As it happened: Bill Shorten quits politics; RBA governor backs interest rate settings in key speech

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As it happened: Bill Shorten quits politics; RBA governor backs interest rate settings in key speech

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What we covered today

By Lachlan Abbott

Thanks for reading the national news blog. This is where we’ll end today’s coverage.

To conclude, here’s a look back at the day’s major stories:

  • Former Labor leader Bill Shorten announced his retirement from politics today.
  • Reserve Bank governor Michele Bullock has warned some Australians will have to sell their homes to cope with high inflation and interest rates, standing by the central bank’s policy settings in a key speech in Sydney today.
  • The Bureau of Meteorology has lost a bitterly fought unfair dismissal case while a raft of current and former employees have come forward calling the workplace culture “toxic” and “chaotic”.
  • In NSW, Liverpool Council voters will go to the polls on September 14 after an eleventh-hour appeal and a flurry of negotiations led to the Minns government today abandoning a push to defer the vote until after a public inquiry considered allegations of council misconduct.
  • In Victoria, former CFMEU boss John Setka has been referred to police after making a defiant appearance at a second government Big Build site in just 24 hours.
  • In Queensland, south-eastern commuters have pushed public transport use above pre-pandemic levels, updated data released today shows, in what the Miles Labor government is hailing as a vote of confidence in its 50¢ flat fare trial.
  • In Western Australia, Premier Roger Cook has welcomed news the federal government is willing to scale back stalled environment reforms which have drawn the ire of the state’s miners.
  • In business news, the Australian sharemarket finished 0.4 per cent higher on Thursday as the pace of declines slowed on Wall Street overnight from a frenetic sell-off in the previous session.

Thanks again for your company. Have a lovely night.

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ASX finishes in the green as Wall Street losses ease

By Jessica Yun

The Australian sharemarket finished higher on Thursday as the pace of declines slowed on Wall Street overnight from its frenetic sell-off in the previous session.

The S&P/ASX 200 closed up 31.9 points, or 0.4 per cent, to 7982.4, with technology, real estate and bank stocks keeping the bourse afloat following heavy losses on Wednesday, when the local market lost 1.9 per cent.

Traders are cautious ahead of a key report on the health of the US economy later this week.

Traders are cautious ahead of a key report on the health of the US economy later this week.Credit: Bloomberg

Today, data centre operator NextDC was at the top of the index in final trading, with gains of 8.4 per cent. The sector is getting new attention following Aussie data centre operator AirTrunk’s $23 billion sale to US financial behemoth Blackstone earlier this week.

Meanwhile, Coronado Global Resources suffered the heaviest losses, down 16 per cent after the coal miner slashed its production forecasts due to excessive rains and mechanical repairs on an overland conveyor.

Read the full market wrap here.

Red meat, nuclear power off the climate response menu

By Marion Rae

Australians have been urged to avoid red meat and nuclear power, develop new industrial processes and revegetate the land to slash greenhouse gas emissions.

The national Climate Change Authority on Thursday released its review of how the nation is tracking towards net zero under existing policies.

Fiji residents are among our Pacific Island neighbours under threat from rising seas caused by global warming.

Fiji residents are among our Pacific Island neighbours under threat from rising seas caused by global warming.Credit: Eddie Jim

The independent advice comes as the federal government faces a deadline on declaring a deeper emissions reduction target for 2035. Australia is within striking range of its legislated target of 43 per cent of emissions cut by 2030, which must happen to have any chance of hitting net zero by 2050 or before.

“But even the Climate Change Authority’s scenario of net zero by 2040 is too late, we should be aiming for 2035 to protect our people and the planet,” ACOSS acting CEO Edwina MacDonald said.

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Energy Minister Chris Bowen said the independent advice confirmed nuclear could not replace aging coal capacity fast enough to support Australia’s 2050 target.

Opposition leader Peter Dutton told 2GB radio that people in regional areas were being treated as second-class citizens under the “renewables-only approach”.

Climate Change Authority chair Matt Kean, a former NSW energy minister, said renewable energy developers needed to engage with regional communities and to a better job of explaining the shared benefits.

AAP

Labor MP says scrapping Victorian electorate a ‘backwards step’

By Andrew Brown and Jacob Shteyman

The abolition of an inner-Melbourne federal electorate will be a backwards step for representation and diversity in parliament, the seat’s MP says.

The Australian Electoral Commission confirmed on Thursday it would abolish the Victorian seat of Higgins due to population changes at the next election. The commission first announced its plans in May, but only finalised them today after consultation on the changes concluded.

Higgins MP Dr Michelle Ananda-Rajah

Higgins MP Dr Michelle Ananda-RajahCredit: Alex Ellinghausen

The electorate’s representative, Labor MP Michelle Ananda-Rajah, hit out at the decision, while indicating she will continue to serve the Higgins community.

“This leaves the Commonwealth Parliament more male and less culturally diverse at a time when under-represented people need to be seen and heard,” she said.

“In the evolving story of our multicultural nation, this backward step will reverberate in our schools, suburbs and workplaces.”

Ananda-Rajah won the seat in 2022 and became the first Labor MP to hold the electorate.

AAP, with Lachlan Abbott

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More tributes for Shorten after retirement announcement

By Lachlan Abbott

Labor MPs have credited former leader Bill Shorten with supporting disadvantaged Australians during his time in parliament after the NDIS minister announced his retirement from politics earlier today.

Speaking on ABC Radio Melbourne this hour, Science and Industry Minister Ed Husic said the Victorian MP had “a phenomenal work ethic” and “gave voice to people who need to be heard”.

Husic added:

He has certainly demonstrated that championing, in particular, better support [and] better care for people with a disability in this country in a way that previous governments have not.

He leaves a very proud legacy in that regard.

Queensland senator Nita Green, speaking on the ABC’s Afternoon Briefing from Townsville, thanked Shorten for helping her get into federal politics. She said:

My reflection today, really, is there are so many people who work incredibly hard to get into government, to make change – and obviously Bill has had that opportunity when it comes to the NDIS and his legacy will last forever – but to do what he did from opposition and fight against an illegal scheme like Robodebt has changed our country, and hopefully public administration forever.

And I might not be in the Senate today if it was not for him giving me that start almost a decade ago. So we are a little bit misty-eyed today. He will be very missed but what an incredible innings.

You can read more about Shorten’s departure here.

Pocock furious Australia will soon import gas, despite being major producer

By Lachlan Abbott

Independent senator David Pocock says the nearing completion of Australia’s first gas import terminal represents “a monumental policy failure”.

Andrew Forrest’s Squadron Energy has almost finished a facility at Port Kembla in NSW to bring new gas supplies to the east coast and ward off looming shortfalls as Bass Strait reserves run dry.

Senator David Pocock during a doorstop interview in May.

Senator David Pocock during a doorstop interview in May.Credit: Alex Ellinghausen

The ABC published a story this morning that showed a glimpse of the terminal, which Pocock was then asked about on Afternoon Briefing moments ago.

The ACT senator said the Labor and Liberal parties had “so much to answer for” after “[putting] us in this hole”.

Pocock, a key crossbencher whose support is often needed for the Albanese government to pass legislation, also said:

Let’s think about the ridiculousness of this situation where we are the biggest gas exporter in the world and we are going to start importing gas.

This is a monumental policy failure of both of the major parties of not having a reservation policy for Australians, for our own gas. And on top of that, basically just shipping this off for free, getting nothing – no petroleum resource rent tax for offshore LNG exports – and now we’re going to start importing it.

The solution in 2024 is not to open up new gas fields, it is actually to help households get off gas so we can free up gas for commercial and industrial users who need it as part of the [energy] transition.

Coalition lashes Labor AI policy as ‘meandering and indecisive’

By Lachlan Abbott

The federal opposition has called the Albanese government’s approach to artificial intelligence “meandering and indecisive” after Industry and Science Minister Ed Husic announced consultation about a potential AI-specific act and today released voluntary “guardrails” on the technology’s use.

Earlier today, this masthead reported companies would be forced to make a human oversee AI systems and tell people when they are being affected by the technology under likely new legislation to regulate it.

The consultation period on the possible legislation ends on October 4.

Paul Fletcher, the shadow science minister, and David Coleman, the shadow communications minister, responded to the news in a statement this afternoon.

“The Albanese Labor government continues its meandering and indecisive approach to artificial intelligence policy, at a time when there is a clear need to provide clarity and direction,” the pair said.

“Today’s announcement by Minister for Science Ed Husic that there will be another round of consultations is further evidence of Labor leaving this issue in the too hard basket.”

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Tassie cheesemaker King Island Dairy to be shut down

By Jessica Yun

Tasmania-based King Island Dairy’s facility is due to close its doors in the middle of next year after parent company Saputo failed to find a buyer for the business, causing about 58 job losses.

King Island Dairy – which supplies a range of brie, camembert, cheddar and blue cheese to Coles and Woolworths and other retailers – is owned by Saputo Dairy Australia, which last year sold two of its milk processing facilities to Coles and had been exploring options for the cheese factory since November last year.

The tiny Bass Strait community of King Island will be hit hard after their local cheese facility is shut down.

The tiny Bass Strait community of King Island will be hit hard after their local cheese facility is shut down.Credit: Fairfax Media

Saputo International and Europe president Leanne Cutts said it was hoped that the strategic review would yield a buyer, but found closure was the “most viable way” for Saputo to stay competitive.

More than $40 million has been invested in Tasmanian operations over the past five years, but King Island Dairy has failed to maintain market share, Cutts indicated in a statement.

“While our other Tasmanian brands such as Mersey Valley and Tasmanian Heritage are thriving, and King Island Dairy products hold a nostalgic place in the hearts of Australians, the brand has not maintained its position in today’s ultra-competitive food industry,” she said.

Dairy producers have undergone a challenging period in the past two decades amid a series of natural disasters like drought and flooding, supply chain complications, and higher input costs – like feed, electricity, fuel and fertiliser – leading to dwindling profit margins and an influx of imported dairy products – many from New Zealand – hitting the market.

Union votes to walk away from ACTU

By Olivia Ireland

In breaking news, the Communications, Electrical and Plumbing Union has decided to disaffiliate from the ACTU.

Union sources, speaking on the condition of anonymity, confirmed to this masthead the majority of the CEPU’s national council members had voted to walk away from Australia’s peak union body.

The ETU, which represents the majority of the CEPU, has voted to disaffiliate from the ACTU.

The ETU, which represents the majority of the CEPU, has voted to disaffiliate from the ACTU.Credit: Oscar Colman

Earlier today, tthe CEPU national council called a Zoom meeting to consider splitting from the ACTU to protest it not supporting the embattled CFMEU.

In a statement from the ACTU, a spokesperson said the organisation was disappointed with the CEPU’s decision.

“We are disappointed with the decision of the CEPU. The actions taken by the ACTU regarding the CFMEU reflect the collective view of its affiliates,” they said.

Australia to join Japan-US military exercise next year

By Lachlan Abbott

Defence Minister Richard Marles and Foreign Minister Penny Wong have announced Australia will participate in a major military exercise alongside Japan and the United States for the first time.

The two ministers held a press conference with Japanese Foreign Minister Kamikawa Yoko and Defence Minister Kihara Minoru in the small coastal Victorian town of Queenscliff this afternoon after the 11th Australia-Japan 2+2 Foreign and Defence Ministerial Consultation.

In his opening remarks, Marles summarised some of the meeting’s outcomes:

Today we have agreed to enhance our air engagement with greater people-to-people links, more training, [and] greater exercises between our two air forces. This really began last year when Japan sent F-35s to the Northern Territory, which then accompanied Australian F-35s which went back to Japan to participate in Exercise Bushido Guardian. And we look forward to increasing co-operation between our air forces.

Next year, for the first time, Australia will participate in Exercise Orient Shield. This is the largest land exercise which exists between the United States and Japan. And for the first time next year, Australia will participate in that exercise, and we’re really excited about that opportunity.

It speaks to perhaps a broader theme, which is that we have looked at opportunities where both of us have bilateral engagements with the United States, and sought to see opportunities where we can trilateralize them – where we can involve each other in those activities.

To that end, we, of course, host a rotation of the United States Marines through the dry season in the Northern Territory each year, and we have agreed to explore ways in which the Japanese amphibious rapid deployment brigade can participate in the US Marine rotations which occur in Darwin every year.

Marles later added the two countries had also agreed to send liaison officers to work within their respective joint operation commands.

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