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Australia news live updates: energy market resumes trading; Marles vows to place India ‘at heart’ of Indo-Pacific approach

Operator begins lifting unprecedented suspension of electricity market but turbulence is tipped to continue. Follow all the day’s developments * Albanese government may join US push to cut global methane emissions * Get our free news app; get our morning email briefing Australian Council of Trade Unions secretary Sally McManus has criticised Reserve Bank governor Philip Lowe, saying he isn’t “quite in touch with reality”, after he warned of a potential price spiral following the 5.2% minimum wage increase. McManus was speaking to RN Breakfast, and said inflation had “absolutely nothing to do whatsoever with wages,” adding that Lowe’s warnings come from a “total boomer fantasy land.” All of this is just a fantasy because they don’t understand what actually happens at the bargaining table. I think the Reserve Bank governor has weirdly changed his tune, he was the one who said so long as wages keep up with inflation and productivity, they are not inflationary. The operators made the decision that now is the time to step out and see if the market has stabilised – that’s the great unknown for industry and for consumers of gas and power. The hope is that it has stabilised, but it’s been through a very rocky couple of weeks and we would just urge the operator to be ready to step back in if necessary, and, we hope is not going to be necessary and that things have stabilised, but it’s been such through such a treacherous couple of weeks that you’ve got to think there’s a chance that things could go awry again, and we still have the underlying factors that created this. Continue reading...
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