Australia news LIVE: Albanese to set out agenda as parliament returns; Coalition support falls to near-record low
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6.53am
Inside Xi and Albanese's warm, funny lunch in Beijing
Paul Sakkal
Prime Minister Anthony Albanese has feted a rare intimate lunch with Chinese President Xi Jinping as a moment of 'trust' in an ambitious new phase in relations, after years of Australia pursuing a more limited policy of stabilisation.
Revealing details of the event for the first time, the prime minister also used an interview to shift his gaze to the domestic agenda, with Labor to pursue pre-election pledges to wipe 20 per cent off student debt and enshrine penalty rates in law, and rush through new laws to boost childcare centre safety after shock allegations of child abuse in Melbourne and Sydney.
In an interview on his flight back to Australia, the prime minister provided details about a private banquet that Xi organised after the pair's formal bilateral talks.
6.48am
Monthly inflation report to be produced from November
By Shane Wright
The Reserve Bank will finally get a monthly insight into the inflation pressures facing the country from November, potentially ending delays in key interest rate decisions that could hurt the economy and lead to higher unemployment.
This masthead can reveal the Australian Bureau of Statistics will release a fully-formed monthly inflation report from November 26, bringing Australia into line with all but one OECD nation.
It marks the start of winding-down the quarterly inflation report that has guided the Reserve Bank since it adopted its 2-3 per cent inflation target in the early 1990s.
6.44am
What's making news today
By Daniel Lo Surdo
Hello and welcome to the national news live blog. My name is Daniel Lo Surdo, and I'll be helming our live coverage this morning.
Here's what is making news today:
Childcare reform and student debt cuts will be among the key agenda items for the federal government as the 48th parliament sits for the first time since the May 3 election this week. It comes as fresh polling found support for the Coalition falling to a near-record low.
Prime Minister Anthony Albanese has revealed new details about his expansive meeting with Chinese President Xi Jinping in Beijing last week, saying the conversation traversed personal topics and included humour. The prime minister's office described the Xi meeting as the 'centrepiece' of Albanese's week-long China trip, which included conversations with other high-ranking officials and a visit to the Great Wall.
Tasmanian Premier Jeremy Rockliff will seek to re-form government with an increased primary vote to the Liberal Party following Saturday's state election, though it's unlikely to lead a majority, and it remains possible for Labor to form minority government.
The Australian sharemarket is expected to retreat on Monday morning, after Wall Street dipped on Friday after media reports indicated that US President Donald Trump was pushing for steep new tariffs on European Union products.
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10 minutes ago
- West Australian
Katina Curtis: Turn up and tune in to 48th season of Parliament, will it be a blockbuster or bomb?
Settle in folks, the 48th season of Australia's Parliament is about to air its debut episode. Same sets, same lead character, new actors in key roles, new drama and hopefully some new plotlines. This first parliamentary sitting after the election will set the tone for what's to come. Sussan Ley has been telling everyone on her listening tour that she knows the Liberals got smashed. The reality of just what that means will sink in once everyone gathers in the House of Representatives on Tuesday. Labor MPs are set to sprawl across the chamber's aisle — Perth's Patrick Gorman is among five assistant ministers seated in what's traditionally crossbench territory. Meanwhile, the remaining members of the Coalition fit into about two-thirds of the space they previously occupied. The Government's key challenges are twofold: not to succumb to the hubris of the thumping victory, and to work out what it will do once it delivers its election pledges. Anthony Albanese's opening lines to his colleagues on Monday were a reminder that Labor has more often sat in Parliament's opposition party room than in the government one. Despite the humble rhetoric, Labor is sticking the knife into its opponents in sly ways. Ali France (who defeated Peter Dutton) and Sarah Witty (who beat Adam Bandt) will kick off more than 11 hours of speeches by new MPs this week. Not coincidentally, both are also seated within TV shot behind the Prime Minister. And of the 24 backbench MPs in those positions that routinely end up on the nightly news, 16 are women, in stark contrast to the Coalition. The fresh season also gives Tony Burke and Albanese another crack at rewriting the standing orders. Last time they laid several traps for new players and they're keen to test anew how Ley and her lieutenants manage parliamentary tactics. As for a full term's worth of stuff to get done, Jim Chalmers setting up the economic reform roundtable next month is a good base from which to build an argument for hard tax changes. That point is grudgingly conceded among his opponents, although they're waiting to see if Albanese has the same enthusiasm for tough changes as his Treasurer. There is even a growing openness from some in the Coalition to a move to increase the GST rate or broaden its base in exchange for lower income taxes amid a grand package to make the budget bottom line more sustainable. For Ley, the plotlines ahead could contain treachery and she needs to show steel to her own ranks. Not everyone is content with the tone of constructiveness struck since she took over as leader — although Ley warned the PM on Monday that 'we won't be getting out of the way' on everything — and already questions are being whispered about her tactical nous. Whether you stay tuned or switch off until early 2028, there will be plenty going on.
The Advertiser
10 minutes ago
- The Advertiser
Party's over: the election trend that threatens majors
Tasmania's politicians might need to get used to sharing power amid a falling Labor vote and crossbench rise. Incumbent premier Jeremy Rockliff and Labor's Dean Winter are courting the support of independents after Saturday's snap poll delivered another hung parliament. With three seats still in doubt, the Liberals have secured 14 and Labor nine - both short of the 18 needed for a majority, with the Greens on five and four independents. Mr Rockliff has declared he has a mandate to govern with the most seats, but Mr Winter hasn't ruled out relying on confidence and supply of the Greens to govern. Several independents have said they're open to backing either Mr Rockliff or Mr Winter as the state's next premier. With three-quarters of the count completed, Labor's primary vote has dropped 3.2 per cent to 25.8 - the lowest for the party in Tasmanian history. It came despite a massive swing toward Labor in the state at the May federal poll. The Liberals ran a campaign narrative of laying the blame for an early election at the feet of Mr Winter, after a Labor-led no-confidence motion in Mr Rockliff was successful. "It may have been a case of 'we've given you a chance and rewarded you at federal level and now you want to be rewarded again?'," election analyst Kevin Bonham said of Labor's poor showing. Labor has been in opposition since 2014 and has struggled for traction despite ballooning net debt and infrastructure stuff-ups under the Liberals. The Liberals picked up a 3.2 per cent swing with a primary vote of 39.9 per cent, well away from their 48.7 per cent when they were elected in majority in 2021. One-third of the state didn't vote for the major two parties, with several independents increasing their support. The Liberals were plunged into minority in 2023 when two MPs quit to the crossbench. A snap 2024 poll delivered a hung parliament but Labor refused to govern. While it wasn't the end of majority government, it was now more difficult for the majors to get there, Dr Bonham said. A roughly 20 per cent cohort of voters who traditionally swung between the major parties in Tasmania had seemingly broken down, he said. Labor went to the election without big vote-getter Rebecca White, who has switched to federal politics, and popular ex-Speaker Michelle O'Byrne, who retired. The Liberals ran ex-federal MPs Bridget Archer and Gavin Pearce, who were both elected. Tasmania's politicians might need to get used to sharing power amid a falling Labor vote and crossbench rise. Incumbent premier Jeremy Rockliff and Labor's Dean Winter are courting the support of independents after Saturday's snap poll delivered another hung parliament. With three seats still in doubt, the Liberals have secured 14 and Labor nine - both short of the 18 needed for a majority, with the Greens on five and four independents. Mr Rockliff has declared he has a mandate to govern with the most seats, but Mr Winter hasn't ruled out relying on confidence and supply of the Greens to govern. Several independents have said they're open to backing either Mr Rockliff or Mr Winter as the state's next premier. With three-quarters of the count completed, Labor's primary vote has dropped 3.2 per cent to 25.8 - the lowest for the party in Tasmanian history. It came despite a massive swing toward Labor in the state at the May federal poll. The Liberals ran a campaign narrative of laying the blame for an early election at the feet of Mr Winter, after a Labor-led no-confidence motion in Mr Rockliff was successful. "It may have been a case of 'we've given you a chance and rewarded you at federal level and now you want to be rewarded again?'," election analyst Kevin Bonham said of Labor's poor showing. Labor has been in opposition since 2014 and has struggled for traction despite ballooning net debt and infrastructure stuff-ups under the Liberals. The Liberals picked up a 3.2 per cent swing with a primary vote of 39.9 per cent, well away from their 48.7 per cent when they were elected in majority in 2021. One-third of the state didn't vote for the major two parties, with several independents increasing their support. The Liberals were plunged into minority in 2023 when two MPs quit to the crossbench. A snap 2024 poll delivered a hung parliament but Labor refused to govern. While it wasn't the end of majority government, it was now more difficult for the majors to get there, Dr Bonham said. A roughly 20 per cent cohort of voters who traditionally swung between the major parties in Tasmania had seemingly broken down, he said. Labor went to the election without big vote-getter Rebecca White, who has switched to federal politics, and popular ex-Speaker Michelle O'Byrne, who retired. The Liberals ran ex-federal MPs Bridget Archer and Gavin Pearce, who were both elected. Tasmania's politicians might need to get used to sharing power amid a falling Labor vote and crossbench rise. Incumbent premier Jeremy Rockliff and Labor's Dean Winter are courting the support of independents after Saturday's snap poll delivered another hung parliament. With three seats still in doubt, the Liberals have secured 14 and Labor nine - both short of the 18 needed for a majority, with the Greens on five and four independents. Mr Rockliff has declared he has a mandate to govern with the most seats, but Mr Winter hasn't ruled out relying on confidence and supply of the Greens to govern. Several independents have said they're open to backing either Mr Rockliff or Mr Winter as the state's next premier. With three-quarters of the count completed, Labor's primary vote has dropped 3.2 per cent to 25.8 - the lowest for the party in Tasmanian history. It came despite a massive swing toward Labor in the state at the May federal poll. The Liberals ran a campaign narrative of laying the blame for an early election at the feet of Mr Winter, after a Labor-led no-confidence motion in Mr Rockliff was successful. "It may have been a case of 'we've given you a chance and rewarded you at federal level and now you want to be rewarded again?'," election analyst Kevin Bonham said of Labor's poor showing. Labor has been in opposition since 2014 and has struggled for traction despite ballooning net debt and infrastructure stuff-ups under the Liberals. The Liberals picked up a 3.2 per cent swing with a primary vote of 39.9 per cent, well away from their 48.7 per cent when they were elected in majority in 2021. One-third of the state didn't vote for the major two parties, with several independents increasing their support. The Liberals were plunged into minority in 2023 when two MPs quit to the crossbench. A snap 2024 poll delivered a hung parliament but Labor refused to govern. While it wasn't the end of majority government, it was now more difficult for the majors to get there, Dr Bonham said. A roughly 20 per cent cohort of voters who traditionally swung between the major parties in Tasmania had seemingly broken down, he said. Labor went to the election without big vote-getter Rebecca White, who has switched to federal politics, and popular ex-Speaker Michelle O'Byrne, who retired. The Liberals ran ex-federal MPs Bridget Archer and Gavin Pearce, who were both elected. Tasmania's politicians might need to get used to sharing power amid a falling Labor vote and crossbench rise. Incumbent premier Jeremy Rockliff and Labor's Dean Winter are courting the support of independents after Saturday's snap poll delivered another hung parliament. With three seats still in doubt, the Liberals have secured 14 and Labor nine - both short of the 18 needed for a majority, with the Greens on five and four independents. Mr Rockliff has declared he has a mandate to govern with the most seats, but Mr Winter hasn't ruled out relying on confidence and supply of the Greens to govern. Several independents have said they're open to backing either Mr Rockliff or Mr Winter as the state's next premier. With three-quarters of the count completed, Labor's primary vote has dropped 3.2 per cent to 25.8 - the lowest for the party in Tasmanian history. It came despite a massive swing toward Labor in the state at the May federal poll. The Liberals ran a campaign narrative of laying the blame for an early election at the feet of Mr Winter, after a Labor-led no-confidence motion in Mr Rockliff was successful. "It may have been a case of 'we've given you a chance and rewarded you at federal level and now you want to be rewarded again?'," election analyst Kevin Bonham said of Labor's poor showing. Labor has been in opposition since 2014 and has struggled for traction despite ballooning net debt and infrastructure stuff-ups under the Liberals. The Liberals picked up a 3.2 per cent swing with a primary vote of 39.9 per cent, well away from their 48.7 per cent when they were elected in majority in 2021. One-third of the state didn't vote for the major two parties, with several independents increasing their support. The Liberals were plunged into minority in 2023 when two MPs quit to the crossbench. A snap 2024 poll delivered a hung parliament but Labor refused to govern. While it wasn't the end of majority government, it was now more difficult for the majors to get there, Dr Bonham said. A roughly 20 per cent cohort of voters who traditionally swung between the major parties in Tasmania had seemingly broken down, he said. Labor went to the election without big vote-getter Rebecca White, who has switched to federal politics, and popular ex-Speaker Michelle O'Byrne, who retired. The Liberals ran ex-federal MPs Bridget Archer and Gavin Pearce, who were both elected.
The Advertiser
10 minutes ago
- The Advertiser
Reserve Bank minutes in focus after shock rate decision
The Reserve Bank is set to reveal why it resisted an interest rate cut, despite signs of easing inflation and sluggish economic growth. Australia's central bank shocked markets and disappointed borrowers earlier in July when it opted to keep the cash rate on hold at 3.85 per cent, defying expectations of a 25 basis point cut. The RBA will on Tuesday release the minutes of its last board meeting, potentially offering a glimpse of what lies ahead for its next decision on August 12. Weaker-than-expected jobs data has narrowed expectations of an interest rate cut next month, after unemployment rose from 4.1 per cent to 4.3 per cent in June, despite economists' expectations of a steady print. The employment figures were released on Thursday and could render the minutes slightly outdated, and a greater focus will be on RBA governor Michele Bullock's speech at Sydney's Anika Foundation on Thursday. Interest rate markets have almost fully priced-in a 25 basis point cut to the official cash rate at the August meeting, and project the rate will fall to 3.2 per cent by the end of the year. Each 25 basis point cut to the cash rate would shave roughly $90 off monthly repayments on a $600,000 mortgage. In further signs Australia's idling economy may need a boost, government spending continues to drive the bulk of new project activity, accounting for 80 per cent of new investment in the June quarter, a Deloitte Access Economics report shows. The overall project pipeline continued to grow but state budgets suggest a transition to more cautious spending, the report found, with a focus on completing existing projects over announcing new ones. While infrastructure spending helped economies recover from the COVID-19 pandemic, many governments now face higher debt levels, rising interest costs and project budget overruns, Deloitte associate director and lead author Sheraan Underwood said. "Australia's infrastructure boom isn't over," he said. "But with governments under growing fiscal pressure, stronger private sector investment will be key to supporting the next phase of economic growth." The Reserve Bank is set to reveal why it resisted an interest rate cut, despite signs of easing inflation and sluggish economic growth. Australia's central bank shocked markets and disappointed borrowers earlier in July when it opted to keep the cash rate on hold at 3.85 per cent, defying expectations of a 25 basis point cut. The RBA will on Tuesday release the minutes of its last board meeting, potentially offering a glimpse of what lies ahead for its next decision on August 12. Weaker-than-expected jobs data has narrowed expectations of an interest rate cut next month, after unemployment rose from 4.1 per cent to 4.3 per cent in June, despite economists' expectations of a steady print. The employment figures were released on Thursday and could render the minutes slightly outdated, and a greater focus will be on RBA governor Michele Bullock's speech at Sydney's Anika Foundation on Thursday. Interest rate markets have almost fully priced-in a 25 basis point cut to the official cash rate at the August meeting, and project the rate will fall to 3.2 per cent by the end of the year. Each 25 basis point cut to the cash rate would shave roughly $90 off monthly repayments on a $600,000 mortgage. In further signs Australia's idling economy may need a boost, government spending continues to drive the bulk of new project activity, accounting for 80 per cent of new investment in the June quarter, a Deloitte Access Economics report shows. The overall project pipeline continued to grow but state budgets suggest a transition to more cautious spending, the report found, with a focus on completing existing projects over announcing new ones. While infrastructure spending helped economies recover from the COVID-19 pandemic, many governments now face higher debt levels, rising interest costs and project budget overruns, Deloitte associate director and lead author Sheraan Underwood said. "Australia's infrastructure boom isn't over," he said. "But with governments under growing fiscal pressure, stronger private sector investment will be key to supporting the next phase of economic growth." The Reserve Bank is set to reveal why it resisted an interest rate cut, despite signs of easing inflation and sluggish economic growth. Australia's central bank shocked markets and disappointed borrowers earlier in July when it opted to keep the cash rate on hold at 3.85 per cent, defying expectations of a 25 basis point cut. The RBA will on Tuesday release the minutes of its last board meeting, potentially offering a glimpse of what lies ahead for its next decision on August 12. Weaker-than-expected jobs data has narrowed expectations of an interest rate cut next month, after unemployment rose from 4.1 per cent to 4.3 per cent in June, despite economists' expectations of a steady print. The employment figures were released on Thursday and could render the minutes slightly outdated, and a greater focus will be on RBA governor Michele Bullock's speech at Sydney's Anika Foundation on Thursday. Interest rate markets have almost fully priced-in a 25 basis point cut to the official cash rate at the August meeting, and project the rate will fall to 3.2 per cent by the end of the year. Each 25 basis point cut to the cash rate would shave roughly $90 off monthly repayments on a $600,000 mortgage. In further signs Australia's idling economy may need a boost, government spending continues to drive the bulk of new project activity, accounting for 80 per cent of new investment in the June quarter, a Deloitte Access Economics report shows. The overall project pipeline continued to grow but state budgets suggest a transition to more cautious spending, the report found, with a focus on completing existing projects over announcing new ones. While infrastructure spending helped economies recover from the COVID-19 pandemic, many governments now face higher debt levels, rising interest costs and project budget overruns, Deloitte associate director and lead author Sheraan Underwood said. "Australia's infrastructure boom isn't over," he said. "But with governments under growing fiscal pressure, stronger private sector investment will be key to supporting the next phase of economic growth." The Reserve Bank is set to reveal why it resisted an interest rate cut, despite signs of easing inflation and sluggish economic growth. Australia's central bank shocked markets and disappointed borrowers earlier in July when it opted to keep the cash rate on hold at 3.85 per cent, defying expectations of a 25 basis point cut. The RBA will on Tuesday release the minutes of its last board meeting, potentially offering a glimpse of what lies ahead for its next decision on August 12. Weaker-than-expected jobs data has narrowed expectations of an interest rate cut next month, after unemployment rose from 4.1 per cent to 4.3 per cent in June, despite economists' expectations of a steady print. The employment figures were released on Thursday and could render the minutes slightly outdated, and a greater focus will be on RBA governor Michele Bullock's speech at Sydney's Anika Foundation on Thursday. Interest rate markets have almost fully priced-in a 25 basis point cut to the official cash rate at the August meeting, and project the rate will fall to 3.2 per cent by the end of the year. Each 25 basis point cut to the cash rate would shave roughly $90 off monthly repayments on a $600,000 mortgage. In further signs Australia's idling economy may need a boost, government spending continues to drive the bulk of new project activity, accounting for 80 per cent of new investment in the June quarter, a Deloitte Access Economics report shows. The overall project pipeline continued to grow but state budgets suggest a transition to more cautious spending, the report found, with a focus on completing existing projects over announcing new ones. While infrastructure spending helped economies recover from the COVID-19 pandemic, many governments now face higher debt levels, rising interest costs and project budget overruns, Deloitte associate director and lead author Sheraan Underwood said. "Australia's infrastructure boom isn't over," he said. "But with governments under growing fiscal pressure, stronger private sector investment will be key to supporting the next phase of economic growth."
