Australian news and politics live: Prime Minister Anthony Albanese unveils economic vision for second term

The first question in a Q&A session following Mr Albanese’s speech is about the elusive meeting with US President Donald Trump.

The Prime Minister gives much the same answer as he did in a breakfast TV blitz the other day, replying that he and Mr Trump should be at several international summits together later in the year, and there are plenty of chances to meet.

“I’m confident as well that we will be constructive,” he says of Australia’s approach.

On the tariffs, Mr Albanese says the change coming on July 9 “won’t really have an impact on us” because the impost on Australia should stay at 10 per cent while other countries will be pushed higher than that.

“(Mr Trump) has also said that there’s no more beautiful word in the English language than ‘tariff’. Now we have … a different view,” Mr Albanese said.

Anthony Albanese said the “essential purpose” of the economic reform roundtable he and Treasurer Jim Chalmers are convening in August is to look at how to allow private enterprise to return as the central driver of growth.

Although much of the focus ahead of the roundtable has been on Dr Chalmers’s declaration that tax reform must be part of the answer, Mr Albanese says it won’t be the sole focus.

Government spending has pulled the government out of the high-inflation, sluggish growth state that followed the pandemic, but Mr Albanese wants this to switch.

“Government should be a driver of growth, but not the driver of growth, facilitating private sector investment and job creation, not seeking to replace it,” he said.

“We are seeking a broad range of views so we can build broad agreement for action.

“Tax reform will be an important part of this conversation, but not the whole of it, because this is also an opportunity to build consensus around practical measures that can be implemented quickly, dealing with urgent challenges in a way that builds for the future.”

Mr Albanese says none of the “profound opportunity” that is there at the moment will be gifted to Australia.

“We have to back ourselves, to go out and seize it,” he said, adding that is the government’s focus with its “future made in Australia” agenda.

That plan isn’t yearning for days of old, but recognising a new economic model is emerging around the world, he says.

It will also increase Australia’s resilience in a turbulent strategic environment, because making more things here means the country is “not always the last link in the global supply chain”.

Anthony Albanese has taken to the stage at an economic forum in Sydney, where he is making a speech on his government’s second-term plans.

The Prime Minister starts by saying there is every reason to be optimistic in 2025 about Australia’s economic outlook.

“Think about what we have: the resources and critical minerals every nation needs to power its future growth and meet its net-zero commitments,” he said.

“More than that, the space for refining and processing, the energy to power a new generation of manufacturing and industry, a world class university and TAFE sector to train and prepare our future workforce, a superannuation system that facilitates nation building and makes us a significant global investor and a multicultural society that, of course, gives us a family connection to every nation on earth.”

The difficulties faced by the emerging sector were also underscored in Queensland this week after State Government-owned energy company Stanwell withdrew support from the $14 billion CQH2 project.

The sector was facing “investment headwinds,” said Mr Bowen at the time, but he stressed there was no other option to green hydrogen for decarbonising heavy industry.

Mr Bowen on Friday said the Hunter project would secure “long-term, high-quality jobs” for the region, allowing it to lead the way in transforming the country into a “renewable energy superpower.”

“This investment shows we can secure existing industries such as ammonia and fertiliser production by transforming how they’re powered – creating new clean-tech jobs and future-proofing the Hunter’s economic base,” he said.

Read Nicole Smith’s full story here.

Climate Change and Energy Minister Chris Bowen has announced a $432 million boost for a green hydrogen project in the Hunter Valley, despite acknowledging this week the emerging energy source is facing “headwinds.”

Labor says the investment in Orica’s Hunter Valley Hydrogen Hub will secure the future of ammonia and explosives manufacturing at Kooragang Island by reducing its reliance on gas, keeping local manufacturing competitive and sustainable.

The Hunter Valley Hydrogen Hub was initially a joint proposal between Orica and Origin Energy, with the latter pulling out of the initiative in October last year.

Education Minister Jason Clare says the legislation he plans to introduce when Parliament sits would expand the powers for spot checks and investigations into childcare fraud.

The Labor Government will introduce legislation within the first parliamentary sitting fortnight in the wake of sickening allegations against Melbourne childcare worker Joshua Brown.

“There’s another thing that the bill will do as well, and that gives the sort of people who work in my department, who investigate fraud in childcare centres, the ability to do spot checks, unannounced visits,” he told Sky News.

“They won’t need a warrant. They won’t need the police to come with them when they’re investigating fraud in childcare centres.”

“And the fact is, this happens. I’ve invested an extra $200 million into the investigation of child care fraud over the last few years, and it’s clawed back about $300 million for taxpayers.”

Read more.

Labor has announced $75,000 in primary producer grants to help victims of the recent New South Wales flooding disaster.

The financial assistance reflected the “long haul” nature of the recovery efforts since floods hit the NSW coast and Hunter Valley region in May, said Emergency Management Minister Kristy McBain.

“This isn’t going to be the silver bullet fix, but it will assist those farmers start to return their properties back to some level of normality,” she said.

The Minister also announced an additional $45m to tackle the recent flooding in southwest Queensland.

Ms McBain said it was clear that “climate science told us that there would be more intense and more frequent weather events,” and that Australia was “taking the strides it can” towards its Net Zero targets.

She added it was clear that disasters were costing Governments “more and more money,” with the Federal authorities expending $2 billion on response and recovery activities up to May this year.

Qantas admits it still does not know who was behind a “significant” cyber attack days after the personal information of up to six million customers was stolen.

The Australian airline first detected “unusual activity” after a cyber criminal targeted its Manila call centre and gained access to one of its third-party platforms on Monday.

An initial review found stolen data included names, email addresses, phone numbers, birth dates and Frequent Flyer numbers.

Read more.

Qantas has issued a new statement after a major cyber attack compromised the personal data of up to six million customers.

The breach, discovered on June 30, involved a cybercriminal targeting a third-party platform used by a Qantas contact centre, exposing names, email addresses, phone numbers, birth dates, and frequent flyer numbers.

Group CEO Vanessa Hudson acknowledged the seriousness of the incident, saying, “We know that data breaches can feel deeply personal and understand the genuine concern this creates for our customers. Right now we’re focused on providing the answers and transparency they deserve.”

She added, “Our investigation is progressing well with our cybersecurity teams working alongside leading external specialists to determine what information has been accessed.”

Qantas has apologised to customers, is contacting those affected directly, and has set up a dedicated support line for identity protection advice and updates as the investigation continues.