From 30m ago
Westpac rewards shareholders after profit surges to $7.2bn
Jonathan Barrett
Westpac has recorded a 26% lift in annual net profit to $7.2bn after profiting from increased margins on its home and business loan books amid rising interest rates.
The bank’s CEO, Peter King, said the result was pleasing and that shareholders would be rewarded with a $1.5bn buyback. He said there had been a “modest increase in stress” among customers due to rising interest rates and elevated inflation.
Our mortgage portfolio, which is our largest, is demonstrating resilience with most customers being able to respond to economic pressures.
Companies use buybacks to return excess capital to investors, in a strategy that usually lifts a stock price. Westpac’s closely watched profitability gauge – net interest margins – increased nine basis points from a year earlier to 1.96%, excluding notable items, representing a strong lift.
Westpac’s results were released this morning ahead of tomorrow’s interest rate announcement from the Reserve Bank. A majority of analysts expect the central bank will increase the official rate to 4.35%, which would be the highest level since November 2011.
While bad debts at Australian financial institutions have been rising after the fastest increase in rates in more than three decades, they have not resulted in widespread defaults.
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Westpac has recorded a 26% lift in annual net profit to $7.2bn after profiting from increased margins on its home and business loan books amid rising interest rates.
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The bank’s CEO, Peter King, said the result was pleasing and that shareholders would be rewarded with a $1.5bn buyback. He said there had been a “modest increase in stress” among customers due to rising interest rates and elevated inflation.
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Our mortgage portfolio, which is our largest, is demonstrating resilience with most customers being able to respond to economic pressures.
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Companies use buybacks to return excess capital to investors, in a strategy that usually lifts a stock price. Westpac’s closely watched profitability gauge – net interest margins – increased nine basis points from a year earlier to 1.96%, excluding notable items, representing a strong lift.
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Westpac’s results were released this morning ahead of tomorrow’s interest rate announcement from the Reserve Bank. A majority of analysts expect the central bank will increase the official rate to 4.35%, which would be the highest level since November 2011.
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While bad debts at Australian financial institutions have been rising after the fastest increase in rates in more than three decades, they have not resulted in widespread defaults.
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For the fourth weekend in a row, pro-Palestinian rallies were held across Australia with thousands calling for a ceasefire and an end to the bombardment of Gaza.
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Rallies were held in major cities across the country, including in Melbourne, Brisbane, Adelaide, Canberra and Perth, and comes after over 10,000 people marched in Sydney on Saturday.
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The Melbourne rally reportedly attracted tens of thousands of supporters to the State Library, where they marched through the city, chanting for a ceasefire.
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In Brisbane, protestors marched from Queens Garden to the offices of the ABC in South Brisbane, calling for a ceasefire and protesting the “biased reporting of the situation in Gaza.” In a statement, organisers of the Brisbane rally said the focus on the ABC was to also address the “under-reporting” of the large pro-Palestinian protests across the country.
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Since 7 October, protests in Brisbane have been attended by thousands, condemning Israel’s genocide of Palestinians. This Sunday, we will again rally to call for a ceasefire, and an end to the siege of Gaza.
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This time, we will also call on the media to stop their skewed reporting on Palestine.
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The rallies proceeded despite rain in some cities, and in increasing numbers as Israel continues its bombardment of Gaza in response to the Hamas attack that killed more than 1,400 people in early October.
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The Hamas-run health ministry in Gaza say that at least 9,400 Palestinians have been killed in the bombardment so far.
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Here is some more detail about the contentious workplace reforms set to lead parliaments agenda this week, via AAP:
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Independent senators David Pocock and Jacqui Lambie will table private senator’s bills aimed at splitting the government’s industrial relations reforms.
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In its current form, Labor’s proposal attempts to close loopholes that allow companies to pay labour hire workers less, add protections for gig economy workers and create opportunities for casuals to transition into permanent work if they wish.
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The proposals have been heavily criticised by the Coalition and various business groups who claim it would increase operating costs, worsen the cost-of-living crisis and make many business operators unviable.
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However, there is broad support for reforms that would also make it easier for frontline responders to access claims for post-traumatic stress disorder, protect employees when businesses become insolvent, improve protections for workers experiencing domestic violence and bring silica dust regulation in line with asbestos to better support workers at risk of contracting deadly disease.
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Pocock and Lambie are hoping to split four less-controversial elements into a new bill to fast-track the reforms. Pocock:
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\n
These changes are urgent, and I would love to see the parliament put politics aside and get behind some really straightforward measures to benefit workers rather than making them wait.
\n
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The rest of the government’s bill would be debated in the new year.
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And welcome back to another week here on the Guardian Australia live news blog. I’m Emily Wind, and I’ll be taking you through our rolling coverage.
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Here is what’s making news this morning:
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The prime minister, Anthony Albanese, is in China, set to meet with President Xi Jinping later today. Our political editor, Katharine Murphy, is there to bring us the latest, and you can read more from her here and here.
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Overnight, five people – including two children – died when a car crashed into the beer garden of a pub in Daylesford in rural Victoria. Victoria Ambulance just provided an update earlier this morning, which we will bring you shortly.
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Meanwhile, as AAP reports, contentious workplace reforms will lead the federal parliament’s agenda when politicians return to Canberra this week. The Senate will sit from Monday for five days, while the House of Representatives remains on break for another week.
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Independent senators David Pocock and Jacqui Lambie will table private senator’s bills aimed at splitting the government’s industrial relations reforms.
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As always, if there is anything you think needs attention on the blog, you can send me an email: emily.wind.casual@theguardian.com.
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With that, let’s get started.
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Key events
Filters BETA
Turning to the Israel-Hamas war, independent senator David Pocock is asked whether Israel’s response is proportionate:
You can’t say it is.
International organisations are reporting that 40% of casualties in Gaza are children. That is unacceptable. We have to view every life as having equal value and deserving of protection.
I’m not a expert in the history of this conflict, but what I’m hearing from Canberrans, or what I’m saying to the government, is that they need to be advocating loudly, publicly, and through every private diplomatic channel, to ensure that this doesn’t continue.
… We have to be calling this out. We have to be calling out the atrocities on both sides and urging them to come to some sort of resolution, at the very minimum to be having urgent humanitarian pause…
Pocock: ‘economy-wide’ legislation creates unintended consequences but seperated bills have ‘broad consensus’
ABC RN host Hamish Macdonald:
As you’ve been travelling around the country attending those hearings and speaking to both workers and employers, do you get the impression that the government has somewhat overcooked it with this legislation package?
Independent senator David Pocock:
My sense is that there’s some real issues that need to be solved, but this legislation is economy-wide so that creates issues and potential unintended consequences.
No one’s arguing that what Qantas have been doing is okay. We’ve got to ensure that that doesn’t happen. But again, if you’re introducing things across the economy, what does that mean for other businesses?
… The reason we’re bringing these four bills forward is that there’s broad consensus on them. We’ve essentially lifted the four bills from the government’s omnibus bill and we’ll be introducing [these] to the Senate.
Pocock: IR omnibus bill warrants scrutiny
Independent senator David Pocock said he will look at the legislation on its merits but when a huge omnibus bill, with a “500 page explanatory memorandum [and] 200 plus pages of detailed legislation” is tabled, “you can’t expect that just to fly through the Senate”.
I think there’s a lot of things in this bill that do warrant scrutiny. There’s a number of issues that have been raised [and] you mentioned Qantas, some of the use of labour hire to undercut Qantas staff is a huge issue…
You’re introducing laws that are across the economy and that means that you’ve got to get them right because you’re not just targeting Qantas, this is going to apply to everyone.
Pocock says support across parliament for section of Labor’s IR reforms
Independent senator David Pocock also spoke to ABC RN this morning, about the workplace reforms set to lead parliaments agenda this week.
As we brought you earlier on the blog, Pocock and Jacqui Lambie will table private senator’s bills aimed at splitting the government’s proposed industrial relations reforms. The independent senators are hoping to split four less-controversial elements of the bill into a new bill to fast-track the reforms.
These four elements would see further protections for employees with PTSD or facing domestic violence, better protect those at risk of developing silicosis from asbestos, and address small business redundancy:
Pocock:
So those four bills really are the really straightforward ones in this in this big package and I think there’s support across the parliament for them. We’re saying to the government, let’s get these on the way while we take more time on the bigger package of bills.
Westpac rewards shareholders after profit surges to $7.2bn
Jonathan Barrett
Westpac has recorded a 26% lift in annual net profit to $7.2bn after profiting from increased margins on its home and business loan books amid rising interest rates.
The bank’s CEO, Peter King, said the result was pleasing and that shareholders would be rewarded with a $1.5bn buyback. He said there had been a “modest increase in stress” among customers due to rising interest rates and elevated inflation.
Our mortgage portfolio, which is our largest, is demonstrating resilience with most customers being able to respond to economic pressures.
Companies use buybacks to return excess capital to investors, in a strategy that usually lifts a stock price. Westpac’s closely watched profitability gauge – net interest margins – increased nine basis points from a year earlier to 1.96%, excluding notable items, representing a strong lift.
Westpac’s results were released this morning ahead of tomorrow’s interest rate announcement from the Reserve Bank. A majority of analysts expect the central bank will increase the official rate to 4.35%, which would be the highest level since November 2011.
While bad debts at Australian financial institutions have been rising after the fastest increase in rates in more than three decades, they have not resulted in widespread defaults.
Paterson: Hamas ultimately responsible for civilian casualties
Q: But given the enormous number of civilians who have been killed in Gaza, do you think Israel is actually delivering on that?
Liberal senator James Paterson:
That’s a direct result of the military strategy that Hamas has adopted in this conflict as they have in previous as conflicts. They have built a network of tunnels which go underneath, hospitals underneath schools. and mosques, they hide among the civilian population [and] in refugee camps.
Paterson said the IDF “must show restraint” and when compared to almost any other military in the world, “they do so”, pointing to the dropping of leaflets and sending of text messages to warn in advance of operations. ABC RN host Hamish Macdonald points out that this is an obligation under international law.
Paterson then adds:
I think it’s admirable that Israel does so and I think it does contribute to reduce civilian casualties, but let’s be really clear about this: the party which is morally responsible for those civilian casualties are the people who put those civilians in harm’s way, and Hamas is not just holding 200 Israelis hostage, they’re holding 2 million Gazans hostage as well.
They’re using them as human shields, because they’re trying to protect themselves operationally, but they’re also trying to make sure there are civilian casualties because they use that as a propaganda weapon against Israel in international public opinion.
Paterson: ceasefire in Gaza would ‘just allow Hamas to regroup’
Turning to the Israel-Hamas war, Liberal senator James Paterson is asked for his view on calls for a ceasefire.
This comes as people right across Australia attended Pro-Palestinian rallies across the country at the weekend (we had more detail on this earlier in the blog).
Paterson said he understands people “watching the horror of what is happening in Gaza want to see the violence to end” but doesn’t think a ceasefire “would deliver what they’re seeking”.
[It would] just allow Hamas to regroup, it would allow them to continue to hold more than 200 hostages, and it would allow them to again prepare for another attack on Israel.
And the truth is that neither the people of Gaza, the Palestinian people, nor the people of Israel, will be safe as long as Hamas is in power in Gaza. And so their removal is a legitimate military objective which Israel is proceeding with. Having said that, it is of course important for Israel and the IDF to do what they can to minimise civilian casualties.
Liberals continue hard line on China
The shadow minister for cyber security and countering foreign interference, James Paterson, spoke to ABC RN just earlier about a range of issues. First up, was the prime minister Anthony Albanese’s visit to China. Here is what Paterson said he wants the PM to raise with Xi Jinping:
I think it’s important that the prime minister raises the full range of issues in the bilateral relationship with Xi Jinping, including the foreign interference and espionage in our democracy but also the ongoing detention of an Australian citizen Dr Yang Hengjun, the ongoing unjustified sanctions against the Australian economy and many other challenges.
Paterson said the Coalition has provided bipartisan support for the government to stabilise the bilateral relationship between Australia and China, but “we have to be honest and recognise that this is not just another bilateral relationship”:
I think they (China) certainly do pose national security challenges to Australia in terms of foreign interference and espionage, in terms of cyber attacks in terms of intellectual property theft, but also in terms of malign conduct that they’re engaging in the South China Sea …
Paterson is asked for his view on how Australia should respond to China asking to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPATPP), and if it should it be a flat no?
In my view, it would be absurd to admit as a member of one of the highest standard agreements in the world, a country which until recently had engaged in up to $20bn of economic sanctions against the bilateral free trade agreement. If the Chinese government is not able to abide by the standards it voluntarily agreed to enter into under the Australian free trade agreement, why should we expect that they will behave any differently in the future?
Sarah Basford Canales
Government opens applications for teacher scholarships
Scholarships for those planning to study to become a teacher next year have opened up for registration, with the federal government offering 5,000 places.
The program, designed to get more people taking up teaching careers, will be targeted at a broad range of Australians including high-achieving school-leavers, mid-career professionals, First Nations peoples and those from low socio-economic backgrounds.
Undergraduate teaching students will be eligible for a $40,000 scholarship over four years while post-graduate students can access a $20,000 scholarship over two years. There will be a “commitment to teach” requirement attached to the scholarships, ensuring those who receive the funds teach for a number of years in either government-run schools or early learning settings.
The education minister, Jason Clare, said the plan was about tackling the skills shortage and making more Australians consider a career in education.
Tying scholarships to a commitment to teach is an old school idea that will help tackle today’s teacher workforce challenges.
They will help 5,000 of the best and brightest teaching students to complete their studies and begin changing lives in the schools who need it most.
Mostafa Rachwani
Protest organiser: governement ‘lagging behind’ public sentiment on Gaza
Australia Palestine Advocacy Network president Nasser Mashni said the protests had attracted “tens of thousands” of people at the weekend and are posed to continue:
Generations of Australians have protested in solidarity with Palestinians, calling for Palestinian self-determination and freedom from Israeli occupation, for the past 75 years. The past five weeks alone, we’ve seen tens of thousands of people of good conscience across the continent protest against Israeli violence against Palestine.
We will continue to colour the streets of this continent red, black, white and green, and will call for an immediate ceasefire and peace and justice for Palestine until the Australian government not only listens, but joins us in these calls.
Mashni said the protests showed that the Australian government is “lagging behind” public sentiment, and that the growing crowds reflected growing solidarity for the people of Gaza:
These protests show that the Australian community is grieving with the people of Palestine, that every one of the almost 10,000 people killed in Gaza is precious, that Australians have not and won’t forget Palestine, and that the Australian community demands an immediate ceasefire to prevent further loss of innocent lives.
Thousands march for Gaza ceasefire over weekend
Mostafa Rachwani
For the fourth weekend in a row, pro-Palestinian rallies were held across Australia with thousands calling for a ceasefire and an end to the bombardment of Gaza.
Rallies were held in major cities across the country, including in Melbourne, Brisbane, Adelaide, Canberra and Perth, and comes after over 10,000 people marched in Sydney on Saturday.
The Melbourne rally reportedly attracted tens of thousands of supporters to the State Library, where they marched through the city, chanting for a ceasefire.
In Brisbane, protestors marched from Queens Garden to the offices of the ABC in South Brisbane, calling for a ceasefire and protesting the “biased reporting of the situation in Gaza.” In a statement, organisers of the Brisbane rally said the focus on the ABC was to also address the “under-reporting” of the large pro-Palestinian protests across the country.
Since 7 October, protests in Brisbane have been attended by thousands, condemning Israel’s genocide of Palestinians. This Sunday, we will again rally to call for a ceasefire, and an end to the siege of Gaza.
This time, we will also call on the media to stop their skewed reporting on Palestine.
The rallies proceeded despite rain in some cities, and in increasing numbers as Israel continues its bombardment of Gaza in response to the Hamas attack that killed more than 1,400 people in early October.
The Hamas-run health ministry in Gaza say that at least 9,400 Palestinians have been killed in the bombardment so far.
Victoria Ambulance commends bystanders for assistance after Victorian pub crash
Trevor Weston from Victoria Ambulance said he has never seen an incident like at at Daylesford before.
These incidents, they’re very few and far between, thankfully. And you know, again, our thoughts are with those who experienced this last night.
He said Daylesford, in rural Victoria, is a “very close-knit community” and some of the first responders were locals:
You never want to respond to any incident like this, but certainly not in your hometown … Any incident involving children is sort of that next level of distress for our paramedics.
Weston also thanked bystanders and patrons for their efforts in helping those injured:
I would imagine they would be dealing with the actual incident, and to then provide that assistance to those nearby, we would really really commend them and thank them for their efforts.
Seven hospitalised after Victorian pub crash
Just earlier, Trevor Weston from Victoria Ambulance spoke to the media following last nights horror crash in Dayelsford. Five people, including two children, died when a car crashed into the beer garden of a pub in Daylesford in rural Victoria last night.
Weston said four people were airlifted to hospital in critical conditions, and a further three transported in stable conditions via ambulances.
He said the Royal Children’s hospital, the Royal Melbourne hospital, Royal Alfred and Ballarat Base all received patients.
It was [a] very confronting, quite chaotic when our first initially crews arrived.
There was a number of injured persons in the scene being assisted by members of the public and other patrons within the facility.
We’ve conducted debriefs with our crews last night and we’ll continue to provide welfare and support to those crews as its needed in the coming days.
Weston said the driver was taken to hospital in a stable condition but he didn’t have any more information to provide at this time.
More Australians arrive home from Gaza
A dozen more Australians have arrived back home after weeks trapped in war-torn Gaza, AAP reports.
A family of four landed in Adelaide and a family of three arrived in Melbourne on Saturday, while another 12 passengers landed in Sydney on a commercial flight on Sunday night.
The 19 people were among 25 who fled into Egypt from Gaza last week after being allowed through the Rafah crossing.
The federal government is still helping 67 people, including Australian citizens, permanent residents and family members, who remain in Gaza.
Officials are continuing to call for the remaining Australians and their family members to be allowed to cross the border to safety.
Divisive workplace reform to face split in parliament
Here is some more detail about the contentious workplace reforms set to lead parliaments agenda this week, via AAP:
Independent senators David Pocock and Jacqui Lambie will table private senator’s bills aimed at splitting the government’s industrial relations reforms.
In its current form, Labor’s proposal attempts to close loopholes that allow companies to pay labour hire workers less, add protections for gig economy workers and create opportunities for casuals to transition into permanent work if they wish.
The proposals have been heavily criticised by the Coalition and various business groups who claim it would increase operating costs, worsen the cost-of-living crisis and make many business operators unviable.
However, there is broad support for reforms that would also make it easier for frontline responders to access claims for post-traumatic stress disorder, protect employees when businesses become insolvent, improve protections for workers experiencing domestic violence and bring silica dust regulation in line with asbestos to better support workers at risk of contracting deadly disease.
Pocock and Lambie are hoping to split four less-controversial elements into a new bill to fast-track the reforms. Pocock:
These changes are urgent, and I would love to see the parliament put politics aside and get behind some really straightforward measures to benefit workers rather than making them wait.
The rest of the government’s bill would be debated in the new year.
Good morning
Emily Wind
And welcome back to another week here on the Guardian Australia live news blog. I’m Emily Wind, and I’ll be taking you through our rolling coverage.
Here is what’s making news this morning:
The prime minister, Anthony Albanese, is in China, set to meet with President Xi Jinping later today. Our political editor, Katharine Murphy, is there to bring us the latest, and you can read more from her here and here.
Overnight, five people – including two children – died when a car crashed into the beer garden of a pub in Daylesford in rural Victoria. Victoria Ambulance just provided an update earlier this morning, which we will bring you shortly.
Meanwhile, as AAP reports, contentious workplace reforms will lead the federal parliament’s agenda when politicians return to Canberra this week. The Senate will sit from Monday for five days, while the House of Representatives remains on break for another week.
Independent senators David Pocock and Jacqui Lambie will table private senator’s bills aimed at splitting the government’s industrial relations reforms.
As always, if there is anything you think needs attention on the blog, you can send me an email: emily.wind.casual@theguardian.com.
With that, let’s get started.
