Likely Reserve Bank rate rise will add to financial stress of borrowers
Peter Hannam
The eight members of the Reserve Bank are meeting just now to decide whether to lift its key interest rate later today, a move that would mark the unlucky 13th increase since May last year.
(There should be nine members, but the deputy governor’s position has been vacant since Michele Bullock took over as the boss on 18 September and won’t be filled until next month, treasurer Jim Chalmers said on Sunday.)
As it happens, decisions tend to be by consensus so there won’t be a casting vote as such.
Anyway, as has been clear since inflation numbers for the September quarter popped a bit a fortnight ago, analysts’ expectations have been pointing strongly to the RBA hoisting the cash rate today by another 25 basis points to 4.35%.
Of 39 economists surveyed by Reuters, 34 have pencilled in a quarter-point rate rise, with one tipping it will be a more modest 15bp to 4.25%. Nice and round, to be fair, but actually a bit unlikely if the central bank is trying to demonstrate its inflation-fighting credentials today.
Even without a rate rise, the share of households forking out at least 30% of their income to repay a mortgage will reach 48.5% by the end of the year. A record high for this measure of implied financial stress, as we noted here:
A 25bp rate rise today will nudge that tally to 49.3%, Ben Phillips, a principal research fellow at ANU’s Centre for Social Research and Methods says.
About a third of the population has paid off their mortgage and a similar number are renting. For them, the focus may well be how much the interest rate on their deposits rises and how soon.
As the RBA noted last month, banks typically pass on about 75% of interest rate rises to deposit-holders, and 100% to borrowers. That’s not great (and helps to explain big bank profits) but it’s worse in places such as New Zealand and the US, where the ratio is more like 35%–50%.
Anyway, look out for today’s RBA decision at 2.30pm AEDT, right here on your favourite blog.
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One hundred and forty-four military personnel are standing to attention, bayonets fixed.
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Albanese and the Chinese premier, Li Qiang, stand on a podium as the anthems of the two countries are played. The acoustics in this cavernous chamber are sensational.
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Albanese and Li are now walking along the red carpet to inspect the troops.
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Four senior executives at Australia Post secured pay increases of up to $482,000 last financial year, despite senior ministers urging the government-owned company to reflect on community expectations during a cost of living crisis.
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The pay increase also comes months after Australia Post revealed a $200m loss, its first since 2015, renewing political debate about increasing the cost of stamps, cutting the frequency of letter delivery and closing post offices in metropolitan areas.
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Chief executive Paul Graham’s total remuneration increased from $2.08m to $2.38m due predominantly to an increase in base salary. The general manager of retail, brand and marketing’s base salary increased by $436,255, taking her pay from $705,297 to $1.18m.
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Not all salaries increased. The chief financial officer’s salary dropped from $1.5m to $1.2m due to a smaller bonus. The head of parcel, post and eCommerce’s remuneration also dropped from $1.4m to $1.1m. All 11 senior executives earned a collective $11.5m last financial year.
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When the salaries were released last year, the finance and communications ministers expressed concern and called for more transparency about bonuses. Months later, Labor senator Carol Brown told a Senate estimates hearing that she agreed the “community would expect better”.
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Earlier this year, Guardian Australia reported Australia Post considered scrapping bonus payments but the board eventually decided they were needed to “incentivise” senior staff:
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Victoria police have released a statement on the pro-Palestine protest at Epsom Road, which has disrupted entry to the Melbourne Cup race day.
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The statement says three protesters have been arrested, including two who were sprayed with pepper spray.
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Police say that the protest is on-going, with about 80 protesters and traffic flow has “improved” although the statement says the “incident caused traffic disruptions at an important intersection on Melbourne Cup Day”.
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Two men have been arrested over their alleged involvement in a fatal crash in Sydney’s south-west yesterday.
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About 10.50am yesterday, emergency services were called to Ashcroft following reports of a crash.
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On arrival officers were told a grey sedan crashed into a tree and power pole, before two people allegedly exited the vehicle and ran from the scene.
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Two passengers of the vehicle – two boys, aged 13 and 14 – died at the scene.
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A crime scene was established, which was forensically examined.
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Following inquiries, two men, aged 23 and 27, were arrested at Wetherill Park police station about 12.30pm today.
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Both were then taken to Liverpool hospital under police guard for assessment and injuries allegedly sustained during the crash.
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Investigations are continuing.
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A pro-Palestine rally appears to be taking place at Flemington Racecourse, with protesters blocking traffic at a roundabout near the Melbourne Cup.
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A caller to 3AW Radio said traffic is impacted at the roundabout of Epsom Road, Ascot Vale Road and Racecourse Road.
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The caller said police were on the scene, where there are about 50 protestors:
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Theres no traffic moving at all practically … they’re all blocking the road, they’ve got cars blocking the road as well
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No traffic’s getting through.
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Pro-Palestine protest happening at Melbourne Cup pic.twitter.com/IWuTFZcBqQ
— Antoun Issa (@antissa) November 7, 2023
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According to footage posted to X (formerly Twitter), protestors are chanting “ceasefire now” and two vehicles with “Free Palestine” painted on them appear to be parked on the road.
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A person standing atop one of these vehicles also appeared to light a flare earlier:
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And a flare has been lit by the person standing atop the van. pic.twitter.com/tvxHsnGyzs
— Matt (@MattH093) November 7, 2023
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Victoria Police have been contacted.
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The eight members of the Reserve Bank are meeting just now to decide whether to lift its key interest rate later today, a move that would mark the unlucky 13th increase since May last year.
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(There should be nine members, but the deputy governor’s position has been vacant since Michele Bullock took over as the boss on 18 September and won’t be filled until next month, treasurer Jim Chalmers said on Sunday.)
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As it happens, decisions tend to be by consensus so there won’t be a casting vote as such.
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Anyway, as has been clear since inflation numbers for the September quarter popped a bit a fortnight ago, analysts’ expectations have been pointing strongly to the RBA hoisting the cash rate today by another 25 basis points to 4.35%.
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Of 39 economists surveyed by Reuters, 34 have pencilled in a quarter-point rate rise, with one tipping it will be a more modest 15bp to 4.25%. Nice and round, to be fair, but actually a bit unlikely if the central bank is trying to demonstrate its inflation-fighting credentials today.
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Even without a rate rise, the share of households forking out at least 30% of their income to repay a mortgage will reach 48.5% by the end of the year. A record high for this measure of implied financial stress, as we noted here:
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A 25bp rate rise today will nudge that tally to 49.3%, Ben Phillips, a principal research fellow at ANU’s Centre for Social Research and Methods says.
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About a third of the population has paid off their mortgage and a similar number are renting. For them, the focus may well be how much the interest rate on their deposits rises and how soon.
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As the RBA noted last month, banks typically pass on about 75% of interest rate rises to deposit-holders, and 100% to borrowers. That’s not great (and helps to explain big bank profits) but it’s worse in places such as New Zealand and the US, where the ratio is more like 35%–50%.
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Anyway, look out for today’s RBA decision at 2.30pm AEDT, right here on your favourite blog.
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EST”,”blockLastUpdated”:1699319878000,”blockLastUpdatedDisplay”:”20.17 EST”,”blockFirstPublished”:1699318393000,”blockFirstPublishedDisplay”:”19.53 EST”,”blockFirstPublishedDisplayNoTimezone”:”19.53″,”title”:”Likely Reserve Bank rate rise will add to financial stress of borrowers”,”contributors”:[{“name”:”Peter Hannam”,”imageUrl”:”https://i.guim.co.uk/img/uploads/2022/07/01/Peter_Hannam.jpg?width=300&quality=85&auto=format&fit=max&s=5645b13ac19b7cad16846f1f9990d442″,”largeImageUrl”:”https://i.guim.co.uk/img/uploads/2022/07/01/Peter_Hannam.png?width=300&quality=85&auto=format&fit=max&s=79eac68f28963e85663c23ea15fa31de”}],”primaryDateLine”:”Mon 6 Nov 2023 22.12 EST”,”secondaryDateLine”:”First published on Mon 6 Nov 2023 14.32 EST”},{“id”:”654985638f081391dc01ad6a”,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Anthony Albanese will shortly kick off his final day in the Chinese capital.
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Australia’s prime minister will leave his accommodation shortly for a ceremonial welcome at the Great Hall of the People. He will then meet Chinese premier Li Qiang and afterwards there will be a banquet marking the visit.
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Albanese will then speak to the travelling media before flying on to the Pacific Islands Forum. As you can see from the state media this morning, the Australian visit has gone down well:
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You can also see from today’s front-page story that China has an interest in projecting a sense of reconnecting with the world.
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This desire on the Chinese side has been very obvious during this visit.
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The Jewish community of Melbourne says it woke this morning to “distressing images” of the desecration of the ‘Wall of Hope’ dedicated to the 240 hostages held by Hamas in Gaza.
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The wall is located outside the Beth Weizmann Jewish Community Centre in Caulfield and was unveiled last Friday. It features the slogan “Bring Them Home Now” and photos of hostages:
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Devastating to see the desecration of our memorial to the missing hostages at Beth Weizmann. The perpetrators of this vandalism demonstrate a complete lack of humanity and their support for the most heinous of terror organisations. pic.twitter.com/tuc3FCPGov
— Zionism Victoria (@ZionismVic) November 6, 2023
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Overnight, the words “Free Palestine” were written across the photos on the wall. Staff have since cleaned the wall.
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Chair of Beth Weizmann, Sam Tatarka, who established the wall with fellow Zionism Victoria board member Baron Katranski, said:
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It’s a great shame that some people are so filled with hate that a display in aid of hostages held captive by Hamas in Gaza has been defaced.
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This will not stop us from publicising their plight. Our community is unbowed by this act of wanton destruction directed at the heart of their community centre.
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Zionism Victoria president, Yossi Goldfarb, added:
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While people have a right to protest the current war or call for the establishment of a Palestinian state – something which we, indeed, would welcome as part of a two-state solution – it was truly devastating to see the desecration of the wall, which only serves to highlight the plight of innocent civilians – the elderly and babies – seized from their homes.
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A joint operation between the Australian Border Force and the drugs regulator have detected more than 35 tonnes of illegal vapes entering Australia worth more than $11m in street value.
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Campaign Obelia saw officers from the ABF target consignments entering across four states over the past month. The Therapeutic Goods Administration’s laboratories then tested 287 samples and found 85% contained nicotine.
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Based on that testing, the TGA estimates 376,000 products were unlawful. In a joint statement from the health minister, Mark Butler, and the home affairs minister, Clare O’Neil, said:
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The labelling of the majority of these products falsely implied they were nicotine-free, yet subsequent testing at the TGA laboratories found they contain nicotine, which will result in their formal seizure.
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Nicotine vaping products that are not imported or supplied under a TGA pathway pose a significant public health risk, particularly to young Australians.
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The government says the reforms announced in May will make illegal vapes easier to detect by measures including regulating all vapes and requiring licences and permits to import any therapeutic vape.
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University of Sydney tobacco control expert and lead investigator of the Generation Vape study, Prof Becky Freeman, said: “While enforcement of existing laws is welcome, what we need now is for the vaping import and sales laws to be tightened as was promised in May”:
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Meanwhile, flavoured and nicotine laced vapes continue to be sold openly in child-friendly convenience shops all across Australia – hooking a whole new generation on nicotine. Our Generation Vape study continues to find children trying and using these products – we are not seeing declines, we need to urgently address access.
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The Greens senator Jordon Steele-John just spoke to ABC News Breakfast and was asked what yesterday’s walkout from Senate question time achieved. He first questioned the use of that language:
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… we very specifically used the language of having left or exited the chamber because obviously I’m sitting … in a wheelchair, I didn’t walk anywhere.
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Speaking on the broader action, Steele-John said the Greens were trying to raise awareness about the “humanitarian catastrophe” in Gaza with “thousands being killed by the war crimes and crimes against humanity that are being perpetrated by the state of Israel”.
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The global community is coming together and calling for a ceasefire. That is something which the Australian community is rallying for in their tens of thousands and yet the Australian government is refusing to back that call.
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So our action yesterday was about bringing attention to that reality and placing pressure on the government to call for a ceasefire which is the end of the killing of civilians, overwhelmingly as well children, since Gaza’s population is about 40% under the age of 15.
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Steele-John said the call for a ceasefire is a basic call the government “should have backed from day one”.
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It’s a real shame upon them that they haven’t done it and the Greens will continue to work with the community to bring about that ceasefire, to place pressure on the government to do more to bring that situation to become a reality, and we won’t be apologetic about the actions that we take to draw attention to what is happening right now to the people of Gaza.
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Malcolm Turnbull also spoke about the former PM Scott Morrison’s visit to Israel with the former UK prime minister Boris Johnson.
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Speaking on ABC RN, he was asked about comments from the former Wentworth MP Dave Sharma that Anthony Albanese should be doing the same and visiting Israel.
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Is Sharma right?
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Turnbull replied, “No, he’s wrong”:
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Dave’s a good bloke, he was a good ambassador in Israel … but he’s running for a Liberal Party preselection …
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Albanese going on, what is it, a sympathy visit, a solidarity visit to Israel? What’s Australia going to do other than, you know, provide sympathy and solidarity?
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No, Albanese has got to keep his eye on the ball, which is being prime minister of Australia and advancing the interests of the Australian people that put him into office. That would be my advice to him.
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… Leave the showboating for Scomo and Boris.
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The former prime minister Malcolm Turnbull just spoke to ABC RN about Anthony Albanese’s visit to China and meeting with Xi Jinping last night.
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Turnbull labelled questions to Albanese about whether or not he trusts Xi as “stupid questions”.
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I think you’ve got to trust other countries [and] other the leaders that you deal with. It’s a stupid question to ask an Australian prime minister just before he goes into a meeting with Xi Jinping, and it’s designed just to trip him up and embarrass him.
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The reality is that all international dealings have to be based on trust, but obviously trust is tempered by experience. And no Australian prime minister is going to get into a situation where they say I trust this guy, but I don’t trust that guy.
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It’s crazy. It’s gotcha journalism … We’re talking about China and you want to talk about how Albanese responds to gotcha journalism. I think he handled it as well as he could, but it was a stupid question.
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The world’s response to Pacific leaders’ repeated pleas for action on the climate crisis has been “underwhelming”, says the Cook Islands’ special envoy to the Pacific Islands Forum, Tepaeru Herrmann.
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As the Pacific Islands Forum begins its annual leader-level political gathering, Herrmann told a media briefing in Rarotonga that there had been “no lack of advocacy from our Pacific leaders for many, many years” about the impact of the climate crisis on the region. She said the response had been inadequate:
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Those global frameworks have not delivered for the Pacific. Our islands are still going under. Our people who live in coastal communities are still having to replace their little coral walls so their houses don’t get overwhelmed by water …
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We see these political pledges and commitments and they’re counted as billions of dollars given to the Pacific. Nobody does any assessment on the execution rates. We know what those rates are for us: negligible.
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Herrmann said this week’s meetings would discuss “Pacific solutions to these challenges”, including the Pacific Resilience Facility – an initiative seeking finance to “build Pacific resilience in the face of more frequent and severe disasters and ongoing climate change threats”. Herrmann said:
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We know what the solutions are. We need the emitters to – compensate is not the word – well, basically to deliver, to pay for the damage.
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Herrmann said the Pacific’s partners should be “recalibrating how they deliver their support”. She said delivery “must be in the hands of Pacific countries”. Those Pacific mechanisms would help communities to bolster climate and economic resilience.
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The shadow foreign affairs minister, Simon Birmingham, spoke to ABC RN just earlier and responded to the Greens’ walkout from Senate question time yesterday.
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Last month, the prime minister put forward a motion in question time condemning Hamas. The Greens voted against the motion because they had not succeeded in adding a line also condemning “war crimes perpetrated by the state of Israel” and seeking “an end to the state of Israel’s illegal occupation of the Palestinian territories”.
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Birmingham argued that because the Greens voted against this motion, they have “no credibility in this space”:
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… and based on their pathetic actions, just to see to weaken Australia and undermine our position.
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Birmingham said “the humanitarian concerns are real” and the loss of any child, whether Palestinian or Israeli, is a “tragedy”:
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It is a terrible function, sadly, of war. And the challenge here is trying to see Hamas removed as quickly and effectively as possible from a position of power … and we want to see that happen as quickly as possible so hopefully we can see a stabilisation, and ultimately, peace discussions between Israel and Palestinians to work to establish a viable peaceful outcome for the future.
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Government services minister Bill Shorten has labelled the Greens decision to walk out of Senate question time yesterday as “political grandstanding”.
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Yesterday, the Greens stormed out of Senate question time to protest what they say is Albanese government inaction over the conflict in Gaza. You can read more from my colleague Paul Karp here:
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Speaking to the ABC just earlier, Shorten argued the Greens’ walk out doesn’t help “a single soul anywhere”:
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I think that is just political grand standing. I don’t know how that helps. And you know, no-one thinks that that helps.
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I think that the Government has the right line and length. We want to make sure that we are supporting the humanitarian pause, we want to see relief get through to innocent Palestinian civilians.
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But you know, with the Greens, going back to that, they don’t walk out over Hamas. So I think that these guys are opportunists, and I don’t think it’s worth me spending much more oxygen on them.
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Shorten was asked if the government needs to be firmer in calling for a ceasefire, but he replied, “No, I think we’re getting the messaging right”.
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This most recent shocking conflict was triggered by Hamas crossing the borders into Israel. I think the government has made its position clear that Israel has a right to defend itself. We also want to make sure that [where] possible, the rules of war are followed. These civilians, these Palestinian civilians, it’s not their fault and it’s shameful. What we’re seeing is very difficult to watch
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Six Australian universities have signed a historic memorandum of understanding (MoU) on a trip to India to explore the delivery of Australian degrees in the nation.
Innovative Research Universities (IRU) members James Cook University, the University of Canberra, Western Sydney University, Griffith University, Flinders University and La Trobe University have all committed to the consortium, while its seventh member, Murdoch University, declined.
It’s the first time a group of Australian universities have teamed up to deliver offshore education in India, and comes just months after announcements that Deakin University and the University of Wollongong would open Indian campuses.
IRU chair and vice-chancellor of the University of Canberra, Prof Paddy Nixon, said Australia and India’s education ministers had “been clear” about the opportunity for the nation to play a greater role in reaching India’s goal of 50% higher education participation.
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This new consortium approach builds upon the existing strong links that our universities already have with partners in India, including more than 100 joint programs with Indian institutions to support student mobility, dual degrees and research collaboration.
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The IRU executive director, Paul Harris, has joined the delegation of 15 higher education leaders to present the education minister, Jason Clare, and his counterpart minister, Shri Dharmendra Pradhan, with the signed MoU.
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The government should review how Australians with attention deficit hyperactivity disorder can access Medicare benefits for care and prescribing rules around medications, a parliamentary committee has recommended.
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The “assessment and support services for people with ADHD” Senate inquiry has handed down its report after hearing of poor quality of care, inconsistent prescribing and high costs from more than 700 submissions, as well as 79 witnesses over three public hearings.
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The committee has made 15 recommendations, including the development of a national ADHD framework.
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It also recommended the government review the pharmaceutical benefits scheme, considering the requirements for a diagnosis to access some medications, age restrictions, dosage restrictions and the scope of practice for clinicians prescribing these medications in order to improve their safety and quality.
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The committee recommended the government create and fast-track nationally consistent prescribing rules between states and territories.
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It also recommended the government review the Medicare benefits schedule in order to improve the accessibility of assessment, diagnosis and support services for people with ADHD.
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In its report, the committee said:
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The committee is of the view that more can be done to remove barriers for people with ADHD so that they can receive the assessments, healthcare and support they need. The costs of the current system are too high, given the costs to the healthcare, education and justice systems, as well as to employers. However, above all these costs are the significant personal health, wellbeing and financial costs to people with ADHD and their families and carers.
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The government now has three months to respond to the recommendations.
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Hundreds of “heartbroken” Jewish Australians have put their names to a petition rejecting suggestions their community “unanimously supports” Israel’s actions and urging the Australian government to call for an immediate ceasefire in Gaza.
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The petition circulated among the Australian Jewish community on Monday as it marked 30 days since Hamas attacked Israel, killing 1,400 people and kidnapping a further 230, with vigils in several locations and Israeli flags hoisted in Melbourne’s Federation Square.
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Some 1,400 candles were expected to be lit across all states and territories on Monday evening, each representing a victim of the 7 October attacks.
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The vigils come as a newly formed group, Jewish Australians for a Ceasefire in Gaza, said it had gathered nearly 700 signatures on a petition arguing Israel’s actions put the goal of sustainable peace in the region “further out of reach”.
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“We urge the Australian government to call now for both the release of innocent hostages, and for a full ceasefire,” the petition says. “Australia cannot stand by while Israel continues to subject Palestinian civilians to its campaign of collective punishment.
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“Our Jewish values are incompatible with the unjustified cruelty and reckless disregard for human life and dignity that the Israeli government is displaying.”
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The Australian government does not endorse the claim that Israel’s action amount to “collective punishment” of Palestinian civilians, though some ministers have used the phrase.
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Jewish Australians for a Ceasefire in Gaza’s members hold varying views on Israel and Palestine but are united in their call for a ceasefire.
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The petition was sent to several high-profile politicians on Friday after it reached 500 signatures.
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“The hope is that they begin to call for an immediate ceasefire in Gaza,” the spokesperson said.
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“And this statement makes clear to them that there are many, many Jewish Australians who urgently want that to happen.”
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In Melbourne, the Hamas attack was remembered 30 days after it happened with seven Israeli flags raised above Federation Square and a rally calling for the release of Israeli hostages before candle-lighting ceremonies.
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Good morning and welcome to our rolling news coverage. I’m Martin Farrer with the best of the overnight news before my colleague takes you through the rest of the action.
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Anthony Albanese has declared that his landmark visit to Beijing was about “taking forward” Australia’s relationship with China, and has talked up the need to keep communications open with Beijing. His host, Xi Jinping, also spoke positively about relations and played along with Albanese’s efforts to cast the occasion as a reset alongside Gough Whitlam’s famous visit in 1973. Albanese raised sensitive trade and human rights issues but was guarded about Xi’s response. Here’s what we learned.
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When the prime minister arrives home he could well be encountering a perilous political moment, as the Reserve Bank is predicted to resume its rate hiking again today. Most economists expect a rise despite a lot of commentary saying it’s a bad idea. We report today on modelling showing that almost half of Australia’s mortgage holders would be in financial stress if the expected Melbourne Cup interest rate rise goes ahead, concluding that those borrowers will be paying at least 30% of their income to service their loans. At the same time, an Essential poll today shows that 22% of voters said interest rate rises were having a “very negative” impact on them, up three points since February, with a further 31% saying the personal impact was “somewhat negative”.
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Domestic political temperatures are also rising thanks to the Israel-Hamas war. After a passionate display in the Senate by the Greens’ deputy leader, Mehreen Faruqi, who staged a boycott of question time with 10 of her fellow senators to highlight the plight of Palestinian civilians in the Gaza Strip, former prime minister Scott Morrison told reporters in Israel the world should not get “suckered into” supporting a ceasefire in Gaza, calling it a “play from Hamas”. At home, Jewish Australians are calling for a ceasefire and assembling a petition to push back against the notion that they all support Israel’s attack on Gaza. More coming up.
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And police hope today to interview the driver of a car that ploughed into the lawn outside a Daylesford pub on Sunday, killing three adults and two children, and injuring more.
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Key events
Katharine Murphy
Back in the Great Hall of the People in China and in the bilateral meeting between Premier Li Qiang and Anthony Albanese, Li has announced the resumption of annual leaders meetings between the Chinese Premier and Australian Prime Minister.
Pool reporters say Li acknowledged the Australian media in the room and said Wednesday was journalists day in China.
Our hopes are journalists will give objective and fair reports on the two countries.”
China has blocked visas for Australian foreign correspondents for more than three years.
Many thanks to Amy for being on the blog the past hour! You have Emily Wind back with you for the next little while.
Greens say Melbourne Cup should be shut down
The Senate sitting is still ticking along (the Senate is sitting alone this week, catching up on legislation and parliamentary business after the estimates hearings) and Greens senator Mehreen Faruqi and her colleagues welcomed the “Nup to the Cup” protest outside Parliament House.
Faruqi said in a statement:
People can see right through the advertising glitz and glamour of the Melbourne Cup to the cruelty and misery horse racing inflicts on animals.
The Melbourne Cup is an anachronism that is becoming less and less relevant every year. The clock is ticking on the Melbourne Cup. It’s time to shut it down.
Let’s make this Melbourne Cup the last cup of cruelty.
Katharine Murphy
With the formalities concluded, the two leaders will retire for a bilateral meeting, followed by a banquet.
Two giant tapestries depicting the Great Wall of China are rolling, slowly, out of view.
The troops depart, replaced by servers in black tie.
Albanese meets with Li Qiang
Katharine Murphy
Anthony Albanese is arriving in the Great Hall of the People for the ceremonial welcome.
One hundred and forty-four military personnel are standing to attention, bayonets fixed.
Albanese and the Chinese premier, Li Qiang, stand on a podium as the anthems of the two countries are played. The acoustics in this cavernous chamber are sensational.
Albanese and Li are now walking along the red carpet to inspect the troops.
Anthony Albanese is about to meet with Li Qiang, who is the premier of China. Murph will have more for you very soon.
Ben Smee
Gold Coast police officer threatened with gun at Mermaid Beach
A Gold Coast police officer was allegedly threatened with a revolver and “grabbed” by a man during a routine welfare check on Tuesday.
The man had been found “slumped over” inside a vehicle at Mermaid Beach about 6am. Senior police said he was clearly agitated, produced a firearm, threatening two officers with it, and briefly grabbed a female officer before fleeing.
He was arrested nearby after approaching a taxi driver. No shots were fired by the man or police.
The female officer who was allegedly “grabbed” was uninjured but taken to the Gold Coast university hospital for “precautionary” reasons.
At a press conference on Tuesday, Insp Kayleen James said police had gone to the scene after calls about a man slumped inside a vehicle.
Police attended and spoke to that male person who was clearly agitated at the time.
The male person produced a firearm and grabbed one of the officers, threatening both officers at the time.
Asked whether the man had held the officer “and put a gun to her”, James said the man “was in possession of a firearm at the time and had threatened both of the officers with that firearm”.
The male person has [then] either let her go, or [the female officer] struggled out of his grip.
James said the man was known to police.
Four senior executives at Australia Post got pay increases of up to $482,000
Henry Belot
Four senior executives at Australia Post secured pay increases of up to $482,000 last financial year, despite senior ministers urging the government-owned company to reflect on community expectations during a cost of living crisis.
The pay increase also comes months after Australia Post revealed a $200m loss, its first since 2015, renewing political debate about increasing the cost of stamps, cutting the frequency of letter delivery and closing post offices in metropolitan areas.
Chief executive Paul Graham’s total remuneration increased from $2.08m to $2.38m due predominantly to an increase in base salary. The general manager of retail, brand and marketing’s base salary increased by $436,255, taking her pay from $705,297 to $1.18m.
Not all salaries increased. The chief financial officer’s salary dropped from $1.5m to $1.2m due to a smaller bonus. The head of parcel, post and eCommerce’s remuneration also dropped from $1.4m to $1.1m. All 11 senior executives earned a collective $11.5m last financial year.
When the salaries were released last year, the finance and communications ministers expressed concern and called for more transparency about bonuses. Months later, Labor senator Carol Brown told a Senate estimates hearing that she agreed the “community would expect better”.
Earlier this year, Guardian Australia reported Australia Post considered scrapping bonus payments but the board eventually decided they were needed to “incentivise” senior staff:
Natasha May
Call to ‘disentangle’ pharmaceutical industry funding from healthcare professionals
Prof Barbara Mintzes, the lead of the University of Sydney’s Charles Perkins Centre’s Evidence, Policy and Influence Collaborative, says there is the need to “disentangle” pharmaceutical industry funding from healthcare professionals.
Studies from the US and France have found ubiquitous pharmaceutical gift relationships associated with higher prescribing of drugs, and a US study even found that regulating pharmaceutical sales activities reduced off-label prescribing of children’s antidepressants more than FDA (Food and Drugs Administration) approval did.
Speaking at a public health event hosted by the Charles Perkins Centre, Mintzes says there are both traditional pharmaceutical promotion including sales representatives meeting with doctors and providing free samples, as well as non-traditional methods such as sponsored continuing medical education and sponsored guidelines.
Taking questions from the audience, Mintzes said Ozempic is an example of marketing of prescription medicines to clinicians influencing health care, with obesity increasingly being described as a disease.
There are people who are well meaning and actually really genuinely believe that’s a good idea because it will help people who are obese, particularly morbidly obese, to get medical care – on the other hand, it’s really pushing away from the idea of social solutions and political solutions and towards the idea of drug treatment.
Daniel Hurst
Fiji pragmatic on Australia’s climate policy
Fiji’s prime minister, Sitiveni Rabuka, has express a pragmatic view about Australia’s climate policy, saying his country has benefited from Australia’s economic progress and “we do not want to quickly kill that cow”.
Rabuka spoke to reporters about the issue on the first official day of talks at the Pacific Islands Forum leaders’ meeting in the Cook Islands. He said he was “realistic” about the pace of decreasing Australia’s reliance on fossil fuel consumption.
The comments comes amid calls from some governments in the region, such as Vanuatu, along with civil society groups, for Australia to take stronger action against coal and gas. That is particularly pressing in light of Australia’s bid to host a future UN climate conference in partnership with the Pacific.
The Australian prime minister, Anthony Albanese, is due to arrive in the Cook Islands tomorrow and there is speculation he could use his appearance this week to announce details of Australia’s planned new contribution to the Green Climate Fund.
Vanuatu’s climate change minister, Ralph Regenvanu, has argued that while Pacific nations welcomed Australia’s stronger stance on climate action after the 2022 election, its commitment to reduce emissions still “falls short”. In an op-ed for Climate Change News late last week, Regenvanu said Australia’s continued embrace of fossil fuel exports was at odds with the spirit of the Paris agreement:
Pacific Island nations, including my home country, Vanuatu, sit on the front lines of the climate crisis. We face rising sea levels that threaten to swallow our homes and increasingly frequent and increasingly destructive weather events.
Our ability to adapt will be made impossible by Australia’s hypocritical gas expansion plans.
Katharine Murphy
Switching gears for a moment for a dispatch from Murph, who is with Anthony Albanese in China:
Hello again from Beijing.
Preparations are underway in the Great Hall of the People for the ceremonial welcome for the Australian prime minister. PLA soldiers, bayonets fixed, are practising their parade before the leaders arrive. The army band is also warming up by practising the Australian national anthem.
Victoria police arrest three pro-Palestine protesters
Victoria police have released a statement on the pro-Palestine protest at Epsom Road, which has disrupted entry to the Melbourne Cup race day.
The statement says three protesters have been arrested, including two who were sprayed with pepper spray.
Police say that the protest is on-going, with about 80 protesters and traffic flow has “improved” although the statement says the “incident caused traffic disruptions at an important intersection on Melbourne Cup Day”.
As you know, the Reserve Bank is meeting today and economists and the market are largely in agreement that the RBA will break its five-month pause and increase the cash rate (the rate at which banks buy money) to 4.35%.
Jim Chalmers has already announced he will be holding a press conference at 2.40pm.
You have Amy Remeikis with you for a very short moment while Emily takes a well-earned break.
Two arrested following fatal crash in Sydney’s southwest
Two men have been arrested over their alleged involvement in a fatal crash in Sydney’s south-west yesterday.
About 10.50am yesterday, emergency services were called to Ashcroft following reports of a crash.
On arrival officers were told a grey sedan crashed into a tree and power pole, before two people allegedly exited the vehicle and ran from the scene.
Two passengers of the vehicle – two boys, aged 13 and 14 – died at the scene.
A crime scene was established, which was forensically examined.
Following inquiries, two men, aged 23 and 27, were arrested at Wetherill Park police station about 12.30pm today.
Both were then taken to Liverpool hospital under police guard for assessment and injuries allegedly sustained during the crash.
Investigations are continuing.
Weather bureau releases October climate data
The Bureau of Meteorology has released the October climate summaries for each state and territory today:
In Victoria rainfall across the state was 69.45mm, 7.5% above the 1961-1990 average. The mean maximum temperature of 0.52C was also above the average.
Rainfall in NSW in October was 49% below the 1961-1990 average and the mean temperature for the state was 1.33C above average.
Western Australia recorded its driest October in record since observations began in 1900, with rainfall 83.5% below the 1961-1990 average.
Rainfall in the Northern Territory for October was 87.9% below the 1961-1990 average, making it the 5th driest October on record.
Queensland marked its sixth-driest October on record, and driest since 2006, with rainfall 83.6% below the 1961-1990 average. Parts of the south-east experienced their lowest October rainfall on record.
Rainfall in South Australia was below to very much below average across most areas, and was 76% below the 1961-1990 average overall.
The rainfall total for Tasmania was 18% below the October average and the mean maximum temp was 0.32C warmer than the 1961-1990 average.
October rainfall in the ACT was below average at most sites, and maximum temperatures were mostly above average.
Victorian homicide squad investigating death of teenage boy
Victorian homicide squad detectives are investigating the death of a teenage boy who was struck by a car in Melbourne’s north-west last night.
A group of teens were crossing Chichester Drive at Taylors Lakes when it’s believed they were deliberately struck by a vehicle about 6.55pm, a police statement says.
Three youths were struck by the vehicle, which then fled the scene.
Despite the best efforts of emergency services, a 16-year-old Keilor Downs boy died at the scene.
Two other boys, a 16-year-old from Melton and 15-year-old from Keilor Downs, were taken to hospital with non-life-threatening injuries.
Police are working to establish the exact circumstances of the incident. Anyone with information or CCTV footage is urged to contact Crime Stoppers.
Police investigated after Tasering man at care home
Two South Australian police officers are being investigated for criminal wrongdoing after they tasered and capsicum sprayed a man while arresting him at a care facility, AAP reports.
The incident happened when police were called to the southern district facility on 26 October.
While trying to arrest the man aged in his 60s, the officers used a Taser and OC spray, leaving him with minor injuries.
A complaint was made about the officers’ conduct to the Office for Public Integrity that day and SA police was made aware of the complaint on Monday.
After assessing footage from the officers’ body-worn cameras, a criminal and disciplinary investigation was initiated.
The two officers have been removed from duty while the investigation takes place.