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Australian PM praises milestone of new world-class airport construction

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The new Western Sydney International Nancy-Bird Walton Airport has hit another major milestone with construction now underway on the world-class passenger terminal

Australian Prime Minister Scott Morrison said today’s announcement marked a significant step in this once-in-a-generation, city-shaping infrastructure project for Western Sydney, and Australia.

“The delivery of the Western Sydney International Airport proves once again our Government’s ability to get things done,” the Prime Minister said.

“We have made this happen. It is already delivering major benefits for Western Sydney, as we knew it would, and it only gets better from here.

The Prime Minister stated that the Coalition will continue to invest in job-creating infrastructure that drives investment and secures Australia’s economic recovery.

“Our total $14 billion investment in the airport and transport links is transforming this powerhouse region, attracting investment and supporting jobs for generations to come.”

Morrison stated that around 11,000 jobs will be supported during construction of the airport alone, and currently around one in two workers are from Western Sydney, “driving income and opportunity for families across the region.”

“Tens of thousands more jobs will be created when the airport is up and running in 2026, and millions of travellers are arriving into Sydney’s newest airport every year.

“The airport will also play a crucial role in the nation’s aviation future, delivering dynamic global connections for the region and opening up even further possibilities for new routes and services.”

Minister for Communications, Urban Infrastructure, Cities and the Arts Paul Fletcher says construction on one of the most significant infrastructure projects in Australia was now around one quarter complete.

“Despite the challenges of the global pandemic, work has continued to progress with nearly 22 million cubic metres of earth now moved to date across the site – which is about three times bigger than the Sydney CBD – and the airport on track to open in late 2026,” Minister Fletcher said.

Western Sydney Airport / Image: Supplied

The terminal will have the capacity to handle up to 10 million passengers each year.

“With this unique opportunity to build an airport from the ground up, we are able to roll out cutting-edge technology to make the passenger experience smoother and easier than at existing airports, and the security systems more effective but less intrusive.

“The new airport will not only be a state-of-the art piece of infrastructure but is an integral element of the surrounding aerotropolis and the broader Western Parkland city.

“In its own right, Western Sydney would be Australia’s fourth largest city and third largest economy, which is why the Morrison Government has committed $14 billion to the airport and vital metro rail and road links that will transform the region.” 

Minister for Finance Simon Birmingham said construction of Western Sydney International’s world-leading innovative domestic and international airport had fastened its seatbelt and was ready for take-off.

“One of Australia’s largest infrastructure projects is now visibly taking shape and is delivering long-term jobs and economic benefits to Western Sydney,” Minister Birmingham said.

Western Sydney Airport / Image: Supplied

“Economic stimulus and job creation in Western Sydney is critical right now. Start of construction on the world-class terminal will see more jobs begin to flow in the coming months.

“Acting to build a second Sydney airport has been in the too hard basket for many years but our government is delivering this critical piece of infrastructure that will lift productivity and growth for decades to come.”

Federal Member for Lindsay, Melissa McIntosh welcomed the airport exceeding its local employment targets, saying the project would continue to create local jobs, for local people.

“Over $100 million has already been injected into businesses in Western Sydney, supercharging our local economy,” Ms McIntosh said.

“The airport will continue to provide more opportunities for local small businesses, opening up new markets and opportunities across Australia and beyond.

“This will drive more job creation for generations, particularly in the emerging industries recognising Western Sydney is at the forefront of fields including advanced manufacturing, research, and space, as a result of the Morrison Government’s investment.”

NSW Premier Perrottet / Image: Supplied

New South Wales Premier Dominic Perrottet said the airport would boost economic activity and provide employment opportunities for the Western Sydney region.

“This new airport integrates with our vision for Western Sydney and the future of how people will live, work and travel,” Mr Perrottet said.

“It means jobs for Western Sydney and will create new, convenient travel options for those who live in our west.”

The contract for the airside pavements package, which will include the 3.7-kilometre runway and rapid-exit taxiways, was awarded in September, with construction due to begin next year.

Bulk earthworks are around 75 per cent complete

In addition to the $5.3 billion investment in Western Sydney International, the Morrison Government has committed another $9 billion for the vital rail and road links that will transform the Western Sydney region.

This includes the $3.5 billion investment to deliver new major road infrastructure and upgrades under the Western Sydney Infrastructure Plan and $5.25 billion towards the first stage of the Sydney Metro – Western Sydney Airport rail link.

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RBA stands pat on interest rates as hopes dim for future cuts

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RBA stands pat on interest rates as hopes dim for future cuts

Stella Huangfu, University of Sydney

The Reserve Bank kept the cash rate steady at 3.6% at today’s meeting. In its post-meeting statement, the central bank said the monetary policy board

judged that it was appropriate to remain cautious.

This pause follows three cuts earlier this year — in February, May and August, each by 25 basis points — which lowered the cash rate from 4.1% to its current level. Governor Michele Bullock said the bank is watching those previous cuts work through the economy.

Bullock stressed that while inflation has eased from its peak, progress remains uneven, and the bank is not ready to declare victory.

For now, patience is the safer course. The next big test will be the September quarter inflation report, due at the end of October. That release will go a long way to deciding whether cuts resume later this year or slip into 2026. Market pricing, once confident of a November move, now sees the odds as little better than a coin toss.

“By the next meeting in November, we’ll have more data on the labour market and inflation data for the September quarter,” Bullock told a press conference after the meeting.

Why the RBA is waiting

The monthly consumer price index (CPI) for August showed annual inflation rising to 3.0%, up from 2.8% in July. Although this is a 12-month high, much of the increase came from the expiry of electricity rebates — a temporary factor the bank had already anticipated.

Bullock has repeatedly said the Reserve Bank puts more weight on the quarterly “trimmed mean” inflation measure — a point she emphasised most recently before the House of Representatives economics committee. This measure strips out one-off price swings and gives a clearer picture of underlying inflation.

Even so, the monthly figures show the annual trimmed mean edged down from 2.7% in July to 2.6% in August. That suggests the underlying trend remains one of gradual disinflation (a slowing in the pace of price increases), despite the lift in the headline rate.

Bullock told reporters:

The monthly data are volatile […] I don’t want to suggest that inflation is running away, but we just need to be a little bit cautious.

Progress is not yet secure. Inflation must stay within the 2–3% target range on a sustained basis before the Reserve Bank can cut with confidence. Moving too early risks undoing hard-won gains and forcing harsher measures later.



Other data reinforce this cautious approach. June quarter economic growth surprised on the upside, showing the economy is more resilient than expected. Meanwhile, unemployment has ticked higher but remains low, pointing to a labour market that is cooling only gradually.

As the statement noted,

private consumption is picking up as real household incomes rise […] The housing market is strengthening […] Credit is readily available to both households and businesses.

Together, these signals give the Reserve Bank space to pause rather than rush into easing.

A big shift in expectations

The major banks have also adjusted their forecasts. NAB has ruled out any further move this year, dropping its earlier forecasts for November and February cuts and now expecting the next reduction in May 2026. Westpac still expects a November cut, but acknowledges the timing could slip.

Financial markets have also pared back their bets. Pricing once implied near-certainty of a November cut, but that probability has now fallen to roughly 50-50.

The September quarter consumer price index will be decisive: a softer result could revive expectations of an earlier cut, while a stronger one would reinforce the view that rate cuts will not resume until 2026.

With the economy stronger than forecast and CPI a touch higher, both banks and markets are pushing out the timing of cuts. The Reserve Bank’s message is clear: inflation must show sustained progress before policy can be eased. Until then, the next cut is a matter of when, not if.

Rates around the world

The Reserve Bank is not alone in being cautious. In the United States, the Federal Reserve delivered three cuts in 2024, but only made its first cut of 2025 in September. The European Central Bank has reduced rates four times this year, but has kept policy steady since June.

Political tensions, volatile energy prices and fragile global growth all add to the uncertainty, reinforcing the case for patience in Australia.

For households, today’s decision offers no relief. Mortgage repayments remain at an elevated level and consumer spending is weak.

Looking ahead, the Reserve Bank said it will remain data-driven and responsive to risks:

The Board will be attentive to the data […] focused on its mandate to deliver price stability and full employment and will do what it considers necessary to achieve that outcome.

For households, that means the wait for relief goes on. The next move is a cut, but today’s decision makes clear it won’t be rushed.The Conversation

Stella Huangfu, Associate Professor, School of Economics, University of Sydney

This article is republished from The Conversation under a Creative Commons license. Read the original article.

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Markets remain strong amid potential government shutdown fears

Markets remain strong as investors anticipate jobs data while ignoring government shutdown and tariff concerns

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Markets remain strong as investors anticipate jobs data while ignoring government shutdown and tariff concerns

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In Short:
– Major indices are near session highs, with the Dow up 382 points and resilient to shutdown concerns.
– Rising Treasury yields may challenge bullish sentiment, while upcoming economic reports will influence market direction.
Major indices are trading near session highs, with the Dow Jones Industrial Average up by 382 points, the S&P 500 by 41 points, and the Nasdaq Composite by 100 points.
Investors seem undeterred by the looming government shutdown and new tariff announcements. Despite the challenges, markets appear resilient due to previous experiences with shutdowns.Banner

This coming week, markets should brace for monthly jobs data, assuming no shutdown occurs. Previous initial claims reports have lessened after reaching 263,000 on September 11.

Technical indicators show promise following a retreat to the 20-day SMA. The end of bearish seasonality approaches, coinciding with Q3 earnings season.

Market Perspective

However, rising Treasury yields could pose a challenge for bullish sentiment. The 10-year yield has increased over the past eight trading sessions and may close at a three-week peak.

If it stays below 4.25%, it could support ongoing bullish trends. A notable risk remains the potential negative impact of the jobs report.

Upcoming economic reports include pending home sales, consumer confidence, and nonfarm payrolls, all key to market direction.


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Crypto market plummets near $1 billion in liquidations

Crypto markets crash as liquidations approach $1 billion, marking a severe downturn in September 2025

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Crypto markets crash as liquidations approach $1 billion, marking a severe downturn in September 2025

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In Short:
– Cryptocurrency markets declined significantly, with liquidations nearing $1 billion and Bitcoin below $110,000.
– $442 million in positions were liquidated on Thursday, with Ethereum most affected, raising trader concerns.
Cryptocurrency markets faced significant declines on Thursday, with liquidations nearing $1 billion, contributing to a larger selloff that has cost the sector over $160 billion in market capitalisation.
Bitcoin fell below $110,000, trading around $111,400, while Ethereum dipped below the critical $4,000 support level, marking its lowest point in seven weeks.
The global crypto market capitalisation dropped by 2.2% to $3.91 trillion.Banner

Liquidation reports revealed that $442 million in positions were forcibly closed on Thursday, with Ethereum most affected, accounting for over $180 million.

The previous week saw a larger liquidation event, with $1.7 billion wiped out. Traders are concerned as a significant number of long positions were liquidated in this downturn.

Market Trends

Market analysts highlight a pattern of leveraged trading leading to cascading selloffs. Seasonal factors, regulatory uncertainty, and a strengthening US dollar contributed to the declines.

Despite the downturn, some large investors are taking the opportunity to accumulate assets.


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