Key events
Patrick Commins
UNSW economics professor Bruce Preston has been appointed to the Reserve Bank’s interest-rate setting board, starting his five-year term in March.
Preston will replace Alison Watkins, a former boss of Coca-Cola Amatil who also sits on the Business Council of Australia’s board.
Watkins has been an RBA board member since December 2020.
Jim Chalmers announced the appointment to the nine-member monetary policy board on Thursday evening, saying Preston “is one of the most highly respected and experienced macroeconomists and he will do an excellent job”.
In addition to a couple of decades in academia, Preston has worked in the Reserve Bank and later as a senior advisor at the central bank and at Treasury.
Preston is seen as an uncontroversial appointment, especially after the sweeping review of the RBA’s operations and governance recommended more technical expertise on the monetary policy board.
He will get his first chance to cast his interest rate vote during the bank’s next two-day meeting from March 16.
For the record, financial markets are pricing in only a 16% rate hike in March, but that jumps to over 80% by the May meeting.
Isaac Herzog to leave Australia
The Israeli president, Isaac Herzog, is preparing to leave Australia after thousands took to the streets in a final wave of protests marking the end of a controversial week, AAP reports.
Herzog concluded his final closely guarded four-day visit in Melbourne yesterday where he met senior politicians and community leaders.
Despite the president declaring there was “hope in the air” in his final speech, about 10,000 people gathered on the steps of Flinders Street Station in defiance, saying he was not welcome.
The demonstrators remained largely peaceful, despite a small scuffle breaking out as Palestinian organiser Tasnim Sammak addressed the crowd.
Victoria police said special powers granted for the event were not used.
Among the speakers was Palestinian activist Muayad Ali, who criticised the prime minister’s decision to host the president in Australia.
“I never swear, but this is not diplomacy,” he said.
The protest was a far cry from the scenes witnessed in Sydney, where at least nine people were charged and 27 arrested after protesters were punched and pushed by police when an anti-Herzog rally turned violent.
Herzog said his visit to Melbourne had ignited a renewed sense of hope.
“I must tell you that we return to Israel feeling empowered because we have seen first-hand the beauty and resilience of this community,” he said.
Herzog said discussions with the Australian leadership to address “vile rhetoric, misinformation and shameful antisemitism” were conducted with candour, open-mindedness and a great deal of mutual respect.
The leadership spill is the culmination of a string of disasters in the recent weeks, writes Josh Butler this morning, which revealed fundamental disunity in Coaltion ranks.
These included the Nationals splitting from the Coalition (again) on the Bondi day of mourning, Ley’s critics were seen meeting in Melbourne on the day of Liberal MP Katie Allen’s funeral, Taylor’s resignation overshadowed the visit of Israeli president Isaac Herzog, and rolling resignations came as the political classes were supposed to be showing solidarity on the day of the annual Closing The Gap statement.
As the spill was set for today, Josh writes:
The oposition as a whole looked more despondent, distracted and dishevelled than usual. Frontbenchers gazed around the room, texted on their phones; we saw one person whose name had been mentioned as a potential deputy leadership candidate (we won’t rumble who) literally twiddling their thumbs. Ley was quiet.
Read the whole piece here:
Liberal leadership ballot to start at 9am
All eyes will be on the Liberal party room this morning with the leadership ballot set to begin at 9am.
After a string of frontbenchers announced they would be backing him, Angus Taylor’s backers are confident he has the numbers to unseat Sussan Ley after only nine months in post.
Here’s our latest news story so you can get up to speed:
And there’s also the crucial question of who would be Taylor’s deputy as he tries to bring the more moderate wing of the party into his tent.
Welcome
Good morning and welcome to our live news blog. I’m Martin Farrer with the top overnight stories and then Krishani Dhanji will take the reins.
It might be a bit early in the day for popcorn but there is great political theatre to enjoy this morning as the Liberal leadership vote starts at 9am with Angus Taylor reportedly on track to oust Sussan Ley after only nine months in the job. We will be building up to the vote before then and will bring the best coverage as soon as it happens.
Meanwhile, it’s the 18th anniversary of the national apology to the Stolen Generations and there will be speeches to mark it, with the PM expected to give an address.
The Israeli president, Isaac Herzog, is preparing to leave Australia after thousands took to the streets of Melbourne in a final wave of protests marking the end of a controversial week. Herzog had been wrapping up his visit by meeting Jewish groups in the city but – in contrast to the scenes in Sydney earlier this week – the protests remained largely peaceful. More coming up.
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