Politics live updates: Greens reveal $500m of concessions to support Albanese Government legislation

From business reporter Matt Mckenzie:

A shake-up of the Reserve Bank looks set to pass the Senate after an 11-hour deal between Labor and the Greens that will keep a special power for the treasurer to overrule interest rate calls.

The two parties nailed a broader agreement which includes $500 million of funding for social housing and support for the Federal Government’s Future Made in Australia manufacturing subsidy program.

The RBA reform will split the board into two expert panels — one for governance and one for interest rates — following a major review of the central bank released last year.

The changes had been parked until the final sitting day of Parliament on Thursday, with the Greens successful in a bid to keep rules allowing the treasurer to overrule the RBA’s decisions.

Read the full story here.

Simon Birmingham has announced he will retire from Federal politics at the next election.

The Liberal senate leader and foreign affairs spokesman is the party’s highest-ranking moderate, and was first elected in 2007.

In a speech to the Senate on Thursday, the South Australian said now “is the right time for me” to leave politics.

He said he would step into a “new, commercially oriented direction” next year that has “nothing to do with lobbying, government relations, or commentary”.

Senator Birmingham served as finance minister before the Coalition lost government in 2022.

“I have been fortunate to spend more time on the Government benches than in Opposition,” he said.

Opposition Leader Peter Dutton was present in the chamber as he gave his speech.

The Greens will wave through almost 30 pieces of legislation – including to overhaul the Reserve Bank’s structure – after a frantic round of horse-trading with Labor on Federal Parliament’s final sitting day of the year.

The minor party says it has won a $500 million commitment from the Government to electrify 50,000 social housing properties as part of a package of concessions that secure its support for 27 separate bills.

As part a deal to back Labor’s Future Made in Australia laws, the Greens say coal, oil and gas projects will be blocked from accessing the program’s funds while Export Finance Australia will be barred from financing domestic or overseas fossil fuel ventures.

The Greens will support the contentious plan to split the RBA into two boards – one for monetary policy and the other overseeing governance – after Labor agreed to retain the Treasurer’s never-before-used power to overrule the bank’s decisions.

The minor party had previously refused to support the change unless Treasurer Jim Chalmers immediately used that power to force an interest rate cut.

“Greens pressure works,” Greens leader Adam Bandt said.

“Having delivered good outcomes that will help people, the Greens now turn to keeping Peter Dutton out and pushing for cheaper rents, cheaper groceries and no new coal and gas in a coming minority parliament.”

As reported on Wednesday, the Greens were on the brink of a deal to support laws to establish a federal environment protection agency before Prime Minister Anthony Albanese intervened to stop it going ahead.

Greens environment spokeswoman Sarah Hanson-Young paid tribute to Environment Minister Tanya Plibersek, who she claimed was overruled by a Prime Minister who was taken his advice from mining and logging interests.

“This election will be an election that is a referendum on Mother Nature, and we will make sure that it is at the top of the agenda,” Senator Hanson-Young said.

The West Australian’s Federal political editor Katina Curtis talks with Ben O’Shea on The Nightly Five podcast to explain what all the fuss was about this morning.

Listen below.

The Greens are holding a press conference as we speak, talking about the concessions they’ve extracted from the Albanese Govrnment in this chaotic final week of Parliament for 2024.

Our reporter Dan Jervis-Bardy is there and we’ll hear more from him very shortly.

A game of tactics has played off for the Government. The Senate has agreed to add the social media ban and three different migration bills back to the agenda, with one hour of debate.

Across two separate guillotine deals, 31 bills will now be dealt with before the Senate rises for the day – and the year.

First things first: the anti-money laundering bill.

The social media ban and migration Bills will be dealt with today, Labor Senate leader Penny Wong has vowed, as the Government pulls out all stops to clear its legislative logjam.

In their second attempt to guillotine debate and get through dozens of bills, Labor left off the legislation because of the Greens’ opposition.

The Coalition voiced their concerns, but Senator Wong has cleared it up.

The three migration bills and the social media ban will be part of a seperate motion that will allow an hour of debating time, she says.

The Government is banking on the Coalition’s support to pull that off.

Senior WA Liberal Michaelia Cash is demanding Anthony Albanese make an irod-clad promise he won’t revive his Federal environment protection agency after one of his senior ministers revealed the controversial policy was still on the table.

Finance Minister Katy Gallagher this morning said Mr Albanese was committed to laws to establish the nature watchdog and wanted to revisit them next year despite him intervening to prevent a deal that would have allowed them to pass this week.

Senator Gallagher confirmed Labor was “close” to accepting a deal with the Greens but needed more time to consider the minor party’s proposed amendments, rather than rushing it through alongside dozens of other bills on Parliament’s final sitting day of the year.

The Prime Minister’s intervention followed lobbying from WA Premier Roger Cook and mining and business groups that feared the EPA could devastate the State’s economy.

Senator Gallagher, who was part of private meetings this week where the EPA bill was discussed, played down suggestions Mr Albanese overruled Mr Plibersek after the WA lobbying onslaught.

Senator Cash said Senator Gallagher’s comments revealed Labor’s true intentions.

“It is very clear that despite what has happened this week this government wants to introduce these nature positive laws which will be a disaster for Western Australia,’’ Senator Cash said.

“The Prime Minister must stand in front of the Australian people and promise that no version of these laws will be re-introduced by his government in the future.

“I very much doubt Mr Albanese will give such assurances because he really does want these laws in place.”

News just in from The Australian that former defence force chief Angus Campbell is expected to be appointed to a plum diplomatic role as Australia’s next ambassdor to the EU, NATO, Belgium and Luxembourg.

General Campbell’s six-year stint leading Australia’s military ended in July.

2024 has been a grim year for morale in the ADF, with allegations of misconduct and war crimes peppering the headlines.

If it is confirmed by the Government, it’s a move that will likely face considerable backlash from veterans.

Here’s some of The Nightly’s coverage on the huge issues affecting the ADF.

As reported yesterday, Labor’s grassroots environmental acting wing is furious after Prime Minister Anthony Albanese scotched a deal to that would have delivered a long-promised federal environmental protection agency.

After news broke of Mr Albanese’s dramatic intervention, the group’s co-convenor Felicity Wade issued a blistering statement in which she accused the Government of caving to vested interests.

The group – known as LEAN – waged a years-long internal campaign for a federal EPA, with the party pledging to deliver one ahead of the 2022 election.

“This was a chance to show strength and conviction. We know these are things the electorate are looking for from us. And we faltered,” Ms Wade said on Wednesday.

Emergency Management Minister Jenny McAllister co-founded LEAN before entering Parliament.

Asked on Thursday to respond to Ms Wade’s comments, Senator McAllister praised the group’s work while defending the Government’s record on the environment under minister Tanya Plibersek and Climate Change Minister Chris Bowen.

“You have heard Minister Plibersek on many occasions talk about the progress we are making on marine parks, the progress we are making on threatened species .. the work we are doing internationally to support biodiversity and conservation,” she said.

“Our Government continues to work on matters that are important to the environment, important to future generations.”