Key occasions
Prime minister Anthony Albanese has slammed the Coalition’s nuclear energy coverage, calling it a ‘fantasy” saying it isn’t Snow White and the Seven Dwarfs, however “Peter Dutton and the Seven Nuclear Reactors.”
Albanese was on RN Breakfast this morning, the place he mentioned the plan would take a “radioactive sledgehammer” to the Australian financial system:
What you could have right here is one thing that I’ve by no means seen earlier than. I imply, that is only a fantasy as a substitute of Snow White and the Seven Dwarfs That is Peter Dutton, and the seven nuclear reactors.
That is simply absurd, to have a giant construct up for an announcement after which say we gained’t provide the particulars. I’ll make this prediction. All the main points gained’t be on the market earlier than the election. Will probably be simply “trust me” simply the identical as Peter Dutton mentioned that the 2030 goal on the subject of emissions discount, “I will let you know all of that after the election.”
This can be a political social gathering that had 22 totally different power insurance policies after they have been in authorities. Not considered one of them talked about nuclear. They’ve simply come out of workplace two years in the past. They didn’t point out it for the earlier decade, as a result of it doesn’t make sense. They spent a decade saying coal would proceed, that they’d have new coal fired energy stations as effectively. And none of that occurred.
The first concern I’ve is that it is a recipe for greater prices, decrease charges of reliability, and these main cracks of their nuclear reactor plan.
Angus Taylor on energy: ‘we want to have every horse in this race’
The shadow treasurer, Angus Taylor, was simply grilled by Patricia Karvelas on ABC Radio Nationwide earlier, the place he was pushed to reply questions on when Australians would see advantages to nuclear power.
Requested when payments would get cheaper, Taylor danced across the query, refusing to be pinned on something:
Effectively, our power coverage will and is completely centered on driving down costs as we did in authorities at … that is the essential level. And that’s due to a spread of applied sciences, not one, nuclear must be a part of that blend. That you must have each horse on this race. This can be a arduous race to win. And we wish to have each horse within the race. Nuclear is a crucial one, fuel is a crucial one.
Everybody needs to kind of say there’s one know-how this the reply to every thing. No. I’m simply questioning. It’s a steadiness of applied sciences and proper now, what is obvious is Chris Bowen’s technique just isn’t getting us to the place we have to go.
Wong on Coalition’s nuclear plans: ‘risky, expensive, and won’t work’
The international minister, Penny Wong, has referred to as Dutton’s nuclear plan “a risky and expensive gamble that won’t work.”
Talking on ABC Information Breakfast from PNG, Wong mentioned the Coalition was “allergic to renewables”:
It’s a dangerous and costly gamble that gained’t work. I imply that’s the truth. I imply that is a long time of subsidy from Australians on, you realize, infrastructure and know-how we don’t have, in an effort to ship greater electrical energy costs.
We’ve seen what occurs when the Coalition does this. They’re so allergic to renewables. We noticed below them coal-fire energy exit the system as a result of they gave the personal sector no certainty. No-one was investing in power, and now he needs to delay for many years and be sure that taxpayers stump up the cash to construct these vegetation. It’s dangerous, costly, and gained’t work.
Lady shot and killed in Mackay, Queensland
An emergency declaration was made in Mackay in Queensland final evening after a girl has been shot lifeless and a person injured in an alleged assault.
Police arrested a 31-year-old man outdoors a fast-food restaurant hours after the “absolutely shocking” incident resulted in quite a few streets being locked down.
District Superintendent Graeme Paine mentioned a 34-year-old girl had pushed into Robb Place in South Mackay on Wednesday afternoon when a 31-year-old man approached and fired into the automobile, hanging the lady.
Two younger youngsters who have been additionally within the automobile fled to a close-by residence, after which a 66-year-old man got here to the lady’s support, Supt Paine advised reporters.
The gunman allegedly shot him within the chest.
The lady died from her gunshot wound, whereas the 66-year-old was taken to hospital in a critical however steady situation.
Police have been referred to as to the scene after 4.30pm and made an emergency declaration and put an exclusion zone in place at 5.20pm.
Patrols later discovered a suspect automobile and about 7.45pm arrested the 31-year-old man outdoors a fast-food restaurant about 2km away from the scene of the taking pictures. He was aiding police on Wednesday evening.
“I don’t have any details at this stage in relation to any sort of motive or reasons behind what’s occurred,” Paine mentioned.
Police didn’t know if the lady and two males have been recognized to one another however believed they “resided in close proximity to each other”. Paine mentioned police have been analyzing quite a few scenes and the shootings have been “an absolutely shocking thing” for the teenagers to have skilled.
“They obviously were very fearful and they’ve gone and sought help and that help was provided and unfortunately that male who also provided help has been injured, so an absolutely tragic situation,” Paine mentioned.
The emergency declaration was revoked late on Wednesday round Robb Place, Paradise Avenue, Archibald Avenue, Kindermar Avenue and Denton Avenue.
Through AAP
Dutton claims ‘datasets’ and AI will play position in convincing communities of deserves of nuclear
After shrugging off a number of makes an attempt to get a way of how a lot the proposal will value (or to confess he doesn’t know that), Dutton is then requested about group session and the reluctance of some communities to maneuver away from renewables.
Dutton didn’t truly say how he would persuade individuals, as a substitute pointing to shuttered outlets in Lithgow that he mentioned might be helped by “datasets” and AI:
Ultimately, we make choices which are in our nation’s greatest pursuits. And I consider very strongly that the communities will obtain an important profit. We’ve had in depth conversations with our native members who know their communities higher than anybody concerning the choices out there.
I see a few of the commentary in relationship to Lithgow for instance, the place, you realize, outlets are shut up, and we now have the flexibility to herald datasets, AI will play an enormous position into the longer term, but it surely’s very power intensive.
And all of that trade is interested in a low-cost surroundings the place you’ve acquired dependable baseload energy.
And that’s the rationale that we’ve regarded on the world expertise. And we consider that there’s vital profit for that group. However I respect that we now have range of views,
Dutton says Coalition’s nuclear coverage will come out ‘in bite-sized bits’
And we start largely the place we left off yesterday, with the opposition chief, Peter Dutton, making an attempt to persuade individuals of his nuclear energy coverage.
Dutton was on ABC Information Breakfast earlier, the place he was requested when Australia will truly get particulars on this plan, like the place the modelling for the guarantees come from. However the opposition chief mentioned he didn’t have thos particulars simply but:
So we now have taken a deliberate step to not be held hostage by the Labour social gathering and the scare marketing campaign. We would like the data on the market in bite-sized bits, should you like, so that individuals can eat precisely what it’s that we’re proposing and perceive what it’s not proposing.
We’ll launch the subsequent stage, sooner or later, and there’s been months and months and months of labor put into this coverage, I consider it’s our nation’s greatest pursuits. I perceive that sectional pursuits and individuals who make investments into inexperienced applied sciences and the remainder of it, however my job is to not make wealthy individuals richer, my job is to offer an surroundings the place electrical energy is cheaper, it’s constant.
Enterprise insolvencies at new excessive, analysis reveals
Excessive rates of interest and rising costs of every thing from copper wire to the workplace espresso are beginning to kill off Australian companies, with insolvencies at a brand new excessive, analysis reveals, in response to Australian Related Press.
Within the yr to Could, exterior administrations elevated 38% on common throughout all industries, reflecting cussed value pressures, greater rates of interest and squeezed margins from shoppers reining in spending.
Small companies in electrical energy, fuel and waste providers drove the rise within the insolvency charge, with the broader class clocking an 89% improve in corporations getting into exterior administration since final yr.
Deteriorating circumstances within the enterprise sector, highlighted in CreditorWatch’s enterprise threat index, follows the Reserve Financial institution of Australia adopting a extra hawkish footing on future rate of interest strikes.
CreditorWatch’s CEO, Patrick Coghlan, mentioned a number of rate of interest hikes and persistently excessive inflation had compelled shoppers in any respect earnings ranges to chop again on spending.
“We don’t expect a meaningful turnaround in consumer confidence until the impact of at least two rate cuts has been felt, which won’t be until well into 2025,” he mentioned.
Companies failures, which embrace insolvencies, closures, deregistrations and strike-offs by the monetary regulator, proceed to be dominated by meals and beverage providers corporations.
Enterprise-to-business commerce fee defaults additionally hit a file excessive, which is a metric strongly linked to enterprise failures and factors to money movement issues.
Mostafa Rachwani
Good morning, Mostafa Rachwani with you to take you thru the day’s information.
Australia to put money into PNG’s authorized system
Sharlotte Thou
The Australian authorities has introduced it’s going to put money into Papua New Guinea’s authorized system and “non-traditional” safety areas, amid ongoing efforts to strengthen its relationship with the Pacific nation.
In December 2023, Australia dedicated $200m as a part of a safety take care of PNG, and it has now confirmed how a few of these funds can be used.
The initiatives will embrace rising the protection of PNG’s correctional amenities, investing in packages that can enhance entry to justice for younger individuals and regional and distant communities and serving to PNG’s authorized system to research and prosecute monetary crime.
Different initiatives embrace help in non-traditional safety areas reminiscent of bettering cybersecurity and biosecurity and addressing gender-based violence.
Defence-related help consists of Australia gifting 12 up-armoured Land Cruisers to the PNG defence forces and serving to with an operation to get rid of unexploded ordnance in East New Britain and Bougainville.
The international affairs minister, Penny Wong, who’s a part of a giant Australian delegation to go to PNG this week for talks, mentioned the initiatives would “further strengthen our security partnership and deliver on commitments under our landmark bilateral security commitment”.
Welcome
Good morning and welcome to our reside information protection. Whereas Mostafa Rachwani prepares to begin the day, I’m Martin Farrer with a few of the tales making the headlines in a single day.
After all of the discuss and bulletins, we nonetheless don’t understand how a lot the Coalition thinks its nuclear plans will value – however our prime story says that specialists assume it’s going to value much more than if we simply keep on with renewables. One power professional tells us there may be “no credible reason” to assume including “the most expensive form of bulk electricity” would lower costs. Extra arising.
With a big Australian authorities delegation in Papua New Guinea this week led by the international affairs minister, Penny Wong, Canberra has introduced it’s going to put money into the nation’s authorized system and different “non-traditional” safety areas. It’s a part of ongoing efforts to counter Chinese language energy within the Pacific and strengthen its relationship with the Port Moresby authorities by constructing on the $200m safety deal signed by Anthony Albanese in December. Extra arising.
Excessive rates of interest and rising costs are beginning to kill off Australian companies, with insolvencies at a brand new excessive, analysis reveals. Within the yr to Could, exterior administrations elevated 38% on common throughout all industries, reflecting cussed value pressures, greater rates of interest and squeezed margins from shoppers reining in spending.
