Australia news LIVE: Payman split from Labor imminent; ASIC has failed to stop financial crime, damning inquiry finds

It was the night of nights in Canberra, with glammed-up politicians and journalists wearing their finest frocks and tuxes at the annual Midwinter Ball.

While it’s a night of fundraising hosted by the federal press gallery, it’s also (sadly) the closest thing Australia has to the Met Gala: a who’s who of the nation’s politics, business and media industries all in one room.

And while the usual political appearances on breakfast TV are looking a little thin this morning, the pollies are still providing the blog with plenty of content in the form of some of the looks our photographers captured last night.

For more pictures, and to read our full write up of the night, head to Stephen Brook’s CBD column.

Here are some of the best from The Age and the Herald’s Alex Ellinghausen and James Brickwood.

Clouds are finally starting to part for Australian tenants, with rents in most major cities either falling, stalling or growing at a slower pace.

Low vacancy rates have pushed advertised rents higher for several months running but the latest report from real estate platform Domain shows conditions are improving for renters.

Asking rents for houses fell 1.8 per cent in Hobart in the June quarter and held steady in Sydney and Perth, the report found.

Several other cities recorded slower rates of growth over the three months, with the pace of quarterly growth 1.5 times slower than the previous quarter across the combined capitals.

Similarly for units, the the pace of growth was halved across the combined capitals in the June quarter from the three months prior.

Domain’s chief of research and economics Nicola Powell said rental market conditions would likely continue to ease, given vacancy rates were moving higher.

Vacancy rates last month in Sydney, Melbourne, Brisbane and Canberra hit six-month highs and in Perth a two-year landmark.

“Secondly, rental demand is easing, as the number of prospective tenants per rental listing has consistently fallen throughout 2024,” Dr Powell said.

This reflected overseas migration likely passing its peak, she said, with further declines expected as the federal government’s immigration strategy worked to ease population growth.

An increase in first-home ownership should further alleviate rental conditions in Australia, Powell said.

AAP

A defiant President Joe Biden has vowed to keep running for reelection, rejecting growing pressure from Democrats to withdraw after a disastrous debate performance raised questions about his readiness.

“Let me say this as clearly as I possibly can as simply and straightforward as I can: I am running … no one’s pushing me out,” Biden said on a call with staffers from his reelection campaign. “I’m not leaving. I’m in this race to the end and we’re going to win.”

The president was pulling every possible lever to try to salvage his reelection campaign — talking to top legislators, pumping up his campaign staff and meeting later in the day with Democratic governors before a planned weekend blitz of travel and a network TV interview.

White House press secretary Karine Jean-Pierre was asked during her briefing with reporters a short time later whether Biden would consider stepping down. “Absolutely not,” she said.

“I cannot lay out something that would change the president’s mind,” Jean-Pierre said about Biden continuing to seek a second term. She added that he “is clear-eyed. And he is staying in the race.”

Still, Democrats are unsatisfied with the explanations of Biden’s debate performance, from both White House staff and the president himself. And there is a deeper frustration among some in the party who feel Biden should have handled questions about his stumbling debate performance much sooner and that he has put them in a difficult position by staying in the race.

AP

Good morning and welcome to our live national news coverage. My name is Josefine Ganko, I’ll be leading the blog for the first half of the day.

It’s Thursday, July 4.

These are the top news headlines this morning.

• Prime Minister Anthony Albanese has all but confirmed rogue Labor senator Fatima Payman will leave the party this week.
• A damning inquiry into ASIC found the corporate regulator is not working, letting down millions of investors and failing to chase business and financial service criminals.
• A high-ranking AFP official is under investigation for improperly awarding contracts to private companies controlled by former senior AFP special forces veterans.
• In the US, a defiant President Joe Biden vowed to keep running for reelection, rejecting growing pressure from Democrats to withdraw.