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The Reserve Bank governor Philip Lowe will reportedly be replaced when his seven-year contract concludes in mid-September, according to the ABC.
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An announcement from treasurer Jim Chalmers is expected to follow today’s cabinet meeting, when the topic of Lowe’s replacement will be discussed.
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Guardian Australia has not yet been able to confirm this. We will bring you updates as they come.
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In the meantime, here is more on what the future may look like for the Australian economy, the RBA and Lowe, from our economics correspondent Peter Hannam:
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I’m Rafqa Touma, taking the blog for the day. Thanks to Martin Farrer for kicking us off this morning.
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If you see anything you don’t want us to miss, let me know on Twitter or Threads. Let’s get into it.
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Penny Wong has met top Chinese diplomat Wang Yi for the second time in a year, at a meeting for south-east Asia’s foreign ministers, AAP reports.
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The foreign affairs minister, who is in Jakarta for the Asean foreign ministers’ meeting, said:
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We had a constructive discussion about the bilateral relationship and the value of ongoing dialogue.
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I reiterated Australia’s position on a range of issues, including trade impediments, consular cases, human rights and Hong Kong.
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Australia will continue to work with China to grow the bilateral relationship, navigate differences and engage in the national interest.
\n
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Asked before the meeting if she would raise a policing pact signed between China and Solomon Islands, she said Australia maintained the view shared by its regional neighbours that security should be provided by Pacific nations.
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She told the ABC’s 7.30:
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We are continuing to call for transparency from China and Solomon Islands in relation to this agreement. I think it is of benefit for the Pacific Islands Forum to discuss it.
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The Chinese president, Xi Jinping, and the Solomon Islands prime minister, Manasseh Sogavare, jointly announced a comprehensive strategic partnership in Beijing this week.
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Good morning and welcome to our rolling news coverage. This is Martin Farrer bringing you some of the early headlines this morning but my colleague Rafqa Touma will soon be here to guide you through the day.
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With speculation mounting that cabinet could sign off on the appointment of a new Reserve Bank governor today, Peter Dutton has said senior public servants should not be considered for the job to avoid any connection with past governments. If Philip Lowe is to be replaced once his term expires, two of the leading candidates for the position are the Treasury secretary, Steven Kennedy, and the finance department secretary, Jenny Wilkinson. But the opposition leader indicated he would oppose such an appointment.
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In the second part of his investigation into the tactics being used by the no campaign in the Indigenous voice referendum, our political reporter Josh Butler reveals today that opponents of the change are running three different social media strategies, each targeting different groups of Australians with apparently contradictory messages. The lobby group Advance, one of the lead organisations in the no camp, runs one Facebook page highlighting conservative criticism, another highlighting progressive complaints, and a third portraying itself as a neutral news source.
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After the death of two children from flu, people are asking why it’s happening and what can be done to stop it. Our science writer Donna Lu hears that that although the influenza A and B strains circulating appear to have a greater impact on children, the key to cutting infections is to make sure more people are vaccinated. There has been a drop of 10 percentage points in young people getting flu jabs since the pandemic, doctors say.
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Let’s get into it.
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Peter Hannam
Lowe’s exit as RBA governor won’t be a big surprise
Few have expected Philip Lowe would have his seven-year term as Reserve Bank governor extended when it ended in September. Speculation is in a frenzy mode that we’ll have that confirmed later today by treasurer Jim Chalmers.
The two previous RBA governors had three years tacked onto their terms, so Lowe’s exit would be something of a rejection by the government. Lowe has, of course, overseen 12 interest rate rises in the past 14 months to try to rein-in inflation – not exactly boosting his popularity.
We looked at the likely candidates to replace him in this recent piece:
There’s always been the issue of who was best qualified for the job and whether that person wanted the job. One rumour was Carolyn Wilkins – a Canadian with central bank experience in both her own country and the UK and a member of the RBA review panel – had been approached but turned down the offer.
It’s also worth remembering that the government will also soon name the members of a separate monetary policy board within the RBA to set rates. The next RBA governor in other words would likely have a diluted role – worth keeping in mind.
As we understand it, Chalmers will take just the one name to cabinet and he’ll seek endorsement of it. That name will, it seems, be someone other than Lowe.
For what it’s worth, a lame duck Lowe is not expected to raise rates at the 1 August meeting. Investors now rate the odds of a 25 basis point increase to 4.35% at less than one in three, according to the ASX rates tracker.
No campaign’s tactics revealed
The no campaign in the Indigenous voice referendum is running three different social media strategies – each one targeting different groups of Australians with apparently contradictory messages, a Guardian Australia investigation can reveal.
The lobby group Advance, one of the lead organisations in the no camp, runs one Facebook page highlighting conservative criticism, another highlighting progressive complaints and a third portraying itself as a neutral news source.
You can read our exclusive from Josh Butler and Nick Evershed here:
Crackdown on greenwashing
The consumer watchdog has published draft guidelines today warning against misleading advertising in an attempt to improve confidence in environmental standards claimed by companies, AAP reports.
The Australian Competition and Consumer Commission announced a crackdown in 2022 on businesses greenwashing – which involves making false claims to deceive consumers into believing a product or service is environmentally friendly.
An internet sweep found 57% of businesses reviewed were making potentially misleading environmental claims.
ACCC chair Gina Cass-Gottlieb said businesses needed to be honest and transparent when making claims so they didn’t undermine consumer confidence:
Our draft guidance sets out what the ACCC considers to be good practice when businesses make environmental claims about their products and services, as well as making them aware of their obligations under the Australian Consumer Law.
Businesses that are taking genuine steps to adopt sustainable practices are put at a competitive disadvantage by businesses that engage in “greenwashing” without incurring the same costs.
Philip Lowe will be replaced as RBA governor, ABC says
The Reserve Bank governor Philip Lowe will reportedly be replaced when his seven-year contract concludes in mid-September, according to the ABC.
An announcement from treasurer Jim Chalmers is expected to follow today’s cabinet meeting, when the topic of Lowe’s replacement will be discussed.
Guardian Australia has not yet been able to confirm this. We will bring you updates as they come.
In the meantime, here is more on what the future may look like for the Australian economy, the RBA and Lowe, from our economics correspondent Peter Hannam:
Good morning!
Rafqa Touma
I’m Rafqa Touma, taking the blog for the day. Thanks to Martin Farrer for kicking us off this morning.
If you see anything you don’t want us to miss, let me know on Twitter or Threads. Let’s get into it.
Penny Wong meets China’s highest ranking diplomat at Asean summit
Penny Wong has met top Chinese diplomat Wang Yi for the second time in a year, at a meeting for south-east Asia’s foreign ministers, AAP reports.
The foreign affairs minister, who is in Jakarta for the Asean foreign ministers’ meeting, said:
We had a constructive discussion about the bilateral relationship and the value of ongoing dialogue.
I reiterated Australia’s position on a range of issues, including trade impediments, consular cases, human rights and Hong Kong.
Australia will continue to work with China to grow the bilateral relationship, navigate differences and engage in the national interest.
Asked before the meeting if she would raise a policing pact signed between China and Solomon Islands, she said Australia maintained the view shared by its regional neighbours that security should be provided by Pacific nations.
She told the ABC’s 7.30:
We are continuing to call for transparency from China and Solomon Islands in relation to this agreement. I think it is of benefit for the Pacific Islands Forum to discuss it.
The Chinese president, Xi Jinping, and the Solomon Islands prime minister, Manasseh Sogavare, jointly announced a comprehensive strategic partnership in Beijing this week.
Wong reassures Asean nations about Indo-Pacific security
The foreign affairs minister, Penny Wong, has placed Asian nations at the forefront of security in the Indo-Pacific even as Nato considers expanding its presence in the region, AAP reports.
The military alliance proposed opening a liaison office in Japan’s capital Tokyo, in an attempt to deepen cooperation with partners in the region.
But the proposal was strongly opposed by China.
Wong is in Jakarta for the Asean foreign ministers’ meeting and, asked if Australia backed Nato’s expansion, she said the government maintained “Asean as the centre of the region”. She told the ABC’s 7.30 last night:
Asean centrality within the Indo-Pacific is so critical to peace and prosperity and stability. We are providing support that we think is appropriate and that is needed.
Welcome
Good morning and welcome to our rolling news coverage. This is Martin Farrer bringing you some of the early headlines this morning but my colleague Rafqa Touma will soon be here to guide you through the day.
With speculation mounting that cabinet could sign off on the appointment of a new Reserve Bank governor today, Peter Dutton has said senior public servants should not be considered for the job to avoid any connection with past governments. If Philip Lowe is to be replaced once his term expires, two of the leading candidates for the position are the Treasury secretary, Steven Kennedy, and the finance department secretary, Jenny Wilkinson. But the opposition leader indicated he would oppose such an appointment.
In the second part of his investigation into the tactics being used by the no campaign in the Indigenous voice referendum, our political reporter Josh Butler reveals today that opponents of the change are running three different social media strategies, each targeting different groups of Australians with apparently contradictory messages. The lobby group Advance, one of the lead organisations in the no camp, runs one Facebook page highlighting conservative criticism, another highlighting progressive complaints, and a third portraying itself as a neutral news source.
After the death of two children from flu, people are asking why it’s happening and what can be done to stop it. Our science writer Donna Lu hears that that although the influenza A and B strains circulating appear to have a greater impact on children, the key to cutting infections is to make sure more people are vaccinated. There has been a drop of 10 percentage points in young people getting flu jabs since the pandemic, doctors say.
Let’s get into it.
