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Key posts
- Reserve Bank warns of further rate rises
- Australia sends two additional aircraft to Middle East: Marles
- PM announces $4b for companies to produce minerals for US renewables
- Albanese probed about Anthony Pratt’s dealings during US trip
- Australia will spend another $20 million of military assistance to Ukraine
- This morning’s headlines at a glance
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Reserve Bank warns of further rate rises
Reserve Bank governor Michele Bullock has used her first formal speech to warn borrowers another interest rate rise may be needed to control inflation, while revealing up to a quarter of highly leveraged people with variable mortgages are living beyond their means.
Before the release of the September-quarter consumer price index on Wednesday, Bullock said that while inflation could ease with the current cash rate of 4.1 per cent, rates might have to increase.
Michele Bullock has warned about the potential for further interest rate rises.
Economists are expecting consumer prices, in part driven by the spike in global oil prices, to have risen 1.1 per cent in the past quarter. The annual rate of inflation, which peaked at 7.8 per cent in December, is expected to step down to about 5.3 per cent.
Financial markets put the chance of a rate rise at the RBA’s Melbourne Cup Day meeting at one in four.
Continue reading about the warnings here.
Australia sends two additional aircraft to Middle East: Marles
In breaking news, Australia’s defence minister confirmed the government has sent two additional aircraft to the Middle East, along with support crew.
Richard Marles confirmed on Nine’s Today Show that it was sending the extra Australian Defence Force personnel and aircraft to the region.
Here’s what he told the program:
We’ve sent an additional two aircraft to the Middle East, which takes the total to three. And the support crew for them, which is a significant number of personnel.
And there’s a small command detachment which goes with all of that.”
He said there was a small command detachment that would go with them.
“We’re not saying where in the Middle East for operational reasons, but we are putting that in place, really, as a contingency to support Australian populations in the Middle East,” he said.
“This is a very volatile situation, and we just don’t absolutely know which way it goes from here, as the world really holds its breath watching it.”
He was asked about the number of ADF members going overseas, but would only say it was “a significant number of personnel”.
“They’re there to support the aircraft and support what that aircraft might ultimately have to do, but I want to emphasise … the purpose is to support Australian populations in the Middle East in.”
PM announces $4b for companies to produce minerals for US renewables
Mining companies will gain an extra $2 billion to expand the production of critical minerals needed for renewable energy and high-tech devices under a federal plan to meet soaring demand for the components tightly controlled by China.
Prime Minister Anthony Albanese will double the finance available to key exporters from $2 billion to $4 billion in the hope of unlocking vast reserves of lithium, nickel and other essential elements for batteries and other renewable technologies.
Gina Raimondo, US Secretary of Commerce, Prime Minister Anthony Albanese and Minister for Resources and Minister for Northern Australia Madeleine King during opening remarks at the Critical Minerals Industry Roundtable. Credit: Alex Ellinghausen
Albanese, who is visiting Washington, announced the plan ahead of talks with US President Joe Biden and a state dinner at the White House that will include more than 100 political and business leaders as well as a performance by American 1980s new wave band the B52s.
Biden is also expected to host a private dinner with Albanese at the White House on Tuesday night (Washington time), when the two leaders will be joined by their partners, Jill Biden and Jodie Haydon.
The private dinner highlights the effort by the Biden administration to ensure the success of the Australian visit when a Republican leadership crisis in US Congress is making it harder for Albanese to secure cross-party support for the AUKUS defence pact.
Here’s the full story.
Albanese probed about Anthony Pratt’s dealings during US trip
Prime Minister Anthony Albanese has declared he was never told by Australian businessman Anthony Pratt about sensitive nuclear submarine information that former president Donald Trump allegedly shared in an alleged risk to national security.
But Albanese has refused to weigh into the scandal engulfing the billionaire packaging tycoon, telling reporters in Washington ahead of a dinner with President Joe Biden, he wasn’t “going to comment on US internal politics”.
Anthony Pratt, former prime minister Kevin Rudd and Prime Minister Anthony, pictured together in August 2023.Credit: Alex Ellinghausen
The response comes after a joint investigation by this masthead and 60 Minutes uncovered separate audio recordings of Pratt talking about his relationship with “mafia”-like Donald Trump and his claim of a $US1 million payment to Trump’s lawyer, Rudy Giuliani.
The covert recordings also reveal that Pratt had claimed Trump disclosed non-public details about US military action in Iraq and a private conversation with Iraq’s leader.
Learn more about this issue here.
Australia will spend another $20 million of military assistance to Ukraine
Australia will send de-mining equipment, portable x-ray machines and counter drone systems to Ukraine as part of a $20 million military aid package, the government announced today.
This new support takes Australia’s overall assistance to Ukraine to approximately $910 million, the federal government said in a statement.
Foreign Minister Penny Wong shakes hands with a Ukrainian diplomat at the UN.
“This contribution will provide Ukraine with some of the best capabilities in the world, while investing in Australia’s sovereign defence industry and technology sector,” Prime Minister Anthony Albanese said.
He also confirmed the E-7A Wedgetail aircraft and 100 Australian personnel arrived in Germany, so it can begin its mission.
“Australia is honoured to provide this aircraft to help protect the vital lifeline of humanitarian aid and military assistance entering Ukraine,” Albanese said.
This morning’s headlines at a glance
Good morning, and thanks for your company as we cover the latest national news.
It’s Wednesday, October 25. I’m Caroline Schelle, 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 will double the finance available to exporters to unlock reserves of lithium, nickel and other essential elements for renewable technologies.
- Engineered stone could be outlawed in future construction if a key recommendation in a national review of the products’ dangers is adopted by state and the federal government.
- Reserve Bank governor Michele Bullock has used her first formal speech to warn borrowers another interest rate rise may be needed to control inflation.
- The year 2023 will probably be the hottest in the past 100,000 years as global climate scientists warn that Earth has entered “uncharted territory”.
- The federal opposition urges Foreign Affairs Minister Penny Wong to travel to Israel to display Australia’s support for its Middle East partner.
- A call for a global coalition to fight Hamas terrorists in Gaza has triggered Australian concerns about the risk of a “spillover” into wider conflict in the Middle East.
- And in other overseas news, the Kremlin has denied reports that Russian President Vladimir Putin has suffered a heart attack and laughed off rumours he has used body doubles.
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