PM BULLISH ON CHINA TRADE; NET ZERO TEST
Albanese bullish on Chinese trade liberalisation
Prime Minister Anthony Albanese has opened his trip to China by promoting the potential for increased Sino-Australian trade, with lower import barriers. In Shanghai, Mr Albanese said there were “wins to be had” for Australian business exporting to a market of 1.4 billion people in an economy growing faster than the global average. He said the Chinese economy was complementary in many ways to the Australian economy. The PM said the Federal Government had sought to improve the bilateral relationship by being patient, calibrated and deliberate, and he was positive that China would remove remaining import barriers on Australian products such as wine and lobster. On the issue of critical minerals, Mr Albanese said Chinese investment would be handled on a “case-by-case basis.”
Trade surplus narrowing as imports jump
Moves to revitalise the export market to China come as Australia’s trade surplus continues its downward trend, with a sharp fall in the balance on the trade of goods in September. The Australian Bureau of Statistics recorded a seasonally-adjusted trade balance of $6.78 billion, down from $10.1 billion in August and from a high of $19.4 billion in June 2022. In September, exports of goods fell 1.4 per cent but imports rose 7.5 per cent, driven by a rise in the import of industrial transport equipment.
Tests for net zero industry policy
Treasurer Jim Chalmers has laid down the ground rules for Federal Government industry policy to achieve net zero emissions. Speaking at an economic forum, Dr Chalmers said decisions on net zero industry policy would be guided by a series of tests, including on whether it: leveraged Australia’s comparative advantages; contributed to an efficient and orderly path to net zero; built the capabilities and resilience of people and regions; improved national security; and, delivered genuine value for money for government. The Treasurer also released a Treasury consultation paper that canvasses options for greater disclosure and transparency of sustainable investment products.
Migrants comprise almost 30 per cent of population
Almost 30 per cent of the Australian population in 2022 were foreign-born, headed by migrants from England, India, China and New Zealand. Figures from the Australian Bureau of Statistics show that of the nation’s population of 26 million, 7.7 million were migrants, chiefly from England (961,000), India (754,000), China (597,000) and New Zealand (586,000). The Indian-born group recorded the largest increase since 2012. Of all states and territories, Western Australia had the highest proportion of migrants (34 per cent) and Tasmania (16.3 percent), the lowest.
Federal scholarships on offer to lift teacher numbers
Aspiring teachers are being attracted by scholarships of up to $40,000 when they start their teaching degrees in 2024, under a Federal Government incentive to encourage more teacher entrants. Scholarships of $40,000 each will be available for undergraduate teaching students over four years and $20,000 for postgraduate students over two years. A total 5000 scholarships will be available for students, provided they commit to teach for four years (undergraduates) and two years (postgraduates) in government-run schools or early learning settings. Education Minister Jason Clare said the $160 million Commonwealth Teaching Scholarships Program built on the Government’s scheme to cut student debt for teachers in very remote areas.
International declaration to safeguard AI use in militaries
Australia has joined a US-sponsored agreement to commit to safe and responsible use of artificial intelligence in the military. Defence Minister Richard Marles said the Declaration on Responsible Military Use of Artificial Intelligence and Autonomy set out practical measures to safeguard the way AI was used by militaries. The Deputy PM said the declaration called on states to take steps to ensure military use of AI was consistent with obligations under international and humanitarian law, involved adequate training, and employed appropriate safeguards.