Australian news and politics live: Coalition warns to expect more China live-fire exercises off Australia

The PM says China is dynamic as it strives to build a bigger economy and become more of a superpower.

“China sees itself as confident going forward, and you come to this city. I’m an urban policy nerd, I love architecture, I love urban economics, and as you drove from the tennis centre to here it struck me that there were more innovative architecture, more innovative architecture than in any city I have been to around the world.

“Quite clearly a new dynamic. It’s creative, and one of the reasons why you come here as well is so that you all send that message back.

“I’ve been in the past to places like Hangzhou and Tianjin and Shenzhen, and a range of other cities in China.

“So you see a message that China isn’t just Beijing or Shanghai. Any more than Australia is just Sydney and Melbourne.”

Anthony Albanese has spoken about showing respect to the Chinese government, but was asked if he expects the same respect in return with regard to China notifying his government about naval exercises off Australia’s shores.

“Well, we’ve put forward our view there. But to put it in context, Australia has engaged in multiple exercises in this region,” Mr Albanese said.

“We do so and so it is just a fact that has occurred. We exercise our right to act within international law, and we do so.

“I want to see more agreement and less disagreement.

“Will there be a circumstance when there is no disagreements? No, because we have different political systems, we have different cultures. We have different values. So we understand that.

“What I’d like to see is to be able to talk about those issues regularly, get as much agreement as possible, but understanding of where our nations are coming from, out of understanding, can come greater co-operation.”

The Prime Minister says Australian’s must strive to end conflict around the globe and will only benefit from a more secure world.

“I want a more stable and secure world because it has an impact, not just on humanity,” Mr Albanese said.

“As we see with death and in Ukraine, with too many innocent lives being lost in Israel and Gaza, the conflict in parts of Africa as well, but it also has an impact on people who aren’t directly affected on our economy.

“You know, conflict has an impact on the economy. Global inflation isn’t solely because of the invasion of Russia, of Ukraine, of a sovereign state, but it did drive it much higher globally.

“The impact of what’s occurring in the Red Sea, with the actions of the Houthis, etc, is having an impact.

“We see global conflict affects the global economy, and that is why it is in all of our interests to promote peace and security in our region.

“We see that as investing in our capabilities, including with our alliance with the United States.”

Mr Albanese says part of his visit is to show respect to the Chinese people and that the Coalition needs to be more positive in its critique.

“They’ve just had an election result because in part, they themselves have characterised it as their constant negativity,” the PM said.

“They need to stop looking for reasons to say they’re against and decide what they’re for. I’m sure when Malcolm Fraser, as well as Gough Whitlam, visited the Great Wall of China, I would be very surprised if any Labor politician of the day criticised that visit.

“The Great Wall of China symbolises the extraordinary history and culture here in China, and showing a bit of respect to people never cost anything. But you know what it does? It gives you a reward.”

The PM says he has been bouyed by Australia’s biggest mining companies ongoing discussions with the Chinese government.

“If you look at the issue of steel decarbonisation, to name just one. The production of steel is a major source of global emissions. The shift to green steel cannot happen without the involvement of China that produces over 50 per cent of the world’s steel,” Mr Albanese said.

“The fact that you have the four major Australian resource and iron ore exporters BHP, Rio Fortescue and Hancock all sitting down with their Chinese purchasers of their products, that benefits Australia enormously in terms of our GDP and the revenue that comes to Australia from that.

“And talking about the transition and how that’s important, that is what success looks like. You don’t move from the existing production of steel to overnight having zero emissions steel production.

“What you have had with this, though, is concrete discussions and agreements going forward between Australian companies and Chinese companies.”

Anthony Albanese was quizzed on his feelings about the trip to China and if it can be rated as “mission accomplished”?

“The goals are advancing Australia’s national interests, and I’d say that you don’t go from, you know, from a position of where we were into absolute agreement on everything,” Mr Albanese said.

“That’s not the goal. We have different political systems, but it has been constructive and it has been an important step in the developing of our relationship, which is important not just for Australia and China.

“But I make this point as well around our region, particularly ASEAN nations want to see the positive, constructive engagement, which is what you have seen during this visit.”

The PM says billions in trade agreements have been discussed on his trip and Australian tourism will also be a big winner moving forward.

“We have worked very hard to stabilise the relationship that has brought benefits with over $20 billion of trade resuming and the removal of impediments during this trip as well,” Mr Albanese said.

“We signed agreements for further two way trade resumption and in addition to that, we agreed on the promotion of two way tourism as well.

“The tourism sector has an extraordinary potential to expand in Australia. What we see in a city such as this is a growing middle class and growing wealth, and that will make a difference.”

Anthony Albanese is speaking in China after a Med Tech Tour in Chengdu.

The PM was joined by Professor Barry Marshall from the University of Western Australia who he said “has done such important work with China and Australia.”

Professor Marshall “is one of our best ever researchers, quite clearly, and is an example of where there is an interest of co-operation between Australia and China when it comes to research”, Mr Albanese said.

“After this, I will go to Cochlear. Of course, Cochlear is one of the great Australian companies that has made incredible difference to literally tens of thousands or hundreds of thousands of lives.”

The RBA shocked pretty much everyone when it decided to keep rates on hold earlier this month.

Surely after today’s jobs data, which showed the highest level of unemployment since the pandemic, they have no excuse not to ease the taps.

Callam Pickering, APAC economist for job site Indeed said the call was “misguided” and that, in light of the jobs figures, “has aged like milk”.

“It was the wrong decision at the time and they surely won’t make the same mistake twice,” he said.

Australia’s record low unemployment has been one of the key reasons the Bank has acted so slowly in bringing interest rates down.

Read Jackson Hewett’s full analysis here.

The Australian sharemarket has jumped after the unemployment rate ticked up to 4.3 per cent, increasing the odds of an interest rate cut in September.

Near midday on Thursday, the benchmark S&P/ASX200 index was up 63.3 points to 8,624.9, a gain of 0.74 per cent, while the broader All Ordinaries had gained 59 points, or 0.66 per cent, to 8,862.1.

June labour force data released by the Australian Bureau of Statistics showed employment increased by 2,000 jobs, while the unemployment rate rose to 4.3 per cent.

Consensus predictions were for 20,000 jobs to be created, and the jobless rate to stay at 4.1 per cent.

The RBA will likely cut interest rates in September following the result, AMP chief economist Shane Oliver told ABC News.

“For those looking for a black cat you get a ticket in terms of the jobs number because they were on a soft side,” he said on Thursday.

Read the full story here.