source : the age
Back to the Reserve Bank, governor Michele Bullock has pushed back on suggestions of a “wage-price spiral”.
As Covid-era restrictions would back, and inflation across the world lifted, the Reserve Bank expressed serious concern that wages could lead to a sharp lift in inflation. It openly warned of the dangers of a wage-price spiral.
Pressed today by Greens’ senator Nick McKim if the bank is worried about wages pushing up inflation, she was emphatic.
“I’m not concerned about a wage-price spiral. No,” she said.
The governor also said that the bank did not believe the recent federal budget had added to aggregate demand and inflationary pressures.
“You can make a judgement on what [level of public demand] is high or low. I’m not going to make a judgement on that,” she said. “I’m just saying there is a certain amount of public demand baked into our forecasts. Based on what we’ve seen, we’re not seeing additional public demand.”
Earlier today, neo-Nazis lost their High Court bid to avoid being arrested under new federal hate speech laws, but that wasn’t the only matter for which neo-Nazis appeared in court today.
Four members of the now-defunct National Socialist Network – Nathan Bull, Michael “Mickle” Nelson, Jacob Hersant and Ian Lomax – were fined at Melbourne Magistrates Court for their stunt last year booing during the Welcome to Country ceremony at the Anzac Day dawn service at Melbourne’s Shrine of Remembrance.
As three of the men left court, they were heckled and began arguing with anti-fascist activist Jasmine Duff, before police had to step in to separate the two sides.
Hersant maintained his actions on Anzac Day were honourable and said the group was “not sorry for what we did”.
ABC Radio Melbourne’s Drive host Charlie Pickering says he “should have known better” after telling far-right agitator Avi Yemini that the broadcaster’s four-part podcast series featuring Grace Tame was “problematic”.
Pickering, who started as Drive host on Monday, made the comments outside the ABC’s offices on Tuesday, hours after it emerged the 2021 Australian of the Year was featuring in a four-part series on her experience of autism.
“I spoke on this occasion on behalf of myself and no one else. From that, all manner of beliefs and positions have been projected onto me that are not true, but that’s on me,” Pickering said when opening his show on Thursday.
“Context is in short supply these days, and I should have known better. I forgot the immortal words of Jay Z: ‘A wise man told me, don’t argue with fools, because people from a distance can’t tell who is who.’ I was a little naive, and I will learn from that. As I said, that is on me.”
Reserve Bank governor Michele Bullock has revealed that recent increases in official interest rates won’t have an impact on the lift in inflation caused by the war against Iran.
Giving evidence to a Senate committee this afternoon, Bullock said she knew the rates increases – the bank has lifted the cash rate at its past three consecutive meetings – was difficult for many households.
But she said they were needed to take some inflationary pressures out of the economy that were evident before the war.
“The recent increases in interest rates will have no impact on the increase in inflation already in train following increases in the prices of oil and related commodities,” she said.
“What these increases in the cash rate do, however, is to help to contain the domestic inflationary pressures and second-round effects from higher oil and commodity prices.
“If high inflation persists, it risks becoming embedded in price and wage-setting behaviour, particularly given the prolonged period over which underlying inflation has been above 3 per cent since the pandemic. That would result in more persistent inflation and would require even higher interest rates, and for longer, to return inflation to target.”
One Nation MP David Farley has asked his first question in question time, after being sworn in to parliament on Tuesday.
The member asked Defence Minister Richard Marles: “Has the Department of Defence provided any formal input into the review of the 2007 Water Act, the 2026 Murray Darling Basin Plan Review, and contributed to the development of the Australian National Food Security Strategy, and does the minister consider water security a core defence capability for this nation?”
Water was a significant issue in the Farrer byelection, an electorate that is home to many irrigators that live off the rivers within the Murray-Darling Basin. Farley won last month’s byelection in a landslide, with a higher vote than the Liberal and National parties combined.
Marles acknowledged that water is important for defence, but didn’t confirm whether the department had provided input into those reviews.
Housing Minister Clare O’Neil has accused the opposition of “racing to the bottom against One Nation” after being asked a question about 50,000 “non-citizens” using the government’s 5 per cent housing deposit scheme.
“I just want to be really clear for Australians, permanent residents are not the cause of the challenges facing our country on housing, and any attempt to assert that they are is wrong,” O’Neil said.
“Those opposite can continue racing to the bottom against One Nation, but I’ll tell you what, you can’t out-One Nation, One Nation. You’re never going to be Pauline Hanson. I think it’s time that you accept [that].”
As O’Neil attacked the Coalition, Opposition Leader Angus Taylor called out: “We’re standing up for Australians.”
Communications Minister Anika Wells has said AI chatbots will need to comply with government safety standards as Labor prepares to establish a Digital Duty of Care later this year.
Asked by independent MP Kate Chaney about their inclusion, Wells said: “The short answer to your question is yes. If big tech companies want to do business in Australia, they will have to abide by our world-leading online safety laws.
“Right now, all digital platforms, and that includes AI chatbots, must protect young Australians from online harm, and if they don’t, they face a fine of up to $49.5 million from the eSafety commissioner,” Wells said.
Chaney described the apps as “sycophantic” and “a new threat” that hurt children in their formative years.
Attendees of the FIFA World Cup this month will not be allowed to carry reusable water bottles into venues due to safety concerns, after world football’s governing body made a last-minute change to its Stadium Code of Conduct.
FIFA, which had earlier permitted empty, transparent, reusable plastic bottles inside stadiums, said today that the updated code – effective from Tuesday – now prohibits them.
Other items like bottles, cups, jars and cans are also banned to prevent the risk of injury if thrown.
“FIFA is committed to protecting the health and safety of all players, referees, fans, volunteers, and staff,” it told Reuters in a statement. “FIFA made the decision to prohibit bottles to prevent risk and injury to players and attendees.
Independent MP Nicolette Boele has asked the government why BHP, one of Australia’s largest companies, received government subsidies for diesel use in the last financial year.
“The government handed out $622 million in diesel tax credits to BHP last financial year, and BHP after-tax profits were over $15.5 billion.”
“Can you explain to Australians why one of Australia’s most profitable companies needs a $622 million taxpayer subsidy for diesel use, especially in the middle of a fuel crisis, when regular Aussies are feeling the crunch at the bowser?”
Bowen did not directly answer.
Instead, he said the government was focused on securing fuel supply, reducing emissions in heavy industry, and finding ways to ensure “big emitters and big facilities” reduce their fuel use.
The government has continued its tactic of quoting the opposition back at them when the Coalition attack Labor’s tax reforms handed down in the budget.
Liberal frontbencher Andrew Hastie asked the prime minister why Labor’s capital gains reforms, which he called “assault on hard-working Australians”, was “more punitive” than the pre-1999 system the government is attempting to return to.
Albanese rose to say: “I thank the member for Canning for his question, also, thank him for his support,” as he began quoting earlier statements from Hastie about the housing system being “rigged” against young people.
This immediately unleashed a series of interjections. Opposition Leader Angus Taylor began calling out to Albanese, who in retort told the Liberal leader to listen.
