Notice to NCV readers

My apologies. There will be no new posts until after Monday,19 August 2024.

Clarence Girl

2024 Garma Festival of Tradition Cultures - images

For all 21 of the photographic images displayed at ABC News Online on 5 August 2024 which were captured at the 23rd Garma Festival of Traditional Cultures go to:

https://www.abc.net.au/news/2024-08-05/garma-photo-gallery-2024/104182066

(Re)Tweet of the Week

 

Because @AusConservation was suspended for truth telling and I cannot add one of its tweets to today's post lineup, this short video is getting an airing again....

Finally! Peter Dutton answers questions on Political Mastermind .... #Nuclear #Auspol pic.twitter.com/jRqMI3nI0O

— A Rational Fear (@ARationalFear) July 4, 2024

Tree of the Week

She is the Grand Matriarch.

Surrounded by her children & grandchildren too.

For her, today is another day in
500 odd yrs of nurturing.

But it’s #thicktrunktuesday
so it’s your day mum.

Go on, give her a big hug.#Tasmania pic.twitter.com/jGbCu2OSon

— Sean tooker (@Seantooker2) August 6, 2024

29 months & 9 days after a catastrophic record flood hit Lismore and the long drawn out housing uncertainty for many residents continues

 

ECHO, 5 August 2024:

More voices of Lismore’s right-to-occupy movement have been heard after police failed to enforce another eviction notice distributed last week.

People from the Northern Rivers and beyond have been occupying, or squatting in, some of Lismore’s otherwise empty and shut-up flood impacted houses for an unknown period of time.

Some started to speak out in recent months after receiving threats of eviction from the NSW Reconstruction Authority.

The properties in question had been sold back to the government through the RA’s Resilient Homes Program.

But it quickly emerged that former homeowners were often happy to have people living in their old houses and caring for the properties, as were neighbours....

Last week, some squatters again received eviction notices from the RA and a police visit.

The letters were direct copies of the notices sent in June, including the same issue date of 17 June, House You founder Chels Hood-Withey said.

Lismore-based community group Reclaim Our Recovery issued a statement on Thursday describing police involvement.

‘This morning RA security decided to call police, triggering an attempt at an eviction by officers,’ the statement read.

‘The residents and supporters held their ground for today but police have promised to attend at 9am Friday 2nd to ensure people are out of the house,’ RoR said, referring to 172 Currie St, North Lismore.

‘People who live there, don’t have anywhere else to go, and intend to stay.’

Supporters again rallied around occupiers on Friday, hosting breakfasts at impacted properties.

This time, police didn’t end up coming.....

Mr Presco said, like Mr Ricketts in June, he was desperate to find out what assistance, if any, existed for people to move bought-back houses from Lismore’s floodplain to higher ground.

‘There’s meant to be houses, land packages, released at below market value in the new land release over at Southern Cross University,’ Mr Presco said, referring to an announcement from the RA earlier this year of new house-lots to be ready by 2026 as part of the Resilient Lands Program.

Mr Presco said it seemed the RA had back-tracked on the inclusion of land for floodplain houses in the land release.....

People were sheltering in the old homes at the end of winter, Mr Presco said, and were quite vulnerable.

They worried about police showing up ‘to drag them out,’ he said, ‘before they potentially get bulldozed’.

‘Turning them into social housing or relocating them seems a bit too difficult for a government agency that’s got a budget of hundreds of millions of dollars,’ Mr Presco said.

‘I don’t understand the absurdity of the situation.’

Speaking from another bought-back home, Roisin McSweeney said she and fellow occupiers had expected police to follow up on threatened evictions but were feeling resilient.

‘We’ve got a lot of support and a bit of a reputation for protecting these homes that we believe need to be lived in,’ Ms McSweeney said.

Supporting the Uluru Statement From The Heart: the National Allyship Summit 2024, a one day summit of Aboriginal and Torres Strait Islander leaders & allies is being held at University of Wollongong University today, 8 August

 

Aboriginal and Torres Strait Islander leaders and allies from across the country are coming together at 9am today for a National Allyship Summit to champion continued allyship on the Uluru Statement from the Heart.

The Uluru Statement from the Heart, first issued to the Australian public in 2017, represents the largest ever consensus of Aboriginal and Torres Strait Islander Peoples on a meaningful model of reform.

Since the 2023 Voice for First Nations People referendum, Allies for Uluru have continued conversations on how to collectively support and continue to progress the Uluru Statement’s core principles – Voice, Treaty and Truth.

Led by The Fred Hollows Foundation, ANTAR, and Oxfam, and backed by a coalition of over 300 member organisations, the Allies for Uluru champions action that supports the aspirations of Aboriginal and Torres Strait Islander Peoples, articulated in the Uluru Statement from the Heart.

This year Allies for Uluru have partnered with the Woolyungah Indigenous Centre, University of Wollongong, to amplify the voices of Aboriginal and Torres Strait Islander leaders on the journey forward and how allies can support.

Allies for Uluru is a coalition of 300 organisations. 

More at:  https://alliesforuluru.antar.org.au/

Reserve Bank keeps cash rate target unchanged as inflation continues to bite Australian families

On 3 May 2022, 18 days before the last federal general election, Reserve Bank Governor Philip Lowe announced that on 4 May the cash target rate was increasing from 0.0 per cent (where it had stood since 2 December 2020) to +0.25 per cent - a leap of 25 basis points.

For ordinary people life became increasingly miserable as major banks passed on the growing pain to loan/mortgage customers and big retailers rapidly piled on to see how far they could push price increases before the mutterings about rampant greed began to be heard.

The cash rate target did not stop increasing until 6 December 2023 when it did not move from 4.35 per cent. It has stood at that percentage to date.

The following Reserve Bank media release is not overly confident that cost of living pressures are going to end anytime soon even if the cash target rate does not move.

Media Release

Statement by the Reserve Bank Board: Monetary Policy Decision

Number 2024-15

Date 6 August 2024

At its meeting today, the Board decided to leave the cash rate target unchanged at 4.35 per cent and the interest rate paid on Exchange Settlement balances unchanged at 4.25 per cent.

Inflation remains above target and is proving persistent.

Inflation has fallen substantially since its peak in 2022, as higher interest rates have been working to bring aggregate demand and supply closer towards balance.

But inflation is still some way above the midpoint of the 2–3 per cent target range. In underlying terms, as represented by the trimmed mean, the CPI rose by 3.9 per cent over the year to the June quarter, broadly as forecast in the May Statement on Monetary Policy (SMP). But the latest numbers also demonstrate that inflation is proving persistent. In year-ended terms, underlying inflation has now been above the midpoint of the target for 11 consecutive quarters. And quarterly underlying CPI inflation has fallen very little over the past year.

The outlook remains highly uncertain.

The economic outlook is uncertain and recent data have demonstrated that the process of returning inflation to target has been slow and bumpy.

The central forecasts set out in the latest SMP are for inflation to return to the target range of 2–3 per cent late in 2025 and approach the midpoint in 2026. This represents a slightly slower return to target than forecast in May, based on estimates that the gap between aggregate demand and supply in the economy is larger than previously thought. In part, this reflects an increase in the forecast for domestic demand. But it also reflects a judgement that the economy’s capacity to meet that demand is somewhat weaker than previously thought, evidenced by the persistence of inflation and ongoing strength in the labour market.

There is substantial uncertainty around these forecasts. Revisions to consumption and the saving rate in the most recent National Accounts, high unit labour costs and the persistence of inflation – particularly in the services sector – suggest there are upside risks to inflation. Wages growth appears to have peaked but is still above the level that can be sustained given trend productivity growth.

On the other hand, momentum in economic activity has been weak, as evidenced by slow growth in GDP, a rise in the unemployment rate and reports that many businesses are under pressure. And there is a risk that household consumption picks up more slowly than expected, resulting in continued subdued output growth and a noticeable deterioration in the labour market.

More broadly, there are uncertainties regarding the lags in the effect of monetary policy and how firms’ pricing decisions and wages will respond to the slower growth in the economy at a time of excess demand, and while conditions in the labour market remain tight.

There also remains a high level of uncertainty about the overseas outlook. The outlook for the Chinese economy has softened and this has been reflected in commodity prices. Some central banks have eased policy, although they remain alert to the risk of persistent inflation. Globally, financial markets have been volatile of late and the Australian dollar has depreciated. Geopolitical uncertainties remain elevated, which may have implications for supply chains.

Returning inflation to target is the priority.

Returning inflation to target within a reasonable timeframe remains the Board’s highest priority. This is consistent with the RBA’s mandate for price stability and full employment. To date, longer-term inflation expectations have been consistent with the inflation target and it is important that this remain the case.

Inflation in underlying terms remains too high, and the latest projections show that it will be some time yet before inflation is sustainably in the target range. Data have reinforced the need to remain vigilant to upside risks to inflation and the Board is not ruling anything in or out. Policy will need to be sufficiently restrictive until the Board is confident that inflation is moving sustainably towards the target range.

The Board will rely upon the data and the evolving assessment of risks to guide its decisions. In doing so, it will continue to pay close attention to developments in the global economy and financial markets, trends in domestic demand, and the outlook for inflation and the labour market. The Board remains resolute in its determination to return inflation to target and will do what is necessary to achieve that outcome.

More on the August 2024 monetary policy decision...

Statement on Monetary Policy

The RBA's assessment of the economy that the Board considered in making its decision can be found at:

https://www.rba.gov.au/publications/smp/2024/aug/

Australian Bureau of Statistics, media release excerpt, 31 July 2024:

Quarterly CPI inflation

The most significant contributors to the June quarter rise were Housing (+1.1 per cent) and Food and non-alcoholic beverages (+1.2 per cent).

The quarterly growth in Housing was driven by Rents (+2.0 per cent) and New dwellings purchased by owner-occupiers (+1.1 per cent).

“The continuing tight rental market and low vacancy rates caused rental prices to go up 2.0 per cent for the quarter, following a 2.1 per cent rise in the March 2024 quarter,” Ms Marquardt said.

Higher labour and material costs drove the 1.1 per cent rise this quarter for construction of new dwellings. The increase follows a 1.1 per cent rise in the previous quarter.

The rise in Food and non-alcoholic beverage prices was driven by Fruit and vegetables (+6.3 per cent), Meals out and take away food (+0.6 per cent), and Meat and seafood (+1.3 per cent).

"Fruit and vegetable prices rose this quarter as unfavourable growing conditions drove higher prices for grapes, strawberries, blueberries, tomatoes and capsicums. This was the highest quarterly rise for Fruit and vegetables since 2016,” Ms Marquardt said.

Annual inflation measures

Annually, the CPI rose 3.8 per cent, with slightly higher annual inflation for both goods and services than in the March 2024 quarter.

“Prices rose for goods such as tobacco, new dwellings, automotive fuel and fruit. Annual services inflation continued to be impacted by higher prices for rents and insurance,” Ms Marquardt said........