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Highlights

• The Coalition leads Labor 51-49 on a two-party preferred basis, according to the latest Newspoll.
• The Federal Government confirmed it will gift 49 M1A1 Abrams tanks worth $245 million to the Ukrainian military as its war with Russia continues.
• Labor force data released by the Australian Bureau of Statistics shows the unemployment rate remained steady at 4.1 per cent in September. 
• The Federal Government committed $95 million to combat the potential spread of avian influenza (also known as bird flu).
• QLD Premier Steven Miles and Opposition Leader David Crisafulli participated in a leaders debate ahead of the 26 October state election. Read GRACosway’s detailed QLD election insights here.

Government sets sights on unfair trading practices

Amidst greater public scrutiny of corporate behaviour, the Federal Government has announced reforms to remove surcharges on debit card purchases. The Government committed $2.1 million of additional funding for the Australian Competition and Consumer Commission (ACCC) to crackdown on ‘excessive’ surcharges. Pending an ongoing review of Australia’s payments regulation by the Reserve Bank of Australia and industry consultation, the Government has confirmed it will ban debit charge surcharging outright from January 2026.

Later in the week, the Government announced it would commence work to amend Australian Consumer Law to address unfair trading practices as a key cost of living policy ahead of the election. Assistant Treasurer and Minister for Financial Services Stephen Jones identified practices such as dynamic pricing, subscription traps, drip pricing, and mandatory online account set-ups. Treasury is expected to consult stakeholders in due course before the Government works with the states and territories on final reform design early next year.

ACT election and NSW by-elections

The country’s capital city will head to a territory election this Saturday 19 October, where the incumbent Labor-Greens coalition, led by Chief Minister Andrew Barr, are seeking to extend their unbeaten 23 years in government. Mr Barr has served as ACT Chief Minister since 2014. Meanwhile, the ACT Liberal Party, led by Elizabeth Lee, are hoping to return to government after more than two decades in opposition. Currently, the Liberals require a net gain of five seats to form a majority government in the ACT Legislative Assembly. So far, the election campaign has revolved around cost of living issues, housing affordability, and transport infrastructure.

Heading north to NSW, by-elections will be held in the electorates of Epping, Hornsby, and Pittwater, caused by the resignations of former Premier Dominic Perrottet, former Treasurer Matt Kean, and first-term Liberal member Rory Amon, respectively. The Liberal Party are expected to regain Epping and Hornsby, particularly as Premier Chris Minns confirmed[paywall] that the Labor Party will not field candidates for those seats. However, Pittwater is shaping up to be a contested race with Liberal candidate and former Northern Beaches Deputy Mayor Georgia Ryburn facing Climate-200 backed Independent candidate Jacqui Scruby, who only lost by 606 votes at the 2023 state election.

Looking ahead

The NSW, WA, and NT Parliaments will sit next week. The ACT and QLD will head to elections on Saturday 19 October and Saturday 26 October respectively.

Finance

Federal Developments

The Australian Prudential Regulation Authority tabled its annual report for the year ending 30 June 2024. The report highlights that cyber-attacks, scams, and tech outages were major issues in 2023-24, alongside growing geopolitical uncertainty. Despite these challenges, the nation’s financial system has remained “strong, stable and well-placed” to support the needs of the Australian community.

The Federal Government released a discussion paper on artificial intelligence (AI) and the Australian Consumer Law (ACL). The Government is seeking to explore the application of the ACL to AI enabled goods and services, including the appropriateness of existing consumer protections, the application of existing provisions to new AI enabled goods and services, and potential remedies for consumers and liability for suppliers and manufacturers. Submissions are open until 12 November.

Treasury tabled its 2023–24 Annual Report , detailing that in the past year, it was focused on responding to higher interest rates and cost-of-living pressures, structural shifts from technological transformation, climate change and decarbonisation challenges, slower productivity growth and inflationary pressures.

The Financial Reporting Council (FRC) published its 2023-24 Annual Report. The report highlights developments in the financial reporting landscape, particularly in sustainability reporting, talent management, and public-sector transparency. The FRC reiterated its support for the AASB’s sustainability reporting standards to be implemented by January 2025.

Foreign Affairs, Defence and Trade

Federal Developments

Prime Minister Anthony Albanese and Minister for Defence Richard Marles announced that the Government will establish a consolidated Commonwealth-owned Defence Precinct at WA’s Henderson shipyard. The Henderson Defence Precinct will provide depot-level maintenance and contingency docking for Australia’s future nuclear-powered submarines. The announcement represents a major milestone for the AUKUS agreement.

Minister for Defence Industry and Capability Delivery Pat Conroy visited the UK, Belgium, and the US to meet with counterparts, and defence industry representatives, and attend the North Atlantic Treaty Organization (NATO) Defence Ministers’ Meeting. The meeting in the United States revolved around deepening defence industrial base collaboration between the United States and Australia.

Minister for Trade and Tourism Don Farrell attended Tourism Australia’s G’Day Australia in Perth. The event was hosted in partnership with the WA Government and brought around 300 expert travel agents from around the world to WA. Agents visited tourist hotspots across WA, including Perth, Broome and Margaret River. Minister Farrell also visited a rock lobster farm in Freemantle following an announcement that China would lift trade sanctions on Australian lobster exports into China.

Prime Minister Anthony Albanese and Minister for Home Affairs Tony Burke announced the appointment of Gavan Reynolds AO as the next Australian Border Force Commissioner. Gavan Reynolds will be sworn in on 10 November.

Environment, Resources, Energy and Agriculture

Federal Developments 

Minister for Agriculture, Fisheries and Forestry Julie Collins announced a $32.7 million package to support the transition away from live sheep exports. The additional funding will provide initiatives to enhance export markets for WA farmers and diversify trade opportunities.

The Federal Government expanded the National Australian Built Environment Rating System (NABERS). The $6 million program will expand the NABERS program to retailers in shopping centres, precincts and on high streets, and give retailers an efficiency rating. The expansion comes after the scope of NABERS was widened to include aged care, retirement living, warehouses and cold stores, and schools.

State Developments

The NSW Government released the NSW Critical Minerals and High-Tech Metals Strategy. The Strategy aims to attract clean energy investment and positioning the state as a leader in the critical minerals sector. Five key ‘priority metals’ were identified; rare earth elements, scandium, copper, silver, and cobalt. The key funding opportunity offered in the Strategy is a deferred royalty scheme for new projects from 1 July 2025, worth up to $250 million.

QLD Premier Steven Miles pledged to hold a plebiscite on nuclear energy should Labor win the upcoming Queensland election. Under the Nuclear Facilities Prohibition Act 2007, a plebiscite is required should the Federal Government take action towards allowing the construction of a nuclear facility in Queensland. Mr Miles suggested a plebiscite could run concurrently with the next Federal Election.

Infrastructure, Transport and Communications

Federal Developments

Minister for Communications Michele Rowland announced a $2.4 billion investment over four years to increase the number of fibre to the premises (FTTP) connections to the National Broadband Network. The investment is expected to support up to 1.5 million homes, including 660,00 homes in regional communities. Up to 10 million homes across Australia are expected to have FTTP connections by the end of 2025.

The Federal Government committed to building over 1,000 homes across southeast Queensland. Announced under the Homes for Australia package, the plan will see up to 500 homes in Meadowbrook in south Brisbane and over 600 social and affordable housing constructed across Toowoomba, Redcliffe, and Southport. The announcements also include a $40 million investment in supporting infrastructure.

Assistant Minister for Regional Development Anthony Chisholm announced nearly $9 million has been granted to 23 projects under the National Road Safety Action Grants Program. The program aims to reduce road deaths and injuries, with the funding focused onsupporting non-infrastructure projects vulnerable road users, community education and awareness, and research and data sharing.

State Developments

NSW Minister for Transport Jo Haylen confirmed that the final stage of tunnelling for the Sydney Metro West project has commenced. Up to 460,000 tonnes of material will be excavated by two tunnel boring machines, nicknamed Ruby and Jessie. The Sydney Metro West will double rail capacity between Greater Parramatta and the Sydney CBD with operations expected to begin in 2032.

Health and Education

Federal Developments 

The Senate Education and Employment Legislation Committee released its final report on the Universities Accord (National Student Ombudsman) Bill 2024. The report indicates strong support for the establishment of the National Student Ombudsman (NSO) to address student safety and wellbeing, with a particular focus on gender-based violence, discrimination and harassment within higher education institutions. The committee ultimately recommended the Bill’s passage.

The Federal Government unveiled an $18 million investment from the Central Australia Boarding Response Fund to improve boarding school facilities in Alice Springs. Yirara College, St Philip’s College and Yipirinya School will receive funding to upgrade and expand their capacity to support First Nations students from remote communities.

State Developments 

The NSW Government opened the first of 100 public preschools in South West Sydney as part of a $769 million initiative to expand access to fee-free early education across the state. The new preschool, located at Gulyangarri Public School in Liverpool, will serve up to 80 children each week. The program aims to complete all 100 preschools by 2027.

The VIC Government announced Melbourne will host the 2025 World Congress of Gastroenterology, which is expected to attract 3,000 experts from around the world. The event is scheduled to take place at the Melbourne Convention and Exhibition Centre from 20-22 September 2025 and is anticipated to generate $17.7 million in economic benefits while supporting jobs in the business events sector.