NARELDA JACOBS, HOST: Millions of Australians might be breathing a sigh of relief following the Reserve Bank's decision to hold official interest rates at 4.1%, but experts say the real cost of living pain hasn't even hit yet. We're joined by Prime Minister Anthony Albanese. Prime Minister, thanks for joining us on Midday. Now we know the full flow on effects of all twelve interest rate hikes hasn’t even hit yet. Is it a bit alarming when we have to wait for unemployment to rise before inflation can go down?

RICHARD KING, HOST: Good morning, Prime Minister.

ANTHONY ALBANESE, PRIME MINISTER: Good morning, Richard. Good to speak with you again.

KING: Likewise. You will be in Newcastle today, literally turning the first sod on the new terminal at Newcastle Airport. Good to see you in God's own country again today in the heart and soul of Australia, Prime Minister.

TANYA WILKS, HOST: Prime Minister, Anthony Albanese, good morning.

ANTHONY ALBANESE, PRIME MINISTER: Good morning, great to be talking with you and I hope your mum is listening.

STEVE GRAHAM, HOST: She'd be very proud, I'm telling you now, Albo.

WILKS: Now PM, we know you're heading our way at about lunchtime today with some good news because we always welcome the PM with open arms when he's got his chequebook in tow. So, what are you going to be announcing later?

All Australians join the family of Constable Anthony Woods in mourning. He was a young man cruelly robbed of his future. A husband, son, brother and uncle taken from his loved ones. An Australian who went to work and never came home.

Like all police officers, Constable Woods knew the risks his job entailed. Yet he bravely performed his duties, putting himself in harm's way so others could be safe.

A funding agreement is now in place for the Australian Government’s $55 million election commitment towards upgrading international terminal facilities at Newcastle Airport.

The funding will support construction of an upgraded international terminal to increase the capacity, efficiency and effectiveness of international passenger and border processing at Newcastle Airport.

This will bolster air transport links and connectivity opportunities for the Hunter.

ANTHONY ALBANESE, PRIME MINISTER: It is fantastic to be here at the sod turning for the upgrade of the terminal here at Newcastle airport, a $55 million investment committed to by myself when I was the Opposition Leader today becoming a reality. Turning promises into delivery is something that has characterised my Government. And I do want to say it's such a pleasure to be here with Meryl Swanson, the local member and Minister Pat Conroy, as well. And we're also joined by Deputy Speaker, Sharon Claydon.

ANTHONY ALBANESE, PRIME MINISTER: Well, Mr President and your delegation, can I say what a privilege it is to host you here in my home city of Sydney and show the dynamism of modern Australia. And it is particularly nice to host you in this wonderful venue. I apologise that the weather isn't perfect today, but we have done our best. My first bilateral visit as Prime Minister was to Indonesia, and that is because there is no more important relationship than the relationship between our two great nations.

1. The Prime Minister of Australia, The Honourable Anthony Albanese MP, welcomed the President of the Republic of Indonesia, His Excellency Joko Widodo, to Sydney for the Australia-Indonesia Annual Leaders’ Meeting on 4 July 2023, on the eve of the third anniversary of the entry into force of the Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA), and during the 70th anniversary of Australia’s scholarships for Indonesian students.
2. Leaders welcomed deepening links between Australia and Indonesia towards ensuring stability and prosperity in the Indo-Pacif

ANTHONY ALBANESE, PRIME MINISTER: Well, it's indeed an absolute pleasure to welcome my friend, President Widodo, here to Australia. It is good to return the incredibly warm hospitality, Mr President, that I received during my first visit to Indonesia just two weeks after my election as Prime Minister. We didn’t give you a ride on a bicycle today but we did have a very nice and pleasant ride on this beautiful harbour here in Sydney.

MICHAEL ROWLAND, HOST: PM, a very good morning to you.

ANTHONY ALBANESE, PRIME MINISTER: Good morning, Michael. Good to be with you.

ROWLAND: Great to have you on. So the board at the RBA has decided on that pause. A great relief to everybody. But do you agree with the board that inflation is still too high in Australia? And therefore, that is going to result more likely than not in further rate rises in the months ahead?