BREAKING NEWS Jacqui Lambie lashes out a Donald Trump in extraordinary rant: 'We don't owe you anything'
Independent Senator Jacqui Lambie has warned that Australia's military should not get involved in any war in the Middle East after the Albanese government backed US military attacks on Iranian nuclear facilities.
Senator Lambie spoke out after US President Donald Trump 's decision to 'obliterate' Iran 's nuclear facilities on Sunday.
Senator Lambie said the military attacks destroyed any trust between the US and Iran, and issued a warning to Trump.
'You just put your shoe in the water there, your toes in the water there, and you're back in that war,' Sen Lambie told Channel Nine's Today show on Monday.
'But what I will say is this - we certainly can't back you up this time, and we don't owe you anything.'
Sen Lambie also believes that Australia's military is not 'fit for purpose'.
'It'll be 10 years before this country can commit troops that are fully fit, ready to go,' she said.
'We've got no idea where this is going, we've got no idea where this is going to end up, and on the other side we have Ukraine and Russia still going on.'
The Albanese government dramatically shifted its tone on the US strikes on Monday morning.
On Sunday, a government spokesperson offered no endorsement of the US decision to target Iranian nuclear facilities, instead calling for 'de-escalation, dialogue, and diplomacy'.
But after the Coalition offered its full support for the 'proactive action', Foreign Minister Penny Wong came out in support of Trump's military intervention.
'The world has agreed Iran cannot be allowed to get a nuclear weapon. So yes, we support action to prevent that. And that is what this is,' Senator Wong told ABC's News Breakfast.
'The big question is, now what? And Australia says, like so many other countries, we do not want escalation and a full-scale war, and we continue to call for dialogue and diplomacy.'
When asked about the legality of the strikes, Senator Wong said: 'I think we are all clear that Iran… cannot be allowed to get a nuclear weapon. So yes, the government does support action to prevent that.'
Former Prime Minister Scott Morrison slammed Albanese for failing to speak publicly in the 24 hours after the US strike on Iranian nuclear facilities.
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The Guardian
30 minutes ago
- The Guardian
Trump talks of regime change in Iran and insists US ‘obliterated' nuclear sites
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Reuters
36 minutes ago
- Reuters
Equity investors seeking clarity should be careful what they wish for
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So far, only the UK has managed to agree on a trade deal, and, even here, there is little clarity about the future of tariffs on UK steel exports. Negotiations with the European Union and Japan have stalled, and the EU has prepared a range of potential retaliatory measures. At the same time, the U.S. Commerce Department is preparing to present its findings on investigations into semiconductors, pharmaceuticals, copper, aircraft, jet engines and a host of other goods, opens new tab. It is widely expected that once these findings are presented, the U.S. government will act quickly to impose additional tariffs or import restrictions. Meanwhile, the Senate is expected to vote on the Trump administration's budget bill in July. The Congressional Budget Office has estimated, opens new tab that in its current form, this bill will add $3.3 trillion in extra debt over the coming decade. Investor confidence in the dollar and the safety of U.S. Treasuries has been shaken recently, partly due to the country's deteriorating fiscal outlook, so this deficit-expanding budget will only add fuel to the fire. And now, the war between Israel and Iran has been thrown into the mix, with the U.S. attacking Iranian nuclear sites on Sunday. Oil prices have increased by roughly 10% since the war broke out, though the price as of June 20 was still in line with the 2024 average. After the U.S. attacks, we could see Iranian retaliation against oil fields in the Middle East or the all-important Strait of Hormuz, which could drive oil prices much higher. With all these moving parts, it is easy to lose sight of what matters right now and what doesn't. While many actions, such as the extension of the 2017 tax cuts in the budget bill, will take years to unfold, the rise in tariff levels could have an immediate impact. The tariffs currently in place (e.g., base tariffs and tariffs on steel, aluminium and autos) could add 0.9 percentage points to U.S. inflation over the next 12 months, as importers are forced to pass tariff costs on to consumers. If there are no additional trade deals struck and tariffs revert to the higher levels announced on Liberation Day, another 0.7 percentage points could be added. And that doesn't even include potential tariffs on pharmaceuticals, semiconductors, and other goods. The inflation impact from the budget bill will likely be much smaller at roughly 0.1 percentage points over the next 12 months, and an oil price spike to $80 per barrel is apt to have roughly the same impact. Only if oil prices spike to about $100 and remain in that region for the next six months would we have to be seriously worried about an inflation shock from the war in the Middle East. Of course, if all these developments, including a 20% oil price spike, come to pass, U.S. inflation could rise from current levels by up to two percentage points in the next twelve months, dwarfing the likely impact on the UK and euro zone. Despite these concerning figures, U.S. equity investors seem nonplussed. U.S. stock markets, perhaps banking on another TACO moment, have rallied 15% above the level justified by macroeconomic fundamentals, based on my estimates. Over the last 10 years, a deviation of this size was followed by an average decline of 7% in the S&P 500 in the subsequent three months. The gap between performance and fundamentals is smaller in the euro zone and UK, suggesting any mean reversion would be less extreme there. Now, it's possible that everything – from the trade war to the real war – will end well. And stock markets have an uncanny ability to ignore adversity for a long time. However, if much of this uncertainty is resolved negatively, resulting in either higher U.S. inflation or lower growth, U.S. equities' surprising resilience is likely to be challenged. (The views expressed here are those of Joachim Klement, an investment strategist at Panmure Liberum, the UK's largest independent investment bank). Enjoying this column? Check out Reuters Open Interest (ROI), opens new tab, opens new tab, your essential new source for global financial commentary. ROI delivers thought-provoking, data-driven analysis of everything from swap rates to soybeans. Markets are moving faster than ever. ROI, opens new tab, opens new tab can help you keep up. Follow ROI on LinkedIn, opens new tab, opens new tab and X., opens new tab
The Guardian
37 minutes ago
- The Guardian
More than 20 dead after 'Islamic State suicide bombing' in Damascus church
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