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Highlights

• The Federal Government announced a revised investment mandate for Australia’s sovereign wealth fund, the Future Fund, targeting the national priorities of boosting housing supply, supporting the net-zero transition, and improving infrastructure.
• The Joint Select Committee on Social Media and Australian Society released its final report into the impacts of social media in Australia. Among other things, it recommended a Duty of Care online safety obligation for digital platforms.
• Minister for Climate Change and Energy Chris Bowen delivered Australia’s National Statement to the COP29 Summit in Azerbaijan, announcing a $50 million contribution to a global loss and damage fund to assist countries impacted by climate change.
• Outgoing United States Ambassador to Australia, Caroline Kennedy, addressed the National Press Club, reaffirming the U.S.-Australia Alliance as the Trump Administration assumes office.
• Minister for the National Disability Insurance Scheme and former Labor Opposition Leader Bill Shorten delivered his valedictory address to the House of Representatives. He will become the new Vice-Chancellor of the University of Canberra in 2025.

Federal Parliament

Parliamentarians converged on Canberra for the penultimate sitting week of 2024. Notably, the Coalition announced they would oppose the Education Services for Overseas Students Amendment (Quality and Integrity) Bill 2024 in the Senate, stymieing the Government’s plan to impose caps on international student enrolments at tertiary institutions from 2025. The move comes despite Opposition Leader Peter Dutton pledging in his May Budget-in reply speech to cut migration by 25 per cent should the Coalition be elected to Government.

Gridlock in the Senate continued for most of the week. Despite considering several Bills, including the Universities Accord (Student Support and Other Measures) Bill 2024, the Communications Legislation Amendment (Combatting Misinformation and Disinformation) Bill 2024, and the Better and Fairer Schools (Funding and Reform) Bill 2024, only one bill – the Aged Care Bill  2024 – was passed.  

In the House, the National Broadband Network Companies Amendment (Commitment to Public Ownership) Bill 2024, which prevents the privatisation of the National Broadband Network, passed. Also passing the House was the Treasury Laws Amendment (Mergers and Acquisitions Reform) Bill 2024, which establishes a mandatory notification framework for mergers and acquisitions from 2026, and the Oversight Legislation Amendment (Robodebt Royal Commission Response and Other Measures) Bill 2024, which implements two recommendations from the Royal Commission into the Robodebt Scheme.

Later in the week, Minister for Communications Michelle Rowland introduced the Online Safety Amendment (Social Media Minimum Age) Bill 2024, proposing a ban on social media access for children under 16 years old and requiring digital platforms to take “reasonable steps” to enforce it. Parliament returns next week for the last sitting of 2024.

G20 Leaders’ Summit

Following the Asia-Pacific Economic Cooperation (APEC) Forum in Peru, Prime Minister Anthony Albanese travelled to Rio De Janeiro, Brazil, for the G20 Leaders’ Summit.  Mr Albanese commenced his visit with a bilateral meeting with Chinese President Xi Jinping, where discussions centred on regional stability and the thawing Sino-Australian economic relationship.

On the sidelines, the Prime Minister also held separate bilateral meetings with Indian Prime Minister Narendra Modi, United Kingdom Prime Minister Keir Starmer, Turkish President Recep Erdoğan, and European Union President Ursula von der Leyen. At the Summit, the Prime Minister emphasised the importance of the G20 – representing 85 per cent of global GDP – in addressing persistent global inflation and harnessing the economic opportunities associated with the transition to net zero.

Looking ahead

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

Finance

Federal Developments

Assistant Treasurer and Minister for Financial Services Stephen Jones confirmed that pre-Budget submissions for 2025–26 are now open. Businesses, individuals, communities, and other relevant stakeholders are invited to submit their policy priorities by 31 January 2025.

The Federal Government announced it will mandate businesses to accept cash as a valid payment method. Treasurer Jim Chalmers stated consultation will occur before the end of 2024, with the mandate expected to take effect from January 2026. Alongside this announcement, the Cheques Transition Plan was released, which will entirely phase out cheques by 30 September 2029.

Treasurer Jim Chalmers and Minister for Financial Stephen Jones announced reforms to Australia’s superannuation system that aim to improve the quality of retirement. The reforms include the Government issuing updated independent financial guidance, expanding the offering of retirement products, establishing best practice principles, and creating a new reporting framework on retirement outcomes. Industry consultation is expected in 2025. 

The Reserve Bank of Australia (RBA) published the minutes from its recent Monetary Policy Meeting, where it kept the cash rate at 4.35 per cent. RBA Governor Michele Bullock confirmed that the RBA board did not consider changing the interest rate in the meeting and that it would only consider cutting interest rates if more than one positive quarterly inflation outcome can be delivered. The final RBA board meeting for the year will take place from 9-10 December, with the next release of quarterly inflation data not due until 29 January 2025.

The Department of Finance reached an agreement with PwC to extend a moratorium preventing the firm from bidding for any new Australian Government work until 30 June 2025. The extension is designed to give PwC additional time to implement the recommendations from the Independent Review of Governance, Culture, and Accountability, as well as to complete any ongoing inquiries.

Foreign Affairs, Defence and Trade

Federal Developments

Minister for Defence Richard Marles released the Australian Signals Directorate’s Annual Cyber Threat Report. The report detailed the activities of state and non-state cyber actors targeting Australian governments, businesses, and individuals. The report argued that increased public and private cooperation is needed to bolster Australia’s cyber defences.

Minister for Trade and Tourism Don Farrell launched a new data dashboard for the Australian tourism industry. Tourism benefits were previously measured based on visitor numbers and economic metrics. The new dashboard expands on these metrics by incorporating additional environmental, social, and institutional benefits across 21 indicators.

Following the signing of the Australia-UAE Comprehensive Economic Partnership Agreement, the agreement was referred to the Australian Parliament’s Joint Standing Committee on Treaties, which will conduct a National Interest Analysis. Submissions to the inquiry are due by 17 January 2025. 

State Developments

SA Minister for Defence Industries Stephen Mullighan travelled to the United Kingdom to attend high-level meetings with defence partners. Discussions revolved around the construction of SSN-AUKUS nuclear-powered submarines and South Australia’s role in their construction.

Environment, Resources, Energy and Agriculture

Federal Developments 

The Federal Government will invest $125 million in renewable energy in partnership with Pacific nations. At COP29, Australia announced funding comprised a $75 million investment through the Renew Pacific program and $50 million through the Australia-Pacific Partnership for Energy Transition (APPET) program.

The Federal Government announced the release of the 2024 Environmental Plantings method, which enhances Australia’s carbon crediting scheme and enables proponents to earn carbon credits through planting native forests or mallee plantings. It updates the method first introduced in 2014.

The Federal Government awarded Meat and Livestock Australia a grant to deliver a biosecurity support program in Indonesia. The $300,000 program seeks to strengthen Indonesia’s capability to address emergency animal diseases. Foot-and-mouth disease and lumpy skin disease were detected in Indonesia in 2022 and remain an ongoing risk to Australian livestock.

Minister for the Environment Tanya Plibersek approved the Muskerry Solar Power Station in Victoria. Located northeast of Bendigo, the 250MW power station will feature nearly half a million solar panels and a 200MW battery storage system. Notably, the approval decision took just 20 days.

Infrastructure, Transport and Communications

Federal Developments

Minister for Communications Michelle Rowland announced that 800,000 QLD homes and businesses are eligible for full fibre NBN broadband connection upgrades. The $2.4bn investment aims to increase access to full fibre broadband throughout Australia.

State Developments

The NSW Government and the Rail, Tram and Bus Union (RTBU) reached a late agreement to operate 24 hour train services in Sydney over the weekend. Negotiations had originally broken down, resulting in the RTBU threatening to shut down Greater Sydney’s train network for four days. The RTBU is also understood to have demanded a 32 per cent pay rise over four years. Premier Chris Minns apologised for the mixed messaging.

QLD Minister for State Development, Infrastructure and Planning Jarrod Bleijie announced that the Best Practice Industry Condition on new government funded construction projects will be paused. . The measure aims to boost productivity and reduce costs in the development of Queensland government infrastructure, including projects related to the 2032 Brisbane Olympic Games.

NSW Minister for Regional Transport and Roads Jenny Aitchison announced the establishment of the Regional Network East/West Uplift Program. The strategic plan features a 10-year investment pipeline to improve the NSW regional rail network. The final strategy will be released in 2026.

Health and Education

Federal Developments 

Minister for Education Jason Clare announced the ACT’s signing of the Better and Fairer Schools Agreement, securing an additional $110.5 million in Commonwealth funding from 2025–2029. The funding will support reforms in literacy, numeracy, mental health services and the reduction of teacher workloads in ACT public schools.. This makes the ACT the fourth jurisdiction to join the agreement, with funding tied to maintaining state contributions and practical education reforms.

Minister for Education Jason Clare revealed the first 10 locations for Suburban University Study Hubs, bringing university access closer to outer suburban communities to increase higher education participation in areas with low university attainment. With $66.9 million allocated to expand both suburban and regional hubs, the initiative is set to double the number of hubs nationwide by mid-2025.

Minister for Aged Care Anika Wells announced the introduction of cap-free gardening and cleaning services under the Support at Home program to help older Australians maintain independence at home. Supported by a $4.3 billion investment, the program will commence on 1 July 2025, providing clinical care, personal assistance, and everyday services to approximately 1.4 million people by 2035.

State Developments 

The NSW Government hosted the inaugural NSW Youth Summit, where nearly 100 young people engaged directly with policymakers on key issues such as mental health, housing, and education. Co-designed by youth, the event aimed to enhance dialogue and collaboration between young people and government decision-makers.