Received

Details
Category: Received
Hits: 72

The last cash-rate decision was likely down to the wire, and the minutes from the Reserve Bank board meeting will reveal just how finely balanced it was.

Last month the Reserve Bank of Australia board opted to keep interest rates on hold at 4.1 per cent.

The pause followed 400 basis points of hikes since May last year as the central bank took on a surge in inflation.

The minutes, due on Tuesday, are expected to show a conflicted call between another 25 basis point hike and staying on hold, as the RBA approaches the end of its hiking cycle.

There may not be much more to glean from the document, given the governor, Philip Lowe, made a few remarks on the July decision during a speech last week.

Most economists agreed the governor was less insistent in his speech about the need for more interest rate hikes, but more tightening has not been ruled out.

The central bank will critically get fresh data on the labour market, as well as the quarterly inflation reading, ahead of the August decision.

The board will be looking for signs that inflation is coming down convincingly, after it rose seven per cent annually in the March quarter.

An easing labour market will also be welcomed by the RBA as a sign that its interest rate hikes are weighing on demand and slowing economic activity, as intended.

The unemployment rate fell to 3.6 per cent in May, from 3.7 per cent in April.

Deteriorating economic conditions have been weighing on consumers' minds, with the weekly sentiment gauge produced by ANZ and Roy Morgan recording one of the five worst results since the COVID outbreak.

The measure of confidence has been stuck well below the monthly average of 111.1 since 1990, sinking 0.7 points to 72.6 last week.

The index fell to a record low for renters, as demand for housing outstrips supply to push up rents.

Weekly inflation expectations rose 0.1 percentage points to 5.6 per cent, with the four-week moving average hanging on at 5.7 per cent.

© AAP 2023

Details
Category: Received
Hits: 90

Indigenous voice to parliament 'yes' campaigners have enlisted the star power of Australian sporting legends to make their case to voters.

Both the 'yes' and 'no' camps have revealed the arguments they will make in an effort to win voters to their respective sides in the coming referendum.

The Australian Electoral Commission published online on Tuesday the formal 'yes' and 'no' cases for the proposed constitutional change.

It comes as Prime Minister Anthony Albanese said it was unfortunate there had been a lack of bipartisan support on the voice in the lead-up to the referendum.

Asking people to vote for a "better future for Aboriginal and Torres Strait Islander people and all Australians", the 'yes' case has the endorsement of Indigenous stars including former tennis world No.1 Evonne Goolagong Cawley, the NRL's Johnathan Thurston and AFL great Eddie Betts.

Thurston said Indigenous young people "deserve the chance to be their best".

"I work closely with schoolkids in the Yarrabah community in Queensland," he wrote.

"I've seen the obstacles they face. Nobody understands that better than their local community.

"Giving them a say will mean more of our kids reach their potential. That's what the voice is about."

Ms Goolagong said voting 'yes' was a chance to "help the next generation chase their dreams".

"Let's grab this moment with both hands," she wrote.

The 'yes' case emphasises the practical outcomes it claims the voice will help achieve, in addition to the primacy of parliament.

"The Voice will give advice on key issues facing Aboriginal and Torres Strait Islander people, from better infant health to improving services in remote areas," it said.

"Parliament and government will still be responsible for all laws, programs and funding."

Mr Albanese told Sydney radio station 2SM on Tuesday the idea for the voice did not come from one political party or the other, and it would result in better outcomes for Indigenous people.

"This should be a bipartisan issue. I think it's unfortunate that that's not the case, but we'll continue to put the case for unity, for hope and making a positive difference," he said.

"If we want to do something better, we need to listen, and that is what the voice is about, and it's about recognising Indigenous Australians in our constitution, simple as that."

The 'no' case claims the voice proposal goes beyond recognition, and poses the "biggest change to our constitution in our history".

"It is legally risky, with unknown consequences. It would be divisive and permanent," it said.

"If you don't know, vote no."

Quoting a number of former judges, the main arguments laid out describe the voice as a risk, lacking detail, divisive, and being impractical for Indigenous Australians.

"This voice has not been road tested" and there is no comparable constitutional body anywhere in the world, it said.

"A centralised voice risks overlooking the needs of regional and remote communities."

Voice opponents claim the proposed advisory body presents a "real risk" to Australia's system of government.

"The High Court would ultimately determine its powers, not the parliament," it said.

"It risks legal challenges, delays and dysfunctional government."

The vote will be held between October and December.

Liberal MP Julian Leeser, who quit the party's front bench due to his support for the voice, said there were people in the 'no' camp who were distracting from key arguments.

"Many of the arguments that we hear in the 'no' case today are echoes of arguments that we've heard other times in our history," he told ABC Radio.

"Some of the arguments echo arguments against Federation over 120 years ago."

NT senator Malarndirri McCarthy said she was confident the pamphlets would persuade more people to vote 'yes'.

"They will be able to see for themselves just how simple this gesture is in terms of First Nations people calling on Australians to support an advisory group or committee in the constitution," she told Nine's Today program.

© AAP 2023

Details
Category: Received
Hits: 70

Police are hunting for a man who escaped from a minimum-security jail in the NSW Snowy Mountains.

James White, 21, was last seen at Cooma jail about 4.40pm on Monday and is described as being of Indigenous appearance, with a light build, is 165cm-170cm tall, with black hair.

He was last seen wearing a Hi-vis orange jacket, light coloured shirt and shorts.

Police believe he may be travelling to Guildford or Sydney.

Anyone who spots him is urged not to approach but to call triple-zero.

© AAP 2023

Details
Category: Received
Hits: 77

THE MAIN ARGUMENTS FOR BOTH CAMPAIGNS

'YES CASE'

*The idea came directly from Aboriginal and Torres Strait Islander people:

"Accepting a proposal backed by more than 80 per cent of Aboriginal and Torres Strait Islander people."

*Constitutional recognition for concrete results:

"Constitutional recognition is a powerful statement that will drive practical change."

*Ensure people have a better life:

"The voice is a vehicle to deliver real improvements for Aboriginal and Torres Strait Islander people."

*Bring our country together:

"Becoming reconciled with our past and moving to a better future."

*Save money:

"When governments listen to people, they get better outcomes and use funding more effectively."

'NO' CASE

*Risky:

"We all want to help Indigenous Australians in disadvantaged communities. However, this voice is not the answer and presents a real risk to our system of government."

*Unknown:

"No details have been provided on how members of the voice would be chosen or how it would operate. Australians are being asked to vote first before these details are worked out."

*Divisive

"Enshrining a voice in the constitution for only one group of Australians means permanently dividing our country."

*Permanent:

"Putting a voice in the constitution means it's permanent. We will be stuck with negative consequences."

*Won't help Indigenous Australians:

"More bureaucracy is not the answer. There are currently hundreds of Indigenous representative bodies at all levels of government, along with the National Indigenous Australians Agency, which has 1400 staff."

© AAP 2023