Businesses and politicians have slammed a plan to erect a statue of former Victorian Premier Daniel Andrews, calling it a waste of taxpayer money.

The Victorian government confirmed the bronze statue is set to cost taxpayers more than $134,000 to be designed and built in Melbourne's Treasury Square.

Jim's Mowing founder, Jim Penman, who was a vocal critic of Daniel Andrews during the COVID lockdowns, said it is ridiculous to erect a statue to him.

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Penman called Andrew's the most disastrous premier in the state's history.

Australian Restaurant and Cafe Chief Executive Wes Lambert said hospitality venues are still suffering from the effects of the COVID lockdowns, believing that the statue is not a good fiscal move.

Jeff Kennett, a former premier for the Liberal Party, started this policy of putting up statues for former premiers who spent 3000 days in office, but even he is not thrilled with the idea of the statue.

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Kennett said it is not compulsory and called it a "waste of money".

Victorian Premier Jacinta Allan has defended the move, calling Andrew's a "fantastic premier".

"We're just following the policy put in place by the previous premier, Jeff Kennett."

Opposition Leader Jess Wilson said that the Labor government was taking out the trash, noting the announcement would not "pass the pub test".

It is yet to be confirmed when the statue will be constructed.

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Donald Trump has alarmed Taiwan and its supporters in Washington by appearing to side with China over its own independence.

Wrapping up his two-day summit in Beijing, Trump was asked by reporters whether he would support Taiwan declaring independence from China.

"On Taiwan, (Xi) does not want to see a fight for independence because that would be a very strong confrontation, and I heard it out," Trump said.

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"I didn't make a comment."

While his predecessor Joe Biden had said the US would provide military support to Taiwan if China invaded, Trump demurred.

"I don't want to say," he told reporters.

"I think the last thing we need is a war.

"It's 9500 miles (15,000km) away. I think that's the last thing we need. We're doing very well."

When asked if Trump would allow an arms deal selling weapons to Taiwan, the president was non-committal.

The nearly $A20 billion deal has bipartisan support in Washington but is opposed by China.

A statement by the government in Taiwan reiterated their independence.

"It is widely known that China's military threat is the only real insecurity in the region," the statement read.

"Our most important and only task is to dedicate ourselves to maintaining the status quo and our determination to defend ourselves, safeguarding the freedom and democracy of our 23 million people, and ensuring that the security and stability of the Taiwan Strait are not threatened or undermined."

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Trump's statements on Taiwan have been strongly criticised by politicians in Washington.

"By raising doubts about our commitment to defending Taiwan (our close ally which is responsible for many of the powerful chips that power our technology), Trump is massively raising the risks that China will attack Taiwan," Democratic Representative Dave Min said.

"Teddy Roosevelt once defined the linchpin of strong foreign policy: speak softly and carry a big stick. Trump is doing the exact opposite of that and making the world much more dangerous."

And Democratic Senate Minority Leader Chuck Schumer called Trump's China trip a "complete and total embarrassment".

"We know Trump's incompetent in America. He's equally so abroad," Schumer said.

"All he's coming home with is being chastised by Xi about Taiwan."

While not criticising Trump directly, Republican congressmen also called for supporting Taiwan.

"We have to support Taiwan, just like we have to support Ukraine," Rep Brian Fitzpatrick said.

"These are the fortresses of democracy, and they're on the front lines, and we have to protect and defend them."

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Taiwan and China have a long and acrimonious history dating back decades.

When Nationalist Chinese forces lost the civil war in 1949, the government relocated to Taiwan.

From there they have governed what they describe as the Republic of China, what they consider to be a government-in-exile.

The Beijing government meanwhile considers there to be only one China, and that Taiwan is a part of China.

While they have effectively governed as separate countries for decades, Taiwan formally declaring independence from China would be seen as a provocative move.

China has long been suspected of seeking a military invasion and takeover of the island.

Taiwan is Australia's sixth largest trading partner and a major supplier of petrol, computers, phones and other electronics.

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Back-to-back cash rate hikes have put a lid on some home buyer's budgets, according to new analysis from Canstar.

Last week the Reserve Bank of Australia (RBA) handed down a third consecutive interest rate hike, increasing the cash rate target to 4.35 per cent.

During the March 2026 quarter, the average national new loan size fell from a record-high rate late last year, with drops in the key markets of NSW and Victoria, where property prices have been in decline.

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As the market shifted, household budgets also remained stretched by high living costs.

The financial comparison website's data revealed owner-occupier borrowers drove the decline, with the value of new loans dropping by $2.8 billion from a record-breaking December 2025 quarter.

The data showed investors also pulled back, with the value of new loans falling by $1.3 billion over the first three months of the year.

Canstar said despite the dip, new lending remained well above the levels a year ago, up 18 per cent across all loans, led by investors, which surged 25 per cent year-on-year.

However, Canstar data insights director Sally Tindall said borrowing appetite was still at elevated levels, with investors leading the charge.

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"The ABS (Australian Bureau of Statistics) data shows the value of new investor loans is up an astounding 25 per cent compared to the previous year," Tindall said.

"With growth at that pace, it's easy to see why housing has become the focus in the federal budget, with the government under pressure to ease affordability constraints for younger Australians.

"First home buyers burst out of the gates at the tail end of last year, following the uncapping of the Home Guarantee Scheme in October.

"However, the initial frenzy appears to be cooling on the back of the RBA's return to rate hikes."

Tindall said affordability remained the housing market's Achilles' heel.

"The softening in Sydney and Melbourne prices isn't the golden ticket buyers were hoping for with the rate hikes eroding borrowing power much faster than prices are easing," she said.

"The challenge for those first home buyers who did manage to buy last year at peak prices with wafer-thin deposits, is that price dips in cities like Sydney and Melbourne.

"The March quarter could mark the start of a more cautious phase for the property market, particularly if borrowers continue to face rising repayments and tighter household budgets."

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