BOUNCEBACK IN CHINA TRADE; NDIS SIGN-UP

Farrell acclaims recovery in China trade volumes

Trade and Tourism Minister Don Farrell has hailed a turnaround in exports to China since the easing of tariff restrictions on selected Australian products. Senator Farrell said that in the last financial year, Australia exported more than $15 billion worth of previously impeded products to China – coal, cotton, copper ores and concentrates, timber logs, oaten hay, barley and wine. In the previous year, only $4.4 billion of these products were exported to China, he said. Senator Farrell told an Australia-China business forum that in 2023-24, two-way goods and services trade with China was worth $327 billion. That equalled Australia’s combined bilateral trade with its next four largest trading partners – Japan, the US, South Korea and India.

NDIS providers face mandatory registration

All providers to the National Disability Insurance Scheme (NDIS) will be required to be registered, in a bid to improve the quality and safety of the $42 billion support scheme. NDIS Minister Bill Shorten said all platform providers, support coordinators, and supported independent living providers would need to be registered, as the Federal Government responded to the findings of a taskforce investigating the NDIS. Mr Shorten said the NDIS Commission – which oversees quality and safeguard standards – received more than 29,000 complaints and 82,000 reportable incidents in 2023-24. The number of complaints and reportable incidents rose by 80 per cent and 47 per cent respectively on the previous year, the Minister said.

Army embracing Defence reforms, Chief tells Land Forces forum

Australia’s Chief of Army, Simon Stuart, says his force has fully embraced the ‘first principles’ approach directed by the Defence Strategic Review, with a greater emphasis on optimising littoral manoeuvre and delivering a long-range fires capability. Speaking at the Chief of Army symposium at Land Forces in Melbourne, Lieutenant General Stuart said the DSR had concluded that the Australian Defence Force was not fully fit to meet the challenges posed by significant changes to Australia’s strategic circumstances. Lt. Gen. Stuart said the Army was on a transformational path, re-writing its capstone concepts to reflect its littoral future, and re-orienting its command and control to reflect how it would fight. He said the Army had re-focused the roles of its combat brigades, and begun to consolidate them in northern Australia.

Claims, construction costs push out Tasmanian budget deficit

Tasmania’s budget deficit for 2023-24 has blown out by $1.2 billion, as the island state wears the financial effect of historical abuse claims, increased infrastructure construction costs and lower goods and services tax receipts. State Treasurer Michael Ferguson’s first budget since the March election has forecast a budget deficit of $792.8 million in 2024-25. For the last financial year, however, budget papers estimate that the annual budget deficit will hit $1.5 billion – well above the $297.5 million deficit forecast last year. Tasmania is targeting a return to surplus by 2029-30, reinforced by strong employment figures; unemployment is tipped to rise slightly to just 4.25 per cent this year, off current record low levels.

North Sydney seat carved up in NSW redistribution

North Sydney, a federal electorate since Federation in 1901, will be abolished in a major redistribution of seats in New South Wales. The Australian Electoral Commission (AEC) has confirmed that the seat, presently held by an Independent MP, would be deleted from the electoral map and split between adjoining electorates on the north shore. The number of federal seats in NSW will be reduced by one, to 46 at the next election. In earlier redistribution decisions, the AEC decided to create a new seat to the south of Perth, and abolish the Melbourne inner-east Labor-held seat of Higgins.

Treasurer opens Front Door to major investors

Treasurer Jim Chalmers is stepping up Federal Government efforts to attract more investment into major transformational projects in Australia. As part of its Future Made in Australia agenda, the Government wants investor views on establishing a ‘Front Door’ to encourage global and domestic private investment. Dr Chalmers said the Front Door approach would aim to help investors navigate approvals processes, and fast-track major projects where possible. He said the Front Door’s functions could address project prioritisation, engagement with relevant agencies, regulatory facilitation, and assistance with public financing.