Australia's national accounts released, showing the economy's losing steam; A collapsed insurance company fined over policies sold to Indigenous customers; A landmark report into concussion injuries tabled in federal Parliament.
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TRANSCRIPT:
- Australia's national accounts released, showing the economy's losing steam;
- A collapsed insurance company fined over policies sold to Indigenous customers;
- A landmark report into concussion injuries tabled in federal Parliament.
Australia's national accounts have been released today - and they show the economy is still growing, but it's losing momentum.
Growth is happening but at a slower pace, and when population growth is taken into account, we're actually going backwards.
Numbers in the national accounts had been broadly expected to be underwhelming as Australians responded to an aggressive series of interest rate hikes and elevated inflation by cutting back on discretionary spending, even as their grocery bills and rents climbed higher.
Treasurer Jim Chalmers says global conditions have also contributed to the result - but he remains optimistic.
"All up, this is a steady and a sturdy result in difficult circumstances. There continues to be a lot of uncertainty in the global economy with the slowdown in China playing a bigger role in that. We won't be immune from any further deterioration on that front."
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The Opposition has rejected the government's characterisation of the national accounts.
The Liberal's Treasury spokesperson Angus Taylor says that the Albanese government has led the economy close to recession.
"There is nothing steady or sturdy about these numbers. It is very clear now Australia is in a per capita recession. The economy is shuddering to a halt. We've had two quarters now where growth per person is negative. Indeed the only thing propping up this economy now is record levels of population growth. Record levels of population growth. Take that away, and the economy would be well and truly in recession."
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Anthony Albanese has formally announced Australia's Southeast Asia economic strategy, unveiling the almost 100 million dollar first round of investment at the ASEAN Summit in Jakarta today.
The money will be spent over the next four years on identifying investment opportunities, business exchange programs, and pilot programs for placements for young professionals.
ASEAN's combined economy is set to be the fourth largest in the world by the year 2040.
The Prime Minister says Australia is keen to be a part of that, describing our current trading ties as 'underdone'.
"This is where Australia's economic destiny lies and this is where our shared prosperity can be built. This is where - working together - the peace, stability and security of this region and the Indo-Pacific can be assured."
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A disgraced insurer has been handed a $1.2 million fine for misrepresenting its junk funeral policies to Indigenous people.
The Federal Court has ruled that the Aboriginal Community Benefit Fund, owned by collapsed insurance company Youpla, misled customers.
The A-C-B-F told customers they'd receive a lump sum payment of their chosen benefit amount when in fact they'd only be reimbursed for expenses they could prove had been incurred.
But Justice Scott Goodman rejected the Australian Securities and Investments Commission's contention that the fund falsely represented itself as Aboriginal-owned, that the plan had Aboriginal community approval, and that it was more beneficial to First Nations consumers than other insurance plans available at the time.
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Researchers have discovered that Australia's stormwater is loaded with tiny toxic particles shed mostly by car tyres.
Griffith University researchers say vehicle tyres account for about 90 per cent of the microplastic particles they found in stormwater, with each litre carrying anywhere from two to 59 particles.
Testing at three sites in southeast Queensland showed runoff from car parks was by far the worst, followed by roadside locations, and finally residential areas.
Experts say it's sobering news because tyre rubber already contain a toxic mix of chemicals, and is more dangerous for aquatic life than other types of plastic.
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Advocates say they're seeing a direct correlation between debate on the Indigenous voice to parliament referendum and the deteriorating mental health of some First Nations people.
Gomeroi man and Black Dog Institute director Clinton Schultz says he's troubled by the increased psychological distress he's seeing as the referendum debate has progressed.
Dr Schultz says politicians have a particular responsibility to set a good example for the tone of that debate before the referendum is held on October 14.
"I think we can have this discussion in a more respectful way by being more inclusive of the diversity of First Nations voices that exist out there, by becoming more strength-focused in the way that we have these discussions, and really just being mindful of our words and the impact those words can have. So for politicians they have great influence and great opportunity to have influence over the general public. We're just asking that they are more mindful of their words, and how they can use those words in a way that is more likely to negate the negative impacts on our social and emotional wellbeing as First Nations peoples."
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A Senate committee has recommended the Federal Government develop a national strategy to reduce concussions in contact sports.
It's one of 13 recommendations in a landmark report tabled in Parliament today on the impact and extent of concussions in sport.
The committee also wants the government to set up a national sports injury database as a matter of urgency, and they've called for binding return-to-play protocols.
