Key occasions
Jonathan Barrett
IAG virtually doubles revenue as premiums rise
Insurance coverage Australia Group has virtually doubled its half-year web revenue to $778m, backed by elevated premiums throughout a troublesome interval for households grappling with excessive residing prices.
The IAG managing director, Nick Hawkins, stated the outcome was delivered in a interval of beneficial climate. He partly attributed the sturdy determine to the discharge of cash beforehand put aside for pandemic enterprise disruptions.
Our outcomes mirror the volatility of our sector and the actual fact we’re usually topic to elements outdoors our management – the nice years assist us climate the unhealthy.
Quick-rising insurance coverage premiums, largely ignored as a driver of inflation lately, have been a standout contributor to rising household costs.
The six-month revenue outcome was up 91% on the corresponding interval, and its dividend lifted by 20%. Australia’s largest common insurer reported increasing insurance coverage margins, reflecting a rise in profitability.
The outcomes come at a politically delicate time given the upcoming election is anticipated to be fought on competing cost-of-living insurance policies.
On Wednesday, Commonwealth Financial institution delivered a bumper $5.13bn half-year cash profit at the same time as clients grappled with elevated borrowing charges.
Josh Butler
That standoff between Don Farrell and Zali Steggall was one for the books. The commerce minister had stopped within the corridors of the press gallery for a quick press convention – his workers stated he solely had a couple of minutes earlier than a gathering, however he took some questions on the electoral reform invoice which was rammed by way of the Senate final night time.
After fielding just a few questions on the the explanation why they wanted to cannonball the invoice by way of the parliament, in a course of crossbenchers have been furious about, Farrell maintained he’d been consulting extensively on the modifications, in a not-so-veiled rebuke of the crossbench criticisms.
If folks didn’t know what was occurring, it was their selection. However I’ve made myself accessible. My workers have made themselves accessible
Moments later, who was to additionally emerge from the ABC studios behind him however … Zali Steggall, who’s amongst these completely furious concerning the invoice.
Standing within the media scrum earlier than Farrell, just a few of us journalists exchanged appears to be like, figuring out the image worth of Steggall trying sad within the background of the minister’s remarks.
After which she walked proper as much as him, standing inches from Farrell, as he continued his defence of the invoice.
“Why don’t you inform the Australian folks what’s going to occur?” she interjected, pointing to the cameras. Farrell, who clearly was not anticipating a public debate within the halls of parliament, sputtered again that he didn’t agree together with her.
It went on for one more jiffy, the 2 politicians arguing straight concerning the ins and outs of the invoice, earlier than Farrell was requested about commerce tariffs and Steggall moved off to the facet.
Don Farrell and Zali Steggall in confrontation over electoral modifications
There’s one thing attention-grabbing taking place within the parliamentary hall.
Don Farrell, who’s walked out of the ABC studio has been within the hall doing a doorstop with the media, when he was requested questions by … impartial Zali Steggall, a key critic of the invoice.
You may name it democracy in motion, and the trade will get a bit of heated.
Right here’s a few of what was stated beneath:
Steggall: Why don’t you inform younger those who what’s going to occur is the massive cash that shall be in politics is the general public cash, as a result of now the general public is paying for the cash that you just need to nonetheless spend throughout elections, and the one those who take part in elections shall be union members.
Farrell: That that’s fully unfaithful. Unions are topic to precisely the identical guidelines …
Steggall: … or members of the Labor get together.
Farrell: Nicely, you bought cease altering your story. Both, both you suppose that it’s the unions getting some profit out of this, unions are topic to precisely the identical guidelines that each different donor is topic to.
And it continues …
Josh Butler was there, and you may see extra of the trade right here:
Minister Don Farrell and Zali Steggall argue about electoral reform in parliament – Steggall, strolling by, crashed his press convention to criticise the modifications
Farrell: “there aren’t any secret loopholes”, criticising “candidates supported by millionaires and billionaires” pic.twitter.com/aK0SRQEILx
— Josh Butler (@JoshButler) February 12, 2025
Emily Wind
James Paterson says the NSW hospital staff who threatened to refuse therapy to, and to kill, Israeli sufferers in a video on social media must be stripped of their registration.
Talking to Sky Information earlier, the shadow house affairs minister welcomed information that NSW Police have been investigating the incident and that the pair had been stood down from their jobs. However he desires to see extra motion from the federal authorities:
The federal authorities regulates the well being career when it comes to the registration of medical doctors and nurses, and as of final night time, these two nurses have been nonetheless registered by way of the nationwide regulator.
That registration must be stripped as a result of, whereas they’ve been banned from the NSW public well being system, that doesn’t cease them working within the non-public system, and so they shouldn’t be anyplace close to any sufferers, [given] they’ve stated that they wouldn’t deal with folks based mostly on their nationality or ethnicity …
For anybody to suppose it’s a good suggestion to say this in any context, however to say it at their office, of their uniforms, on a recorded video, simply reveals how rampant this downside [of antisemitism] is and the way decisive management is required to deal with it.
Don Farrell defends electoral donations legal guidelines
On to electoral donations – which Farrell can be answerable for – he’s requested about criticisms from the independents that the laws disadvantages new contenders, and entrenches the two-party system.
Farrell says Australia “shouldn’t be beholden to billionaires”.
We’re really lowering the sum of money that the key political events can spend on an election, and that’s to the advantage of all candidates. And may I say this Sally, we’ve stored the sum of money you possibly can spend on a single voters at $800,000. For those who can’t decide your message out to the Australian folks with a spend of $800,000 [then] there’s one thing incorrect together with your marketing campaign.
He additionally bats away criticism the laws was handed with out correct course of or scrutiny.
Farrell says, “Within the time that I turned the particular minister of state three years in the past, now we have labored on reforming the Australian electoral system”.
There’s been some confusion round whether or not there was one other settlement that was put in place after Australia secured exemptions from tariffs underneath the primary Trump presidency.
Sally Sara asks whether or not the Coalition gave a verbal settlement to Trump about limiting aluminium exports to the US in the course of the Morrison authorities.
Farrell says the then prime minister, Scott Morrison, and the then commerce minister, Simon Birmingham, would know.
What I’m conscious of is what we’ve been doing during the last three years, and I believe now we have been complying with all the preparations that have been in place and the suitable preparations that have been in place to make sure that we proceed to provide high-quality Australian-made aluminium into the American market.
Farrell additionally factors to the affect of Russia’s battle in Ukraine – that prevented some Russian aluminium exports moving into the US. He says he understands Australia elevated its export to the US to make up for a few of that aluminium export scarcity from Russia.
Australian aluminium not flooding the US market: Farrell
The commerce minister, Don Farrell, says he doesn’t imagine Australia is “flooding” the US market with our aluminium, as advised by Donald Trump’s senior commerce adviser Peter Navarro.
He’s instructed ABC RN Breakfast:
I don’t imagine we’re, we’ve finished at any stage, something that has not been agreed to by the American authorities.
I’m certain that we adjust to all the obligations that America imposes on these firms which might be supplying into the USA, and that wouldn’t matter whether or not it was beef or lamb or grain or metal or aluminium, I’d be completely sure Australian firms adjust to all of their obligations when it comes to reporting into the USA.
Sally Sara asks whether or not the Division of International Affairs has been reporting the exports Australia has been exporting to the US Division of Commerce, however Farrell says he doesn’t know “precisely how that info is collected by the People”
He reiterates the purpose – which Trump additionally talked about this week – that the US has a commerce surplus with Australia.
Goverment says nuclear energy would require an additional Sydney Harbour’s price of water a yr
Tanya Plibersek can be requested about this story that my colleague Dan Jervis-Bardy has this morning.
Authorities evaluation provided to Guardian Australia suggests the Coalition’s plan to exchange retired coal-fired energy stations with nuclear energy vegetation would require an extra 508,000 megalitres every year.
How a lot is that? Plibersek, the atmosphere minister, says it’s quite a bit:
It’s about an additional Sydney Harbour’s price of water that we must discover yearly and we’ve seen already abroad in Europe, for instance, in sizzling, dry years, nuclear reactors having to be shut down or cut back their manufacturing capability as a result of the water isn’t there, and when the water is utilized in these nuclear reactors, it’s launched into the atmosphere and hotter than it usually can be, and that clearly has environmental impacts all of its personal.
Dan’s gone by way of all of the numbers and you may see the total story right here:
Are the electoral reforms a ‘sew up’ because the independents say?
Cupboard minister Tanya Plibersek instructed ABC Information Breakfast earlier the reforms handed final night time with the assist of the Coalition assist hold out huge cash and large donors akin to Clive Palmer (who additionally yesterday misplaced his excessive courtroom bid to re-register his get together, the United Australia get together).
The principles apply equally to any candidate, and so they say that we don’t need billionaires working our electoral system. The reforms have come after an excessive amount of session, many parliamentary reviews, group session and work with different events and the crossbench.
The argument from the independents is that for brand spanking new challengers they’ve obtained $800,000 whereas a celebration has as much as $90m which they will use for nationwide advert campaigns.
Both manner, these modifications received’t be in place this election, they are going to come into impact for the next one round 2028.
Good morning,
Krishani Dhanji right here with you on the final sitting day of the fortnight, we’ve made it.
This is without doubt one of the final, or presumably the final sitting day earlier than the election. Final night time’s deal between the Coalition and Labor on electoral reform was one of many key insurance policies the federal government hoped to safe earlier than we head to the polls, after passing a invoice to laws manufacturing tax credit earlier this week.
As we’ve been reporting this morning, the prime minister will quickly ship a speech in parliament at a breakfast, marking 17 years since Kevin Rudd’s apology to the Stolen Generations.
And little doubt Donald Trump’s tariffs will proceed dominating the agenda – right here and overseas.
It’s going to be a giant one!
Proper to disconnect legal guidelines discovered to have diminished unpaid time beyond regulation by a 3rd
Employees are doing much less unpaid work since proper to disconnect legal guidelines kicked in, Australian Related Press reviews.
However unions warn that scrapping the measure would add 100 minutes of time beyond regulation every week for which workers aren’t compensated.
Underneath the legal guidelines, which got here into impact for many staff in August 2024, workers are allowed to fairly refuse to reply throughout out of labor hours.
Evaluation by the Centre for Future Work discovered because the legal guidelines have been launched, the quantity of unpaid time beyond regulation fell from 5.4 to three.6 hours every week – a 33% discount.
Earlier than the precise to disconnect was launched, common wage earners in Australia accomplished about 3.3bn hours of unpaid work, with that determine dropping right down to 2.2bn.
Younger Australians aged 18 to 29 skilled the best decline in unpaid work.
The opposition chief, Peter Dutton, has pledged to wind again the legal guidelines. The ACTU secretary, Sally McManus, stated this was “astounding”.
Josh Butler
Extra on the Albanese’s upcoming speech in the present day:
Rudd’s apology on 13 February 2008 “couldn’t have occurred with out your braveness”, Albanese will inform survivors.
“Nor would now we have had the annual report card that’s Closing the Hole. But just like the Freedom Experience, it was the goal of controversy and hostile opposition. The facility of hindsight solely serves to render that opposition much more baffling,” he’ll say.
The prime minister’s remarks don’t point out opposition chief Peter Dutton by title, however Albanese and Labor have commonly criticised him for his resolution to stroll out of the apology in parliament in 2008.
“These, like John Howard, who argued it could divide have been incorrect. Australians have been united in a second of elementary decency,” Albanese will say of the apology.
He may even announce the federal authorities will prolong the Territories Stolen Generations Redress Scheme to 30 June 2028 – which he stated “means we will proceed to simply accept purposes from Stolen Generations survivors for an extra 18 months, bringing it extra into line with state redress schemes in place”.
Josh Butler
Albanese to present speech marking anniversary of apology to Stolen Generations
Prime minister Anthony Albanese will this morning reward survivors of the Stolen Generations in a speech at an anniversary occasion in Canberra.
Albanese will inform the breakfast at Parliament Home, marking 17 years since Kevin Rudd’s apology to Indigenous folks faraway from their households, that Aboriginal and Torres Strait Islander folks should “have the identical selections as non-Indigenous Australians”.
“An Australia during which the federal government works rigorously with you in direction of a future during which Indigenous Australians have the financial safety of a job and a house,” Albanese will say, in line with an advance copy of his remarks.
“What guides my authorities day by day is the intuition to make sure all Australians get the identical probability in life. To work in direction of the fact during which all Australians have energy over their future. And this all started while you – and all survivors – by way of endurance, persistence and beauty finally discovered your nation was prepared to listen to your onerous truths.”
Welcome
Good morning and welcome to our reside information weblog. I’m Martin Farrer with a few of our greatest in a single day tales earlier than Krishani Dhanji takes over.
The share of wealth held by Australia’s backside 40% has fallen significantly in twenty years whereas 3.3 million folks reside beneath the poverty line, in line with a damning report by researchers at Monash College that discovered inequalities throughout wealth, housing, well being and schooling have been worsening. Australia now has proportionately extra folks beneath the poverty line than Canada and the UK, and schooling outcomes have been widening between richer and poorer youngsters.
The prime minister is because of say this morning that the nationwide apology to the Stolen Generations made by Kevin Rudd in 2008 was a day “that mattered within the lifetime of our nation”. At a breakfast in Canberra, Anthony Albanese will say: “Of all my days in parliament on which I look on with nice delight, it stays the day of which I stay proudest.” Extra arising.
The Australian, UK-based human rights lawyer Geoffrey Robertson has referred to as for an investigation into the English prosecution service resolution to cost Sam Kerr, calling it an “attack on free speech”. Robertson stated “nobody of their proper thoughts” believed that Kerr’s actions may have justified a jail sentence but the case nonetheless reached crown courtroom in a prison justice system “in chaos” due to years of underfunding.
And the ACTU have fired up in defence of the precise to disconnect legal guidelines, which the Coalition say they are going to scrap, however which the unions say have saved Australians from working a billion hours of unpaid work. Extra on that quickly.
