🗞️ Week 2 : This week in Australia
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Monday March 3
CoreLogic Housing Data: Australian housing market rebounded with 0.3% national growth in February 2025, ending a three-month downturn as Melbourne and Hobart lead recovery, with premium properties surging first amid rate cut expectations despite supply constraints.
Coalition Ukraine Policy: Peter Dutton will lobby Trump on Ukraine if the Coalition wins, calling Zelenskyy a "war hero" while both major parties reject sending Australian troops to peacekeeping missions, following a tense Trump-Zelenskyy White House meeting.
Cyclone Alfred: Expected to reach category two strength, threatening 660,000 properties in SE Queensland and northern NSW, with Redlands facing highest risk (23,000 homes potentially suffering moderate to extensive damage), prompting Premier preparedness warnings.
Star Entertainment Crisis: Shares suspended from ASX after missing financial reporting deadlines, with 9,000 jobs at risk as the company requires comprehensive refinancing to address debt and provide liquidity or face voluntary administration.
ASX Performance: Equity market showed resilience with ASX 200 up 0.9% across all sectors (mining, energy, property trusts strong), as December quarter company profits rose nearly 6% despite global headwinds, while markets monitor upcoming US tariffs on Canada, Mexico, and China.
Medicare Expansions: PM Albanese announced half-billion dollars for women's reproductive health, tripled bulk billing incentives for all Australians, and 50 additional Medicare Urgent Care Clinics, rejecting "Americanisation" of healthcare while coordinating disaster response and monitoring Chinese vessels.
Tuesday March 4
Ukraine Support Recalibration: President Trump has paused military aid to Ukraine following tensions with President Zelenskyy, pushing for peace talks, while Australia maintains support with $1.5 billion in commitments and openness to peacekeeping proposals without rewarding Russia's actions.
Australian Economic Milestone: The RBA implemented its first post-inflation rate cut (25 basis points to 4.10%), citing decreased inflation and moderate wage growth, while maintaining a cautious outlook amid strong employment growth in healthcare sectors; the ASX200 closed down 0.58% following the announcement.
New Zealand Insurance Reform: RBNZ Deputy Governor Hawkesby outlined plans to strengthen the insurance industry's resilience through regulatory modernization, stakeholder collaboration, and review of the Insurance Prudential Supervision Act to address unique environmental risks.
Cyclone Alfred Emergency: Australia's eastern coast from Queensland to New South Wales is under cyclone warning as Tropical Cyclone Alfred approaches—potentially Brisbane's first tropical cyclone landfall since 1974—with Premier Crisafulli confirming preparedness, airlines implementing flexible rebooking policies, and residents advised to secure properties and prepare emergency supplies.
Wednesday March 5
Economic Trajectory: GDP growth doubled to 0.6% in December quarter, breaking seven consecutive quarters of per capita decline. Household spending increased 0.4% as incomes strengthen and inflation moderates, though residential construction continues struggling with 0.4% contraction amid persistent labor and material constraints.
Cyclone Emergency: Cyclone Alfred intensifies to high-end Category 2 with potential 800mm rainfall over 72 hours. Gold Coast faces "most significant weather event since 1954" with evacuation centers activated, airport closed, and all public transport suspended. Authorities warn residents to secure properties immediately with gale-force winds expected to intensify Thursday.
Crisis Coordination: PM Albanese activated National Disaster Response Plan, emphasizing "no Tweed border" in emergency management. ADF deployment confirmed with heavy-lift helicopters pre-positioned and 250,000 additional sandbags distributed. Emergency childcare subsidy measures implemented across 15 local government areas with Treasurer warning insurers against complicating claims processing.
RBNZ Leadership: Governor Adrian Orr resigns effective March 31 after implementing major banking reforms and achieving inflation targets amid post-pandemic recovery. Deputy Governor Hawkesby to serve as Acting Governor until six-month temporary appointment, maintaining financial system stability through transition.
Market Pressures: ASX recorded 2025 low with S&P/ASX200 dropping 0.70% to 8141.1 amid escalating trade tensions. Energy stocks declined for third consecutive day while consumer staples fell 3.6%, offset partially by mining gains following China's stimulus announcement.
Trade Realignment: Trump unveiled "reciprocal tariffs" starting April 2nd, directly targeting countries charging higher rates on American goods. Administration imposed 25% tariffs on foreign metals and claimed $1.7 trillion in new investment commitments. Policy challenges include Mexico/Canada relations and potential global supply chain disruptions affecting Australian export markets.
Thursday March 6
CRITICAL DECISION POINT: Prime Minister Anthony Albanese finds himself navigating complex political terrain as Cyclone Alfred approaches eastern Australia amid key election timing considerations.
METEOROLOGICAL URGENCY: Bureau of Meteorology confirms Category 2 Tropical Cyclone Alfred will make landfall between Friday afternoon and Saturday morning, with Cape Byron directly in its projected path.
SEVERE IMPACT EXPECTED: Authorities warn of sustained 95km/h winds, destructive gusts up to 155km/h, and potential rainfall exceeding 700mm in isolated areas, prompting emergency preparations across Queensland and northern NSW.
ELECTORAL DEADLINE LOOMING: PM must announce April 12 election by 6pm Monday if this remains the preferred date – creating tension with cyclone response priorities.
OPPOSITION CRITICISM INTENSIFIES: Peter Dutton describes potential election announcement during disaster as "tin-eared" while Shadow Attorney General Michaelia Cash demands Albanese "stop playing cat and mouse" with election timing.
STRATEGIC ADJUSTMENTS: Albanese cancels Perth travel plans for WA state election celebrations, repeatedly emphasizing his focus remains on "lives, not votes" during the emergency.
CONSTITUTIONAL CONTEXT: Federal election must be called by May 17, with timing now complicated by natural disaster response requirements and potential impact on affected communities.
March 7 Friday
• Ex-Cyclone Alfred Threatens Historic Flooding: Ex-tropical cyclone Alfred has been downgraded to a tropical low but continues to pose a significant flooding threat across southeastern Queensland and northeastern NSW, with meteorologists reporting unprecedented rainfall accumulations exceeding half a meter in some regions and warning that the system's slow movement is amplifying the danger despite reduced wind intensity.
• Federal Election Timeline Shifts Amid Weather Emergency: Prime Minister Anthony Albanese has officially postponed the anticipated federal election announcement, citing the ongoing cyclone emergency as taking precedence over political considerations, with the government now confirming the March 25 budget will proceed as scheduled and pushing the likely election date into May rather than the previously expected April 12 timeline.
• Western Australia Heads to Polls in Predictable Contest: Western Australia's state election appears decidedly one-sided according to late polling data, with Premier Roger Cook maintaining a comfortable 55% approval rating against Liberal leader Libby Mettam's 43%, as analysts project the opposition may regain approximately 11 seats—a modest recovery from their historic 2021 defeat but insufficient to threaten Labor's substantial majority.
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