SUNSHINE STATE SPENDS UP; PM IN CHINA TALKS

Concessions jump 31 per cent as Queensland budget moves into deficit

Queensland is set to finish the financial year with a $564 million budget surplus, but revert to a $2.63 billion deficit in 2024-25 through flatter revenue and increased spending on concessions. Releasing the Queensland Budget, Treasurer Cameron Dick announced a 31 per cent increase to $11.2 billion in government concessions, in a bid to restrain inflation and general cost of living. Budget papers forecast that the inflation rate in Brisbane will halve from four per cent in 2023-24 to two per cent next financial year, while the state’s economy would grow by three per cent. Queensland government borrowings are forecast to rise sharply from almost $62 billion in 2023-24, to $77.1 billion next year and by $111.3 billion in 2027-28.

PM welcomes candid dialogue in talks with Chinese Premier

Prime Minister Anthony Albanese says “candid dialogue” is important to Australia in managing its differences with China, declaring there is no “fixed model” for a stabilised relationship. Welcoming China’s Premier Li Qiang to Canberra, the PM said Australia’s differences with China reflected their different political systems, approaches and priorities. He said Australia advocated the importance of a region and world that was peaceful, stable and prosperous, where countries respected sovereignty and abided by international laws and obligations. In Canberra, the two leaders witnessed the signature of memoranda of understanding on education and research, climate change, economic dialogue, enhancing the implementation of the China-Australia free trade agreement, and cultural exchanges. They also agreed to continue or expand engagement on defence matters, including through the convening of an initial session of a bilateral Maritime Affairs Dialogue.

North Sydney seat faces axe in federal redistribution

New South Wales will lose the seat of North Sydney under a major redistribution of the state’s federal electorates proposed by the Australian Electoral Commission (AEC). The AEC says population projections have led to the number of seats in NSW being reduced from 47 to 46, with North Sydney the proposed casualty. Won by the Teal Independent Kylea Tink off the Liberal Party in 2022, North Sydney was from 1996 to 2015 held by former Treasurer and later Ambassador to the US, Joe Hockey. In addition, the seats of Hume and Macarthur will be reduced in size because of population growth on Sydney’s southern fringes. The AEC is due in October to make its final determination on the redistribution proposals for NSW, Victoria and Western Australia.

Net overseas migration soars as population nears 27 million

Net overseas migration to Australia increased by more than 26 per cent in 2023, driving a 2.5 per cent rise in the nation’s population to almost 27 million people. According to the Australian Bureau of Statistics, net overseas migration for the year jumped to almost 550,000 people. Annual natural increase was just under 104,000. Western Australia recorded the highest rate of annual population growth, at 3.3 per cent, ahead of Victoria (2.8 per cent), while Tasmania recorded the lowest, at 0.4 per cent.

O’Neil tightens rules for ‘visa-hopping’

Home Affairs Minister Clare O’Neil has announced a further tightening of visa provisions for international students and temporary visa holders. Ms O’Neil said that from July 1, visitor visa holders would be unable to apply for student visas onshore. The Minister said that there were more than 36,000 visitor-to-student applications in the first 11 months of this financial year. In addition, temporary graduate visa holders would be prevented from applying for student visas onshore. Graduates should be finding skilled jobs and becoming permanent residents, Ms O’Neil said. Otherwise, graduates should depart the country when they were more likely to become ‘permanently temporary’.

Health, defence lead spending on research and development

Governments across Australia spent $4.3 billion on research and development in the last financial year, up 20 per cent in two years, according to official figures. Spending on environmental-related R&D accounted for almost 20 per cent of total expenditure, but health and defence made up almost 36 per cent. The Australian Bureau of Statistics said that $806 million was spent on health R&D in 2022-23, while defence research and development rose 22 per cent to $753 million. While states and territories accounted for 83 per cent of health-related R&D, all defence-related spending was done by the Federal Government.