23 August 2024

Highlights

• The Coalition leads Labor 51-49 on a two-party preferred basis and 41-32 on primary votes, according to the latest Freshwater Strategy poll. Anthony Albanese remains preferred Prime Minister over Peter Dutton at 45-41.
• Minister for the Environment and Water Tanya Plibersek approved SunCable’s Australia-Asia Power Link in the Northern Territory, which is expected to generate up to 6GW of renewable energy.
• The Federal Government reached an agreement with state and territory governments over funding and oversight arrangements for the National Disability Insurance Scheme (NDIS).
• Domestic, Family and Sexual Violence Commissioner Micaela Cronin addressed the National Press Club, coinciding with the tabling of the Yearly Report of the National Plan to End Violence against Women and Children 2022-23 in Parliament.
• The acting NSW Electoral Commissioner Dr Matthew Phillips rejected a request from the NSW Division of the Liberal Party to extend the nomination period by seven days for the upcoming local government elections, following the Liberal party’s failure to submit a large number of its nominations.

Federal Parliament

Heading into the second week of the parliamentary sitting fortnight, the Government stepped up its efforts to pass its legislative agenda with only a limited number of sitting weeks left this year. The Fair Work (Registered Organisations) Amendment (Administration) Bill 2024 passed both houses, which subsequently saw Attorney-General Mark Dreyfus place the Construction and General Divisions of the Construction, Forestry and Maritime Employees Union (CFMEU) – including the WA and ACT branches – into administration, effective immediately. The House also passed the Taxation (Multinational—Global and Domestic Minimum Tax) Bill 2024, which establishes a 15 per cent tax for multinational enterprises with an annual global revenue of at least EUR750 million. The Bill was subsequently introduced in the Senate.

Debate also continued on the Future Made in Australia Bill 2024 with the Government rejecting numerous amendments proposed by the Opposition and the crossbench. The Universities Accord (Student Support and Other Measures) Bill 2024, which (among other things) seeks to reform indexation calculations on student debt, was also debated in the House. This was a measure announced in the 2024-25 Federal Budget. Assistant Minister for the Public Service Patrick Gorman introduced the Parliamentary Workplace Support Service Amendment (Independent Parliamentary Standards Commission) Bill 2024, which aims to strengthen behavioural standards in federal parliamentary workplaces – a key recommendation from the Set the Standard report.

In the Senate, the National Disability Insurance Scheme Amendment (Getting the NDIS Back on Track No. 1) Bill 2024 passed with amendments after the Federal Government reportedly reached an agreement with state and territory governments over funding and service delivery arrangements. The House accepted the amendments. Late in the week, the Senate passed the Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024, which establishes a climate-related financial disclosure framework; and the Net Zero Economy Authority Bill 2024, which aims to establish the independent Net Zero Economy Authority to advise government on the transition to net-zero by 2050. Both Bills will return to the House for concurrence. Also passing the Senate was the Counter-Terrorism Legislation Amendment (Declared Areas) Bill 2024 and the Criminal Code Amendment (Deepfake Sexual Material) Bill 2024.

Visit by Indonesian President-elect

The Federal Government welcomed President-elect of Indonesia Prabowo Subianto to Canberra following his victory in Indonesia’s general election earlier this year. Discussions between the two leaders focused on economic cooperation, regional security, and closer collaboration on the transition to net-zero. Australia and Indonesia mark 75 years of diplomatic relations this year.

Recognising the strategic challenges in the Indo-Pacific, Prime Minister Anthony Albanese remarked that “Australia and Indonesia are working together to shape the type of region we both seek – one that is peaceful, stable and prosperous, and respectful of sovereignty.” As part of their discussions, the two leaders finalised the Defence Cooperation Agreement, which will see greater cooperation and strengthening interoperability arrangements between the Australian and Indonesia militaries. The Agreement is set to be signed in coming days. The Prime Minister will also travel to Indonesia in October for President-elect Subianto’s inauguration.

Looking ahead

The NT election will be held on Saturday 24 August. The VIC, SA, and WA (Legislative Council only) Parliaments will sit next week while NSW Budget Estimates 2024-25 commences.

Finance

Federal Developments

The Reserve Bank of Australia released the minutes of the Monetary Policy Meeting of the Reserve Bank Board that took place in early August 2024. The minutes revealed that board members considered increasing the cash rate and noted excessive household demand in the economy. Noting that the Board held the cash rate at 4.25 per cent, the minutes stated that the RBA remains focused on returning inflation to the target range of 2-3 per cent.

The Australian Securities and Investments Commission released[PDF] its 2024-25 Corporate Plan laying out the agency’s strategic priorities for the 12 months ahead. Notably, this year’s plan included a new strategic pillar that highlighted a commitment to strengthening integrity across Australia’s public and private markets and emerging financial products.

Chair of the Australian Competition and Consumer Commission (ACCC) Gina Cass-Gottlieb addressed the Law Council’s Annual Competition and Consumer Law Workshop. Ms Cass-Gottlieb highlighted reforms to merger laws as a key measure that will enable the ACCC to promote competition, as well as the ACCC’s ongoing work in the Digital Platforms Services Inquiry and in sustainability.

State Developments

The NSW Government announced a range of appointments to state-owned corporations. Niall Blair was appointed as a Director at Sydney Water, Ashley Mason will become the Chair of Landcom and will join Craig Knowles on the Board, while Kris Neill will join the board of the NSW Port Authority.

Foreign Affairs, Defence and Trade

Federal Developments

Minister for Defence Industry and Capability Development Pat Conroy announced that the Albanese Government will contribute up to $850 million to manufacture and service missiles in the Newcastle region. In partnership with Kongsberg Defence Australia, the factory will manufacture and service Naval Strike and Joint Strike Missiles. Construction of the factory is expected to commence in late 2024.

The Minister for Foreign Affairs Penny Wong and Minister for International Development and the Pacific Pat Conroy committed to investing $35 million over the next four years for the Civil Society Partnerships fund. The fund will support projects and initiatives that have a civic society focus in the Asia-Pacific region.

Minister for Trade and Tourism State Don Farrell travelled to the United States to meet with his counterparts. Discussions focussed on reforms to the World Trade Organisation, strengthening trade and investment cooperation, and climate and economic security policy. In his capacity as Special Minister of State, he also attended the Democratic National Convention in Chicago.

State Developments

VIC Treasurer Tim Pallas committed to supporting regional farmers and food and beverage businesses reach international markets by establishing trade managers throughout regional Victoria. The Allan Labor government has a $20 billion target for food and fibre exports by 2030.

Federal Developments

The Federal Government directed the Productivity Commission to inquire into the economic opportunities of a circular economy. Delivering on a recommendation made by the Circular Economy Ministerial Advisory Group, the inquiry will consider the potential for Australia to improve resource productivity, identify priority areas for Australia, and identify barriers that limit efficient use of raw materials. The Productivity Commission will report back to Government in 12 months.

Westpac’s Sustainable Upgrades Home Loan will receive a $160 million commitment from the Federal Government through the Clean Energy Finance Corporation. The loans help households become energy efficient and include the installation of solar panels, batteries, hot water heat pumps, electric vehicle chargers, double-glazed windows and insulation.

The Federal Government extended its program to remove constraints on environmental flows in the Murray-Darling Basin through New South Wales. The $274 million program will see upgraded infrastructure near Gundagai and the replacement of four regulators at Weari Forest. The increased flows will connect floodplains with the hope of restoring habitats of the Australasian bittern, the Murray cod and the superb parrot.

State Developments

The VIC Government released its renewable energy plan entitled ‘Cheaper, Cleaner, Renewable: Our Plan for Victoria’s Electricity Future’. The plan outlines policies and investment opportunities to deliver on new capacity through to 2035. The VIC Government estimates $35 billion in capital investment will be required.

Infrastructure, Transport and Communications

Federal Developments

Minister for Northern Australia Madeleine King and Special Envoy for Northern Australia Luke Gosling announced an independent review of the Northern Australia Infrastructure Facility Act 2016. Warren Snowden, the former Member for Lingiari, will lead the review and will be supported by Professor Peter Yu and Dr Lisa Caffery. The review, which will consider how government can better finance infrastructure projects to deliver benefits in Northern Australia, is due to report by December 2024.

Managing Director of the Australian Broadcasting Corporation (ABC) notified the Board of his intention to resign. Mr Anderson has served in the role since 2019 and overseen significant reforms to the ABC, including increasing the number of journalists in regional Australia and expanding services in the Indo-Pacific. Mr Anderson will remain in the role until early 2025.

The Federal Government welcomed the appointment of Ms Annastacia Palaszczuk, previous Premier of Queensland, as non-executive Director to the Australia Post Board for a three-year term. Ms Palaszczuk will replace Tony Nutt on the board following the conclusion of his second term.

The Federal Government appointed Ms Lynelle Briggs and Prof Nicholas Gaskell as Co-Chairs of the independent reviews of the Shipping Registration Act 1981 and Coastal Trading (Revitalising Australian Shipping) Act 2012. The reviews aim to update both Acts to better align with contemporary regulatory standards and ensure the longevity of Australia’s maritime industry and Strategic Fleet.

State Developments

The NSW Government officially opened the Sydney Metro City, marking a significant expansion of Sydney’s metro network. The project, which is Australia’s largest public transport project, includes 15.5 kilometres of new line connections and six new underground stations. The extension of the line between Sydenham and Bankstown is expected to be completed in late 2025.

Health and Education

Federal Developments

Education Minister Jason Clare addressed the Australian Financial Review’s Higher Education Summit, where he outlined the government’s legislation to implement the ‘Commonwealth Prac Payment’ for teaching, nursing, midwifery, and social work students; as well as repeal last year’s CPI indexation rate of 7.1 per cent on HELP debts and replace it with the lower WPI rate of 3.2 per cent.

Health and Mental Health Ministers met in Sydney to discuss a range of issues including the national COVID inquiry, led by Chair Ms Robyn Kruk AO; workforce reform for the healthcare sector including the National Medical Workforce Strategy 2021-2031; and child and youth mental health programs.

The Federal Government committed $15.8 million to support eleven Australian researchers through the National Health and Medical Research Council Partnership Project scheme. The funding will support various projects including Professor Carlos Salomon’s development of the new OCRF-7 test for early detection of ovarian cancer at the University of Queensland.

State Developments

The NSW Government released the concept design for the Albury Wodonga Regional Hospital project, which includes a new seven-storey clinical services building, 80 new beds and an additional 8 mental health inpatient beds. The project is estimated to cost the state $558 million.