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Australia politics live: Greens say RBA ‘needs to hit pause’, and that interest rate hikes won’t solve inflation | Australian politics

Australia politics live: Greens say RBA ‘needs to hit pause’, and that interest rate hikes won’t solve inflation | Australian politics


Peter Hannam

Peter Hannam

Newest RBA price determination due tomorrow

This time tomorrow (nicely, 2.30pm, Canberra time) we’ll have the RBA’s price determination after its August board assembly. Everyone seems to be pencilling a price hike, not least as a result of inflation is already operating on the highest in 20 years and would possibly nicely nudge 8% by the yr’s finish.

Ought to the money price goal be elevated to 1.85% – the closest factor to a consensus name – the additional 50 foundation level improve will add an additional $140 to your month-to-month compensation invoice per $500,000, based on RateCity.com.

Nearly everybody expects an rate of interest rise by the RBA tomorrow. @RateCity has crunched what the anticipated 50 foundation level hike will imply by way of additional repayments (assuming you are on a 25yr mortgage and your financial institution passes the will increase on). pic.twitter.com/qBqMemvF1e

— Peter Hannam (@p_hannam) August 1, 2022

It’s value remembering that the RBA lifting its money price stays one thing of a novelty. Earlier than they moved in the course of the official election marketing campaign (awks), you had to return to November 2010 for the earlier improve (Americain received the Melbourne Cup that day, because you requested).

And it’s a must to go even additional again to discover a comparable collection of price rises. From August to December of 1994 (who is aware of whose music led the charts on the time?), the RBA lifted charges by 75 foundation factors after which two bouts of 100 foundation factors. Makes you marvel why they didn’t easy issues out a bit.

After all, we’re a lot smoother lately, though the Morrison authorities and the soon-to-be-trounced treasure Josh Frydenberg would possibly marvel why they didn’t get a bit extra warning about that Might transfer. One for the memoirs maybe.

Anyway, right here’s what these pesky buyers are predicting … together with about 200 foundation factors extra will increase (together with tomorrow’s transfer) earlier than the RBA will pause after which begin reducing.

Forward of the anticipated RBA price rise on Tuesday, buyers estimate there is a two-in-three probability the money price will leap from 1.35% now to 2%. On their projections, the money price has virtually 2 proportion factors to go earlier than it peak about subsequent (southern) autumn. pic.twitter.com/XTspTzxq67

— Peter Hannam (@p_hannam) July 31, 2022

Key occasions

Courageous

Amidst a value of dwelling disaster, Anthony Albanese and Labor are breaking their election promise to lower your electrical energy invoice by $275.

— Peter Dutton (@PeterDutton_MP) August 1, 2022

Liberal MP James Stevens was requested on the ABC whether or not or not there’s advantage within the “inherited this mess” line from the Labor authorities on gasoline.

He mentioned:

Look, I don’t assume that we must always flip this right into a political debate about what the earlier authorities and present governments and the way lengthy they’ve needed to act.

The purpose is that we’re listening to now about these challenges. There are mechanisms which might be in place already. If there must be tweaks to that, then we’re going to help the Authorities in having all of the instruments and coverage levers they want to make sure that a rustic with an unlimited variety of reserves of pure gasoline and different vital mineral, and so on, that we by no means have a scenario the place domestically, we will’t present sufficient gasoline for the wants of our personal {industry} and households.

So, I feel that the blame recreation is totally pointless on this. I feel that the present Authorities and the present Minister must deal with doing no matter they should do to place that safety in place. And if there must be additional legislative change, I’m eager to help them in doing so.

Nationwide Covid abstract: 19 deaths reported

Listed here are the most recent coronavirus numbers from round Australia at the moment, because the nation information at the very least 19 deaths from Covid-19:

ACT

  • Deaths: 0
  • Circumstances: 616
  • In hospital: 165 (with 2 individuals in ICU)

NSW

  • Deaths: 7
  • Circumstances: 9,471
  • In hospital: 2,323 (with 69 individuals in ICU)

Northern Territory

  • Deaths: 0
  • Circumstances: 229
  • In hospital: 49 (with 1 individual in ICU)

Queensland

  • Deaths: 0
  • Circumstances: 4,303
  • In hospital: 782 (with 24 individuals in ICU)

South Australia

  • Deaths: 5
  • Circumstances: 2,389
  • In hospital: 350 (with 12 individuals in ICU)

Tasmania

  • Deaths: 3
  • Circumstances: 690
  • In hospital: 139 (with Eight individuals in ICU)

Victoria

  • Deaths: 3
  • Circumstances: 7,678
  • In hospital: 773 (with 50 individuals in ICU)

Western Australia

  • Deaths: 1
  • Circumstances: 2,816
  • In hospital: 411 (with 13 individuals in ICU)

Query Time approaches

We’re getting nearer to Query Time, or, because it has been identified from final week, CFMEU/ABCC time.

Absolutely the Coalition has moved on by now, however who is aware of! That’s the pleasure of query time.

Peter Hannam

Peter Hannam

Newest RBA price determination due tomorrow

This time tomorrow (nicely, 2.30pm, Canberra time) we’ll have the RBA’s price determination after its August board assembly. Everyone seems to be pencilling a price hike, not least as a result of inflation is already operating on the highest in 20 years and would possibly nicely nudge 8% by the yr’s finish.

Ought to the money price goal be elevated to 1.85% – the closest factor to a consensus name – the additional 50 foundation level improve will add an additional $140 to your month-to-month compensation invoice per $500,000, based on RateCity.com.

Nearly everybody expects an rate of interest rise by the RBA tomorrow. @RateCity has crunched what the anticipated 50 foundation level hike will imply by way of additional repayments (assuming you are on a 25yr mortgage and your financial institution passes the will increase on). pic.twitter.com/qBqMemvF1e

— Peter Hannam (@p_hannam) August 1, 2022

It’s value remembering that the RBA lifting its money price stays one thing of a novelty. Earlier than they moved in the course of the official election marketing campaign (awks), you had to return to November 2010 for the earlier improve (Americain received the Melbourne Cup that day, because you requested).

And it’s a must to go even additional again to discover a comparable collection of price rises. From August to December of 1994 (who is aware of whose music led the charts on the time?), the RBA lifted charges by 75 foundation factors after which two bouts of 100 foundation factors. Makes you marvel why they didn’t easy issues out a bit.

After all, we’re a lot smoother lately, though the Morrison authorities and the soon-to-be-trounced treasure Josh Frydenberg would possibly marvel why they didn’t get a bit extra warning about that Might transfer. One for the memoirs maybe.

Anyway, right here’s what these pesky buyers are predicting … together with about 200 foundation factors extra will increase (together with tomorrow’s transfer) earlier than the RBA will pause after which begin reducing.

Forward of the anticipated RBA price rise on Tuesday, buyers estimate there is a two-in-three probability the money price will leap from 1.35% now to 2%. On their projections, the money price has virtually 2 proportion factors to go earlier than it peak about subsequent (southern) autumn. pic.twitter.com/XTspTzxq67

— Peter Hannam (@p_hannam) July 31, 2022

Right here is the second Greens senator Lidia Thorpe made her ideas identified within the Senate throughout her swearing in:

Lidia Thorpe refers back to the Queen as ‘coloniser’ whereas making oath in Senate – video

Josh Butler

Josh Butler

Sophie Scamps: the key to overcoming a century of party-dominated politics was listening

Mackellar MP Sophie Scamps claims “politics on this nation might by no means be the identical” after the unprecedented wave of latest unbiased members who received workplace on the Might election.

The member for Mackellar, Sophie Scamps, delivers her first speech in the House of Representatives on Monday.
The member for Mackellar, Sophie Scamps, delivers her first speech within the Home of Representatives on Monday. {Photograph}: Mike Bowers/The Guardian

In her first speech to parliament on Monday afternoon, Scamps – one in all half-dozen new MPs partly supported by Local weather 200 – described the pattern as a “wave of change”.

What was the “secret”? How did somebody like me – a GP by no means beforehand lively in politics – overcome greater than a century of party-dominated politics?

The important thing, the ability, I imagine, was merely listening. Like my different crossbench colleagues, I listened to my neighborhood.

Scamps spoke of watching the election leads to 2019, when Zali Steggall received Warringah from Tony Abbott, and had a “lightning bolt” second that yr courtesy of a good friend of her 12-year-old son.

I’ve lengthy been troubled concerning the influence that local weather change could have on the well being and wellbeing of kids and future generations. Today, my son and his buddies have been asking me about local weather change – and I responded – that they’d someday have to act on it.

[My son’s friend] Mathias appeared up at me earnestly and mentioned, “Sure, since you adults have failed us.” His remark discovered its goal. I listened – and determined to behave.

Scamps mentioned she was beforehand “horrified” of public talking, saying it wasn’t simple to decide on to run for parliament. Referencing Gandalf from the Lord of the Rings, she made a plea for others to work collectively on local weather change: “I urge you too, to step on to the highway and be a part of me on this journey.”

Scamps spoke of visiting flood victims in Lismore and of her concern over excessive climate occasions. She additionally blasted “all-too-frequent acts of corruption in our politics” in stressing the significance of a nationwide integrity fee, and the significance to “maintain our democracy sturdy”.

We should be certain that political appointments to authorities companies are unbiased, merit-based – and that that is enshrined in regulation.

Scamps additionally talked about her want to see youth psychological well being companies expanded, her help for Labor’s plans to bolster aged care requirements, and backed the Uluru Assertion From the Coronary heart.

Sophie Scamps is hugged by independent member for Warringah, Zali Steggall after making her maiden speech.
Sophie Scamps is hugged by unbiased member for Warringah, Zali Steggall, after making her maiden speech. {Photograph}: Mick Tsikas/AAP

Paul Karp

Paul Karp

Prediction: Labor can be pressured to permit industry-level wage bargaining

Steven Amendola, companion at employment regulation agency Kingston Reid, has steered that Labor will come below strain to permit industry-level bargaining to elevate wages.

Amendola advised a web based discussion board about IR reform on Monday:

While Labor has mentioned beforehand that they don’t favour sectoral or {industry} bargaining, the one approach that I see enterprise bargaining as broadly impacting wage development … is that if they permit a broad primarily based {industry} or sector bargaining, so which may get revisited.

That is an attention-grabbing remark as a result of though Labor’s 2021 platform promised to “enhance entry to collective bargaining, together with the place acceptable via multi-employer collective bargaining”, it wasn’t one thing that featured of their election insurance policies, a sore spot for the Australian Council of Commerce Unions.

Amendola famous the Honest Work Act already permits multi-enterprise agreements for industries with low bargaining energy, but it surely “hasn’t labored terribly nicely if in any respect”.

To stimulate extra wages development, you need it to be extra broadly primarily based.

Amendola cited offers struck within the building sector, the place the CFMEU negotiates for “sample agreements” which have “sturdy” phrases and circumstances for workers. Permitting unions to hunt related agreements amongst cleaners, aged care and different sectors the place they don’t seem to be historically as sturdy may elevate wages.

Stephen Smith, the pinnacle of office relations at Australian Trade Group, mentioned it had fought “tooth and nail” towards {industry} degree bargaining and would achieve this once more.

He famous Labor’s platform referred particularly to low-paid industries, arguing that and supporting industry-level bargaining by unions just like the CFMEU and AMWU was like chalk and cheese.

I can’t see Labor being silly sufficient to go down that path.

Some actually great footage on this gallery:

Kelly Burke

Kelly Burke

Byron writers’ competition strikes location from North Byron Parkland after Splendour within the Grass washout

The Byron writers’ competition has deserted its venue for this yr’s occasions, after the Splendour within the Grass music competition was washed out on the identical floor late final month.

The three-day writers’ competition, opening on 26 August, was to have taken place on the privately-owned North Byron Parklands in Yelgun, 23km north of Byron Bay. However after months of rain, the sodden grounds turned the Splendour competition right into a mud-fest final weekend, with hundreds of concertgoers taking to social media to complain and demand refunds.

The Byron writers’ competition has introduced it’ll pitch its 5 marquees nearer to the township, on a plot of land adjoining to the posh resort Parts of Byron.

The competition’s inventive director, Zoe Pollock, mentioned in an announcement the last-minute change of venue had been “expedited” by the resort and Byron Shire Council, the vast majority of whose councillors have all the time been towards the usage of the North Byron Parklands for main occasions that entice tens of hundreds of individuals.

The aftermath of the Splendour in the Grass music festival at the North Byron Parklands on 25 July.
The aftermath of the Splendour within the Grass music competition on the North Byron Parklands on 25 July. {Photograph}: Jason O’Brien/AAP

As descriptions of the Queen and the establishment she represents go, “coloniser” just isn’t inaccurate.





Authentic writer – Amy Remeikis

Initially posted by – www.theguardian.com

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Written by Harry Rosen

Harry Rosen is an accomplished explorer, photographer, creative director, speaker, and author.

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