Here is a look at what is making news around the country today.
Today’s national news includes the Greens saying that stage-three tax cuts will add to inflation, former PM Morrison saying he will be leaving politics, Australia joining the United States and the United Kingdom in a new effort to place financial sanctions on Hamas, and median rent in Australia has broken the $600 a week mark.
Nation
Stage-three tax cuts will add to inflation—Greens
The Greens have warned that stage-three tax cuts will add to inflation by injecting $20.7 billion into the economy in their first year while failing to compensate low- and middle-income earners for bracket creep, The Guardian reported. The party has released new Parliamentary Budget Office estimates that the cuts will cost $323.6bn over a decade as part of a last-ditch push to influence Albanese government deliberations over the future of the cuts, which deliver a $9,000 tax cut to those earning $200,000 or more.
Politics
Ex-PM Morrison announces departure from politics
Former Australian prime minister Scott Morrison announced he was stepping down as representative for a Sydney suburb next month, after 16 years in parliament, France24 has reported. Mr Morrison said he would “take on new challenges in the global corporate sector.”
World
Australia, US and UK level new Hamas sanctions
Australia has joined the United States and the United Kingdom in a new effort to place financial sanctions on Hamas and key officials supporting the terrorist group, Foreign Minister Penny Wong has confirmed. This is the fifth round of measures introduced by the three countries, with the latest package focusing on Hamas’ use of cryptocurrency as a method of transferring funds. The Islamic Revolutionary Guard Corps-Quds Force has long been identified as the principal mechanism through which Tehran seeks to fund the spread of hostilities against Western and other democratic nations worldwide, SkyNews has reported.
Economy
Australia’s median rent hits new high
Median rent in Australia has broken the $600 a week mark, taking its median cost to more than $31,000 a year—an increase of 8.3 per cent, Savings.com.au has reported. Median rent in Australia has jumped from $437 a week in August 2020, accounting for an $8,000 annual increase in that time. Rent value increases have averaged 9.1 per cent for the past three calendar years. It marks a stark contrast to the average annual growth rate of 2 per cent during the 2010s.
https://www.savings.com.au/news/australia-s-median-rent-hits-new-high
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