Political watchers this week spent a great deal of time attempting to correctly spell a small mountain village in Canada – note, Kananaskis has two Ks and no Cs– where the leaders of the G7 convened for the first time since President Trump’s re-election last year. Domestic media focused on the Prime Minister’s attendance at the G7, which is slightly confusing given Australia is not in fact a member of the group. This was underscored, somewhat pointedly, by the President choosing to cancel a pre-planned meeting with the PM to deal with some pressing Presidential matters, namely an attempt to keep a lid on the emerging conflict in the Middle East.
The Prime Minister had intended to raise the issue of tariffs with the President as well as whether a review into AUKUS conducted by off-again-on-again[PDF] fan of AUKUS Elbridge ‘Bridge’ Colby would have any material impact on the program. While it was unlikely he would receive any good news on tariffs, the President provided a level of reassurance on AUKUS in a press conference with the UK Prime Minister, Sir Keir Starmer, reminding Australia that a tri-lateral arrangement tends to have more than two parties.
While the Prime Minister was en route home, the Treasurer delivered a speech to the National Press Club. In it, he outlined the reform agenda – which will be pursued with a productivity focus – for the second term of the Albanese Government, and fleshed out the process that will inform its development. These are ‘the five reviews’ being undertaken by the Productivity Commission, along with a productivity round table, due to be held in the Cabinet room in late August with 25 of the Treasurer’s closest friends. Tax reform was – broadly – flagged however little detail was offered. The Treasurer requested that the fourth estate treat the development of the reform agenda with respect, and not immediately delve into the game of ruling things in and out. With just a hint of irony, in the questions that followed, the gallery promptly delved into questions about what was in and out of a potential reform package.
Watch this space.
Top talking points
🪖Defending Australia Summit: Richard Marles addressed the national security forum hosted in Canberra.
🏛 Liberal Party review announced: Sussan Ley confirmed a structural review of the federal Liberal Party, ahead of her National Press Club address next week.
🧭 NSW Liberal Party oversight: Former Premier Nick Greiner was appointed to chair a new governance committee for the NSW Division.
Making headlines this week
Australia–EU security partnership
The Prime Minister used his attendance at the G7 Summit in Canada to announce that Australia will enter formal negotiations on a security and defence partnership with the European Union. The agreement will aim to deepen cooperation in defence industry development, counter-terrorism, maritime security and cyber defence.
It follows bilateral discussions with European Commission President Ursula von der Leyen and European Council President António Costa. Separately, the Prime Minister also expressed confidence that Australia-EU Free Trade Agreement negotiations were back on track, particularly in resolving long-standing agriculture market access concerns.
Productivity agenda
The Treasurer has confirmed the upcoming National Productivity Roundtable will involve 25 participants seated around the Cabinet table, with industry bodies preferred over individual CEOs. In a podcast interview this week, Dr Chalmers also indicated that a Treasury channel will be established to allow non-attendees to provide written input. While details are yet to be released, the roundtable is expected to shape the government’s long-term reform priorities for the remainder of the term.
CPA Australia welcomed the consultation process, while former Treasury assistant secretary David Pearl was more critical, arguing[paywall] that the structure and framing of the roundtable may inhibit ambition. Whether the format can deliver meaningful reform remains to be seen.
Things to watch
📡 24 June, eSafety Commissioner address: Julie Inman Grant will address the National Press Club, outlining the regulator’s evolving approach to online safety and digital harms.
💼 24 June, AFR Insurance Forum: The Australian Financial Review will host its 2025 insurance industry forum, focusing on regulatory risk, climate resilience and claims trends.
💰 24 June, NSW and QLD Budgets: Treasurers Daniel Mookhey and David Janetzki will deliver the 2025–26 Budgets for New South Wales and Queensland respectively.
📣 25 June, Sussan Ley NPC address: The Opposition Leader will address the National Press Club, expected to outline her proposed structural reform agenda for the Liberal Party.
Inquiries, regulatory enforcement and economic data
ASIC has launched an inquiry into the Australian Securities Exchange (ASX) Group, focusing on governance, risk management and capability frameworks following what the regulator called “repeated and serious failures.”
National Australia Bank (NAB) has paid $751,200 in penalties after the ACCC issued four infringement notices for alleged breaches of Consumer Data Right (CDR) rules.
New figures from the Australian Finance Industry Association show that finance for low-emissions vehicles surged to $6.17 billion in 2024, a 50 per cent year-on-year increase.
The ABS reported that the unemployment rate held steady at 4.1 per cent in May. Employment rose by 28,000 people, with the participation rate unchanged at 67 per cent.
Defence industry, sanctions and shipbuilding
With South Australia set to construct SSN-AUKUS submarines, a recent Pentagon review has raised questions about the long-term future of continuous naval shipbuilding in the state. Premier Peter Malinauskas said[paywall] it was “beyond comprehension” that Australia would not continue to build its own submarines.
Australia will impose sanctions on 60 vessels linked to Russia’s so-called “shadow fleet”, which is alleged to circumvent sanctions on oil and goods. Australia has now imposed more than 1,400 sanctions on Russia since its invasion of Ukraine.
Defence conducted a demonstration of the MQ-28A Ghost Bat, part of the government’s broader investment in uncrewed aerial systems under the National Defence Strategy.
Consultations, energy regulation and state transition planning
The government hosted a roundtable on reforming the Environment Protection and Biodiversity Conservation Act 1999. Participants discussed priorities including stronger protections, streamlined approvals and improved transparency.
New electricity pricing rules will limit how often retailers can increase prices and cap charges at the standing offer. Announced by the government this week, the rules will be implemented by the AEMC from 1 July 2026.
The Queensland Government hosted a Coal Supply Chain Roundtable, outlining ambitions to expand exports to India, Japan, China and South Korea.
Tech investment and transport safety
Mr Albanese welcomed Amazon Web Services’ $20 billion investment in Australian data centre infrastructure, with a focus on AI and cloud technologies. The government also announced plans to partner with AWS to develop a Top Secret Cloud capability in Australia.
In Western Australia, a parliamentary inquiry has been launched into eRideable safety, following a series of high-profile e-scooter incidents.
Health services and early childhood safety
The federal government will introduce the Chronic Wound Consumables Scheme, which will provide subsidised wound care products for people aged 65 and over with diabetes who aren’t eligible for other schemes.
Education Ministers have agreed to new child safety measures in early childhood education. From 1 September, services must report abuse allegations within 24 hours, ban vaping, and follow tighter digital tech policies. From 1 January 2026, child safety will be embedded into the National Quality Standard.
The NSW Government will introduce amendments to Mr Michael Regan’s Private Member’s Bill next week that would allow it to terminate the Northern Beaches Hospital public–private partnership if required.
In case you missed it...
📺 The PM arriving in Canada ahead of the G7 summit.