Key occasions
Chalmers affords no touch upon chance of rate of interest minimize in December
Chalmers wouldn’t be drawn on whether or not Australia’s weak GDP development means the Reserve Financial institution (RBA) will scale back rates of interest when its board subsequent meets on 10 December.
He stated:
Effectively, I might say about that, that the Reserve Financial institution, when it meets, will weigh up all of this information, as they often do.
They’ll decide independently. They’ll do this with me, with out me pre-empting [it].
The RBA’s newest forecasts had GDP increasing at an annual tempo of 1.5% by the tip of 2024 and the nationwide accounts launched yesterday recommend that estimate must be revised decrease.
Over the twelve months to the September quarter this 12 months, Australia’s headline inflation fee rose by 2.8%, which was the bottom in additional than three years and throughout the RBA’s goal vary of 2-3%.
Nonetheless, underlying inflation, which stripped out items that have been extra risky in worth, remained at 3.5%.
At its November assembly, the RBA left the money fee – which guides rates of interest set by banks – unchanged for an eighth assembly in a row, at 4.35%.
Chalmers acknowledges financial system ‘very weak’
The federal treasurer, Jim Chalmers, says he acknowledges the Australian financial system is “very weak”.
Chalmers is being interviewed on ABC Radio Nationwide Breakfast the day after information was launched exhibiting the financial system grew at a weaker-than-expected tempo within the September quarter regardless of further authorities spending.
He stated:
I do acknowledge that the financial system may be very weak and individuals are beneath numerous stress.
And should you have a look at these fairly tough set of figures that have been launched yesterday, there have been some encouraging parts.
While you have a look at the nationwide accounts, you possibly can see that wages are rising, inflation is coming down, and the tax cuts are taking part in a useful and significant position as effectively.
Gross home product (GDP) expanded 0.3% within the July-September months, the quickest in a 12 months and the twelfth quarter in a row of development, the Australian Bureau of Statistics nationwide accounts figures launched on Wednesday confirmed.
As my colleague Peter Hannam reported yesterday, gross home product (GDP) expanded 0.3% within the July-September months, in contrast with the 0.5% fee anticipated by economists – and the annual development of 0.8% is the weakest because the finish of 2020.
Greens election coverage requires federal drug testing company
Natasha Might
The Greens’s new election coverage for a federal enlargement of tablet testing would contain the creation of a brand new drug testing company.
The company, housed throughout the federal Division of Well being and Aged Care, would coordinate and run drug testing websites in capital cities and regional hubs in addition to offering free testing providers at Australian music festivals.
Beneath the coverage, the Greens say they might additionally present extra funding to the division to coordinate information assortment, evaluation and communication of outcomes of the drug exams.
The drug testing websites can be rolled out over the following 5 years beginning with 10 drug testing websites in capital cities in 2026-27, and later increasing to in the end embody 18 drug testing websites in capital cities and 4 in regional hubs from 2028-29 onwards.
The celebration’s spokesperson for well being and psychological well being, Senator Jordon Steele-John, stated:
For the time being the most important hazard dealing with younger folks utilizing medication at festivals isn’t the substance itself however a failure of presidency coverage that doesn’t permit folks to have the ability to verify what’s in that drug and entry schooling and medical providers when wanted.
We have now a system designed to criminalise and stigmatise individuals who take medication in our group which has led to tragic outcomes. It’s time we hearken to the group and the consultants and implement commonsense approaches to minimise hurt and danger.
The Greens’ announcement comes because the NSW Labor authorities prepares for the second day of its two-day drug summit in Sydney, the place it’s canvassing potential reforms together with tablet testing.
The summit hasn’t completed, however the NSW authorities has already dominated out decriminalising the private possession of medication, resulting in criticism from consultants and well being teams.
Welcome
Catie McLeod
Good morning and welcome to our dwell information weblog. I’m Catie McLeod and I shall be internet hosting the weblog this morning. Listed below are our prime in a single day tales.
Australia continues to be removed from catching as much as the degrees of migration anticipated earlier than the pandemic, a brand new research from the Australian Nationwide College has proven, opposite to claims of record-high migration.
Earlier than Covid, web migration was projected to hit about 300,000 by 2025. However the research, led by the migration hub’s director, Alan Gamlen, discovered web abroad migration should still be 82,000 folks wanting that quantity.
The New South Wales Greens’ atmosphere spokesperson, Sue Higginson, has referred to as on state Labor to step in and block Idemitsu’s plan to develop its Boggabri coal challenge, saying if the challenge is granted approval, it is going to lead to an extra 62m tonnes of coal being dug up and burned in Australia and abroad.
Higginson says the federal Labor authorities is refusing to think about the results on local weather change from coal mining.
As we reported yesterday, the federal authorities has declined to overview the Boggabri mine in addition to BHP Mitsubishi’s Caval Ridge coal challenge in central Queensland and Jellinbah Group’s Lake Vermont coal challenge in Queensland for his or her potential local weather impacts.
The choice means the three mines will stay beneath evaluation for potential approval.
And the Greens have introduced a brand new election coverage for a federal enlargement of tablet testing, involving the creation of a brand new drug testing company. I’ll have extra on this announcement for you shortly.
