Weekly Wrap Up – 24 October 2025
A month ago, the Prime Minister must have been wondering whether all the globe-trotting was worth it. An increasingly contested environment, particularly with PNG and Vanuatu, had made for a diabolical period. Foreign policy doesn’t often move quickly but when it does, watch out. The meeting between Trump and Albanese was one of the most anticipated meetings between an Australian Prime Minister and US President for some time. A chorus of voices in Australia including elements of the media, the opposition, and yes – quietly – members of the Government were querying how the relationship was travelling, whether Australia was a significant priority, and whether Albanese was able to create a strong relationship with our most important – though occasionally problematic – ally.
Crow must be eaten. The chorus was wrong. The Prime Minister, resplendent in the shroud of his office achieved a wildly successful engagement with a tricky President. A key dynamic, perhaps forgotten, is that President Trump above all else associates himself with winners. The Prime Minister, numerically the most successful Labor Prime Minister in history, is nothing if not.
The substance of the engagement was carefully designed around two pillars, AUKUS and critical minerals. On AUKUS, the President resolutely confirmed the US Government’s commitment to the program, indicated that there may be some minor changes – potentially we may see longer term access to SRF-West in Stirling for US flagged submarines – but that the pact is enduring. Critical minerals was the centrepiece. The two governments announced a suite of activities to secure the future of critical minerals and rare earths. Something that the US desperately needs and Australia has in abundance. Critically, this was not just a plan to create a strategy. The announcement has substance and, meaningfully, significant investment into Australian mines in both WA and the NT as well as the Port Pirie Smelter.
The Opposition was left with little to criticise, and focused on the clearly awkward, perhaps unfriendly relationship between Ambassador Rudd and the President. Even those criticisms did not pass the lettuce test – see Liz Truss – and were being backed out by Friday.
Back home, the Government has started to release the details for the reforms to the EPBC Act and the creation of a federal EPA. Continuing to ride high, the Government is attempting to wedge the Opposition, tying the proposed changes – which the Opposition currently opposes – to the critical minerals strategy that was announced alongside the President.
Top talking points
US Visit: Anthony Albanese visited Washington, D.C. for his first official meeting with US President Donald Trump. The meeting focused on defence cooperation, AUKUS, and critical minerals.
Opposition Agenda: Sussan Ley addressed the Centre for Independent Studies, outlining the Coalition’s vision for taxation reform, deregulation, and industrial relations.
Treasurer Travels: Jim Chalmers met with international counterparts as part of the G20, IMF and World Bank annual meetings, and the Asia Pacific Economic Cooperation Forum.
Federal Defection: Barnaby Joyce is in advanced talks to quit the National Party and join One Nation, confirming discussions with Pauline Hanson.
Making headlines this week
Critical Minerals Deal
Supermarket Price Gouging
Treasury released exposure draft legislation to deliver on the Government’s election promise to prohibit price gouging. Under the proposed rules, supermarkets that breach the regulations could face multi-million dollar penalties. The prohibition’s design draws on similar frameworks from the European Union and the United Kingdom. Importantly, the prohibition is not limited to firms with substantial market power and does not require an assessment of unfairness. Enforcement of the regulations will be strengthened through industry code compliance monitoring powers and the introduction of new record-keeping obligations. Consultation on the draft legislation will close on 3 November 2025. This follows the release of a supplier relations survey by the Food and Grocery Code Supervisor.
Things to watch
27 October: The Federal, Victorian, and Queensland Parliaments will sit.
27 October: The Super Forum will host APRA Deputy Chair Margaret Cole and ASIC Commissioner Simone Constant.
29 October: Krissy Barrett APM will address the National Press Club following her appointment as Australian Federal Police Commissioner.
29 October: The Australia Institute will hold the Revenue Summit 2025.
29 October: CEDA will discuss environmental approvals.
29 October: The ABS will release CPI data.
30 October: The AFR will host the Super and Wealth Summit.
30 October: The ACCC will host the Australian Competition Summit.
30 October: Waste Expo Australia will host Murray Watt to discuss the circular economy.
31 October: The ABS will release PPI data.
APRA, Payday Super, and Productivity Updates
In response to pressures in the reinsurance market, APRA is updating its general insurance reinsurance framework. The revised proposals aim to expand insurers’ access to alternative reinsurance arrangements, reduce regulatory complexity, and clarify eligibility criteria to support market stability.
Following the introduction[PDF] of the Treasury Laws Amendment (Payday Superannuation) Bill 2025, the ATO has outlined its compliance guidelines for the 12 months of implementation. The approach focuses on education and support for employers while prioritising enforcement against high-risk and persistently non-compliant businesses.
The second edition of the Regulatory Initiatives Grid outlines 77 initiatives[PDF] that affect the financial sector. The Grid forms part of the government’s broader agenda to improve productivity and competition.
Ministerial Visits and Defence Developments
Penny Wong welcomed Ministers from PNG to Canberra for the 31st Australia-PNG Ministerial Forum. The Leaders announced a $150 million education and skills package to boost PNG’s productivity, economic growth, and human development. Additionally, Australia will provide 3,500 rifles to the PNG Defence Force over the next four years.
Richard Marles travelled to Chile for the 2025 South Pacific Ministers’ Meeting. Bilateral meetings focused on advancing Pacific-led responses to regional security challenges, including natural disasters, organised crime, and climate change.
Peter Khalil announced the completion of a $46 million Marksmanship Training Range at Kangaroo Flats near Darwin. The range is designed to improve joint training capabilities and interoperability between the Australian and US defence forces.
EPBC Act, Batteries, NSW Critical Minerals and Circular Economy Initiatives
Murray Watt said amendments to the EPBC Act will include provisions to strip companies of any financial gains derived from breaches of environmental laws, noting that consultation identified the need for a clearer definition of an “unacceptable impact.”
Chris Bowen announced a $25 million investment in Relectrify to support the development of a new battery energy system. The new system will generate grid-ready AC power directly from battery cells, without the need for an inverter.
The New South Wales Government will invest $2.5 million in co-funding for 29 critical mineral exploration projects, aimed at supporting the search for rare earth elements and other key minerals across New South Wales. Of the initial projects, 21 will concentrate on copper exploration.
Penny Sharpe released the Waste and Circular Infrastructure Plan for New South Wales. As part of the plan, streamlined planning processes and a new advisory committee for waste infrastructure will be introduced.
Optus Senate Inquiry, Rex and HDA Approvals
A Senate inquiry will investigate[paywall] Optus’ foreign ownership and its response to the recent Triple Zero outage. The review will examine whether Singtel, the Singapore-owned parent company, placed the interests of its shareholders ahead of Australian regulators and public safety.
Catherine King announced that Nasdaq-listed aviation business Air T intends to purchase Rex in a deal that will bring the airline out of voluntary administration and keep critical regional routes operating.
New South Wales’ Housing Delivery Authority declared 4,900 homes as State Significant Developments (SSD), following approval for 18 new projects across metro Sydney and regional areas. Since January, the HDA has declared 96,000 developments as SSDs.
University, Child Safety and Northern Beaches Hospital Updates
Jason Clare released new University Governance Principles that aim to strengthen accountability, transparency, and public trust. Additionally, a new remuneration framework for Vice-Chancellor remuneration will require Universities to publish the outcomes of meetings and decisions taken, consultancy expenditure, Vice-Chancellors’ external roles, annual remuneration reports, and more.
The New South Wales Parliament passed child safety reforms requiring children’s rights, safety, and wellbeing to be the top priority for childcare providers, and banning personal phones and cameras in centres. The changes will also give families better access to information about provider performance and safety.
The New South Wales Government agreed to purchase Northern Beaches Hospital from Healthscope and its receivers for $190 million. The hospital will be integrated into the public hospital system and under the direct control of the Northern Sydney Local Health District by mid-2026.