AUSTRALIA SIGNS UP ON ENERGY, MINERAL LINKS
US, Australia to work together on renewable energy
Australia and US have formally agreed to develop and deploy a range of clean energy technologies in their commitment to the Paris Agreement and pursuit of targets for net-zero greenhouse gas emissions. Meeting in Sydney, Climate Change and Energy Minister Chris Bowen and US Energy Secretary Jennifer M. Granholm said the two countries would focus on applied research and collaborate with industry. Their initial areas of focus for co-operation would include long duration energy storage technology, digital electricity grids and technology, and supporting industry growth in hydrogen.
Australia links up on critical minerals supply chain
In a related move, Australia has joined a 10-member international partnership to develop and secure global supply chains for critical minerals. Trade Minister Don Farrell and Resources Minister Madeleine King said the initiative would help embed Australia in international critical minerals supply chains that were crucial to clean energy technology. The global partnership also comprises the United States, Japan, South Korea, the UK, France, Germany, Canada, Sweden, Finland and the European Commission. Ms King said Australia hosted vast reserves of cobalt and lithium, which were crucial to clean energy technologies such as batteries and electric vehicles.
Sharp drop in unemployment rate
Jobless levels in Australia have hit a 48-year low, with the nation’s monthly unemployment rate plunging from 3.9 per cent to 3.5 per cent, seasonally adjusted, in June. Figures from the Australian Bureau of Statistics show that unemployment rates in New South Wales, Victoria, Western Australia and the ACT were below the national rate. But the level of underemployment – measuring those who want to work more hours – rose slightly to 6.1 per cent.
International students on the way back
International student numbers into Australia are steadily climbing, with almost 25,000 foreign students arriving in May. But the 24,750 student arrivals during the month was still 28 per cent lower than the pre-Covid levels of May 2019, according to the Australian Bureau of Statistics. Total arrivals and departures in and out of Australia are also moving up, with more than 650,000 movements each-way in May; New Zealand, India and Singapore led the list of source countries for visitors.
Emergency payments return for Covid cases
Faced with a resurgence of Covid-19, Prime Minister Anthony Albanese recalled National Cabinet to reintroduce pandemic leave disaster payments. The payment of up to $750 per week will be available to eligible people who are unable to work because of Covid isolation requirements. Backdated to July 1, the payment will be extended to September 30. The PM estimated the payment to cost around $780 million on a 50:50 basis between the Federal Government, and the states and territories.
Soaring energy prices push US inflation to 40-year high
Meanwhile in the United States, soaring energy costs have contributed to the highest annual inflation rate for more than 40 years. US Department of Labor statistics for June show that the index for energy prices rose 41.6 per cent over 12 months, leading to an annual inflation rate of 9.1 per cent – the highest since November 1981. Food prices rose 10.4 per cent over 12 months. With the US a major exporter to Australia, rising costs there will feed into higher import costs – and higher inflation projections – in Australia.