Federal cash for regional tourism; investment lag worries RBA
$1.2 billion package to kick-start regional tourism
Australia’s tourism and airline sectors will receive a $1.2 billion Federal Government package to support their post-Covid 19 recovery. In a bid to revive regional tourism, the Government will provide a package of half-price airline tickets and additional loans to small business. Prime Minister Scott Morrison said the 800,000 discounted air tickets would apply to 13 key tourism regions across Australia, while its SME Loan Guarantee scheme would be expanded and extended to provide up to $40 billion in lending for small and medium enterprises.
Dutton zeroes in on ransomware threats
The Minister for Home Affairs, Peter Dutton, has flagged a tougher assault on ransomware attacks as part of Australia’s cyber security strategy. Mr Dutton this week released a report of the Government’s Cyber Security Industry Advisory Committee, which said it would consider the impact of weak controls or outdated software, the role and obligations of company directors, and whether cyber insurance was escalating attacks. The report said ransomware was a highly disruptive form of cyber attack, designed to lock up, encrypt and extract data, often accompanied by ransom demands.
Weak business investment troubles RBA head
Reserve Bank of Australia Governor Philip Lowe is seeing danger signs in the level of private investment, noting that a strong and sustained pick-up in business investment was essential to a durable economic recovery from the Covid-19 pandemic. In a major industry speech, Dr Lowe said that while consumption levels had recovered strongly, private non-mining business investment (especially non-residential construction) remained weak. He said that in order to invest, business required regulatory certainty, confidence in economic growth and access to finance on reasonable terms.
No immediate lift in international arrival caps
Australians seeking to return home will have to wait longer, after National Cabinet confirmed that current international passenger arrival caps would continue until 30 April. At its meeting on 5 March, National Cabinet noted a commitment from Victoria to resume international passenger flights into Melbourne as soon as possible. Before international flights into Victoria were suspended on 13 February, the state had committed to lifting its intake of international arrivals to 1,310 a week.
States told to develop plans for international students
Trade and Tourism Minister Dan Tehan has put the onus for the return of international students back on state and territory governments. Mr Tehan said the states and territories needed to present their plans on how they wanted to return international students, how they would be accommodated and how they would put quarantine arrangements in place. The Minister said National Cabinet would then need to review the caps on arrivals to accommodate the students in a bid to rebuild the international student education market, which he said was a $40 billion export earner for Australia.
Labor holds strong lead in the West
Labor Premier Mark McGowan is poised to strengthen his hold on power at the West Australian election this weekend (March 13). Latest polls have Labor’s primary vote above 55 per cent, which would bolster its current 40 seats in the 59-seat WA Lower House. Five of the WA Liberals’ 13 seats are held with margins of less than six per cent, including that of its leader Zak Kirkup. A Labor landslide would help the party seize control of the state’s Upper House, removing potential barriers to Labor legislation.