Key posts
- Government to introduce climate bill today
- Recession risks are growing: International Monetary Fund
- Greens shape up to support Labor’s signature climate reforms
- This morning’s headlines at a glance
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Government to introduce climate bill today
Energy and Climate Change Minister Chris Bowen is doing the media rounds this morning.
His first stop was on Seven’s Sunrise where he confirmed Labor will put its key climate reforms to the House of Representatives today.
Climate Change Minister Chris Bowen is negotiating with the Greens. Credit:Alex Ellinghausen
I will introduce the bill today. It’s important in that it enshrines our climate change reduction in a targeted model, which is really important because it sends a message to investors that Australia is back open for business. Renewable energy, transmission and storage – we are raring to go.
We have had good-faith discussions across the parliament and, unfortunately, the Liberal Party has said they would vote against it despite the fact they haven’t seen it. They haven’t gotten the message from the Australian people.
We have had a few discussions [with the crossbench] and we are going to stick to a mandate … which is [a] 43 per cent [reduction in emissions] by 2030, net zero by 2050.
Labor has the numbers in the lower house to pass the bill on its own. However, it will need the support of the crossbench in the Senate.
As Mike Foley has written, the Greens are shaping up to support Labor’s reforms so that emission reductions are enshrined in law (even if they are less than what the environmental party campaigned on).
Recession risks are growing: International Monetary Fund
Central banks will have to keep lifting interest rates and governments cut spending if inflation is to be brought to heel, the International Monetary Fund says.
The international financial institution has also conceded that the risks of a global recession next year are growing.
Central banks need to lift interest rates and governments need to tighten budgets to deal with inflationary pressures, according to the IMF.Credit:Penny Stephens
Ahead of today’s June-quarter consumer price index release, which is expected to show inflation in Australia climbing to a 32-year high of 6.2 per cent, the fund warned the fight against inflation would probably worsen the “hardship” facing many people.
Inflation pressures around the globe have increased this year, in part due to the war in Ukraine, increases in government spending, strong consumer demand and supply chain issues tied to COVID-related problems in countries such as China.
More on this issue here.
Greens shape up to support Labor’s signature climate reforms
The Greens are preparing to back Labor’s signature climate reforms and vote them into law, despite the Climate Change Bill setting an emissions reduction target below what the minor party campaigned for and leaving out measures to stop coal and gas exports.
Labor has not ceded ground on the two key issues for the Greens – ending coal and gas exports and raising Australia’s greenhouse emissions reduction target.
Greens leader Adam Bandt.Credit:Alex Ellinghausen
Despite Labor’s refusal to budge, Greens leader Adam Bandt said he was “up for shifting” while continuing to negotiate to improve Labor’s proposal.
The bill is expected to come before the lower house today where Labor has enough votes to pass it on its own.
Read the full story here.
This morning’s headlines at a glance
Good morning and thanks for your company.
It’s Wednesday, July 27. 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.
- The Greens are preparing to back Labor’s key climate reforms despite the legislation setting an emissions reduction target below what the party campaigned for, according to Mike Foley. Today will mark the second sitting day of the 47th federal parliament. It will also be the first day of question time for the Albanese government.
- Climate isn’t the only topic making headlines. The International Monetary Fund has conceded that the risks of a global recession next year are growing. The June-quarter consumer price index will be released today and is expected to show inflation climbing to a 32-year high. Speaking to the ABC’s 7.30 program last night, Prime Minister Anthony Albanese said he’s confident the government has the right economic settings in place and there’s no need to cut back on some of the spending promises he made during the recent election campaign.
- Nearly half of all Australian adults had caught coronavirus at least once by early June, according to fresh data. Yesterday, the country hit a new record for COVID hospitalisations. There are 5571 people being treated for coronavirus across state and territory hospitals.
- And in international news, China has warned of “serious consequences” if United States House Speaker Nancy Pelosi visits Taiwan. And Russia will pull out of the International Space Station after 2024. The space program is one of the last areas of cooperation between Washington and Moscow.
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