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Highlights

• Prime Minister Anthony Albanese travelled to Laos for the ASEAN-Australia Summit and the East Asia Summit. Mr Albanese met Chinese Premier Li Qiang on the sidelines and confirmed Beijing will restart imports of Australian live rock lobsters by the end of the year.
• The Senate Education and Employment Legislation Committee recommended the Education Services for Overseas Students Amendment (Quality and Integrity) Bill 2024, which contains measures to cap international student enrolments from 2025, be passed with amendments
• The Australian Electoral Commission formalised the redistribution of federal electorates in NSW, confirming the abolition of the Division of North Sydney, held by Independent Ms Kylea Tink MP.
• Former Labor Senator Fatima Payman – now Independent – launched her new political party, ‘Australia’s Voice.’
• The NSW and SA Governments held a joint Social Media Summit in Sydney and Adelaide. The Summit comes as the Federal Government is expected to introduce legislation to impose age-restrictions on social media access in November.

Federal Parliament

Both houses returned to Canberra this week with only two joint sitting weeks left this year, and one additional week for the House while Senate Estimates occur. In the House, Prime Minister Anthony Albanese and Opposition Leader Peter Dutton failed to achieve bipartisan support over a motion commemorating the one year anniversary of the October 7 attacks on Israel. While the motion passed, the Coalition voted against it with Mr Dutton accusing the Prime Minister of “walk[ing] both sides of the street” amidst heightened tensions both domestically and abroad.

On legislation, a raft of Bills were introduced to the House. Housing Minister Clare O’Neil reintroduced the Help to Buy Bill 2023 [No. 2] after it was originally blocked by the Coalition and the Greens in the Senate during the September sittings. Communications Minister Michelle Rowland introduced the National Broadband Network Companies Amendment (Commitment to Public Ownership) Bill 2024, which aims to prevent the future privatisation of the National Broadband Network (nbn).  Newly minted Home Affairs Minister Tony Burke introduced three bills that implement reforms proposed in Australia’s 2023-2030 Cyber Security Strategy. Finally, delivering on the Government’s previously announced overhaul of Australia’s mergers and acquisitions regulatory framework, Treasurer Jim Chalmers introduced the Treasury Laws Amendment (Mergers and Acquisitions Reform) Bill 2024 which enshrines the reforms in legislation.  

Passing the House this week were the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 and the Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023, which increases the concessions tax rate from 15 to 30 per cent on superannuation accounts exceeding $3 million. Also passing the House was the Universities Accord (Student Support and Other Measures) Bill 2024, which updates student debt indexation calculations; and the Treasury Laws Amendment (2024 Tax and Other Measures No. 1) Bill 2024, which contains reforms to capital gains withholding tax rules for foreign residents.

In the Senate, debate continued on the Future Made in Australia Bill 2024, though several amendments were not considered.  Also passed were numerous non-controversial bills, such as the Crimes and Other Legislation Amendment (Omnibus No. 1) Bill 2024 and the Customs Tariff Amendment (Comprehensive and Progressive Agreement for Trans-Pacific Partnership Expansion) Bill 2024. The Australian Naval Nuclear Power Safety Bill 2024, which establishes a nuclear safety framework in relation to the development of nuclear-powered submarines under AUKUS, also passed the Senate despite crossbench opposition. 

Looking ahead

The NSW, VIC, SA, WA, TAS, and NT Parliaments will sit next week.

Finance

Federal Developments

The Reserve Bank of Australia (RBA) released the September Monetary Policy Meeting minutes. The RBA Board kept the cash rate at 4.35 per cent and maintained its position that inflation remains too high. The Board expects headline inflation to decline, driven by federal and state cost-of-living relief, though labour market conditions remain tight.

Treasury opened consultation on an exposure draft of the new Franchising Code of Conduct, which implements the legislative changes addressed in the Government’s response to the 2023 Independent Review. Submissions close on 29 October 2024, with the new Code expected to commence on 1 April 2025, pending legislative passage.

The Federal Court ordered Qantas to pay $100 million in penalties for making misleading claims to consumers in offering and selling already cancelled flight tickets to their customers. Qantas admitted it had contravened the Australian Consumer Law and in May 2024 made a joint submission to the court with the Australian Competition and Consumer Commission agreeing that the proposed penalties were appropriate.

The Federal Government released a consultation paper reviewing tax promoter penalty laws, representing the next stage of the Government’s response to the PwC tax scandal. The consultation will consider whether the current promoter penalty laws adequately address current types of promoter activity, and effectively safeguard taxpayers from being enticed into illegal tax exploitation schemes. Consultation closes on 1 November.

Foreign Affairs, Defence and Trade

Federal Developments

The Department of Defence confirmed the deployment of Australian Defence Force (ADF) personnel to the Middle East as part of Operation Beech. The deployment includes a Royal Australian Air Force (RAAF) C-130J Hercules and Army personnel serving in a non-combat role. The ADF contingent is part of a precautionary measure to assist Australian citizens and approve foreign nations should the situation in the Middle East continue to deteriorate.

Assistant Minister for Foreign Affairs Tim Watts announced appointments for the New Colombo Plan External Advisory Group. Members will design the next phase of the program to ensure it continues to enhance Australians’ capability to engage with the Indo-Pacific region. 

State Developments

NSW Premier Chris Minns announced that NSW is aiming to generate $91 billion in annual visitor economy expenditure by 2035. This follows the release of the NSW Visitor Economy Strategy 2030, which aims to solidify tourism as a key pillar of the state’s economy. The Strategy is bolstered by the upcoming opening of Western Sydney International Airport in 2026 and expanded capacity at Sydney and Newcastle airports.

The SA Government confirmed that the value of the state’s exports to China rose by over 46 per cent in the past 12 months to a record $4.27 billion. Based on data released by the Australian Bureau of Statistics, the state’s total exports are worth $17.6 billion. The growth in record exports coincides with the stabilisation of Australia’s trading and geopolitical relationship with China.

Environment, Resources and Energy

Federal Developments 

Minister for the Environment and Water Tanya Plibersek addressed the Global Nature Positive Summit. The Minister outlined the Government’s priorities of increasing reporting, driving investments in nature, and strengthening environmental protections.

The Federal Government approved two new solar farms in the Upper Hunter, NSW and Chinchilla, QLD. The projects are expected to power up to 191,000 and 160,000 homes, respectively. The Government’s total approval of renewable initiatives has reached over 60 projects, potentially supplying power to more than 7 million homes.

The Federal Parliament established a House Select Committee on Nuclear Energy. The Committee will consider waste management, deployment timeframes, and risk management for natural disasters relating to any potential nuclear powerplants. The Committee will report by 30 April 2025.

State Developments

The VIC Government confirmed that the state will host the Global Wind Energy Council’s Asia Pacific Wind Energy Summit in 2025. The three-day summit will be held in Melbourne in September 2025 and will be the third instalment. Melbourne hosted the first summit in 2023.

Infrastructure, Transport and Communications

Federal Developments

The Federal Government committed $40.9 million towards delivering improved mobile coverage to peri-urban communities across Australia at risk of natural disasters. The funding towards mobile coverage comes under Round 2 of the Australian Government’s Peri-Urban Mobile Program (PUMP).

The Australian Rail Track Corporation announced a plan to deliver a $7 million early works package to upgrade 18 sites along the East-West rail corridor between Port Augusta and Kalgoorlie. The works aim to make rail services more resilient and reliable, mitigating disruptions caused by flood events. 

State Developments

The VIC Government announced the launch of a public consultation on age limits for social media, with findings set to shape a new social media education program. Parents, teachers and young people have been invited to share their experiences with social media use. The Government allocated $3.5 million to the Department of Education to develop new digital literacy resources.

The NSW Government announced Sydney Olympic Park will undergo its largest refurbishment since the 2000 Olympic Games, with the approval of a precinct at the Sydney Olympics Park Metro Station. The new precinct approved by the Department of Planning, Housing and Infrastructure will be made up of three buildings between 21 and 45 storeys, including more than 300 new homes, and a mix of commercial and retail uses.

Health and Education

Federal Developments 

Minister for Health Mark Butler announced the completion of three reviews focused on strengthening Medicare, general practice, and primary care. These reviews, recommended by the Strengthening Medicare Taskforce, examined general practice incentives, after-hours primary care programs and workforce distribution. The Government will now consult further with the sector to assess the recommendations.

The Federal Government opened applications for early learning providers to access funding for a 15 per cent pay rise for early childhood education and care workers. To qualify, providers must agree to limit fee increases to no more than 4.4 per cent for the first year, with a cap for the second year determined by a new cost index. The pay rise aims to support educators while minimising additional costs for families.

Minister for Health Mark Butler announced an investment of nearly $18 million in a research trial of a drug that protects the heart during heart attacks. Researchers at the University of Queensland discovered the drug, which is based on a molecule from Australian funnel-web spider venom. The funding is provided through the Medical Research Future Fund grants.

Opposition Leader Petter Dutton addressed the Prostate Cancer Foundation’s Parliamentary ‘Big Aussie Barbie’ event in Canberra. He highlighted the importance of early detection, the role of volunteers and staff and the bipartisan approach to supporting prostate cancer awareness and research. The event focused on raising awareness and recognising the efforts of those involved in improving outcomes for men affected by this form of cancer.