Chinese deal axed; Feds focus on clean energy
Victoria’s Belt and Road agreement cancelled
Victoria’s Belt and Road agreement with China has become a casualty of the Federal Government’s new Foreign Relations Act. Foreign Minister Marise Payne said the two-part, infrastructure-related agreement would be among four Victorian arrangements to be cancelled, as they were inconsistent with Australia’s foreign policy or adverse to its foreign relations. Two education and training agreements between Victoria and Iran, and with Syria, would also be cancelled, while an energy and minerals agreement between Western Australia and Indonesia was approved. In total, the Federal Government reviewed more than 1,000 international arrangements held by states or territories.
Feds move to shore up energy supply in SA
The Morrison Government has moved to reinforce the energy market in South Australia, signing a $1 billion deal with the state to increase electricity and gas supply and to invest in emissions reduction projects. Under the deal, the Federal Government will contribute $660 million to assist the supply of reliable and affordable gas and develop a new inter-connecter between NSW and SA. It will also direct funds toward major SA projects involving carbon capture and storage, electric vehicles and hydrogen. Also during the week, Prime Minister Scott Morrison said the forthcoming Budget would further invest almost $540 million in new clean hydrogen and carbon capture, use and storage projects.
University enrolments not just about revenue, says Tudge
Federal Education and Youth Minister Alan Tudge has reminded the publicly-funded university sector that its primary role is to educate Australians, amid concerns about the return of international students. Mr Tudge said this week that while international students accounted for one-quarter of university revenues, there were other important objectives such as: enhancing the learning of Australian students, supplying workforce skills to grow the economy and finally, supporting Australia’s connections with other countries.
Budget measures to target deregulation
A $120 million package will be provided in next month’s Federal Budget to reduce regulatory obligations on business. Announced by Prime Minister Scott Morrison at a business function on April 19, the initiatives would include the streamlining of reporting under the National Greenhouse and Energy Reporting Scheme, as well of digital application services for companies operating in the health sector. Small business would be assisted in their compliance with modern employment awards, while automatic mutual recognition would be implemented for licensed occupations (e.g. electricians) across interstate borders.
Retail trade up in March
Australian retail turnover rose 1.4 per cent in March, seasonally adjusted, according to preliminary figures released by the Australian Bureau of Statistics (ABS). Retail trade rose in both Victoria and Western Australia as the two states emerged from lockdowns imposed in February, but figures for Queensland were slightly affected by a lockdown in Greater Brisbane in late March. Trade at cafes, restaurants and takeaway food services rose six per cent in the month. Retail turnover was up 2.3 per cent on March 2020 figures.
Early-release superannuation used to fund household bills, says ABS
A new report by the ABS has found that most people who accessed their superannuation under hardship provisions during Covid-19 used the funds to pay their mortgage, rent or other household bills. The report on household financial resources revealed that for those who accessed the scheme twice, the total amount withdrawn was $17,441. More than $36 billion was paid out under the early-release scheme. The ABS survey also found that almost 20 per cent of households contained a JobKeeper recipient, through either their employer or through their own business.