Australia news LIVE: RBA expected to announce fourth rate rise this year; Greens leader Larissa Waters steps down due to illness; Trump denies asking Xi about potential US arms sales

Emily KaineUpdated September 29, 2026 — 7:06am,first published 6:45amKey PostsWhat you need to know todayBy Emily KaineHello and welcome to our live coverage of national news this Tuesday, September 29. Here’s what is making headlines today.The Reserve Bank is expected to hike rates for the fourth time this year as it prepares to hand down its decision this afternoon. The rise will bring Australia’s rates to a 15-year-high.Treasurer Jim Chalmers continues to consistently blame high levels of inflation, made worse by the war in the Middle East, for creating the economic conditions that have led to the likely hike. “We’ve got a big inflation challenge in our economy. It’s made much worse by decisions taken on the other side of the world. From an economic point of view, this war in Iran has been an absolute disaster for Australian families because they have been asked to pay a hefty price for it,” he told ABC’s 7.30 last night.Greens leader Larissa Waters has resigned from the top job amid a battle with chronic kidney disease. “For some time now I’ve been quietly managing chronic kidney disease alongside doing the work I love. But recently it’s taken a downturn, and I need to be honest with myself about not being invincible,” she said in a statement. The Greens will hold a secret ballot of its MPs this week to elect a new leader.And US President Donald Trump said he had not discussed selling arms to China, contradicting a suggestion made by his ambassador to Beijing. “I never heard of that,” the president told reporters in the Oval Office overnight.Latest Posts7.06amGas companies taking advantage of consumers, Pocock warnsBy Emily KaineIndependent senator David Pocock said government spending was a contributing factor to high inflation as he warned that gas companies were taking advantage of Australian consumers in a time of economic hardship. “Clearly, government spending is part of this. You can’t blame it all on the war in the Middle East,” he told Nine’s Today show this morning. Independent senator David Pocock.Dominic Lorrimer“But one of the things that I get frustrated that we’re not talking enough about is if you look at the profits that these big gas multinationals are making, if you look at the profits that Ampol has announced, you know, almost 500 per cent increase in profits at a time where Australians are paying through the nose for petrol and diesel in this country, that should be unacceptable.”Pocock reiterated his calls for a windfall profits tax which would seek to recoup some of the profits taken by gas and energy multinationals such as Ampol and Woodside during major geopolitical or supply chain shocks.6.43amChalmers continues to deflect blame for rate riseBy Emily KaineTreasurer Jim Chalmers continues to put responsibility for a likely rate rise onto the ongoing conflict in the Middle East, which he said “has been a disaster for Australian families”.Speaking to ABC’s 7.30 program last night, the treasurer said the Australian economy was performing remarkably well considering the environment of extraordinary global instability. He said inflation remained high because of the war in Iran.“Right now, we’ve got a big inflation challenge in our economy. It’s made much worse by decisions taken on the other side of the world. From an economic point of view, this war in Iran has been an absolute disaster for Australian families because they have been asked to pay a hefty price for it.Treasurer Jim Chalmers.Alex Ellinghausen“So, in that context, our job is to continue to manage the budget and the economy in a responsible way, to provide help with the cost of living in an affordable way.”Chalmers also appeared to reject a suggestion by Reserve Bank governor Michele Bullock that unemployment would need to reach 5 per cent for inflation to come down.“I think we’ve seen in the past that we can get inflation down while maintaining very low unemployment.”6.25amTrump denies asking China’s Xi about potential US arms salesBy US President Donald Trump says he has not discussed selling arms to China, contradicting a suggestion made by his ambassador to Beijing.“I never heard of that,” the president told reporters in the Oval Office overnight, when asked about ambassador David Perdue’s statement.Donald Trump and Xi Jinping, during Xi’s state visit to the White House last week.BloombergTrump initially appeared confused and clarified if the reporter meant arms sales to Taiwan.Perdue told Fox News on Sunday that Trump had asked Chinese President Xi Jinping if he would to like to buy some American armaments.What you need to know todayBy Emily KaineHello and welcome to our live coverage of national news this Tuesday, September 29. Here’s what is making headlines today.The Reserve Bank is expected to hike rates for the fourth time this year as it prepares to hand down its decision this afternoon. The rise will bring Australia’s rates to a 15-year-high.Treasurer Jim Chalmers continues to consistently blame high levels of inflation, made worse by the war in the Middle East, for creating the economic conditions that have led to the likely hike. “We’ve got a big inflation challenge in our economy. It’s made much worse by decisions taken on the other side of the world. From an economic point of view, this war in Iran has been an absolute disaster for Australian families because they have been asked to pay a hefty price for it,” he told ABC’s 7.30 last night.Greens leader Larissa Waters has resigned from the top job amid a battle with chronic kidney disease. “For some time now I’ve been quietly managing chronic kidney disease alongside doing the work I love. But recently it’s taken a downturn, and I need to be honest with myself about not being invincible,” she said in a statement. The Greens will hold a secret ballot of its MPs this week to elect a new leader.And US President Donald Trump said he had not discussed selling arms to China, contradicting a suggestion made by his ambassador to Beijing. “I never heard of that,” the president told reporters in the Oval Office overnight.1 of 1