Vaccine passports on PM agenda, hydrogen boost
PM spruiks vaccine passports
Ahead of Victoria declaring a seven-day lockdown to suppress the latest coronavirus outbreak, Prime Minister Scott Morrison has promoted a ‘vaccine passport’ to facilitate future interstate travel. Aware of the disruptions of lockdowns to the domestic travel sector, the PM said a vaccine passport would enable fully vaccinated people to travel unrestricted if states were locked down. Mr Morrison said he was happy to discuss the concept with the states, which had the responsibility for imposing public health orders.
CSIRO on a mission for hydrogen
Australia’s national science agency, the CSIRO, this week launched a Hydrogen Industry Mission to accelerate key projects and research in the sector. Industry Minister Christian Porter and Energy and Emissions Reduction Minister Angus Taylor said the CSIRO, government and industry and research partners would invest more than $68 million to help build a hydrogen industry in Australia, with total government support of more than $900 million. Hydrogen remains a key priority of the Government’s emission reductions policy, as it works with industry to the lower the cost of clean hydrogen to under $2 per kilogram, to be competitive with alternatives.
Australian trade surplus hits $10 billion
Strong monthly exports of almost $36 billion have driven a $10 billion trade surplus in April, with a leap in petroleum and coal shipments and offset by a $1.9 billion drop in imports. Australian Bureau of Statistics figures reveal a $116 million (167 per cent) jump in coal exports to India, as well as increased exports of bulk wheat and barley to Japan. Imports of transport equipment, electrical machinery and apparel led the list of falling imports. China, Japan, South Korea, India and Singapore remain Australia’s leading export destinations.
Private capital expenditure on the rise
Private capital expenditure in Australia rose 6.3 per cent in the first quarter of 2021, signalling renewed confidence in the domestic economic recovery. ABS figures show that on a seasonally-adjusted basis, private capital expenditure reached almost $31.5 billion in the March quarter, back to the level of March 2020. Investment in equipment and machinery rose 9.1 per cent, and in buildings and structures by 3.8 per cent, with both South Australia and Western Australia recording double-digit quarterly investment growth.
Superannuation pool hits $3 trillion
Total superannuation assets in Australia reached $3.1 trillion at the end of the March quarter, rising almost 14 per cent over 12 months due to strong investment performance. Figures published by the Australian Prudential Regulation Authority show that employer contributions increased three per cent to $97.8 billion, but member contributions declined by 7.3 per cent to $23.4 billion over the year. The figures take into account more than $36 billion withdrawn through the early-release scheme under the Covid-19 response.