Good evening, and thanks for following our live news coverage, here’s today’s major headlines:
That’s all from us. Broede Carmody will be back with you tomorrow from 7am to take you through the news of the day.
One of the 10 chosen Aussies to attend the Queen’s funeral will not be attending due to COVID-19.
Racehorse trainer Chris Waller was invited to London for the royal event but due to COVID-19 “related circumstances”, he will not attend.
Mr Waller issued a statement this afternoon saying he is unable to attend due to COVID-19.
“I will live with and cherish for the rest of my life the fond memories I have of Her Majesty,” he wrote in a statement.
“Her love of horses and all animals; her passion for life, and the respect she gave everyday people. My deepest condolences go out to the Royal Family and the rest of the world that currently mourn.
“What a great life Her Majesty lived; and what an inspiration she was, and will continue to be, to so many generations around the globe.”
London: The Duke of Sussex’s memoir is expected to be delayed because of the royal mourning period and is now likely to be published next year, sources have confirmed.
Ever since it was announced last July, the book has cast a long shadow over the Royal family amid fears that it will be used to settle scores.
Published by Penguin Random House, it was originally scheduled for release in “late 2022″ and was expected to appear around Thanksgiving, in time to cash in on the Christmas market.
But the death of Queen Elizabeth II last week has thrown the long-held publication and publicity plans into turmoil.
The King announced on Friday that the Royal family would remain in mourning until seven days after the late Queen’s funeral on Monday.
Protocol dictates that official duties are then gradually phased in as appropriate, with military and charity engagements likely to be given priority and personal projects coming later.
A source close to the Sussexes indicated that the book would not now come out as planned, as the couple respect a mourning period that is likely to last well beyond the official 10 days.
Archetypes, the Duchess’s Spotify podcast, is said to have been put on hold for up to six weeks as a mark of respect.
Read more here.
Welcome to your five-minute recap of the trading day, and how the experts saw it.
The numbers: The Australian sharemarket ended in positive territory at market close, stabilising after Wednesday’s heavy losses when the local bourse shed around $63 billion.
The ASX 200 finished 14.3 points, or 0.21 per cent, higher at 6842.9 points, though there were just three of the 11 industry sectors in the green.
The lifters: Energy stocks surged, adding 3.7 per cent. Whitehaven Coal, Woodside Energy and Santos stocks pushed the sector higher with gains of 4.6 per cent, 4.3 per cent and 3.5 per cent, respectively. Financial stocks also performed well, gaining 1.1 per cent as all big four banks rose.
The laggers: The healthcare sector continued its downward trend, dropping about 0.9 per cent over the past five days. Utility stocks slipped 0.85 per cent, and real estate lost 0.95 per cent.
Domino’s Pizza slumped nearly 5 per cent. Myer shares closed unchanged after falling as much as 6.3 per cent during the day, despite the department store reporting its best second-half result in nine years. Myer posted $16.7 million in earnings in the June half, its strongest profit over this period since 2013.
Elsewhere, South32 slumped 7.4 per cent as the stock traded for the first day without the rights to its latest dividend; BlueScope Steel lost 3.1 per cent and Suncorp fell 2.2 per cent.
The lowdown: It was a shaky day of gains on the ASX 200, with a surprise lift in Australia’s unemployment rate sparking a midday surge before the market lost steam again during the afternoon.
Read more here.
The nation’s runaway jobs market is showing early signs of reaching a critical tipping point, strengthening the case for the Reserve Bank to slow down its aggressive increases in interest rates in the run-up to Christmas.
It was the first rise in unemployment since interest rate hikes began during the election campaign. Since May, the Reserve Bank has lifted interest rates five times, from a historic low of 0.1 per cent, to 2.35 per cent, in its bid to counter inflation which is set to reach 7.75 per cent by December.
The unemployment rate rose by 0.1 percentage points to 3.5 per cent in August, according to jobs data from the Australian Bureau of Statistics, still 1.8 percentage points lower than at the start of the coronavirus pandemic.
Many economists now expect the Reserve Bank’s rate rises to be smaller as the aggressive tightening starts to take effect amid falling property values, poor consumer sentiment and a stagnating unemployment rate – which is normally the last key economic indicator the Reserve Bank’s hikes effect.
Independent economist Stephen Koukoulas said while the labour market was “very strong”, there are some hints that employment could be reacting to the last few months of rate hikes.
“For the last few months employment growth has slowed, the unemployment rate has stopped falling – it’s sort of steady at around about this 3.5 per cent,” he said.
“There’s just this tentative evidence that the economy is coming off the boil.”
Commonwealth Bank economist Stephen Wu said there were indications from measures including recent ANZ job ads data that indicate demand for workers has also peaked.
Read more here.
Environment Minister Tanya Plibersek has appointed an independent consultant to determine if more than one million ancient rock engravings on Western Australia’s Burrup Peninsula are threatened by adjacent industry, including two giant Woodside gas export plants.
The investigation comes after decades of disagreement about whether heavy industry can coexist with fragile engravings that include some of the earliest depictions of the human face.
Save our Songlines, an Indigenous group campaigning to protect the 40,000-year-old rock art, applied for a long-term declaration from Plibersek to protect the area they call Murujuga under section 10 of the Aboriginal and Torres Strait Islander Heritage Protection Act.
One of the applicants, Raelene Cooper, said she welcomed the investigation but in the meantime some rock art was unprotected from the construction of a fertiliser plant after Plibersek in August rejected an application for a stay on construction.
“This is a dangerous and contradictory position from the government that makes no sense and reveals the hypocrisy at the heart of all consultation between traditional custodians and industry on the Burrup,” she said.
“The community will be outraged if this failure from the government to ensure cultural safety allows for another Juukan Gorge while the section 10 assessment is still ongoing.”
A spokeswoman for Plibersek said the consultant would take as long as was needed to prepare the report. Section 10 applications take a minimum of six to nine months to process, according to a government guide to the act.
Read more here.
A senior police officer says worsening economic conditions driven by cost-of-living pressures and interest rate hikes could lead to more crime in the coming year.
Victoria Police deputy commissioner Rick Nugent said on Thursday that, while crime rates were down in most categories of offending, in particular robberies and burglaries, the impact of continued inflation might lead some people to resort to crime.
Analysis by the Crime Statistics Agency released on Thursday showed there was less crime across Victoria in the previous 12 months, although some types of offending, such as blackmail and aggravated burglaries, spiked.
Nugent said police expected the number of offences to increase next year as behaviour returned to pre-pandemic norms and worsening economic conditions put pressure on some families.
The Reserve Bank increased the official interest rate for the fifth consecutive month in September to combat inflation, which is currently above 6 per cent.
“We’re heading into a period of real difficulties with rising interest rates and cost pressures,” Nugent said.
Read more here.
Ground handlers at two contractors used by major airlines such as Emirates, Qantas and Virgin have secured better working conditions after months of negotiations, in a move that calms fears of upcoming service disruptions.
Unionised workers at Menzies and Dnata Catering have been angling for higher wages and paid overtime for months, following a torrid two years for the Australian aviation sector that’s decimated employee morale, productivity and profits.
Kuwait-based Menzies will provide Australian employees an 11 per cent pay rise effective immediately, and has committed to bringing all operations that have been outsourced to labour hire firms back in-house to be done by its own workers. Menzies’ staff had been considering moving to a protected action ballot if their demands hadn’t been met.
Emirates-owned Dnata has agreed to provide Australian Dnata Catering employees a 7.5 and 8 per cent pay increase over two years, back-paid to January 2022 when flying resumed after the pandemic.
The agreement follows a settlement with Dnata’s ground handlers last week delivering them a 17 per cent pay rise over a four-year period, securing overtime entitlements and increasing opportunities for part-time employees to convert to full-time roles and casuals to permanent positions. The agreement led the employees to call of a protected strike action that would have disrupted major airports including Sydney and Melbourne.
The aviation sector has been marred by operational issues on multiple fronts since coming out of COVID-19 lockdowns and encountering record demand for travel, limited capacity and the soaring cost of fuel. Staff shortages, affected morale and brewing industrial action have exacerbated the logistical challenges after the pandemic.
Swissport, another ground handling organisation used by all Australian airlines at multiple airports including Sydney and Melbourne Airport, will begin negotiations for better employment conditions in December.
Read more here.
Complaints to Brisbane council about Airbnb-style rentals have outnumbered by a factor of eight the development approvals needed to list properties in the past three years.
Data provided by Brisbane City Council shows the local government has received 52 short-term accommodation applications since July 2019, which are required to allow an owner to rent out a house or unit for stays of less than three months.
The Queensland state government is urging local councils to do more about the housing crisis, as industry leaders are calling for a housing summit.
Of the applications — which include motels, backpacker hostels and serviced apartments, but not the rental of single rooms or granny-flats — 32 were approved by planning officers.
But while announcing a rates hike for short-stay rental properties in its last $4 billion budget, the council said it had received 275 complaints from the community about them in the past three years, and would lean on these and unspecified “data searches” to enforce the changes.
Thousands of properties across the Queensland capital were believed to be listed with short-stay providers. The council believed the new rate category could apply to “several thousand” properties, although the number was difficult to determine.
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The national medicines regulator will consider restricting the sale of paracetamol after an independent expert report raised concern about overdoses in teenagers.
In a statement, the Therapeutic Goods Administration said it would begin a consultation process regarding recommendations in the report, which included purchase limits of one or two packs per person and restricting sale without a prescription to over 18s.
Last year, 3575 cases of intentional paracetamol poisoning were reported to the NSW Poisons Information Centre, which handles half of the nation’s poisoning calls. A University of Sydney study found rising rates of poisoning among young people reported to the centre and its Victorian counterpart, with a 98 per cent increase between 2006 and 2016.
Professor Nicholas Buckley, who led that research as well as the independent review, said a 50 per cent increase in incidents had been observed in the five years since.
“People haven’t been paying enough attention to what has been happening in adolescent self-poisoning,” said Buckley, who is also a consultant at the NSW Poisons Information Centre, noting the trend was being seen abroad.
Symptoms of paracetamol overdose include drowsiness, abdominal pain and vomiting. A more severe overdose, either due to the quantity taken or delayed treatment, can lead to liver failure and death.
Read more here.
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