Key posts
Inflation falls to 4.1 per cent, a two-year low
By Shane Wright
Inflation has fallen to its lowest level in two years, dropping to a lower-than-expected 4.1 per cent, in a development that effectively ends the chance of further interest rate rises.
The Australian Bureau of Statistics reported this morning that prices increased by 0.6 per cent through the final three months of 2023. It was the lowest quarterly increase in inflation since March 2021.
It took the annual rate down to 4.1 per cent from 5.4 per cent. The last time inflation was this low was in the December quarter of 2021.
Inflation peaked at 7.8 per cent in December 2022, forcing the Reserve Bank to lift interest rates to 4.35 per cent.
The bank board meets next week with markets expecting the RBA to hold rates steady.
The bureau’s head of prices statistics, Michelle Marquardt, said housing prices (up 1 per cent), alcohol and tobacco (up 2.8 per cent) and insurance and financial services (up 1.7 per cent) had contributed to the quarterly increase.
Rents were up by 0.9 per cent after a 2.2 per cent jump in the September quarter. Tobacco prices were up by 7 per cent after the biannual increase in tobacco excise.
Insurance prices rose by 3.8 per cent.
“The increase in insurance was due to higher premiums across motor vehicle, house and home contents insurance. Over the past twelve months, insurance rose 16.2 per cent, making it the largest annual rise since March 2001,” Marquardt said.
But some prices fell, particularly in food and beverages.
Prices for lamb dropped by 12.1 per cent, those of beef and veal edged down by 1.5 per cent while fruit and vegetables slipped by 1.2 per cent.
In further positive news, the bureau’s monthly measure of inflation - released today and covering December - showed price pressures easing even further. This measure dropped to 3.4 per cent from 4.3 per cent in November. It’s measure of underlying inflation also eased, to 4 per cent from 4.6 per cent.
Today’s headlines at a glance
By Josefine Ganko
Thanks for reading the live blog today. Here are the top headlines from Wednesday, 31 January 2024.
- Inflation has fallen to its lowest level in two years, dropping to a lower-than-expected 4.1 per cent, in a development that effectively ends the chance of further interest rate rises.
- The inflation numbers had an immediate impact on financial markets, with the Australian dollar dropping against its US counterpart on expectations the RBA is finished with rate rises.
- Westpac has agreed to pay $9.8 million to the corporate regulator for its unconscionable conduct during a 2016 transaction – a penalty the Federal Court has deemed “risible” given the bank’s size and its conduct.
- A Sydney woman who was bitten by a shark has thanked her neighbours and paramedics for their heroic and life-saving efforts.
Health Minister Mark Butler says he is concerned and consulting with the department after it was revealed Australians’ out-of-pocket payments for common medical procedures in the private system have increased by as much as 300 per cent in five years.
That’s all for today, the blog will be back tomorrow.
Former Pakistani Prime Minister Imran Khan gets 14-year prison sentence in third conviction
Former Pakistani Prime Minister Imran Khan and his wife were sentenced on Wednesday to 14 years in prison for corruption, his lawyer and prison officials said, a day after another special court convicted Khan of leaking state secrets and gave him a 10-year prison sentence.
The latest conviction and sentencing were Khan’s third since 2022 when he was ousted from power.
Khan and his wife were accused in the most recent case of retaining and selling state gifts when the former premier was in power.
Pakistan’s former Prime Minister Imran Khan, right, and Bushra Bibi,his wife, talk to the media in July 2023.Credit: AP
The court also disqualified Khan for years from holding any public office, ahead of Pakistan’s February 8 parliamentary elections. Khan’s lawyer Babar Awan said the former prime minister was convicted and sentenced in such a hurry that the judge did not wait for the arrival of his legal team.
He said Khan’s basic human and fundamental rights had been violated, and that the latest conviction and sentencing would be challenged in higher courts.
“It seems the judge was in a hurry to announce the verdict,” he said.
The latest development came three weeks after Khan and his wife, Bushra Bibi, were indicted on graft charges for retaining state gifts including jewelry and watches from Saudi Arabia’s government, authorities said.
Khan was ousted from power in a no-confidence vote in Parliament in April 2022. Despite his conviction and sentencing, he remains popular and is currently serving time on a corruption conviction and has multiple other legal cases hanging over him.
AP
Should tax reform be a higher government priority?
The theme of the National Press Club speeches earlier today by Wentworth MP Allegra Spender and Australia Institute Executive Director Richard Denniss was the need for significant tax reform.
A particular clip where Denniss compares Australia’s taxation system to that of Norway, which heavily taxes its resources sector and offers free tertiary education via its sovereign wealth fund, has been doing the rounds on social media.
Let us know your thoughts in the reader poll:
Stranded ship with 16,500 sheep, cattle to be unloaded
Sheep and cattle stranded in heatwave conditions aboard a ship off Western Australia after almost a month at sea will be offloaded, with others set to be re-exported.
About 16,500 animals are packed into the MV Bahijah, which was ordered by the federal government to abandon its voyage to the Middle East due to Houthis rebel attacks in the Red Sea.
It has since returned to Australian waters, with authorities scrambling to formulate a plan to quarantine the livestock.
The MV Bahijah is carrying about 14,000 sheep and 2500 cattle.Credit: 9News Perth
WA Premier Roger Cook said the carrier could dock on Thursday after the export company managing the animals rejected the offer of a berth on Tuesday.
“They decided to delay docking - could be for a range of logistical reasons - so those animals, hopefully, will be disembarked tomorrow,” he told reporters.
“The other information I have is that they’ve made significant efforts in making sure they clean the stalls and provide new bedding and water and food for those animals.”
The Department of Agriculture, Fisheries and Forestry said the exporter had applied to unload some animals before re-exporting those remaining aboard the vessel.
“The department is assessing this application as a priority, including working closely with our trading partners to ensure any decision to re-export the animals would be supported by the intended market,” a spokesman said.
The MV Bahijah loaded cattle and sheep in Fremantle and departed for the Middle East on January 5 and was ordered to return to Australia on January 20.
AAP
Opinion: There’s only one way to make addicts like me quit vaping. This new ad isn’t it
This week, the NSW government released a new ad campaign aimed at curbing young people’s vaping habits.
The campaign is in line with the growing concern about the number of youth who have adopted vaping, and the national ban on disposable vapes that came into force on January 1.
But Jackson Westaway, a self-described nicotine addict and former smoker and vaper, doesn’t think the new ads will make any difference:
I don’t think the government’s new anti-vaping ad will be particularly effective for young people, as anti-smoking campaigns weren’t that helpful to me. It alerts us to the fact that vaping is bad for you, but who doesn’t already know? Will young people really care? Sixteen-year-old me would have laughed at the youth who threw up from excessive vaping.”
Watch one of the ads below and click here to read what Jackson thinks needs to happen to stop young people from vaping.
More than 500 Tesla Model 3s recalled
More than 500 new electric cars have been recalled within weeks of their release in Australia after a change to an important safety feature.
The federal Transport Department issued the recall for new edition Tesla Model 3 vehicles on Wednesday after the automaker made a controversial change to the vehicle’s child seat connection.
The alteration resulted in the Australasian New Car Assessment Program denying the vehicle a safety rating in Australia, even though the model it replaced had earned a five-star rating, and threatened to halt deliveries of the vehicle to customers.
A Tesla Model 3Credit: Supplied
The Transport Department said 505 Tesla Model 3 vehicles were affected by the change, which put the cars in breach of Australian Design Rules.
“If the top-tether restraint anchorage for the rear-centre seat is not accessible in accordance with Australian Design Rule 34/03, an infant or child car seat restraint cannot be securely attached to it,” the recall said.
The redesigned Model 3, which began to arrive in Australia in December, put the child safety seat anchorage point beneath a panel at the rear of the car.
But Australian Design Rules state that passenger cars must feature anchors that can be accessed “without the use of tools”.
Motorists who bought the redesigned Tesla Model 3 vehicles will be contacted by the manufacturer to organise a service appointment.
AAP
Federal Court justice slams $9.8m Westpac settlement
By Millie Muroi
Westpac has agreed to pay $9.8 million to the corporate regulator for its unconscionable conduct during a 2016 transaction involving the largest one-time interest rate swap executed in Australian history – a “risible” penalty given the bank’s size and its conduct, the Federal Court has found.
On Wednesday, legal representatives for Westpac and the Australian Securities and Investments Commission (ASIC) appeared before the court in Sydney, where they proposed a settlement for the bank to pay a $1.8 million penalty and $8 million to cover ASIC’s litigation and investigation costs.
“The fact that there’s a pecuniary penalty of $1.8 million in these circumstances is something which, I think, would rightly shock the conscience of a large number of people,” said Federal Court Justice Michael Lee.
“It’s a risible amount compared to the nature of the conduct and the size of the organisation.”
Record low for coal, gas-fired power as grid goes green
Record low coal and gas-fired generation forced wholesale electricity prices lower in the closing months of 2023, as every region of the country notched up a new solar output record.
While prices are sharply lower than the peak of two years ago, Australia remains vulnerable to price spikes should heatwaves strike from January to March, the Australian Energy Regulator (AER) said on Wednesday.
In a quarterly update, the regulator also warned it would “take time” for power bills to reflect recent lower costs.
Combined, wind and solar farms reached a record high of more than a quarter (26 per cent) of generation output in the national electricity market from October to December, up from a previous high of 23 per cent a year earlier.
Average annual wholesale electricity prices in the NEM dropped by between 44 per cent and 64 per cent and average annual east coast gas market spot prices fell by 43 per cent in 2023.
“The proportion of electricity output sourced from coal and gas fell to a record low of 66 per cent,” AER board member Jarrod Ball said.
“Although relatively little new [large-scale] generation entered the market, a significant increase in new entry is currently scheduled for 2024,” he added.
Wholesale electricity prices fell in NSW, Victoria and South Australia in the last three months of 2023, but increased in Queensland and Tasmania compared to the previous quarter.
Federal Treasurer Jim Chalmers said further electricity bill relief for stretched households was still under consideration even as wholesale prices moved lower.
AAP
Sydney woman bitten by shark thanks neighbours, paramedics
By Angus Thomson
A Sydney woman who was bitten by a shark has thanked her neighbours and paramedics for their heroic and life-saving efforts.
In a short statement provided to media, 29-year-old Lauren O’Neill said she was “taking a short dip close to the shore” when she was bitten by a shark.
Shark attack victim Lauren O’Neill is treated by paramedics after being bitten at Elizabeth Bay, and (left) with her kayak near the scene of the attack.Credit: Tim Levy, Wolter Peeters
She thanked first responders, friends, family and colleagues, and extended particular thanks to the specialist surgical teams at St Vincent’s Hospital who performed her surgery through the night.
O’Neill’s likely full recovery “is testament to their extraordinary skills”, the statement read.
She thanked the public for their outpouring of support and asked that her family’s privacy be respected.
Tax policy is ‘all sugar, no reform’: Spender
By Josefine Ganko
Member for Wentworth Allegra Spender has used an address at the National Press Club to advocate for greater tax reform.
During a question and answer, the teal MP was asked by Guardian Australia’s Paul Karp if she would support an amendment that would keep the changes for lower-income earners, but reinstate the full tax cut for higher-income earners.
Allegra Spender at the National Press Club on Wednesday.Credit: Alex Ellinghausen
Spender responded that she supported tax cuts across the board, but that systemic tax reform was needed to fund such changes.
“We need tax reform to pay for this – that’s the problem with the original tax policy, it’s all sugar, but no reform,” Spender said.
“Rebalancing and reforming the tax system is the solution, and we haven’t had the conversation because the major parties won’t have the conversation, but that’s what I’m trying to achieve.”
Spender was also asked whether her community’s viewpoint was balanced given she represents the wealthiest electorate in the country.
Spender said that Wentworth was more diverse than people realised with “66 per cent of residents set to benefit” from the changes.
In turn, she also acknowledged that Wentworth was “the electorate with the biggest number of people who will lose out” under the amended stage 3 cuts and would consider both perspectives when deciding how she would vote.
“The government didn’t have to make that promise, and people took them at their word,” Spender said.
“It’s fair enough to ask them how they feel about it. But keep in mind, there are plenty of people out there who would have benefited more who support the change.”
Most Viewed in National
https://news.google.com/rss/articles/CBMiwAFodHRwczovL3d3dy5zbWguY29tLmF1L25hdGlvbmFsL2F1c3RyYWxpYS1uZXdzLWxpdmUtbGFib3Itd2FybnMtY29hbGl0aW9uLW5vdC10by1ibG9jay1zdGFnZS0zLXRheC1jdXQtY2hhbmdlcy1hYmMtbWFuYWdpbmctZGlyZWN0b3ItcmVqZWN0cy1pc3JhZWwtaGFtYXMtd2FyLWNvdmVyYWdlLWJpYXMtMjAyNDAxMzAtcDVmMTd1Lmh0bWzSAcABaHR0cHM6Ly9hbXAuc21oLmNvbS5hdS9uYXRpb25hbC9hdXN0cmFsaWEtbmV3cy1saXZlLWxhYm9yLXdhcm5zLWNvYWxpdGlvbi1ub3QtdG8tYmxvY2stc3RhZ2UtMy10YXgtY3V0LWNoYW5nZXMtYWJjLW1hbmFnaW5nLWRpcmVjdG9yLXJlamVjdHMtaXNyYWVsLWhhbWFzLXdhci1jb3ZlcmFnZS1iaWFzLTIwMjQwMTMwLXA1ZjE3dS5odG1s?oc=5
2024-01-31 06:38:10Z
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
Bagikan Berita Ini
0 Response to "Australia news LIVE: Inflation falls to 4.1 per cent; Labor warns Coalition not to block stage 3 tax cuts - Sydney Morning Herald"
Post a Comment