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Highlights

• The Albanese Government secured support for 31 bills in a single day, increasing speculation of an early election.
• Headline inflation remained steady at 2.1 per cent in the 12 months to October 2024, according to data released by the Australian Bureau of Statistics. Trimmed mean inflation rose to 3.5 per cent in the same period.
• Minister for Climate Change and Energy Chris Bowen announced an independent review into Australia’s National Electricity Market and its future operations. Final recommendations from the review will be provided in late 2025.  
• Prime Minister Anthony Albanese welcomed President of the Czech Republic Petr Pavel to Canberra. Discussions revolved around global security challenges and developing people-to-people ties.   
• Leader of the Opposition in the Senate and Shadow Foreign Affairs Minister Simon Birmingham announced his retirement from federal politics after over 17 years as a Senator for South Australia.
• QLD Parliament returned under the recently elected Crisafulli Government for the first time. Debate focused on youth crime reforms and the review of the Brisbane 2032 Olympics infrastructure plan.

Federal Parliament

In its last sitting week of the year, the Federal Parliament cleared a significant legislative backlog before the summer break and the impending election. The week began with the Greens providing support for the Government’s two signature housing measures which they had previously opposed, namely a shared-equity scheme for first-home buyers and tax concessions for institutional investor in build-to-rent (BTR) projects. With the Greens’ and the crossbench’s support, the Help to Buy Bill 2023 and the Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024 (which contains the BTR measures) passed the Senate.

Building on the Government’s cost-of-living measures heading into the new year, the Universities Accord (Student Support and Other Measures) Bill 2024, which changes how student debt indexation is calculated, also passed the Senate. The Treasury Laws Amendment (Fairer for Families and Farmers and Other Measures) Bill 2024, which establishes a new Food and Grocery Code and increases penalties for supermarkets who breach it, also was pushed through both houses. With migration also expected to be a key election issue, Migration Amendment (Prohibiting Items in Immigration Detention Facilities) Bill 2024 and supporting bills were also rushed through both houses of Parliament following a deal between the Government and the Coalition.

As the sitting week came to a close and a backlog of legislation to consider, the Government forged agreements with the Greens and some members of the crossbench to implement a ‘guillotine motion’ in the Senate, where most Government legislation had been subject to gridlock for the past twelve months. A guillotine motion enables bills to voted on consecutively without debate or delay. As such, the Senate concluded its duties for the year by sitting until 11:30pm and passing over 30 pieces of government legislation. This included the Online Safety Amendment (Social Media Minimum Age) Bill 2024, which imposes a social media access ban for children aged under 16.  The House returned early on Friday morning to agree to deal with any amendments before it formally adjourned until the next sitting, scheduled for February 2025. Details of other legislation can be found in respective policy sections below.

Looking ahead

The NSW (Budget estimates only) Parliament will sit next week.

Finance

Federal Developments

Several pieces of legislation secured passage in Federal Parliament within the Treasury portfolio. The Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) Amendment Bill 2024 passed, simplifying, and modernising the AML/CTF regime to ensure it is fit-for-purpose. The Superannuation (Objective) Bill 2023, which enshrines an objective of superannuation in law sailed through Parliament.  Legislation that overhauls the structure of the Reserve Bank of Australia also passed Parliament (Treasury Laws Amendment (Reserve Bank Reforms) Bill 2023).

Following passage of the Commonwealth Entities (Payment Surcharges) Bill 2024,  the Australian Tax Office and Services Australia will stop charging merchant fees on debit payments from 1 January 2025. The legislation applies retrospectively from 1 January 2003. The Taxation (Multinational—Global and Domestic Minimum Tax) Imposition Bill 2024 passed Parliament. The new laws will set a 15 per cent global minimum tax and domestic minimum tax for multinational enterprise groups with an annual global revenue of at least ~$1.2 billion, effective from 1 January 2024.

The Treasury Laws Amendment (Mergers and Acquisitions Reform) Bill 2024 passed without amendments, reforming Australia’s merger process to a mandatory and suspensory regime. This will see the Australian Competition and Consumer Commission (ACCC) have greater oversight and approval powers for mergers and acquisitions above a threshold. Additionally, subsequent to the Treasury Laws Amendment (2024 Tax and Other Measures No. 1) Bill 2024 passing, the withholding rate for foreign resident capital gains withholding payments regime will be increased to 15 per cent, up from 12.5 per cent. The credit code will be extended to buy now, pay later operators, following the Responsible Buy Now Pay Later and Other Measures Bill 2024 passing both houses.

The Australian Bureau of Statistics released figures that report private new capital expenditure (capex) rose 1.1 per cent in September quarter 2024, 1 per cent higher than the previous year. New South Wales (+3.6 per cent) and Victoria (+3.2 per cent) saw the largest growth, whilst there were significant falls in South Australia (-10.9 per cent) and the Northern Territory (-17.1 per cent).

Treasury opened consultation on draft rules to expand the Consumer Data Right (CDR) to non bank lending. Under the proposed changes, consumers will be able to share their bank data with non bank lenders for a range of products, such as residential mortgages and car loans. The consultation period is open until 24 December 2024.

The Australian Competition and Consumer Commission published its quarterly petrol monitoring report, outlining average retail petrol prices decreased to 182.8 cents per litre (CPL) in the September quarter across Australia’s five largest cities, a 13.7 CPL decrease from the June quarter. The price decrease is a result of slowing oil demand in China and increases in oil supply from producers outside of the Organisation of the Petroleum Exporting Countries.

State Developments

The Electoral (Accountability and Integrity) Amendment Bill 2024 passed South Australian Parliament. This will see politicians, candidates and political parties no longer permitted to accept financial donations. It will also cap party spending on election campaigns. The new law will take effect from 1 July 2025, ahead of the March 2026 South Australian Election.

Foreign Affairs, Defence and Trade

Federal Developments

The Customs Amendment (ASEAN-Australia-New Zealand Free Trade Area Second Protocol Implementation and Other Measures) Bill 2024 and Customs Tariff Amendment (Incorporation of Proposals and Other Measures) Bill 2024 also passed the Senate. The first Bill seeks to modernise the AANZFTA while the second Bill repeals the general rates of duty for over 450 tariff classifications and replace the rates with ‘free’.

Minister for Defence Richard Marles and Minister for Defence Industry and Capability Delivery Pat Conroy announced that the Albanese government shortlisted Mitsubishi Heavy Industries and Thyssenkrupp Marine Systems to design Australia’s future general purpose frigates. Over the next decade, the Albanese government has committed to investing $10bn in general purpose frigates for the Royal Australian Navy.

Minister for Foreign Affairs Penny Wong launched the ASEAN-Australia Centre alongside H.E. Dr. Kao Kim Hourn, Secretary-General of ASEAN. The centre aims to deepen Australia’s engagement with Southeast Asia, and will focus on increasing business, education cultural and community connections in the region. The establishment of the centre was a recommendation made by the Southeast Asia Economic Strategy.

Minister for Defence Richard Marles and Minister for Defence Industry and Capability Delivery Pat Conroy announced the release of codified practices in the event that the Australian Defence Force is deployed in a major military operation. This follows recommendations made by the Inquiry into International Armed Conflict Decision Making.

The Standing Committee on Agriculture released its report on the role of Australian agriculture in Southeast Asian Markets. The report made twelve recommendations. In particular, the Committee recommended that the Australian government continue to support the implementation of the Southeast Asia Economic Strategy.

The Joint Standing Committee on Treaties released its report on Naval Nuclear Propulsion Cooperation between Australia, the United Kingdom, and the United States. The committee recommended that binding treaty be formulated between the parties and communicated that the AUKUS agreement was in Australia’s national interest.

Environment, Resources, Energy and Agriculture

Federal Developments 

The Federal Parliament passed a number of Bills associated with the Government’s Future Made in Australia agenda. This included the Future Made in Australia Bill 2024 and the Future Made in Australia (Guarantee of Origin) Bill 2024, which together aim to boost Australia’s domestic manufacturing capabilities in areas such as clean energy manufacturing, critical minerals, and emerging technologies. The Government’s environmental reforms, the Nature Positive (Environment Protection Australia) Bill 2024, have been delayed indefinitely due to a personal intervention by Prime Minister Anthony Albanese following concerns raised by the WA Cook Government.

The Federal Government released the 2024 Annual Climate Change Statement. The statement projects emissions to be 42.6 per cent below 2005 levels in 2030 and that 40 per cent of Australia’s electricity will be generated from renewable sources in 2024. The Climate Change Authority also published its Annual Progress Report. The report found policy settings of the current government mean it is more likely to achieve the 2030 target, however, further action is still required to reach the 82 per cent renewables by 2030 target.

The Federal Government launched the expanded Next Export Documentation system. The system will streamline certification applications and improve data accuracy and reporting. The service is expected to enhance the $3 billion wool, feathers, skins and hides export industries with the certificates easily verified by trading partners. 

State Developments 

The QLD Government announced an Energy Maintenance Guarantee, The $1.4 billion guarantee will invest in the maintenance of Queensland’s power plants and create a framework regarding investment, performance, and accountability for state-owned energy assets in Queensland. Under the framework, new KPIs for executives of the state-owned Stanwell, CS Energy, and CleanCo will come into force. These KPIs relate to maintenance, personal safety, process safety, and plant performance. Failure to meet the KPIs will result in the loss of bonuses.

Infrastructure, Transport and Communications

Federal Developments

Federal Parliament passed the Sydney Airport Demand Management Amendment Bill and the Legislation Amendment (Regional Broadcasting Continuity) Bill 2024. The bills deal with penalties for the misuse of slots at Sydney Airport and provide access to satellite television services where no commercial broadcaster is available, respectively.

Chair of the Australian Broadcasting Corporation (ABC) Kim Williams addressed the National Press Club, highlighting the critical challenges posed by misinformation and disinformation in the digital age such as the Joe Rogan podcast. He emphasised the impact of these issues on Australia’s social cohesion and national identity, particularly among younger generations. Williams called for strengthened investment in the ABC to improve its capacity to produce trusted, objective journalism and Australian content that reflects the nation’s values and diversity. M

The Senate Select Committee on Adopting Artificial Intelligence tabled its final report into opportunities and impacts of artificial intelligence (AI) in Australia. The report makes 13 recommendations to Government and highlights Australia’s evolving approach to AI regulation, focused on balancing innovation with addressing high risks in AI supply chains.

Shadow Minister for Housing Michael Sukkar and Greens’ Housing spokesperson Max Chandler-Mather participated in a housing debate at the National Press Club. Mr Sukkar criticised the Greens for supporting Labor’s Build to Rent and shared equity schemes while the Mr Chandler-Mather highlighted the need for tax reform and more investment in public housing.

State Developments

VIC Premier Jacinta Allen announced the Victorian Government will introduce new rental reforms to the state parliament. This includes expanded rent review criteria, mandatory compliance with minimum rental standards before advertising properties, and penalties for non-compliance. The Consumer and Planning Legislation Amendment (Housing Statement Reform) Bill will implement previously announced reforms alongside two additional measures to enhance renters’ rights.

Health and Education

Federal Developments 

The Federal Parliament passed the Wage Justice for Early Childhood Education and Care Workers (Special Account) Bill 2024, legislating a 15 per cent pay increase for early childhood and outside school hours care workers over two years, supported by $3.6 billion in funding tied to fee caps to ensure affordability for families. Additionally, the Better and Fairer Schools (Funding and Reform) Bill 2024 was approved, enabling the Commonwealth to raise its public-school funding contribution above the current 20 per cent cap, with $16 billion in additional investment linked to reforms aimed at improving student outcomes.

The Federal Parliament passed the Universities Accord (National Student Ombudsman) Bill 2024 introducing the creation of an independent National Student Ombudsman to investigate complaints and resolve disputes with universities. The Ombudsman, led by Sarah Bendall, will address issues such as sexual assault, harassment, discrimination and other grievances not related to academic judgement or employment. The Ombudsman will begin accepting complaints from 1 February 2025.

Minister for Health Mark Butler announced a $50.1 million investment over five years to support the Australian Type 1 Diabetes Clinical Research Network. The funding will advance research into prevention, treatment, and a potential cure, including studies on early detection and personalised therapies using genomics and stem cells, to improve outcomes for Australians with Type 1 Diabetes.

The Federal Government launched the 9th National HIV Strategy, aiming to virtually eliminate HIV transmission in Australia by 2030. Informed by the 2023 HIV Taskforce, the Strategy focuses on reducing new and late diagnoses, improving outcomes for priority populations, addressing stigma and implementing innovative testing and treatment models.

State Developments 

Victorian Premier Jacinta Allan and Minister for Health Ben Carroll announced a $400 School Saving Bonus, assisting 700,000 Victorian families with school-related expenses. The $280 million program provides $400 per child for items such as uniforms, textbooks, camps and excursions, distributed automatically to government school families and through schools for non-government students, with unused funds transferring to school accounts.