Australians have lost ‘a little trust' in the Reserve Bank
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7NEWS
9 hours ago
- 7NEWS
The Issue with Tim Lester: 7NEWS sits down with John Powers, former US soldier and Australian citizen
For John Powers, it's a tough conclusion to reach. ' Australia is a strategic liability because of the waning capabilities that we have.' Powers is uniquely placed to comment on Australia's defence relationship with our great security ally, the United States. 'We have not manned and equipped and sustained our military, our ADF, so that it can keep pace materially and capability-wise with the United States,' he told 7NEWS. At first blush, it sounds self-serving, delivered with Powers' thick American accent. It presses the case US Defence Secretary Pete Hegseth put to Defence Minister Richard Marles in late May: that Australia needs to increase its defence budget to 3.5 per cent of our gross domestic product, tens of billions of dollars more in military spending every year. In fact, John Powers is a dual citizen now living in Australia. He also brings extraordinary experience to the question of whether his adopted country is a good ally for his old country. Now retired, his experience as a US special forces soldier, brigade task force commander, and military intelligence specialist stretched across four decades — from Grenada in 1983 right up to the first Trump administration. Among his roles, he was a war planner. 'When we would put together plans, we would start with Australia,' he said. 'We'd always start to figure out how can we get the Aussies into the fray because when it comes to just grit and mettle and the intangibles of being a reliable soldier, sailor, airman ... you could not have a better ally.' These days, he's not trying to recruit Australians. He's speaking as one. 'I think we've underspent on defence from the standpoint of we don't have the capabilities that we need to even defend ourselves,' he said. On other issues, John Powers challenges American views. Loading content... He waves off a Chinese -owned company's contentious 99-year lease of the Port of Darwin. 'I don't think it's that big of a deal,' he said. 'This same company owns and operates ports in the United States.' When news of the 2015 agreement broke, he says he saw it as an intelligence opportunity '... to collect on the Chinese ... see how they do business, to be able to cross-pollinate with the Americans.' Powers cautions Australians who say assets like Pine Gap — the joint satellite surveillance base near Alice Springs — make us indispensable for US military intelligence. 'It's more important to the Australians than it is (to) the United States,' he said. 'We have similar bases or similar facilities in England, Turkey, Germany, places like that.' Powers argues 'with technology nowadays, you can … bend pipe that stuff back to Fort Meade, Maryland, and it all can be collected there'. He sees greater value, from the US point of view, in Perth and its 'very significant' future as a rotational base for American submarines. But on the biggest of defence hardware projects, he's a pessimist. 'I'm not an AUKUS fan,' he said. 'I don't think it's a good deal.' He doubts Australia will ever take delivery of the American nuclear-powered submarines promised under AUKUS. 'I'm not confident we'll ever see those three Virginia-class submarines,' he said. Now watching the friction between the Albanese government and the Trump administration, Powers is animated by one other issue: the tenure of Australia's ambassador in Washington. 'Mr Rudd should do the honorable thing and resign,' he said. According to Powers, his contacts back in the US are utterly clear on the issue. The fact Kevin Rudd is a former Prime Minister and respected voice on matters regarding China is beside the point. 'Mr Trump doesn't like him,' he said. 'And as a result of Mr Trump not liking him, nobody else in his administration is going to give him the time of day. That is a disservice to us as Australians.' For John Powers, any issue causing friction between the country he was born in, and the country he says he plans to die in, is a problem worth solving.
Sky News AU
11 hours ago
- Sky News AU
Australians have lost ‘a little trust' in the Reserve Bank
Sky News host Tim Gilbert says Australians have lost 'a little trust' in the Reserve Bank as the board is set to cut the cash rate in the coming days.
The Advertiser
13 hours ago
- The Advertiser
Rates take back seat to affordability for home buyers
Affordability has overtaken interest rates as the greatest obstacle impacting Australians buying and selling homes. Property tech company InfoTrack has found the cash rate, currently sitting at 3.85 per cent, did not weigh in as a major influence on more than 130,000 Australians' decision to buy or sell in 2025. About 45 per cent of those surveyed said it was not a consideration at all, while fewer than a third said interest rates had a significant impact on their decision. Those who still weighed their decision based on interest rates said they influenced their budget and the type of property they could afford. About five per cent held off buying or delayed a sale based on the cash rate. The new figures mark a stark difference from 2024, when interest rates were a major influence for more than two-thirds of those surveyed. "The finding challenges the idea that interest rates are stopping people from buying or selling," InfoTrack's head of property Australia Lee Bailie said. "Instead, Australians are shifting their approach - they're staying active in the market but they're adapting to current conditions." Interest rates appear less of an obstacle for buying or selling a property this year, with affordability the reigning hurdle. Almost a third of those surveyed said property prices were the biggest challenge in the housing market - a six per cent increase from 2024. "The data is further evidence of the affordability crisis," Mr Bailie said. "More than half admitted property prices had a significant or major impact on their decision to buy or sell, while more than two-thirds of respondents said price determined where they bought." Some buyers and sellers were also influenced by market conditions, InfoTrack found, with 17 per cent struggling to find a property and more than half feeling pushed to act quickly due to price volatility amid pressure from competition. Home prices across the nation continue to climb, with recent data from PropTrack revealing a 0.4 per cent rise in June and an overall 4.6 per cent jump across the year. This pushed the median cost of a capital city home to $923,000, with the average property now $40,000 more expensive than earlier this year. Adelaide, up 0.6 per cent, posted the strongest monthly rise, followed by Sydney and Hobart, which both recorded 0.5 per cent gains. Perth, Melbourne, Brisbane and Canberra prices rose 0.3 per cent, while Darwin nudged 0.2 per cent higher. While rates may no longer be a primary factor for people buying or selling homes, they still attract intense interest every six weeks when the Reserve Bank of Australia hands down its cash rate decisions. Many economists have tipped next week's decision to include cash rate relief by dropping to 3.6 per cent, which would shave about $90 off monthly repayments on a $600,000 mortgage. Affordability has overtaken interest rates as the greatest obstacle impacting Australians buying and selling homes. Property tech company InfoTrack has found the cash rate, currently sitting at 3.85 per cent, did not weigh in as a major influence on more than 130,000 Australians' decision to buy or sell in 2025. About 45 per cent of those surveyed said it was not a consideration at all, while fewer than a third said interest rates had a significant impact on their decision. Those who still weighed their decision based on interest rates said they influenced their budget and the type of property they could afford. About five per cent held off buying or delayed a sale based on the cash rate. The new figures mark a stark difference from 2024, when interest rates were a major influence for more than two-thirds of those surveyed. "The finding challenges the idea that interest rates are stopping people from buying or selling," InfoTrack's head of property Australia Lee Bailie said. "Instead, Australians are shifting their approach - they're staying active in the market but they're adapting to current conditions." Interest rates appear less of an obstacle for buying or selling a property this year, with affordability the reigning hurdle. Almost a third of those surveyed said property prices were the biggest challenge in the housing market - a six per cent increase from 2024. "The data is further evidence of the affordability crisis," Mr Bailie said. "More than half admitted property prices had a significant or major impact on their decision to buy or sell, while more than two-thirds of respondents said price determined where they bought." Some buyers and sellers were also influenced by market conditions, InfoTrack found, with 17 per cent struggling to find a property and more than half feeling pushed to act quickly due to price volatility amid pressure from competition. Home prices across the nation continue to climb, with recent data from PropTrack revealing a 0.4 per cent rise in June and an overall 4.6 per cent jump across the year. This pushed the median cost of a capital city home to $923,000, with the average property now $40,000 more expensive than earlier this year. Adelaide, up 0.6 per cent, posted the strongest monthly rise, followed by Sydney and Hobart, which both recorded 0.5 per cent gains. Perth, Melbourne, Brisbane and Canberra prices rose 0.3 per cent, while Darwin nudged 0.2 per cent higher. While rates may no longer be a primary factor for people buying or selling homes, they still attract intense interest every six weeks when the Reserve Bank of Australia hands down its cash rate decisions. Many economists have tipped next week's decision to include cash rate relief by dropping to 3.6 per cent, which would shave about $90 off monthly repayments on a $600,000 mortgage. Affordability has overtaken interest rates as the greatest obstacle impacting Australians buying and selling homes. Property tech company InfoTrack has found the cash rate, currently sitting at 3.85 per cent, did not weigh in as a major influence on more than 130,000 Australians' decision to buy or sell in 2025. About 45 per cent of those surveyed said it was not a consideration at all, while fewer than a third said interest rates had a significant impact on their decision. Those who still weighed their decision based on interest rates said they influenced their budget and the type of property they could afford. About five per cent held off buying or delayed a sale based on the cash rate. The new figures mark a stark difference from 2024, when interest rates were a major influence for more than two-thirds of those surveyed. "The finding challenges the idea that interest rates are stopping people from buying or selling," InfoTrack's head of property Australia Lee Bailie said. "Instead, Australians are shifting their approach - they're staying active in the market but they're adapting to current conditions." Interest rates appear less of an obstacle for buying or selling a property this year, with affordability the reigning hurdle. Almost a third of those surveyed said property prices were the biggest challenge in the housing market - a six per cent increase from 2024. "The data is further evidence of the affordability crisis," Mr Bailie said. "More than half admitted property prices had a significant or major impact on their decision to buy or sell, while more than two-thirds of respondents said price determined where they bought." Some buyers and sellers were also influenced by market conditions, InfoTrack found, with 17 per cent struggling to find a property and more than half feeling pushed to act quickly due to price volatility amid pressure from competition. Home prices across the nation continue to climb, with recent data from PropTrack revealing a 0.4 per cent rise in June and an overall 4.6 per cent jump across the year. This pushed the median cost of a capital city home to $923,000, with the average property now $40,000 more expensive than earlier this year. Adelaide, up 0.6 per cent, posted the strongest monthly rise, followed by Sydney and Hobart, which both recorded 0.5 per cent gains. Perth, Melbourne, Brisbane and Canberra prices rose 0.3 per cent, while Darwin nudged 0.2 per cent higher. While rates may no longer be a primary factor for people buying or selling homes, they still attract intense interest every six weeks when the Reserve Bank of Australia hands down its cash rate decisions. Many economists have tipped next week's decision to include cash rate relief by dropping to 3.6 per cent, which would shave about $90 off monthly repayments on a $600,000 mortgage. Affordability has overtaken interest rates as the greatest obstacle impacting Australians buying and selling homes. Property tech company InfoTrack has found the cash rate, currently sitting at 3.85 per cent, did not weigh in as a major influence on more than 130,000 Australians' decision to buy or sell in 2025. About 45 per cent of those surveyed said it was not a consideration at all, while fewer than a third said interest rates had a significant impact on their decision. Those who still weighed their decision based on interest rates said they influenced their budget and the type of property they could afford. About five per cent held off buying or delayed a sale based on the cash rate. The new figures mark a stark difference from 2024, when interest rates were a major influence for more than two-thirds of those surveyed. "The finding challenges the idea that interest rates are stopping people from buying or selling," InfoTrack's head of property Australia Lee Bailie said. "Instead, Australians are shifting their approach - they're staying active in the market but they're adapting to current conditions." Interest rates appear less of an obstacle for buying or selling a property this year, with affordability the reigning hurdle. Almost a third of those surveyed said property prices were the biggest challenge in the housing market - a six per cent increase from 2024. "The data is further evidence of the affordability crisis," Mr Bailie said. "More than half admitted property prices had a significant or major impact on their decision to buy or sell, while more than two-thirds of respondents said price determined where they bought." Some buyers and sellers were also influenced by market conditions, InfoTrack found, with 17 per cent struggling to find a property and more than half feeling pushed to act quickly due to price volatility amid pressure from competition. Home prices across the nation continue to climb, with recent data from PropTrack revealing a 0.4 per cent rise in June and an overall 4.6 per cent jump across the year. This pushed the median cost of a capital city home to $923,000, with the average property now $40,000 more expensive than earlier this year. Adelaide, up 0.6 per cent, posted the strongest monthly rise, followed by Sydney and Hobart, which both recorded 0.5 per cent gains. Perth, Melbourne, Brisbane and Canberra prices rose 0.3 per cent, while Darwin nudged 0.2 per cent higher. While rates may no longer be a primary factor for people buying or selling homes, they still attract intense interest every six weeks when the Reserve Bank of Australia hands down its cash rate decisions. Many economists have tipped next week's decision to include cash rate relief by dropping to 3.6 per cent, which would shave about $90 off monthly repayments on a $600,000 mortgage.
