- Labor’s win in the Victorian seat of Dunkley has raised questions about the path back to government for the Liberal-National Coalition. For the government, the result showed its broken promise over tax cuts had not seriously damaged its standing, while the Liberal Party’s plan of capturing outer suburban seats looked somewhat less likely.
- Opposition Leader Peter Dutton says the Coalition’s energy policy will include support for small modular nuclear reactors as well as more traditional large-scale plants. However, the decision to push large-scale plants presents the Coalition with the political challenge of selling the location of the facilities, which need to be built near water supplies, and population (or demand) centres.
- The Australian economy grew 0.2 per cent in the December quarter, and 1.5 per cent over the year, with the result likely to be a key consideration in the Reserve Bank of Australia’s interest rate deliberations. While a slowing economy is more likely to put the central bank in a mood to cut interest rates, it will have implications for the government’s bottom line.
- The United States will significantly increase its expenditure on simulation technologies for the military, which is expected to reach US$26 billion a year by 2028. The spending aims to enhance combat readiness through advanced simulation technologies for training and highlights the importance of cutting-edge simulation technologies such as virtual reality (VR) and augmented reality (AR) to provide realistic and immersive experiences for personnel.
- Former Labor Prime Minister Paul Keating has criticised the federal government’s strategy in Asia, accusing Foreign Minister Penny Wong of seeking to “rattle the China can” at the Association of Southeast Asian Nations (ASEAN) meeting. Mr Keating, a vocal critic of the AUKUS agreement with the United States and the United Kingdom, said Australia was at odds with its ASEAN partners because it was committed to maintaining US primacy in Asia.
- As ASEAN leaders gathered in Melbourne, differing views on China and what to do about its growing influence became apparent. Malaysian Prime Minister Anwar Ibrahim highlighted the differences when he pointed out that Malaysia does not have a problem with China.
- Health Minister Mark Butler has approved a premium increase for health funds, with the opposition still accusing the government of playing politics over the announcement. Mr Butler said insurers had a responsibility to “clearly explain to their policyholders any changes to their premiums”.
- The federal government has announced a A$2 billion financing facility to underwrite Australian trade and investment in Southeast Asia, with a focus on clean energy and infrastructure. The facility was a key recommendation from the government’s Special Envoy to Southeast Asia, Nicholas Moore.
- Australia’s agricultural output is expected to have dropped by 15 per cent this financial year, mainly due to dry conditions and weak international prices for grains. According to the latest Agricultural Commodities and Australian Crop reports from the Australian Bureau of Agricultural and Resource Economics and Science (ABARES), agricultural output is expected to drop to A$80 billion in 2023-24.
- Labor Senator Deborah O’Neill says the country’s consulting sector needs to be cleaned up for good, and a status quo where greed, deceit and conflict of interest thrive is unacceptable. Senator O’Neill, the Chair of the Parliamentary Joint Committee on Corporations and Financial Services, said in the year since “shocking” revelations about PwC came to light, there has been a “torrent of criticism against our largest consulting, audit and accounting firms”.
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