RBA focusing on the trade ‘disruptions' made by Trump's tariffs
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Judo Bank Chief Economist Warren Hogan discusses the Reserve Bank's decision to cut interest rates by 25 basis points to 3.85 per cent.
'The RBA has had a big shift this week – they've had really started to worry about the global scene and the disruptions to trade from these tariffs that the Trump administration announced,' Mr Hogan told Sky News Australia.
'Although financial markets and trade negotiations all seem to be sort of stabilising and moving in a more settled way, they remain focused on this as the big risk.
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News.com.au
40 minutes ago
- News.com.au
Liberal candidate Tim Wilson takes back tightly contested seat in Goldstein, Victoria from independent Zoe Daniel
Liberal Tim Wilson said his win in the Victorian seat of Goldstein was because he looked to 'reverse engineer' teal strategies that brought them success in 2022. Mr Wilson said his campaign focusing on a bright vision for the future appealed to the electorate and delivered one of the rare flips for the Liberal Party in the federal election. 'I think we were speaking to people's sense of hope and ambition … we weren't playing small, we were going big. We talked very optimistically about a hopeful future,' Mr Wilson told RN Breakfast on Monday. Mr Wilson finished 175 votes ahead of independent candidate Zoe Daniel, attributing the result to the way his campaign had 'brought together a lot of people who wanted to have a shared vision for the community and the country'. 'After the 2022 election, we looked very closely at, well, what do we need to do to change and adjust to fight a new political threat? And what is it that's driving voters to support the teals? 'We worked on it for a very long period of time.' Ms Daniel hinted that she may make another run for the seat in the next election. 'Today we did not win. But we are not defeated. Hard things are hard, and a better kind of politics is worth fighting for. See you in 2028? Maybe!' the former ABC journalist wrote on X. Ms Daniel demanded a recount after losing the seat to Mr Wilson by just 260 votes, saying several errors were made during the distribution of preferences. The Australian Electoral Commission finalised the partial recount of 85,000 votes on Saturday, confirming Mr Wilson had won with a margin of 175 votes. In a statement posted to social media, Mr Wilson said after 29 days of counting the Liberals had 14,697 more first preference votes than the former MP. 'I want to thank all Goldstein voters but particularly the extraordinary effort some went to so their voice was heard,' he said. 'Now the recount is finished, the result is clear. It is time to get on with the job and take the voice and values of Goldstein to shape the future of Australia.' Ms Daniel declared victory in the highly contested seat on election night after early counting leaned heavily in her favour. But a surge in postal votes over the following days swung the pendulum back into blue-ribbon territory, with the seat called for Mr Wilson on May 7. Ms Daniel refused to concede the seat at the time, insisting on waiting for the full distribution of preferences, and then demanded a recount, which was granted in part by the AEC. She said it had been a long process to recount the 85,000 votes, representing 75 per cent of votes cast. 'Goldstein is now one of the most marginal seats in the country, and with that comes embedded accountability,' she said. 'In that, we have done our job. 'In a world where trust in elections is being eroded in so many places, we should never take this for granted.'
ABC News
43 minutes ago
- ABC News
Callide Power Station unit operating again after explosion forced shut down
One of Queensland's biggest power generators is operational again after it was forced offline in April by another explosion. The embattled government-owned Callide Power Station in central Queensland, near the town of Biloela, came back online over the weekend. The C3 coal-fired generator was badly damaged by a powerful "pressure spike" inside its boiler on April 4. The incident left the C3 boiler with considerable structural damage, but did not result in power outages with the company saying at the time they had "sufficient forecast generation" to meet expected demand. On Monday, a spokesperson for the state-owned CS Energy said the Callide C3 unit "returned to service Sunday, June 1, shortly before 3am". The Queensland government's deadline was to have repairs completed by May 30. However, on May 19, CS Energy informed the market of a revised return to service of June 2. The company said approximately 100 people were working on rotating shifts to repair the areas of the C3 unit damaged in the major operational safety event. It's not the first explosion at the plant in recent years. In May 2021, multiple generators and high voltage transmission lines in Queensland were tripped following an explosion in the C4 unit at Callide. The incident caused nearly 500,000 customers to lose power, from the NSW border to north of Cairns. Premier David Crisafulli yesterday welcomed the plant's return to service, and said his government would focus on long-term maintenance of the plant. "Obviously that's good news, but that doesn't change my focus that unless we spend long-term maintenance on those assets, we're not going to have them as reliable as what they should be," Mr Crisafulli said. "But I stress we are still some time away before the investment return on to those plants can give the reliability that they deserve." Callide Power Station has two power plants — B and C — which each have two generating units. State-owned CS Energy owns and operates Callide B, and it owns Callide C in a 50-50 joint venture with Czech company 7GI. The most recent explosion in April led to CS Energy's CEO and general managers resigning.
Sky News AU
an hour ago
- Sky News AU
Jacqui Lambie lashes US defence spend request and points to ADF ‘personnel crisis' as primary national security concern
Tasmanian Senator Jacqui Lambie has hit out at the US President and his Defence Secretary's request to Australia for additional military spending and pointed to the Australian Defence Force's 'personnel crisis' as the country's main national security issue. Defence Minister Richard Marles met with US Secretary of Defence Pete Hegseth on the sidelines of the Shangri La Dialogue in Singapore last week to discuss the key priorities of the US-Australia alliance in the face of a potential Chinese offensive in Taiwan within the next two years. The figure of 3.5 per cent of GDP was revealed by a US Department of Defence readout released on Sunday as the amount requested for Australia to increase its spending to, a major increase from the Albanese government's prospect of 2.33 per cent. Speaking to Sky News on Monday morning, Ms Lambie said the additional funding would be a 'disgusting waste' of money. Senator Jacqui Lambie has hit out at US Secretary of Defence Pete Hegseth's request for additional military spending and pointed to the ADF 'personnel crisis' as Australia's primary national security concern. Picture: NewsWire/ David Clark 'Just ask Donald Trump to give us our money back for our submarines, mate,' Ms Lambie said. 'But look, now it'd be nice to lift our defence spending, there is no doubt about that, things are pretty tough out there at the moment but … we waste so much money in defence procurement and that's where we should be looking. 'You've only got to see those submarines, mate. Four billion dollars so far and we haven't got one scrap of bloody steel sitting in a harbour yet ready to go. I mean, that is just disgusting waste at its best.' Ms Lambie said there was a 'personnel crisis' with hiring and retention in the ADF which the Tasmanian MP considered the 'biggest problem' concerning Australia's national security. Asked what Australia should do about China's potential invasion of Taiwan by 2027, and whether Hegseth's request from Australia was justified, Ms Lambie compared the Australian army with China's PLA. 'I don't know, have you seen the size of the Chinese army? That's the first thing. And the second thing is this, have you seen the condition that ours is in?' she said. 'This is a problem that we've had … We have a personnel crisis in our military and something needs to be done. 'The only way young people are gonna go and join is when people in that uniform go out there and brag how great that job is. And right now, until you get the right mentoring, and you get right leadership in our defence, that is not going to turn around tomorrow.' Ms Lambie said there was a 'personnel crisis' with hiring and retention in the ADF which the Tasmanian MP considered the 'biggest problem' concerning Australia's national security. Picture: Annette Dew Assistant Foreign Minister Matt Thistlethwaite said the Australian government was increasing its defence spend by $50 billion over the decade, which included the AUKUS agreement. Pictured is US nuclear-powered submarine USS Minnesota in Darwin Harbour. Picture: Pema Tamang Pakhrin Hegseth nudged Australia over the weekend to boost funding to 3.5 per cent of GDP and warned China could make a move on Taiwan by 2027 – a timeline Sky News considered in its documentary Are We Ready For War? In his address at the summit, Mr Hegseth echoed the Trump administration's motto of maintaining 'peace through strength' and stressed the importance of restoring the 'warrior ethos'. "There's no reason to sugar coat it. The threat China poses is real, and it could be imminent," Mr Hegseth said, in some of his strongest comments on the Communist nation since he took office in January. Asked what help Australia could give to the US, Ms Lambie said she did not believe there was 'much'. 'We are absolutely exhausted. 20 years we followed them into the Middle East. We are still picking up the pieces from that and we will be picking that up, I reckon, for the next five years, without doubt,' she said. 'Right now, our troops are not in the condition to be in a war zone. Okay, maybe peacekeeping, but sure as hell not in a War Zone, mate. No way in hell.' Assistant Foreign Minister Matt Thistlethwaite joined Sky News and said the Australian government was increasing its defence spend over the next three years by $10.5 billion and $50 billion over the decade, which included the AUKUS agreement. 'We'll make decisions based on what we believe is in Australia's best interest. But we're doing that in partnership with our most important strategic allies. And that includes the United States and the UK,' he said. In response, Liberal Senator Hollie Hughes said 3.5 per cent was a 'considerable jump' in defence spending but argued that she did not think Australians could currently put their hand on their hearts and 'feel confident'. 'This is a government who had absolutely no idea that China was performing live fire exercises off our coast or having spy ships circumnavigate around our nation. The federal government has two roles, keeping the national economy strong and keeping Australians safe,' she said. 'The reality, is our part of the world, Indo-Pacific, is where there is a lot of action, a lot of concerns and a lot of muscling up by China.' Ms Hughes said the Prime Minister 'might like being Beijing's handsome boy' but he needed to 'stand up for Australians' and ensure defence was prepared for the worst. 'The Prime Minister is more interested in removing HECS debt to buy votes as opposed to investing in our nation's future,' she said. 'I think this government needs to have a serious look at what its priorities are to keep Australians safe, both economically and strategically in defence.' Australian Strategic Policy Institute (ASPI) defence strategy senior analyst Malcolm Davis said Mr Hegseth's intervention in Australia's military budget benchmark was 'perfectly correct' and referenced his organisation's report which suggested making 3 per cent the minimum. Mr Davis said the Defence Secretary's call to increase defence spending 'as soon as possible' was due to the 'dire' strategic circumstances Australia faced. 'We can't afford to say, 'oh, well, we'll get to 3 or 3. 5 per cent in 10 years'. No, it's got to be in the year or so, because the strategic circumstances that we're facing are so dire, so dangerous, that we cannot afford a leisurely rise up to 2.33 per cent, which is what the government's talking about, let alone anything more,' he said. Dr Davis said China was 'deadly serious' about moving on Taiwan as its military has undergone rapid modernisation, rehearsals for blockading Taiwan, as well as President Xi Jinping telling the People's Liberation Army it needed to 'be ready to invade' by 2027. In light of Ms Lambie's comments, that the ADF was depleted in personnel and resources, the ASPI defence strategy expert said Australia could still do an 'awful lot' if China jumped on Taiwan and the US asked for help. 'We can offer Australian military bases for the US and its allies to operate from. We're going to have US submarines operating out of Fremantle as part of Submarine Rotation Force-West under AUKUS. We can boost our investment in the guided weapons and explosive ordnance enterprise to start producing munitions at a much more rapid rate than what is currently planned for. 'And we can actually operate alongside in a combat role with certain types of military forces that we already have in terms of air power, strike operations and special forces. 'There's an awful lot that we can do that I think would be valuable to the US.'
