Nuclear subs in new pact; Farm surge

New security alliance to focus on nuclear-powered submarines

Australia has joined with the United States and the United Kingdom to establish a new trilateral security partnership, with an immediate priority to develop nuclear-powered submarines. Announcing the new defence alliance, Prime Minister Scott Morrison said the submarine program would build on the expertise of US and UK programs. While the submarines would be built in Adelaide, the PM said Australia was not seeking to acquire nuclear weapons or establish a civil nuclear capability. In addition, the new security partnership would focus on cyber capabilities, artificial intelligence, quantum technologies and additional undersea capabilities.

Cyber crime jumps during pandemic

Australia’s cyber crime watchdog has reported a sharp increase in the incidence of cyber crime during the Covid-19 pandemic. In 2020-21, the Australian Cyber Security Centre received more than 67,000 cybercrime reports, up almost 13 per cent on the previous year, as Australians’ higher reliance on the internet increased opportunities for malicious cyber activity. The ACSC said self-reported losses from cyber crime amounted to $33 billion, with around 25 per cent of reported cyber incidents relating to Australia’s critical infrastructure or essential services.

Record production tipped for agriculture

Rising global prices are driving a strong increase in the gross value of agricultural production in Australia, which is tipped to reach a record $73 billion in 2021-22. The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) this week predicted that the value of crop production would increase by seven per cent to almost $40 billion, while livestock production would rise by eight per cent to $33.5 billion. Price increases for grains, cotton, sugar and wool have coincided with a rebound in seasonal conditions. ABARES said its latest September quarter outlook represented an $8 billion upward revision on its previous outlook issued in June.

Defence innovation, capability under review

Defence Industry Minister Melissa Price has ordered a review into Australia’s Defence organisation, to seek to ensure that it was more commercially-driven, with improved access to leading technologies and capabilities. Ms Price said the review would seek to strengthen and improve links between Defence, academia and industry, as well as to simplify contracts that supported transition from concept to capability. The review would also seek to establish how Defence-funded research and innovation could be commercialised more effectively.

Population growth rate near zero after migration plunge

Plunging immigration has resulted in Australia recording a population increase of just 0.1 per cent during the first full year of Covid-19, according to the Australian Bureau of Statistics. Figures released for the period March 2020 to March 2021 show that net overseas migration fell by 95,300 people – the first negative figure since 1946. Victoria was the only state or territory whose population declined (by 0.6 per cent), while Queensland’s population rose 0.9 per cent, as the nation relied on natural increase to maintain minimal population growth. Australia recorded 1.5 per cent population growth in 2019; it has exceeded more than two per cent in some years over the past two decades.

Jobless rate eases but working hours fall sharply

Australia’s unemployment rate in August fell slightly to 4.5 per cent, but the number of hours worked dropped as restrictions were extended in New South Wales and Victoria. Figures from the ABS show that the level of underemployment (those who wish to work more hours) rose sharply, from 8.3 per cent to 9.3 per cent, while the number of monthly hours worked fell by 3.7 per cent.