FOREIGN CITIZEN ARMY PLAN; ECONOMY FLAT
ADF recruitment to be extended to non-citizens
Amid recruitment shortfalls, the Australian Defence Force (ADF) will open its ranks to applicants from eligible permanent residents from select countries. From next month, eligible New Zealanders living in Australia can apply to join the ADF, while eligible permanent residents from the US, the UK and Canada will be able to apply from January 2025. Permanent residents wishing to join the ADF must have lived in Australia for at least one year immediately prior to applying, have not served in a foreign military for two years and be able to attain Australian citizenship. In February, the Chief of the ADF, General Angus Campbell, told a Senate committee that the force was almost seven per cent, or around 4,300 people, below its authorised strength.
Australian economy weakening as demand falls
Weak investment and subdued domestic demand have contributed to flat economic growth, with the Australian economy growing by just 1.1 per cent over the past 12 months. Australian Bureau of Statistics figures show that gross domestic product (GDP) barely grew, by 0.1 per cent seasonally adjusted, in the March quarter. Imports increased strongly compared to exports over the quarter, while government spending propped up total expenditure across the economy. In population terms, Australia is already in recession, with GDP per capita falling by 1.3 per cent in the 12 months to the end of March.
SA drops stamp duty for first-home buyers in surplus budget
South Australia will produce five budget surpluses in a row, if the State Budget handed down on June 6 delivers on its long-term forecasts. SA Treasurer Stephen Mullighan says the Malinauskas Labor Government is poised to deliver a $306 million surplus for the current financial year, and a $248 million surplus in 2024-25, followed by another three surpluses. The ratio of the state’s net debt to revenue raised, however, will rise from under 97 per cent to almost 132 per cent by 2027-28. In a major move to increase housing affordability, the Government has removed the property value stamp duty threshold for first-home buyers, effectively abolishing stamp duty for eligible buyers of their first home.
Farm production tipped to rise to $84 billion
Australia’s agricultural sector will in 2024-25 generate production worth $84 billion, the nation’s third highest farm output on record, according to latest forecasts. The Department of Agriculture, Fisheries and Forestry says the gross value of agricultural production will rise by $2 billion, with an increase in both livestock and crop output. Winter crop production is tipped to rise by nine per cent through a positive winter rainfall outlook, although domestic prices are forecast to ease. The value of crop production is forecast to rise to $48.1 billion, while livestock and wool production is tipped to rise by $1.1 billion to $35.5 billion.
PM sets out parameters for investment in renewables
Prime Minister Anthony Albanese says Australia will not go “dollar for dollar” with the United States, the European Union, Japan and Korea in pursuing an industrial base to support the growth of renewable energy. In an address on the nation’s economic outlook, the PM said Australia would not compete with the US Inflation Reduction Act or copy wholesale the approach of other advanced economies. Mr Albanese said the government would work with industry to deliver “bankable projects” in generation, transmission and critical minerals. The Future Made in Australia Act, he said, would provide commercial rigor, ensure value for public money and help to attract more private capital, including from superannuation funds and institutional investors. Supporting his renewables push, the PM said one in three small businesses had rooftop solar, and almost one in five had a battery storage system.
Regulated caps fitting for international students, says Clare
Education Minister Jason Clare has defended government moves to cap the number of international students in tertiary institutions, claiming that the sector should face similar regulation to that of domestic students. Mr Clare said a cap on federal funding to universities effectively capped the number of Australian students. In a media interview, the Minister said it was important that Australia maintained a “social licence” for the international student sector, which he said was worth $48 billion in exports. Mr Clare said the number of international students in universities was up by 10 per cent on pre-pandemic figures, while in the vocational education training (VET) sector, it had increased by 50 per cent.