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What we learned today – Friday 21 November
And with that, we are going to put the blog to bed. Before we go, let’s recap the big headlines:
Former attorney general Mark Dreyfus called for the government to renew the republic campaign, and to push for four-year federal terms, in his first major comments since he was relegated to the backbench.
Anthony Albanese became the first Australian prime minister to visit South Africa since 2013 as he jetted off to the G20 leaders’ summit where climate change, trade and security are expected on the agenda.
The Victorian government will make it free for trans and gender diverse people to officially change their gender on a birth certificate.
Qantas, Jetstar and Virgin Australia will ban the use of power banks on board aircrafts over the next few weeks amid a rise in safety risks associated with damaged or defective lithium batteries.
As Tropical Cyclone Fina headed for the NT coast, Kristy McBain, the federal minister for emergency management, said officials are urging people to “prioritise their safety” and heed cyclone warnings and advice. Authorities said the worst of the conditions in Darwin are expected to be during the day tomorrow and tomorrow evening.
Kellie Sloane, the NSW Liberals’ health spokesperson, was appointed as leader of the opposition. She was given unanimous support to take the top job. The 52-year-old former journalist replaced Mark Speakman, who led the party since the March 2023 election.
Australian shares are down sharply this morning, after a Nvidia-fuelled global rebound gave way to enduring concerns that a stock market bubble has engulfed Wall Street.
Queensland state coroner Terry Ryan begun releasing his findings into how three members of the Train family shot dead two police officers and a neighbour at their Wieambilla property nearly three years ago.
The eSafety commissioner added video streaming platform Twitch to the list of platforms that will be required to ban under-16s in Australia from having an account in less than three weeks.
Thank you for spending part of your day with us.
Updated at 01.25 EST
Adam Morton
Australia to join countries at Cop30 calling for fossil fuel phase-out
There have been growing calls for the Australian government to join a group of about 80 countries that have called for the UN Cop30 climate summit in Brazil to agree to develop a roadmap to transition away from fossil fuels.
Greenpeace has issued statements during the week. The independent MP Zali Steggall today issued a media release with 100 signatures from people in business, academia, civil society and politics.
The climate change minister, Chris Bowen, has so far been silent on the issue, but it has been a significant focus at the conference. Backers include countries from Africa, Asia, Latin America, the Pacific and Europe. The UK, Germany, France and Norway have signed on.
The Guardian has been told Australia will join them.
Bowen had planned to sign up to a declaration on transitioning away from fossil fuels at an event at Cop30 on Thursday afternoon. It was cancelled when the conference centre in the Amazonian city of Belem was evacuated due to a fire.
It is expected he will add Australia’s support to the call on Friday while also trying to wrangle a deal that would lead to him being named “president of negotiations” at the Cop31 summit next November.
That deal, flagged by Bowen on Wednesday when it was announced Australia’s bid to co-host the summit with Pacific nations had failed, is still yet to be finalised. Negotiations are expected to resume tonight – on Friday morning local time.
Independent MP Zali Steggall. Photograph: Lukas Coch/AAPShare
Updated at 05.46 EST
Jonathan Barrett
‘Santa rally’ in doubt after ASX plunge
Australian shares recorded steep losses today, as renewed fears of an artificial intelligence-fuelled bubble gripped markets around the world.
The benchmark S&P/ASX 200 fell 1.6% to 8,416.5 points, erasing more than $40bn in value from the index.
While the Australian market rose from its earlier lows, the bounce was modest, signalling fear among traders.
Tony Sycamore, market analyst at IG Australia, says there are “clear question marks circling now around the extent of any Santa rally and which sector will lead it, with Christmas now just under five weeks away”.
The “Santa rally” and “January effect” refer to a period when stock markets tend to rise, especially after a strong year.
The ASX has now recorded its fourth straight weekly loss.
The plunge occurred even after the world’s biggest company, chip maker Nvidia, released a soaring profit result and upbeat outlook that initially sparked a recovery in global markets.
But lingering concerns Wall Street may be engulfed by a bubble reversed the sentiment.
Traders have also lost confidence the US Federal Reserve will deliver a rate cut in December amid rising inflation concerns; the same dynamic that has dimmed hopes for further cuts in Australia.
Just eight out of Australia’s biggest 50 listed companies eked out share price gains today, with miners among the most heavily sold-off companies.
Anne Ruston criticises government over bulk-billing rates
The shadow health minister, Anne Ruston, has been speaking on Afternoon Briefing about bulk-billing rates.
She said:
We have a government … [that] promises to Australians for the last three years, telling them all they will need is their Medicare card, when quite frankly the government has always known out-of-pocket costs were on the rise and likely to continue to rise into the future.
Nearly a million less visits to a doctor year-on-year for the same quarter last year to this year … 10,000 visitors less every day. 10,000 people are avoiding seeing their doctor, which means they are likely to be sick before they engage with the health system.
And we have a prime minister who can’t negotiate the hospital funding agreement, which is where these people are ending up.
Shadow health minister Anne Ruston. Photograph: Mick Tsikas/AAPShare
Updated at 00.57 EST
Share market falls to lowest level since June
From AAP:
Australia’s share market has crumbled to its lowest level since June, as concerns about stretched valuations collide with a reduced outlook for interest rate cuts.
The benchmark S&P/ASX 200 lost 133.9 points on Friday, down 1.57% to 8,418.8, as the broader All Ordinaries fell 144.9 points (1.64%) to 8,689.1.
A stronger-than-expected US jobs report overnight dampened hopes of incoming interest rate cuts from the world’s largest central bank, dragging on equities markets.
The top-200 has tumbled more than 7% after hitting an all-time high of 9,115.2 in mid-October, and has fallen each of the past four weeks.
The Australian dollar is buying 64.46 US cents, down from 64.79 US cents on Thursday at 5pm.
Updated at 00.58 EST
Nick Greiner congratulates Kellie Sloane, calling for ‘a unified approach’ from the party
The chair of the NSW Liberal party management committee, Nick Greiner, has welcomed Kellie Sloane’s unanimous election as the NSW leader. In a statement, Greiner said:
I congratulate Kellie on her election. She has always been driven by community service – from her almost 20 years in journalism to her work as the National CEO of Life Education – striving to deliver real change for our community.
Liberal Party members across the state are behind Kellie, as the parliamentary and volunteer wings of our Party work together towards a Liberal election victory that will deliver a thriving NSW.
Now is the time for a unified approach behind Kellie and Natalie Ward to ensure the Party looks outward and forward as an alternative government with a laser focus on winning in 2027.
Newly elected NSW Liberal leader Kellie Sloane. Photograph: Bianca De Marchi/AAPShare
Updated at 01.02 EST
Engels:
There will be rain and wind prior to the cyclone. Do not drive in flooded water conditions.
Let’s all together use our common sense and stay safe.
Updated at 23.54 EST
Engels says when the storm impacts are starting to be felt in Darwin, residents are asked to park their cars, find shelter and stay there until it has passed. She said businesses in Darwin may close tomorrow and buses will not be running.
We expect to tell Darwin residents to take shelter tomorrow.
Based on the information we have, we are comfortable that your homes are able to withstand the event.
If you have concerns, we ask you to go and find somewhere that you feel safe to shelter.
Updated at 23.52 EST
Minjilang, Warruwi and Tiwi Islands residents advised to be at their place of shelter before dark
Supt Kirsten Engels is speaking now.
Cyclone Fina is beginning to show their presence on the northern islands now.
Schools in Minjilang and Warruwi and Milikapiti have all been closed today.
Tomorrow we expect to see impacts starting to be felt in the Darwin area.
We are standing up an emergency hotline 1800 88 901, and that will be available from this afternoon.
She says residents of Minjilang and Warruwi and the Tiwi Islands have been asked to pick their place of shelter and be there before dark. She said these communites are used to these events and are prepared and ready.
Updated at 01.10 EST
Flood watch for Top End, 1-metre storm tide expected around Minjilang
A flood watch is current for much of the Top End, and daily rainfall is expected of up to 200mm or more.
A storm tide of about 1 metre above the highest tide is expected around Minjilang and could be above normal in other coastal communities over the next few days.
Updated at 01.11 EST
Destructive wind gusts of 150km an hour could develop during this evening in this warning area as the system nears the coast.
After this, the wind is expected to hit 120km an hour in the warning area.