Joseph Longo<\/strong>, the chair of Asic, is speaking after announcing a landmark penalty against ANZ earlier this morning. Longo said:<\/p>\nTime and time again, ANZ has fallen short. Time and time again, ANZ has betrayed the trust of Australians.<\/p>\n
Trust is essential in financial services. Customers, government and regular need to be able to trust that banks will deliver what they promise and uphold appropriate standards of behaviour. Today, many Australians will be questioning their trust in ANZ.<\/p>\n
The fundamental and significant issues require urgent attention and the ANZ board and its executives need to reflect upon them. ANZ needs to change.<\/p>\n
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Updated at\u00a020.48 EDT<\/p>\n
\u2018The cost of action is smaller than the cost of inaction\u2019<\/strong><\/p>\nChris Bowen<\/strong> maintained there is still time to rein in the worst effects of climate change, saying that while Australians are already living in a changed world, \u201cit\u2019s not too late to avoid the worst of the impacts\u201d.<\/p>\nHe said:<\/p>\n
As the report makes clear, the difference in terms of impact between 1.5 to 2 degrees [Celsius warming above preindustrial levels], let alone 3, is very real for Australia.<\/p>\n
It\u2019s also important that we remember while this report is clearly confronting, the economic evidence of action for our country is one with the best renewable energy resources in the world is very real. We have the best renewable resources, we have great jobs and investment opportunities so if we get it right, the opportunity for our country is enormous, just as a risk if we get it wrong is very real.<\/p>\n
Bowen added:<\/p>\n
The cost of action is smaller than the cost of inaction, under any scenario.<\/p>\n
<\/span>.<\/span> Photograph: James D Morgan\/Getty ImagesShare<\/p>\nUpdated at\u00a020.32 EDT<\/p>\n
Dan Jervis-Bardy<\/span><\/p>\nThe report finds millions of Australians are at risk from rising sea levels<\/strong><\/p>\nThe number of heat-related deaths in Sydney could surge by almost 450% if global heating surpasses 3 degrees, according to a landmark report that finds no Australian community would be immune from the \u201ccascading, compounding and concurrent\u201d risks of a worsening climate.<\/p>\n
The report also lays bare the heightened risk from rising sea levels on Australia\u2019s populous coastal communities, including flooding, erosion and inundation.<\/p>\n
It found that by 2050, 1.5m coastal residents would be at risk, rising to more than 3m by 2090.<\/p>\n
The federal government on Monday released the long-awaited national climate risk assessment, providing the most detailed picture of the severe and far-reaching social and economic impact of the climate crisis for Australia.<\/p>\n
Read more here:<\/p>\n
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Bowen says ‘every Australian has a lot at stake’ in climate crisis<\/h2>\n
Chris Bowen<\/strong>, the climate change minister, is holding a press conference after the release of a major new report that finds no Australian community would be immune from the \u201ccascading\u201d risks of worsening climate change.<\/p>\nBowen said:<\/p>\n
One thing that is very clear from this climate assessment is that the whole country has a lot at stake. Every Australian, regardless of where they live, has a lot at stake.<\/p>\n
Importantly, the report makes clear that the pattern of natural disasters that Australians are used to is not a reliable guide into the future.<\/p>\n
The minister added: \u201cIt\u2019s important that we don\u2019t gild the lily or downplay its impacts in any way. We have to be honest to the Australian people\u201d.<\/p>\n
<\/span>Climate change minister Chris Bowen.<\/span> Photograph: Lukas Coch\/AAPShare<\/p>\nUpdated at\u00a020.14 EDT<\/p>\n
Rooftop solar generated 12.8% of Australia’s electricity in first half of 2025<\/h2>\n
The rooftop solar boom hit a new milestone in the first half of the year, with 12.8% of all electricity generation coming from the panels, according to a new report from the Clean Energy Council.<\/strong> That\u2019s an increase from 11.5% in the same period a year ago, and up from just 6% in 2020.<\/p>\nThere were more than 115,000 rooftop solar units installed across Australia in the first half of 2025, an 18% decrease from the same period a year ago. Rooftop solar remains on track to deliver what\u2019s needed to the national target of 82% of electricity coming from clean energy sources by 2030.<\/p>\n
Another key findingwas battery sales hitting record highs, with 85,000 units sold in the first half of 2025, bolstered by government incentives making the systems more affordable. That figure is a 191% increase over the same period last year.<\/p>\n
<\/span>Solar panels on the roof of a house in Sydney.<\/span> Photograph: Dan Himbrechts\/AAPShare<\/p>\nUpdated at\u00a020.10 EDT<\/p>\n
Petra Stock<\/span><\/p>\nScientists fear this \u2018cute\u2019 and \u2018chonky\u2019 flying fox could be one cyclone away from extinction<\/strong><\/p>\nIt\u2019s the last native mammal on the island, but the \u201cincredibly cute and fluffy\u201d Christmas Island flying fox is critically endangered with no recovery plan and severely outdated conservation advice.<\/p>\n
The flying fox is smaller and fluffier than many of Australia\u2019s mainland flying fox species, according to animal ecologist Dr Annabel Dorrestein<\/strong>, from Western Sydney University, who has studied the species for nine years.<\/p>\n<\/span>The number of Christmas Island flying foxes, which is considered a\u2019keystone species\u2019 due to its important role in pollination and seed dispersal, is declining.<\/span> Photograph: Chris Bray<\/p>\nThe bats are \u201cincredibly cute\u201d and \u201cchonky\u201d; a bit like teddy bears, Dorrestein said.<\/p>\n
Christmas Island, located 1,550km off north-west Western Australia, originally had five native mammals \u2013 two rodents, two bats and a shrew. The rodents disappeared in the early 1900s. The shrew has not been seen since 1985 and is probably extinct.<\/p>\n
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Taylor says Liberal party \u2018absolutely\u2019 wants Nampijinpa Price to stay<\/strong><\/p>\nAngus Taylor<\/strong> says that while Jacinta Nampijinpa Price had made mistakes, \u201cby her own admission\u201d, the Coalition \u201cabsolutely\u201d wanted to keep her in its corner.<\/p>\nHe spoke to RN Breakfast this morning, after Nampijinpa Price\u2019s saga surrounding her remarks on Indian migrants, including her sacking from the shadow ministry:<\/p>\n
We absolutely want her to stay with the Liberal party. We want more people in the National party, the Liberal party, whether it\u2019s senators, members of the House of Reps, volunteers, members, we want more support for the Liberal arty across the board. We desperately need to rebuild the party at a difficult time. Jacinta is a talented member of the Senate, a valued member of our team.<\/p>\n
She made mistakes by her own admission, I mean, there\u2019s no doubt about that and Jacinta has said that. It\u2019s disappointing, there\u2019s no doubt, but it is critical now we get back on track, we rebuild the party, and we bring as many people into the party as we possibly can.<\/p>\n
<\/span>Senator Jacinta Nampijinpa Price.<\/span> Photograph: Mick Tsikas\/AAPShare<\/p>\nUpdated at\u00a019.20 EDT<\/p>\n
Coalition support slumps to all-time low in latest polls<\/h2>\n
Infighting and the sacking of a frontbencher have left the federal Coalition with its worst-ever primary vote result in Newspoll history, with One Nation appearing to have scooped up disaffected voters, AAP<\/strong> reports.<\/p>\nThe Coalition\u2019s primary vote collapsed to 27%, the lowest since the poll began tracking first preferences in 1985, the Newspoll conducted last week and published in The Australian on Monday found.<\/p>\n
Labor\u2019s primary vote was steady at 36%, giving prime minister Anthony Albanese<\/strong> a commanding 58% to 42% two-party-preferred lead, his biggest margin since taking office.<\/p>\nThe result comes in the wake of opposition leader Sussan Ley<\/strong>\u2019s sacking of senator Jacinta Nampijinpa Price<\/strong> from the frontbench, a move that exposed bitter internal divisions over migration, climate change and net zero policies.<\/p>\n<\/span>Opposition leader Sussan Ley.<\/span> Photograph: Ethan James\/AAPShare<\/p>\nUpdated at\u00a018.45 EDT<\/p>\n
What misconduct did ANZ admit to?<\/h2>\n
Asic filed four proceedings related to the misconduct, including:<\/p>\n
\n- \n
Acting unconscionably in its dealings with the Australian government while managing a $14bn bond deal, including incorrectly reporting its bond trading data<\/strong> and overstating the volumes by tens of billions of dollars for nearly two years.<\/p>\n<\/li>\n- \n
Failing to respond to hundreds of customer hardship notices<\/strong>, in some cases for more than two years.<\/p>\n<\/li>\n- \n
Making false and misleading statements about savings interest rates<\/strong> and failing to pay the promised rates to tens of thousands of customers.<\/p>\n<\/li>\n- \n
Failing to refund fees charged to thousands of dead customers<\/strong> and not responding to families dealing with deceased estates within required timelines.<\/p>\n<\/li>\n<\/ul>\nANZ has admitted to the allegations.<\/p>\n
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Updated at\u00a018.27 EDT<\/p>\n
\u2018We made mistakes\u2019: ANZ chair apologises for bank\u2019s misconduct<\/strong><\/p>\nThe penalties must be approved by the federal court, but Asic said their size reflects the gravity of the misconduct.<\/p>\n
ANZ\u2019s chair, Paul O\u2019Sullivan<\/strong>, issued an apology to customers and assured them the company had taken \u201cthe necessary action, including holding relevant executives accountable\u201d, adding:<\/p>\nWhile we have worked hard to get regularity certainty on these matters, the reality is we made mistakes that have had a significant impact on customers. On behalf of ANZ, I apologise.<\/p>\n
<\/span> Photograph: Darren England\/AAPShare<\/p>\nUpdated at\u00a018.25 EDT<\/p>\n
ANZ bank fined $240m for \u2018widespread misconduct\u2019 in Asic\u2019s biggest ever penalty<\/h2>\n
ANZ has said this morning it will pay $240m in penalties to settle five misconduct claims with the Australian Securities and Investments Commission (Asic).<\/p>\n
The bank admitted to engaging in unconscionable conduct in services provided to the Australian government, incorrectly reporting bond trading data to the government by overstating the volumes by tens of billions of dollars and to widespread misconduct across products and services that affected about 65,000 customers.<\/p>\n
Asic said the \u201cwidespread misconduct\u201d occurred over many years and was marked by ANZ\u2019s \u201csignificant failure to manage non-financial risks across the bank\u201d. Joe Longo<\/strong>, the chair of Asic, said in a statement:<\/p>\nTime and time again ANZ betrayed the trust of Australians.<\/p>\n
The total penalties across these matters are the largest announced by ASIC against one entity and reflect the seriousness and number of breaches of law, the vulnerable position that ANZ put its customers in and the repeated failures to rectify crucial issues.<\/p>\n
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Updated at\u00a018.09 EDT<\/p>\n
Opposition welcomes shipyard funds but says defence remains underfunded and \u2018under prepared\u2019<\/strong><\/p>\nAngus Taylor<\/strong>, the shadow defence minister, says any extra money for defence, including Aukus, is \u201cwelcome\u201d but he believes the government had not spent nearly enough to create \u201ca fit-for-purpose defence force at a time which is more dangerous than any time since the second world war\u201d.<\/p>\nTaylor told RN Breakfast that the opposition still wants to see defence spending increase to 3% of GDP:<\/p>\n
We just saw in the last week or so the Chinese Communist party on display, their propaganda parade, and it is clear that they have an influence that they haven\u2019t had in the past. They\u2019re militarising at an unprecedented rate. But we\u2019re also seeing authoritarian regimes right across the globe flexing their muscles. And so it\u2019s crucial that we see the investment necessary and we need to see it urgently.<\/p>\n
Right now, this government is underfunding defence in a very substantial way.<\/p>\n
We need this government to shift from rhetoric to readiness. We are under prepared.<\/p>\n
<\/span>Angus Taylor says the government is \u2018underfunding defence in a very substantial way\u2019. <\/span> Photograph: Mick Tsikas\/AAPShare<\/p>\nUpdated at\u00a018.03 EDT<\/p>\n
Government \u2018very confident\u2019 Aukus will deliver subs after extra $12bn for WA shipyard<\/strong><\/p>\nTim Ayres<\/strong>, the minister for science, industry and innovation, says the government remains confident Australia will get nuclear-powered submarines from the US after announcing a $12bn \u201cdownpayment\u201d on a shipbuilding facility in Western Australia to prepare for them.<\/p>\nAyres said this morning that getting the submarines remains the absolute objective of the Aukus deal, rejecting assertions that the US could back out of the deal. He told RN Breakfast:<\/p>\n
I\u2019m very confident that this agreement between Australia and the United States and the United Kingdom will be delivered upon in full and it is already well and truly under way. The arrangements between us and the United States on the submarines in particular is deep.<\/p>\n
We are well on the pathway. There is a long way to go, but this is an important step for our national security, and we\u2019re following it through diligently in the national interest.<\/p>\n
<\/span>Tim Ayres: \u2018We are well on the pathway\u2019.<\/span> Photograph: Mick Tsikas\/AAP<\/p>\nRead more about the shipyard here:<\/p>\n
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Updated at\u00a017.55 EDT<\/p>\n
Closure of Albanese\u2019s Marrickville electoral office is ‘very sad’, Marles says<\/h2>\n
Richard Marles <\/strong>says the closure of Albanese\u2019s electoral office in Marrickville is \u201cvery sad\u201d, saying a spate of protests there had not helped any causes but deprived locals of their ability to go to their local member.<\/p>\nThe prime minister said the site would close after serving as Grayndler\u2019s electorate office for more than 30 years. Albanese cited a string of protests there, many related to the ongoing crisis in Gaza.<\/p>\n
Marles, the deputy prime minister, told RN Breakfast this morning of the decision:<\/p>\n
I think it\u2019s very sad. I think the kind of protests that we\u2019ve seen outside of the prime minister\u2019s electoral office over the last couple of years have been a complete disgrace. It does nothing to advance the arguments associated with any of these issues. It really, I think, ends up being much more about the protesters than the cause that they pretend to espouse.<\/p>\n
It is certainly denying the constituents of Grayndler being able to go to their local member and the office of their local member and receive basic services. I mean, I think there is an intimidatory degree to what\u2019s been going on here, but it is appalling behaviour that it has resulted in this moment.<\/p>\n
<\/span>Deputy prime minister Richard Marles.<\/span> Photograph: Hollie Adams\/ReutersShare<\/p>\nUpdated at\u00a017.53 EDT<\/p>\n
Good morning<\/h2>\n
Good morning, and welcome to Monday. Here\u2019s what\u2019s on deck this morning as we get the live blog rolling.<\/p>\n
Prime minister Anthony Albanese<\/strong> is due to travel to Port Moresby for Papua New Guinea\u2019s 50th anniversary of independence as the countries prepare to sign a major defence treaty. The deal will reportedly allow PNG nationals to serve in Australia\u2019s defence force with similar pay and a pathway to citizenship.<\/p>\nRooftop solar accounted for 12.8% of all electricity generated in Australia for the first half of 2025, the highest rate ever, according to the Clean Energy Council. More than a third of Australian households now have rooftop solar and the first half of the year also recorded a record-breaking 85,000 batteries sold amid new programs meant to encourage uptake.<\/p>\n
We\u2019ll see what else the day has in store. Stick with us.<\/p>\n
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