Australian news and politics live: Trump signs tariff executive orders, Labor welcomes 10 per cent

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Some of Australia’s largest industry organisations have released a joint statement through the Business Council of Australia, warning the Government’s Productivity Commission proposal to tax business cash flow is “experimental” and could make cost-of-living pressures worse.

“The Productivity Commission proposal to tax business cash flow is an experimental change that hasn’t been tried anywhere else in the world,” the joint statement said.

“This tax increase risks putting more pressure on all Australians still struggling under cost-of-living pressures. While some businesses may benefit under this proposal, it risks all Australian consumers and businesses paying more for the things they buy every day—groceries, fuel and other daily essentials.

“This approach punishes some of our most productive companies and industries, which touch our lives every day and employ millions of Australians.”

The joint statement, signed by 24 industry groups, including the Minerals Council of Australia, the Australian Retail Council, the Australian Banking Association and the Insurance Council of Australia, called for “practical ideas to lower cost-of-living” through red tape cutting and better regulations.

Creditors are split over whether to accept the offer. They have scheduled another meeting for August 29 .

“The adjournment followed some concerns and questions raised by the Australian Financial Security Authority (AFSA) and other creditors, as well as further information received the day prior,” the insolvency firm said.

“This short additional period will allow the Controlling Trustees to review these issues and conduct further investigations, to be outlined in a supplementary report sent to creditors before the next meeting.”

A creditors’ meeting on Friday that was going to decide whether to bankrupt failed Sydney pub owner Jon Adgemis decided it needed more time after new information emerged about his debts and a government agency raised concerns about the circumstances of the collapse of his business.

The Australian Financial Review reported on Thursday that Mr Adgemis owes the tax office $162 million, or more twice the amount identified in an official list of his debts sent to creditors two weeks ago.

WLP Restructuring has calculated he owes $1.5 billion, and suggested creditors accept $3 million in return for not bankrupting him.

Australia is mourning the death of Father Chris Riley, the passionate youth advocate and founder of Youth Off the Streets, who passed away at his home on Thursday, aged 70.

Fr Riley launched the organisation in 1991 with a single food van delivering meals to homeless teens in Sydney’s inner city. Over the next three decades, it expanded into a major charity operating across NSW and Queensland, offering education, housing and support services to vulnerable young people aged 12 to 24.

Known for his unwavering belief in second chances, Fr Riley stepped away from the organisation in 2022 due to illness, but remained a towering figure in the youth services sector.

Prime Minister Anthony Albanese paid tribute to his friend, saying, “Father Chris Riley had a heart as big as the country he served. He never gave up on anyone.

“He was a good friend and his legacy will live on in the lives he changed.”

US President Donald Trump has announced new tariffs of up to 41 per cent on goods imported from dozens of countries, again citing emergency powers he says he is using to shrink the country’s trade deficits with many of its trade partners.

Here are the new adjusted reciprocal tariff rates levied on US importers that Mr Trump announced ahead of his August 1 deadline for negotiated trade agreements, listed in alphabetical order by country of origin.

Australian exports would remain at the baseline rate of 10 per cent, quashing fears the levies could be doubled.

Imports from some countries, like Brazil, are facing additional tariffs that stack on top of the reciprocal tariffs listed below.

Click to read the full list.

Don Farrell also insisted that the decision a week ago to ease biosecurity restrictions on imports of US beef that originated in Canada and Mexico was taken “independently of these trade negotiations”.

Donald Trump heralded the ending of the ban on American beef as a big win for his administration.

Senator Farrell said the Government never wanted to risk Australia’s biosecurity.

“We’ve got a wonderful reputation for producing clean and green produce. We want to maintain that,” he said.

“However, just as we are entitled to put our case to export our goods to other countries, including the United States, they were also able to apply under our rules for access to the Australian market.”

Asked whether the maintenance of the 10 per cent tariff rate is a good sign for the future of the AUKUS defence pact, Don Farrell said the Government has “never linked our trade relationship with our defence relationship” with the US.

“We’ll continue to have discussions with the US about AUKUS. It will be completely independent of our trade relationship,” the Trade Minister said.

“I am confident the United States will continue with the AUKUS arrangement; it’s good for Australia, but it’s good for America and the United Kingdom.”

The Pentagon is conducting a review into the trilateral pact, which this week was extended from a 30-day examination to a longer one.

Trade Minister Don Farrell is speaking in Adelaide, where he revealed his American counterpart, Howard Lutnik, has confirmed Australia’s tariff rate would remain at 10 per cent.

Mr Lutnik had said “that there had been some pressure on the American system for an increase”, but Mr Trump decided to maintain the 10 per cent he imposed in April.

“I think this is a vindication for the Albanese Government and particularly the Prime Minister in the cool and calm way that we have conducted diplomacy with the United States,” Senator Farrell said.

“I am hopeful this is the end of the matter now… and that our producers, our winemakers, can get back to a normal relationship with the United States where we don’t have to worry about changes in tariff rates.”

He said Australia will continue to press for the full removal of tariffs on its products in light of the 20-year-old free trade deal with the US and trade surplus.

A spokesperson for Trade Minister Don Farrell says the news out of the White House about the new tariff arrangements “has confirmed that no country has reciprocal tariffs lower than Australia”.

“While we remain in the best possible position under the United States’ new tariff regime, we will continue to advocate for the removal of all tariffs in line with our free trade agreement,” the spokesperson said in a statement.

Australia buys vastly more goods from the US than it sells there, which has led the Government to repeatedly say a true “reciprocal” tariff rate would be zero.