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The Advertiser
6 days ago
- Business
- The Advertiser
US beef unlikely to flood Australia as ban lifted
Australian cattle producers have been left blindsided by a decision to lift a ban on US beef, but the level of American product arriving in Australia is expected to be very low. The federal government on Thursday revealed it would lift biosecurity restrictions on US beef as it seeks a way to dampen the blow of President Donald Trump's volatile tariff regime. Australia has been mulling over the move for months after Mr Trump requested a lift on the ban, and Agriculture Minister Julie Collins stressed the decision follows a decade-long science-based review. Cattle Australia CEO Will Evans believed the move would not have been made unless the government had the utmost confidence in the science, but said some would still be unhappy with its decision. "There's going to be a lot of people today who feel blindsided by this, there's going to be a lot of people who are going to feel really frustrated and threatened by this," he told ABC radio. "We need to talk to them. "The US is an incredibly important trading partner - we need to maintain access and we need to maintain relationships with them." Some have raised worries US beef could impact Australia's domestic market, industry representatives remain relatively unperturbed. "It's a bit like selling ice to Eskimos," Australian Meat Industry Council CEO Tim Ryan told ABC. The domestic beef industry is self-sufficient and any imports of US beef are "unlikely to have any effect on the market here", Mr Evans said. The US can't even meet its own needs, he noted, and remains one of the main export markets for Australian beef. Likewise, Australian beef is one of the country's biggest exports to the US and was worth $14 billion in 2024. But the US president has taken issue with the perceived one-sidedness of this relationship, saying in April, "they won't take any of our beef". The US has been able to send beef to Australia since 2019, though any beef raised in Canada or Mexico before being slaughtered and processed in the US was previously barred due to biosecurity concerns. One concern was that Mexico's livestock tracking system could inadvertently lead producers to import beef from parts of the continent where there were disease outbreaks. But the latest announcement will lift the ban on beef sourced from Canada or Mexico after the US introduced more robust movement controls in late 2024 and early 2025, allowing for improved identification and tracing throughout the supply chain. "We have not compromised on biosecurity," Ms Collins told reporters in Canberra. "Australia stands for open and fair trade - our cattle industry has significantly benefited from this. "(The department) is satisfied the strengthened control measures put in place by the US effectively manage biosecurity risks." The change is widely viewed as a bargaining chip Australia could use while attempting to push for tariff exemptions from the US. Nationals Leader David Littleproud said he held concerns about its "swiftness". "It looks as though it's been traded away to appease Donald Trump, and that's what we don't want," he told ABC radio. Opposition trade spokesman Kevin Hogan also said there are more questions to be answered and maintained the government needed to ensure biosecurity protocols had not been weakened. Ms Collins insists the decision has been part of a years-long science-based process that precedes Mr Trump's tariffs. Many Australian goods sent to the US currently face the baseline 10 per cent tariff, while steel and aluminium products have been slapped with a 50 per cent tariff. Mr Trump has also threatened a tariff on pharmaceutical imports to the US, which is one of Australia's biggest exports to its ally. Australian cattle producers have been left blindsided by a decision to lift a ban on US beef, but the level of American product arriving in Australia is expected to be very low. The federal government on Thursday revealed it would lift biosecurity restrictions on US beef as it seeks a way to dampen the blow of President Donald Trump's volatile tariff regime. Australia has been mulling over the move for months after Mr Trump requested a lift on the ban, and Agriculture Minister Julie Collins stressed the decision follows a decade-long science-based review. Cattle Australia CEO Will Evans believed the move would not have been made unless the government had the utmost confidence in the science, but said some would still be unhappy with its decision. "There's going to be a lot of people today who feel blindsided by this, there's going to be a lot of people who are going to feel really frustrated and threatened by this," he told ABC radio. "We need to talk to them. "The US is an incredibly important trading partner - we need to maintain access and we need to maintain relationships with them." Some have raised worries US beef could impact Australia's domestic market, industry representatives remain relatively unperturbed. "It's a bit like selling ice to Eskimos," Australian Meat Industry Council CEO Tim Ryan told ABC. The domestic beef industry is self-sufficient and any imports of US beef are "unlikely to have any effect on the market here", Mr Evans said. The US can't even meet its own needs, he noted, and remains one of the main export markets for Australian beef. Likewise, Australian beef is one of the country's biggest exports to the US and was worth $14 billion in 2024. But the US president has taken issue with the perceived one-sidedness of this relationship, saying in April, "they won't take any of our beef". The US has been able to send beef to Australia since 2019, though any beef raised in Canada or Mexico before being slaughtered and processed in the US was previously barred due to biosecurity concerns. One concern was that Mexico's livestock tracking system could inadvertently lead producers to import beef from parts of the continent where there were disease outbreaks. But the latest announcement will lift the ban on beef sourced from Canada or Mexico after the US introduced more robust movement controls in late 2024 and early 2025, allowing for improved identification and tracing throughout the supply chain. "We have not compromised on biosecurity," Ms Collins told reporters in Canberra. "Australia stands for open and fair trade - our cattle industry has significantly benefited from this. "(The department) is satisfied the strengthened control measures put in place by the US effectively manage biosecurity risks." The change is widely viewed as a bargaining chip Australia could use while attempting to push for tariff exemptions from the US. Nationals Leader David Littleproud said he held concerns about its "swiftness". "It looks as though it's been traded away to appease Donald Trump, and that's what we don't want," he told ABC radio. Opposition trade spokesman Kevin Hogan also said there are more questions to be answered and maintained the government needed to ensure biosecurity protocols had not been weakened. Ms Collins insists the decision has been part of a years-long science-based process that precedes Mr Trump's tariffs. Many Australian goods sent to the US currently face the baseline 10 per cent tariff, while steel and aluminium products have been slapped with a 50 per cent tariff. Mr Trump has also threatened a tariff on pharmaceutical imports to the US, which is one of Australia's biggest exports to its ally. Australian cattle producers have been left blindsided by a decision to lift a ban on US beef, but the level of American product arriving in Australia is expected to be very low. The federal government on Thursday revealed it would lift biosecurity restrictions on US beef as it seeks a way to dampen the blow of President Donald Trump's volatile tariff regime. Australia has been mulling over the move for months after Mr Trump requested a lift on the ban, and Agriculture Minister Julie Collins stressed the decision follows a decade-long science-based review. Cattle Australia CEO Will Evans believed the move would not have been made unless the government had the utmost confidence in the science, but said some would still be unhappy with its decision. "There's going to be a lot of people today who feel blindsided by this, there's going to be a lot of people who are going to feel really frustrated and threatened by this," he told ABC radio. "We need to talk to them. "The US is an incredibly important trading partner - we need to maintain access and we need to maintain relationships with them." Some have raised worries US beef could impact Australia's domestic market, industry representatives remain relatively unperturbed. "It's a bit like selling ice to Eskimos," Australian Meat Industry Council CEO Tim Ryan told ABC. The domestic beef industry is self-sufficient and any imports of US beef are "unlikely to have any effect on the market here", Mr Evans said. The US can't even meet its own needs, he noted, and remains one of the main export markets for Australian beef. Likewise, Australian beef is one of the country's biggest exports to the US and was worth $14 billion in 2024. But the US president has taken issue with the perceived one-sidedness of this relationship, saying in April, "they won't take any of our beef". The US has been able to send beef to Australia since 2019, though any beef raised in Canada or Mexico before being slaughtered and processed in the US was previously barred due to biosecurity concerns. One concern was that Mexico's livestock tracking system could inadvertently lead producers to import beef from parts of the continent where there were disease outbreaks. But the latest announcement will lift the ban on beef sourced from Canada or Mexico after the US introduced more robust movement controls in late 2024 and early 2025, allowing for improved identification and tracing throughout the supply chain. "We have not compromised on biosecurity," Ms Collins told reporters in Canberra. "Australia stands for open and fair trade - our cattle industry has significantly benefited from this. "(The department) is satisfied the strengthened control measures put in place by the US effectively manage biosecurity risks." The change is widely viewed as a bargaining chip Australia could use while attempting to push for tariff exemptions from the US. Nationals Leader David Littleproud said he held concerns about its "swiftness". "It looks as though it's been traded away to appease Donald Trump, and that's what we don't want," he told ABC radio. Opposition trade spokesman Kevin Hogan also said there are more questions to be answered and maintained the government needed to ensure biosecurity protocols had not been weakened. Ms Collins insists the decision has been part of a years-long science-based process that precedes Mr Trump's tariffs. Many Australian goods sent to the US currently face the baseline 10 per cent tariff, while steel and aluminium products have been slapped with a 50 per cent tariff. Mr Trump has also threatened a tariff on pharmaceutical imports to the US, which is one of Australia's biggest exports to its ally. Australian cattle producers have been left blindsided by a decision to lift a ban on US beef, but the level of American product arriving in Australia is expected to be very low. The federal government on Thursday revealed it would lift biosecurity restrictions on US beef as it seeks a way to dampen the blow of President Donald Trump's volatile tariff regime. Australia has been mulling over the move for months after Mr Trump requested a lift on the ban, and Agriculture Minister Julie Collins stressed the decision follows a decade-long science-based review. Cattle Australia CEO Will Evans believed the move would not have been made unless the government had the utmost confidence in the science, but said some would still be unhappy with its decision. "There's going to be a lot of people today who feel blindsided by this, there's going to be a lot of people who are going to feel really frustrated and threatened by this," he told ABC radio. "We need to talk to them. "The US is an incredibly important trading partner - we need to maintain access and we need to maintain relationships with them." Some have raised worries US beef could impact Australia's domestic market, industry representatives remain relatively unperturbed. "It's a bit like selling ice to Eskimos," Australian Meat Industry Council CEO Tim Ryan told ABC. The domestic beef industry is self-sufficient and any imports of US beef are "unlikely to have any effect on the market here", Mr Evans said. The US can't even meet its own needs, he noted, and remains one of the main export markets for Australian beef. Likewise, Australian beef is one of the country's biggest exports to the US and was worth $14 billion in 2024. But the US president has taken issue with the perceived one-sidedness of this relationship, saying in April, "they won't take any of our beef". The US has been able to send beef to Australia since 2019, though any beef raised in Canada or Mexico before being slaughtered and processed in the US was previously barred due to biosecurity concerns. One concern was that Mexico's livestock tracking system could inadvertently lead producers to import beef from parts of the continent where there were disease outbreaks. But the latest announcement will lift the ban on beef sourced from Canada or Mexico after the US introduced more robust movement controls in late 2024 and early 2025, allowing for improved identification and tracing throughout the supply chain. "We have not compromised on biosecurity," Ms Collins told reporters in Canberra. "Australia stands for open and fair trade - our cattle industry has significantly benefited from this. "(The department) is satisfied the strengthened control measures put in place by the US effectively manage biosecurity risks." The change is widely viewed as a bargaining chip Australia could use while attempting to push for tariff exemptions from the US. Nationals Leader David Littleproud said he held concerns about its "swiftness". "It looks as though it's been traded away to appease Donald Trump, and that's what we don't want," he told ABC radio. Opposition trade spokesman Kevin Hogan also said there are more questions to be answered and maintained the government needed to ensure biosecurity protocols had not been weakened. Ms Collins insists the decision has been part of a years-long science-based process that precedes Mr Trump's tariffs. Many Australian goods sent to the US currently face the baseline 10 per cent tariff, while steel and aluminium products have been slapped with a 50 per cent tariff. Mr Trump has also threatened a tariff on pharmaceutical imports to the US, which is one of Australia's biggest exports to its ally.
The Age
22-07-2025
- Politics
- The Age
The rise in international pressure over Gaza should be welcomed
On Tuesday, Australia joined with 27 countries including Canada, Denmark, France, Ireland, Italy, Japan, the Netherlands, New Zealand, Sweden, Switzerland and the UK to condemn Israel for the deaths of hundreds of Palestinians seeking aid. The countries also demanded an end to restrictions on food and medical supplies. A ceasefire was needed now. 'The suffering of civilians in Gaza has reached new depths. The Israeli government's aid delivery model is dangerous, fuels instability and deprives Gazans of human dignity,' the nations said. Australia's Home Affairs Minister, Tony Burke, went further. Many of Israel's actions were 'indefensible'. Burke said on ABC radio: 'We're all hoping that there'll be something that'll break this. We've seen too many images of children being killed, of horrific slaughter, of churches being bombed.' The statement also called for the release of Israeli hostages 'cruelly held captive by Hamas since 7 October 2023 [who] continue to suffer terribly'. Hamas must release the hostages and Israel must heed the international message and pull back its military actions. The statement followed the deaths of at least 79 people on Sunday near a UN food aid convoy at the Israel border. They were seeking flour. On Saturday, more than 30 died near two aid centres in southern Gaza. It is in Gaza that mothers, fathers and children are starving to death, that tens of thousands are in various stages of malnutrition leading to starvation, that people are dying from gunshots and missile fire while trying to reach humanitarian aid. It is there that tens of thousands have died following the indiscriminate massacre of 1200 Israelis across the border. A ceasefire, of course, is not the end of a war. It is impossible to know what Israel's endgame is. Will the war be over when Israel has built a 'humanitarian city' – critics call it a 'concentration camp', including former Israeli prime minister Ehud Olmert – for Palestinians, initially 600,000 on the ruins of Rafah, then expanding to take in 2.2 million? The 28 nations hit out against the Israeli proposal. 'Permanent forced displacement is a violation of international humanitarian law,' the joint statement said. In the past few days, the military has pushed into the southern and eastern districts of the Gazan city of Deir al-Balah, which had been removed from the conflict. Thousands of Palestinians had sought refuge there.
The Advertiser
09-07-2025
- Business
- The Advertiser
Australia circles wagon around drugs as US tariffs loom
One of Australia's biggest exports to the United States could be slapped with triple-digit tariffs after Donald Trump vowed to expand his trade war. The US president has laid out plans to impose 200 per cent tariffs on drug imports in a year's time, threatening Australia's third-most significant export to America. Mr Trump's proposal comes after lobbying by the powerful US pharmaceutical sector, which has long taken issue with Australia's drug subsidy scheme and wants the president to act so it can sell drugs to Australians for more. His announcement could be seen as a way for the US to chip away at the Pharmaceutical Benefits Scheme in exchange for a tariff exemption or trade deal. But Treasurer Jim Chalmers has ruled that out. "Our Pharmaceutical Benefits Scheme is not something that we're willing to trade away or do deals on," he told ABC radio on Wednesday. Mr Trump also revealed a 50 per cent tariff on copper imported to the US, but this poses less of a problem for Australia as the US accounts for less than one per cent of its copper exports. By comparison, Australia sent $2.1 billion worth of medicinal and pharmaceuticals to the US in 2024, according to the Australia Bureau of Statistics. The president's remarks are the latest in a series of new trade measures, after he unveiled an increased 25 per cent tariff on items from Japan and Korea, which are Australia's second- and third-biggest export markets. Although Australia has been spared for now, it remains vulnerable to flow-on effects, Monash University economics lecturer Isaac Gross said. One of Australia's main exports to Japan and South Korea is iron ore, which is used to make vehicles, many of which are sent to the US. But if cars sale fall off in the American market, that could mean less demand for Australian iron ore, which could also impact mining giants like BHP and Rio Tinto. "The principal way that affects the Australian economy is through a lower Australian dollar and less tax revenue," Dr Gross told AAP. "That would affect Australians as a whole ... it would definitely hurt the government's budget line and reduce economic activity, in especially the mining states." There could be some upside for Australian consumers as South Korean or Japanese goods that would normally have been exported to the US might be sent to Australia at a discounted price. But Dr Chalmers maintains the escalating trade tensions around the world were a "substantial concern" and that tariffs pose a risk to global growth. A number of countries have tried to strike trade deals with the US to get some certainty from the tariff volatility. However, many are now growing frustrated, according to University of Sydney associate professor David Smith. "They think that negotiations are going in one direction and then Trump makes a sudden announcement that takes it in another direction," he told AAP. Prime Minister Anthony Albanese has faced increasing pressure to schedule a face-to-face meeting with the US president and push for a total tariff exemption. But it is unclear if that would work. Japanese Prime Minister Shigeru Ishiba met Mr Trump in February, but by July the US president revealed his increased tariffs on the Asian nation and appeared to skip over its leader's name, calling him "Mr Japan" in a recent interview. "I can see why the (Australian) prime minister would be seeking a face-to-face meeting, but it doesn't have the same kind of certainty that it had in the past," Prof Smith said. "Now we're in a situation where the US is trying to negotiate 100 trade deals at once - it's clearly beyond the capacity of American negotiators. "Trump is getting very frustrated. Trump's blaming other countries for the slowness of the negotiations and now he's lashing out." One of Australia's biggest exports to the United States could be slapped with triple-digit tariffs after Donald Trump vowed to expand his trade war. The US president has laid out plans to impose 200 per cent tariffs on drug imports in a year's time, threatening Australia's third-most significant export to America. Mr Trump's proposal comes after lobbying by the powerful US pharmaceutical sector, which has long taken issue with Australia's drug subsidy scheme and wants the president to act so it can sell drugs to Australians for more. His announcement could be seen as a way for the US to chip away at the Pharmaceutical Benefits Scheme in exchange for a tariff exemption or trade deal. But Treasurer Jim Chalmers has ruled that out. "Our Pharmaceutical Benefits Scheme is not something that we're willing to trade away or do deals on," he told ABC radio on Wednesday. Mr Trump also revealed a 50 per cent tariff on copper imported to the US, but this poses less of a problem for Australia as the US accounts for less than one per cent of its copper exports. By comparison, Australia sent $2.1 billion worth of medicinal and pharmaceuticals to the US in 2024, according to the Australia Bureau of Statistics. The president's remarks are the latest in a series of new trade measures, after he unveiled an increased 25 per cent tariff on items from Japan and Korea, which are Australia's second- and third-biggest export markets. Although Australia has been spared for now, it remains vulnerable to flow-on effects, Monash University economics lecturer Isaac Gross said. One of Australia's main exports to Japan and South Korea is iron ore, which is used to make vehicles, many of which are sent to the US. But if cars sale fall off in the American market, that could mean less demand for Australian iron ore, which could also impact mining giants like BHP and Rio Tinto. "The principal way that affects the Australian economy is through a lower Australian dollar and less tax revenue," Dr Gross told AAP. "That would affect Australians as a whole ... it would definitely hurt the government's budget line and reduce economic activity, in especially the mining states." There could be some upside for Australian consumers as South Korean or Japanese goods that would normally have been exported to the US might be sent to Australia at a discounted price. But Dr Chalmers maintains the escalating trade tensions around the world were a "substantial concern" and that tariffs pose a risk to global growth. A number of countries have tried to strike trade deals with the US to get some certainty from the tariff volatility. However, many are now growing frustrated, according to University of Sydney associate professor David Smith. "They think that negotiations are going in one direction and then Trump makes a sudden announcement that takes it in another direction," he told AAP. Prime Minister Anthony Albanese has faced increasing pressure to schedule a face-to-face meeting with the US president and push for a total tariff exemption. But it is unclear if that would work. Japanese Prime Minister Shigeru Ishiba met Mr Trump in February, but by July the US president revealed his increased tariffs on the Asian nation and appeared to skip over its leader's name, calling him "Mr Japan" in a recent interview. "I can see why the (Australian) prime minister would be seeking a face-to-face meeting, but it doesn't have the same kind of certainty that it had in the past," Prof Smith said. "Now we're in a situation where the US is trying to negotiate 100 trade deals at once - it's clearly beyond the capacity of American negotiators. "Trump is getting very frustrated. Trump's blaming other countries for the slowness of the negotiations and now he's lashing out." One of Australia's biggest exports to the United States could be slapped with triple-digit tariffs after Donald Trump vowed to expand his trade war. The US president has laid out plans to impose 200 per cent tariffs on drug imports in a year's time, threatening Australia's third-most significant export to America. Mr Trump's proposal comes after lobbying by the powerful US pharmaceutical sector, which has long taken issue with Australia's drug subsidy scheme and wants the president to act so it can sell drugs to Australians for more. His announcement could be seen as a way for the US to chip away at the Pharmaceutical Benefits Scheme in exchange for a tariff exemption or trade deal. But Treasurer Jim Chalmers has ruled that out. "Our Pharmaceutical Benefits Scheme is not something that we're willing to trade away or do deals on," he told ABC radio on Wednesday. Mr Trump also revealed a 50 per cent tariff on copper imported to the US, but this poses less of a problem for Australia as the US accounts for less than one per cent of its copper exports. By comparison, Australia sent $2.1 billion worth of medicinal and pharmaceuticals to the US in 2024, according to the Australia Bureau of Statistics. The president's remarks are the latest in a series of new trade measures, after he unveiled an increased 25 per cent tariff on items from Japan and Korea, which are Australia's second- and third-biggest export markets. Although Australia has been spared for now, it remains vulnerable to flow-on effects, Monash University economics lecturer Isaac Gross said. One of Australia's main exports to Japan and South Korea is iron ore, which is used to make vehicles, many of which are sent to the US. But if cars sale fall off in the American market, that could mean less demand for Australian iron ore, which could also impact mining giants like BHP and Rio Tinto. "The principal way that affects the Australian economy is through a lower Australian dollar and less tax revenue," Dr Gross told AAP. "That would affect Australians as a whole ... it would definitely hurt the government's budget line and reduce economic activity, in especially the mining states." There could be some upside for Australian consumers as South Korean or Japanese goods that would normally have been exported to the US might be sent to Australia at a discounted price. But Dr Chalmers maintains the escalating trade tensions around the world were a "substantial concern" and that tariffs pose a risk to global growth. A number of countries have tried to strike trade deals with the US to get some certainty from the tariff volatility. However, many are now growing frustrated, according to University of Sydney associate professor David Smith. "They think that negotiations are going in one direction and then Trump makes a sudden announcement that takes it in another direction," he told AAP. Prime Minister Anthony Albanese has faced increasing pressure to schedule a face-to-face meeting with the US president and push for a total tariff exemption. But it is unclear if that would work. Japanese Prime Minister Shigeru Ishiba met Mr Trump in February, but by July the US president revealed his increased tariffs on the Asian nation and appeared to skip over its leader's name, calling him "Mr Japan" in a recent interview. "I can see why the (Australian) prime minister would be seeking a face-to-face meeting, but it doesn't have the same kind of certainty that it had in the past," Prof Smith said. "Now we're in a situation where the US is trying to negotiate 100 trade deals at once - it's clearly beyond the capacity of American negotiators. "Trump is getting very frustrated. Trump's blaming other countries for the slowness of the negotiations and now he's lashing out." One of Australia's biggest exports to the United States could be slapped with triple-digit tariffs after Donald Trump vowed to expand his trade war. The US president has laid out plans to impose 200 per cent tariffs on drug imports in a year's time, threatening Australia's third-most significant export to America. Mr Trump's proposal comes after lobbying by the powerful US pharmaceutical sector, which has long taken issue with Australia's drug subsidy scheme and wants the president to act so it can sell drugs to Australians for more. His announcement could be seen as a way for the US to chip away at the Pharmaceutical Benefits Scheme in exchange for a tariff exemption or trade deal. But Treasurer Jim Chalmers has ruled that out. "Our Pharmaceutical Benefits Scheme is not something that we're willing to trade away or do deals on," he told ABC radio on Wednesday. Mr Trump also revealed a 50 per cent tariff on copper imported to the US, but this poses less of a problem for Australia as the US accounts for less than one per cent of its copper exports. By comparison, Australia sent $2.1 billion worth of medicinal and pharmaceuticals to the US in 2024, according to the Australia Bureau of Statistics. The president's remarks are the latest in a series of new trade measures, after he unveiled an increased 25 per cent tariff on items from Japan and Korea, which are Australia's second- and third-biggest export markets. Although Australia has been spared for now, it remains vulnerable to flow-on effects, Monash University economics lecturer Isaac Gross said. One of Australia's main exports to Japan and South Korea is iron ore, which is used to make vehicles, many of which are sent to the US. But if cars sale fall off in the American market, that could mean less demand for Australian iron ore, which could also impact mining giants like BHP and Rio Tinto. "The principal way that affects the Australian economy is through a lower Australian dollar and less tax revenue," Dr Gross told AAP. "That would affect Australians as a whole ... it would definitely hurt the government's budget line and reduce economic activity, in especially the mining states." There could be some upside for Australian consumers as South Korean or Japanese goods that would normally have been exported to the US might be sent to Australia at a discounted price. But Dr Chalmers maintains the escalating trade tensions around the world were a "substantial concern" and that tariffs pose a risk to global growth. A number of countries have tried to strike trade deals with the US to get some certainty from the tariff volatility. However, many are now growing frustrated, according to University of Sydney associate professor David Smith. "They think that negotiations are going in one direction and then Trump makes a sudden announcement that takes it in another direction," he told AAP. Prime Minister Anthony Albanese has faced increasing pressure to schedule a face-to-face meeting with the US president and push for a total tariff exemption. But it is unclear if that would work. Japanese Prime Minister Shigeru Ishiba met Mr Trump in February, but by July the US president revealed his increased tariffs on the Asian nation and appeared to skip over its leader's name, calling him "Mr Japan" in a recent interview. "I can see why the (Australian) prime minister would be seeking a face-to-face meeting, but it doesn't have the same kind of certainty that it had in the past," Prof Smith said. "Now we're in a situation where the US is trying to negotiate 100 trade deals at once - it's clearly beyond the capacity of American negotiators. "Trump is getting very frustrated. Trump's blaming other countries for the slowness of the negotiations and now he's lashing out."
The Advertiser
09-07-2025
- Business
- The Advertiser
Inflation hope as RBA decision leaves many disappointed
Australian borrowers are rightly disappointed that they won't get an interest rate cut this month, but the treasurer says there is a silver lining in the way inflation is tracking. Financial markets and economists were overwhelmingly tipping the central bank to deliver a 25 basis point cut on Tuesday. But its board instead decided to wait for more evidence that inflation is easing before considering lowering the 3.85 per cent cash interest rate. "It's fair to say there were millions of people who were hoping for more rate relief yesterday and didn't get it," Treasurer Jim Chalmers told ABC radio on Wednesday. "(But) it should be a source of considerable pride to Australians that we've done something here that other countries haven't been able to do. "We haven't paid for progress on inflation with much higher unemployment - that's a good thing." Interest rates have already been cut twice this year as inflation tracked lower and the central bank's focus switched to growth prospects and job market resilience. Reserve Bank of Australia Governor Michele Bullock acknowledged households with mortgages would have been "very keen" for another interest rate cut. "I'm also really conscious that we don't want to end up having to fight inflation again," she said. The Australian Retailers Association described Tuesday's decision as a "missed opportunity" to improve the outlook of a sector employing one-in-ten Australians. "Weak consumer spending and high business costs continue to put pressure on retailers," the association's chief executive Chris Rodwell said. Real Estate Institute of Australia president Leanne Pilkington said the July call means high borrowing costs for first home buyers. "We understand the RBA's priority is returning inflation to its target band but this needs to be balanced against the risk of further dampening housing demand and locking first home buyers out of the market," she said. Federal Housing Minister Clare O'Neil said while the decision was disappointing for many, the central bank was still on track for more interest rate cuts. "The RBA told us yesterday that this is about pace, not direction," she told Seven's Sunrise program on Wednesday. "The RBA has already cut interest rates twice this year and is kind of indicating that they want to keep moving on that, but they're being very cautious." Speaking on Tuesday after a two-day meeting on monetary policy, Ms Bullock sympathised with young people hoping to buy homes, but said interest rates aren't the only roadblock. "In fact, I've heard criticisms that we shouldn't lower interest rates because housing prices will go up," she said. "So we can't win really." The governor said the question of housing prices was largely one for governments to address. Further insights into the interest rate decision could be revealed in a public speech by the central bank's deputy governor Andrew Hauser on Wednesday at the Australian Conference of Economists in Sydney. Australian borrowers are rightly disappointed that they won't get an interest rate cut this month, but the treasurer says there is a silver lining in the way inflation is tracking. Financial markets and economists were overwhelmingly tipping the central bank to deliver a 25 basis point cut on Tuesday. But its board instead decided to wait for more evidence that inflation is easing before considering lowering the 3.85 per cent cash interest rate. "It's fair to say there were millions of people who were hoping for more rate relief yesterday and didn't get it," Treasurer Jim Chalmers told ABC radio on Wednesday. "(But) it should be a source of considerable pride to Australians that we've done something here that other countries haven't been able to do. "We haven't paid for progress on inflation with much higher unemployment - that's a good thing." Interest rates have already been cut twice this year as inflation tracked lower and the central bank's focus switched to growth prospects and job market resilience. Reserve Bank of Australia Governor Michele Bullock acknowledged households with mortgages would have been "very keen" for another interest rate cut. "I'm also really conscious that we don't want to end up having to fight inflation again," she said. The Australian Retailers Association described Tuesday's decision as a "missed opportunity" to improve the outlook of a sector employing one-in-ten Australians. "Weak consumer spending and high business costs continue to put pressure on retailers," the association's chief executive Chris Rodwell said. Real Estate Institute of Australia president Leanne Pilkington said the July call means high borrowing costs for first home buyers. "We understand the RBA's priority is returning inflation to its target band but this needs to be balanced against the risk of further dampening housing demand and locking first home buyers out of the market," she said. Federal Housing Minister Clare O'Neil said while the decision was disappointing for many, the central bank was still on track for more interest rate cuts. "The RBA told us yesterday that this is about pace, not direction," she told Seven's Sunrise program on Wednesday. "The RBA has already cut interest rates twice this year and is kind of indicating that they want to keep moving on that, but they're being very cautious." Speaking on Tuesday after a two-day meeting on monetary policy, Ms Bullock sympathised with young people hoping to buy homes, but said interest rates aren't the only roadblock. "In fact, I've heard criticisms that we shouldn't lower interest rates because housing prices will go up," she said. "So we can't win really." The governor said the question of housing prices was largely one for governments to address. Further insights into the interest rate decision could be revealed in a public speech by the central bank's deputy governor Andrew Hauser on Wednesday at the Australian Conference of Economists in Sydney. Australian borrowers are rightly disappointed that they won't get an interest rate cut this month, but the treasurer says there is a silver lining in the way inflation is tracking. Financial markets and economists were overwhelmingly tipping the central bank to deliver a 25 basis point cut on Tuesday. But its board instead decided to wait for more evidence that inflation is easing before considering lowering the 3.85 per cent cash interest rate. "It's fair to say there were millions of people who were hoping for more rate relief yesterday and didn't get it," Treasurer Jim Chalmers told ABC radio on Wednesday. "(But) it should be a source of considerable pride to Australians that we've done something here that other countries haven't been able to do. "We haven't paid for progress on inflation with much higher unemployment - that's a good thing." Interest rates have already been cut twice this year as inflation tracked lower and the central bank's focus switched to growth prospects and job market resilience. Reserve Bank of Australia Governor Michele Bullock acknowledged households with mortgages would have been "very keen" for another interest rate cut. "I'm also really conscious that we don't want to end up having to fight inflation again," she said. The Australian Retailers Association described Tuesday's decision as a "missed opportunity" to improve the outlook of a sector employing one-in-ten Australians. "Weak consumer spending and high business costs continue to put pressure on retailers," the association's chief executive Chris Rodwell said. Real Estate Institute of Australia president Leanne Pilkington said the July call means high borrowing costs for first home buyers. "We understand the RBA's priority is returning inflation to its target band but this needs to be balanced against the risk of further dampening housing demand and locking first home buyers out of the market," she said. Federal Housing Minister Clare O'Neil said while the decision was disappointing for many, the central bank was still on track for more interest rate cuts. "The RBA told us yesterday that this is about pace, not direction," she told Seven's Sunrise program on Wednesday. "The RBA has already cut interest rates twice this year and is kind of indicating that they want to keep moving on that, but they're being very cautious." Speaking on Tuesday after a two-day meeting on monetary policy, Ms Bullock sympathised with young people hoping to buy homes, but said interest rates aren't the only roadblock. "In fact, I've heard criticisms that we shouldn't lower interest rates because housing prices will go up," she said. "So we can't win really." The governor said the question of housing prices was largely one for governments to address. Further insights into the interest rate decision could be revealed in a public speech by the central bank's deputy governor Andrew Hauser on Wednesday at the Australian Conference of Economists in Sydney. Australian borrowers are rightly disappointed that they won't get an interest rate cut this month, but the treasurer says there is a silver lining in the way inflation is tracking. Financial markets and economists were overwhelmingly tipping the central bank to deliver a 25 basis point cut on Tuesday. But its board instead decided to wait for more evidence that inflation is easing before considering lowering the 3.85 per cent cash interest rate. "It's fair to say there were millions of people who were hoping for more rate relief yesterday and didn't get it," Treasurer Jim Chalmers told ABC radio on Wednesday. "(But) it should be a source of considerable pride to Australians that we've done something here that other countries haven't been able to do. "We haven't paid for progress on inflation with much higher unemployment - that's a good thing." Interest rates have already been cut twice this year as inflation tracked lower and the central bank's focus switched to growth prospects and job market resilience. Reserve Bank of Australia Governor Michele Bullock acknowledged households with mortgages would have been "very keen" for another interest rate cut. "I'm also really conscious that we don't want to end up having to fight inflation again," she said. The Australian Retailers Association described Tuesday's decision as a "missed opportunity" to improve the outlook of a sector employing one-in-ten Australians. "Weak consumer spending and high business costs continue to put pressure on retailers," the association's chief executive Chris Rodwell said. Real Estate Institute of Australia president Leanne Pilkington said the July call means high borrowing costs for first home buyers. "We understand the RBA's priority is returning inflation to its target band but this needs to be balanced against the risk of further dampening housing demand and locking first home buyers out of the market," she said. Federal Housing Minister Clare O'Neil said while the decision was disappointing for many, the central bank was still on track for more interest rate cuts. "The RBA told us yesterday that this is about pace, not direction," she told Seven's Sunrise program on Wednesday. "The RBA has already cut interest rates twice this year and is kind of indicating that they want to keep moving on that, but they're being very cautious." Speaking on Tuesday after a two-day meeting on monetary policy, Ms Bullock sympathised with young people hoping to buy homes, but said interest rates aren't the only roadblock. "In fact, I've heard criticisms that we shouldn't lower interest rates because housing prices will go up," she said. "So we can't win really." The governor said the question of housing prices was largely one for governments to address. Further insights into the interest rate decision could be revealed in a public speech by the central bank's deputy governor Andrew Hauser on Wednesday at the Australian Conference of Economists in Sydney.
Perth Now
26-06-2025
- Politics
- Perth Now
Telling detail in Ley's first major speech
Sussan Ley has said Acknowledgements of Country should not become a box ticking exercise, and that there is a 'time and a place' for the declaration during her first major speech as Opposition Leader. Her words were a departure from the stance taken by her predecessor Peter Dutton, with acknowledgement of country statements notably missing from major Liberal Party events and speeches during the election, like the official campaign launch in Western Sydney. Speaking to the National Press Club on Wednesday, Ms Ley began her speech 'acknowledging the Traditional Owners of the land on which we meet today'. Asked on Thursday if her speech 'settled' the debate on Acknowledgements and Welcome to Country, Ms Ley said neither should be overused. 'Look I think Acknowledgements of Country have their place, but in significant moments like yesterday was one of those places,' she told ABC radio. 'And as Environment Minister and Health Minister, I listened carefully and I participated in what I would describe as meaningful Welcome to Country ceremonies that involved the circumstances of Indigenous Australians with respect to our natural environment and their own health that were relevant and important.' Sussan Ley said there was a 'time and place' of Acknowledgements of Country and stressed they shouldn't be overused. NewsWire/ Martin Ollman Credit: News Corp Australia Continuing, she said: 'I don't think it should be ticking a box on a teams meeting'. 'I don't think it should be at every work meeting, because I think that actually diminishes the value of what it is. 'So there is a time and a place, and it's about striking the right balance.' Her comments follow a factitious election campaign where Mr Dutton avoided giving Acknowledgement to Country statements, said Welcome to Country ceremonies were overdone and went as far to say he didn't support Welcome to Country ceremonies on Anzac Day. Speaking to the Opposition party room in Canberra on Thursday, Ms Ley said the Coalition needed to 'rebuild with humility' and represent a diverse range of groups following the 'sobering' election loss. 'Our job is to present that alternative narrative for Australians so they look at us and know that we're a party that respects, reflects and will represent modern Australia, and we can restore their faith and trust in us,' she said. Nationals Leader David Littleproud urged the party to 'come out swinging'. 'So while it's, it's humbling and it's, it's disappointing the election result, you can do one of two things: you can get in the foetal position, give up, or you can come out swinging,' he said. 'And being from western Queensland, we always take the latter. 'So let's come out swinging. Let's hold this government to account, and let's show Australians that we are here for them and we have the solutions for them.'
