Defence spending to be boosted

• The federal government will invest an additional A$50 billion into defence spending over the next decade as part of its continuing overhaul of the Australian Defence Force. Announcing the National Defence Strategy and the Integrated Investment Program, Defence Minister Richard Marles said the government was also considering plans to recruit non-citizens to serve in the ADF.
• The federal government is expected to offer wide-ranging tax concessions to attract billions of investment dollars into major projects under its Future Made in Australia plan. Treasurer Jim Chalmers defended the government’s push to revitalise local industry, saying “we need to understand that a generational change in the global economy, and in the opportunities available to Australia, requires us to undertake a generational change in our thinking”.
• Efforts to rein in inflation have stalled, according to the International Monetary Fund, although the global economy remains “remarkably resilient”. It comes amid concerns that continuing conflict in the Middle East could put pressure on global prices, which would see central banks hold back on cutting interest rates and undermine investment confidence.
• Elective surgery waiting times are the longest on record, and emergency departments are failing to treat up to one third of patients with life-threatening conditions on time, according to the Australian Medical Association. It says a combination of chronic disease, inadequate access to primary care, and a lack of disability and aged care support is putting too much pressure on the public hospital system.
• The government will commit nearly A$600 million in loans to help two critical minerals projects under its Future Made in Australia policy. The federal government will assist Alpha HPA to establish a high-purity alumina processing facility in Queensland through A$400 million in loans, with a further A$185 million in loans going to Renascor Resources to develop its Siviour Graphite Project in South Australia.
• Agriculture Minister Murray Watt has dismissed a recommendation that the sector’s chemical regulator be relocated back to Canberra. The Australian Pesticides and Veterinary Medicines Authority was moved to Armidale, in northern New South Wales, by the then-Agriculture Minister, Barnaby Joyce in 2016. A review of the move found the regulator had been “captured” by industry interests and recommended it be moved back to Canberra.
• The big four consulting firms are falling out of government favour, according to a new survey, with more than half of those questioned saying they would not consider using one. According to a brand and reputation study by Beaton Research + Consulting, small-to-medium enterprises and large corporates are also reconsidering their relationships with the big four consultancies.

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