🚀Coalition Refuses 2030 Emissions Reduction Target, Citing Economic Concerns
🚀Coalition Refuses 2030 Emissions Reduction Target, Citing Economic Concerns
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The S&P/ASX 200 closed 104.6 points lower, down 1.33%.
The S&P/ASX 200 (XJO) fell 104.6 points to 7,755.4, 1.3% from its session high and 0.26% from its high/low.
Advancers trailed decliners 42 to 236 in the S&P/ASX 300 (XKO).
In line with the Aussie market's recent ups and downs, 10 of the 11 major ASX sectors fell today.
The only sector to win was Consumer Discretionary (XDJ) (+0.11%), and that was mostly due to a takeover offer for Bapcor (ASX: BAP) (+14%), so it hardly counts!
Two categories dominated “doing it tough today” sectors. Materials (XMJ) (-2.6%) was hardest hit after two days of losses on various exchanges, some severe as shown in the table below. Every change is two days long (Friday and Monday). [Read more]
💡Here are a few headlines from this morning:
CCC Investigates Death of Cleveland Dodd in Western Australia Custody. The Corruption and Crime Commission has launched an investigation into allegations of serious misconduct following the death of Cleveland Dodd, the first child to die in custody in Western Australia.
Australia Applauds International Support for Gaza Reconstruction. Australia welcomes today's UN Security Council resolution supporting a comprehensive ceasefire, permanent ceasefire, and Gaza reconstruction. No country voted against the resolution, demonstrating the international community's desire to end the war.
🗳️ HEADSTART
Coalition Refuses 2030 Emissions Reduction Target, Citing Economic Concerns
Here is the audio clip from the Press Conference at Parliament House , Canberra
The opposition leader revealed the Coalition will not set a 2030 emissions reduction target unless it wins the next election. This has prompted the prime minister, Anthony Albanese, to accuse Dutton of being “afraid of the future” and risking “chasing away” investment in clean energy in Australia.
The background :
The legally binding Paris Agreement seeks to keep the rise in the average global temperature below 2°C over pre-industrial levels and to 1.5°C by the end of the current century. In order for this to happen, greenhouse gas emissions need to peak before 2025 and then drop by 43% by 2030. In the multilateral climate change process, the Paris Agreement is a turning point that unites nations to fight and adapt to climate change.
The Coalition :
The leader of the opposition announced on Saturday that he would run an opposition campaign, claiming Labor's legally mandated goal of reducing emissions by forty-three percent by 2030 was unachievable.
We've got a strong commitment to net zero by 2050 – but we've got to be realistic about where families are at the moment. The amount of hurt and pain that people are feeling in their own budgets, the number of business failures and an economy that has really tightened dramatically.
When the Prime Minister made the commitment of 43 per cent, the economy wasn't in a state that it is now. People were paying much less – less than, sub-2 percent—for their mortgages. People are now paying six, seven, eight per cent for their mortgages. It's a very different environment.
The Prime Minister, when he talks about signing up to international agreements – I know he likes to rub shoulders with all the international leaders and be popular within that group – but his first responsibility is to take care of Australians, and I think he's taken his eye off that ball. People are really stretched with cost of living pressures at the moment, and my argument is that we should be taking care of Australians first and bringing power prices down. Instead, their ‘renewables-only’ policy has really driven prices up, and everybody knows that in their bills. Now the energy regulator is saying, 'well, there's a prospect of will have blackouts and brownouts', which would be a disaster for families but for businesses as well. That's the approach that we've taken.
Prime Minister Anthony Albanese
Well, we've said we're very much on track. I note Peter Dutton's absurd comments that were made in his press conference. What we've done is adopt as a parliament and as a nation, clear climate policies that put in place a legislated net zero by 2050, that put in place a legislative 43 per cent reduction by 2030 and have a process of accountability and transparency through the Climate Change Authority. That authority released information in December, which is available for you to have a look at, that projected that we’re on track at that point to 42 per cent, given the policies that were implemented.
Now, since then, we've had production tax credits for critical minerals, for green hydrogen. We, of course, will continue to look towards policies that make a difference, that makes sense for our economy, but also make sense for our environment. For Peter Dutton to walk away from any 2030 commitment, to be clear, is walking away from the Paris Agreement. He himself has said that in the past. Angus Taylor made it very clear, ‘Well let me give Labor a bit of news, the Paris Agreement requires a 2030 target’.
Then he said further on, ‘You can't be in the Paris agreement without a 2030 target’. In Hansard, in parliament, 24 February 2021. The first quote was 19 October 2019. And it is quite extraordinary that there are people here who asked me day after day from the day I was elected leader of the Labor party in 2019, what our 2030 target would be. What we did was we went away, we did the hard work, we did the analysis, and that's why we have now legislated that target.
Why does it matter?
It matters because committing to reducing emissions and taking part in the Paris Agreement require setting a 2030 target. It becomes challenging to monitor development and hold governments responsible for their climate action initiatives in the absence of a defined goal.
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🔥 HOT COPY
Bonza Administration Confirms Job Terminations for Workers
Bonza administrators have confirmed the termination of employment for workers today, providing them with certainty but also delivering bad news. Virgin Australia has pledged to give Bonza employees priority when it comes to job opportunities, and the TWU is prepared to assist workers by offering a Fair Entitlements Guarantee procedure.
The background
On April 30, 2024, a resolution of the Company's directors appointed Richard Albarran, Kathleen Vouris, Brent Kijurina, and Cameron Shaw as Administrators of the Company in accordance with Section 436A of the Corporations Act 2001 ("the Act").
The appointment of an Administrator allows an impartial insolvency professional to take control of the Company and delay creditors' claims.
After that time, the Voluntary Administrators must give information and suggestions to creditors to help them make decisions about the Company's future. Usually, they do this at a meeting of creditors that is held at the conclusion of the convening period.
Hall Chadwick
Hall Chadwick said in a statement this afternoon that, as of last Friday, no formal offers had been made for the airline. After thoroughly reviewing the company, interested parties who had shown interest chose not to make a formal offer.
At a significant meeting that the administrators for creditors have called, the company's employees, customers, and trade suppliers will decide its future. The date for the important meeting has not been set yet, but it is expected to occur soon.
Following a town hall meeting with Bonza's 323 employees earlier today to notify them that all upcoming flights had been cancelled and that their employment had been terminated, administrators Hall Chadwick made the announcement.
The Transport Workers Union (TWU)
Last week, the TWU, ASU and the whole union movement passed a motion on the need for a Safe and Secure Skies Commission to provide regulatory oversight, stability and binding standards for aviation.
An estimated 25,000 aviation workers left the industry during the pandemic, with another 300+ jobs lost today.
Although the termination frees up Bonza employees to seek alternative full-time employment without losing their owed entitlements, the Federal Government FEG scheme doesn’t kick in unless or until Bonza goes into liquidation.
TWU National Secretary Michael Kaine stated that this is another setback for Bonza workers and the aviation industry.
“This is incredibly difficult news for Bonza employees who have received no pay for more than two months after the airline’s sudden collapse. It’s a dark day for regional communities across Australia which remain isolated through unaffordable or unavailable air travel to remain connected with the nation.
Why does it matter?
It is significant because the lack of assistance shown to Bonza employees draws attention to the vulnerability of aviation industry workers and the possible effects on local communities. In the event of sudden business failures, communities and employees bear the brunt of the consequences, facing significant challenges and hardships. This is due to the absence of adequate protective measures in place, leaving communities and employees vulnerable to the consequences of business failures.
🛒 MARKET EDGE
Apple® Unveils Apple Intelligence™ for iPhone®, iPad®, and Mac®
Apple® introduced Apple Intelligence™, a personal intelligence system for iPhone®, iPad®, and Mac® that combines generative models with personal context for useful and relevant insights. Apple Intelligence permeates iOS 18, iPadOS® 18, and macOS® Sequoia.
It uses Apple silicon to understand and create language and images, act across apps, and use personal context to simplify and speed up daily tasks. With Private Cloud Compute, Apple sets a new standard for AI privacy by flexing and scaling computational capacity between on-device processing and larger, server-based models on dedicated Apple silicon servers. [Read more]
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🌎 World Tonight
🇾🇪 Yemen. A boat carrying migrants sank off Yemen's coast, killing 49 and leaving 140 missing, the UN's International Organisation for Migration said Tuesday.
🇲🇼 Malawi. The presidential office reported that Malawi's Vice President Saulos Chilima and nine others were missing after a plane failed to land on Monday.
🇨🇳 China. Chinese and U.S. officials reported injuries to four American instructors from a small Iowa university in a public park stabbing in north-east China's Jilin province on Monday.
🇮🇳 India. Hindu pilgrims on the Jammu and Kashmir bus attacked by suspected militants described their ordeal, including playing dead to escape.
🇷🇺 Russia. Russia and its ally Belarus began a second phase of tactical nuclear weapons drills on Tuesday to deter the West from supporting Ukraine.
🏅VIEWPOINT 360
The most common eating disorder is one you've never heard of
By Gabriel Lubieniecki and Gemma Sharp, Monash University in Melbourne
It's on the rise and affects people of all body sizes and genders. But binge eating disorder is widely misunderstood and often ignored.
When you think of an eating disorder, chances are you picture a young girl with anorexia, or possibly bulimia.
You're not alone. Those conditions are most commonly portrayed in TV and film — and research shows the media usually depicts both as mostly affecting white women under 30.
However, binge eating disorder is a far more common condition — but is rarely talked about and is mostly misunderstood.
The condition also seems to be on the rise: the frequency of binge eating behaviour in South Australia, for example, increased more than five-fold between 1995 and 2015. [Read more]
📰 Good News, Inspiring, Positive Stories
Solicitors recognised in King’s Birthday Honours List
Current and former NSW solicitors, including the Governor-General designate, feature prominently in this year’s King’s Birthday Honours list, underscoring the important role of the profession in the life of our communities, our state and the nation.
President of the Law Society of NSW Brett McGrath has congratulated all who’ve received Orders of Australia honours, while applauding the particular contributions of those who serve the law.
“I regard lawyers’ service to the community so highly that I have made it one of my President’s Priorities for my 2024 term representing the interests of more than 42,000 solicitors across the state,” Mr McGrath said.
Australia’s next Governor-General Sam Mostyn AC began her career as an Associate to the former President of the NSW Court of Appeal (and subsequently High Court Justice) Michael Kirby AC CMG, before a relatively short period as a solicitor. Ms Mostyn has been a welcome and valued keynote speaker at events at the Law Society of NSW. [Read more]
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