Employment surges by 89,000 in April and unemployment rate holds steady at 4.1pc
Australia's unemployment rate held steady in April, as 89,000 people found employment — much stronger jobs growth than had been forecast.
The unemployment rate remained at 4.1 per cent last month, the same level as in March, in seasonally adjusted terms.
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ABC News
36 minutes ago
- ABC News
Murray Watt flags Woodside's North West Shelf project extension response could be delayed
A final decision on the future of Woodside's major gas plant could be delayed, with the federal environment minister revealing the mining giant has more time to respond to his provisional approval of its North West Shelf extension. Murray Watt last month threw his support behind Woodside continuing to operate its onshore gas processing plant in Western Australia's north for the next four decades. Woodside is considering the "strict" conditions attached to his approval, aimed at protecting ancient Aboriginal rock art in the Murujuga National Park on the Burrup Peninsula. Mr Watt said while the 10-day period to do so expires tomorrow, he wasn't certain that would happen. "We haven't received a final response from Woodside at this point," he told ABC radio. "When I handed down my proposed decision a couple of weeks ago, there was a 10-day comment period for Woodside to respond to. "That 10- day period expires [tomorrow], but I should say it's not uncommon for proponents in this situation to take a bit longer in coming back on those comments. "I can't predict exactly when it will be that Woodside will provide those comments once I receive them, consider them and make a decision on whether or not to approve the project." The North West Shelf is Australia's largest oil and gas precinct, located off the north-west coast of WA, near the regional city of Karratha. Woodside has several offshore platforms and undersea pipelines to enable it to extract gas, which is then processed at the onshore gas plant. In 2018, Woodside applied for a permit to extend the life of that plant beyond 2030, which triggered a long and controversial process which ultimately saw the proposal approved by the state, and most recently, federal governments. The North West Shelf extension sets the company up to expand its operations beyond the existing gas fields. The 2070 extension is seen as a critical step in extracting gas from the untapped Browse fields, north of Broome, without building new infrastructure to process it. Browse is said to have reserves large enough to meet Australia's entire domestic demand for almost 20 years. However, Woodside's application to drill there has yet to be approved, and after nearly seven years, is still going through environmental assessment. The North West Shelf extension was touted as a boon to WA industry, promising job security to thousands. But the move has left green groups furious, with critics warning opposition to Browse — which is still before the Environmental Protection Authority — will be fierce. Concerns are wide ranging, and include questions about what the project's emissions will mean for WA's climate targets. There's also alarm about the proximity of the Browse gas fields to the Scott Reef, which is home to endangered whales, turtles and corals. Traditional Owners have also threatened to take legal action against the life extension of the North West Shelf and Browse, concerned about the impact on priceless ancient rock art near the Karratha Gas Plant. Proponents maintain gas is a critical transition fuel in the switch to renewables, and an important export to countries moving away from coal.
ABC News
36 minutes ago
- ABC News
WA fishers say federal plans to protect more ocean will increase seafood prices
Shoppers have been warned Australian seafood prices will rise and the nation will import more fish as a consequence of federal government plans to prevent commercial fishing in millions of hectares of ocean. Environment Minister Murray Watt told this week's UN Ocean Conference Australia would expand "highly protected" areas to 30 per cent of its territorial waters within five years. It represents a six per cent increase in ocean estate where extractive industries such as fishing or mining are locked out. The announcement follows the release last month of Sir David Attenborough's documentary Ocean, which shines a spotlight on global fishing practices. While green groups welcomed the news from the government, WA Fishing Industry Council CEO Melissa Haslam said it would hurt consumers. "Seafood prices will rise," she said. "In some cases you might see some fisheries close, they reach a brink where they cannot be economically viable anymore. "Alternatively where they continue, the cost of getting that fish to market just increases astronomically." Ms Haslam said Australian seafood was already struggling to compete on price point. "When the average Australian is in Coles or Woolworths, they'll look at the WA snapper at some extraordinary price per kilo," she said. Ms Haslam said Australians wanted to eat fish from local waters and not imported fish that may not be of the same quality. Ms Haslam said she was blindsided by Mr Watt's announcement, and frustrated at the broad statements being made about ocean management. "I understand the international pressure must be huge, and people look to first-world countries like Australia to lead the way, but someone needs to stand up and say, 'We are leading the way,'" she said. Ms Haslam said Attenborough's film should have shown the difference in fishery and ocean management practices between countries. "They never contacted us, they haven't contacted other [West Australian] commercial fishers that I'm aware of, so you're looking at a very skewed view of the world," she said. Ms Haslam said fishers did not broadly oppose marine parks, but they were not the "silver bullet" some portrayed them as. "They don't stop pollution, they don't stop oil spills — marine parks don't stop illegal fishers from other countries," she said. The Ocean documentary highlights the destructive impact of bottom-trawling on marine ecosystems, but the fishing industry argues it overlooks the strict regulations and sustainable practices of Australia's trawl fisheries. Trawling represents about two per cent of fishing activity in Australia, but it generates about 40 per cent of the nation's seafood. "When they show footage of trawling over the ocean floor that's causing terrible damage, I will guarantee you that footage was not taken in Australia or any other world-leading country that has highly regulated fishing practices," Ms Haslam said. Seafood Industry Australia CEO Veronica Papacosta shared Ms Haslam's frustrations. "You know, it was almost if it bleeds, it leads headlines," she said. "It just sounds better if it's all a big mess but in Australia we have worked so hard to make sure we have constant improvements. "In Australia we trawl on sandy bottoms — that talk on the documentary of ripping up the environment, we would lose our boats if we trawled across habitats [like that]." Andrew and Nicola Forrest's Minderoo Foundation contributed more than $3 million towards the production of Ocean — about half its overall cost. Minderoo Pictures executive director Malinda Wink said the film was made independently by Silverback Films, but Minderoo did have oversight of its scientific accuracy, as it did with all films it supported. "The narration scripts were entirely of Sir David and the team," she said. Ms Wink did not know if there were any shots of Australian commercial fishing used in the film. "I presume that management practices are different everywhere in the world, but the overarching narrative that Sir David has to share is that we need urgent action in order to restore oceans to a healthy state," she said. Speaking on ABC Radio National Breakfast, Mr Watt said protecting 30 per cent of Australia's territorial waters from all extractive industries was a good move for the environment and for fishers. "The scientific research tells us that as long as we preserve 30 per cent of our ocean space … it allows our ocean to replenish itself, fish stocks to re-grow, marine life to re-grow, coral to re-grow," he said. "In a sense, it's helping guarantee the long-term security of our commercial fishing industry as well, by making sure that there are fish remaining for generations to come. "Because when you protect those areas, fish then spill over beyond the protected areas."
News.com.au
42 minutes ago
- News.com.au
Rate cut windfall: Aus big bank's shock new forecast
A bombshell forecast by one of Australia's biggest banks could put thousands more back in struggling homeowners' pockets than expected amid an unprecedented rate cut war. In a shock move, Westpac Bank has doubled its rate cut forecast for the current cycle to now expect the Reserve Bank to implement four cuts to the cash rate target – putting in two additional 0.25pp falls in 2026. That would drive the cash rate target down to pandemic-era 2.85 per cent again, a number it was last at in November 2022. Wallabies to wealth: Huge windfall looms for 25yo star The move would save as much as $4,200 a year in interest charges for someone currently on a $600,000 loan, according to Canstar analysis. data insights director Sally Tindall said 'if Westpac's forecast comes to fruition and there are four more RBA cuts through to mid-next year, someone with a $600,000 loan could potentially see their monthly repayments drop by almost $350 a month.' 'This would be a huge relief for households under pressure, however, borrowers should remember this is a forecast, rather than a given.' In a surprise addition, Westpac also believes those 2026 cuts could come in earlier depending on whether inflation and labour market figures track weaker in late 2025. Of the big four, only National Australia Bank expects RBA to cut rates at its next meeting on July 8, with the other three picking a fall to 3.6pc in August. 'A single 0.25 percentage point cash rate cut, if fully passed on by lenders, could reduce monthly repayments on a $600,000, 25-year mortgage by $90,' Ms Tindall said. So far the Big Four forecasts show Westpac expecting four cuts now, NAB predicting three, and CBA and ANZ sitting on two. Such cuts would also drive the bulk of interest charges on mortgages under 5 per cent, with Westpac expecting the timing to be a cut in August and November this year and then two more in February and May next year. data has seven lenders already offering fixed rates from 4.99pc, Ms Tindall said, as banks attempt to get more buyers to lock in. 'While the majority of these deals are for owner-occupiers paying principal and interest, two banks – Australian Mutual and Police Bank – are also offering this sub-5pc rate to investors.' Lenders offering at least one fixed rate starting with a 4 include Australian Mutual Bank (4.99pc), Bank of Queensland (4.99pc), Community First Bank 4.99pc, GMCU 4.99pc, Queensland Country Bank 4.99pc, Pacific Mortgage Group 4.99pc, and Police Bank 4.99pc. 'The RBA won't hesitate to act in July should global volatility ramp up, but the more likely scenario is that it will sit tight until after the June quarter CPI results, due out at the end of next month,' is Canstar's prediction. 'Borrowers shouldn't be banking on multiple rate cuts just yet, but they can start preparing by shopping around for a better deal, particularly if, as an owner-occupier, their variable rate starts with a '6'.' 'Fixed rates continue to fall as lenders look to lock in more customers with rates starting with a '4'.'
