DEFENCE SALES SHAKE-UP; JOBS BOOMING
New-look Defence no longer ‘business as usual’
Assistant Minister for Defence Matt Thistlethwaite has warned that the days of a ‘business-as-usual’ approach to Australian defence purchases are over. In an address to the defence industry, the Minister said military build-up was growing, strategic warning times were shrinking and technological innovation was accelerating, while inflation and supply chain challenges were disrupting the global economy. Mr Thistlethwaite said the Defence Industrial Development Strategy that would be released later this year would set out the strategic rationale for a defence base and more targeted and detailed industrial capability priorities. It would also detail a plan to grow the industry’s workforce to deliver a viable industrial base and to increase Australia’s defence exports. Mechanism to improve security within defence businesses would also be addressed, the Minister said.
Inflation target two years away in strong job market, says RBA leader
A senior leader of the Reserve Bank of Australia has cited the strong employment market as one of the major challenges in combating inflation via higher interest rates. In a speech to industry, Deputy Governor Michele Bullock said the pace of the economic recovery post Covid-19 had been “remarkable”, with labour market outcomes exceeding the expectations of the RBA and other forecasters. Ms Bullock said the unemployment rate was at or below four per cent in three-quarters of all regions, not just in the cities; in addition, people on lower incomes and of less education had benefited most from strong labour conditions. She said the RBA board was willing to accept a more gradual return of inflation to its 2-3 per cent target, with recent forecasts suggesting a return to target by mid-2025. A faster return to the inflation target would result in more job losses in the short term, she said.
Air Force veteran to lead Federal cyber security strategy
A 30-year Air Force veteran will serve as Australia’s first National Cyber Security Co-ordinator, the Federal Government has announced. Air Marshal Darren Goldie, who has served as the Air Commander Australia, will lead national cyber security policy and the co-ordination of responses to major cyber incidents. Prime Minister Anthony Albanese said Air Marshal Goldie would also be responsible for whole-of-government cyber incident preparedness efforts and for strengthening the nation’s cyber security capability. Home Affairs Minister Clare O’Neil said the Government’s goal was not to eradicate cyber attacks – the Australian Taxation Office had received three million cyber attacks a month – but in a digital age it was to make sure that when a cyber attack hit, “we’re able to get back up off the mat quickly.”
Scams, fraud lead business cyber security incidents
Meanwhile, 22 per cent of businesses reported having a cyber security incident in the year to June 30, 2022, according to a survey conducted by the Australian Bureau of Statistics. The increase represented a sharp rise in the eight per cent of businesses who reported a cyber incident in 2020. Scams or fraud accounted for most of the cyber incidents, followed by malicious software infection and online impersonation of businesses or employees. In 2022, 70 per cent of businesses reported having a preventative measure in place to address cyber security threats.
PM quashes talk of early election
Prime Minister Anthony Albanese says he has no intention of calling an early double dissolution election on the basis of key national housing legislation being rejected in the Senate. The PM said he firmly believed that governments should serve a full term, which would be until May 2025 under the current government. Meanwhile, 13 candidates have nominated for the Fadden by-election in Queensland on July 15, following the resignation of former Liberal National Party minister Stuart Robert. At the May 2022 federal election, the LNP held the Gold Coast seat with a two-party preferred margin of 10 per cent.