What we learned today, Thursday 13 November
We will wrap up the live blog here for the evening. It was a big day in politics. Here’s a look back at some of the headlines:
Liberal leader Sussan Ley has defended the Liberal plan to dump legislated pledges for net zero and renewable energy while claiming to be committed to the Paris agreement.
Ley said net zero “would be welcome” if we can “get there with technology, with choice and with voluntary markets”.
Zali Steggall, a teal MP elected in 2019, says the Coalition is now “unelectable” after the “reckless” decision to abandon a net zero by 2050 target.
Greens senator Sarah Hanson-Young has accused the Liberals of being an “absolute train wreck” and “a bunch of nutters who want to drive Australia’s economy over a cliff and continue to trash our environment”.
The unemployment rate dropped to 4.3% in October, from 4.5% in September, as new official data revealed a big jump in employment in the month.
A range of colourful children’s sand products imported from China and sold at leading Australian retailers have been recalled due to concerns they may contain asbestos.
A self-proclaimed fortune-teller and feng shui master who allegedly orchestrated a highly sophisticated $70m money-laundering syndicate across Sydney has been charged.
The NSW treasurer, Daniel Mookhey, says the government will support an 11th-hour compromise from the crossbench, as it attempts to pass controversial workers compensation reforms in the final sitting weeks of the year.
Thanks for your company today. We’ll be back with you early tomorrow.
Updated
Job figures send markets to lowest close since mid-September
Australia’s share market has tumbled to its lowest close since 18 September after stronger-than-expected jobs data scuppered hopes of further interest rate cuts.
The S&P/ASX200 dropped 46.1 points on Thursday, down 0.52%, to 8,753.4, as the broader All Ordinaries lost 44.9 points, or 0.49%, to 9,034.5.
A surprise drop in unemployment to 4.3% in October prompted interest rate markets to slash expectations for future cuts, dragging on rate-sensitive sectors such as IT stocks, real estate, financials and industrials.
Jessica Amir, a market strategist at share trading platform Moomoo, said the drop was likely the beginning of a consolidation that would persist while market players adjusted their portfolios:
It’s a bit of a wake-up call – don’t expect what has been going up over the past 10 months to continue to go up for the rest of the year.
Big money is chasing international companies that are going to do well from the global economic slowdown, not just from Australia.
- AAP
Updated
