The day that was, Friday 4 August
We are going to wrap up the live blog here for Friday.
Here’s what made the news today:
The prime minister, Anthony Albanese, has told senior Yolngu leaders that “my word matters” in promising to stay the course to deliver a referendum on the voice to parliament as the Garma festival kicks off at Gulkula in north-east Arnhem Land.
The festival began with a solemn and loving tribute to the beloved Gumatj leader Yunupingu, marking the first festival without him.
China has agreed to scrap its 80% tariff on Australian barley, in a major win for Canberra’s push to ease trade barriers between the two countries.
Alberta, Canada has scrapped its 2030 Commonwealth Games bid, citing Victoria’s withdrawal from 2026 as a “significant factor” in the decision.
Australia’s economic output per person is forecast to shrink in the second half of 2023 as higher interest rates and the rising cost of living combine to pummel households, the Reserve Bank says in its latest update on the economy.
Qantas boss Alan Joyce has said it’s “nonsense” to suggest the airline has an outsized influence over the Albanese government, following the refusal of expanded air rights to a key rival carrier and revelations the prime minister’s son had been granted access to the airline’s prestigious chairman’s lounge.
The ACCC has denied authorisation to ANZ to acquire Suncorp bank because it would “further entrench an oligopoly market structure”, the commission’s deputy chair said. ANZ has announced it will appeal.
Bruce Lehrmann says he intends to sue the ACT government over flaws in his prosecution over allegations he sexually assaulted Brittany Higgins.
The New South Wales government has been threatened with industrial action if it doesn’t strike a deal with the NSW teachers federation after coming under fire yesterday for “betraying” the union on teachers pay.
We’ll be back again this weekend. Until then, enjoy your evening.
Updated
ANZ to appeal ACCC decision to block purchase of Suncorp banking arm
ANZ will keep pursuing its proposed $4.9bn takeover of Suncorp’s banking arm despite the competition watchdog rejecting the deal, AAP reports.
The proposal was knocked back by the Australian Competition and Consumer Commission (ACCC) over concerns it would further cement the market dominance of the big four banks.
ANZ plans to appeal the decision to the independent Australian Competition Tribunal, a move Suncorp supports.
“Together with ANZ, we will make our case to the tribunal, which is led by a justice of the federal court of Australia,” Suncorp chairwoman Christine McLoughlin said.
“The tribunal will look at all of the evidence with fresh eyes before forming its own view.”
S&P Global Ratings noted the planned joint appeal, saying it still viewed the acquisition as a “plausible outcome”.
The ACCC said the proposed acquisition had the potential to lessen competition in the Queensland market for home loans as well as banking services to small firms and agribusinesses.
But ANZ believes the deal will improve competition and benefit consumers by creating a combined bank more able to respond to competitive pressures.
“All of the relevant markets are intensely competitive and will continue to be intensely competitive after the acquisition,” chief executive Shayne Elliott said.
Updated
