Australia news live: Hegseth asks Marles to lift defence spending to 3.5% of GDP; house prices jump after rate cuts

Jun 1, 2025 - 19:00
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Australia news live: Hegseth asks Marles to lift defence spending to 3.5% of GDP; house prices jump after rate cuts

US defence secretary met his Australian counterpart in the wings of the Shangri-La Dialogue in Singapore. Follow today’s news live

More on Australia’s housing prices

The median dwelling in Australia was worth $831,288 in May – a 0.5% jump on the month before – data released by property analytics firm Cotality on Monday showed, AAP reports. Every capital city, as well as the combined regions, exhibited growth of 0.4% or more

Undoubtedly, interest rates have had a positive flow through to housing markets since February.

But I certainly wouldn’t call the rate of growth shooting the lights out. A 0.4% to 0.5% growth rate is much more sustainable than what we were seeing, say, in early 2023 up to mid-2024. Continue reading...

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