The cost of convincing the Trump administration to keep AUKUS
The head of research at Strategic Analysis Australia, Dr Marcus Hellyer, says the AUKUS deal may not necessarily be dead but it's likely it will cost the Australian government more.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News.com.au
2 hours ago
- News.com.au
More than one million Aussie homes at risk from fires, floods as housing crisis deepens
More than 1000 homes have been left uninhabitable by devastating floods on the NSW Mid-North Coast, a report has found, amid fears the climate crisis could put millions more at risk. The report by the Housing, Homelessness, and Disasters National Symposium last week found 1153 homes were left uninhabitable by the floods. Another 1831 homes were damaged. Some 23,000 Australians are displaced by floods, bushfires, and cyclones each year, with the report finding 5.6 million homes are at risk from bushfires as climate impacts accelerate. Homeless Australia CEO Kate Colvin said as climate disasters become more regular, there was a risk of a 'two-tiered society' in which housing security determined disaster survival. 'There is a gap between people who are best able to protect themselves and people who are least able to,' she said. Ms Colvin said renters were often limited to cheaper properties in more flood-prone areas and were less resilient to climate-related disasters, compared with higher-income earners. Renters also often had less access to government support and faced a 'superheated' rental market. 'They can't compete because all those people who had insurance often also get a special payments system to afford rent during the time when their home is not available,' Ms Colvin said. 'They then can't get a rental because you've got this superheated market, so you have another wave of homelessness just because of the housing market impact'. Ms Colvin called on the federal government to make renters or people facing homelessness a priority in future disaster responses, and include disaster resilience in its 10-year housing plan. 'In the planning phase, include the homelessness sector, include strategies around housing resilience … (and) in the response phase, be inclusive of people who are facing homelessness.' The symposium brought together more than 100 professionals across the housing, emergency management, and governmental sectors to examine how 'secondary crises' affect NSW. Factors included the prevalence of construction workers who flood disaster zones in the wake of climate events, inadvertently driving up rents for already struggling locals. The symposium found that in Australia, some 953,000 homes were vulnerable to flooding and 17,500 were at threat from coastal erosion, with 169,000 people on the public housing list. HowWeSurvive UNSW Sydney academic and co-author of the symposium report, Dr Timothy Heffernan, said climate disasters were already hitting 'housing-vulnerable' communities. 'When you have 6.5 million homes at risk from bushfires, floods or coastal erosion, and a housing system that can't meet demand, every disaster becomes a humanitarian crisis,' he said. 'Hotels and motels fill up immediately, caravan parks are often in flood-prone areas … We're asking an already strained system to absorb sudden surges of thousands of displaced people.' Social Futures general manager Martelle Geurts said the Northern Rivers housing system was 'already fragile' when it was hit by the 2022 flood disaster, damaging more than 10,000 homes. Despite extensive recovery efforts, the Northern Rivers accounted for about a third of rough sleepers in NSW in 2025. The most recent NSW Street Count - an annual audit of people facing homelessness - found 346 people sleeping rough in the City of Sydney. In the Northern Rivers, there were 654 people. 'Climate events are becoming more frequent and severe, and they destroy homes. So, climate change and homelessness are inextricably linked,' Ms Geurts said. 'People can't recover without stable housing. 'Disasters displace people and can cause lasting trauma. Some people experience PTSD, and the impact of that can be lifelong. 'What we know is that people can't recover psychologically unless they have a secure place to live.'
News.com.au
4 hours ago
- News.com.au
Anthony Albanese to hold first bilateral with Canadian Prime Minister Mark Carney ahead of G7
Anthony Albanese is set to discuss the impact of Donald Trump's increasingly aggressive trade war and conflict in the Middle East in his first bilateral meeting with newly-installed Canadian Prime Minister Mark Carney. Following a brief visit to Seattle on the United States' west coast - where it was confirmed Australia had secured a meeting with Mr Trump - the Prime Minister will depart for Calgary on Sunday afternoon local time (Monday morning AEST). He will then head to Kananaskis, Alberta to attend the G7 Leaders Summit. Mr Albanese is also expected to conduct bilateral meetings with UK Prime Minister Keir Starmer, Japanese Prime Minister Shigeru Ishiba, and South Korean President Lee Jae-myung. He has also confirmed an all-important face-to-face meeting with US President Donald Trump on Tuesday, where Mr Albanese is set to make his case for a tariff exemption and spruik AUKUS. Mr Albanese's bilateral with Mr Carney - their formal talk after meeting at Pope Leo XIV's inauguration in Rome - will instead canvas how the two leaders can deepen existing co-operation, plus topics such as defence industry, climate change, and critical minerals. In the wake of the Trump administration's tariff onslaught, the OECD's June Economic Outlook said attempts to 'harmonise regulations' between peer countries such as Canada and Australia 'could support stronger trade and productivity growth'. The G7 Summit will occur in the tinderbox backdrop of brutal tit-for-tat strikes between Israel and Iran. On Sunday, missile strikes near Israel's capital of Tel Aviv killed at least three people, including a 10-year-old boy, with Israeli Prime Minister Benjamin Netanyahu warning of further attacks and appealing to the US for support. Russia's ongoing war in Ukraine will be another focus area, with Ukrainian President Volodymyr Zelenskyy attending the talks. The global ramifications of America's increasingly isolationist trade policies will also dominate talks at the summit, with the event's key themes to focus on global economic stability and threats to international peace and security among other transnational issues. Speaking about his highly-anticipated meeting with Mr Trump, Mr Albanese said tariffs and the value of AUKUS would be key discussion points. While he would not 'make declarations' on negotiations, Mr Albanese said he would 'put forward Australia's interests respectfully'. 'It is also in the interests of the United States for Australia to be treated appropriately. Tariffs across the board, of course, impose an increased cost on the purchases of those goods and services,' Mr Albanese said. 'I will enter into those discussions constructively – the discussions that I've previously had with President Trump were constructive, but those 10 per cent tariff supports have been the minimum … that have been applied across the board.' Sussan Ley has welcomed the meeting wished the Labor leader 'success' in representing Australia's interest. 'It's in the interest of every Australian this meeting is a success and we want the Prime Minister to do well,' the Opposition Leader posted on social media. 'It's important the PM gains a reassurance on AUKUS and protects Australia from tariffs.'
News.com.au
4 hours ago
- News.com.au
Five money matters to master before you're 30 to become richer
In your teens and 20s, you probably don't have much in the way of money and investments. Believe it or not, this works to your advantage. Fewer distractions and complexities leave more time and energy to focus on getting the basics right. While there are many steps on the path to financial wellbeing, five in particular will pave the way to your desired destination. Master these money matters before you hit the big 3-0 and you'll be 'laughing all the way to the bank'. 1. Make good money habits Help your future self by putting good money habits into place now: • Avoiding procrastination: Waiting to pay bills, lodge taxes, and chase payrises usually loses you money. • Investing ASAP: The earlier you start, the more time investments have to grow. • Upskilling: Grow your income faster with extra training and qualifications. • Being organised: Avoid late fees and interest and protect your credit rating. • Good record keeping: You can't claim tax deductions, employment and other reimbursements without proof. The longer these habits are in place, the more second nature they will become. 2. Get your foundations right There are five financial foundations needed to wealth and independence: • Emergency fund: Cash you can quickly and easily access in a crisis – e.g. a natural disaster, redundancy, relationship breakdown. • Savings and investment plan: Like a budget but more comprehensive, giving visibility over your earnings, investments, spending, and financial goals. • Insurances: Aside from under 25 drivers, personal insurances (life, income protection, trauma cover) are generally better value with no exclusions when you're young – savings you can potentially lock-in for the long term. • Superannuation: Before 30, you can afford to chase higher returns with higher risk investments because you have more time to recover any losses. You may also be eligible for government co-contributions. Be diligent if consolidating multiple super funds – you may actually be worse off by merging into a higher-fee fund or losing insurances within your super. • Estate planning: Have an up-to-date will outlining your wishes. Nominate beneficiaries within your super. Consider Power of Attorney and Guardianship in case injury or illness leaves you unable to make medical or financial decisions. Remember: everything needs a firm base to stay strong – a skyscraper, a career, a movie plot … and your finances. 3. Keep spending in check Be diligent about your spending – both where it goes and how you do it: • Where possible, use cash instead of credit – it's easier to track and doesn't accrue interest or fees. • Keep credit card limits low. • Avoid Buy Now, Pay Later schemes and payment plans, which tempt you to overspend and have hefty penalties for missed repayments. • Monitor direct debits – cancel things you don't use, and don't let them auto-renew without checking you're getting the best value. Above all, live within your means. Debts can quickly snowball. 4. Be creative about buying property While housing affordability is woeful, don't give up without exploring all possibilities. Owning property makes a huge difference to your financial future and quality of life in retirement. You just may need to think creatively to make it happen, such as: • Pooling funds: Buy jointly with parents, siblings, cousins, friends. This could be a shared home or joint investment. • 'Rentvesting': Buying in a cheaper (perhaps regional) market and renting where you want to live. • Big sacrifices: Such as forgoing engagement rings and big weddings to boost savings. • Government assistance: State incentives, first home super saver scheme and/or the promised 5 per cent deposit initiative. • Help from the 'Bank of Mum and Dad': As a gift, loan, co-ownership arrangement or loan guarantee. Put everything in writing, especially when you are borrowing or buying with someone else – even family. 5. Seek (the right) advice TikToks and Insta reels are not a reliable source of information about money. Neither are your well-meaning but clueless friends and family. Don't get blinded by love either. Emotions can override logic, leading to STDs (sexually transmitted debts). A professional accountant and financial adviser use their understanding of relevant legal, tax, and investment frameworks to develop a plan specifically tailored to your unique values and circumstances. You don't know what you don't know in the complex world of finance. So don't gamble your hard-earned money on the advice of someone who isn't really knowledgeable enough to give it! Helen Baker is a licensed Australian financial adviser and author of the new book, Money For Life: How to build financial security from firm foundations (Major Street Publishing $32.99). Helen is among the 1 per cent of financial planners who hold a master's degree in the field. Proceeds from book sales are donated to charities supporting disadvantaged women and children. Find out more at
