Australian news and politics: Fears over affordable medicines as Donald Trump tariffs hit dozens of countries

A big four bank has stunned prospective homebuyers by hiking mortgage rates — just days before the Reserve Bank is expected to deliver a third round of relief for struggling households.

ANZ dropped the bombshell on Thursday, revealing its digital bank ANZ Plus would add 0.16 percentage points to its variable owner-occupier loans, taking the rate to 5.75 per cent. Investment loans will rise by the same margin to 6.05 per cent.

But the new rate will apply only to new ANZ Plus customers and other ANZ home loans are not affected.

The move flies in the face of a near-certain cut in the official cash rate due to come early next week when the RBA holds its two-day meeting.

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National transport and logistics company XL Express has gone into liquidation after 35 years in business.

It has collapsed owing almost $42m in estimated debts, with about 200 employees to be left without jobs.

The Brisbane-based trucking company was founded in 1990 and operates along Australia’s east coast between Melbourne, Sydney and Brisbane.

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The NSW parliament would become a “kangaroo court” if rapist MP Gareth Ward were not allowed to be present to vote against a motion to expel him while he is in custody on remand, his lawyer has argued.

The Kiama MP was taken into custody on remand last week while awaiting sentencing after he was found guilty by a jury of three counts of indecent assault and a fourth count of intercourse without consent.

A motion was expected to be introduced by Labor to the Legislative Assembly to expel Ward, with support from the Coalition, earlier this week. If successful, it would mark the first expulsion from the NSW lower house since 1917.

“We submit it is punitive, firstly because it expels the plaintiff (Ward) from his seat to which he was elected by the people of Kiama,” Ward’s lawyer Peter King told the Court of Criminal Appeal on Thursday.

Mr King said the action was punitive also because it would also trigger a by-election, and Ward would “further be punished in that respect by losing the opportunity of regaining his seat.”

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Opposition finance spokesman James Paterson emphasized the importance of fostering AI development in Australia, warning against policies that could hinder progress.

He told Sky News, “The last thing we would want to do is make Australia a jurisdiction which is hostile to the rollout and development of AI technology, because that will just mean we miss out.”

Mr Paterson says there is a “reasonable argument” that intellectual property used in artificial intelligence model training should be compensated in some way, but cautions that it should not “get in the way of AI innovation and development”.

“That will just mean other jurisdictions that don’t have these rules develop this technology and deploy this technology, and we get left behind,” he said.

The Prime Minister has expressed renewed support for working from home but has avoided wading into the debate over Victoria’s plans to legislate legal protections for employees to work at least two days a week out of the office.

Jacinta Allan’s proposals has been criticised by business groups who have warned companies may relocate from the state.

Mr Albanese said Labor had already legislated to protect working from home in its first term.

“We think that working from home and flexible working arrangements can benefit both workers and employers,” he said.

Mr Albanese said Ms Allan was responding to what the community had said about flexible working arrangements but declined to answer a question about whether states had the power to legislate on these rights.

“You’re asking me for a legal opinion. There’s standing orders against that, you know,” he said.

“Jacinta Allan is Victorian Premier, she’s putting forward her views. I got to say it’s consistent with our views which are that working from home is something that’s important, something that Australians voted for.”

Anthony Albanese says he hopes to strengthen his relationship with New Zealand Prime Minister Christopher Luxon when he heads over the ditch this Saturday.

It will be a flying one-day visit for the PM to attend the annual leaders’ talks in Queenstown on the south island.

“We engage very regularly. Our trade, our people-to-people links, the changes we have made in migration as well to make it easier for Kiwis to become Australian citizens, has been important,” he said.

“No doubt, as well, our cooperation on international issues — including climate change, including we have released a number of joint statements together with other like-minded countries on the Middle East, for example — but we’ll discuss a range of issues of concern to Australia and New Zealand.

“We certainly cooperate very well and I’m looking forward to seeing the Prime Minister.”

Health Minister Mark Butler says that Australia is “very concerned” by rhetoric from the Trump administration that pharmaceutical tariffs could surge as high as 250 per cent.

Speaking in Melbourne on Thursday, Mr Butler said Australia would hold its ground and continue to argue that the PBS is off limits to the US.

It comes after US President Donald Trump told US business news channel CNBC he would be slamming tariffs on foreign-made pharmaceuticals: “It’s going to go to 150 per cent and then it’s going to go to 250 per cent”.

Mr Butler said on Thursday: “We are very concerned about the latest announcement from the administration around the possibility of pharmaceutical tariffs going as high as 250 per cent over the next couple of years”.

“That is why we’re working so hard to press the case for the continuation of free trade.

“America exports more pharmaceuticals to Australia than we do to them. They do it on a tariff-free basis. That served both of our countries very well and we’ll continue to argue the case for a continuation of free trade in pharmaceuticals.”

Anthony Albanese has insisted the PBS is off limits in the wake of US threatening a 250 per cent tariff could be slapped on pharmaceuticals.

The Prime Minister said Australia would continue to support the PBS and spruiked his government’s recent legislation in the first sitting black of the 48th Parliament to make PBS medicines even cheaper.

JOURNALIST: “(Trump’s) possibly threatening a 250 per cent increase on tariffs on pharmaceuticals. Are you concerned about that?”

ALBANESE: “We support the PBS. It is part of who we are as Australia. We’re a sovereign nation, it’s something that has produced massive benefits for Australia. It’s a proud Labor creation and we are building on it.

“That’s why we introduced legislation last week to reduce the cost of medicines to $25 that are listed on the PBS.”

The Prime Minister has downplayed concerns from arts bodies that copyright laws will be relaxed to enable data mining by tech giants to train AI models.

“My government’s a government that supports the arts across the board,” he said.

“AI is obviously a complex issue, and something that is an emerging technology, something that will change the way that we live and work and engage with each other,” added the PM, pivoting to the general debate about the impact of AI on the workforce.

“AI has the potential for massive productivity benefits,” he said. “We need to engage in discourse about how we make sure that we maximize the benefits but minimize any of the other factors that need to be considered.”

He stressed the importance of copyright and intellectual property rights, which are protected by existing laws.

Pressed again about whether Labor will stick to a pledge made on ABC by Treasurer Jim Chalmers to not water down copyright laws, Mr Albanese’s answer was brief.

“Jim Chalmers answered the question.”

The Prime Minister is asked if he will speak with US President Donald Trump before making a decision about Palestinian recognition.

“We’re a sovereign government, and Australia makes decisions on behalf of the Australian Government,” he responded.

However, the Government is facing increasing calls to recognise Palestine amid moves by France, the UK and Canada to do so at the United Nations General Assembly in September.

It has, so far, said it will stick with Australia’s longheld bipartisan push for a two-state solution.