12:05:45 25/11/2016
The Federal Government has rejected a call by the New South Wales Planning Minister, Rob Stokes, for the Commonwealth to review tax breaks like negative gearing. Mr Stokes says just increasing housing supply won't address Sydney's affordability problem. The Opposition says his remarks should prompt the Government to adopt Labor's policy to restrict negative gearing to newly constructed homes. But while the Treasurer has praised the NSW Government's efforts to increase supply, the Prime Minister says the Government isn't contemplating any change to negative gearing. More
12:10:30 25/11/2016
The New South Wales Planning Minister's call to reform negative gearing has reignited debate over the tax break. The Property Council of Australia agrees that Australia has a housing affordability problem, but says changing negative gearing would only bring house prices down by a fraction. But reform advocates argue that the Government could use the revenue from scrapping negative gearing to invest in housing for low-income earners. More
12:15:00 25/11/2016
Former Reserve Bank board member John Edwards warns that Australia has a chance to avoid any fallout from Brexit and Donald Trump's election as US president - but only if Government makes tough policy decisions now. In a paper for the Lowy Institute, Dr Edwards says, in order to avoid stagnation, the Government must make work more attractive for women, keep older people in the workforce and provide better retraining for displaced workers. Dr Edwards also says that Australia stands to lose its prized AAA credit rating without budget repair. More
12:20:00 25/11/2016
With the cost of buying a house increasingly becoming out of reach for most young people in Australia, a movement is emerging towards smaller and more sustainable homes. The Tiny House movement is well established in the United States, where it grew steadily in the wake of the GFC, but is fledgling here. The houses are not much bigger than a caravan and are providing a small but growing rebellion to Australia's 'McMansion' housing trend. More
12:25:00 25/11/2016
The Australian Competition and Consumer Commission is taking the ANZ and Macquarie Bank to the Federal Court over alleged attempts to manipulate the benchmark rate of the Malaysian ringgit. The ACCC alleges that traders at both banks engaged in cartel conduct in attempting to influence the daily rates used for currency trading. The allegations date back to a series of trading days in 2011. The ANZ has admitted to 10 instances of attempted cartel conduct and has agreed to pay a $9 million penalty. More
12:30:00 25/11/2016
Papua New Guineans are preparing for national elections in April 2017 after a year of political unrest. There may be far fewer candidates in the forthcoming election, as the Government is dramatically increasing the costs of both standing for election and disputing an election result, meaning people will find it more difficult to run for office and complain about breaches of electoral law. The PNG chairman of anti-corruption NGO Transparency International describes the move as 'disgusting'. More
12:05:00 25/11/2016
The President of Colombia has signed a new peace agreement with the country's largest rebel movement, aiming to end a 52-year civil war that has killed over 200,000 people and displaced millions of others. President Juan Manuel Santos and Rodrigo Londono, leader of the Revolutionary Armed Forces of Colombia (FARC), signed the accord nearly two months after the original deal was rejected in a referendum. The signing ceremony marks the six-month countdown for the 7,000-strong rebel movement to abandon their weapons and form a political party. The deal still faces domestic opposition amid criticism that it's too soft on the rebels. More
12:40:00 25/11/2016
After a sustained campaign by unions, the Victorian Government has backflipped and made Christmas Day a public holiday. The Government says the move will be worth about $35 million. More
12:45:00 25/11/2016
Communities in South Australia's lower mid-north are today remembering the fierce and fatal Pinery bushfire, which ripped through their towns 12 months ago. The blaze killed two people, burnt more than 80,000 hectares of land and destroyed dozens of homes, livestock, and farmland. Over the last year a new sense of community has risen from the ashes as residents, businesses and farmers rebuild their lives. More
12:50:50 25/11/2016
Deputy Prime Minister Barnaby Joyce has announced that the Australian Pesticides and Veterinary Medicines Authority will move from Canberra to the regional New South Wales city of Armidale - a city inside Mr Joyce's electorate. The move, vigorously advocated by Mr Joyce since June, has been criticised by veterinarians and chemical manufacturers, who expressed concern that expert staff will be lost. Labor, meanwhile, has accused Mr Joyce of 'pork barrelling'. The move will cost the taxpayer just over $25 million. Mr Joyce has previously claimed that moving the body to Armidale would contribute about $16 million a year to the local economy and create an additional 175 jobs. More
12:50:00 25/11/2016
The son of the late Malcolm McLaren says he will burn rare Sex Pistols items that used to belong to his father. Businessman and activist Joe Corré says 'punk is dead' and no longer relevant to the issues facing young people. He describes his planned conflagration as the ultimate protest against 'the establishment', but not all music lovers are convinced. More