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ABC News
29 minutes ago
- ABC News
Labor and the Coalition have very different ideas about ties to the United States
The prime minister's well-telegraphed announcement this week that Australia will recognise a Palestinian state surprised precisely no one in the end. Nor did the opposition's rejection of this diplomatic step. But the arguments from both sides this week revealed more than just a foreign policy split over the Middle East. The growing divide over how deferential Australia should be towards the United States has become a chasm. The prime minister and opposition leader have expressed starkly different views on whether Australia should be prepared to "break" with its great ally on such a major foreign policy question. The partisan divide over how closely to align with the US has been steadily building since Donald Trump's return to the White House. The Albanese government remains committed to the US alliance. It wants AUKUS to survive the ongoing Pentagon review and is confident it will. But at the same time, the prime minister is demonstrating greater independence from the US than any of his recent predecessors would have dared. The unpopularity of Trump in Australia has allowed him the room to move. Australia and the United States are now at odds on climate change (Albanese is sticking with net zero and the Paris Agreement), trade (Trump's tariffs are "not the act of a friend") and defence spending (Australia is resisting US calls to reach a 3.5 per cent of GDP target). In his John Curtin oration last month, Albanese spoke of this greater independence within the US alliance as a virtue. He sees a more sovereign stance benefiting Australia's relations in the region and Labor's political standing at home. When pressed this week on the implications of splitting with the US on Palestinian recognition, the prime minister's response was revealing. "We make our sovereign decisions as a nation state in Australia's national interest, and we are aligning ourselves with like-minded countries," he said. "Sovereignty" and "national interest" carry a patriotic appeal. Aligning with "like-minded countries" refers to the UK, Canada, France who have all committed to Palestinian recognition. The US, notably, is not regarded as "like-minded" here. Australia has been increasingly siding with this "like-minded" group as western nations navigate the turbulence of Trump. In statements condemning Israel, in discussions about how to support Ukraine without the US, on climate and trade — this "like-minded" coalition is finding more common ground. Opposition Leader Sussan Ley's view of how Australia should prioritise the US relationship could not be more different. The Coalition is already more closely aligned to Trump's world view on a range of fronts. It's considering joining Trump in dropping the net zero target. On trade, it seeks to blame the Albanese government, at least in part, for Trump's tariffs. On defence spending, the Coalition's pledge to reach a 3 per cent of GDP target was re-stated immediately after the election, while everything else remains under review. Barely a day goes by when the opposition isn't criticising the prime minister failing to secure a face-to-face meeting in the Oval Office. The Coalition views this as vital. It derided the length of Albanese's recent visit to China, on the grounds he should be in Washington instead. On Palestinian recognition, the opposition leader revealed just how heavily she thinks the US relationship should weigh in Australia's thinking. "There can be no breaking with our closest ally," Ley declared at a press conference after a shadow cabinet decision to oppose and reverse Palestinian recognition. "It's disrespectful of the relationship with the US," she told 2GB. Shadow Finance Minister James Paterson, incidentally, struck a somewhat different tone. While also strongly criticising the government's decision, he told Sky News Australia "of course, Australia's foreign policy is a matter for Australia, and we should decide it consistent with our own national interest, regardless of what our friends or allies might say". It was an acknowledgement the Coalition's position should still be framed as a sovereign decision, not one driven by deference to the United States. For his part, Trump is clearly not in favour of Palestinian recognition while Hamas remains in place and before a peace process. He agrees with those who argue recognition only rewards Hamas. He dismisses the significance of momentum amongst US allies who have taken this step. But Australia's decision to join the list hasn't caused much of a reaction from Trump at all. Indeed, the level of presidential concern appears to be subsiding as more allies take this step. A White House official told the Nine newspapers while the president's position is clear, he "is not married to any one solution as it pertains to building a more peaceful region". Still, Trump is nothing if not unpredictable. He may well say something much stronger if directly asked. This difference over Palestinian recognition could add to strains in the Australia-US relationship. The Albanese government has no doubt factored in that risk, along with all the other risks that go along with the decision to recognise a Palestinian state. The fear of upsetting Trump, however, isn't stopping US allies from moving towards Palestinian recognition. And here in Australia, this decision has exposed an even wider gap between the prime minister and opposition leader over whether "breaking with our closest ally" is OK. David Speers is national political lead and host of Insiders, which airs on ABC TV at 9am on Sunday or on iview.
News.com.au
29 minutes ago
- News.com.au
Debt bombshell rocks Australia after interest rate cuts
Australia's appetite for debt has reached new heights, with the average mortgage swelling to record levels in the wake of three consecutive interest rate cuts this year. New ABS lending figures showed the homebuyers over the June quarter were taking on an average of $18,000 more in debt than in March, sending loan sizes to new heights in most states. Canstar insights director Sally Tindall described the increases as pushing mortgages to 'eye watering levels'. The average new mortgage across the country was now just shy of $680,000 – a new record – but there were wide variances across states. NSW had the largest average new loan size for owner-occupiers at $816,000, another record, after a rise of $21,000 between the March and June quarters. Western Australia's average loan hit an all-time high of $620,000, recording the biggest growth out of the states and territories in both percentage and dollar terms at a respective $26,000 and 4 per cent. Other states hitting record-high average new loan sizes were Victoria, Queensland and South Australia. The Reserve Bank reduced the cash rate in February, May and again this month, bringing it to its lowest level in two years. Most banks have passed on the savings for the first two cuts in full, with many passing on the latest August cut, handing borrowers their cheapest loans since 2023. But while the cuts were designed to stimulate spending and ease cost-of-living pressures, they have unleashed an unexpected side effect — a rush of buyers into the housing market. Real estate agents say many Australians, buoyed by cheaper credit, are stretching their budgets further than ever before. There's also a growing perception among would-be homeowners that they must buy now before property prices rise. That sentiment is creating a self-reinforcing cycle: the fear of missing out prompts aggressive bidding, pushing up prices, which in turn drives more buyers to take on even larger loans. Analysts warned the trend could leave households dangerously exposed if rates rise again or the economy slows. Ms Tindall said lower interest rates could be tempting homebuyers to borrow more. 'That's not necessarily a good thing,' she said. 'Any boost in borrowing capacity should be taken with a healthy dose of caution. 'Just because the bank says you can borrow more money, doesn't automatically make it a good idea.' Canstar data showed a 0.25 per cent cut in interest rates, like the one announced this week, would boost a typical buyer's borrowing capacity by $12,000. Three cuts translated to a boost of $35,000. Ms Tindall said recent interest rate cuts often had a limited effect in helping ease the strain of repayments because new buyers were simply taking on more debt. 'When the cost of borrowing falls, some buyers use it to bid higher at auction, particularly in sought-after property hotspots. This is exactly what we're seeing play out in the latest ABS data,' she said. 'This third cash rate cut is also likely to encourage more buyers into the market, with further confirmation the days of higher interest rates are now firmly in the rear-view mirror.' Ms Tindall said buyers should keep the bigger picture in mind when considering how much to borrow. 'Before you take out a new mortgage, check what your repayments might look like if interest rates rose by three percentage points. While this kind of scenario is highly unlikely in the near future, a home loan is for up to three decades and a lot can happen in this time.' Research from showed many existing homeowners were already struggling with their debts from purchases made years ago – with loans much smaller than new buyers were taking out this year. The study showed mortgage repayments were swallowing more than half the monthly income of about one in five Aussie homeowners, who now face tough financial decisions to keep their homes. About three quarters of mortgage holders surveyed in the research were spending over a third of their household income on repayments – defined as 'mortgage stress'. This was despite the February cut to interest rates and a recent frenzy of refinancing activity as homeowners sought to cash in on cheaper loans. Mortgage stress levels were now at a 'crisis point', according to Finder, which pointed to additional research that showed about one in 10 homeowners had missed a repayment in the last six months. Finder home loans expert Richard Whitten said many households would need a lot more support than just another interest rate cut to stay afloat. 'The loan to income ratio has blown way out with millions teetering on the edge due to mortgage stress,' Mr Whitten said. 'Unexpected costs could spell serious financial trouble for many homeowners.'
News.com.au
29 minutes ago
- News.com.au
Inside Toorak's $15m+ French chateau-style estate
A tres bien Toorak estate reminiscent of a grand French manor is ready for a $15m-$16.5m sale. The 870sq m property at 1 Greenknowe Court was created as a tribute to classical 19th-century French design, from the hand-picked chandeliers to parterre gardens by famous landscape designer Paul Bangay. The three-bedroom house's owners even travelled to France with their interior decorator John Coote to research and find era-appropriate features and fittings. However, there's also plenty of modern features such as the six-car garage with a lift, wine cellar, powder room and combined bedroom and study. Marshall White director Marcus Chiminello, who has the listing alongside colleagues Nicole French and Mandy Zhu, said the jaw-dropping home had attracted interest from interstate buyers within a few days of being listed. 'A buyer is planning to fly in from Sydney to inspect this week,' Mr Chiminello said. The home's owners, who had previously lived nearby, bought the address in 1996. They built the French-inspired abode to downsize into, moving in across 1999 to 2000. Prahran-based architect Robert Mills designed the house while antique curator Graham Geddes worked on the project as well. Mr Chiminello said stepping into the elegant pad was similar to walking into a French chateau. While Melbourne is home to many French-style houses, No. 1 Greenknowe Court 'has been done with absolute care and authenticity'. 'The owners loved France and had a real passion for it – it was a real passion project,' Mr Chiminello Located in a cul-de-sac off St Georges Rd, the residence features a triple-brick facade, wide hallways, marble fireplaces and formal and informal living spaces. The kitchen is fitted with Miele appliances and a granite-topped island bench. An open-plan living and dining zone, warmed by a sandstone fireplace, has multiple French doors which open to a north-facing paved courtyard with sculpted hedges and high walls. The main bedroom suite offers a vine-draped terrace, dressing room and marble-fitted bathroom. A second bedroom features an ensuite, walk-in wardrobes and a linen cupboard. Mr Chiminello said the 'moody' library and study boasting rich timber panelling, a fireplace and extensive shelving was one of his favourite rooms. 'I would describe the house as a very luxurious, sophisticated and considered home that has been flawlessly executed,' he said. But there's also a sense of functionality and homeliness throughout, he added. 'It's not just all show and no go, it is very well put together,' Mr Chiminello said. 'If someone was to try and replicate some of the qualities of the build today, you would barely have change from $7m.' This figure does not include the land itself which the owners purchased for $1.2m in 1996, records show. Mr Chiminello said he anticipated Melbourne's top end was in for a busy spring. 'It's very quiet on an inventory front, which I think will only fuel demand,' he said. Expressions of interest close at 3pm on September 1.
