In perhaps the most lol-worthy event this week, the Coalition has responded to Tanya Plibersek’s ‘where is the water coming from for the Coalition’s ‘nuclear plants’ by…admitting that if they ever were to exist they would take a shit tonne of water to run (turns out you have to cool nuclear reactors, who knew?) and then comparing it to the Labor government’s buy back scheme for the Murray Darling River.

The government is buying back water from Murray Darling licence holders for the environment. It is literally for the health of the river, especially downstream in South Australia, where the water removal was having a massive impact on the viability of the river eco-system.

This is apparently the same as using a shit tonne of water to cool nuclear reactors (or, in Australian water measurement terms ‘finding an additional Sydney Harbour of water every year’.

At least according to the Coalition’s Perin Davey and Ted O’Brien:

Tanya Plibersek needs to answer her own questions with regards to water buybacks and how their plans to purchase more than 500GL water from the Murray Darling Basin will impact communities and farmers,” Shadow Water Minister, Perin Davey said.

“How can Minister Plibersek’s supposed concerns be taken seriously when she has no concern about taking water away from other water users herself.”

Shadow Minister for Climate Change and Energy, Ted O’Brien said the figures being pushed by Labor have zero credibility and is a pathetic attempt to deflect from new reports on their failed all-eggs-in-one-0basket ‘renewables-only’ policy.

“Modern nuclear plants have different cooling systems including wet systems which use water, dry systems which don’t use water, along with other emerging designs which use other innovative systems,” Mr O’Brien said.

“Given the nuclear technology for Australia is yet to be selected, this claim by Labor is completely flawed.”

“The Coalition has been clear that water security for communities and food production will be a priority in the comprehensive site characterisation studies at each location.”

Sure babes. Sure. Nice try.

Origin today announced an interim profit for the half year to 31 December 2024.

Its preferred measure – its “underlying profit” (which excludes things like currency fluctuations) increased by 24% to $924 million from $747 million in the same period last year.

Its statutory profit (the one calculated according to the rules) was $1,143 million or $243 for every customer.

Annualising the profit figure and comparing with the equity in the company gives a pre-tax yield of 22%. Not bad for a utility with a near certain cash flow.

AGL released its results yesterday and showed a large fall in profits due to some one-offs. Nevertheless AGL broke down some of their customer figures and showed large businesses paid $192.3/MWh (Megawatt hour) compared with $359.9/MWh for consumer customers.

So ordinary consumers paid a premium of 87% compared with business customers. We cannot get similar figures from Origin’s half-year report.

For gas, AGL charged large business $12.4/GJ (gigajoule) and consumer customers $38.8/GJ – pretty amazing hey?

Further to that statement Phillip Boulten SC has said:

‘Australia cannot remain silent in the face of President Trump’s aggressive sanctions on the International Criminal Court which potentially target Australian human rights workers and their families.

‘These extensive financial and travel sanctions aim to cripple a key international law institution which counts Australia as a leading supporter and contributor since 2002.

‘The ICC, with the International Court of Justice and the Genocide Convention, sits at the heart of Australia’s and Labor’s advocacy for human rights and international law. 

‘Labor Friends of Palestine calls on the Federal Government to join 79 member States including the UK and Canada that have declared unwavering support for the independence, impartiality and integrity of the ICC.

‘Australia should clarify the Government’s response should the Trump Administration target Australians working with the ICC.

‘The Federal Government should make clear to the US that any move to punish Australians for their human rights work is completely unacceptable and will be strongly opposed.

‘Australia should put measures in place to reassure and protect Australians who potentially face severe consequences under the Trump sanctions.

Labor Friends of Palestine has urged the Federal Government to “publicly oppose Trump Administration sanctions that could apply asset freezes and travel bans on Australians and their families working with the International Criminal Court (ICC)”.

From the statement:

The Government should clarify its intended response and any protections that Australia will provide to Australian nationals sanctioned by the US.

The sweeping Executive Order signed by President Trump on 6 February, 2025, targets any ‘foreign person’ engaged in or supporting certain ICC investigations and prosecutions. 

The Executive Order authorises extensive ‘blocking’ of property and assets held in the US and travel sanctions including against family members.

All Australians working for or with the ICC face potentially severe consequences under the US sanctions. 

These include special advisors appointed to the ICC Prosecutor, young professionals working under the ICC Junior Professional Officer Programme, Australians working with the ICC in the Occupied Palestinian Territories, and Australians employed in other ICC roles.

Australia is one of 125 State Parties to the Rome Statute of the ICC since 2002 and one of the Court’s top financial contributors.

The ICC is a key component of the international law structure which Australia has vocally supported throughout the current crisis in Gaza and the Middle East.

The ICC has called on its State Parties to stand against the sanctions which the ICC said ‘harm its independent and impartial judicial work’.

Australia did not sign a public statement supporting the ICC issued on 7 February by 79 member States including the UK and Canada.

How will Trump’s 25 per cent steel and aluminium tariffs actually work?

On the latest episode of Follow the Money, Australia Institute Senior Economist Matt Grudnoff explains tariffs, trade deficits, and how big a deal this will be for Australia.

Part of the additional response between the Queensland and federal governments to the flood disaster is the impact it will have on primary producers – and the agriculture sector.

Jenny McAllister said:

In terms of the Queensland grants, can I say that the Australian Government is concerned about our primary producers and farmers in a small businesses in Queensland which is why we are stepping up as soon as we have been asked by the Queensland Government to support these grants. As the minister said, over $100 million, $72 million for primary producers for the recovery phase, up to $25,000 in grants, $25 million in grants for small businesses and not for profits. Again, after $25,000 for those who are eligible. Of course the emergency support to eligible primary producers as well as the rural landholder grants of up to $10,000. This money will be critical to primary producers in Queensland as they recover from these floods. We know that particularly sugarcane and bananas may be impacted. But we are waiting for our primary producers and farmers to get better access on the ground to tell us just how big an impact this has had. I want to say two Queenslanders and our farmers in Queensland that we are there with you, we are supporting you and we are working with other tiers of government on the ground to do everything we can do to support you in this very difficult time.

It is not exactly what consumer groups wanted – banks having to take responsibility if their customers fall for scams, but there is movement in that direction.

Stephen Jones and Michelle Rowland have announced a new scams prevention framework:

Initially, the Government will designate banks, telcos, and social media companies under the Framework. These businesses will be subject to comprehensive and enforceable sector-specific rules for what they must do to protect Australians.

For example, the rules may include:

• Social media companies being required to verify advertisers on their platforms – a critical step to ridding their pages of fake scam ads
• Banks being required to confirm the identity of payees – so people know exactly where their money is going 
• Telecommunications companies being required to detect and disrupt scam numbers sending texts and calls to innocent Australians

Businesses will have substantial incentive to have ironclad scams defences, with fines of up to $50 million applied on those who fail to meet their obligations.

Victims will have clear pathways to compensation if the business fails to meet robust standards.

The Government has invested over $180 million to fight scams including establishing the National Anti-Scams Centre and funding ASIC to bust fake investment websites that promote scams.

Independent MP Zali Steggall wants everyone in parliament to commit to a code and promise not to publish ads that are deceptive, or misleading.

“One of the points that the Australian Institute is calling for is truth in political advertising and I’ve certainly been calling for it in the absence of political will by the government and the opposition,” she said.

“(The Ethical Political Advertising Code, which is a pledge by me, will carry that mark on my advertising that my claims will be and the code principles that the claims will be accurate, not misleading or deceptive.

“They will be precise and substantiated (and) all claims must be supported by valid, reliable and precise evidence, and three that they be credible.

“Advertised ads must only use genuine and accurate endorsements and will not use deepfakes or AI.”

Ms Steggall said she will be writing to her colleagues in parliament,  the leader of the opposition, the Prime Minister, the leader of the Greens and her colleagues on the crossbench to commit to this code, because “the Australian public should know the absence of commitment to this code means they want to keep open the loophole to lie to you.”

Telling the truth in your political ads. What a concept. Will be very interesting to see who decides to not back this idea.

It’s been happening a bit away from the fray, but the government did a deal with the big banks to ensure they keep banking services open in regional Australia.

The deal lasts until 2027, so it gets the government across the line for this coming election (that, along with the contingency plan to buy Rex airlines if a private buyer isn’t found – the regions are quite popular at the moment!)

Bob Katter has welcomed that announcement, but he wants to see a long term solution:

I’ve got to pay credit to the government here; they’ve moved against going cashless and they’ve moved against the closure of regional banks.”

Though there’s probably been more closures in the outer suburbs than the towns and regions. People think this is an issue for the bush, but the outer suburbs have done worse off than us.

So yes, we have to praise the government for this initiative. As well as all those who rose up in righteous anger over the closures – just as they did for the cashless proposals.”

But, while this provides temporary relief, it is not enough. We can’t keep kicking the can down the road. We need bold action to secure regional banking services for the future.”

Origin have just put out their earnings, as AAP reports:

Energy retailer and gas giant Origin Energy has reported a “strong” interim profit on lower taxes and improved gas earnings.

Origin, a major supplier to the east coast domestic gas market, on Thursday reported a statutory profit of $1.017 billion for the six months to December 31, up from $995 million a year earlier.

Underlying profit rose by almost a quarter to $924 million on improved earnings from gas and lower tax expenses, the company said.

Origin remains “well-placed” to benefit from the energy transition with its leading customer position in Australia and access to international growth through Octopus Energy in the United Kingdom,” chief executive Frank Calabria said.

Output from the aging Eraring coal-fired power station, set to keep running until 2027 under a deal struck with the NSW government, was “relatively stable”, the company said.

One of the “big three” electricity retailers in Australia, competing with AGL Energy and Energy Australia, Origin said it was making progress on building more renewable energy and storage assets.

“Good cash generation from our businesses and a strong balance sheet enabled Origin to increase returns to shareholders and invest in the energy transition,” Mr Calabria said.