Australia news live: consumer lender Latitude Financial hit by cyber-attack; Albanese says Keating’s attacks ‘diminish him’

Australian bank shares fall as global fears mount

Jonathan Barrett

Shares in Australia’s big banks fell in early trading on Thursday as concerns over the future of embattled European financial giant Credit Suisse spread through global markets.

The international banking sector was roiled by the collapse of California-headquartered Silicon Valley Bank last week, which suffered a bank run after revealing a hole in its finances caused by rapidly rising interest rates.

That news was followed up by a major selldown of Credit Suisse overnight amid concerns Europe’s 17th largest lender would not be able to recover from a string of scandals that has scared off customers.

Shares in Australia’s big banks were down about 2% in early trading on Thursday, erasing yesterday’s gains and leading the overall market lower. Their share prices are down sharply from the strong levels recorded mid-last month amid the then optimistic mood in the sector.

But Australian bank share prices have fared much better than most of their European and US counterparts, which are weighed down by market concerns that they could be harbouring losses in their investment portfolios caused by rate hikes.

Updated at 22.07 EDT

Key events

Chinese officials attend Australian government Aukus briefing

Chinese embassy officials have attended an Australian government briefing about the Aukus nuclear-powered submarine plans.

The Department of Foreign Affairs and Trade (Dfat) has conducted multiple briefing sessions over the past 24 hours for representatives of dozens of countries, including from within south-east Asia and the Pacific.

Guardian Australia has learned that Chinese officials attended one of these briefings yesterday. One source described the attenders as mid-level representatives; another confirmed that the Chinese ambassador, Xiao Qian, was not in attendance.

The participation in the briefing is a point of interest given the strength of the Chinese government’s reaction to the Aukus plans as soon as they were unveiled by Australia, the US and the UK early on Tuesday morning.

China has demanded that the International Atomic Energy Agency not negotiate an arrangement with the three Aukus countries, and has sought to present the deal as a threat to the region and a threat to the nuclear non-proliferation regime.

The Dfat briefings were intended to reassure countries across the region that Australia was seeking to contribute to peace and stability, was not seeking nuclear weapons, and was committed to the highest standards of non-proliferation.

Updated at 22.48 EDT

Wong tells Keating to look at UN evidence of China’s treatment of Uyghurs

The foreign minister, Penny Wong, has responded to former prime minister Paul Keating’s comments on China’s treatment of the Uyghur community.

In a National Press Club address yesterday, as my colleague Paul Karp reported, Keating brushed aside human rights concerns about China by arguing there are “disputes about what the nature of the Chinese affront to the Uyghurs” is, in reference to documented abuses that the UN has said are likely to be “crimes against humanity”.

Wong today said:

[Keating] may have his views but the government has … we have raised our concerns about the treatment of Uyghurs, with the PRC, with China, at all levels.

I would say to Mr Keating to consider the evidence that was presented to the UN through the UN report on this matter but I do want to say something to the Australian Uyghur community.

I understand this would have been distressing and I recognise the trauma many of them have suffered.

Updated at 22.46 EDT

Burke accuses Coalition of ‘hysteria’ over unemployment

Employment minister Tony Burke says liberal senator Michaelia Cash and the shadow treasurer, Angus Taylor, contributed to “hysteria” around unemployment figures.

I put all of this against some of the hysteria that both my counterpart, Senator Cash, and the Shadow Treasurer, Angus Taylor, put out a month ago in terms of what the test of the previous figures were.

A month ago we were told by Senator Cash the reason the unemployment figures had gone up was because of the new industrial relations legislation. That being the case, I don’t know how she explains they have now gone down now the legislation has been in for longer and that we also have the improvements with underemployment, the improvements in terms of the total number of hours worked.

The unemployment rate has improved in every state and territory, with the exception of Queensland. But you might remember a month ago, the Queensland figure was actually really strong and so what has come back a bit there is more of a correction as to what happened in the previous month.

Updated at 22.42 EDT

Tony Burke says drop in unemployment due to summer holiday breaks

As unemployment dropped from 3.7% to 3.5%, the employment minister, Tony Burke, says the numbers reflect Australians who decided to “take a well earned break over January”.

“As a result we saw an uptick in the unemployment figures over January, and that’s now returned back to 3.5%,” he said.

Burke says the numbers will moderate over time:

Full-time employment is up. The total hours worked is up. The participation rate is up. Of all of that, the unemployment rate is down, and the underemployment rate is down.

Even as there is some moderation, there’s still a situation where we’re talking about a very good labour market where people who want to find jobs should be able to find them.

The pathway to better wages will be through the legislation in the system that the government has been putting into place. The unemployment is not irrelevant to what happens with wages but on its own a low unemployment figure doesn’t do the job.

Burke says he is not worried about a wage price spiral.

A wage price spiral is driven by high wages growth. Australia does not have high wages growth. That’s how I know it’s not driving inflation.

Updated at 22.32 EDT

Australian bank shares fall as global fears mount

Jonathan Barrett

Shares in Australia’s big banks fell in early trading on Thursday as concerns over the future of embattled European financial giant Credit Suisse spread through global markets.

The international banking sector was roiled by the collapse of California-headquartered Silicon Valley Bank last week, which suffered a bank run after revealing a hole in its finances caused by rapidly rising interest rates.

That news was followed up by a major selldown of Credit Suisse overnight amid concerns Europe’s 17th largest lender would not be able to recover from a string of scandals that has scared off customers.

Shares in Australia’s big banks were down about 2% in early trading on Thursday, erasing yesterday’s gains and leading the overall market lower. Their share prices are down sharply from the strong levels recorded mid-last month amid the then optimistic mood in the sector.

But Australian bank share prices have fared much better than most of their European and US counterparts, which are weighed down by market concerns that they could be harbouring losses in their investment portfolios caused by rate hikes.

Updated at 22.07 EDT

Whistleblower submission to Queensland youth crime bill ruled ‘out of order’

A whistleblower’s submission to Queensland’s controversial youth crime bill has been “ruled out of order” and not allowed to be tabled in state parliament.

Greens MP for Maiwar, Michael Berkman, tabled the submission of watch house officer Steven Marshall on Wednesday night after it was removed from the parliament website.

Marshall’s submission to the economics and governance committee outlined “human rights breaches” he claims he witnessed in Brisbane City watch house during 2018 and 2019. These included “illegal strip-searches”, adults exposing themselves to children and staff wrapping towels around prisoners’ heads to avoid spit hood protocols.

Berkman said he tabled the submission, so it was “at least on the record” during the heated debate. But on Thursday morning, the speaker of the house, Curtis Pitt, ruled the submission “out of order”, saying he understood the committee “has resolved to make that particular submission confidential”.

He said allowing the submission to be tabled would “subvert and undermine the decision of the committee and its proceedings” and so he deemed the document “not tabled”.

Queensland police confirmed on Tuesday they were reviewing claims outlined in the submission, noting it was published by the committee “very briefly and then withdrawn”.

It comes as the state parliament is debating the youth crime bill this week, which includes making breach of bail an offence for children and expanding an electronic monitoring trial for children as young as 15.

Berkman was also referred to the ethics committee on Thursday morning for not withdrawing his interjections when the health minister Yvette D’Ath rose to speak on the youth justice laws.

Pitt said Berkman had refused “to comply with the deputy speaker’s request” and was “disorderly”, resulting in his ejection from the chamber.

All members have a right to express their views … however, members must do so in accordance with the standing rules and limits.

Updated at 22.04 EDT

Bruce Lehrmann tells court he was ‘not in a good way’ after publication of stories

Bruce Lehrmann has told a court he had continually wanted to fight back against the media as more and more stories appeared in the media.

He says that he had been “not in a good way, to put it lightly” following the initial stories on 15 February 2021.

He checked himself into North Shore hospital and was put on 15-minute observations, the court heard.

He then went to another health facility for 12 days and then did not return to his house, because he had heard that the media were camping outside his house.

There was strong advice from my lawyers and the treating doctors that I retreat back to Queensland to live with my mum.

He says that the stories kept appearing in the media.

Every time an article would come out, or a Four Corners report or whatever, there was outrage, and it was apparent on social media that people knew it was me and it was a mixture of being upset, angry, and I wanted to fight back against the media.

Lehrmann says his then lawyers continued to tell him to wait until the criminal proceedings or investigation was concluded, prior to lodging a defamation claim.

He is attempting to convince the federal court to extend the usual 12-month limit on filing defamation claims. One of his reasons for delay is that he received advice to wait from his then lawyer, Warwick Korn.

Lehrmann denied raping Higgins in the office of their then boss, Linda Reynolds, and pleaded not guilty. His first trial was aborted due to juror misconduct and a retrial was discontinued due to fears for Higgins’ mental health.

Updated at 21.58 EDT

Population growth will boost demand in economy – and supply of workers

As we saw earlier, February’s jobless rate dropped back to 3.5%, or just above the 3.4% recorded in October.

The numbers are close to the lowest in half a century even as the RBA does its best to sap excessive demand from the economy.

The ABS has also released some population numbers showing “we” expanded 1.6% in the year to 30 September. Australians now number 26.1 million people.

Beidar Cho, head of ABS Demography, said the population swelled by 418,500 over the year, with the pace similar to pre-pandemic times.

The natural increase was 114,800, a decrease of 18.1% from the previous year, with 302,900 births and 188,000 deaths in the year to September’s end. Deaths increased 10.8% “mainly due to Covid-19” and births sank 2.3%.

Cho said:

Migrant arrivals have returned to similar levels to those prior to the pandemic but departures remain lower – mainly because there are fewer recently arrived temporary migrants, like international students, who are due to leave.

There were 536,900 overseas migration arrivals and 233,200 departures.

Updated at 21.49 EDT

Lehrmann says he was ‘outraged’ by stories, but lawyers urged him to wait on defamation claim

Bruce Lehrmann is giving evidence in open court for the first time.

The federal court on Thursday began hearing Lehrmann’s application to extend the time limit for lodging his defamation claim, which would allow him to sue Network Ten, News Corp, and journalists Lisa Wilkinson and Samantha Maiden for reporting the rape allegations made by Brittany Higgins.

Lehrmann began his defamation claim two years after the Higgins stories were first published in February 2021 and must convince the court that he was not unreasonable in not meeting the usual 12-month time limit.

He has been called to give evidence about what his lawyers told him in February 2021, which he says caused him to delay filing any defamation claim.

His barrister, Steven Whybrow SC, asked him whether he believed the initial articles referred to him, despite not naming him.

Lehrmann said he did:

It identified the office that the person worked in, elements like the Dock, things like that, however the element of the alleged sexual assault was not me.

He got legal advice about the publications after speaking with a friend, who recommended the lawyer Warwick Korn. He went to meet Korn in Sydney on 15 February, after the News Corp article, but before The Project’s story went to air on Network Ten.

Lehrmann said he did not meet Korn specifically to discuss defamation.

That was not the purpose I engaged Mr Korn for. It was for obvious criminal proceedings or an investigation, it was obvious and apparent that that was about to be undertaken.

But he said he did raise defamation proceedings.

I was outraged from what I was seeing.

He said Korn told him to wait prior to lodging any defamation proceedings.

That advice was that defamation proceedings could happen, but we needed to wait for the resolution of any criminal proceedings or any investigation.

Lehrmann denied raping Higgins in the office of their then boss, Linda Reynolds, and pleaded not guilty. His first trial was aborted due to juror misconduct and a retrial was discontinued due to fears for Higgins’ mental health.

Updated at 21.42 EDT

Dutton says changes in regional circumstances necessitate Aukus spending

Asked about whether the middle of a cost-of-living crisis is the right time to spend up to $368bn on submarines, Dutton says:

I think Australians understand that the circumstances in our region have changed dramatically. I think every Australian except Paul Keating gets that, and you just can’t be blind to the intelligence, to what it’s saying, and not act on it. I think that would be negligent.

And we entered into negotiations for Aukus knowing that the circumstances had changed, and we want to see peace prevail in our region. We want stability. We want our very important trading partners to continue to have that relationship with us.

We don’t want to see bullying in our region, we don’t want to see coercive activity, we don’t want to see our citizens the subject of data breaches, etc.

So there is a lot that is in Aukus, not just the submarine deal, but it is also the investment in space, in AI and many other elements of that deterrence, which will be very important in the years to come.

As I say, the negotiations that we had at the time were difficult, and it started in 2020, and ultimately it has come to fruition now. So as a coalition, I am very proud of the fact that we authored that, we did the deal.

Updated at 21.38 EDT

Dutton: ‘Labor never ordered a single submarine’ or ship from Australian manufacturers in the past

While the Coalition have been strong on their bipartisan support for the Aukus deal, Dutton goes on to criticise Labor’s record on defence, saying the Coalition government at the time had to overcome “Labor’s valley of death in the shipbuilding industry” in order to get the deal off the ground.

Now I’m incredibly proud of what we’ve been able to deliver under Aukus. It is a huge win for South Australia and for our country. Most importantly, it underpins the security of our country and interest of our neighbours within the Indo-Pacific for generations to come, and that is a very significant outcome.

Simon Birmingham as finance minister was one of those crucial in the negotiations, and obviously in the contemplation of how much money this would cost.

I remember many discussions over many years around the national security committee and the expenditure review committee where we had to work out what we would do with Labor’s valley of death in the shipbuilding industry here in South Australia, as well as in WA.

Labor never ordered a single submarine, not a single ship from an Australian manufacturer when they were in government, and they cut defence spending when they were in government down to 1.5, 1.6% of GDP, so that meant there was no jobs, no opportunities for people in South Australia. We came into government, we restored funding.

Updated at 21.32 EDT

Dutton attributes electricity bill hikes to Labor decisions

While Albanese was talking with 3AW, the opposition leader, Peter Dutton, was speaking in Adelaide about the hike in electricity prices which was announced yesterday:

They will be 14,000 small businesses in South Australia who, from the 1st of July, are going to see yet another increase in their electricity bill.

And it will be about 63,000 households here in South Australia who, from the 1st of July, will pay on average about an extra $400, and I just don’t know where people are going to continue to find this money from.

Because it’s not just their electricity and their gas bills that continue to go up under Labor. We know that inflation is at a 33-year high and that many of the government decisions that they’ve made have actually fuelled inflation, and inflation going higher, of course, means your interest rates are higher and your mortgage rates are higher.

Updated at 21.27 EDT

Hours worked rose last month as sickness, disaster woes receded, ABS says

As per the previous post on jobs, Australia’s economy has looked quite resilient this last month if those latest numbers are any guide.

Bjorn Jarvis, ABS head of labour statistics, said:

The February increase in employment follows consecutive falls in December and January.

In January, this reflected a larger than usual number of people waiting to start a new job, the majority of whom returned to or commenced their jobs in February.

This was particularly evident in the south-east of Australia, with larger than seasonal numbers of people entering into employment across New South Wales, Victoria and the ACT.

NSW kept its lead as the state with the lowest unemployment rate in the nation at 3.2% (if you exclude the ACT’s 2.9%). (Cue a media release from the Perrottet government, ahead of the 25 March election.)

Other signs of the labour market’s strength include a 3.9% rise in the amount of hours worked in February (seasonally adjusted).

Jarvis said:

Following the 2.1% fall in January, when more Australians than usual took annual leave, the hours worked in February bounced back strongly to a level similar to late 2022, and were 5.1% higher than February 2022.

In February, there were also no major disruptions that affected people’s ability to work their normal hours, such as the widespread sickness or natural disasters that we have seen over recent years.

Normal times, can they really be back?

Updated at 21.11 EDT

‘It’s not either-or’, says PM on questions of Medicare funding versus Aukus

On the cost of the Aukus deal, Mitchell also asked Albanese about those comments from Dan Andrews (which Adeshola brought you earlier on the blog) that if the government can afford the submarines they should be ale to fix medicare.

Albanese says “it’s not either-or”:

I have a responsibility to – as prime minister – put in place defence procurement of assets so that our capability is the best it can possibly be.

If people want to discuss about Medicare or other issues, I’m happy to discuss them on their merits.

Medicare, of course, is a Labor creation. Labor will always strengthen Medicare and we’re doing a range of measures including cooperation with Premier Andrews. As you know, I have a very good relationship [with him] and we’ll continue to do that.

Updated at 21.10 EDT