Australian news and politics live: Ley proclaims she’s a ‘coalitionist’, attempts to cool leadership concerns

The Reserve Bank of Australia has warned of much higher inflation next year as it unanimously left interest rates on hold ahead of the Melbourne Cup.

The cash rate was left on hold at 3.6 per cent, as broadly expected, with the decision unanimous among governor Michele Bullock’s nine-member monetary policy board.

But the RBA is now expecting headline inflation to soar to 3.7 per cent by June next year, forecasting a consumer price index well above its 2 to 3 per cent target over four consecutive quarters for the first time since 2023 and 2024.

Read the full story.

Nationals MP – and former leader – Michael McCormack has given his traditional Melbourne Cup day political race call in parliament just before Question Time, making light of the leadership turmoil within the Coalition.

Here’s a flavour of it:

The anti-fun teals and the greens are refusing to enter the barriers. Their jockeys are carrying anti-racing placards. Who would believe that!

The gates crashed back and the race is on. Canning has gone hard and fast, early, maybe a bit hasty.

Ballarat and Hotham are building expectations but nothing else. McMahon charging more and more. All wind, no power, blowing hard but no energy. His chances of winning are net zero.

Why are New England, Riverina and Chifley so far back? Word is New England may soon be changing stables.

Maranoa is safe for now, surrounding himself with stable mates.

Farrer trying hard, so too Fairfax.

Leadership aspirants looming thick and fast, Canning still in the picture. Hume thereabouts, Goldstein and Hindmarsh fancy themselves.

Lalor, Casey and Capricornia are cracking the whip. Come on. Cheer them home.

Grayndler has a huge lead. Greenway laid down the law now, Corio steady on the wrong course, though, thought it was a golf course.

Rankin wants to be leader. Little chance.

Birthday boy Watson wants to be in front no hope.

Senator Thorpe burning down the outside.

Question Time, fast approaching it. Here comes the speaker, everyone’s favorite. Can he make it back to back? Speaker, Question Time. Speaker, the place is on fire. Photo finish – Speaker!

If this needs decoding, here’s a primer:

Canning – Andrew Hastie

Ballarat – Catherine King

Hotham – Clare O’Neil

McMahon – Chris Bowen

New England – Barnaby Joyce

Riverina – Michael McCormack

Chifley – Ed Husic

Maranoa – David Littleproud

Farrer – Sussan Ley

Fairfax – Ted O’Brien

Hume – Angus Taylor

Goldstein – Tim Wilson

Hindmarsh – Mark Butler

Lalor, Casey and Capricornia – party whips Joanne Ryan, Aaron Violi and Michelle Landry

Grayndler – Anthony Albanese

Greenway – Michelle Rowland

Corio – Richard Marles

Watson – Tony Burke (it’s his birthday today)

The Prime Minister also spoke to his caucus colleagues about his overseas travels, referring in particular to the success of the meeting with US President Donald Trump.

Anthony Albanese also praised Penny Wong, Richard Marles, Don Farrell and Jim Chalmers for their work in advancing Australia’s position in the world.

“Our natural advantages are the envy of the world,” he said, listing mineral resources, sun, wind, community, education and health systems, and the multicultural nature of Australia.

“We need to keep doing our work and let some of the noise simply wash over when it comes.”

Prime Minister Anthony Albanese told Labor colleagues that sticking to a target to achieve net zero emissions was “all about investment certainty” and a common-sense approach.

The Prime Minister urged his caucus to keep the focus on what the Government was doing for jobs and the economy while the Opposition was tearing itself apart over climate policy.

“Those opposite have torn themselves apart before and are doing it again,” he said.

“Even if someone was sceptical about climate change, it would still make sense to invest in renewables and storage.”

Senator Sarah Hanson-Young says a Senate committee she chairs is planning to compel executives from major telcos before their inquiry.

It includes two Australian board members of Singtel, the Singaporean-owned parent company of Optus.

It comes after Optus boss Stephen Rue was grilled in a three-hour session this week, where he claimed to be “deeply sorry” for a triple-0 outage in September, which caused three deaths.

At The Greens party room meeting on Tuesday, it was also raised that Communications Minister Anika Wells should appear before the dedicated committee investigating the incident.

But as it’s a Senate inquiry and Ms Wells is in the House of Representatives, she can’t be compelled — only invited.

Senator Hanson-Young said the committee would also review which other telcos — namedropping Telstra and Vodafone — they can call before the inquiry.

Opposition Leader Sussan Ley has told a combined meeting of Liberals and Nationals in Canberra that she is a “firm coalitionist” amid chatter about whether the parties will split over differences in their approach to climate policy.

The Nationals agreed on Sunday to abandon net zero by 2050 and instead tie Australia’s rate of emissions cuts to the significantly slower OECD average.

The Liberals are yet to settle their position.

Ms Ley and Nationals Leader David Littleproud both emphasised to the meeting that the intention had always been for each party to run independent policy processes, then “come together” to a joint position.

Mr Littleproud said he was “relaxed” about this process and that “it was going well from the National Party’s perspective”.

There is far more division within the Liberal party room over what to do in the policy area, although a three-hour meeting last Friday showed MPs on each end of the debate were closer in position than previously thought.

Coalition MPs got a bit more clarity over what’s going on with energy and climate policy development, with shadow minister Dan Tehan telling a meeting of colleagues he would finalise his advice on what the Liberals’ position should be “imminently”.

He’ll take that to the Liberal leadership team, probably next week.

After that, it will go to either the Liberal shadow ministers then the whole party room, or straight to the party room, depending on what the smaller leadership grouping decides.

Backbencher Tony Pasin suggested during this morning’s joint meeting of the Liberals and Nationals that the Liberals alone should convene on the Sunday before the next sitting week (the final one for the year) to finalise their position.

Defence Industry Minister Pat Conroy says his department’s latest crackdown on military exports to Israel is about “implementing” the government’s decision to only approve transfers of equipment that is being used by Australian personnel.

On Monday, The Nightly revealed ​several local defence firms had recently received written advice from Defence Export Controls stating licence holders will no longer be allowed to send “approved goods” to Israel. ​

At the opening of the Indo-Pacific Maritime Exposition in Sydney, where pro-Palestine protestors have clashed with police, Minister Conroy was asked about the revelations.

“What we are doing is implementing the decision we made, which is that we’ve only approved export licenses for ADF equipment to be maintained, upgraded or manufactured, and our policy continues to be that.”

The Defence Department has declined to answer questions about its latest written edict, citing “national security and commercial in confidence reasons”.

Barnaby Joyce has insisted Sussan Ley is a “friend” and he’s not working to sabotage her leadership by “throwing fuel on the fire” of the energy policy debate.

“I would say Sussan Ley is a friend,”

“I have made it absolutely, emphatically clear that nothing in this fight, that I’ve had, is anything to do with or a reflection on Sussan.

“I wish Sussan all the very best. Obviously, you learn to respect the views of other people.”

NSW Police have warned that anyone who does not comply with police direction will be arrested, as pro-Palestine and anti-AUKUS protests disrupt a defence expo in Sydney.

In an update, NSW Police confirmed 10 people have been arrested since 6.30am.

“Police are at the location to ensure the safety and security of delegates at the venue and the wider community,” a statement said.

“Anyone not complying with police directions, or found to be breaching the peace, will be arrested and dealt with accordingly.”