The new ‘local oasis' you can watch fireworks from – but not until 2028
The Berrys Bay parkland was slated to open late in 2024 but has been pushed back for more than three years, and construction began in June – almost two years after it was supposed to start.
The site, tucked between Balls Head and Blues Point in Waverton, was originally earmarked for construction of the Western Harbour Tunnel before the NSW government scrapped plans to lay massive tubes on the harbour floor in favour of digging a deeper tunnel.
The about-turn in engineering techniques means construction sites for the tunnel are no longer needed at Berrys Bay. The government will aim to open the park before the Western Harbour Tunnel opens to motorists in 2028.
Roads Minister Jenny Aitchison expects the parkland, with its stunning view of the Sydney Harbour Bridge, to become a popular destination for those watching New Year's Eve fireworks.
'Certainly, it will be a real drawcard. It's one of the most iconic Australian views – and it just gets better the more you walk through this area,' Aitchison said.
'It will drive tourism. It will provide that local oasis for community members from the business of Sydney with a fantastic, priceless view of Sydney Harbour.'
Draft designs show the park, which spans 1.6 hectares, will introduce accessible foreshore pathways, barbecues, play areas and a community pavilion.
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The Advertiser
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- The Advertiser
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"Some vehicles perform as advertised but most do not, and our program is seeking to reward carmakers that deliver genuine financial and environmental savings." In addition to fuel consumption, six of the 30 vehicles tested produced more noxious emissions than allowed under the Australian standard, including the Ford Ranger ute, Toyota Hi-Ace, and Toyota Fortuner. Five vehicles did buck the trend and use less fuel than expected, however, such as the Ford Transit van (nine per cent less), Lexus NX350h SUV (seven per cent less), and Mercedes-Benz GLC250 SUV (three per cent less). The program, funded by the federal government, has examined emissions from 114 vehicles since 2023 and found 88 models failed to meet their promised fuel consumption. The association will expand its tests to electric vehicles shortly, Mr Bradley said, and compare their on-road range to what consumers are promised. "Range anxiety continues to be a significant barrier to EV uptake," he said.
The Advertiser
2 hours ago
- The Advertiser
All eyes on top bank official as rate-cut hopes inflate
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The RBA stunned analysts by leaving rates on hold in July, with governor Michele Bullock telling an event last week that the board preferred a "measured and gradual" approach to easing interest rates. While less pivotal than inflation or jobs data, retail sales figures released by the ABS on Thursday will provide an update on the vitality of the Australian consumer. The recovery in household spending has been softer than the RBA had expected, the board said in minutes from its last meeting. But sales are expected to rebound to the highest level since the beginning of 2024, following a run of softer months. The retail print is the last the bureau will produce before it switches over to a more comprehensive measure of consumption, the monthly household spending indicator. As the government prepares for an economic roundtable aimed at fixing Australia's productivity woes, fault lines have opened up between businesses and unions on artificial intelligence. Peak union body the ACTU has called for tougher regulations to ensure AI does not lead to job losses, while business groups have warned against regulation that could stifle adoption of the technology. Independent MP Zali Steggall has called for the government to appoint a special envoy for AI and the future of work to drive adoption of the technology while addressing growing public distrust. "I am concerned it's going to be unions trying to put a lid on it," Ms Steggall told AAP. "Look, I am supportive of guardrails. It has to be done safely, but to suggest that you can put the genie back in the bottle is unrealistic." The former Winter Olympian on Thursday launched her economic plan to re-energise the economy while speeding the transition to net zero, by encouraging clean energy investment and reducing the cost of housing. A fireside chat starring a top Reserve Bank of Australia official will be closely watched as mortgage holders look for more signs confirming another interest rate cut. RBA deputy governor Andrew Hauser will speak at an economic forum hosted by investment bank Barrenjoey on Thursday. The event comes less than 24 hours after the Australian Bureau of Statistics revealed the Reserve Bank's preferred measure of inflation, the trimmed mean, eased to 2.7 per cent in the June quarter. The result was slightly softer than economists had expected and was widely interpreted as consistent with the RBA board lowering the cash rate to 3.6 per cent at its next meeting in August. Money markets are fully pricing in a 25 basis point cut and have upped the odds of a back-to-back cut in September to about 40 per cent, said Chief CommSec economist Ryan Felsman. But Mr Hauser could "offer some push-back about the need for rapid easing" at the Barrenjoey event in Sydney. The RBA stunned analysts by leaving rates on hold in July, with governor Michele Bullock telling an event last week that the board preferred a "measured and gradual" approach to easing interest rates. While less pivotal than inflation or jobs data, retail sales figures released by the ABS on Thursday will provide an update on the vitality of the Australian consumer. The recovery in household spending has been softer than the RBA had expected, the board said in minutes from its last meeting. But sales are expected to rebound to the highest level since the beginning of 2024, following a run of softer months. The retail print is the last the bureau will produce before it switches over to a more comprehensive measure of consumption, the monthly household spending indicator. As the government prepares for an economic roundtable aimed at fixing Australia's productivity woes, fault lines have opened up between businesses and unions on artificial intelligence. Peak union body the ACTU has called for tougher regulations to ensure AI does not lead to job losses, while business groups have warned against regulation that could stifle adoption of the technology. Independent MP Zali Steggall has called for the government to appoint a special envoy for AI and the future of work to drive adoption of the technology while addressing growing public distrust. "I am concerned it's going to be unions trying to put a lid on it," Ms Steggall told AAP. "Look, I am supportive of guardrails. It has to be done safely, but to suggest that you can put the genie back in the bottle is unrealistic." The former Winter Olympian on Thursday launched her economic plan to re-energise the economy while speeding the transition to net zero, by encouraging clean energy investment and reducing the cost of housing. A fireside chat starring a top Reserve Bank of Australia official will be closely watched as mortgage holders look for more signs confirming another interest rate cut. RBA deputy governor Andrew Hauser will speak at an economic forum hosted by investment bank Barrenjoey on Thursday. The event comes less than 24 hours after the Australian Bureau of Statistics revealed the Reserve Bank's preferred measure of inflation, the trimmed mean, eased to 2.7 per cent in the June quarter. The result was slightly softer than economists had expected and was widely interpreted as consistent with the RBA board lowering the cash rate to 3.6 per cent at its next meeting in August. Money markets are fully pricing in a 25 basis point cut and have upped the odds of a back-to-back cut in September to about 40 per cent, said Chief CommSec economist Ryan Felsman. But Mr Hauser could "offer some push-back about the need for rapid easing" at the Barrenjoey event in Sydney. The RBA stunned analysts by leaving rates on hold in July, with governor Michele Bullock telling an event last week that the board preferred a "measured and gradual" approach to easing interest rates. While less pivotal than inflation or jobs data, retail sales figures released by the ABS on Thursday will provide an update on the vitality of the Australian consumer. The recovery in household spending has been softer than the RBA had expected, the board said in minutes from its last meeting. But sales are expected to rebound to the highest level since the beginning of 2024, following a run of softer months. The retail print is the last the bureau will produce before it switches over to a more comprehensive measure of consumption, the monthly household spending indicator. As the government prepares for an economic roundtable aimed at fixing Australia's productivity woes, fault lines have opened up between businesses and unions on artificial intelligence. Peak union body the ACTU has called for tougher regulations to ensure AI does not lead to job losses, while business groups have warned against regulation that could stifle adoption of the technology. Independent MP Zali Steggall has called for the government to appoint a special envoy for AI and the future of work to drive adoption of the technology while addressing growing public distrust. "I am concerned it's going to be unions trying to put a lid on it," Ms Steggall told AAP. "Look, I am supportive of guardrails. It has to be done safely, but to suggest that you can put the genie back in the bottle is unrealistic." The former Winter Olympian on Thursday launched her economic plan to re-energise the economy while speeding the transition to net zero, by encouraging clean energy investment and reducing the cost of housing.
Sydney Morning Herald
3 hours ago
- Sydney Morning Herald
ASX set to retreat, Wall Street drifts as Fed makes no move on interest rates; $A slumps
US stock indexes are drifting lower after the Federal Reserve decided to keep interest rates where they are, a move that could upset President Donald Trump but was one that Wall Street was widely expecting. The S&P 500 was edging down by 0.1 per cent in afternoon trading, coming off its first loss after setting all-time highs for six successive days. The Dow Jones swung to a loss of 310 points, or 0.7 per cent, in mid-afternoon trade, and the Nasdaq composite was down 0.2 per cent. The Australian sharemarket is set to slide, with futures at 4.53am AEST pointing to a loss of 30 points, or 0.3 per cent, at the open. The ASX added 0.6 per cent on Wednesday. The Australian dollar fell sharply. It was 1.2 per cent lower to 64.30 US cents at 5.07am. In the bond market, Treasury yields gave back some of their gains from the morning, when a report suggested the US economy's growth was much stronger during the spring than economists expected. It grew at a 3 per cent annual rate, according to an advance estimate, a full percentage point more than forecast. But underlying trends beneath the surface may be more discouraging. 'Cutting through the noise of the swings in imports, the economy is still chugging along, but it is showing signs of sputtering,' said Brian Jacobsen, chief economist at Annex Wealth Management. The data reinforced the dilemma facing Fed officials as they voted Wednesday on what to do with interest rates. They could have lowered rates, which would give a boost to the economy as Trump has so been angrily calling for. But lower rates could also give inflation more fuel when Trump's tariffs may be set to increase prices for US households. Loading Trump on Wednesday announced a 25 per cent tariff on imports coming from India, along with an additional tax because of India's purchases of Russian oil, beginning on Aug. 1. That's when stiff tariffs Trump has proposed for many other countries are also scheduled to kick in, unless they reach trade deals that lower the rates. Fed Chair Jerome Powell has been insisting that he wants to see more data about how tariffs are affecting inflation and the economy before the central bank makes its next move, and he will speak shortly to offer more details about the decision.
