HIGHER ED. UP FOR REVIEW; TRADE COUP

Clare announces major review for higher education

Federal Education Minister Jason Clare has announced a comprehensive review of Australia’s higher education system. The review will examine a wide range of areas, including funding and access, affordability, transparency, regulation and employment conditions. It will also review how higher education and vocational education and training can and should work together, as well as examining the challenges faced by international students and staff. An appointed panel will provide an interim report to the Minister by June 2023, ahead of a final report by December next year.

Free trade deals loom for India, UK

Trade and Tourism Minister Don Farrell says Australia is nearing the implementation of trade deals with India and the United Kingdom. Senator Farrell said last week that both agreements would be considered under legislation due to be presented in Federal Parliament this week. Under an economic co-operation and trade agreement, India will remove a range of tariffs on Australian agricultural products, and provide greater access for services suppliers. The UK free trade agreement is due to confer duty-free status on more than 99 per cent of Australian goods exported to the UK, while increasing the mobility of skilled workers in both directions. Senator Farrell said it was the first wholly new free trade agreement struck by the UK since it departed the European Union.

Defence facing some tough decisions, says Marles

Defence Minister Richard Marles says the current Defence Strategic Review will inevitably foreshadow some difficult decisions, as Australia seeks to strengthen the lethality, resilience and readiness of the ADF. In a speech to the Sydney Institute, the Deputy PM said Australia must improve the ADF’s ability to sustain the capability and materiel for high-end warfighting, especially ammunition. In addition, the ADF must draw more effectively on both domestic and international partners to establish more responsive and secure supply chains. Mr Marles said Australia had a defence personnel crisis, with the ADF almost 3,000 below its allocated force strength and the Department of Defence more than 1,000 below its allocated size.

Monthly international departures crack the one million mark

For the first time since Covid-19 struck in February 2020, Australia has recorded one million monthly overseas departures. Figures from the Australian Bureau of Statistics show that in September, the nation recorded 1.04 million international departures and 1.07 million arrivals. The latest figures, however, are well below the pre-Covid peaks of two million in both arrivals and departures per month. More than 35,000 international students arrived in Australia in September, at a level 21 per cent lower than in September 2019.

Victorian growth rebounds after Covid-19 lockdowns

Victoria recorded the highest level of economic growth among all states and territories in 2021-22, according to official figures. The Australian Bureau of Statistics says that Victoria’s gross state product rose 5.6 per cent last financial year, ahead of South Australia on 5.1 per cent. New South Wales and the Australian Capital Territory recorded the lowest levels of growth, of 1.8 per cent and 1.9 per cent respectively. Victoria’s growth rate is attributed to its emergence from Covid-19 restrictions, during which its economy went backwards by 0.3 per cent in 2020-21.

Higher energy prices here to stay, says regulator

Average wholesale gas prices in Australia in July were the highest on record and average wholesale electricity prices the second highest, according to the national energy regulator. The Australian Energy Regulator says in its quarterly report of wholesale markets that consumers face higher energy prices into 2024, spurred by continued high international prices for gas, thermal coal and oil. According to the AER report, average electricity prices in the third quarter of 2022 were the highest in South Australia and the lowest in Tasmania, attributable to higher coal and gas prices and seasonally low wind and solar output over winter.