- The federal government has been clearing the legislative decks, using the last sitting week of the year to push through more than 30 bills ahead of next year’s election. At this stage, parliament will not resume until early February, followed by the budget. That leaves precious few sitting days in the New Year to accomplish much, hence the rush to get legislation through now. One of the key bills to pass was the ‘Help to Buy’ housing legislation, which passed after the Greens dropped their opposition.
- Australia’s headline inflation rate has come in under expectations, although with core inflation still outside the central bank’s comfort zone, interest rates are likely to stay where they are for now. According to the Australian Bureau of Statistics (ABS), October’s consumer price index (CPI) was 2.1 per cent higher than the same month a year ago. The result came in under the 2.3 per cent forecast by economists and on par with September’s 2.1 per cent annual increase.
- The federal government has announced the down-selection of Mitsubishi Heavy Industries (MHI) and Thyssenkrupp Marine Systems (TKMS) to advance their designs for Australia’s new general purpose frigates. The vessels are part of a broader A$55 billion naval expansion aimed at creating a more capable and larger surface combatant fleet to address emerging challenges.
- The federal government’s Aged Care Bill has passed Parliament, delivering long-overdue reforms aimed at addressing systemic neglect and putting older Australians at the centre of care. The comprehensive legislation follows recommendations from the Royal Commission into Aged Care Quality and Safety, and introduces sweeping changes that are set to take effect in July 2025.
- Prime Minister Anthony Albanese has abandoned negotiations with the Greens over the establishment of a national environment protection agency. While the move has frustrated environmental groups and exposed divisions within Labor, it was seen as a response to growing pressure from industry groups and electoral realities, particularly in Western Australia.
- A Senate committee has called for comprehensive legislation to address the risks of generative AI technologies and says AI tools such as OpenAI’s ChatGPT and Google’s generative AI models are “high risk”. In its final report, the Select Committee on Adopting Artificial Intelligence (AI) has called for a new regulatory framework that would impose transparency, testing, and accountability requirements on high-risk AI applications, including workplace tools used for surveillance or performance tracking.
- The 2024 CSIRO-Boeing Sustainable Aviation Fuel (SAF) State of Play Report puts agriculture at the centre of Australia’s ambition to scale up SAF production. The update, released a year after the SAF Roadmap, identifies farmers and agribusinesses as critical players in meeting the growing demand for renewable feedstocks. These include oilseeds, sugarcane residues, and animal fats.
The full CMAX Advisory Australian Weekly Report is available on our website every Friday.
