News and politics live updates: Joyce and Plibersek clash over One Nation’s plan for early super access

Former Prime Minister Scott Morrison has hit back at criticism of WA’s GST deal, defending the arragement as an incenctive for the State to develop its lucrative resources sector.

Mr Morrison’s intervention comes after the Productivity Commission labelled the deal a “costly mistake” and called on the Albanese government to scale it back so the other States and Territorities are given the same capacity to fund comparable services and infrastructure.

“The renewed attack on Western Australia’s GST arrangements rests on a fundamental error,” Mr Morrison wrote in the Australian Financial Review.

“It invested in the approvals, infrastructure, ports and policy settings needed to build one of the world’s most productive resources sectors, generating export earnings, employment and very large tax receipts for the Commonwealth. The other States were held harmless.”

The commission found the deal is now costing taxpeyrs about four times more than initially expected, with the Federal Government proving more than $6b a year to maintain WA’s share.

Prime Minister Anthony Albanese played down the prospect of major changes, saying West Australian’s deserve their “fair share” while the government waits for the commission’s final report in December.

W Premier Roger Cook rejected the findings, descriving them as “dodgy, deceitful and dumb.”

Mr Morrison, who was treasurer when the deal was struck in 2018, argued Labor shares responsibility for the deal’s growing cost after extending the arrangement in 2024 through to 2029-2030.

“Combining no-worse-off payments and the pool top-up, those three years will cost in the order of $20 billion, about two-thirds the cost of the entire six-year transition, in half the time,” he added.

National Australia Bank’s profit climbed in the third quarter as lending to businesses across the country expanded.

Unaudited cash earnings came in at $1.83 billion in the three months to June 30.

Home loan applications were down 15 per cent in the third quarter.

Australian lenders are contending with a slowing housing market that’s expected to deepen and is threatening to eat further into profitability.

NAB chief executive Andrew Irvine said the combination of the impacts from the Middle East conflict, higher interest rates and recent tax changes are creating challenges for customers.

“Business credit growth has remained robust at this stage, but the Australian home lending market softened,” Irvine said.

Sweeping reforms to disability support, gambling advertising and media funding could finally pass parliament after months of political horse-trading.

Prime Minister Anthony Albanese met with Liberal leader Angus Taylor multiple times in the first sitting week after a five-week winter break in an attempt to find common ground on the three significant pieces of legislation.

Contentious efforts to reduce spending on the National Disability Insurance Scheme could pass as early as Monday.

The recommendations from a Labor-led inquiry into the NDIS reform on Friday urged the immediate passage of the legislation despite significant backlash from disability advocates.

The Coalition has flagged the need for further measures to crack down on dodgy operators within the scheme, but it has voiced support for the attempted funding cut of about $38 billion over four years.

The latest report from the NDIS Quality and Standards Commission shows 111 banning orders were issued in the last quarter, the most on record. A further 453 NDIS providers had their registration revoked.

NDIS Minister Jenny McAllister said increased powers for the commission legislated in April have successfully weeded out the “shonks and grifters”.

with AAP

The most recent Public Service Commissioner is emerging as the likely replacement for Julie Bishop as the next Chancellor of the Australian National University, three months after the former Foreign Minister quit the role after a tumultuous tenure.

ANU sources say an announcement on who will fill the part-time and largely ceremonial role was scheduled to be made over the weekend as the Canberra institution celebrated its eightieth birthday but is instead expected to be revealed on Monday.

Inside the university speculation is growing that former Australian Public Service Commissioner Gordon de Brouwer has been chosen for the position after announcing his retirement from government earlier this year.

Mr De Brouwer previously studied at ANU and worked as Professor of Economics in the Crawford School of Public Policy from January 2000 to March 2004 and remains an adjunct professor.

​Read the exclusive story.​

Barnaby Joyce and Tanya Plibersek have clashed over One Nation’s push to give Australians earlier access to their superannuation.

Asked whether early withdrawls could leave people more reliant on taxpayers in retirement, Mr Joyce instead pointed to claims that $1.2b had been lost in the collapse of First Guardian and Shield.

“I tell you what they (taxpayers) didn’t foot the bill for. the $1.2b that was stolen,” Mr Joyce told Sunrise, accusing regulators and auditors of failing Australians.

Pressed on how far the proposal would go, Mr Joye argued Australians facing cost of living pressures should have greater control over their retirement savings.

“Well you already have people that can access their super. When you’re in hardships you can. and I think one of the hardships people have is they can’t feed themselves because of the cost of living,” he said.

“And another hardship is if they don’t have a house and they are put out on the street and they are living in a car. Surely it is their money and we should give it a little bit more respect about what they can do with their own money.”

Ms Plibersek defended the current system, saying people can already access super in cases of particualr hardship, but warned super is designed to rpevent people from retring into poverty and becoming reliant on the age pension.

“If they need to get their super to hang onto their house, if they get sick, if they are dying there are a whole range of issues where you can get it, but super is there so you dont retire into povery. It makes the hugest difference to people so they aren’t relying on the age pension,” she said.

“We spentd about $7b a year on the age pension as a nation and that would be much higher if poeple didnt have super accounts.

The exchange became heated as Ms Plibersek accused Mr Joyce of repeating “talking points”, saying “I am proud of what we do, why aren’ you proud, Barnaby?”