TRANSCRIPT
- An interest rate cut announced by the Reserve Bank
- The Liberals and Nationals announce an end to their Coalition agreement
- Officials from the International Olympic Committee visit Brisbane to discuss plans for 2032 Games
The Reserve Bank has cut the official interest rate for the second time this year, announcing a reduction of 25 basis points to 3.85 per cent.
The last time the cash rate was at this level was in May 2023.
In a statement, the central bank board says inflation continues to moderate, but the outlook remains uncertain.
Treasurer Jim Chalmers says the decisions taken by the RBA are independent, but he is pleased to see economic conditions are improving.
"I don't see today's decision in political terms. I see it in economic terms. It is the right decision made for the right reasons - and the right reasons to make an interest rate cut - like we're seeing today is the fact that together as Australians we've made a heap of progress on inflation. The global environment is uncertain. And for reasons outlined in the independent Reserve Bank's statement today. They felt the conditions warranted this cut."
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The Nationals have ended their partnership with the Liberals, following a disastrous result for the Coalition at the federal election.
Nationals Leader David Littleproud says an agreement could not be reached to continue the partnership of 79 years.
Nationals MP Michael McCormack says this decision was made to better serve their constituents.
"Yeah, but look Labor has won the election. And I acknowledge and respect that. And we will work together with the Liberals to form a credible opposition - albeit going a different way at the moment. And I hope things work out. That by 2028, a long way off, that we can again win the faith of the voters of Australia and return to government."
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Foreign Minister Penny Wong has delivered a speech in Fiji as part of a three-country tour of the Pacific, which will also include Tonga and Vanuatu.
Labor has a target of cutting emissions 43 per cent by 2030.
In Suva, Ms Wong did not make any new announcements on climate action for Pacific Island countries, despite calls for more ambition.
Ms Wong says reducing emissions is a challenge for Australia.
"And I am very open and honest with your leaders and your people about this. Now we have been historically a very fossil fuel dependent economy, a very emissions intensive economy. So we have to transform it. And that is a big task. I often liken it to a large ship being turned. That is what we have to do. And we have legislated very ambitious targets. So our action is to meet them."
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Australia has joined 22 other nations in condemning Israel over its decision to allow limited aid into Gaza.
Israel's Prime Minister, Benjamin Netanyahu, says his troops are "making progress" on taking control of Gaza as part of an expanded military operation.
In the joint statement, Australia along with other nations - such as the UK, Canada, and New Zealand - called for the full resumption of aid into Gaza; and also for unimpeded access for the UN and humanitarian groups.
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Officials from the International Olympic Committee are in Brisbane for meetings on preparations for the 2032 Olympics, which will be hosted in Queensland.
Outgoing president Thomas Bach is in the delegation, along with his successor, incoming IOC president Kirsty Coventry.
He told Channel Nine, there will be affordable tickets available for local residents.
"Look at the opportunity. The state of Queensland and the people of Queensland are having. You have the unique opportunity to support your Australian athletes in their home country. And you have the unique opportunity to make Brisbane and Queensland shining on the world stage."
