www.theguardian.com
Chalmers says unemployment figures ‘unwelcome but unsurprising’, expects them to rise
The treasurer, Jim Chalmers, just spoke to RN Breakfast from the G20 summit in South Africa about yesterday’s surprising jobs data, which showed Australia’s unemployment rate rising to 4.3% in June. Chalmers said:
This is unwelcome, but it’s also unsurprising. We’ve been saying for some time, including in our own budget forecast, that we expect a modest tick up in the unemployment rate. But it remains the case that over the last three years, the labour market in Australia has been a real source of strength at an uncertain time in the world.
And here at the G20, there are only two economies, including ours, where last year we saw continued growth, inflation with a two in front of it, and unemployment in the low fours.
Chalmers said he did not expect unemployment to hit the 5% mark, with a current forecast “somewhere around the middle fours”.
Key events
Kevin Hogan says PM should have same ‘exuberance’ to meet Trump as he did with China’s leader
Kevin Hogan, the shadow minister for trade, just spoke to RN Breakfast about prime minister Anthony Albanese’s visit to China this week, describing it a “working holiday” and dinging the PM for not having the “same exuberance … to meet with the US president”. Hogan said:
Look I think it’s good that the prime minister went to China. I think it’s good that he did the panda thing and reenacted Gough Whitlam’s Great Wall of China visit. I don’t have a criticism with that.
They’re an important trading partner. I’m glad the prime minister has visited there and been there because of that reason. I’m just also adding that it’s a real shame he doesn’t have the same exact exuberance about doing that with a US president.
Albanese did try to meet with Trump at the G7 last month, but the meeting was cancelled amid a spiraling crisis in the Middle East.
Chalmers: Australian economy, hiring rates not immune from Trump uncertainty
The treasurer, who has been speaking with other leaders and business officials in South Africa at the G20 this week, said there is a “real sense” that the uncertainty surrounding US president Donald Trump’s on-again, off-again tariffs is creating unpredictability in the market. Chalmers said that volatility was on employers’ minds when they were considering hiring workers, adding:
That’s certainly the feedback that we get around the place, you know, speaking with CEOs and meeting with company boards and the like and with economists.
You know, there is a real sense that this volatility and unpredictability and uncertainty is really a defining and an ongoing feature of the global economy, and our own economy is not immune from that.
And so, I think certainly people see this uncertainty and unpredictability as a new normal that requires us to have a shift in our thinking.
Chalmers says unemployment figures ‘unwelcome but unsurprising’, expects them to rise
The treasurer, Jim Chalmers, just spoke to RN Breakfast from the G20 summit in South Africa about yesterday’s surprising jobs data, which showed Australia’s unemployment rate rising to 4.3% in June. Chalmers said:
This is unwelcome, but it’s also unsurprising. We’ve been saying for some time, including in our own budget forecast, that we expect a modest tick up in the unemployment rate. But it remains the case that over the last three years, the labour market in Australia has been a real source of strength at an uncertain time in the world.
And here at the G20, there are only two economies, including ours, where last year we saw continued growth, inflation with a two in front of it, and unemployment in the low fours.
Chalmers said he did not expect unemployment to hit the 5% mark, with a current forecast “somewhere around the middle fours”.
Henry Belot
Victorian regulator weighs unprecedented intervention in AFL’s fight with bookmakers over gambling revenue
The Victorian gambling regulator is considering whether to make an unprecedented intervention in a dispute between the AFL and bookmakers, which could set a limit on the league’s revenue from wagering.
Earlier this year, the AFL proposed a significant increase to the amount of money it receives from each bet placed on its game. The league also proposed a minimum $20,000 annual fee for all bookmakers, including small operators who focus on racing.
Leaked documents seen by Guardian Australia revealed the cash grab was justified as a way to address what AFL executives termed an “unprecedented” increase in “integrity risks” posed by the wagering industry, which has exploded in popularity in recent years.
The documents outlined concerns the AFL’s integrity system was seriously deficient and struggled to identify whether players, coaches and staff were using inside information to manipulate betting markets, in breach of their contracts.
Read Henry Belot’s report here:
Happy Friday
Good morning, Nick Visser here to take you through Friday’s news. Let’s get into it.
Surprise jobless hike may trigger interest rate relief
A surprise jump in the jobless rate could help cement the case for an interest rate cut, delivering welcome relief for homeowners, Australian Associated Press reports.
The unemployment rate bucked market expectations, rising from 4.1% to 4.3% in June, according to the Australian Bureau of Statistics.
Though the result was unexpected, ex-Reserve Bank economist Luke Hartigan said it met the central bank’s year-end unemployment forecast.
“This just adds information to say that some modest reduction in interest rates is warranted,” the University of Sydney economics lecturer told AAP.
After its July meeting, the central bank disappointed mortgage-holders and shocked market economists by opting to hold the cash rate at 3.85% in a split decision.
While the recent unemployment increase has put the rate at its highest level since November 2021, Dr Hartigan maintained other metrics showed the market was still relatively solid.
“This is the first uptick in a little while, so it’s a little bit concerning,” he said.
“But in the context of where the unemployment rate is now versus where it’s been in the past, it is still very low.”
Wreckage of missing plane located in Snowy Mountains
Jordyn Beazley
A plane that took off from Wangaratta in Victoria on Tuesday and never arrived at its planned destination on the south coast of New South Wales is believed to have crashed.
NSW police said yesterday that rescuers had located wreckage near the plane’s last known GPS location in the Snowy Mountains.
The only person on board the 1966 Beechcraft Debonair aircraft was 74-year-old David Stephens from Brogo near Bega.
In a statement to Bega District News, his wife, Lynda, said:
Unfortunately, David disappeared on his flight home on Tuesday … after having his aircraft inspected.
David has quite a bit of experience flying the plane, but we can’t know what situation he was facing, and we’ll only have answers once they locate the plane and, with that, David.
Emergency services were notified on Tuesday afternoon that the plane may have crashed.
A multi-agency rescue effort was then launched. NSW police now has carriage of the matter and will continue to investigate.
Welcome
Good morning and welcome to our live news blog. I’m Martin Farrer with the breaking stories to start the day and then it’ll be Nick Visser to take the helm.
The wreckage of plane missing on a flight from Wangaratta in northern Victoria to the south coast of New South Wales has been located in the Snowy Mountains. Media reports say the only person on board was 74-year-old pilot, David Stephens from Brogo near Bega. More details to come.
Worried parents are looking for alternatives to childcare centres after sexual abuse allegations against a Melbourne man who worked at 24 facilities. For Parents, a parenting group, says the system is broken and needs to evolve to meet the needs of modern families. They believe government grants should be widened to include grandparents, nannies, au pairs and co-working spaces that allow parents to keep children close. More coming up.
