186.7 points, or 2.8%, to 6,490.8 points.
Continue reading...Two men from GD Pork pleaded guilty in WA to breaching biosecurity laws to gain ‘unfair’ breeding advantage
Two pig farmers in Western Australia will be jailed after being convicted of illegally importing Danish pig semen concealed in shampoo bottles.
Torben Soerensen has been sentenced to three years in prison, while Henning Laue faces a two-year sentence after pleading guilty to breaching quarantine and biosecurity laws.
Continue reading...The trade minister, Simon Birmingham, has released a list of food products the EU wants protected as ‘geographical indicators’
Australia is gearing up for a fight with the European Union over the naming of hundreds of products including feta, gruyere and scotch beef as negotiations continue over an “ambitious” free trade agreement.
The trade minister, Simon Birmingham, has released a list of names the EU wants protected as part of the new trade deal – known as “geographical indications” or GIs – which are aimed at protecting European products.
Continue reading...Galarrwuy Yunupingu taking legal action for loss of native title as well as destruction of dreaming sites
The federal government is facing a lawsuit over damage done to Indigenous land by the decades-old mining project that sparked the Yirrkala Bark Petitions.
Gumatj leader Galarrwuy Yunupingu revealed on Saturday that he and his people were taking legal action against the commonwealth, seeking compensation for the loss of native title over the minerals exploited by mine operator Nabalco and its successor, Rio Tinto, as well as the destruction of key dreaming sites.
Continue reading...Claims including links to Triads to be ‘re-examined’ and rules covering junket operators reviewed
Victoria’s minister for gambling, Marlene Kairouz, says she has ordered the state’s casino regulator to conduct a snap investigation into a flood of allegations made against Crown Resorts and its Melbourne operation that include claims of links to organised crime and that its high rollers got waved through immigration without proper checks.
Kairouz said her department would also review the regulation of junket operators who bring high rollers from China, some of whom have been linked by Nine to Triad gangs.
Continue reading...Attorney general responds to crossbench calls for inquiry. All the day’s events, live
Siri: what is the definition of “a punish”?
David Gillespie saddles the despatch box, and therefore us, with Michael McCormack, which gives me the permission I needed to go make a cup of tea.
“All politics is local, as it should be,” says Sliced White.
Continue reading...Energy minister accuses opposition of ‘grubby smear campaign against my family’ and ALP pursues Coalition over its superannuation schism. All the day’s events, live
With the chambers all quiet and the rush to the airport in full swing, we are going to go collapse in a heap and stare at a wall.
Until Monday, when the parliament is back for the last sitting ahead of the winter break.
Here’s how Mike Bowers saw some of the day
Continue reading...The Australian businessman says he’s ‘so horrified’ by his cash rebate amount and wants the scheme means-tested
The Australian businessman Dick Smith has called for the franking credits system to be reformed after revealing he was once handed $500,000 in cash rebates in a single year.
When Smith was told he would soon receive what he called “ridiculous money”, he complained to the tax office and requested that the agency close down his self-managed super fund.
Continue reading...By suggesting switching jobs can even out the power imbalance between employers and employees, Treasury hinted at an obvious solution
Treasury caused consternation in the labour movement on Tuesday by suggesting the best way to win a pay rise might be to switch jobs.
It looked to unions like an attempt to blame workers for their bosses’ failure to grant a pay rise.
Continue reading...Ambitious export plan could generate billions and make Australia the centre of low-cost energy in a future zero-carbon world
The desert outside Tennant Creek, deep in the Northern Territory, is not the most obvious place to build and transmit Singapore’s future electricity supply. Though few in the southern states are yet to take notice, a group of Australian developers are betting that will change.
If they are right, it could have far-reaching consequences for Australia’s energy industry and what the country sells to the world.
Continue reading...The income threshold for repaying university fees has dropped to just $45,881. Here’s what you need to know
On Monday, the Hecs (Higher Education Contribution Scheme) repayment threshold fell by more than 11%.
From now on, anybody earning over $45,881 a year will have to start repaying their student loans – effective immediately. It was the largest percentage drop in the threshold in more than 20 years and the second largest drop in the history of the scheme.
Continue reading...Fund managers call on world leaders to bring in carbon pricing and phase out coal power ahead of G20
Superannuation funds and investors representing US$34tn in assets – nearly half of the total under management across the globe – have called on world leaders to bring in carbon pricing and phase out coal power to limit global heating to 1.5C.
Released ahead of a G20 leaders meeting in Osaka, Japan, the statement by 477 institutional investors urges world leaders to accelerate their response to the climate crisis to ensure the goals of the 2015 Paris climate deal can be met.
Continue reading...Questions over how chief executive David Hisco was allowed to run up large expense accounts and over wife’s purchase of a bank property
Pressure is mounting on the ANZ bank board after New Zealand’s central bank ordered two independent reviews into the company’s conduct following the departure of its NZ chief executive who ran up expense accounts averaging more than $400,000 a year.
The bank’s chairman, former New Zealand prime minister Sir John Key, last week announced the departure of David Hisco, who is an Australian, after the company learned of his spending for “non-monetary benefits” including a personal chauffeur service and wine cellaring.
Continue reading...Centre Alliance demands gas export controls, fearing any tax cut will go into the ‘pockets of overseas energy companies’
The Centre Alliance senator Stirling Griff says it is “most unlikely” the Coalition will be able to pass its full income tax cut package in the first week of July when parliament returns, and has joined Labor’s call for the government to split the legislation.
Griff, who is one of two key crossbench senators in negotiations with the government over the $158bn tax cut package, said he was waiting for a response from Treasury and the Coalition after the party outlined its demands on energy policy.
Continue reading...High-quality international offsets should be part of any credible policy, industry says
Business groups are defying the Morrison government’s political assault on the use of international permits, arguing a credible climate policy should include access to high-quality international offsets, because they are a key mechanism to help Australia meet its Paris target.
With climate change persisting as a significant campaign flashpoint, the chief executive of the Australian Chamber of Commerce and Industry, James Pearson, told Guardian Australia international permits were part of the toolkit for mitigating climate change in a cost-effective way.
Continue reading...The pressing moral issue of poverty sits outside the major parties’ carefully-tested election messages. Guardian Australia believes it’s too important to be sidelined
In their campaign war rooms the major parties are busy devising ways to “control the narrative”, to steer this election debate towards issues where they believe their pitch is strongest.
But there is a group of Australians whose desperate situation neither major party really wants to discuss. This moral issue of pressing national importance sits outside the major parties’ carefully-tested election messages and there is a real risk it might not be raised in the campaign at all.
Continue reading...The day started with Scott Morrison talking about a $387bn Labor tax slug and ended with Bill Shorten calling a Peter Dutton jibe ‘disgusting’
Scott Morrison’s ambition to make day two of the election campaign all about a $387bn Labor tax slug has been disrupted by Treasury disavowing the number and Peter Dutton accusing his Labor opponent in Dickson of using her disability “as an excuse’’ for not moving into the electorate.
Morrison hit the hustings on Friday armed with what the government said was new Treasury numbers revealing Labor’s “tax hit on the economy” would be $387bn but, later in the day, the Treasury head Phil Gaetjens confirmed officials had costed Labor measures at the government’s request but had not provided a total, making it clear the calculation was the government’s number.
Continue reading...Coalition’s about face on one-off payment prompts Labor to declare the budget is already ‘falling apart’
The Morrison government’s big post-budget sell has been disrupted by its own late-night decision to backflip on providing a one-off payment to recipients of Newstart.
The government used Tuesday night’s budget to provide supplements to welfare recipients, with $75 for singles and $125 for couples going to 2.4 million pensioners, 744,000 disability pensioners, 280,000 carers, 242,000 single parents and 225,000 veterans and their dependents – but not to people on unemployment benefits.
Continue reading...The federal budget is done and the (unofficial) election campaign begins. All the day’s events, live
Penny Wong’s speech on Fraser Anning censure motion
Labor senator and Yawuru man Pat Dodson spoke powerfully about the “Killing times”, Australia’s massacre history, as part of today’s censure motion against Fraser Anning.
Our First Nations people have carried the consequence of murderous prejudice throughout our entwined history.
First Nations peoples in Australia know what it is like to be powerless in the face of hateful prejudice, fanned by the illusion of superiority; and the false courage created by a weapon in their hand and their victims are defenceless.
Continue reading...Mutual obligation overhaul welcomed but government urged not to rely on ‘automated compliance’
The government’s proposed changes to how job seekers are made to look for work while receiving welfare have been mostly welcomed by stakeholders – although it’s also been warned against creating another “robodebt” scenario through an overreliance on automation.
Kelly O’Dwyer announced the biggest overhaul in mutual obligation requirements for 20 years on Wednesday, with the government to free job seekers from having to apply for 20 positions a month, as well as allowing job hunters to look for work online.
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