Sydney has become the second most unaffordable city in the world to live in; The Senate has voted to delay debate on the federal government's industrial relations bill until next year, And in the NRL; New Zealand Warriors half back Shaun Johnson may miss match against Penrith due to injury.
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TRANSCRIPT
** Sydney has become the second most unaffordable city in the world to live in...
** The Senate has voted to delay debate on the federal government's industrial relations bill until next year
** And in the NRL, New Zealand Warriors half back Shaun Johnson may miss match against Penrith due to injury.
Sydney's housing crisis is crippling New South Wales' economy and having a major impact on young people, costing the city an estimated $10 billion a year in lost productivity.
The city is second only to Hong Kong in terms of housing unaffordability, with an average home costing more than 13 times the median salary, according to a Committee for Sydney report.
Housing was a chronic issue for the state capital, representing a threat to its future if nothing was done, the think-tank's chief executive Eamon Waterford says.
New South Wales Premier Chris Minns says a median house price of more than $1 million was intolerable for the next generation and is pushing young people to leave the state.
"Now we're losing our best and brightest young people profession for a long time in New South Wales. But traditionally it's been older people moving to Queensland in particular for the warmer weather. Now we're losing our best and brightest young people, professionals, those in professional services or perhaps teachers and police officers and paramedics are moving, particularly to Queensland increasingly to South Australia and increasingly to Victoria, robbing the potential of a place like New South Wales."
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Better housing policy, a bigger role for government in keeping the economy in good health, and less "vitriol, personal attacks and clickbait" in the public sphere have all made Reserve Bank governor Philip Lowe's parting wishlist.
Dr Lowe is due to step down as head of Australia's central bank late this month, passing the reins to deputy governor, Michele Bullock.
Making some final remarks at a speech to the Anika Foundation today [[Thursday]], Dr Lowe commented on the role of interest rates in the housing market.
"Interest rates influencing influence housing prices, but they're not the reason that Australia has some of the highest cost of housing in the world. Rather, the high housing prices are the outcomes of the choices that we've all made together as a society, choices about where we live, how we design our cities, and how we design and regulate urban land."
The Greens are calling for the establishment of an independent anti-poverty commission to provide advice to Parliament on the causes of poverty in Australia and how to reduce it.
The organisation would also provide advice on minimum levels for social security payments, including JobSeeker, the Parenting Parent, Youth Allowance, the Age Pension, and the Disability Support Pension.
The proposal comes as the social services sector continues to push for increased welfare payments.
Greens Senator Janet Rice says an independent commission would increase government accountability on combating poverty.
"By setting up an independent commission that would have that responsibility that would provide advice to government would increase that transparency and mean that we could be taking real action to know the extent of the problem and what needs to be done about it."
The Senate has voted to delay debate on the federal government's industrial relations bill until next year.
Labor wanted an inquiry into the legislation to report in November, so it had time to pass the upper house in December before parliament breaks for the year.
The opposition has now teamed up with the crossbench in the upper house to set the reporting date of the inquiry for the 1st of February, 2024.
Opposition workplace relations spokeswoman Michaelia Cash has defended the move, saying it is the duty of the Senate to adequately scrutinise legislation.
But Finance Minister Katy Gallagher says an extended reporting date will not change the Coalition's opposition to the new workplace laws.
Police have raided a property in Gladesville, on Sydney's north shore, locating approximately 50kg of crystal meth hidden inside metal food containers as well as equipment consistent with producing the illicit substance.
Officers later arrested a 43-year-old man at a home in Pymble, seizing cash, mobile phones, jewellery and electronic devices.
He was taken to Hornsby Police Station and charged with manufacturing and supplying a large commercial quantity of a prohibited drug.
Additional search warrants were executed at storage sheds in Gladesville and Petersham with officers locating several more boxes of imported food products, also believed to contain meth, taking the total amount seized to about 100kg.
The New Zealand Warriors are concerned about the potential absence of half back Shaun Johnson as they head towards the club's first finals match in six years.
The thirty-two year old star player is currently struggling with a lower leg injury, placing doubt on whether he can play in Saturdays qualifying final against the Penrith Panthers.
The blow comes just days after the Warriors awards night, with Johnson picking up the people's choice award, N-R-L player of the year award and the clubs most prestigious accolade, the Simon Mannering Medal.
