- The federal government will ease restrictions on some foreign investors, while simultaneously tightening them on others, as part of its Future Made in Australia push. Known entities investing in non-sensitive sectors will be put through a fast-track approval process, while higher risk investments would be captured under the tougher regime.
- The federal and Queensland governments will invest almost A$1 billion in an attempt to construct the world’s first commercially useful quantum computer in Brisbane. The governments will each contribute A$470 million in backing via share purchases, grants and loans to PsiQuantum, a United States-based tech firm that was co-founded by two Australians.
- Defence Minister Richard Marles says the federal government has no concerns with Hanwha’s bid for Perth shipbuilder Austal. His comments are somewhat at odds with follow up media reporting indicating that any decision on Austal’s future ownership would need to be examined after the General Purpose Frigate program is awarded to a specific bidder.
- The federal government quietly expelled two Indian intelligence operatives in 2020 who were members of a “nest of spies”. Their discreet expulsion underscores the growing importance of India to Australia. However, the revelation that India tried to steal sensitive information about Australian defence technology risks undermining the relationship.
- Former Solomon Islands Foreign Minister Jeremiah Manele is the country’s new prime minister, after Manasseh Sogavare earlier announced he would not contest for the role. Mr Manele was elected via a secret ballot on Thursday, and has already indicated that he will continue the nation’s close ties with China, including the secretive defence and security pact signed by the two nations in 2022.
- The federal government has offered to more than double the 6.5 per cent hospital funding cap in the first year of the new hospitals agreement. According to reports, the cap will then be lowered to 8 per cent for the remaining four years of the agreement, which is still under negotiation between the federal government and state and territory leaders.
- Climate Change and Energy Minister Chris Bowen says Australia has no choice but to seek out new gas supplies, saying it offers a better option than nuclear in the transition to net zero. However, in saying that “new supply will be needed”, Mr Bowen emphasised that the role of gas will be to support the rollout of renewables.
- Qantas Super, which has some A$9 billion in assets, says it will partner with agriculture investment company GO.FARM to back A$200 million in sustainable farming businesses. The venture will seek to create high-yielding, water-efficient horticulture products from underutilised agricultural land in the Riverina, northern Victoria and other parts of Australia.
- The Australian Tax Office (ATO) is concerned that law firms will mix legal and consulting advice as they move into the consulting sector. The ATO’s concerns come amid increasing scrutiny from both government and parliament of professional services firms that are providing advice into government.
The full CMAX Advisory Australian Weekly Report is available on our website every Friday.
