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Highlights
- The Coalition leads the Labor Party 51-49 on a two-party preferred basis, while Anthony Albanese remains preferred prime minister over Peter Dutton by four basis points, according to the latest[paywall]
Newspoll. - Prime Minister Anthony Albanese travelled to Peru for the Asia-Pacific Economic Cooperation (APEC Summit) and Brazil for the G20 Summit. Climate Change Minister Chris Bowen also confirmed he will travel to Azerbaijan for the COP29 Summit.
- Wages increased 3.5 per cent in the year to September 2024 while the unemployment rate remained steady at 4.1 per cent in October 2024, according to data released by the Australian Bureau of Statistics.
- Minister for Communications Michelle Rowland announced new Duty of Care obligations for digital platforms as recommended by the independent review of the Online Safety Act.
- The Australian Competition and Consumer Commission (ACCC) held public hearings with senior supermarket executives as part of its ongoing Supermarkets Inquiry 2024-25.
Renewed focus on productivity
Treasurer Jim Chalmers addressed the Australian Business Economists in Sydney, outlining the Government’s vision of ‘Building a New Economy on Five Pillars of Productivity.”
The Treasurer announced the establishment of a $900m National Productivity Fund, designed to incentivise states and territories to implement “pro-competitive policies”, such as streamlined planning regulations and modern construction methods. Dr Chalmers also confirmed the Productivity Commission will be commissioned to undertake inquiries across five key productivity areas: economic dynamism, a skilled workforce, the digital economy, the net-zero transformation, and the care and health sectors. Interim reports will be delivered by mid-2025 while final reports will be completed by the end of next year.
Following the Government’s Budget announcement of an ‘investment front door’ to streamline investment approvals, Dr Chalmers confirmed that Treasury will prioritise proposals that “align with the government’s strategic objectives.” He also confirmed further industry consultation will be held at the upcoming Investor Roundtable on 22 November.
Questions raised over Ambassador Rudd’s future
With United States (US) President-elect Donald Trump in the process of nominating members of his Cabinet, questions have been raised in political and media circles over Kevin Rudd’s future as Australian Ambassador to the US under a second Trump Administration.
Dr Rudd, appointed by the Albanese Government in late 2022, had made disparaging remarks about Trump prior to his appointment. The posts have since been deleted from Dr Rudd’s personal social media accounts.
While Prime Minister Anthony Albanese has publicly defended the former Prime Minister, Opposition Leader Peter Dutton described the appointment of Rudd as a “captain’s call” and called into question Mr Albanese’s judgement. Mr Dutton did not explicitly call for Dr Rudd’s resignation.
Looking ahead
The Federal, NSW, and TAS Parliaments will sit next week.
Finance
Federal Developments
Attorney-General Mark Dreyfus KC announced the appointment of Chris Evans as Australia’s first Anti-Slavery Commissioner. In this role, Mr Evans will be responsible for the implementation of future modern slavery reforms, seeking to prevent and respond to the evolving risks of modern slavery. Mr Evans will assume the role on 2 December and serve for a five-year term.
Minister for Financial Services, Stephen Jones announced changes to the Consumer Data Right (CDR). Under the changes, existing consent processes will be streamlined allowing consents to be bundled; requirements applied to accredited banks seeking data from consumers will be simplified; and a 12-month extension of the trial of CDR enabled energy products to 24 months has been granted. These new rules came into force on 12 November 2024.
The Australian Securities and Investments Commission (ASIC) lodged civil penalty proceedings against United Super, the trustee of Cbus, alleging inefficient, dishonest, and unfair handling of claims for death benefits and permanent disability (TPD) insurance. Subsequently, Cbus Super’s Chief Executive Kristian Fok apologised to members and claimed that over 6,000 (or 80 per cent) claims had been resolved, in an appearance before the Senate Economics References Committee.
The Australian Securities and Investments Commission (ASIC) outlined its enforcement priorities for 2025, in response to increasing cost of living pressures. ASIC Deputy Chair Sarah Court stated that the focus will be on business models designed to circumvent consumer credit protections, greenwashing and misleading conduct related to ESG claims, and any conduct that exploits superannuation savings.
The Legal and Constitutional Affairs Legislation Committee published its final report into the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024. The report makes eight recommendations, seven of which are amendments to the bill, with the final recommendation stating that the Committee advises the bill be passed, subject to the incorporation of the amendments.
Foreign Affairs, Defence and Trade
Federal Developments
Treasurer Jim Chalmers delivered the keynote address at the 2024 Australian International Affairs Institute National Conference. In his address, Mr Chalmers argued that economic and foreign policy are increasingly becoming intertwined, stating that a trade war between China and the US would negatively impact the Australian economy.
Minister for Defence Richard Marles hosted the Philippines Secretary of National Defence Gilberto C Teodoro Jr for the inaugural Australia-Philippines Defence Ministers’ Meeting. The discussion focused on deepening bilateral defence cooperation through joint military training exercises and regular maritime activities.
Minister for Defence Richard Marles and Minister for Finance Katy Gallagher announced a tripartite mobilisation agreement between the Australian Submarine Agency, ASC and BAE Systems. The agreement will streamline planning, workforce development, and procurement processes in preparation for the construction of Australia’s SSN-AUKUS submarines. The announcement is a major milestone for the AUKUS agreement.
Minister for Defence Richard Marles and Minister for Defence Industry and Capability Delivery Pat Conroy announced that the Albanese Government will establish Defence Industry and Shipbuilding Employment Pathways programs. The programs will target school leavers, encouraging them to work in trainee and apprenticeship programs, while supporting South Australia’s defence industry.
Environment, Resources, Energy and Agriculture
Federal Developments
The Federal Government committed to guaranteeing up to US$200 million worth of loans from the Asian Development Bank for Australia’s neighbours in the Pacific and South-East Asia. The Innovative Finance Facility for Climate in Asia and Pacific will support up to US$11 billion in climate-related loans.
Minister for Agriculture, Fisheries and Forestry Julie Collins travelled alongside the Trade and Foreign Ministers to Peru for the Asia-Pacific Economic Cooperation (APEC) Ministerial Meeting. The Minister will discuss Australia’s trade and investment agenda and the government’s commitment to the multilateral trade system with the World Trade Organisation. The Minister will also support Australia’s priorities at APEC, including the economic empowerment of women and sustainable economic development in agriculture.
State Developments
The Tasmanian Government launched a $3 million Critical Mineral Strategy aimed at growing the state’s resource sector. The strategy focuses on identifying new mineral resources and developing critical mineral processing in Tasmania. The Tasmanian resource sector is currently valued at $3 billion annually.
The NSW Government has approved the $4.8 million HumeLink transmission project, which includes 365 km of infrastructure in southern NSW, including the Snowy 2.0 pumped-hydro. The project will now be subject to Federal approval.
Infrastructure, Transport and Communications
Federal Developments
The Australian Competition and Consumer Commission (ACCC) released the latest Domestic Airline Competition report. The report found that Australian passengers face higher airfares and less choice in the domestic aviation market, particularly since the exit of regional airlines Rex and Bonza. The ACCC publishes aviation price data every quarter.
Minister for Communications Michele Rowland welcomed the release of a new report by the Australian Institute of Criminology in relation to sexual predators on dating apps. Minister Rowland indicated the report highlights the need for stronger online safety protections from dating-app facilitated sexual violence (DAFSV). The Federal Government introduced a voluntary code of practice for online dating apps in October 2024.
State Developments
The NSW Government introduced legislation into the NSW Parliament to establish a public entity called ‘NSW Motorways’ to oversee the state’s toll road network. As recommended by the Independent Toll Review released earlier this year, the Transport Administration Amendment (NSW Motorways) Bill 2024 will also see the establishment of an independent Tolling Customer Ombudsman to handle disputes between motorists and toll operators with decisions to be legally binding.
The Federal and NSW governments announced joint funding to improve mobile coverage along highways and major roads in regional and remote regions in the state. The program will examine solutions to improve connectivity and consider multi-carrier arrangements, including shared mobile towers, to reduce infrastructure duplication.
Health and Education
Federal Developments
The Federal Government announced a $174.5 million investment to provide free access to respiratory syncytial virus (RSV) protection for Australian mothers and newborns ahead of winter 2025. Under the National Immunisation Program, pregnant women will receive free access to the RSV vaccine, while newborns will be protected with the monoclonal antibody in partnership with state and territory governments.
Assistant Minister for Indigenous Health Ged Kearney revealed an $18.6 million expansion of dialysis units in remote communities, part of the Australian Government’s $73.2 million commitment to improve renal care for First Nations people. Seven new locations in the Northern Territory, Western Australia, and Queensland have been selected to provide closer-to-home dialysis options, reducing the need for patients to travel long distances.
State Developments
The Victorian Government announced the commencement of a $23 million program to provide free pads and tampons in public spaces across Victoria, starting with 50 smart machines in Melbourne and expanding to 700 sites statewide next year. Managed by Affinity Outdoor, the initiative aims to reduce cost of living pressures and improve access to essential period products, with machines installed in bathrooms at libraries, hospitals, and other public venues.