This blog is now closed Malcom Turnbull accuses Liberals of ‘Trumpian campaign against renewables’ after party dumps net zero Liberals formally abandon emissions target but Ley says reaching net zero would still be ‘welcome outcome’ Get our breaking news email, free app or daily news podcast We will wrap up the live blog here for the evening. It was a big day in politics. Here’s a look back at some of the headlines: Liberal leader Sussan Ley has defended the Liberal plan to dump legislated pledges for net zero and renewable energy while claiming to be committed to the Paris agreement. Ley said net zero “would be welcome” if we can “get there with technology, with choice and with voluntary markets”. Zali Steggall, a teal MP elected in 2019, says the Coalition is now “unelectable” after the “reckless” decision to abandon a net zero by 2050 target. Greens senator Sarah Hanson-Young has accused the Liberals of being an “absolute train wreck” and “a bunch of nutters who want to drive Australia’s economy over a cliff and continue to trash our environment”. The unemployment rate dropped to 4.3% in October, from 4.5% in September, as new official data revealed a big jump in employment in the month. A range of colourful children’s sand products imported from China and sold at leading Australian retailers have been recalled due to concerns they may contain asbestos. A self-proclaimed fortune-teller and feng shui master who allegedly orchestrated a highly sophisticated $70m money-laundering syndicate across Sydney has been charged. The NSW treasurer, Daniel Mookhey, says the government will support an 11th-hour compromise from the crossbench, as it attempts to pass controversial workers compensation reforms in the final sitting weeks of the year. Thanks for your company today. We’ll be back with you early tomorrow. Job figures send markets to lowest close since mid-September Australia’s share market has tumbled to its lowest close since 18 September after stronger-than-expected jobs data scuppered hopes of further interest rate cuts. The S&P/ASX200 dropped 46.1 points on Thursday, down 0.52%, to 8,753.4, as the broader All Ordinaries lost 44.9 points, or 0.49%, to 9,034.5. A surprise drop in unemployment to 4.3% in October prompted interest rate markets to slash expectations for future cuts, dragging on rate-sensitive sectors such as IT stocks, real estate, financials and industrials. Jessica Amir, a market strategist at share trading platform Moomoo, said the drop was likely the beginning of a consolidation that would persist while market players adjusted their portfolios: It’s a bit of a wake-up call – don’t expect what has been going up over the past 10 months to continue to go up for the rest of the year. Big money is chasing international companies that are going to do well from the global economic slowdown, not just from Australia. - AAP Jobless rate fall further reduces chances of interest rate cuts While many of us are fixated on the Liberal party’s self immolation, it’s worth remembering there was some good economic news today. A jump in employment in October pushed the jobless rate back down to 4.3%, assuaging fears that we were on the brink of a labour market downturn. It also means the Reserve Bank is unlikely to feel the need to cut interest rates again, especially after inflation reared its ugly head again in the September quarter. NAB economists had been among the holdouts for another rate cut (in May), but now see rates on hold for the foreseeable future. “The acceleration in house price growth and investor lending also argues for stable policy at a minimum,” they say. Tasmania’s ‘self-esteem as a state will be trashed’ if stadium not built, parliament told Leaving the politics of net zero behind us for one moment: It may be off-season, but the Hobart stadium continues to be a political issue. Doors will “slam closed” on the aspirations of young people if a new waterfront AFL stadium isn’t built, a parliamentary debate on the divisive project has been told. Construction of a roofed stadium at Macquarie Point in Hobart is a condition of the Tasmania Devils entering the AFL and AFLW in 2028. The $1.13bn project requires the approval of both houses of state parliament to proceed, with debate under way in the lower house. It is expected to pass the chamber on Thursday night with the support of the governing Liberals and Labor opposition. State minister Eric Abetz says “confidence will be shattered and our self-esteem as a state will be trashed” if the proposal doesn’t go ahead: The message will be: don’t try and do business in Tasmania. - AAP A person from Queensland with measles has visited several locations across Sydney, promoting NSW Health to issue an alert. There have also been three cases of measles in Queensland associated with the Jelly Roll concert in Brisbane on 24 October. NSW Health said anyone who visited the following locations should be on alert for symptoms until Friday, 28 November: The Oasis concert at Accor stadium in Sydney on Saturday 8 November Sydney airport, Sydney CBD, inner west locations and trains at various dates and times between Saturday 8 and Monday 10 November The full list of locations is at the NSW Health website. There is no ongoing risk from visiting those sites. Dr Jeremy McAnulty, the executive director of Health Protection NSW, said measles is a vaccine-preventable disease that is spread through the air when someone who is infectious coughs or sneezes. Symptoms to watch out for include fever, sore eyes, runny nose and a cough, usually followed three or four days later by a red, blotchy rash that spreads from the head and face to the rest of the body. It can take up to 18 days for symptoms to appear after exposure. He urged people to be up-to-date with their vaccinations. Independent MP Monique Ryan, who won the Melbourne seat of Kooyong from the Liberals, says their decision to ditch net zero has consigned the party to “electoral oblivion”. She’s part of the conga-line of MPs who’ve been speaking to the ABC this afternoon: I think it is calamitous for the Liberal party of Australia because it means we no longer have an effective opposition to the Labor party and the major conservative force in our country in terms of political terms for the last six decades has taken itself out of the contest. For the Liberal party to walk away from what is one of the most important areas of policy in this country in the way they have, I think means they have consigned themselves to electoral oblivion. Barnaby Joyce on Liberals dumping net zero: ‘A great day for Australia’ While some moderate Liberals aren’t overly impressed by today’s policy change, Barnaby Joyce is. He’s just been asked what he thinks about the change on ABC: I think it is a great movement. They are to be congratulated. This is a great day for Australia. But when asked whether this would make him more likely to return to the Nationals, he wasn’t so clear: This is not about me, this is about getting rid of the policy. I keep my cards close to my chest and I played my part. Now I look forward to seeing what happens on Sunday. Tehan says Australia must consider nuclear energy Dan Tehan has been asked whether the Liberal party has become a joke on the issue of climate change. Obviously, politicians aren’t in the business of calling themselves a joke. But here’s the defence: Not at all. We believe in climate change and taking action and that’s why we have set out three goals when it comes to emissions reduction, year on year, on average we will reduce emissions over a 5-year period. We will also make sure we work with like-minded countries to pay our fair share and we will bring all technologies to the table to reduce emissions. We will become a relic if we do not look at nuclear energy. We will fail next generations, because energy abundance is what everyone wants to pursue and [want to] do it in an emissions-free way. Tehan denies that Liberal party has become the ‘Nationals-lite’ Dan Tehan of the Liberals is up on ABC, being asked with the Liberals are now “Nationals-lite”. That phrase hasn’t come from nowhere – fellow Liberal MP Tim Wilson warned the party against a “Nationals-lite” approach ahead of today’s meeting. Here’s Tehan’s response: No, we are the Liberal party, and there has been a thorough process we have undertaken to bring this policy together. He was then asked specifically about votes in Wilson’s inner-suburban seat. He’s pivoted to talking about energy costs, as have many of his colleagues today. There will be people in his seat, in my seat, people across Australia today who are opening power bills saying Anthony Albanese promised me a $275 reduction in my power bill by the end of this year and not only that, he used modelling to base his commitments to reducing emissions on that modelling. Politics expert says Ley’s move is attempt to maintain party cohesion Zareh Ghazarian, the head of politics and international relations at Monash University, was watching that press conference from Sussan Ley. He says the Liberal party “continues to tie itself into knots over the issue of climate policy”: The issue has been a key point of division within the party for many years. As is expected after a heavy loss, the party’s new leader, Sussan Ley, is still trying to assert authority over the party. On this occasion, it appears that the party’s leadership has erred on the side of trying to maintain cohesion within the party. On one hand the party has abandoned a net zero policy, but on the other hand it has committed to the Paris agreement and working to mitigate emissions. This has the potential to either define, or undermine, Ley’s nascent leadership. Hanson-Young says Nationals have killed the Liberals Sarah Hanson-Young continues: It’s crystal clear that the National party has killed the Liberals today. You know, Barnaby Joyce wanted to kill the National party and he ended up killing the Liberals too. That’s what’s happened today. The Liberal party has been dragged by the nose into this anti-science, anti-environment, anti-economy position and they look like a bunch of nutters. They don’t look like a party fit for government. And now it’s time for the Greens to react to the Liberal’s decision to ditch net zero. Sarah Hanson-Young isn’t holding back: What an absolute train wreck. This is a bunch of nutters who want to drive Australia’s economy over a cliff and continue to trash our environment. The Liberal party’s policy as announced today is even worse than it was under Scott Morrison, a bloke who brought a lump of coal into the parliament. Thisis a Liberal party who are clearly controlled by climate deniers and people who don’t even accept the clear climate science. Their policy is a recipe for economic wrecking and environmental vandalism and they simply cannot be trusted to be any type of partner on climate or environment policy.