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Key posts
- Australian dream disappears in bleak forecast
- Putin says Prigozhin āmade some serious mistakes in lifeā
- This morningās headlines at a glance
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Australian dream disappears in bleak forecast
Millions of Australians will miss out on homeownership as the nation heads towards a long period of slow growth in household incomes, forcing more people to fall back on the age pension to pay for shelter.
The trend will put growing pressure on the federal budget, as younger people struggle to get into the housing market, according to a new federal report that says income growth will halve over the next four decades.
Jim Chalmers holds up a copy of the Intergenerational Report during his address to the National Press Club.Credit: Alex Ellinghausen
Treasurer Jim Chalmers released the Intergenerational Report on Thursday with a promise to unveil reforms that would lift growth, as the Coalition called on him to reveal his solutions and the Greens demanded more action on housing.
Chalmers said the forecasts should mark the āend of complacencyā about the nationās future, and signalled changes this year to develop more options for people in the drawdown phase of their superannuation, so they could use the income in later life.
The treasurer will speak about the report shortly, but read more on this story here.
Putin says Prigozhin āmade some serious mistakes in lifeā
Vladimir Putin has paid tribute to Russian warlord and rebellion leader Yevgeny Prigozhin, while western officials investigating the circumstances of his demise say the Wagner paramilitary group most likely fell victim to an assassination plot.
The Russian president offered his condolences to the families of the victims for the first time on Thursday since the plane crash, praising Prigozhinās accomplishments, while saying the Wagner chief had committed some serious mistakes.
Russian President Vladimir Putin has paid tribute to Wagner chief Yevgeny Prigozhin.Credit: Reuters
Prigozhinās private jet ā an Embraer Legacy that he had recently used to travel between Moscow, Belarus, his hometown of St Petersburg, and to parts of Africa where Wagner operates ā crashed in the Tver region north-west of Moscow.
The incident occurred two months to the day Wagner mercenaries marched towards Moscow in a short-lived attempt to overthrow the Putin regime.
Find out more about Putinās comments here, from Europe correspondent Rob Harris.
This morningās headlines at a glance
Good morning, and thanks for your company.
Itās Friday, August 25. Iām Caroline Schelle, and Iāll be anchoring our live coverage for the first half of the day.
Hereās what you need to know before we get started:
- Millions of Australians will miss out on homeownership as the nation heads towards a long period of slow growth in household incomes, according to the intergenerational report released yesterday.
- Australia subsidises fossil fuels by $65 billion a year, or 2.5 per cent of GDP, mostly through the governmentās failure to recoup the associated environmental and health costs from polluters.
- Peter Dutton called for a re-think by the Australian Electoral Commission after it said a tick could be counted as a Yes vote in the Voice to parliament referendum, but a cross would not count as a No vote.
- Prime Minister Anthony Albanese and Defence Minister Richard Marles will both soon travel to the Philippines as the government walks a tightrope on the South China Sea.
Treasurer Jim Chalmers addresses the national press club.Credit: Alex Ellinghausen
- A judge urged Brittany Higginsā partner David Sharaz and Liberal Senator Linda Reynolds to settle their legal stoush face-to-face and behind closed doors amid fears the defamation action could cost millions.
- As the world goes through what some scientists believe to be its hottest year on record, emperor penguin populations in the Antarctic are suffering catastrophic losses.
- Overseas, Vladimir Putin paid tribute to Russian warlord Yevgeny Prigozhin, while western officials investigating the circumstances say the paramilitary leader most likely fell victim to an assassination plot.
- And former US president Donald Trump is expected to hand himself in to authorities in the US state of Georgia, as some Republican rivals launched attacks on him at a presidential primary debate.
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