Albanese dines with Trump in South Korea
Extra now on Anthony Albanese and Donald Trump’s dinner on the Apec sidelines in Gyeongju final night time.
The US president instructed reporters that the pair “had an awesome assembly every week in the past”, the ABC reviews, referring to their Washington assembly.
Trump continued:
You’ve accomplished a improbable job and we’re working collectively on uncommon earths, however we’re engaged on a whole lot of issues collectively, and it’s all figuring out very properly.
Albanese with Singapore’s prime minister, Lawrence Wong, Donald Trump, and South Korean president, Lee Jae Myung in Gyeongju, South Korea. {Photograph}: Mark Schiefelbein/AP
The principle occasion of the summit was Trump negotiating a commerce cope with South Korea, however it was additionally an opportunity for Albanese to proceed the diplomatic whirlwind of latest weeks that has seen him journey to the US (twice), UK, UAE, Malaysia and now South Korea.
I’m working with leaders from throughout the globe to get issues accomplished for Australia.
Right here at APEC we have now a seat on the desk – and we use it to again Australian jobs, Australian companies and to create new alternatives for our exporters and traders.
As a result of what occurs within the… pic.twitter.com/a6mSReiPoE
— Anthony Albanese (@AlboMP) October 29, 2025
Writing on X, Albanese mentioned:
I’m working with leaders from throughout the globe to get issues accomplished for Australia.
Right here at APEC we have now a seat on the desk – and we use it to again Australian jobs, Australian companies and to create new alternatives for our exporters and traders.
As a result of what occurs on the earth issues to Australia. Thanks for the nice and cozy welcome to South Korea, President Lee Jae Myung.
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Up to date at 15.53 EDT
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Australians must be ‘alarmed’ if Labor negotiates with Greens on surroundings invoice
I instructed you it will be environment-heavy didn’t I!
The shadow surroundings minister, Angie Bell, joined Sky Information a second in the past and mentioned the federal government ought to negotiate with the Coalition on the EPBC Act, however then mentioned her celebration is a “good distance” from reaching a cope with Labor.
Bear in mind, Murray Watt mentioned he would really like a deal closed and the laws handed by means of parliament by the top of the yr (and there are simply over two sitting weeks left within the yr). Although it received’t be straightforward both means: the Greens additionally wish to safe some main concessions from the federal government.
Bell says:
I believe Australians must be alarmed on the thought that Labor would go to the Greens and do a deal on this, as a result of our nation could be a lot worse off. Let’s take a look at the wealth of our nation and the place that wealth has come from. Let’s take a look at the place the cash goes from mining into the coffers of state governments, and the way they then ship on hospitals and faculties round their nation and infrastructure … We’re a good distance from doing a cope with Labor on this.
Shadow minister for the surroundings, Angie Bell. {Photograph}: Mick Tsikas/AAPShare
Up to date at 16.24 EDT
Krishani Dhanji
Good morning, Krishani Dhanji right here with you, due to Martin Farrer for getting us began.
It’s going to be a closely environment-focused day – we’ll see minister Murray Watt on the Nationwide Press Membership and he’ll be introducing the surroundings safety and biodiversity conservation (EPBC) invoice in parliament at this time.
There’s additionally loads of response round to the PM’s dinner with Apec leaders (together with one Donald Trump) in South Korea in a single day, in addition to the inflation knowledge launched yesterday.
Keep on with us!
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Up to date at 16.19 EDT
Andrew Messenger
Downgrade of Queensland’s credit standing ‘inevitable’, treasurer says
Queensland’s treasurer, David Janetzki, has instructed parliament a downgrade of the state’s credit standing is “inevitable” attributable to poor budgetary efficiency.
Earlier this month, rankings company S&P World affirmed a adverse outlook for Queensland’s state authorities, forecasting the state will owe a debt to income ratio of 150% by 2028, up from 100% in 2023, attributable to a traditionally massive infrastructure funding partly on account of the 2032 Olympics and Paralympic Video games.
Janetzki blamed his predecessor, Cameron Dick, for a $5.38bn deficit, however mentioned the finances had since improved and the state would now run a deficit of simply $4.43bn.
These reverse [the Labor opposition] squandered income rivers of gold with group security, well being and housing outcomes going backwards on their watch.
Mr Speaker, Labor’s fiscal vandalism has made a credit standing downgrade extremely seemingly, even inevitable. Their debt, deficit and deception legacy will take time to repair this time period and the subsequent.
Queensland treasurer, David Janetzki. {Photograph}: Darren England/AAPShare
Up to date at 16.18 EDT
Anne Davies
Adopted on from final submit…
The NSW funding announcement follows some critical setbacks for main renewables initiatives in NSW within the final 12 months.
Equinor, the Norwegian state-owned conglomerate behind the proposed $10bn Novocastrian windfarm close to Newcastle, introduced in Might it will withdraw from the mission and in August formally pulled out leaving the mission unsure.
Plans to construct a virtually 500 megawatt windfarm at Barneys Reef in central-western New South Wales have been additionally deserted, with the mission’s developer, RES, claiming that “altering financial and planning necessities” within the state have made it too difficult to proceed.
There has additionally been group revolts over windfarms within the south-west renewable power zone round Goulburn, prompting the native Liberal member, Wendy Tuckerman, to resign from the opposition frontbench over what she mentioned was a scarcity of session inside her personal celebration over renewables laws.
Whether or not the IDA can reignite any of the failed renewables initiatives or translate curiosity into funding stays to be seen.
Minns mentioned:
Forty-eight proposals price $136bn exhibits precisely why we created the Funding Supply Authority. This stage of curiosity is absolutely promising. It exhibits the IDA is one thing traders have been ready for.
Our authorities is sending a transparent message to international traders: if you happen to deliver your cash to NSW, we’ll provide help to navigate our system.
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Up to date at 16.17 EDT
NSW premier to trumpet success of funding authority
Anne Davies
The Minns Labor authorities is trumpeting its new Funding Supply Authority as a hit story in getting extra funding to NSW, asserting it has has acquired 48 main proposals price $136bn within the first spherical of expressions of curiosity.
The scheme, which is modelled on its Housing Supply Authority, goals to offer a single level of entry for traders, and assist navigating approvals, so initiatives can get began extra rapidly.
Within the first spherical 22 initiatives relate to renewable power and power safety – valued at $63bn, whereas 23 initiatives relate to knowledge centres and know-how – valued at $72bn.
To be eligible for the fast-track most initiatives should be valued at greater than $1bn. Nonetheless, the IDA can be serving to with resort initiatives over $200m. Three additional functions – valued at $860m – have been acquired.
The extent of curiosity shall be spruiked by the premier Chris Minns on the Sydney Funding Summit on the Opera Home this morning.
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No extra massive financial reforms this yr, says Chalmers
Patrick Commins
Jim Chalmers says any additional financial reforms shall be delayed till the Might finances, after he dominated out any new authorities insurance policies in December’s mid-year fiscal replace.
The treasurer instructed assembled enterprise figures on the Australian Chamber of Commerce and Business’s gala dinner in parliament home final night time that “this yr’s Myefo is not going to be a mini-budget with a number of new initiatives”.
The mid-year replace shall be exactly that – a chance to replace forecasts and the fiscal place. The principle sport shall be Might.
Chalmers is coming off a bruising backdown on key points of his $3m tremendous coverage, which is able to, if and when it’s legislated, elevate taxes on the highest 0.5% of savers.’
Treasurer Jim Chalmers. {Photograph}: Mick Tsikas/AAP
Sitting idle is certainly not a part of Chalmers’ modus operandi, nonetheless, and he was eager to level out the various small steps in the best path being taken since August’s financial reform roundtable.
The commonwealth has “simply signed off on the primary set of state and territory reforms” that shall be rewarded with incentive cash from the federal government’s $900m productiveness fund.
They embrace the Northern Territory authorities promising “cease pointless objections to business developments” and the ACT methods to take away obstacles to prefabricated supplies to be used in home-building.
“There’s been a lot progress already on the instructions set by the roundtable, and we’ll deliver much more of it collectively in our fifth finances,” Chalmers mentioned.
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Up to date at 16.15 EDT
The RBA was all the time in search of an excuse to not lower, writes Greg Jericho
Martin Farrer
It’s truthful to say the Albanese authorities wants some excellent news on costs – particularly power costs – after yesterday’s inflation figures appeared to place paid to any prospect of a charge lower by the RBA subsequent week.
Our economics columnist, Greg Jericho, has been trying on the numbers and agrees with the consensus amongst forecasters that there’ll be no charge lower.
Nonetheless, he does discover some purpose for optimism on costs as a result of the headline determine has been strongly affected by the top of family power invoice subsidies, and likewise as a result of underlying will increase in the price of items and companies should not terrifyingly excessive.
Illustration: ABS
Learn his full piece right here:
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Up to date at 16.13 EDT
Bowen predicts decrease electrical energy costs as wholesale prices fall
Luca Ittimani
Chris Bowen has predicted decrease electrical energy costs for customers after wholesale electrical energy costs from July to September fell practically 40% from the earlier quarter.
Rising renewable power output slashed prices and despatched data tumbling, in keeping with knowledge launched at this time from the Australian Vitality Market Operator (Aemo). Responding to the report, Bowen mentioned:
The drop in wholesale worth is sweet information – and will move by means of to retail power costs within the close to time period.
Queensland had the bottom common spot worth at $72/MWh after costs fell to zero or decrease greater than 1 / 4 of the time, which was a state document, Aemo’s quarterly power dynamics report learn.
Document excessive wind energy output, together with rising rooftop and grid-scale photo voltaic and a dip in coal-fired energy output, noticed renewables contribute 42.7% of the gasoline combine, which was a September quarter document.
Renewables made up 77.2% of whole power era throughout the nationwide marketplace for half an hour on 22 September, an all-time excessive, in keeping with Aemo.
Underlying power demand additionally hit a September quarter document, due to heating within the chilly winter months, rising knowledge centre consumption and rising alternative of residence home equipment and automobiles with electrical alternate options.
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Up to date at 16.08 EDT
Albanese dines with Trump in South Korea
Extra now on Anthony Albanese and Donald Trump’s dinner on the Apec sidelines in Gyeongju final night time.
The US president instructed reporters that the pair “had an awesome assembly every week in the past”, the ABC reviews, referring to their Washington assembly.
Trump continued:
You’ve accomplished a improbable job and we’re working collectively on uncommon earths, however we’re engaged on a whole lot of issues collectively, and it’s all figuring out very properly.
Albanese with Singapore’s prime minister, Lawrence Wong, Donald Trump, and South Korean president, Lee Jae Myung in Gyeongju, South Korea. {Photograph}: Mark Schiefelbein/AP
The principle occasion of the summit was Trump negotiating a commerce cope with South Korea, however it was additionally an opportunity for Albanese to proceed the diplomatic whirlwind of latest weeks that has seen him journey to the US (twice), UK, UAE, Malaysia and now South Korea.
I’m working with leaders from throughout the globe to get issues accomplished for Australia.
Right here at APEC we have now a seat on the desk – and we use it to again Australian jobs, Australian companies and to create new alternatives for our exporters and traders.
As a result of what occurs within the… pic.twitter.com/a6mSReiPoE
— Anthony Albanese (@AlboMP) October 29, 2025
Writing on X, Albanese mentioned:
I’m working with leaders from throughout the globe to get issues accomplished for Australia.
Right here at APEC we have now a seat on the desk – and we use it to again Australian jobs, Australian companies and to create new alternatives for our exporters and traders.
As a result of what occurs on the earth issues to Australia. Thanks for the nice and cozy welcome to South Korea, President Lee Jae Myung.
Share
Up to date at 15.53 EDT
Welcome
Martin Farrer
Good morning and welcome to our dwell information weblog. I’m Martin Farrer with the highest in a single day tales after which will probably be Krishani Dhanji with the principle motion.
After ready what appeared like a very long time to fulfill Donald Trump, Anthony Albanese has accomplished so twice within the house of 10 days as he adopted up his journey to Washington final week by sitting subsequent to the US president on the Asia-Pacific Financial Cooperation (Apec) summit dinner in Gyeongju, South Korea, final night time.
Yesterday’s inflation figures got here as a blow to the federal authorities’s efforts to rebalance the economic system however at this time the power minister, Chris Bowen, is attempting to inform a extra upbeat story as he guarantees that households will see decrease electrical energy costs within the “close to time period”. It follows a steep fall in wholesale electrical energy costs within the quarter to September, helped by extra renewable energy coming into the system.
Extra quickly.
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Up to date at 16.02 EDT
