CYBER ATTACKS COST $98M; GAS BACKED
Business email cyber breaches cost near $100 million
The Australian Cyber Security Centre (ACSC) has reported receiving more than 76,000 cybercrime reports in 2020-21, up almost 13 per cent, or one report every seven minutes. In its annual threat report, the ACSC said Australia’s prosperity was attractive to cyber-criminals, with online banking and shopping among the most common form of compromise. Business email compromise resulted in financial losses of more than $98 million during the year. According to the ACSC, ransomware remained the most destructive cybercrime, with state actors and cyber-criminals viewing critical infrastructure as an attractive target.
King backs coal and gas energy contributions
Federal Resources Minister Madeleine King has promoted the role of coal and gas to keep domestic manufacturing going and meet the global demand for energy. Speaking to a mining and resources forum, Ms King said gas was an ally of renewable energy and would be part of Australia’s energy mix as it “decarbonised” the economy. The Minister said the Albanese Government would support new gas and coal developments, provided the environmental and economic credentials “stacked up” and that projects received all the necessary approvals. Ms King said Australian resources and energy export earnings were forecast to reach $450 billion in 2022-23.
Gas exports drive lift in trade surplus
Meanwhile, Australia has posted a 43 per cent lift, seasonally-adjusted, in its trade surplus in September, thanks to a rise in service exports and a 16.7 per cent rise in the value of gas (LNG) exports. Figures from the Australian Bureau of Statistics reveal a monthly trade surplus of $12.4 billion, as total exports rose by $3.7 billion. Importation of services has returned to pre-Covid 19 levels, but service exports remain more than 20 per cent below the 2019 peak.
Big jump in collectable tax debt during Covid-19
Australians owe almost $45 billion in collectable debt to the Australian Taxation Office, according to the 2021-22 annual report of the Commissioner of Taxation. The Commissioner, Chris Jordan, reported that the level of collectable debt had soared by $18.3 billion or 69 per cent since June 2019, attributable to disrupted economic activity due to lockdowns and cash flow impacts on small businesses and households. Mr Jordan flagged a tougher campaign on debts that remained unpaid and accumulated over time. For 2021-22, the ATO collected $515.6 billion in net tax, up by $64 billion, or 14 per cent, from 2020-21.
Disability, child care a barrier to job search, says ABS study
A study by the Australian Bureau of Statistics (ABS) has underlined the barriers that businesses are facing in filling worker shortages. The study on barriers and incentives to labour force participation found that men cited long-term sickness or disability as the most common reason they were unavailable to start a job or work more hours within four weeks. For women, the main reason was caring for children. The ABS found that the ability to work part-time hours and the match of skills and experience to a job were the most important incentives for people to seek a job. It also found that around four million people (excluding retirees and those unable to work) of the 19.6 million people aged 18 or over in 2020-21 did not participate in the workforce, of whom 26 per cent of people wanted a job.
Farrell unmoved on US defence link to China trade
Trade and Tourism Minister Don Farrell has played down any economic fallout with China as a result of US defence exercises being conducted in the Northern Territory. While acknowledging trade blockages in the export of wine, meat and crayfish, Senator Farrell said the volume and value of trade with China had increased over the last 12 months. He told NT radio that the Russia-Ukraine conflict had pushed up the value of Australia’s exports to China. The Chinese, Senator Farrell said, understood “full well” Australia’s relationship with the US, which was based on “a very long and successful partnership.”