Chalmers says inflation largely driven by Middle East crisis
Jim Chalmers, the treasurer, is speaking after the inflation figures this morning showed inflation had jumped 4% in the year to August from 3.5%.
Chalmers said Australia is not immune from the oil crisis in the Middle East, saying the conflict is “overwhelmingly” the reason for the figures. He said:
These numbers confirm that the overwhelming reason why inflation went up in August in headline terms was higher global oil prices. In fact, all of the increase in annual headline inflation was from a combination of higher fuel costs and the unwinding of last year’s energy rebates.
Chalmers went on to say amid “heightened global instability” he was encouraged to see “underlying inflation moderate in the month-to-month figures”.
Inflation is still too high in our economy. That’s why it is so important that we are managing the budget in a responsible way.
Key events
Graham Readfearn
Antarctic winter sea ice falls to third-lowest level on record as scientists warn of ‘now problem’
Antarctica’s winter sea ice has peaked at its third-lowest level on record, falling 1m sq km short of the long-term average, scientists have confirmed.
Confirmation of the peak meant the four lowest years on record for the continent’s sea ice – a vital component of the planet’s climate and critical for marine life – had all occurred in the past four years.
Satellites have been watching the continent’s sea ice since 1979, and this year data showed the sea ice peaked on 14 September at 17.59m sq km, about 1m sq km short of the average maximum, or an area roughly twice the size of Spain.
Read more here:
Penry Buckley
Minns defends NSW record on inflation: ‘We’ve been careful with public money’
The NSW premier, Chris Minns, has defended the Labor state government’s record on inflation ahead of the March 2027 state election, after former RBA governor, Philip Lowe, said public spending was adding to pressure.
In comments in a podcast released by the Institute of Public Affairs today, the day after the RBA lifted the official cash rate to 4.6%, Lowe called for governments to cut spending and run larger budget surpluses to reduce pressure on inflation and interest rates. Figures this morning showed inflation jumped to 4% in the year to August, from 3.5%.
At a press conference, this morning, Minns was asked about Lowe’s comments and whether the federal treasurer, Jim Chalmers, should cut spending. He said:
Well, look, I’d just say that I think every government has a responsibility to do what it can to take demand out of the economy … The NSW treasurer [Daniel Mookhey] and myself have said many times that we have heard the advice from the RBA over the last two years that we need to be careful with public funds, and as a result, over the last four years, we’ve had the lowest increase in spending growth of any jurisdiction in the country …
Now, I’m not going to make a long commentary about other governments. It’s up to them and their decisions, obviously. But we want to make it clear that we’ve been careful with public money, particularly the growth in public money, and that will continue if we’re re-elected next March.
Jim Chalmers says hasn’t met new Greens leaders before
Jim Chalmers wished the Greens’ outgoing leader Larissa Waters well and said he hasn’t met the new leaders before. He said no party has the numbers in the Senate on their own, “so we engage in good faith with all parts of the Senate crossbench” and he expects that to continue.
[It’s] very sad to hear that she’s been unwell, and she’s dealing with this condition. Larissa seems to me to be a really wonderful person, and I wish her well as she deals with the challenges in her health.
When it comes to the new leadership of the Greens, I haven’t met the new leaders of the Greens before.
Chalmers went on:
I’m told that [Shoebridge] was particularly focused on the Labor party in his introductory remarks. I think it’s really important that we focus on the risks posed to workers and to our economy by One Nation, the Liberal party and the National party. …
The government for its part is focused on delivering on its agenda, delivering real change, dealing with these pressures and challenges in our economy, and in the course of that work, we’ll play the cards that we’re dealt in the Senate and engage in good faith as we have been to this point.
Achol Arok
Shoebridge promises Greens will deliver ‘material change’ under his leadership
David Shoebridge has promised the Greens will pursue “material change” under his leadership.
He said people were “desperate for material change” and wanted more than gradual policy shifts from the major parties. He said:
If you travel around the country, the call I’m not hearing is: ‘What do we want? Gradual change! When do we want it? In due course!’
That is the dead politics of Labor. It’s the dead politics of the Coalition. And when you really test it, it’s the dead politics of One Nation. They don’t want another meaningless message being delivered by some Labor hack that they know is not going to change their lives.
Newly appointed deputy leader Steph Hodgins-May echoed the promise, pointing to the pressures facing Australian families.
We have families who are desperate for secure housing. We have families who cannot afford to send their child to childcare. We have families who are deeply anxious about the climate crisis and are watching this Labor government wave through new coal and gas projects at this critical moment in time,” she said.
I am here to say: ‘no, not on our watch’. I am here with David to bring a bold vision to Australia, to grow our movement.
No ‘objective observer could contest’ oil prices behind inflation spike: Chalmers
Jim Chalmers is pushing back against multiple questions about the cause of the inflation increase.
He said:
We can see in today’s inflation figures that the overwhelming reason why annual headline inflation has come up in August compared to July is because of the impact of higher global oil prices flowing through to oil prices in Australia. That’s not an opinion. It’s a fact.
Chalmers went on to say there will be “all sorts of commentary made” but he didn’t think “any objective observer could contest that after today’s figures”.
Chalmers says inflation largely driven by Middle East crisis
Jim Chalmers, the treasurer, is speaking after the inflation figures this morning showed inflation had jumped 4% in the year to August from 3.5%.
Chalmers said Australia is not immune from the oil crisis in the Middle East, saying the conflict is “overwhelmingly” the reason for the figures. He said:
These numbers confirm that the overwhelming reason why inflation went up in August in headline terms was higher global oil prices. In fact, all of the increase in annual headline inflation was from a combination of higher fuel costs and the unwinding of last year’s energy rebates.
Chalmers went on to say amid “heightened global instability” he was encouraged to see “underlying inflation moderate in the month-to-month figures”.
Inflation is still too high in our economy. That’s why it is so important that we are managing the budget in a responsible way.
Former deputy Mehreen Faruqi ‘disappointed’ after Greens leadership vote
Former Greens deputy leader Mehreen Faruqi has expressed her disappointment her party room did not appoint her leader in the ballot.
In a statement on social media, Faruqi said: “Of course, I am disappointed the party room chose another direction, and know many others will feel the same way”.
I did not stand again for Deputy Leader today because, on reflection, I believe I can best play my part in that action outside the constraints of the leadership team.
Faruqi said she had long advocated for Greens leaders to be elected by members “with enough time for thoughtful deliberation on who is best to grow our party”.
I share members’ frustration that the opposite happened this week. Without a member vote, we cannot call ourselves a grassroots party.
I call on the new leadership team to set a timeline for one member, one vote.
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David Shoebridge speaks after being elected new Greens leader
Achol Arok
Senator David Shoebridge has thanked his party for its support following the unexpected leadership change in the Greens.
Speaking in Sydney, Shoebridge said:
If you’d asked me earlier this week would we expect to be here, I would have said no. Our party was rock-solid behind Larissa.
But I can’t tell you how much of a joy it is going to be over the next 18 months – a lot of hard work – but what a joy it is going to be working with my colleague Steph. This is a moment where, between us, we are going to share the load. We’re going to cross the country.
We’re going to deliver that sense of hope and opportunity that Australians are begging for and we are also going to meet the climate crisis.
Shoebridge also paid tribute to outgoing leader Larissa Waters.
She led with compassion, led with principle, showed what collective leadership can do. We were privileged to be led by Larissa.
David Shoebridge elected new Greens leader
Tom McIlroy
NSW senator David Shoebridge will become the new Greens leader, replacing Larissa Waters.
Shoebridge, who ran on a joint ticket with Victorian Steph Hodgins-May, defeated Sarah-Hanson Young and outgoing deputy leader Mehreen Faruqi.
A party announcement is due at noon. It comes during a two-day meeting of Greens MPs in Sydney.
Inflation climbs to 4% in year to August
Patrick Commins
Inflation has jumped to 4% in the year to August, from 3.5%, as underlying price pressures remained stubbornly high amid worries the Reserve Bank may have to hike again.
High and rising fuel prices drove the big rise in headline inflation, which was a little lower than anticipated.
Underlying inflation, which trims out the more volatile prices, was unchanged at 3.6%, according to the Australian Bureau of Statistics.
Both measures remain far above the RBA’s official target of 2.5%.
Oaka the rescue dog finds a new job as a koala protector, replacing Bear
When Bear, the world-famous koala detection dog, entered retirement, his trainers feared the koolie’s little red fireground boots might never be filled.
But now AAP reports Oaka – a two-year-old girl of the same breed with the same hyper-fixation on play – has entered the role, where she is tasked with smelling koalas not by their droppings, but by their fur, often metres above ground level.
“It felt like we had struck gold twice,” said Josey Sharrad, the International Fund for Animal Welfare’s Oceania programs head. “The qualities that make dogs not a great family pet are often the qualities that make them become a detection dog.”
The two-year-old was quickly adopted and now lives on the Sunshine Coast, training alongside a number of fellow detection dogs. Alongside drones and human spotters, she will be trained to spot koalas cut off from food and water following bushfires, floods and cyclones.
While she will not be deployed until she is field-ready, the approach of what is expected to be another devastating bushfire season has added urgency.
“Our koalas will need all the help they can get, whether it comes on two legs or four,” Sharrad said.
More on Bear here:
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