MAJOR REVIEW OF DEFENCE; EXPORT SURGE
PM announces major defence strategic review
Prime Minister Anthony Albanese and Deputy Prime Minister Richard Marles have announced a Defence Strategic Review to assess the nation’s Defence preparedness and mobilisation needs to 2032-33. Defence Minister Marles noted that Australia’s strategic environment was accelerating more rapidly than predicted in the 2012 Defence Force Posture Review. The review will identify and prioritise the estate, infrastructure, disposition, logistics and security investments required to provide Australia with the Defence posture needed by 2032-33. It will be led by former Defence Minister Stephen Smith and former Chief of The Defence Force, Angus Houston, and will report to the National Security Committee of Cabinet by March next year.
Resources exports powering trade surplus
Australia’s export sector is alleviating fears of an economic slowdown, with the national monthly trade surplus jumping 17 per cent to $17.6 billion, seasonally-adjusted in June. Figures from the Australian Bureau of Statistics show that the resources sector contributed more than $40 billion of the $61.5 billion of monthly exports, while exports of rural goods jumped almost 12 per cent in the month. Total exports rose by almost $3 billion (5.1 per cent) in June, but imports rose by just 0.7 per cent to $43.8 billion, mostly attributed to outbound travel.
Climate change legislation clears first hurdle
Senators will debate the Albanese Government’s Climate Change Bill 2022 in early September, after the legislation passed through the House of Representatives. The Bill seeks to enshrine an emissions reduction target of 43 per cent from 2005 levels by 2030, and net zero emissions by 2050. Under the legislation, the Government will provide an annual update to Parliament on progress on meeting the target, and empowers the federal agency, the Climate Change Authority, to provide advice to government on future targets.
Multinational tax regime under the spotlight
Treasurer Jim Chalmers has kicked off the Government’s plan to widen the tax net on multinational companies operating in Australia. Federal Treasury has released a discussion paper that follows the Government's election commitment to ensure that multinationals paid their “fair share” of tax in the domestic regime. Areas under focus include the limitation of interest deductions on debt, restricting tax deductions on intangibles and royalties, and enhanced tax transparency. Public submissions close on September 2.
Clare seeking answers to teacher shortages
Federal Education Minister Jason Clare is tackling the issue of a shortage of teachers in Australian schools, releasing a Department of Education issues paper to seek solutions. Mr Clare said modelling of future teacher numbers showed that demand for secondary school teachers would exceed the supply of new graduate teachers by more than 4,000 up to 2025. He said declining numbers of new graduate teachers, a growing student population and an aging teacher and leadership workforce were contributing to shortages.