Australian news and politics live: Labor focused on cost-of-living relief after RBA decision to hold rates
US President Donald Trump has indicated a potential 200 per cent tariff on pharmaceuticals, which are among Australia's largest exports to the US.
However, he said manufacturers would be given time to relocate production to America to avoid the tariff.
The US president also mentioned that copper could face a 50 per cent tariff.
Speaking to reporters before a cabinet meeting, Mr Trump said drug manufacturers would receive a grace period to move their operations to the US.
'We're going to give (drug manufacturers) about a year, a year and a half to come in, and after that, they're going to be tariffed,' he said.
Read the full story here.
As digital payments rise, Australia plans to mandate cash acceptance for essential goods and services starting in 2026. Currently, businesses can refuse cash, but that will soon change.
It comes as the New Zealand First party introduced a bill requiring businesses to accept cash payments for purchases under NZ$500.
Housing Minister Clare O'Neil says 'that's something that the Government is actually looking at at the moment. The Treasurer announced we're going to mandate that businesses across the country for essential goods and services do need to continue to accept cash,' while speaking to Sunrise.
'The Government absolutely recognises for lots of Australians it's important to them. We see a lot of elderly people who for them cash is their mainstay.'
'It's important we operate in an economy where people have choices. We're looking at the exact implementation of this at the moment. We think cash is actually still really important.'
Housing Minister Clare O'Neil has acknowledged the disappointment felt by millions of Australians after the Reserve Bank's surprise decision to keep interest rates on hold at 3.85 per cent.
'Millions of Australians were hoping for a rate cut yesterday and as you say, that is very much what all of were predicting. But the RBA has chosen to keep rates on hold. What the RBA told us yesterday is this is about pace not direction. The RBA has already cut interest rates twice this year and kind of indicating that they want to keep moving on that but they're being very cautious,' she told Sunrise on Wednesday.
Ms O'Neil stressed that the government's main focus remains easing cost-of-living pressures, highlighting new supports like increased childcare benefits, bill supplements, and wage rises for minimum wage earners. She added,
'It shows we're over the worst of the cost of living issues facing the country but we've still got a long way to go. The Government is firmly focused on that task.'
'I want my community and people around the country not to be struggling in the way they are, so of course I was hoping for an interest rate decrease from the Reserve Bank, but we are very respectful of the independence of this institution. There's a good reason we don't put politicians in charge of setting interest rates.'
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‘Screw over': Truth about Donald Trump's plan to impose crippling 200 per cent tariffs on Australian pharmaceuticals
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