- Prime Minister Anthony Albanese has been burnishing Labor’s pro-business credentials, saying his government was both pro-business and pro-worker. In a speech to the Business Council of Australia (BCA) this week, Mr Albanese said he was “optimistic” about delivering economic reform in cooperation with business. “We have different responsibilities that demand different approaches, so it is inevitable we will have occasional differences of opinion,” he told the audience.
- Australia, the United States, and Britain are exploring ways to expand the AUKUS alliance to countries such as South Korea, New Zealand, and Canada. The cooperation would come under the Pillar II stream of the agreement, which involves the sharing of technologies between partners, and excludes the Pillar I stream, which will deliver nuclear-powered submarines.
- The newly redeveloped Cook Barracks in Port Vila has been opened, marking another step in Australia’s efforts to strengthen ties with Vanuatu. The upgraded barracks now include modern facilities such as engineer and vehicle workshops, new accommodation and training areas, a fire station, a chapel, and a medical centre. The enhancements are designed to bolster the operational capabilities of the Vanuatu Police Force and the Vanuatu Mobile Force.
- Medicines Australia says there needs to be a significant cut in the time between a new medicine’s approval by the Therapeutic Goods Administration (TGA) and its listing on the Pharmaceutical Benefits Scheme (PBS). The group has launched a campaign aimed at cutting the average waiting period of 466 days to 60 days, a reduction of 87 per cent. Chief executive Liz de Somer said prolonged waiting times mean hundreds of thousands of patients miss out on the best available treatments for their conditions.
- The Western Australian government will update the state’s domestic gas policy to allow onshore gas to be exported, following a recommendation from the WA Domestic Gas Policy Inquiry. The state government announced on Thursday that only 80 per cent of onshore gas will be reserved for domestic use until 2030, reversing the total ban implemented in 2020.
- KPMG Australia chief executive Andrew Yates has warned of a growing rift between big business and the federal government, which he says could negatively affect Australia’s economic future. Mr Yates said the misalignment between government policy and business interests risks worsening the country’s already poor productivity levels, pointing to industrial relations laws as a key concern, with business leaders claiming the policies are making Australia a less attractive place to invest.
- Cattle Australia has released a new definition of deforestation, which it wants adopted by governments and major corporations. The move is partly in response to Woolworths’ recent decision to adopt the United Nations (UN) and World Wide Fund for Nature (WWF) definition, which says any tree removal for agricultural purposes is deforestation.
The full CMAX Advisory Australian Weekly Report is available on our website every Friday.
