00:00The Prime Minister says this is not about singling Australia out.
00:05A number of other countries are also being hit with these tariffs on beef.
00:09That includes New Zealand, Brazil and of course the United States and also Argentina.
00:13We learned today that China will impose this additional tariff of 55% from some countries
00:19once they exceed quota levels on beef imports.
00:22The Chinese government is saying it's a measure to protect their own domestic farmers and
00:26producers.
00:27Now, Australia is a significant beef exporter into the Chinese market.
00:31There was about 295,000 tonnes of beef exported to China in the first 11 months of last year.
00:39And Australia's beef industry estimates that these tariffs have the potential to reduce
00:44Australian beef exports to China by about one third.
00:48So that's quite significant, with the Australian Meat Industry Council saying the measures could
00:52cost the sector about $1 billion and they've labelled it a severe impact.
00:57China says the measures will be in place for three years.
01:00The Prime Minister says his government is in contact with their Chinese counterparts and
01:04will be advocating for the industry.
01:06Australia isn't being singled out here.
01:10Australian beef is, in my view proudly, as the Australian Prime Minister, the best in the
01:16world.
01:17We compete in the world very well and our products are in great demand right around the world.
01:25We expect that will continue to be so.
01:27The Australian beef industry has never been stronger than it is today as we enter 2026.
01:36Now, the Prime Minister was also keen to talk about cost of living relief today with the number
01:41of changes coming in overnight in line with the new year.
01:44Including in those are some election promises from the Albanese government and that includes
01:49changes to the pharmaceutical benefit scheme, which will mean cheaper medications for a number
01:53of Australians.
01:54That's because the price of medicines on the PBS has now been capped at $25 per script.
02:00That's down from $31.60.
02:02The price for pensioners remains frozen at $7.70 per script and isn't changing for the
02:07moment.
02:08On the other side of the cost of living coin, though, the federal government's energy bill
02:12rebate scheme has now expired as of the new year.
02:16That was a cost of living relief package that gave businesses and households a $75 rebate on
02:22bills each quarter, and that came in in about mid-2023.
02:27But the Treasurer announced last month it would not be extended into the new year.
