Australia news LIVE: Mortgage holders brace for more pain; Labor inches closer to Senate climate deal
Key posts
- Albanese reassures mining and energy bosses ahead of Senate deal
- Interest rate rises to add $1000 a month to mortgages
- Federal government settles Tudge affair case for $650k
- This morning’s headlines at a glance
1 of 1
Albanese reassures mining and energy bosses ahead of Senate deal
Prime Minister Anthony Albanese has assured mining company executives that he backs the continued export of energy and minerals as well as a shift to renewable power, as he clinches a deal in the Senate to cut carbon emissions by 43 per cent.
Albanese told the industry chiefs he wanted to increase public investment in mining to “unlock more value from our minerals” by creating products as well as exporting ore.
Anthony Albanese has assured mining company executives that he backs the continued export of energy and minerals.Credit:Alex Ellinghausen, James Brickwood
The message to the Minerals Council of Australia over dinner in Parliament House last night came as Climate Change Minister Chris Bowen was gaining ground in negotiations to pass a new law in the Senate as early as today to enforce the emissions cut.
Bowen has discussed an agreement with independent ACT senator David Pocock that is expected to clear the way for a majority in the upper house with Labor, the Greens, Pocock and Tasmanian independent Jacqui Lambie supporting the climate change bill to reduce emissions by 43 per cent by 2030.
Read the full story here.
Interest rate rises to add $1000 a month to mortgages
The cost to home buyers of the Reserve Bank’s battle against inflation is poised to hit more than $1000 a month, with the institution ready to lift official interest rates even as Prime Minister Anthony Albanese urges it to consider the impact on ordinary workers.
The bank board meets again today, with markets and economists expecting the RBA to take the official cash rate to a seven-year high of 2.35 per cent from its current level of 1.85 per cent.
The repayments on an $800,000 mortgage are on track to be $1000 higher than four months ago.Credit:Peter Rae
A half percentage point increase in interest rates – the fourth successive such hike – would lift the average repayment on an $800,000 mortgage to more than $4300 a month. In April, when the cash rate was 0.1 per cent, the monthly repayments on the same mortgage were less than $3300.
More on this issue here.
Federal government settles Tudge affair case for $650k
Taxpayers will foot a $650,000 bill to cover former Liberal staffer Rachelle Miller’s claims of damage and loss suffered while she worked for former cabinet ministers Alan Tudge and Michaelia Cash.
Following the settlement of her drawn-out legal case, Miller has issued a plea to all federal MPs to fully implement the recommendations of Sex Discrimination Commissioner Kate Jenkins’ review of parliament’s workplace culture, citing her own “horrendous” experience in making a formal complaint.
Alan Tudge and Rachelle Miller, who worked as his media adviser for 15 months from August 2016.Credit:Alex Ellinghausen
The deed of settlement was dated July 19, 2022, and shows the Commonwealth reached the deal with Gordon Legal, Miller’s lawyers, but did not admit liability.
Read the full story here.
This morning’s headlines at a glance
Good morning and thanks for your company.
It’s Tuesday, September 6. I’m Broede Carmody and I’ll be anchoring our live coverage for the first half of the day.
Here’s what you need to know before we get started.
- Prime Minister Anthony Albanese has assured mining executives that he backs the export of energy and minerals as well as a shift to renewable power, according to David Crowe and Mike Foley. Labor’s signature climate legislation will be debated in the Senate later today.
- The Reserve Bank of Australia is meeting today. Shane Wright reports that economists are expecting more pain for mortgage holders.
- James Massola writes that the federal government has settled the legal case brought forward by former Liberal staffer Rachelle Miller.
- In state news, thousands of Sydney homeowners fear higher insurance premiums and lower property values after a shock flood rating. Meanwhile, it’s been revealed that authorities have repeatedly sounded the alarm over Victoria’s triple-zero crisis since 2015. And Queensland has overtaken Victoria as the second-biggest poker machine state.
- And in international news, Liz Truss has been selected to replace Boris Johnson and become Britain’s 56th prime minister.
1 of 1
Most Viewed in National
Source: Read Full Article
