From 23m agoKey events3m agoAustralia added to China’s list of ‘preferred destinations’23m agoExtra $38m for future drought fund33m agoIncrease to Australia’s humanitarian program1h agoNSW priority social housing waitlist doubles in a decade1h ago’Uluru Statement from the Heart is one page long, not 26’, RMIT says2h agoDutton says cheaper medicines ‘should be funded’ to alleviate pressure felt by pharmacies2h agoGood morning2h agoNewsCorp profits dropFilters BETAKey events (8)Australia (8)Anthony Albanese (5)RBA (3)News Corp Australia (3)China (3)3m ago19.56 EDTAustralia added to China’s list of ‘preferred destinations’
Back to prime minister Anthony Albanese at the bush summit in Tamworth this morning, where he announced a “breakthrough last night” with China adding Australia to its list of “preferred destinations”.
Australia has been added to in China … a list of I think its preferred destinations. I’m not sure what the technical term is. But basically, what it means is that tourists will be coming back.
“I don’t know this might be a scoop. I’m not sure it’s been announced yet,” he said.
Updated at 19.57 EDT9m ago19.50 EDTPeter Hannam
‘Too early to declare victory’ over inflation Lowe tells final House of Reps hearing
Reserve Bank governor Philip Lowe has kicked off his final hearing before the House of Representatives economics committee, saying that the task for the past year or so has been to get on top of inflation.
And while inflation is heading in the right direction (down), it was “too early to declare victory”, Lowe says.
He recounts numbers that we’ve known for a while, such the jobless rate near 50-year lows. Households, though, are facing a “painful squeeze” and the economy remains subdued.
Lowe notes he has been fronting this committee for almost 20 years and today marks his 16th. Since his previous one, in February, the bank has raised its cash rate three times and paused three times.
Inflation risks had been moving the upside. The pause, in place for two months in a row now, continue to hinge on how data plays out in the future.
It is “possible some further” rate hikes might be needed, but that is in line with previous comments from Lowe.
“I’m hope we can remain” on that famous narrow path to a soft landing where the economy keeps growing and inflation comes back to the RBA’s 2%-3% target range.
Risks include the near million mortgage holders still to transition from low fixed rates to higher variable ones over the next 18 months.
“We will do what is necessary to achieve that outcome,” Lowe said.
Another risk is that productivity does not improve to the levels of growth pre-pandemic. If it doesn’t, that would be “problematic” to the expected decline in inflation (and require higher interest rates, presumably).
A “complex picture”, in other words.
Updated at 19.55 EDT17m ago19.43 EDT
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