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Australian borrowing personal loans in record amounts
Australians are borrowing record amounts in personal loans as a long-term buildup in living costs wipes out savings buffers.
Continue reading...Regulators and gambling harm advocates have been closely watching the rise in popularity of Polymarket and Kalshi
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US-based “prediction market” websites are taking tens of thousands of dollars in bets on Australian elections and even specific words the prime minister, Anthony Albanese, says in parliament, with gambling harm advocates and the wagering lobby raising alarm.
Australian financial and media regulators said they were monitoring the explosion in popularity of platforms like Kalshi and Polymarket, which operate financial exchanges where users buy “shares” in contracts on the outcome of events.
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Climate activists say they have blocked two coal ships from entering Newcastle port
Climate activists say they have stopped two coal ships from entering the Port of Newcastle this morning after kayakers and a small boat entered the channel.
I grew up in the best years economically in Australia’s history, and I can’t sleep at night thinking about my 5 great-grandkids trying to live on a dead planet if we keep mining coal. I want to see more people my age standing up for what’s right.
There’s plenty of conversations going on all the time.
I think there’s so many people in politics for the right reasons and, when you’re in there, you want to say, well, how do we actually ensure that people can elect people that are going to come here and really deal with the root causes of the problems that we’re facing, because we haven’t seen that.
How do you be part of changing our country for the better? For me at the moment, that is serving people in the ACT, engaging on each issue, bringing solutions, using whatever power I have in the Senate to actually work on behalf of the people that have sent me there. As to what that looks like in the future, who knows?
Continue reading...Prime minister launches impassioned argument in favour of much-maligned reforms announced in last week’s federal budget
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A visibly emotional Anthony Albanese has launched an impassioned defence of Labor’s proposed changes to negative gearing, the capital gains tax discount and family trusts, saying he will “not allow Australia to become a country where aspiration is only for some”.
The prime minister has faced sustained criticism to the reforms, which include limiting negative gearing to new-builds while grandfathering existing properties, changing how CGT is calculated and imposing a new 30% minimum tax on discretionary trusts.
Continue reading...Lawyers of Hazara man who was allegedly sexually abused by carer launch bid to prevent imminent deportation to Pacific island
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The Albanese government’s $2.5bn deal with Nauru, under which hundreds of non-citizens will be sent to the tiny Pacific island, will face another legal challenge prompted by an alleged child abuse survivor.
Legal representatives for Abdul*, a Hazara man who was re-detained in immigration detention earlier this month, have launched a bid to prevent the 29-year-old’s imminent deportation to Nauru by challenging its compatibility with Australia’s constitution.
Continue reading...Independent senator warns budget reform could drive tech investment offshore, as PM thanks startups for ‘very flattering’ images
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Anthony Albanese has laughed off an AI-generated meme campaign against capital gains tax changes from startup founders, thanking them for “very flattering” doctored photos of him working in their businesses.
But independent politicians representing some of Australia’s startup hotspots have raised alarm over the proposed increase to capital gains tax, warning the tax changes could see innovative companies and tech firms move overseas to chase higher rewards.
Continue reading...‘He’s having a great time with his new 47% equity,’ one entrepreneur jokes, warning that some startups may leave Australia behind
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Tech entrepreneurs have mocked the government’s capital gains tax changes by posting AI-generated photos of Anthony Albanese as their “new founder” and warning that increased taxes could push people away from working for new businesses or send startups overseas.
Startups and entrepreneurs may yet receive a carve-out in the federal government’s planned changes to the CGT discount, with the prime minister saying he wanted to support innovation and the treasurer, Jim Chalmers, revealing that consultation was continuing with the sector.
Continue reading...Proposals also grant the health minister power to change disability support rules without state or territory approval. Here’s what you need to know
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Funding for some services within the National Disability Insurance Scheme will be slashed – even in cases where participants could be left with a funding gap – as part of a sweeping proposal to drastically curb the scheme’s annual growth.
The proposed changes, revealed on Thursday, will also grant the health minister, Mark Butler, god-like powers to reduce overall funding for support categories, determine pricing guides and caps for services and support, and the ability to change NDIS rules without state and territory approval for the first 12 months.
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Wilson promises Coalition will be ‘very clear’ on migration
Wilson is asked about comments made by the opposition leader, Angus Taylor, after the byelection that hinted at a rightward shift toward “ending mass migration” and stopping net zero policies.
I can assure you in the coming weeks we’re going to make it very clear what we’re for. Australians need to know that we’re in favour of families, community, small business and self-starters.
My focus on migration is how we make sure we get new Australians integrated successfully.
One of the reasons Australians have become very nervous about migration is they feel that people are coming to Australia and getting the benefits without making the contribution. And I want the best, boldest, most confident new Australians we can have.
There would be some nervous Labor MPs because what people want to see is change.
One of the most consistent messages is that people want someone who is going to fight for them and their future.
Continue reading...Meanwhile treasurer says next week’s budget will save more than it spends. Follow today’s news live
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Jim Chalmers says next Tuesday’s budget will not extend the 26 cent fuel tax cut beyond June.
But with Australia “hostage” to the wild swings in global oil prices amid the ongoing US-Israel war on Iran, the treasurer said there was “a range of contingencies” prepared to help support households and the economy from any escalating damage as a result of the Middle East conflict.
The budget will be calibrated for the conditions, but it will also still be consistent with our ambitions.
The election began a year of delivery, and the budget will begin a year of more ambitious reform, reform which is made more not less, urgent by global inflation and global economic uncertainty.
Continue reading...Parents of Australian who was detained by IDF call for stronger government response. Follow updates live
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Canavan defends Coalition decision to preference One Nation ahead of independent in Farrer: ‘Socialists and communists always go last’
Matt Canavan said he understood why voters in Farrer, set for a byelection next Saturday, were disillusioned with the federal opposition.
I‘ve been down there for 20 days, 15 nights – and 10 of those I’ve been in a swag – over the past month.
I’m doing everything I can to fight for them. I’d love to fight for that great part of our country again, it’s a wonderful part of our nation where we pioneered the use of irrigation and dams. It still produces 40% of our food, 60% of our fruit.
Under my leadership, [in] my view, socialists and communists always go last.
I think we need to really see how the overseas conflict evolves, how prices evolve for oil. But I think, you know, it is doing what it was intended to do. It’s not a silver bullet, but it is providing material support for people. And as I said, it’s providing support for people who are really doing it tough when they can’t shift away from using petrol.
Continue reading...Wilderness Society says changes undermined intent of national standards intended to reverse decline of plants, animals and ecosystems
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Green groups have accused the Albanese government of watering down a proposal to protect threatened species and ecosystems.
National environmental standards were the key plank of reforms to Australia’s nature laws, passed by the parliament in November.
Continue reading...The fuel crisis is seeing more voters keen to shift to renewable energy rather than stick with fossil fuels
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Most Australians support taxing profits from gas exports and extending the cut to the fuel excise, according to the latest Guardian Essential poll, despite Anthony Albanese on Wednesday ruling out a new tax on existing gas export contracts.
The poll also found the fuel crisis is seeing more voters keen to shift to renewable energy rather than stick with fossil fuels. Australians also say they are already cutting back on travel, switching to public transport and reducing their use of aircon and heating amid the global fuel uncertainty.
Continue reading...Albanese defends plan forcing Meta, Google and TikTok to make deals with Australian news publishers through a levy
The Trump administration has described Australia’s moves to make big tech companies pay for news online as “extortion” but Anthony Albanese defended the plan by saying it was about protecting and rewarding media outlets for the work they produce.
Labor’s plan to encourage Meta, Google and TikTok to make deals with Australian news publishers, or face a 2.25% levy, is likely to be supported by the Coalition and Greens in parliament. But a bigger problem may be the ire of Donald Trump, who has strongly opposed extra regulation being imposed on US-based tech companies. A major tech industry lobby group on Wednesday urged the White House to consider retaliatory trade measures.
Continue reading...One Nation outperforms the Coalition for the first time, while the rightwing populist party’s leader has a positive rating among all age groups
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A majority of surveyed Australians approve of Pauline Hanson’s leadership of One Nation, giving her a higher job approval rating than Anthony Albanese and Angus Taylor, as the Guardian Essential poll finds the rightwing populist party is outperforming the Coalition for the first time.
The results come as Australians are becoming more pessimistic about the country and the economy, with the majority of respondents saying they expected things to get worse in coming months.
Continue reading...The prime minister has weathered the crises – for now – and there is a growing recognition that Australia is too vulnerable to world events
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Anthony Albanese’s fuel diplomacy tour of Asia has already started paying dividends, but the real test could still be to come.
After last week’s rush to Singapore and pulling forward a planned visit, the prime minister dashed back to Australia from Malaysia on Thursday, to survey the damage at one of the nation’s only remaining fuel refineries. The hastily arranged trips, were to show a leader on the job; to demonstrate Albanese’s attention to the fuel crisis.
Continue reading...PM tells Guardian Australia Hezbollah should cease reprisals and confirms Australia’s military surveillance aircraft will remain in region
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Australia’s prime minister, Anthony Albanese, has urged Israel to stop its attacks on Lebanon and raised concern over its intensified military campaign on Beirut and the country’s south after the ceasefire in the Middle East.
Albanese also called on Hezbollah to cease attacks on Israel, reiterating his government’s belief that the Middle East ceasefire must include Lebanon. The prime minister also confirmed Australia’s military surveillance aircraft would remain in the region for at least another month beyond its initial deployment.
Continue reading...Having received assurances from Singapore over refined fuels, diesel supply will surely be next on the prime minister’s agenda
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Anthony Albanese isn’t coming back from Singapore with a shipload of diesel in his checked baggage. That doesn’t mean his whistle-stop visit wasn’t a success, or that it won’t be seen in future as a pivotal moment if fuel stocks continue to be choked by the ongoing conflict in the Middle East.
The government never expected that the quick whip to Singapore, with just one full day on the ground, would elicit a new supply of petrol or diesel. Singapore already supplies 55% of Australia’s unleaded, 22% of jet fuel and 15% of diesel.
Continue reading...Australia and Singapore will ‘make maximum efforts to meet each other’s energy security needs’ in refined fuels and LNG, according to new agreement
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Australia’s largest petrol source has pledged not to cut supplies, with Singapore’s prime minister telling Anthony Albanese that fuel will keep flowing despite the international crisis.
Albanese’s whistle-stop visit with his Singaporean counterpart, Lawrence Wong, culminated in a new agreement that the two countries would keep sending one another fuel and liquefied natural gas, amid the “acute energy crisis” caused by the war in the Middle East. Australia and Singapore will also add a legally binding addendum to their free trade agreement on essential supplies like energy.
Continue reading...Albanese announces forthcoming legislation to guarantee private sector purchases of fuel and fertiliser
The Australian government will take on the financial risk of importing essential products affected by the war in the Middle East to get additional supplies of petrol, diesel, and fertiliser into the country.
The prime minister, Anthony Albanese, announced the new fuel security powers on Saturday after a month of soaring diesel and petrol prices and widespread shortages at service stations, particularly in regional Australia.
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