Australia news live: US approves sale of up to 220 cruise missiles to Australia; Chalmers warns of global banking instability | Australian politics

Foxtel TV chief Brian Walsh has died

Foxtel’s veteran television chief, Brian Walsh, the creator of some of the biggest TV hits, has died suddenly in Sydney.

Walsh was behind Foxtel’s Wentworth, Upright, Deadline Gallipoli, The Kettering Incident, The End and most recently the award-winning and globally distributed series Love Me, Colin from Accounts and The Twelve.

The Foxtel Group chief executive, Patrick Delany, said:

This is a very difficult day for the Foxtel Group family, for Australia’s creative community and the millions of Australians who watched and loved the stories that Brian brought to life through television. Australia’s creative community has lost a much-loved figure in Brian. For us, the loss is heavily felt.

At the Foxtel Group, Brian was a longtime mentor, a confidant, a colleague and an unwavering friend to so many. Today, we are grieving Brian’s passing. Our condolences go to his family and to those closest to him. We have lost an icon of Australian television that will never be replaced. Rest in peace, Brian.

At the Ten Network Walsh created the acclaimed Kennedy Miller mini-series Vietnam, The Bangkok Hilton and The Dirtwater Dynasty. As a publicist at Ten he is also credited with the global success of the iconic Australian family drama series, Neighbours and launching the careers of Kylie Minogue, Jason Donovan and Guy Pearce.

Michael McGowan

NSW deputy premier pays tribute to ‘Brommy’

The New South Wales deputy premier, Paul Toole, has also released a statement after the news of Stephen Bromhead’s death:

Brommy, like me, was part of the class of Nats MPs who entered parliament in 2011 determined to make a difference. He did not disappoint.

No one has fought harder to ensure the people of Myall Lakes get the health services they deserve and his death will be felt throughout the community. In Taree, where they’ll remember his fight to upgrade Manning Base hospital. In Forster, where his legacy will be a public hospital. And in Old Bar, where we’re building a new ambulance station.

It’s testament to the character of Brommy that when it came time to say his goodbyes to the parliament last year that rather than just list his many achievements, he used it to say thank you for the privilege of being able to serve.

He set a shining example as a Nationals MP of someone who fought passionately for what mattered to his community and when that fight was won, went straight into battle on the next issue.

It’s because of that passion that Stephen Bromhead’s legacy can today be seen right across the Myall Lakes electorate and will stand long into the future.

NSW Nationals MP Stephen Bromhead has died

Michael McGowan

The premier of New South Wales, Dominic Perrottet, has released a statement about the death of Nationals MP Stephen Bromhead, who was affectionately called Brommy:

On behalf of the NSW government and the people of NSW I extend my deepest condolences to the family of Stephen Bromhead MP, who passed away yesterday after a battle with mesothelioma.

In particular, I extend my deepest sympathies to Stephen’s wife Sue, to my Nationals colleagues, and to the people of Myall Lakes who are mourning the loss of a dear friend and loyal member.

Stephen’s passing comes just 10 days before what would have been the 12-year anniversary of his election as the member for Myall Lakes.

Stephen was the quintessential Nationals member, dedicated wholly to making sure the people of Myall Lakes – and all of regional NSW – got their fair share.

Given his early career in health, it is fitting that Stephen’s great legacy can be seen in the major upgrades to health facilities he delivered for his community, among many other important achievements.

Amy Remeikis

Chalmers says he disagrees with Keating’s Aukus comments but their personal relationship remains important

The end of Jim Chalmers’ interview with Patricia Karvelas on RN Breakfast delves into the awkwardness of Labor great Paul Keating criticising the Aukus deal “the worst decision in all of history” and Anthony Albanese, Penny Wong and Richard Marles in particular.

Chalmers is a good friend of Keating, who has been somewhat of a mentor to him. He is also a doctor because he did a PhD on Keating: “Brawler statesman: Paul Keating and prime ministerial leadership in Australia.”

So it’s a close bond.

What does Keating’s visceral criticisms of the Aukus decision mean for his personal relationship, Chalmers is asked.

Chalmers says:

For me personally, you know, Paul Keating is someone who is important to me, my friendship with Paul means a lot to me, but that doesn’t mean that I have to agree with him in every instance. And I don’t agree with him in this instance.

And he will continue to speak with him.

And I don’t think I’ll be the only one. But I’ve made it really clear this morning and on other occasions that I don’t agree with his view. And the government doesn’t agree either. And I think in particular, when it comes to his assessment of Richard and Penny, Anthony, I don’t agree with that at all. You’re asking me about my relationship with Paul Keating, being upfront with you and saying that it matters a great deal to me – it does. And, you know, I talk to him about the economy very frequently, sometimes multiple times a week. I talked to him about superannuation and other issues, and I’ll continue to do that.

We’ve got some more information on the news the Albanese government is set to spend $1.3bn buying 220 Tomahawk cruise missiles.

The deputy prime minister, Richard Marles, said Australia would be working closely with the US to get more missile capability.

“It’s a really important part of what we need to be doing with our posture, which is to have a greater ability to project,” he told Nine’s Today program on Friday.

Making sure we have longer-range strike missiles is a really important capability for the country. It enables us to be able to reach out beyond our shores further and that’s ultimately how we are able to keep Australia safe.

The defence industry minister, Pat Conroy, said the missiles were able to be fired from the US Virginia-class submarines Australia would be acquiring under the Aukus deal.

“We certainly want the best possible capability for the Australian defence force so that includes the ability to strike opponents as far away as possible from the Australian mainland,” he told ABC TV.

The cruise missiles are a critical part of that, as are the submarines that launch them.

The announcement of the missiles follows criticism from former Labor prime minister Paul Keating about the submarine deal.

Chalmers is asked about international banking after the collapse of Silicon Valley Bank and the bailout of Credit Suisse.

He says globally there is “a lot of uncertainty, a lot of vulnerability and volatility” but that Australian banks are well regulated, and in a good position to withstand global uncertainty.

Our banking system is really well capitalised. It’s well regulated. We’re well placed in Australia to withstand some of the vulnerability in banking systems.

Whether it’s Silicon Valley banks, and the steps taken by the Americans, or credit Swiss, and the loans provided by the central bank, we’re monitoring it closely.

Peter Hannam

Spot power prices hit maximum as east coast heatwave lifts energy demand

The late-season heatwave that is baking a large swathe of eastern Australia is also keeping the operators of the main electricity grid busy.

Last evening, wholesale power prices jumped briefly to their maximum $15,500/MWh in Queensland, and about $1,000 below that in New South Wales. (Spot prices usually average closer to $100/MWh.)

The Australian Energy Market Operator had been issuing “lack of reserve” notices for the two states for a couple of days for the evening peak (when the sun goes down but demand often goes up).

The operator also entered into a reserve contract, effectively preparing to pay for big users to power off or prepare too. (It doesn’t look like the intervention was actually needed, but payments will follow anyway.)

The contract ran for an hour after 7pm (AEDT).

We foreshadowed this issue might arise earlier this week, with this look at how NSW’s energy system faces some notable challenges after the state election on 25 March:

Remember, we lose AGL’s Liddell coal-fired power plant in stages from about 20 April with a full closure of the 50-year-old clunker and its remaining 1,260MW of capacity.

As Paul McArdle from consultancy Global-Roam notes:

“I expect there will be a number of direct conversations happening about all of this [including Liddell’s closure] in the coming days within market participants, energy user representatives, government departments and so on.”

Friday will be another warm day, with peak temperatures approaching the mid-30s in parts of western Sydney (30C in the city itself) and 36C in Brisbane.

Melbourne joins in the heat too, with a top of 37C forecast by the bureau for Saturday. The heat starts to dissipate by early next week, but may near 40C in western Sydney on Sunday.

At least those hot days will land during the weekend when power demand will be less than during a week day.

Still, it might not be fun on sports fields across much of the eastern states, as Mostafa Rachwani notes here:

The US state department has approved the sale of up to 220 Tomahawk cruise missiles to Australia, Reuters is reporting.

If the deal goes through it will cost Australians $1.3bn.

The Pentagon’s Defense Security Cooperation Agency told the US Congress of the possible sale on Thursday.

More to come.

Martin Farrer

Productivity report preview

Ways to bolster the pay packets of Australians while dealing with climate change, the digital revolution and global tensions will be outlined in a major new report, writes Australian Associated Press.

The Productivity Commission’s 1000-page inquiry, to be released in full on Friday, will contain 71 suggestions to kickstart Australia’s sluggish productivity performance that’s weighing on personal incomes and overall prosperity.

Treasurer Jim Chalmers said there were no easy wins in the report.

“All are complex and none will respond to quick-fix, easy win, whack-a-mole policymaking,” Dr Chalmers told a Committee for Economic Development of Australia event in Brisbane.

The report will identify five trends: the growing services sector, the costs of the climate crisis, the need for a more skilled and adaptable workforce, the growing role of data and digital technology and how economic dynamism is affected by geopolitical tensions.

And the 71 recommendations will be nestled under five action areas, including building an adaptable, skilled workforce, and lifting productivity in the non-market sector, which includes health, social services and education.

The blueprint for future productivity growth will contain suggestions to better harness data and digital technology and improve economic dynamism by “fostering competition, efficiency and contestability in markets”.

The report will also outline opportunities to reach net zero emissions while limiting the productivity damage caused by the climate crisis.

Failing to boost Australia’s economic performance will have dire consequences for future living standards, with workers in the future likely to earn less and work more if productivity doesn’t improve.

Australia is slipping down the global productivity ranks and growth has reached its slowest point in 60 years, averaging 1.1% a year.

Anne Davies

NSW Labor’s $59m Landcare pledge

NSW Labor will commit $59m over four years to continue funding the work of Landcare, a predominantly volunteer organisation that works to restore agricultural land, if it wins the state election on 25 March.

The Greens have also committed to funding the organisation.

Landcare NSW chief executive, Turlough Guerin, had earlier expressed his concern that there was no firm budget commitment beyond June 2023.

“As a predominantly volunteer movement, we rely upon funding support to assist the government to achieve its own outcomes to build the capacity and longevity of positive environmental and agricultural on-ground outcomes,” he said

He said the current funding which supports the employment of 84 regional and local Landcare coordinators was due to finish on 30 June 2023.

Announcing the commitment, Labor said it regarded Landcare as essential.

“We can’t afford to lose the essential work Landcare does in building community partnerships while restoring soil and water, and defending against invasive species,” Labor’s spokesperson on agriculture, Mick Veitch, said.

“Today’s announcement continues Labor’s proud legacy of supporting Landcare in NSW and across Australia.”

Labor’s spokesperson on the environment Penny Sharpe said: “After unprecedented fires and floods, as well as escalating land clearing, our ecosystems and landscapes are suffering in NSW.

“Landcare is one of the best ways to restore nature that we desperately need in NSW after more than a decade of environmental decline.”

Economic modelling shows this investment will generate $218m in benefits for NSW with $3.70 of value for every dollar spent. The funding will enable Landcare to employ more than 84 community leaders mostly in rural and regional areas, including at least 13 positions for First Nations people, covering land management services for more than 60% of the state.

Morning and welcome to our rolling coverage of the day’s news. I’m Martin Farrer getting you up to speed with what’s on the agenda and in the headlines.

One of the big stories today will be the Productivity Commission’s 1,000-page report due to be released today with 71 suggestions to kickstart Australia’s sluggish productivity performance – and with it wages and overall prosperity. It’s likely to focus on five key trends identified as the growing services sector, the costs of climate change, the need for a more skilled workforce, the growing role of data and digital technology and the impact of geopolitical tensions. More coming on this soon.

The fallout from the announcement of the Aukus submarine deal is continuing to be felt from high politics to the possible impact on local communities around Australia. Anthony Albanese hit back at Paul Keating’s criticisms of the deal but the former PM has been joined in the sceptics camp by another former resident of the Lodge, Malcolm Turnbull, and former Labor environment minister, Peter Garrett. And we’ve got a report today from Wollongong where residents are angry about reports that Port Kembla could be made the east coast base for the subs. They fear it will jeopardise jobs in other sectors.

Fifa have admitted defeat and dropped plans to include the Saudi tourist board as one of the sponsors of this year’s Women’s World Cup starting in Australia and New Zealand in July. A backlash from players and coaches – centred on the Saudi kingdom’s poor human rights and gender rights record – has forced Fifa into a U-turn, announced at the football governing body’s congress in Kigali, Rwanda.