Key occasions
File funding enhance for Australia’s Olympic hopefuls
Australia’s prospects of putting Olympic and Paralympic gold have been given a wholesome enhance, AAP experiences, with the nation’s biggest-ever funding in high-performance sport.
The nation’s elite athletes, coaches and assist employees will obtain an extra $283m in funding over the subsequent two years, the federal authorities has introduced.
That brings whole funding over the interval to $489m, with the federal government saying the brand new cash would create extra alternatives and higher improvement pathways for aspiring Olympians.
The funding contains an uplift in direct sport funding, entry to extra home and worldwide competitions, coaching, well-being and preparation assist.
There’s additionally $17.6m in grants for athletes to fulfill cost-of-living pressures. The announcement comes as athletes make their closing preparations for the 2024 Paris Olympics, which start in late July.
In the meantime, funding for Australia’s Paralympians will greater than double, with an extra $54.9m enabling higher entry to fit-for-purpose coaching environments together with specialised teaching and efficiency assist.
Good morning
Emily Wind
And completely satisfied Friday – welcome again to the Australia information dwell weblog, and because of Martin for kicking issues off for us. I’m Emily Wind, and I’ll be taking you thru our dwell protection.
See one thing that wants consideration? You will get in contact by way of X, @emilywindwrites, or you’ll be able to ship me an electronic mail: emily.wind@theguardian.com.
Let’s get began.
Funds surplus nonetheless anticipated, Chalmers will say
Extra on that Jim Chalmers speech anticipated right this moment.
A federal price range surplus of $9.3bn was forecast within the Might price range for the 2023-24 monetary yr – the second in a row – and Chalmers says it’s nonetheless on monitor to remain out of the pink, Australian Related Press experiences.
With inflation proving persistent, the federal authorities is below stress to show it’s doing its bit to fight value progress and the treasurer says one other surplus shall be considered favourably by the Reserve Financial institution of Australia.
Previewing right this moment’s replace on the federal government’s monetary place as of Might, Chalmers will handle expectations in regards to the closing quantity with a month to go. He’ll say in a speech to the Citi A50 Australian Financial Discussion board in Sydney:
The excessive determine you’ll see revealed right this moment isn’t essentially the place we’ll find yourself.
Some softness in our tax take, when in comparison with funds, may nonetheless end in a surplus that’s a bit smaller or a bit greater than we forecast within the price range.
His remarks will observe a higher-than-expected 4% rise in inflation within the 12 months to Might, which had markets pricing in a 37% probability of an rate of interest hike on the subsequent assembly.
For financially stretched debtors, a lot is driving on the quarterly inflation print on the finish of July, with one other sturdy studying to push easing additional into the gap, and presumably even prompting a hike.
‘Bad mistake’ to set charges on single inflation quantity, RBA deputy govenor says
Peter Hannam
The general public feedback by a Reserve Financial institution official after Wednesday’s stunning bounce in Might’s inflation would seem like aimed toward dousing among the expectations that one other rate of interest hike is a certainty.
The RBA’s new deputy governor Andrew Hauser used a speech in Sydney on Thursday evening to the Citi A50 Australia Financial Discussion board to largely discuss up his new digs after transferring from the Financial institution of England this yr.
Australia, so far as he can inform to this point, has loads going for it beneath the bottom, on it and above it (significantly photo voltaic energy-wise).
He chosen his feedback within the Q&A piece fastidiously as you may anticipate (particularly with treasurer Jim Chalmers sitting at his desk) when requested about inflation. He famous the “partial” nature of the month-to-month inflation figures (in contrast to within the UK), and that the financial institution would obtain different necessary knowledge comparable to labour market figures for June and the June quarter inflation figures earlier than the RBA needed to resolve on the money price (at its 5-6 August board assembly.
However the important thing takeaway was: “It would be a bad mistake to set policy on the basis of one number [the May CPI] and we don’t intend to do that.”
That chimes in with our earlier piece that argued there was a glimmer of hope the RBA may but keep away from one other price rise – the 14th – within the present cycle. Right here it’s, in case you missed it:
Meta, Snap and Google executives to provide proof at social media inquiry
Josh Taylor
Executives from Fb and Instagram’s guardian firm Meta, together with TikTok, Snap and Google will face a parliamentary inquiry on social media in Canberra on Friday morning from 9am.
The businesses are anticipated to be grilled on every thing from age limits on social media, misinformation and disinformation, in addition to the information media bargaining code, and Meta’s announcement in March that it will not enter into new contracts for the fee of reports.
Within the two hearings to this point, the committee has largely targeted on the code, with information media bosses final week calling on the parliament to move legal guidelines to drive social media firms to pay for information.
A notable absence from Friday’s listening to is Elon Musk’s X however, on condition that the corporate has no employees based mostly in Australia any extra, that’s not massively stunning.
The committee can even hear from Crikey’s guardian firm, Personal Media, in addition to Andrew Forrest’s funding firm Tattarang, amongst others. The latter will little question give attention to the rip-off adverts bearing Forrest’s likeness on Meta’s platforms.
Welcome
Martin Farrer
Good morning and welcome to our rolling information protection. I’m Martin Farrer with among the prime tales this morning earlier than Emily Wind hosts the weblog for the majority of the day.
There have been greater than 1,000 in New South Wales, greater than 500 in Queensland and it’s the same sample in different jurisdictions: police are fielding tons of of complaints about misuse of confidential info. A Guardian Australia investigation has discovered that police forces round Australia have fielded tons of of complaints about misuse of data, and specifically unauthorised entry of inside police databases, since 2020.
It’s one other attention-grabbing day for economy-watchers because the Treasury releases an replace on the place it stands with the federal price range. Treasurer Jim Chalmers is because of give a speech at a convention right this moment during which he’ll say that the price range remains to be on monitor for a surplus however a softer tax take may whittle it down a bit. In the meantime, RBA deputy governor Andrew Hauser addressed the identical A50 Financial Discussion board in Sydney final evening and performed down mounting fears that the financial institution may need to hike charges once more this yr due to larger inflation. Extra arising.
4 of the web’s largest names are anticipated to face robust questions in parliament in regards to the influence of social media. Executives from Meta, Google, TikTok and Snapchat are scheduled to look earlier than the social media and Australian society inquiry in Canberra right this moment. Questions are anticipated to give attention to dangerous and unlawful content material on digital platforms, age verification proposals and offers to compensate Australian media shops for information content material. Extra arising.
