Australia politics stay: inflation fee hits 6.1%, highest enhance since 1990; toddler dies from Covid in Queensland | Australian politics

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Inflation highest in 31.5 years

Peter Hannam

Peter Hannam

Probably the most anticipated shopper value index figures have simply landed from the Australian Bureau of Statistics.

CPI for the June quarter got here in at 6.1%, the quickest annual tempo for the reason that finish of 1990. Economists on common had been anticipating 6.3%.

Not like most nations, Australia solely experiences inflation each three months whereas releasing month-to-month numbers for a lot of different issues, such because the jobless fee. Which means knowledge like at this time’s carry additional suspense and both aid or despair once they land.

For comparability’s sake, New Zealand clocked up a 7.3% CPI tempo within the June quarter – additionally a 32-year excessive. Each the UK and the US posted 9%-plus charges of inflation in June and the Eurozone notched an annual fee of 8.6% for a similar month.

Extra key numbers to come back shortly.

Jim Chalmers is in the blue room (the second-fanciest government press conference locations) where he is responding to the the 6.1% CPI figure the ABS reported today.

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(That is just a fancy way of saying the cost of living has increased by 6.1% in the aggregate.)

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The inflation outcome today mirrors the lived experience of Australians who are doing it tough right now. If you look at the release from the ABS when it comes to inflation, you know it rose by 1.8% in the June quarter to be 6.1% higher through the year.

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This is the highest rate of annual inflation since June 2001, the equal highest inflation in the inflation targeting period.

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The most anticipated consumer price index figures have just landed from the Australian Bureau of Statistics.

CPI for the June quarter came in at 6.1%, the fastest annual pace since the end of 1990. Economists on average were expecting 6.3%.

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Unlike most countries, Australia only reports inflation every three months while releasing monthly numbers for many other things, such as the jobless rate. That means data like today’s carry extra suspense and either relief or despair when they land.

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For comparison’s sake, New Zealand clocked up a 7.3% CPI pace in the June quarter – also a 32-year high. Both the UK and the US posted 9%-plus rates of inflation in June and the Eurozone notched an annual rate of 8.6% for the same month.

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More key numbers to come shortly.

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Chris Bowen is on his feet introducing Labor’s climate legislation.

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There is still no agreement in the Senate, but it is the first step.

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“It sends a message that Australia is back as a good international citizen,” Bowen says.

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Tragic news out of Queensland. AAP reports:

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Queensland’s deputy premier says the death of a toddler from Covid-19 in the state is “awfully sad”.

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The 23-month-old died at Queensland Children’s Hospital on Sunday night, but the child’s death was only confirmed late on Tuesday night.

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The deputy premier, Steven Miles, says he can’t talk about the case due to privacy protocols but offered his condolences to the family.

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My heart just goes out to that family, and of course to our health workers who would have done everything that they could to take care of that little child.

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Miles said there were about 1,000 people in hospital with Covid-19 in the state, but the government had no plans for a mask mandate or any other health measures to suppress the outbreak.

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Pauline Hanson has kicked off her contributions to the 47th parliament in typical fashion, storming out of the acknowledgement of country during the opening formalities of the Senate’s first proper sitting day.

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As is tradition, the Senate president read out the Lord’s prayer to begin the day’s proceedings at 9.30am, followed by the Indigenous acknowledgement.

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Just as newly-installed president Sue Lines said she acknowledged “the Ngunnawal and Ngambri peoples who are the traditional custodians of the Canberra area”, Hanson’s voice appeared to ring out in interjection.

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The Senate’s cameras did not switch to the back of chamber, but it was reported by AAP that Hanson had called out ““No, I won’t … I never will.”

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We’ve contacted Hanson’s office for comment.

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The Greens senator Lidia Thorpe, a Djab Wurrung Gunnai Gunditjmara lady, tweeted that Hanson was “ignorant”, claiming she “disrespectfully stormed out of the acknowledgement of Nation within the Senate”.

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The ACT has recorded 1,104 new Covid infections.

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n”,”url”:”https://twitter.com/ACTHealth/status/1552084254154424320″,”id”:”1552084254154424320″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”1bda36d1-038c-42ae-afdd-4e5934a41624″],”attributes”:”pinned”:false,”keyEvent”:true,”abstract”:false,”blockCreatedOn”:1658881447000,”blockCreatedOnDisplay”:”01.24 BST”,”blockLastUpdated”:1658881518000,”blockLastUpdatedDisplay”:”01.25 BST”,”blockFirstPublished”:1658881518000,”blockFirstPublishedDisplay”:”01.25 BST”,”blockFirstPublishedDisplayNoTimezone”:”01.25″,”title”:”ACT experiences no new Covid deaths with 141 individuals in hospital”,”contributors”:[],”primaryDateLine”:”Wed 27 Jul 2022 03.07 BST”,”secondaryDateLine”:”First printed on Tue 26 Jul 2022 22.35 BST”,”id”:”62e07f158f08ecc573bc035e”,”parts”:[“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

In Victoria, 32 people lost their lives to Covid yesterday and 12,653 more people tested positive to the virus.

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n”,”url”:”https://twitter.com/VicGovDH/status/1552078359454445569″,”id”:”1552078359454445569″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”21d4a7d6-00df-4c82-9124-eaf57c485bdf”],”attributes”:”pinned”:false,”keyEvent”:true,”abstract”:false,”blockCreatedOn”:1658879765000,”blockCreatedOnDisplay”:”00.56 BST”,”blockLastUpdated”:1658879900000,”blockLastUpdatedDisplay”:”00.58 BST”,”blockFirstPublished”:1658879901000,”blockFirstPublishedDisplay”:”00.58 BST”,”blockFirstPublishedDisplayNoTimezone”:”00.58″,”title”:”Victoria information 32 new Covid deaths with 872 individuals in hospital”,”contributors”:[],”primaryDateLine”:”Wed 27 Jul 2022 03.07 BST”,”secondaryDateLine”:”First printed on Tue 26 Jul 2022 22.35 BST”,”id”:”62e07e698f081e9f3bd20e63″,”parts”:[“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

A further 20 people in NSW have lost their lives to Covid in the last 24 hours and 16,171 more people have tested positive to the virus as hospitalisations continue to surge.

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n”,”url”:”https://twitter.com/NSWHealth/status/1552071752695820288″,”id”:”1552071752695820288″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”eda0a625-13c4-4605-8a65-93009e4f3639″],”attributes”:”pinned”:false,”keyEvent”:true,”abstract”:false,”blockCreatedOn”:1658879593000,”blockCreatedOnDisplay”:”00.53 BST”,”blockLastUpdated”:1658879739000,”blockLastUpdatedDisplay”:”00.55 BST”,”blockFirstPublished”:1658879740000,”blockFirstPublishedDisplay”:”00.55 BST”,”blockFirstPublishedDisplayNoTimezone”:”00.55″,”title”:”NSW information 20 extra Covid deaths with 2,275 individuals in hospital”,”contributors”:[],”primaryDateLine”:”Wed 27 Jul 2022 03.07 BST”,”secondaryDateLine”:”First printed on Tue 26 Jul 2022 22.35 BST”,”id”:”62e07e198f08127940905fc4″,”parts”:[“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Once we get through this bit in the house (see Murph’s post on how the government is setting things up) there will be the introduction of the climate bill.

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This is the first bit of major legislation the government is introducing. There is still a long way to go – it has to get past the Senate, so this is the first step towards Labor meeting the commitment it laid out during the election campaign (and before).

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For a first week of a new parliament, this one is motoring along. Lots being done very quickly.

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AAP has a preview of today’s inflation figures, which are going to be horrible:

Australia could be about to record its worst inflation outcome in more than 31 years, paving the way for higher mortgage and lending rates.

The Australian Bureau of Statistics will release the consumer price index data for the June quarter – when the price of a supermarket iceberg lettuce hit $10 – on Wednesday.

The financial market consensus is for a headline annual inflation rate of 6.2% – the highest since the December quarter of 1990.

That would be more than the 5.1% rate logged in the March quarter, which was the fastest pace of annual price growth in 21 years.

“Since then, inflation has likely broadened and deepened,” St George chief economist Besa Deda said.

The quarterly outcome is forecast at 1.8%, which would be slightly lower than the 2.1% recorded in the previous quarter.

But the range of economists’ forecasts for the quarterly number is wide – between 1.6% and 2.8% – signalling uncertainty about how deeply entrenched price pressures have become since March.

While the main drivers of inflation in the June quarter will again be fuel and food costs, housing and building costs are also likely to be strong – perhaps as high as 20% year-on-year, according to JP Morgan economists.

Other factors are adding to the pressure, particularly in the housing sector, where rents are rising and demand for new homes and related construction services and products remains strong.

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It’s the first official sitting day of the new parliament – we’ll get our first question time, which will be the first test of the new “respectful” parliament.

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But there is no time to settle in – the economy and climate will once again dominate today, with inflation data expected to confirm what we are all feeling – the price of life is going up.

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The revised IMF predictions for global growth show that it is not going to improve anytime soon. The RBA could respond by raising interest rates higher, sooner, in a bid to put a lid on Australia’s rising inflation, which is only going to add to the pain.

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Tomorrow Jim Chalmers will give his economic update on the state of the budget. It is laying the groundwork for what is going to be a pretty tough budget. But so far the government is not budging on delivering the Morrison government’s stage-three tax cuts – something the budget couldn’t really afford when it was passed (with Labor’s support, despite its reservations over the stage-three plans) and can ill afford now. Those tax cuts will also add to the unfairness of Australia’s tax system, so stay tuned on those.

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The climate conversations continue, with Labor and the Greens inching towards an agreement to have the legislation passed through the Senate. The Coalition has weirdly decided to just deal itself out of the first major piece of legislation – it won’t even come to the table. Given what the last election was fought on and how much the Liberal party in particular suffered, that seems a strange strategy, but here we are.

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Mike Bowers is back with you, as is Katharine Murphy, Tory Shepherd, Josh Butler and Paul Karp.

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You have Amy Remeikis on the blog for most of the day.

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Ready? I am about to have my third coffee, meaning I’m heading to five. So it’s going to be a little rough.

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Key occasions

That isn’t so completely different to the message Josh Frydenberg delivered when he was treasurer and inflation started to rise.

Jim Chalmers:

The inflation within the financial system is primarily however not completely world. There are home elements as properly. That’s the reason we’re centered, as a authorities, in coping with a few of the provide chain points that are pushing up inflation right here in Australia, whether or not or not it’s the problems round labour shortages [or] the problems round a scarcity of resilience within the provide chains.

I feel Australians perceive once they’re on the grocery store, when costs are going via the roof, that this problem is partly world and there are home parts of this problem as properly. I needed to reassure them that the federal government could be very centered on these home elements.

Treasurer responds to inflation figures

Jim Chalmers is within the blue room (the second-fanciest authorities press convention places) the place he’s responding to the the 6.1% CPI determine the ABS reported at this time.

(That’s only a fancy approach of claiming the price of dwelling has elevated by 6.1% within the mixture.)

The inflation end result at this time mirrors the lived expertise of Australians who’re doing it robust proper now. In case you take a look at the discharge from the ABS with regards to inflation, you recognize it rose by 1.8% within the June quarter to be 6.1% greater via the 12 months.

That is the best fee of annual inflation since June 2001, the equal highest inflation within the inflation concentrating on interval.

It must be identified the Indue card was the brainchild of Andrew Forrest, who included it as a suggestion within the “Creating Parity” report he handed to the Coalition authorities in 2014.

There has by no means been any proof the cardboard does something to deal with inequality, or assist, and actually, had added to inequality and robbed “contributors” of dignity.

The auditor normal was notably crucial of it final month following two unbiased evaluations.

Labor strikes to repeal cashless debit ‘Indue’ card

As previewed by Josh Butler, Amanda Rishworth is now transferring to repeal the cashless debit card (often known as the Indue card).

Jim Chalmers is about to carry his press convention following the inflation knowledge – the best it’s been in additional than three a long time.

Right here is how the chamber seemed as Chris Bowen launched his local weather laws.

These empty benches are the Coalition’s.

Chris Bowen introducing the climate change bill
Chris Bowen introduces the local weather change invoice into the home of representatives this morning. {Photograph}: Mike Bowers/The Guardian

Coalition: Labor following work of Morrison authorities on aged care

Slightly little bit of kerfuffle in the home in response to Sussan Ley’s response to Anika Wells’s speech on the aged care payments.

Ley says the federal government is merely following the work of the Coalition on aged care and accuses Labor of politics for not supporting the Morrison authorities invoice.

Peter Hannam

Peter Hannam

Tons to digest within the CPI figures however it’s notable that the inflation fee for non-discretionary items and companies (that presumably we are able to’t do with out) rose 7.6% within the June quarter, or greater than the 6.1% “headline” fee.

The discretionary gauge got here in at a extra modest 4%, the ABS mentioned.

And whereas the headline tempo of inflation was roughly what economists had been tipping, the trimmed imply measure that the Reserve Financial institution is most focused on got here in at 4.9%. That was a bit greater than economists at NAB, as an example, had been tipping.

The trimmed imply inflation determine got here in at 4.9% for the June quarter, or greater than economists had been tipping. The RBA goals for that to be within the 2-3% vary over time. pic.twitter.com/422FuoAfLL

— Peter Hannam (@p_hannam) July 27, 2022

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The trimmed imply inflation determine got here in at 4.9% for the June quarter, or greater than economists had been tipping. The RBA goals for that to be within the 2-3% vary over time. pic.twitter.com/422FuoAfLL

— Peter Hannam (@p_hannam) July 27, 2022

The RBA hones its charges coverage with the goal of conserving this underlying inflation fee inside a 2-3% band over time. Therefore the central financial institution will likely be mountain climbing once more subsequent Tuesday.

Paul Karp

Paul Karp

Labor MP Peter Khalil to chair joint intelligence and safety committee

Guardian Australia understands that Labor MP Peter Khalil would be the new chair of the parliamentary joint committee on intelligence and safety. Earlier than getting into parliament, Khalil was a nationwide safety adviser to Kevin Rudd.

Andrew Wallace, the Liberal MP and the previous speaker of the Home of Representatives, would be the deputy chair.

Gas prices rise for eighth consecutive quarter regardless of gas excise minimize

It’s laborious to see how the federal government will enable the gas subsidy to run out, given petrol costs are properly above $2, even with the pause on the gas excise.

From the ABS:

Automotive gas costs rose for the eighth consecutive quarter. Value pressures continued to stream via to customers following an oil value shock attributable to the Russian invasion of Ukraine final quarter, coupled with ongoing easing of Covid-19 restrictions strengthening world demand.

Whereas a minimize within the gas excise of twenty-two cents a litre on 30 March 2022 resulted in gas value falls in April, value rises had been seen in Could and June. The typical unleaded gas value within the month of June surpassed the earlier document excessive month-to-month common seen in March.

New homes, gas and furnishings powered value of dwelling will increase

Peter is working at lighting velocity to carry you extra on the CPI figures, however within the meantime, the ABS experiences the rise in value of dwelling was pushed by:

  • Probably the most important value rises had been: new dwelling purchases by owner-occupiers (+5.6%), automotive gas (+4.2%) and furnishings (+7.0%).

Inflation highest in 31.5 years

Peter Hannam

Peter Hannam

Probably the most anticipated shopper value index figures have simply landed from the Australian Bureau of Statistics.

CPI for the June quarter got here in at 6.1%, the quickest annual tempo for the reason that finish of 1990. Economists on common had been anticipating 6.3%.

Not like most nations, Australia solely experiences inflation each three months whereas releasing month-to-month numbers for a lot of different issues, such because the jobless fee. Which means knowledge like at this time’s carry additional suspense and both aid or despair once they land.

For comparability’s sake, New Zealand clocked up a 7.3% CPI tempo within the June quarter – additionally a 32-year excessive. Each the UK and the US posted 9%-plus charges of inflation in June and the Eurozone notched an annual fee of 8.6% for a similar month.

Extra key numbers to come back shortly.

Labor introduces aged care payments

That invoice being counseled to the home, Anika Wells is up with the primary of the aged care payments, which seeks to extend care requirements for individuals in aged care residences.

Treasurer introduces electrical automobiles tax profit laws

Jim Chalmers is now introducing the laws geared toward serving to the decide up of electrical automobiles (it’s a fringe advantages tax factor, which is why the treasurer is introducing it).

Chris Bowen finishes with:

The invoice … could also be easy in what it lays out, however it’s important in what it seeks to attain.

There are numerous points about which members of this home will disagree however the precept of holistic motion on local weather change shouldn’t be one in all them.

Our nation and our parliament have wasted lengthy sufficient delaying and denying. The time for motion is now. We don’t have a second to waste.

The Australian individuals voted for motion on local weather change on Could 21.

Now’s the time for the parliament to vote for motion.

Chris Bowen in the House of Representatives
The minister for local weather change and vitality, Chris Bowen, introduces the local weather change invoice. {Photograph}: Mike Bowers/The Guardian

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