In this bulletin, treasurer Jim Chalmers says higher-than-expected super behind improved federal budget balance, Tehran says it is ready for 'apocalyptic war' if US attacks. And in sport, Mike Baird quits as Cricket Australia chair.
Key Points
- Superannuation reason for $6 billion budget lift
- Iran warns US after it rejects peace proposal
- Baird quits as Cricket Australia chair
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TRANSCRIPT
Federal Treasurer Jim Chalmers says higher-than-expected super and investment income are factors behind the improved federal budget balance.
The final figures on the federal budget outcome have shown a smaller budget deficit than originally forecast.
The underlying deficit is about 6 billion dollars lower than the 28.3 billion dollars initially forecast in May.
Mr Chalmers says getting inflation down is the common challenge - and the Reserve Bank will be making its own decision tomorrow on whether to raise rates for a fourth time this year.
"If you look right across the major advanced economies, there is an expectation of higher interest rates around the world, as a consequence of higher inflation coming from primarily from oil prices and with other considerations and factors as well."
The Reserve Bank of Australia is widely expected move to raise interest rates to a 15-year-high - of 4.6 per cent - when it concludes its two-day meeting tomorrow (Tue 29 Sept).
Minister for finance Katy Gallagher also shared a 1.4-billion-dollar reduction in spending emerged from cuts in particular programs including aged care, PBS, and childcare among others.
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Experts say AI had a role to play in the better-than-expected budget outcome.
Economist Chris Richardson has told SBS the rise of AI tech companies was in part behind the higher-than-expected super returns.
He says this in turn influenced the budget outlook.
"This is drawing a line on the books at the end of June, and in particular at that time, the share market was roaring with joy around the rise of those tech companies, that flows through to our superannuation returns in a bunch of ways. In particular, the tax takes on our earnings was higher because those earnings were themselves higher."
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The Australian Institute of Petroleum says petrol prices increased by more than 10 cents a litre last week.
The institute says petrol prices reached a national average of $2 and 35 cents per litre, as international disruptions to oil supply intensify.
The price of diesel rose more than 13cents to $2 and 87 cents (286.7 cents) per litre.
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The Iranian foreign minister Abbas Araghchi says he is fully prepared to resume war with the United States, after President Donald Trump rejected Iran's latest peace proposal.
In a statement on social media, Mr Araghchi says Iran remains steadfast in the face of any aggression, even if it comes to what he describes as "an apocalyptic war."
The Iranian foreign minister says at the same time, Iran is ready for diplomacy, urging President Trump to reconsider the proposal.
"It is up to the, up to President Trump to choose. He wanted unconditional surrender in the previous war in two days, and now it's eight months that they are fighting with no result. A new aggression, would, would be, certainly the same."
Iran put forward the proposal at the UN General Assembly in New York last week, saying it would reopen the Strait of Hormuz and end hostilities in the region within seven days, if conditions were met.
While President Trump has rejected the deal verbally, Mr Araghchi says Tehran is still waiting for a formal US response through mediators.
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Prime Minister Anthony Albanese says work has progressed on a taskforce to conduct a rapid review of the Open A-I Medicare hack, which resulted in the unauthorised access of non-public files by an OpenAI agent.
This incident occurred in June of this year, but was only publicly disclosed last week, after an email notification was sent by OpenAI to Services Australia on September 10.
Mr Albanese says he received a briefing in Canberra earlier today (Mon) about the work of the taskforce.
"We've established, it's already underway, the work of the taskforce. We're going to complete that work as soon as possible. It is important as I did when we made the announcement that this doesn't relate to people's personal data. So what is at risk here isn't what was obtained. It is the way, it was the way it was obtained."
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Taylor Swift has won the most coveted honour at MTV's Video Music Awards, taking home video of the year for her showgirl inspired "The Fate of Ophelia."
During her acceptance speech, the pop star dedicated the award to the late Dolly Parton, who she praised as "the ultimate showgirl."
Madonna has also been named artist of the year, and her duet with Sabrina Carpenter, "Bring Your Love," has been crowned best collaboration.
Madonna says the award comes after a year and a half of being driven by her own instincts and dedicated to the music she wanted to make.
“And to me, that really is the definition of being an artist. And my hope for all of you here tonight is that you spend the next year or the next 10 years or the rest of your life doing the same, finding yourself and believing in yourself."
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In sport, Mike Baird has quit his position as Cricket Australia chair, after his own state association refused to back him in the fallout over the privatisation of Big Bash League clubs.
The former New South Wales premier has informed fellow board members on Monday he would not seek re-election at next month's AGM, with David Boon to take over as interim chair.
Mr Baird lost the support of Cricket New South Wales after his decision to allow private investment in BBL teams.
AAP reports Baird has confirmed he did not wish to continue without the support of all states.
