November 1, 2024
Weekly Wrap Up 1 November 2024

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Highlights

  • Annual inflation fell to 2.8 per cent, according to Consumer Price Index data released by the Australian Bureau of Statistics. Headline inflation is at its lowest since the March 2021 quarter.
  • Minister for Defence Industry and Capability Delivery Pat Conroy addressed the National Press Club where he outlined Australia’s defence industry priorities in the coming years with a focus on missile manufacturing.
  • The Federal Government published the COVID-19 Response Inquiry Report which made 19 recommendations to support Australia’s preparedness for future pandemics. In response, Health Minister Mark Butler announced a $251.7 million investment to establish a new Centre for Disease Control.
  • Minister for Communications Michelle Rowland welcomed the released of the Independent Statutory Review of Australia’s online safety laws, which made several recommendation regarding online safety and the conduct of digital platforms in Australia.
  • Prime Minister Anthony Albanese and Minister for Climate Change and Energy launched a $39.3 million concentrated solar thermal (CST) plant at Mars Petcare’s Wodonga site, with $17.2 million in funding provided by the Australian Renewable Energy Agency (ARENA).


Questions raised over Qantas upgrades

Prime Minister Anthony Albanese denied soliciting upgrades on Qantas flights from ex-CEO Alan Joyce amidst fresh allegations sparked [paywall] by the release of former Australian Financial Review journalist Joe Aston’s new book, The Chairman’s Lounge. Mr Albanese is alleged to have directly asked Mr Joyce for upgrades to business class seats on numerous occasions throughout his time in the Federal Parliament, including as Transport Minister in the Rudd/Gillard Governments where was responsible for regulating the aviation sector. “I’ve been completely transparent about this…All of my flights have been declared in the appropriate way”, the Prime Minister told media this week while launching a Net Zero Manufacturing TAFE Centre of Excellence in the Hunter Valley.

The revelations have also generated questions as to whether Qantas – the largest airline in Australia – exerts undue influence over parliamentarians by offering Chairman’s Lounge membership and flight upgrades on a regular basis. The Coalition and some crossbench members called[paywall] for a Senate inquiry to be established to examine the matter more closely.

Liberal-National Party claims victory at QLD Election

The Liberal-National Party (LNP) led by David Crisafulli achieved victory over the incumbent Labor Government led by Premier Steven Miles, marking the LNP’s return to office for the first time in over a decade. Based on the current results, the LNP have secured a comfortable majority of 50 seats in the unicameral QLD Parliament, with the Labor Party on 33 seats, Katter’s Australia Party on three seats, and the Greens and an Independent on one seat apiece.

The campaign largely centred on cost of living, crime, and health, with the Miles Government’s spending commitments proving insufficient for voters to give them a fourth term in office. Mr Crisafulli was sworn in as the 41st Premier of Queensland by Governor Jeanette Young earlier in the week with Jarrod Bleijie also sworn in as Deputy Premier. The new Premier unveiled his Ministry later in the week.  


Looking ahead

The Federal Parliament will sit next week with the Senate holding Supplementary Budget Estimates hearings. The WA Parliament will also sit next week.


Finance

Federal Developments

Inspector of the National Anti-Corruption Commission (NACC) Gail Furness SC released a report into the NACC’s decision not to investigate referrals from the Royal Commission into the Robodebt Scheme. The report found that the NACC Commissioner committed “officer misconduct”. The NACC has agreed to implement the singular recommendation made in the report and will appoint an “independent eminent person” to reconsider the decision not to investigate the Robodebt scheme.

The Reserve Bank of Australia (RBA) tabled its 2023-24 Annual Report. The report outlines that the RBA’s efforts focused on a substantial transformation agenda in response to recommendations from independent reviews of the Bank. This agenda will continue through 2024–25. The RBA stated that it expects the inflation rate to return to the Board’s target of 2–3 per cent within the next two years, following persistently high inflation in 2023–24.

Australian Competition and Consumer Commission (ACCC) Chair Gina Cass-Gottlieb addressed the Gilbert + Tobin Financial Services Forum, outlining how the ACCC is approaching the significant transformation of the financial services sector. Ms Cass-Gottlieb reiterated the importance of protecting, assisting, and informing consumers while also promoting competition. In discussing opportunities and challenges for the ACCC, the Chair highlighted issues related to the rise of the digital economy, climate change, and the insurance market.

The Federal Government committed $19.3 million over five years to establish Partnerships for Local Action and Community Empowerment (PLACE), a national organisation to support community-led, place-based methods to address social and economic challenges. Key target areas include the early years, youth development, health, education, employment and youth justice. This funding will be matched by five philanthropy partners, with PLACE anticipated to be fully established and operational by mid-2025.

State Developments

South Australia’s annual inflation rate dropped to 3.2 per cent, down from 4.5 per cent, the lowest rate since September 2021. The State’s Treasurer Stephen Mullighan noted while South Australia’s rate remains slightly higher than the national inflation rate, due to housing and insurance costs, he is pleased to see that has come down significantly too.


Foreign Affairs, Defence and Trade

Federal Developments

Minister for Defence Richard Marles and Minister for Defence Industry and Capability Delivery Pat Conroy released the 2024 Australian Guided Weapons and Explosive Ordnance Plan. The plan aims to accelerate the acquisition of long-range strike missiles for the Australian Defence Force, invest in Australia’s missile manufacturing capabilities, and provide certainty for the Australian Defence Industry.

The Federal Government announced that Thales was selected to construct a new domestic site to produce 155mm M795 artillery ammunition. The site will be the first dedicated forge outside the United States, to produce 155mm M795 artillery ammunition. The announcement aims to boost Australia’s forging capabilities.

Minister for Trade and Tourism Don Farrell and Minister for Indigenous Australians Malarndirri McCarthy announced a new Partnership that aims to encourage the participation of First Nations people and businesses in Australia’s tourism sector. The Partnership will seek to establish a permanent First Nations national tourism peak body to better embed Australia’s indigenous heritage into Australia’s tourism offering.

The ABS reported that prices for Australia’s major exports have fallen for the third consecutive quarter. The Export Price Index fell by 4.3 per cent in the September quarter. Coal, coke, and briquettes decreased by 8.9 per cent, while metalliferous ores and metal scrap decreased by 8.6 per cent. This decline has been attributed to a sluggish Chinese residential property market.

State Developments

Victoria hosted Australia’s 11th First Nations Tourism Conference. The conference was supported by the Victorian Government through its Yuma Yirramboi Strategy. Held over three days, the conference aimed to showcase Australia’s Indigenous heritage and promote it to the international market.


Environment, Resources, Energy and Agriculture

Federal Developments 

The CSIRO’s State of the Climate Report revealed Australia’s emissions declined over the past 15 years but projected more extremely hot days into the future. The Federal Government responded to the announcement by reaffirming its rollout of renewable energy to bolster Australia’s electricity mix. The report also forecasts that more extreme weather events, such as intense bushfires and sea level rises are likely to occur.

The Federal Government committed to investing $355 million over four years to expand the Indigenous Rangers Program.  The investment will enable Indigenous ranger groups to join the Commonwealth Indigenous Rangers Program with up to 115 projects set to receive funding. A total of $1.3 billion is expected to have been invested in the program by 2028.

Minister for Agriculture, Fisheries and Forestry Julie Collins announced closer biosecurity ties with  Papua New Guinea and the Solomon Islands. The collaboration will aim to strengthen plant pest identification and surveillance skills and is expected to address the biosecurity threats posed to Pacific Island nations such as loss of agricultural revenue.

State Developments

The Victorian Parliament passed legislation to secure Victoria’s gas supply. The amendment will mean gas can now be stored offshore in underground reservoirs deep in rock layers. The additional gas storage could increase Victora’s gas storage capacity by 50 per cent. Victoria remains committed to its 2035 renewables targets of 95 per cent.

The NSW Government welcomed financial support from the Federal Government to assist communities in the Far West affected by a severe storm event and power outages.  The joint Federal and State Disaster Recovery Funding will support workers and sole traders in the Broken Hill and Central Darling Local Government Areas. The funding provides up to 13 weeks of income support.


Infrastructure, Transport and Communications

Federal Developments

Minister for Infrastructure, Transport, Regional Development and Local Government Catherine King announced the Federal Government will provide $100 million in funding towards the Active Transport Fund. The funding aims for pedestrians and cyclists to have safer and better-connected travel options. Applications close 13 January 2025.

Minister for Infrastructure, Transport, Regional Development and Local Government Catherine King announced the Federal Government will provide $21.5 million of funding under the regional Precincts and Partnerships Program. The funding will be used to support local jobs, tourism and cultural opportunities in regional Victoria.

Assistant Minister for Regional Development Anthony Chisholm announced the Federal Government will provide $3.9 million for 16 road safety projects aimed at improving safety measures across the heavy vehicle industry. The initiatives will provide improvements to the transport and logistics sector and are targeted at protecting all road users.

Minister for Communications Michelle Rowland announced the launch of a free digital literacy program, for primary school students funded by the Federal Government. The program aims to teach students to navigate the digital world safely through videos and activities.


Health and Education

Federal Developments 

The Federal Government announced a $10.3 million investment to accelerate a national skin cancer screening roadmap aimed at improving early detection and outcomes. Led by the Melanoma Institute, the program includes a melanoma nurse support initiative to guide patients through diagnosis and treatment and is available in several cities. This investment complements an existing $15 million national prevention campaign promoting sun safety across Australia.

Minister for Education Jason Clare and TAS Minister for Education Jo Palmer confirmed a joint funding arrangement under the Better and Fairer Schools Agreement which is expected to fully fund all Tasmanian public schools by January 2026. $153.5 million from the Federal Government and $195.9 million from Tasmania through 2029 will be invested to support key reforms, including literacy and numeracy assessments, expanded mental health support, and improved attendance initiatives.

Assistant Minister for Education Anthony Chisholm highlighted a $45 million partnership between Australian universities and CSIRO under the $370 million Trailblazer Universities Program to advance precision manufacturing. Supporting fields like critical minerals, defence and space, the program enables university-industry collaboration on new technologies, including 3D printing and food manufacturing. This initiative aims to boost Australia’s manufacturing, create skilled jobs, and enhance industry-relevant research at universities.

  

State Developments 

The NSW Government reached a three-year agreement with NSW public school teachers, securing 3 per cent annual pay increases, additional development days, and improved work flexibility. The agreement also limits after-school meetings, supports curriculum rollout, and has contributed to reducing teacher vacancies to a three-year low. Funded by the 2024-25 NSW Budget, this agreement follows last year’s pay raise and aims to enhance teacher retention and attraction.


























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