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Federal politicians awarded 2.75 per cent pay rise

The Remuneration Tribunal has awarded Prime Minister Anthony Albanese, Opposition Leader Peter Dutton and all MPs their largest pay rise in the last decade.

From 1 July, they will enjoy a 2.75 per cent pay hike, meaning Albanese’s salary will rise to more than $564,000 and MPs will earn $217,060 plus their allowances.

Prime Minister Anthony Albanese with his ministry. They will all receive a 2.75% pay rise from July 1.Credit:James Brickwood

Dutton, as opposition leader, will earn around $401,000. Greens leader Adam Bandt will earn $314,737 as the leader of a minority party with more than ten representatives in parliament.

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ASX set for more losses as Wall Street keeps bleeding

Wall Street is falling further in its first trading after tumbling into a bear market on worries that high inflation will push central banks to clamp the brakes too hard on the economy.

The S&P 500 was 0.8 per cent lower in late trade as investors brace for the Federal Reserve’s announcement on Thursday morning AEST about how sharply it will raise interest rates. Earlier in the day, it wobbled between modest losses and gains after a couple of big companies flexed financial strength with stronger profits and payouts to shareholders.

Wall Street has suffered more losses a day after entering a bear market.Credit:Bloomberg

The Dow Jones Industrial Average is down 1.1 per cent and the Nasdaq composite has shed 0.6 per cent. The Australian sharemarket is set for more losses on Wednesday, with futures at 5.13am AEST pointing to a fall of 89 points, or 1.3 per cent, at the open. On Tuesday, more than $US80 billion was wiped off the ASX as it entered a correction with a 3.5 per cent drop.

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Good morning – here is your morning headlines

G’day all. It’s Roy Ward. I’ll be leading our national news blog to start the day for June 15, 2022.

Thanks for joining us again this morning. Please feel free to leave a comment on the blog at anytime.

Here is a look at some news headlines this morning:

Australia’s federal politicians have received their largest pay rise in a decade with a 2.75 per cent increase

Victorian Mental health patients handcuffed or locked away at alarming rates

‘We’ll do what’s necessary’: RBA’s Lowe flags 7 per cent inflation, more rate hikes

Bill Shorten promises new approach to ‘sustainability’ of the NDIS

Coalition’s ‘warmongering rhetoric’ backfired on Morrison: Labor campaign chief

Derryn Hinch announces plan to run for Victorian parliament

World Cup qualification set to net Socceroos, FA $17m pay day

Enjoy the day to come.

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