16 News

Greens Leader Adam Bandt and Treasury spokesperson Senator Nick McKim have said the Greens will fight the proposal to remove the Treasurer’s power to overrule the RBA’s decisions to set interest rates.

The government has given in-principle support to Recommendation 1.1 of the RBA Review released this week, which proposes removing the democratic safeguard that currently exists in Section 11 of the Reserve Bank Act 1959.

Greens Leader Adam Bandt said:

“It seems Labor wants to use this review to further shirk its responsibility to deal with the housing crisis. Labor needs to keep the government’s power to override the Reserve Bank’s interest rate decisions, especially in a crisis.

“In the middle of a housing and rental crisis, there is a real risk the Reserve Bank is going to ruin lives and undermine our collective future with further rate rises. 

“If Labor washes its hands of the inflation problem and outsources it to the Reserve Bank, it risks more pain for people already doing it tough.

“Tackling the cost of living and housing crises needs more government intervention, not less.

“Instead of shifting towards social democracy, Labor’s change further entrenches neoliberalism.”

Greens Treasury spokesperson Nick McKim said:

“Instead of getting rid of his existing power to set interest rates, the Treasurer should be using this power right now to help renters and mortgage holders by freezing interest rates.

“The Greens will vigorously oppose this fundamentally anti-democratic policy.

“This safeguard was put in place by Ben Chifley and kept in place by Robert Menzies.

“But Jim Chalmers has swallowed the technocratic kool-aid.

“If the Section 11 safeguards are removed the government would have no recourse over an RBA board that goes rogue.

“Removing democratic oversight would be the final capitulation to neoliberal groupthink and would totally cede monetary policy to the central banker’s club that has done nothing to stop rising inequality or the breakdown of the planet’s climate.”

Prime Minister Anthony Albanese, the Minister for Home Affairs and the Minister for Immigration, Citizenship and Multicultural Affairs have today announced a new direct pathway to Australian citizenship for eligible New Zealand citizens.

Changes in 2001 made it more difficult for New Zealanders in Australia to attain citizenship.

Today we have announced that from 1 July 2023, New Zealand citizens living in Australia will have a direct pathway to Australian citizenship.

All Special Category Visa holders will be able to apply directly for citizenship without becoming permanent residents first, as long as they meet a four-year residence and other eligibility requirements.

This is a fair change for New Zealanders living in Australia, and brings their rights more in line with Australians living in New Zealand. This is consistent with our ambition to build a fairer, better managed and more inclusive migration system.

Many New Zealand citizens choose to live and contribute to Australia, so it is reasonable they have the opportunity to become Australian citizens and enjoy the rights and obligations that come from citizenship.

Prime Minister Albanese said:

“Australia and New Zealand have a deep friendship, which has been forged through our history, shared values and common outlook.

“As we mark the 50th anniversary of the Trans-Tasman Travel Arrangement, I look forward to strengthening our relationship.”

“We know that many New Zealanders are here on a Special Category Visa while raising families, working and building their lives in Australia. So I am proud to offer the benefits that citizenship provides.”

Minister Clare O’Neil said:

“Australians and New Zealanders share a special bond and it’s important that we reflect that in the way we treat New Zealand citizens who choose to make Australia home.

“Today’s changes will strengthen ties with our closest neighbour, and will mean the many people already living and working in our communities can enjoy the benefits of citizenship.

“Anthony Albanese is ensuring the deep, strong connection between our two countries is reflected in how we treat Kiwis living in Australia.”

Minister Andrew Giles said:

“Australia is a country built on citizenship. It is only fair the opportunity to become an Australian Citizen is made easier for our closest friends and allies.

“This announcement will make a significant difference to the lives of people already living and working and in our communities.”

The shipwreck of Australia’s largest loss of life at sea has been discovered, more than 80 years after it sunk.

Japanese merchant vessel the SS Montevideo Maru was sunk on 1 July 1942 off the coast of the Philippines after setting sail from the former Australian territory of New Guinea. 

The ship was carrying approximately 1,060 prisoners from around 16 countries, including 850 Australian service members from Rabaul. The ship was not marked as a Prisoners of War transport. 

The number and identity of those on board the Montevideo Maru was not fully revealed until after the war, but the location of the shipwreck has remained a mystery.  

81 years after its final voyage, the resting place of the Montevideo Maru has been discovered. 

The search was led by not-for-profit Silentworld Foundation, deep-sea survey specialists Fugro, and supported by Defence. 

At over 4000m depth, the wreck is deeper than the RMS Titanic, and it’s hoped the discovery will bring relief to the families of the Australians on board. 

Prime Minister, the Hon Anthony Albanese MP said:

“At long last, the resting place of the lost souls of the Montevideo Maru has been found.”    

“We hope today’s news brings a measure of comfort to loved ones who have kept a long vigil.”

“The extraordinary effort behind this discovery speaks for the enduring truth of Australia’s solemn national promise to always remember and honour those who served our country. This is the heart and the spirit of Lest We Forget.”

Deputy Prime Minister, the Hon Richard Marles MP said:

“For 81 years, hundreds of Australian families have waited for news of this shipwreck. It is my great privilege to confirm their loved ones have been found.” 

“Finding the Montevideo Maru has been a remarkable effort by a passionate team of researchers and the Silentworld Foundation, supported by dedicated Defence personnel.”

“I also acknowledge the generous support from the Philippines authorities in permitting this search.”

“These Australians were never forgotten. Lost deep beneath the seas, their final resting place is now known. This remarkable discovery is a reflection of who we are as a nation and remarkably close to our day of national commemoration; Anzac Day. We will remember them.”

Chief of the Australian Army Lieutenant General Simon Stuart said:

“The Australian soldiers, sailors and aviators who had fought to defend Rabaul had enlisted from across the country to serve, met a terrible fate at sea on the Montevideo Maru.” 

“Today we remember their service, and the loss of all those aboard, including the 20 Japanese guards and crew, the Norwegian sailors and the hundreds of civilians from many nations.”

“I want to thank the Silentworld team and the dedicated researchers, including the Unrecovered War Casualties team at Army, who have never given up hope of finding the final resting place of the Montevideo Maru.” 

“A loss like this reaches down through the decades and reminds us all of the human cost of conflict. Lest We Forget.”

director of Silentworld, John Mullen said: 

“The discovery of the Montevideo Maru closes a terrible chapter in Australian military and maritime history.” 

“Families waited years for news of their missing loved ones, before learning of the tragic outcome of the sinking. Some never fully came to accept that their loved ones were among the victims. Today, by finding the vessel, we hope to bring closure to the many families devastated by this terrible disaster.”

“I would like to express my gratitude to all of the dedicated Silentworld team involved in this expedition, to the outstanding Fugro crew and technical team on board the Fugro Equator, and to the Australian Department of Defence for their unwavering support.”

“I am proud to be the citizen of a country that never forgets or stops looking for those lost in the course of duty, no matter how many years may pass.”

Greens Leader Adam Bandt and Treasury spokesperson Senator Nick McKim have said the Greens will fight the proposal to remove the Treasurer’s power to overrule the RBA’s decisions to set interest rates.

The government has given in-principle support to Recommendation 1.1 of the RBA Review released this week, which proposes removing the democratic safeguard that currently exists in Section 11 of the Reserve Bank Act 1959.

Greens Leader Adam Bandt said:

“It seems Labor wants to use this review to further shirk its responsibility to deal with the housing crisis. Labor needs to keep the government’s power to override the Reserve Bank’s interest rate decisions, especially in a crisis.

“In the middle of a housing and rental crisis, there is a real risk the Reserve Bank is going to ruin lives and undermine our collective future with further rate rises. 

“If Labor washes its hands of the inflation problem and outsources it to the Reserve Bank, it risks more pain for people already doing it tough.

“Tackling the cost of living and housing crises needs more government intervention, not less.

“Instead of shifting towards social democracy, Labor’s change further entrenches neoliberalism.”

Greens Treasury spokesperson Nick McKim said:

“Instead of getting rid of his existing power to set interest rates, the Treasurer should be using this power right now to help renters and mortgage holders by freezing interest rates.

“The Greens will vigorously oppose this fundamentally anti-democratic policy.

“This safeguard was put in place by Ben Chifley and kept in place by Robert Menzies.

“But Jim Chalmers has swallowed the technocratic kool-aid.

“If the Section 11 safeguards are removed the government would have no recourse over an RBA board that goes rogue.

“Removing democratic oversight would be the final capitulation to neoliberal groupthink and would totally cede monetary policy to the central banker’s club that has done nothing to stop rising inequality or the breakdown of the planet’s climate.”

This week I (Penny Wong) will travel to New Caledonia and Tuvalu for the first time as Foreign Minister to listen first-hand to their priorities and build on our close relationships.

The Albanese Government has shown its strong commitment to working with the Pacific family to deliver Pacific priorities, including action on climate change and recovery from Covid-19.

This visit will be my tenth to the Pacific as Foreign Minister and fulfills the Government’s commitment to visit all 17 of our fellow Pacific Islands Forum members.

Australia’s longstanding relationship with New Caledonia spans people, economic and commercial ties, environmental protection, as well as strong defence cooperation with French authorities in New Caledonia.

I will meet the High Commissioner of the French Republic in New Caledonia Mr Louis Le Franc, and President of the Government of New Caledonia Mr Louis Mapou.

I am honoured to have the opportunity to address the Congress of New Caledonia on Australia’s regional vision and the value of New Caledonia’s regional engagement since it became a full member of the Pacific Islands Forum in 2016.

In Tuvalu, I will meet with acting Prime Minister Ampelosa Tehulu and his cabinet colleagues to discuss Australia’s ongoing partnership and development support for Tuvalu’s social, economic and security priorities.

Tuvalu is on the front line of climate change, and I will reiterate Australia’s commitment to climate action, including our bid to co-host COP31 with other Pacific countries in 2026.

A strong and united Pacific Islands Forum is central to supporting a region that is peaceful, prosperous, and resilient.

If the Prime Minister truly believes Senator Lidia Thorpe is struggling with mental health issues, he should begin removing her from the Parliament.  

One Nation leader Senator Pauline Hanson said Prime Minister Anthony Albanese’s comments about Senator Thorpe were a transparent attempt to distance his proposed indigenous voice to Parliament from the radical black nationalists represented by the exGreens senator.

“Over the last two days, the Prime Minister has made statements claiming radical Aboriginal campaigner and Victorian Senator Lidia Thorpe’s behaviour is symptomatic of mental health issues,” Senator Hanson said. “Senator Thorpe has hit back at the claims as ‘misogynistic’ and ‘racist’.

“The aim of Mr Albanese’s statements about mental health is to try and distance his proposed voice to Parliament from Senator Thorpe. “The Prime Minister’s claims that Senator Thorpe suffers from a mental health condition are entirely unfounded.

“If the Prime Minister truly believes Senator Thorpe has mental health issues and is unfit for Parliament, he must start having her deemed ineligible to hold a Senate position.

“If not, the Prime Minister must immediately stop denigrating the Senator and admit that his voice to Parliament risks increasing the number of like-minded people like Senator Thorpe to the voice.”

It is ‘no secret’ to hard-working Australians that housing costs in recent years, whether owning or renting, are out of control. According to the Australian Bureau of Statistics (ABS) official statistics published in Trading Economics, housing inflation rose nearly 40% from January 2021 to January 2023.

Even the ABC gets the twin housing inflation problems and general inflation. Or at least finance reporter David Taylor does. In his recent piece entitled From high inflation to the housing crisis and a possible recession, Australia’s economic problems need meaningful solutions. He stated that: 

“The fundamental economic problem of our time is inflation, or the rising cost of living. … Low wage growth, a surge in migration and a chronic housing shortage have now produced both a cost-of-living crisis and a housing crisis.” 

Regarding the problem of general inflation, Taylor delved deeper: 

“Easing inflation pressures means there is less of a chance interest rates will continue to climb, which makes it easier for companies to churn out a profit. This helps explain the stock market’s flirtation with a new record high — especially when…many companies have managed to ride the inflation wave without letting go of their profit margins. … You see, while easing inflationary pressures are welcome, the evidence continues to point to so-called ‘sticky’ inflation — both overseas and here.” 

He then went into some of the policy drivers of general inflation: 

“The [GFC] produced a trauma that’s still with us. Indeed the remedies to [that] — taxpayer bailouts of corporations too big to fail and cheap funding for those with assets — helped entrench deep inequality[.] … The pandemic led to huge amounts of government stimulus…stoking inflation.” 

Taylor then ‘circled back’ to housing inflation and it’s policy-drivers when he concluded: 

“The economy is dominated by large monopolies with unprecedented power over wages growth and the prices they charge consumers. You can add to that a housing market that’s been propped up by a favourable tax environment, cheap money and investor speculation. … Looking ahead, surging migration may prevent Australia from entering a technical recession…but it’s also leading to soaring rents and entrenching the housing affordability crisis.” 

What is ‘somewhat a secret’ nowadays (long after the common sense reforms of the 1980s and 1990s) regarding housing, inflation, and the economy is, as American President Ronald Reagan once quipped: 

“Government is not a solution to our problem, government is the problem. … Government does not solve problems; it subsidizes them.” 

Moreover, ‘the dirty little secret’ is that government problem subsidies are not just sometimes unintentional but often intentional and that these are not just fiscal in origin but also regulatory and monetary. The three key and intentional policies driving-up housing inflation, in particular, are #1) open-border immigration, #2) climate-alarmism green tape, and #3) money-and-credit printing. Policy #1 is a mix of fiscal and regulatory policies, whereas #2 is regulatory and #3 is monetary. 

Australian housing demand is regularly ‘pump-primed’ by the federal government through a combination of #1 and #3. This happens through #1 more people plus #3 more money to demand more housing services. However, at the same time, the Australian housing supply is regularly constrained by federal, state and local governments through #2 many restrictions on housing stock. In short, high demand and low supply growth equal housing inflation and, thus, the housing crisis. 

As the 1980s cartoon, G.I. Joe used to say, “And knowing is half the battle.” The other half of the battle is, of course, doing. And this starts with asking both the PM and RBA, “Please explain?”