Australia news live: PM ‘very happy’ to meet Trump; Exports at risk of tumbling $30b; Trump pushes for ceasefire in Gaza

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7.49am

Finance minister stands firm on defence spending

By Cindy Yin

Finance Minister Katy Gallagher has brushed aside calls from Chinese officials not to increase defence spending, and reiterated that the government’s budget would not be swayed by external influences.

China’s ambassador to Australia, Xiao Qian, urged the prime minister not to increase defence spending after the US called on Australia to boost it’s military budget at the Shangri-La Dialogue security forum in Singapore last month.

Qian wrote in The Australian today that “dramatically increasing military spending places a heavy fiscal burden on the countries involved”.

Speaking on Nine’s Today, Gallagher wouldn’t be drawn on whether the government would take Qian’s comments into consideration.

“Our position remains the same,” Gallagher said. “We make decisions based on our national interest, based on our needs, and will continue to do so, whether it be in defence, natural security or a whole range of other areas.”

She also hit back at former prime minister Tony Abbott’s comments for Australia to lift its defence spending and push back against military actions from China.

“I do take note of former Liberal members of parliament that continue to tell us what to do when they actually didn’t do what they needed to do when they were in government,” she said.

7.17am

PM ‘very happy’ to meet Trump: Plibersek

By Cindy Yin

Social Services Minister Tanya Plibersek has confirmed that the organisation of a meeting between Prime Minister Anthony Albanese and US President Donald Trump is under way after their first meeting was cancelled earlier this month.

The US president was forced to leave the G7 summit early to deal with the Iran-Israel war in the Middle East, a blow for Albanese, who was due to meet him face-to-face for the first time to discuss issues including trade and AUKUS.

Albanese’s meeting with Trump was cancelled earlier this month because of the Iran-Israel conflict.

Speaking on Channel Seven’s Sunrise program this morning, Plibersek said the government was awaiting confirmation of a suitable time for the two leaders to meet.

“I’m sure the prime minister is very much looking forward to it,” she said. “We’re awaiting confirmation of a suitable time, and I’m sure when that confirmation comes through, the PM will be very happy to visit Washington.

“He’s had a number of calls with President Trump. There’s a lot of communication going on both ways, but it’s not the sort of thing where you pop in with a plate of scones, hoping someone’s home. The organising of the visit is in train.”

It comes as Foreign Minister Penny Wong is set to meet her US counterpart, Secretary of State Marco Rubio, in Washington this week.

6.53am

Australian exports to tumble $30b as Trump’s tariff war hits home

By Nick Toscano

Australia is headed for a $27 billion collapse in income from two of its biggest exports – liquefied gas and iron ore – as Donald Trump’s trade war with China deepens fears for the global economy and stifles demand for commodities.

The outlook for some of Australia’s largest mining and energy companies has deteriorated since April, when the United States imposed across-the-board tariffs at much higher rates than many had been expecting, leading to increased uncertainty and lower global growth forecasts.

Prices for Australian cargoes of liquefied natural gas in Asia have fallen from record levels.

While Trump gave Australia the minimum baseline tariff rate of 10 per cent, the fallout for the country is expected to be wider-reaching as the biggest Asian buyers of Australia’s natural resources, particularly China, face much higher US tariffs amid an already sluggish time for their economies.

“Rising trade barriers – and uncertainty over how high these barriers will settle – have disrupted trade between the US and its major partners and caused businesses and consumers to adopt a ‘wait-and-see’ approach,” the Department of Industry, Science and Resources says in its latest export forecast report, to be published on Monday.

“The associated uncertainty is likely to impinge on world commodity demand, as the nations that Australia supplies are impacted.”

What you need to know

Good morning, and welcome to our live coverage of today’s national news stories. I’m Cindy Yin, and I’ll be with you for the morning.

It’s Monday, June 30.

Here’s what’s making news this morning:

Australia is at risk of a $27 billion collapse in income from two of its biggest exports – liquefied gas and iron ore – as the US-China trade war chokes demand for commodities.
US President Donald Trump has pushed again for Israel and Hamas to agree to a ceasefire over the 20-month war in Gaza.
Former Australian foreign minister Julie Bishop has made a rare trip to Russia, meeting senior officials during a visit that underscores Moscow’s growing influence in Myanmar and its central role in shielding the country’s military regime from global pressure.
Oscar Piastri’s world championship lead has been cut after the Australian was pipped to the Austrian Grand Prix by teammate Lando Norris.
Advertisers have defected from Kyle Sandilands and Jackie “O” Henderson’s parent company ARN to rival network Nova amid the presenting duo’s torrid start to life in Melbourne, as dwindling ad revenue forces the company’s hand on a number of major decisions.