reduction

The new target is in line with an emission reduction benchmark – of between 62% and 70% – that was recommended by the Climate Change Authority, a government body which provides climate policy advice, Albanese said.

"As we start to feel the benefits of our cost reduction programme, there is significant potential for improved financial performance, which will, in turn, support our overriding priority: success on the pitch," said Berrada.

Massive staffing reductions have crippled the agency’s ability to serve beneficiaries effectively, with regional office staff mostly eliminated, headquarters staffing cut by nearly half, and field office workers reassigned from face-to-face service to phone duties.

The move - the bank's first rate cut since last December - is expected to kick off a series of additional reductions in the months ahead, which should help bring down borrowing costs across the US.

Milliken said “the threat that looms” could lead to further layoffs, budget reductions, federal grant suspensions and cuts to the university, California’s second largest employer.