Anthony Albanese announces more investment in critical minerals, ahead of a meeting with Joe Biden in Washington, The Reserve Bank Governor warns interest rates could rise again, Australia warns there are no easy games at this men's World Cup, as they prepare to play the Netherlands.
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TRANSCRIPT
* Anthony Albanese announces more investment in critical minerals, ahead of a meeting with Joe Biden in Washington ..
* The Reserve Bank Governor warns interest rates could rise again
* Australia warns there are no easy games at this men's World Cup, as they prepare to play the Netherlands.
The federal government is to devote an extra two billion dollars to the critical minerals industry.
Prime Minister Anthony Albanese has made the announcement in Washington after the first meeting of the Australia-United States taskforce on Critical Minerals.
The extra money would double the capacity of the just-established Critical Minerals Facility to finance the mining and processing of critical minerals, such as lithium and cobalt.
The government sees these minerals as critical to the transition to net zero emissions, as well as boosting the economy through supply of these minerals to the manufacturing sector in both Australia and the United States.
Mr Albanese says it's not just about the mining of these resources.
"We'll continue to do what is necessary to not just look at providing support for extraction, if you like, of our resources, but value-adding as well. That's the big next step that we need to do. Because that's where the jobs really come from. And I want to see us really move up that value chain."
Mr Albanese is due to meet U-S President Joe Biden later today.
The Governor of the Reserve Bank, Michele Bullock, is warning interest rates could rise again.
The Consumer Price Index for September will be released today [[wed]], and it will be a key figure in the central bank's next interest rate decision, which will come next month.
Economists are expecting inflation for the September quarter to lift 1.1 per cent, but annual inflation to drop to 5.3 per cent, which is down from the six per cent figure for the June quarter.
The central bank uses interest rates to try and control inflation.
It is aiming to get inflation back to within he target band of two to three per cent over the course of the economic cycle by late 2025.
Ms Bullock says the bank sees both good and bad news in the current situation.
"The board won't hesitate to raise the cash rate further if there's a material upward revision to the outlook for inflation. At the same time, though, the board is mindful that growth in demand, and the rate of inflation, have been moderating, and that there are long lags in the transmission of monetary policy."
Interest rates are at 4.1 per cent, where they've been since June.
Gaza's Hamas-run health ministry says more than 700 Palestinians have been killed overnight by Israeli air strikes, the highest 24-hour death toll in Israel's two-week-old military campaign in Gaza as pressure grows for more aid to be allowed into the enclave.
The Israeli military confirmed it had hit more than 400 Hamas militant targets and killed dozens of its fighters overnight in response to a deadly cross-border attack on October 7.
Israel's Prime Minister, Benjamin Netanyahu, says the fight against Hamas is not just one for Israel.
"If Hamas emerges victorious, we will all lose. Europe will be endangered. Everyone will be endangered. Civilisation will be endangered. If Hamas loses and is defeated, then the forces of civilisation win. That is why this battle is not merely our own. It's Europe's battle. It's America's battle. It's civilisation's battle. It's the battle for the heart and soul, and the future of the Middle East, and the Arab world."
With international aid agencies warning of a humanitarian catastrophe unfolding in Gaza, French President Emmanuel Macron flew to Israel to offer it support.
Mr Macron told Mr Netanyahu France stands with Israel in its war with Hamas but that it must not fight "without rules".
Firefighters in New South Wales are preparing for a day of extreme fire danger across parts of the state with hot and windy conditions predicted to fan the flames.
An extreme fire danger warning has been issued for the Greater Hunter, Northern Slopes and North Western regions.
Total fire bans will be in place for the Far North Coast, New England, Greater Hunter, Upper Central West Plains, North Western and Northern Slopes regions.
In cricket, Australian all-rounder Mitch Marsh is warning there are no easy games at the current men's World Cup.
Australia plays the Netherlands in the Indian capital, Delhi, tonight.
It's a match the Aussies are expected to comfortably win.
But there has a been a spate of surprise results so far at this tournament- including the Netherlands beating South Africa last week.
Marsh says the standard of world cricket has improved.
"Yeah, teams have gotten better. I think that's great for world cricket- certainly in tournaments like this that can sometimes be pretty long, and you see a lot of games that are not exactly close or competitive. But we've said it multiple times now in this tournament this year- there's absolutely no easy games. And you go into every game having done all the appropriate homework, and hopefully, you can come out with a win. We respect the Netherlands, they're playing some good cricket, and they'll be a tough challenge."
