Australia news live: Peter Dutton to drop Aboriginal flag display if elected PM; Dawn Fraser reportedly in hospital after fall
Key events
RBA set to cap 2024 leaving interest rates unchanged for a ninth meeting
Peter Hannam
The Reserve Bank board wraps up its latest meeting today and is universally expected to leave the cash rate unchanged at 4.35%. That’s where it has sat since November last year, even as many of its overseas counterparts have been cutting their borrowing rates.
RBA governor Michele Bullock will follow the 2.30pm (AEDT) rates verdict with her standard media conference an hour later. The focus may well be on whether the central bank is tilting towards an early interest rate cut.
The last two board meetings have only considered leaving the cash rate unchanged, and so perhaps this month’s gathering will also include an assessment of whether there should be an interest rate cut. If there is such a consideration, expect a bit of hype around the possibility of the RBA kicking off 2025 with a rate cut when its board next meets.
Supporting such a weighing of alternatives was the unexpectedly weak September quarter GDP figures, out last week. These showed the economy growing at an annual pace of just 0.8%, or the lowest since the 1990s recession if you exclude the Covid lockdown-era contortions.
The RBA’s own forecast has GDP quickening to an annual pace of 1.5% by the end of 2024, a figure now unlikely to be reached unless December ends with a growth spurt.
More likely, the RBA will finally drop its impression that it might still be open to hiking the cash rate one more time to ensure inflation “sustainably” returns to its 2% to 3% target range. “Not ruling anything in or out” –Bullock’s mantra for the past year may finally be ruled out.
Bullock may also be keen to see how the Albanese government’s mid-year economic and fiscal outlook shapes up. Will there be some big pre-election spending promises when Myefo lands (likely on 18 December)?
The quarterly inflation figures, for the December quarter, won’t be released by the ABS until 29 January – one of many reasons the RBA will be taking a wait-and-see approach.
Good morning
Emily Wind
Emily Wind here, signing on for blogging duties. Thanks to Martin for kicking things off for us!
I’ll be taking you through our rolling coverage for most of today. As always, you can get in touch with any tips via email: emily.wind@theguardian.com.
Let’s get started.
Childcare costs soar
Expenses for families with a child aged younger than five are 27% higher than in 2021, according to research that shows they are suffering most from the cost-of-living crisis, Australian Associated Press reports.
While headline inflation has fallen to 2.8%, daily out-of-pocket childcare costs are still about $50 a child, analysis by Impact Economics and Policy shows.
This is further proof of the need for serious reform, including the $10-a-day out-of-pocket childcare fee cap the government is reportedly considering as an election promise, Minderoo Foundation’s Thrive by Five campaign says.
Under this model, a family paying $50 out-of-pocket a day with a child attending three days a week could save $120 a week, or $6240 a year.
Minderoo Foundation’s Jay Weatherill said:
Working parents continue to struggle financially while inflation starts to ease for other demographics.
This research is yet more evidence of the ineffectiveness of Australia’s current childcare model and the child care subsidy.
It’s clearly not working, because every time the government raises the subsidy, providers raise their fees and families see little to no savings. Families with young children need it now.
A month ago childcare was identified as the third fastest-growing cost in the consumer price index, behind insurance and tobacco.
The cost of childcare increased 10.7% in the 12 months to September.
Caitlin Cassidy
Order restored on Rottnest Island
An “out of control gathering” was declared on Rottnest Island at the weekend after multiple complaints over a large amount of young people.
About 9.15pm on Friday, Western Australia’s police said they had received a number of complaints regarding juveniles gathering between Longreach and The Basin on Rottnest Island.
Upon attendance, police allege a large number of juveniles were seen drinking alcohol and displaying antisocial behaviour.
The officer in charge of Rottnest Island police declared the incident an “out of control gathering”, which allowed resources from the regional operation group (rog) to be deployed.
Police said order had been restored and larger groups had been moved from the beach, with most heeding directions. Additional resources were deployed at the weekend, with a small number of offences including assaults and disorderly behaviour subject to investigation.
Police said:
WA Police works closely with the Rottnest Island authority to provide early intervention and control measures for events involving large groups of people.
Swimming legend Dawn Fraser hospitalised after fall
Australian Olympic swimmer Dawn Fraser is reportedly “stable” in hospital after a fall.
The 87-year-old sporting great was hospitalised last Wednesday and spent time in intensive care with broken ribs and a broken wrist, Seven News reported.
The ABC quoted a family friend saying Fraser had suffered a fall while at her daughter’s home on the Sunshine Coast, and had broken her hip and four ribs. She had surgery for a hip replacement and was already back up walking again after emergency surgery last Thursday, the friend said.
The CEO of Swimming Australia, Rob Woodhouse, said on Monday the body had heard back from Fraser’s family and understood she was stable. He said:
Dawn is an Australian living treasure – an icon of our sport – and we wish her a speedy, healthy and [full] recovery.
The family confirmed the injuries to media in a statement on Monday, saying her recovery was progressing.
The Australian Olympic Committee chair, Ian Chesterman, said Fraser was “an icon of Olympic sport and like so many Australians we are pleased to hear she is making good progress”.
Peter Dutton says he won’t display Aboriginal flag at media conferences if elected PM
Caitlin Cassidy
The opposition leader has confirmed that if he is elected next year he will only display the Australian flag at press conferences, arguing that to fly the Aboriginal or Torres Strait Islander flags would be “dividing our country unnecessarily” and sending a “confusing message”.
Speaking to Peta Credlin on Sky last night, Peter Dutton said he strongly believed Australia was a country “united under one flag”:
If we’re asking people to identify with different flags … we are dividing our country unnecessarily … I think the fact is that we should stand up for who we are, for our values as a country which is what we should do in Australia.
We should value and respect our heritage, and we should also speak a lot more about our migrant story, the incredible story of people who came here, particularly in the post-second world war period, with nothing, and have worked hard as trainees, as farmers, and they’ve educated their children. The next generation has done incredibly well … that’s the view I’ve taken.
According to the Department of Prime Minister and Cabinet, Australian flags include the Aboriginal flag, the Torres Strait Islander flag and many ensigns used in defence and civilian organisations. The Aboriginal flag was first recognised as a national emblem by the former Labor leader Paul Keating in the 1990s and this has been upheld by subsequent governments.
Welcome
Martin Farrer
Good morning and welcome to our live news blog. I’m Martin Farrer with the top overnight stories for Australia before my colleague Emily Wind will take over.
Peter Dutton has confirmed in an interview on Sky News that if he is elected next year he will only display the Australian flag at press conferences, arguing that to fly the Aboriginal or Torres Strait Islander flags would be “dividing our country unnecessarily” and sending a “confusing message”. We have more details coming up.
The Reserve Bank is widely expected to leave interest rates on hold after its monetary policy meeting today, marking more than a year of rates at 4.35% in a period that has heaped pain on households with high borrowing costs. It comes as a study released today finds that young families are bearing the brunt of the cost-of-living crisis. More coming up.
The Olympic swimming great Dawn Fraser has been taken to hospital after suffering a fall, according to media reports. The triple Olympic 100m freestyle champion broke several bones in the fall, the reports said, and was stable in hospital after surgery. More coming up.
