CHINA LEADS IN TRADE RANK; RUDD US ENVOY

China still Australia’s top trading partner

Despite ongoing trade bans, China remained Australia’s largest trading partner in 2021-22, according to official data. Exports to China rose by just two per cent to A$180.9 billion in the financial year, while imports from China increased by 17 per cent to $103.8 billion, resulting in an inter-country trade surplus to Australia of more than $77 billion. Figures from the Australian Bureau of Statistics show that exports to Japan soared by 102 per cent, to $92.7 billion, with Korea, India and the United States making up the top five of exporters. The US – which registered a trade surplus with Australia of more than A$22 billion, thanks to its services exports – was the second-ranked importer, followed by Singapore, Germany and Korea. Overall, Australia registered a surplus of almost $148 billion on goods and services in 2021-22, with exports rising by 29 per cent and imports by 25 per cent.

Wong marks half-century of diplomatic ties

Meanwhile, Foreign Minister Penny Wong is visiting China, marking 50 years of Australian diplomatic relations with the global economic giant. Senator Wong is travelling to Beijing at the invitation of the People’s Republic of China to meet with her counterpart, Wang Yi, during the sixth Australia-China Foreign and Strategic Dialogue. The Dialogue was last held in 2018; in 2020-21, China imposed a raft of import restrictions on various Australian exports, including wine, timber, lobster and barley.

Rudd appointed as Ambassador to US

Former Prime Minister Kevin Rudd would serve as the next Ambassador to the United States, the Federal Government has announced. Current PM Anthony Albanese said Dr Rudd would bring to the Washington DC posting “unmatched experience” , which included two terms as Labor PM, from 2007 to 2010, and again in 2013, when Mr Albanese served as Deputy PM. Dr Rudd is a former diplomat and the current president of the Asia Society Policy Institute, based in New York.

Migration drives post-Covid population growth

Australia’s population growth path has resumed after Covid-19 disruptions, rising 1.1 per cent to reach almost 26 million people at the end of the 2021-22 year. A resumption in net overseas migration to almost 171,000 boosted population growth, with New South Wales and Victoria the main beneficiaries. The Australian Bureau of Statistics estimated that Queensland had the highest growth rate, of two per cent, and Northern Territory and Tasmania, the lowest at 0.6 per cent. During the year, NSW and Victoria together recorded a net loss of 60,000 people in interstate migration.

Record export earnings tipped for resources

Australia’s resources and energy industries are on track to deliver a record $459 billion in export earnings in 2022-23, according to forecasts by the Department of Industry, Science and Resources. Iron ore and coal are predicted to contribute a combined $245 billion in export earnings, while demand for materials used in low-emissions technology was driving increased demand for copper, nickel and lithium. Resources Minister Madeleine King said that while sector exports earnings were predicted to rise by $37 billion on 2021-22, it was expected they would ease to $391 billion in 2023-24. The departmental quarterly report said that energy prices would remain high, given that Russian energy supply would become stranded during the Ukraine conflict.

Keogh warns of Defence personnel challenges

Defence Personnel Minister Matt Keogh says that Australia needs to grow its defence force by 18,000 people over the next 20 years. The Minister said more than 300 different roles were on offer, including in areas such as cyber, information technology, intelligence, catering, medical assistance and humanitarian assistance. Mr Keogh acknowledged that locational stability was an issue for defence employment, including for spousal employment. He said that he was working with Defence to provide personnel with longer stints and greater certainty on their next posting.

Bowen strikes deal with Greens on electrification

Climate Change and Energy Minister Chris Bowen says the Government will work with the Greens party ahead of the May 2023 Budget to support moves towards greater electrification among households and business. The Government secured the Greens’ support for its energy price relief legislation, which passed through Federal Parliament on the final sitting day of the year. Mr Bowen said the package would include a greater role for the Clean Energy Finance Corporation and the Australian Renewable Energy Agency (ARENA). Mr Bowen declined to outline the cost of the package struck with the Greens, other than that it would be “meaningful and substantial.”