ASIO LEADER’S WARNING; CYBER BOOST
ASIO chief warns on transfer of defence secrets
Australia’s head security official has warned of the threat of dangers posed by Department of Defence insiders willing to sell their military training and expertise to foreign governments. The Director-General of Security at ASIO, Mike Burgess, said a small but concerning number of veterans were willing to put cash before country, transferring highly sensitive, privileged and classified know-how to foreign governments that did not share Australia’s values. In his Annual Threat Assessment address, Mr Burgess said third party companies had offered Australians hundreds of thousands of dollars and other significant perks to help authoritarian regimes improve their combat skills. He said that while in some cases, ASIO and its partners had been able to stop insiders travelling overseas to provide the training, in other cases “legal ambiguities” had impeded law enforcement’s ability to intervene.
New national head to drive cyber security strategy
Australia will establish a Coordinator for Cyber Security, as the Federal Government seeks to develop a centrally-coordinated approach to deliver its cyber security responsibilities. Announcing the new position with the Prime Minister, Home Affairs and Cyber Security Minister Clare O’Neil released a discussion paper to guide the Government’s seven-year cyber security strategy. Ms O’Neil said Australia had a patchwork of policies, laws and frameworks that were not keeping up with the challenges presented by the digital age. According to the paper, the cyber market created about $2.4 billion in gross value added to the economy in 2022.
Liberals, Nationals seek fourth term in NSW
New South Wales voters go to the polls on Saturday, March 25, as Premier Dominic Perrottet seeks a fourth term for the Liberal/Nationals Coalition. To retain office, the Coalition will need to increase its numbers in the Legislative Assembly of the NSW Parliament. In 2019, former Premier Gladys Berejiklian retained office with a two-seat majority in the 93-member House; today, the Coalition holds just 45 seats after a by-election loss and defections. Labor Leader Chris Minns, however, needs to seize an extra 11 seats to win outright majority government; Independents presently hold nine seats, and the Greens party, three. First elected in March 2011, the current NSW government is the longest-serving non-Labor state administration in Australia since that of Queensland in the late 1980s.
PM hints at greater northern role for defence
Prime Minister Anthony Albanese has flagged that more of Australia’s defence assets will be based towards the north of the nation, rather than the south. The PM said the Defence Strategic Review not only considered the status of defence assets, but also where they were located. Interviewed on West Australian media, Mr Albanese said WA would have a critical role to play following the review, while acknowledging the current significance of places such as Exmouth in the north of the state, and Henderson, near Perth.
Treasurer flags tax break limits on large superannuation accounts
Treasurer Jim Chalmers has targeted tax concessions for large superannuation accounts as a potential area for reform in the Federal Budget. Dr Chalmers told a media interview that while there should be generous tax concessions for people to save for their retirement, there should be a “conversation” on concessions for superannuation balances of more than $3 million. He said that less than one per cent of people had more than $3 million in their superannuation; of that group, the average balance was $5.8 million. The Treasurer said that increasing the tax rate on additional contributions into superannuation was “not on the table”, and that the Government was not looking at taxing earnings on superannuation in the pension phase.
Private capital investment on the rise
If the Australian economy has been softening in recent months, it’s not reflected in the latest figures on levels of private investment. New private capital expenditure rose 2.2 per cent to $35 billion, seasonally-adjusted, in the December 2022 quarter, according to the Australian Bureau of Statistics. Investment in building and structures over the quarter increased by 3.6 per cent, and in equipment, plant and machinery by 0.6 per cent. Over the 12 months to December, new capital private investment rose 3.6 per cent.