Happy Friday! The defence minister, Richard Marles, was central to the Aukus pact that will see Australia spend $368bn for eight nuclear-powered submarines over the next three decades.
In conversation with our Australian Politics podcast, Marles defended the deal, which has come under sustained criticism from all sides of politics, including Paul Keating, Malcolm Turnbull, the Greens and members of the crossbench.
Asked whether the submarines could be obsolete by the time they hit the waters in the 2040s, given rapid technological advancements, Marles said to “flip the question”.
“How confident are we that the veil of the sea will be lifted by 2050 such that we don’t need a submarine capability? Well, that would be a negligently risky call to make on the part of any Australian government.”
You can listen to the episode from 7am tomorrow, or read a sneak preview here.
Top news
Another US bank in trouble | First Republic is the latest US bank to hit tough times, with Wall Street giants stepping in to provide the mid-sized bank a $45bn rescue package. Cash-short banks have borrowed a staggering $447bn from the US central bank in the past week to prevent a crisis spreading through the global financial system. The Australian treasurer, Jim Chalmers, says not to worry, however, as our banking system is “well placed … to withstand some of the vulnerability”. If you want to catch up on what’s going on in the US and Europe, read this explainer on the Silicon Valley bank bust and this on Credit Suisse.
Australia buys US cruise missiles | To accompany the Virginia class submarines being bought from the US, Australia is spending $1.3bn to buy 220 Tomahawk cruise missiles. The Pentagon says the sale will “enhance the capability of US Forces operating alongside them globally”.
Productivity Commission report drops | And among its 71 recommendations is a contentious idea to allow the Fair Work Commission to revise minimum wages in awards to “expand flexibility for many small businesses”, potentially cutting pay for some. Chalmers says the government “won’t be taking up every idea”, adding that a review of the Productivity Commission is under way.
Global water emergency | Global fresh water demand will outstrip supply by 40% by 2030, say experts. The landmark report listed seven recommendations for governments to address the looming crisis. Separately, Australians consume bottled water more than almost everyone else in the world – bar Singapore. We spend, on average, $580 buying 504L of bottled water, despite most of us having drinkable water available to us from our kitchen tap.
New Zealand bans TikTok on government devices | New Zealand follows in the footsteps of the US and Canada to enact such bans, as tensions between the US and China heat up over Chinese ownership of the popular platform. Why has this suddenly become an issue? Read our explainer to learn more.
Lord Howe Island closure | Much of the popular island has been closed “effective immediately” to nonessential visitors due to an outbreak of myrtle rust, a highly infectious plant fungus.
Soccer dementia risk | Soccer players are 50% more likely to develop dementia, a Swedish study has found. The study follows 2019 Scottish research which concluded that former professional footballers were 3.5 times more likely to develop dementia and other serious neurological diseases.
World’s longest surf record broken | “Everything hurts,” Sydney man Blake Johnston said after completing the longest surf session ever held – 40 hours! It beat the previous of 30 hours held by South African Josh Enslin.
Mass fish deaths in NSW | Millions of native fish have washed up dead near Menindee in outback NSW, in a series of mass kills caused by floods and hot weather. The deaths were likely caused by low oxygen levels as floods recede, a situation made worse by fish needing more oxygen because of the warmer weather. “The stink was terrible. I nearly had to put a mask on,” said a local photographer.
Full Story
Aukus is here to stay, is it worth the risk? – with Lenore Taylor
Guardian Australia editors examine whether this was the right call to make in this 22-minute episode.
What they said …
***
“I think there is probably too much … I just think the volume is too much. It’s in your face.” – Gillon McLachlan
McLachlan’s comments come after criticism from politicians, researchers, health professionals, players, gambling addicts and fans who now overwhelmingly support a ban on sports gambling ads on television and radio to reduce community harm.
In numbers
The head of consumer research at Finder, Graham Cooke, said the difference was significant. “It seems younger Australians are more heavily impacted by the current cost-of-living crisis,” he said.
Reader callout
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We want you to send us a very short clip of why you read and support Guardian journalism, similar to this one. Please film yourself with the phone facing horizontally, say your name and where you’re from and add your birthday message. Then send your clip to guardian.australia.video@theguardian.com.
Daily word game
Today’s starter word is: GAR. You have five goes to get the longest word including the starter word. Play Wordiply.
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