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US president Donald Trump has threatened a 200% tariff on foreign pharmaceuticals – which Australia exports about $2bn worth of to the US each year.
Speaking yesterday, Trump laid out plans to step up his controversial trade strategy – imported copper will face a US tariff of 50% in a bid to bolster US production of the metal, the administration announced. US copper prices rose 12% to hit record levels.
After providing manufacturers with around a year or a year and a half’s notice, pharmaceutical imports are also “going to be tariffed at a very, very high rate”, the president said. “Like 200%.”
“We’re going to be announcing pharmaceuticals, chips and various couple of other things – you know, big ones,” he added, of the administration’s tariff plans.
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Disappointment as Reserve Bank leaves rates on hold
From struggling retailers to squeezed mortgage holders, the Reserve Bank of Australia’s surprise call to leave interest rates on hold has left many disappointed.
Markets and economists were broadly in favour of a 25 basis point cut in July but the central bank board has decided to wait for more evidence on inflation before considering lowering the cash rate further.
Interest rates have already been cut twice this year as inflation tracks lower and the central bank’s focus switches to growth prospects and job market resilience.
RBA governor Michele Bullock acknowledged households with mortgages would have been “very keen” for another interest rate cut to ease budget pressure. She said:
I’m also really conscious that we don’t want to end up having to fight inflation again.
The Australian Retailers Association described Tuesday’s decision as a “missed opportunity” to improve the outlook of a sector employing one-in-10 Australians.
“Weak consumer spending and high business costs continue to put pressure on retailers,” ARA chief executive Chris Rodwell said.
– via Australian Associated Press
Rafqa Touma
Thank you to Martin Farrer for kicking off the live blog this morning. I’ll be updating you on the day’s news from here – let’s get into it.
TGA recommends sunscreen manufacturers add safeguards to products containing two ingredients
The Therapeutic Goods Administration (TGA) has recommended sunscreen manufacturers reformulate their products to add safeguards for two ingredients following a review into their efficacy.
It follows a Choice investigation last month which found some of Australia’s most popular sunscreens, including some made by Bondi Sands, Banana Boat and the Cancer Council, are falling short of the level of skin protection on the bottle – a claim disputed by providers.
The TGA said providers manufacturing sunscreens containing the active ingredients homosalate and oxybenzone, as well as the byproduct benzophenone, have been advised to add additional controls “to ensure sunscreens meet the highest standards of safety for prolonged and frequent use”.
The TGA said the review was prompted by “regulatory developments overseas, adoption of the Australian sunscreen exposure model external site and the TGA’s scientific literature review of sunscreen ingredients”.
A comprehensive public and stakeholder consultation will begin ... to help determine the level in sunscreens at which these ingredients remain suitable for use in Australian sunscreens.
All sunscreens available in Australia are safe. The TGA is not recommending a change in the use of sunscreens, nor are there any warnings, bans or recalls of any products.
Australia in talks with Ukraine about a defence pact, documents suggest
Australia is negotiating a security agreement with Ukraine to boost defence cooperation and codify support following Russia’s invasion, Australian Associated Press reports.
Defence experts say such a pact could help bolster collaboration between the two nations to boost Australia’s capabilities.
Largely redacted briefing material prepared for the foreign affairs minister, Penny Wong, ahead of her December 2024 trip to Ukraine confirms the possibility of a security pact, but details remain classified.
Of the 28 bilateral security arrangements finalised with Ukraine as of late 2024, none were legally binding or included mutual defence or security obligations, one briefing document noted.
Ukraine’s ambassador to Australia, Vasyl Myroshnychenko, did not comment on any specific provisions that had been proposed due to the sensitivities of negotiations.
But he pointed to broad areas of collaboration such as intelligence sharing, drone technology and humanitarian assistance that have been covered in similar bilateral security agreements between Ukraine and other nations.
A British pact pledged increased cooperation between defence companies and the Ukrainian army, including building military repair facilities and providing cyber defence technology.
Humanitarian provisions are outlined in Japan’s agreement, which pledges to provide medical treatment for wounded Ukrainian soldiers.
Japan and Ukraine also agreed to share and protect classified intelligence.
Ukraine has developed sophisticated drone capabilities after the three-and-a-half-year war that followed Russia’s invasion.
“The innovation we have, no one in the world has it”, Myroshnychenko said.
Oleg Vornik, the boss of an Australian company called DroneShield, said the war showed drones had become central to modern warfare, “necessitating rapid innovation in counter-drone technologies”.
The Australian company bolstered Ukraine’s defences by giving soldiers the ability to detect and disable enemy drones.
A bilateral agreement between Ukraine and Australia would significantly elevate the company’s ability to “operate more directly and responsively on the ground”, Vornik said.
He pointed to an arrangement in place between DroneShield and Ukrainian operators to ensure technology could be rapidly updated to tackle emerging threats.
G8 Education to install CCTV in its childcare centres
Australia’s largest childcare provider, G8 Education, will install CCTV in all of its centres and allow parents to provide preferences on who conducts nappy changes and toileting after child abuse charges were laid against a former employee, Joshua Dale Brown.
Dale, 26, was charged with more than 70 offences relating to eight alleged victims aged between five months and two years old.
In an announcement to investors on Tuesday evening, managing director and chief executive of G8 Education Limited, Pejman Okhovat, said the team was “horrified and appalled” by the allegations.
“These allegations are deeply disturbing, and our hearts go out to all the children and families involved. I am deeply sorry for the unimaginable pain caused to our families and what they are going through.”
Okhovat said following the trial of CCTV in several centres, it would be rolled out to all operators in light of the allegations. In addition to greater parents’ choice over their children’s care, G8 would also commission an independent review into the incident following the police investigation and criminal proceedings.
RecipeTin Eats cook upset her beef wellington recipe ‘entangled in a tragic situation’
Nagi Maehashi, the Australian cook behind RecipeTin Eats, says it is “upsetting” to have become “entangled in a tragic situation” after it was revealed her beef wellington recipe was used by Erin Patterson to lace a meal with death cap mushrooms.
During the trial, Patterson said she made multiple changes to the RecipeTin Eats recipe she was using to prepare the fatal beef wellington two years ago. It was a dish she had never made, but she wanted to try something special for her guests, she said.
The recipe is described on Maehashi’s website as “incredibly juicy, edge-to-edge rose pink beef encased in pastry boasting a flawlessly crispy base”. It is only available in her debut cookbook, Dinner.
In a post to Instagram on Tuesday, Maehashi requested journalists “please stop calling and emailing and texting and DM’ing me about the Erin Patterson case”.
It is of course upsetting to learn that one of my recipes – possibly the one I’ve spent more hours perfecting than any other – something I created to bring joy and happiness, is entangled in a tragic situation ... Thank you for respecting my privacy.
On Monday, Patterson was found guilty of murdering three relatives and attempting to murder a fourth.
Welcome
Good morning and welcome to our live news blog. I’m Martin Farrer with some of the top overnight stories and then it’ll be Rafqa Touma to guide you through the day.
Australia is in negotiations with Ukraine about a security pact that could see the two countries firm up cooperation on intelligence sharing, according to briefing documents prepared for the foreign affairs minister, Penny Wong. More coming up.
One of the childcare operators at the centre of the abuse allegations in Victoria has told shareholders it plans to install CCTV in all of its sites and allow parents to provide preferences on who conducts nappy changes and toileting. More details shortly.
The health regulator has recommended sunscreen manufacturers add safeguards to products containing two ingredients amid concern about their efficacy. We have more coming up.
