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Highlights

• Following a meeting of the Reserve Bank of Australia (RBA) Board, the RBA held interest rates at 4.35 per cent for the eighth consecutive time.
• Minister for Trade and Tourism Don Farrell visited China ahead of the 2024 China International Import Expo following an invitation from China’s Minister of Commerce Wang Wentao.
• Minister for Education Jason Clare announced the Federal Government will reduce HELP student loans by a further 20 per cent and raise the minimum repayment threshold from $54,000 to $67,000 in 2025-26.
• Prime Minister Anthony Albanese and Minister for Communications Michelle Rowland have committed to legislate an age limit of 16 years for social media use in Australia.
• Minister for Trade and Tourism Don Farrell announced the signing of the Australia-UAE Comprehensive Economic Partnership Agreement, which will eliminate tariffs on over 99 per cent of Australian exports to the UAE.

US Election

Following the results of the 2024 US Presidential Election, Prime Minister Anthony Albanese congratulated President-elect Donald Trump on his victory. The Prime Minister later spoke with President-elect Trump, discussing the enduring Australia-US alliance, AUKUS, and trade and investment.

Leader of the Opposition Peter Dutton also congratulated Mr Trump. Mr Dutton reflected on the Australia-US alliance and commented on the AUKUS agreement, noting that the agreement will deepen defence, industrial and economic investment ties between Australia and the United States.

Federal Parliament

Only the House sat this week with Senate Estimates also occurring. There are only two remaining joint sitting weeks left this year.

Minister for Financial Services Stephen Jones introduced the Scams Prevention Framework Bill 2024, to implement a framework for telecommunications services, banking services, and digital platforms to prevent scams. Minister for Skills and Training Andrew Giles introduced the Free TAFE Bill 2024, which will see joint funding arrangements between Commonwealth, State and Territory governments to fund additional free TAFE and vocational education and training places. Minister for Home Affairs Tony Burke also introduced the Migration Amendment Bill 2024, which seeks to enable the removal of non-citizens from Australia.

Passing the House this week were the Better and Fairer Schools (Funding and Reform) Bill 2024, which aims to increase funding for public schools by $16 billion; the Communications Legislation Amendment (Combatting Misinformation and Disinformation) Bill 2024, which seeks to grant the Australian Communications and Media Authority additional power to combat mis/disinformation on digital platforms; the Wage Justice for Early Childhood Education and Care Workers (Special Account) Bill 2024 also passed and aims to increase the wages of early childcare workers who are paid at the award rate; and the Aged Care Legislation Amendment Bill 2024, which was drafted in response to recommendations from the Royal Commission into Aged Care Quality and Safety.

Looking ahead

The NSW, VIC, SA, WA, and ACT Parliaments will sit next week.

Finance

Federal Developments

The Australian Securities and Investments Commission (ASIC) opened consultation on a draft regulatory guide of the sustainability reporting regime, ahead of mandatory climate reporting requirements phasing in from 1 January 2025. The draft guide outlines who will prepare a sustainability report, the interaction between the new regime and existing legal obligations, and how ASIC plans to manage sustainability reporting requirements. Consultation is open until 19 December.

The Reserve Bank of Australia (RBA) appointed Dr Meredith Beechey Österholm to the new role of Head of Monetary Policy Strategy. As part of the ongoing transformation of the RBA, Dr Beechey Österholm will be responsible for assisting the Board in developing a monetary policy strategy to support decision making.

The Australian Tax Office (ATO) published its tenth annual Corporate Tax Transparency report. In 2022-23, the ATO received $97.9 billion in income tax from big businesses, a significant increase from the previous year. It was reported that approximately 31 per cent of entities paid nil tax. The ATO’s Deputy Commissioner Rebecca Saint stated there were “legitimate reasons” companies did not pay income tax, reiterating the ATO’s monitoring of these entities.

Foreign Affairs, Defence and Trade

Federal Developments

Minister for Foreign Affairs Penny Wong appointed the members of the inaugural Advisory Board of the ASEAN-Australia Centre, which replaces the Australia-ASEAN Council and will help deliver on Australia’s Southeast Asia Economic Strategy to 2040. The Chair of the Advisory Board will be announced in early 2025.

Minister Wong welcomed India’s Minister for External Affairs, Dr S Jaishankar, to Australia for the 15th Australia-India Foreign Ministers’ Framework Dialogue. The dialogue discussed advancing bilateral cooperation in defence, clean energy, trade, and investment in science and technology.

Minister for Defence Richard Marles and Minister for Defence Personnel Matt Keogh announced that the Albanese Government will commit $600 million to extend and expand the Continuation Bonus for permanent Australian Defence Force (ADF) members. Meanwhile, the ADF’s Operational Reserves will be increased by 1,000 personnel.

State Developments

The SA Government confirmed that the trade of fresh and perishable foods with the UAE would expand with the return of direct flights between Adelaide and Dubai. The increase of 98 tonnes of direct cargo space will benefit the SA economy by an estimated $160 million annually. This follows the recommencement of Emirates direct passenger flights between the two cities.

Environment, Resources, Energy and Agriculture

Federal Developments 

Minister for Agriculture, Fisheries and Forestry Julie Collins welcomed the Australia-UAE Comprehensive Economic Partnership Agreement, including the five Memoranda of Understanding, one of which will seek to promote investment in Australian agriculture. The free trade agreement will also eliminate tariffs on Australian meat, dairy, grains and honey exports while reducing tariffs on wine. The tariff savings are anticipated to be worth over $50 million per annum.

State Developments

The Victorian Government extended the Victorian Energy Upgrades (VEU) program to induction cooktops. Through the VEU, eligible households can receive a rebate of up to $140 to replace gas water heating systems, cooktops and household heating systems.

The NSW Government announced Power Outage Support Grants, to provide financial assistance to residents impacted by power outages in Far West NSW. Eligible adults will receive a single payment of $200, and eligible small-to-medium business owners will receive a one-off payment of $400. Applications close on 31 March 2025.

The NSW Government launched a Seasonal Drought Forecast as part of the State Seasonal Update. The online tool will offer insights to help farmers make informed decisions on crop production and drought preparedness. The model will use rainfall and temperature data from the Bureau of Meteorology to generate the likely drought status for up to three months.

Infrastructure, Transport and Communications

Federal Developments

Minister for Communications Michelle Rowland announced the Federal Government will provide $8 million in funding to improve mobile coverage along highways and major roads in regional Victoria. The funding is part of the $50 million Regional Roads Australia Mobile Program, which aims to address persistent connectivity issues in regional Victoria.

Minister Rowland announced that more than nine million homes and businesses will now have access to the fastest broadband speeds available through the National Broadband Network (NBN). This comes after a $2.4 billion investment in the NBN to roll out fibre to 1.5 million additional premises across Australia.

Minister Rowland released the Environmental Impact Statement (EIS) for Western Sydney International Airport’s preliminary flight paths. Following community and stakeholder consultation, five changes were made to the draft EIS to reduce noise pollution, with over 8,400 submissions received. 

Health and Education

Federal Developments 

Minister for Health Mark Butler reported an increase in bulk-billed GP visits following the government’s investment to strengthen Medicare, adding 5.4 million bulk-billed visits since November 2023. The Albanese Government previously committed to increasing investment in Medicare to support additional Medicare rebates, and urgent care clinics, and increase funding for GP training and new doctor appointments.

Minister Butler released an independent report stating that regulatory barriers prevent many Australian health professionals from fully utilising their skills. The review contained 18 recommendations, including reforms to streamline workforce regulation, and highlighted how inconsistencies across states limit access to healthcare.

Assistant Minister for Health and Aged Care Ged Kearney announced a national strategy aimed at positioning Australia as a leader in organ donation, retrieval and transplantation. The strategy was endorsed by all State and Territory governments and will be overseen by the Organ and Tissue Authority.

State Developments 

The Cancer Institute NSW released its melanoma hotspot map, identifying Ballina, Lismore, Byron, and other local government areas as having the highest melanoma rates in the state. 350 cases are expected in 2024.