Tag Archives: oceania

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NSW minister calls on Stuart Ayres to resign over John Barilaro saga

A NSW minister has called on the Trade Minister Stuart Ayres to resign over his apparent role in the appointment of John Barilaro to a New York trade posting.

Infrastructure Minister Rob Stokes privately asked the deputy Liberal leader to resign from cabinet after accusations Ayres used his influence to appoint Barilaro the lucrative envoy position.

On Tuesday, Ayres' response when asked about the Stokes message was: "I responded with very similar messaging that the advice I provided the House is the advice I received from the CEO of Investment NSW."

READ MORE: 'Historic' interest rate hike tipped to hit mortgage holders

Ayres is under fire for his handling of the former deputy premier's appointment, following accusations he used discussions with the Investment NSW CEO Amy Brown to promote Barilaro's standing as a candidate.

Ayres once again doubled down on his claim he did nothing wrong.

"I've always acted in the best interests of the people of NSW," Ayres said.

He admitted there was "one thing" he would do differently if he had his time over.

When Barilaro asked him about filling the potential Investment NSW role in New York, Ayres said he should have advised him that though he could apply as a private citizen, it would not be in Barilaro's or NSW's "best interests" to do so.

"Once he did that though, I think it's important that the public service treated him fairly and equally," he said.

He said he was confident the review into the matter would show he acted "appropriately" as a government minister.

READ MORE: How the world's biggest four-day work week trial changed people's lives

Former NSW deputy premier John Barilaro has settled his defamation case against YouTuber Jordan Shanks.

Damning documents were released yesterday revealing Barilaro wasn't the preferred candidate for the coveted role.

Two selection reports were released, with one showing Barilaro did not attract the highest interview score among the final candidates and was instead suggested for the "talent pool" instead of snagging the role.

The other document showed Barilaro was the "recommended candidate" for the trade posting.

Barilaro was awarded the job of US trade commissioner ahead of credentialed bureaucrat Jenny West.

He has since withdrawn from the role, citing media attention.

A parliamentary inquiry into the appointment is currently underway.

headline

RBA hikes interest rates for a historic fourth consecutive month

The Reserve Bank of Australia has hiked interest rates for the fourth consecutive month, lifting the nation's cash rate target by 50 basis points to 1.85 per cent.

Today's increase marks the first time since the introduction of inflation targets in 1990 that the central bank has increased the cash rate four months in a row.

For the average borrower with a $500,000 loan and 25 years remaining, this afternoons' increase will result in a $140 a month increase – or $472 since the RBA began lifting rates in May 2022.

READ MORE: 'Historic' interest rate hike tipped to hit mortgage holders

Are you struggling to make repayments with recent interest rate rises? We want to hear your story. Get in touch with reporter Stuart Marsh at

It appears that borrowers should expect much of the same over the coming months. 

Anneke Thompson, Chief Economist at CreditorWatch, said Australia's extraordinary economic conditions are fuelling inflation, which the RBA will attempt to tame with more rate rises.

"The Reserve Bank of Australia (RBA) has once again decided to raise the cash rate target. This is the fourth month in a row, indicating the level of concern that inflation is causing. Contributing to the decision was July's employment data which saw the unemployment rate drop to 3.5 per cent. There are now 600,000 more Australians employed than there were in March 2020 –  an extraordinary increase," Thompson explains.

"The economic update provided by the Treasurer last week pointed to inflation peaking toward the end of the year, at near 8 per cent, before starting to fall in 2023. 

"While this is clearly of concern, the RBA will no doubt be focused on trying to break out supply side inflation, versus the demand side, and tailoring their monetary policy response as close as possible to this."

Speaking in question time, Treasurer Jim Chalmers has said while the RBA's interest rates hike isn't surprising, it will "still sting" Australians.

"Australians knew this was coming, but it won't make it any easier for them to handle," he said.

"This cycle of interest rate rises began before the election in response to inflationary pressures that began accelerating at the beginning of this year.

"Average homeowners with a $330,000 outstanding balance will have to find about $90 a month more for repayments as a consequence of this decision today, on top of around $220 extra in repayments since early May.

"For Australians with a $500,000 mortgage, it's about an extra $140 a month, in addition to the extra $335 they've had to find since early May.

"As I said, Mr Speaker, this decision doesn't come as a surprise. It's not a shock to anybody, but it will still sting."

Mortgage repayment hikes with a 0.50 per cent hike

Loan size:

Increase per month:

Increase since May 2022:

$500,000

$140

$472

$750,00

$211

$708

$1 million

$281

$944

*Source: RateCity.com.au

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