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2.50am EST
02:50
Scott Morrison speaks to Ukraine PM
Scott Morrison has spoken to Ukraine’s prime minister this evening, just hours after warning a full-scale Russian invasion was “likely to occur within the next 24 hours”.
Australia has levelled financial and travel sanctions against Russian individuals and banks, but Morrison said the government was prepared to “do more”.
Morrison reached Ukrainian prime minister, Denys Shmyhal, by phone around 6pm tonight. A spokesperson for the Australian PM said the government had an “unwavering commitment to Ukraine’s sovereignty and territorial integrity”, and denounced “Russia’s aggressive behaviour towards Ukraine as unacceptable, unprovoked and unwarranted”. The spokesperson said:
The Prime Minister informed Prime Minister Shmyhal of Australia’s immediate action to sanction Russian individuals, organisations and banks as part of an international effort to impose a sharp cost on Russia for its actions against Ukraine.
The Prime Minister affirmed Australia’s preparedness to do more, working with our partners, and in response to Ukraine’s needs.
In a joint statement released just before 6pm, Morrison and the foreign minister, Marise Payne, said today’s round of sanctions was “the beginning of our sanctions process”, and warned any further invasion would be met with “the high cost it deserves”.
The Australian government did not outline what further action could be taken.
Updated
at 2.55am EST
2.03am EST
02:03
Workers are packing up tools across Probuild sites around Australia today, as reports circulate that the major construction company is on the brink of going into administration.
Construction sites in Brisbane, Melbourne and WA have been affected, but Guardian Australia understands a number of the company’s problems centre on the development of the site at Cbus Property’s 443 Queen St, Brisbane.
Industry sources estimate that site has lost the company approximately $50m, after an already low tender was followed by foundational problems, partial site flooding, design changes and the construction supply chain squeeze.
Deloitte has declined to comment on the matter, and Probuild could not be reached for comment.
The appointment of Deloitte as administrators, however, is expected to be announced on Thursday morning.
Updated
at 2.04am EST
1.50am EST
01:50
Dutton says Ukraine situation ‘ominous’ and could become ‘bloody conflict’
Updated
at 1.59am EST
1.16am EST
01:16
Australian share market rebounds despite Ukraine crisis
Despite all the media coverage of Russia’s invasion of the would-be breakaway regions of Ukraine, it seems that investors weren’t too fussed today at least.
Australia’s benchmark ASX 200 share index ended 0.6% higher, not far off the highs for the day. Higher commodity prices, meanwhile, has propelled the Australian dollar to almost 72.5 US cents, or the highest in almost a fortnight, according to Reuters.
Elsewhere, stocks in China including Hong Kong and South Korea (doubt much trading goes on in the north), were also up about half a percent with trading still going on.
Not a bad outcome, then, after US shares dropped more than 1% overnight.
Closer to home, New Zealand’s central bank raised its key rate by 0.25 percentage points to 1%, with a warning that the rate is headed to more than 3% by next year, according to AP.
Australia’s Reserve Bank is not expected to be pushing the rate rise button at anything like that pace, but quickening wage risessuggest the first move might not be that far off.
Labor’s shadow treasurer Jim Chalmershas pointed out the 2.3% annual rise in wages in the December quarter from a year ago is well short of the 3.5% pace of consumer price increases. (The RBA looks at the underlying inflation rate, which is more like 2.6%.)
Meanwhile, investors lost a bit of faith in Mike Cannon Brookes and Brookfield offering much more than the $7.50 a share they are offering to take over AGL Energy. AGL’s shares dropped another 20 cents, or 2.5%. on Wednesday, to $7.65, to be just 2% above that bid price.
Updated
at 1.23am EST