PM WARNS ON CYBER RISK; FUEL ‘SECURE’
PM urges review of cyber response plans
In the wake of Russian actions in Ukraine, Prime Minister Scott Morrison has urged Australian companies and organisations to step up their vigilance against potential cyber attacks. Mr Morrison said there had been a historical pattern of cyber attacks against Ukraine, with the potential to impact Australian organisations through unintended disruption or uncontained malicious cyber activities. He said the Australian Cyber Security Centre had recommended that organisations urgently adopt an enhanced cyber security posture. This included reviewing and enhancing detection, mitigation and response measures, and ensuring that logging and detection systems in their respective environment were fully updated and functioning.
Fuel supply secure, says Energy Minister
Meanwhile, Energy Minister Angus Taylor has moved to reassure Australians that adequate fuel supplies were in place to meet domestic demand, in the face of hostilities in Ukraine. Mr Taylor said that in the past year, Australia had taken steps to enhance fuel security, including taking advantage of historically low fuel prices to purchase just under 1.7 million barrels of oil stored in a strategic reserve in the US. He noted that while the crisis had affected international gas markets, Australia was experiencing gas prices around 70 per cent lower than overseas.
Wages rise to meet demand for workers
Wages rose 0.7 per cent in the December quarter as employers sought to attract and retain staff, according to the Australian Bureau of Statistics. The ABS’ seasonally-adjusted wage price index shows that wages in Australia increased 2.3 per cent over 2021, with higher wage growth (2.4 per cent) in the private sector. Over the calendar year, accommodation and food services recorded the highest wage growth (3.5 per cent), with the lowest wage growth in the electricity, gas and water industries. Tasmania recorded the highest annual wage growth, at three per cent, while Western Australia registered the lowest, two per cent.
Albanese confirms plan for power price cuts
With energy policy looming as a major Federal election issue, Opposition Leader Anthony Albanese has assured that electricity prices would be lower under a Labor government. Mr Albanese said this week that there would be reductions of $275 annually for households between now and 2025. He said Labor’s policy – which pledged to reduce emissions by 43 per cent by 2030 – had been endorsed by major business groups, the National Farmers’ Federation and the ACTU.
SA heads to the polls
South Australians will vote on March 19, as State Liberal Premier Steven Marshall seeks a second four-year term. Premier Marshall secured a 25-22 majority in SA’s 47-member House of Assembly in 2018, after 16 years of Labor rule. But a series of Liberal defections to the crossbench has sent the Liberals into minority government, with Marshall requiring a net two-seat increase to regain a majority. Labor Leader Peter Malinauskas requires five additional seats to regain power.
New private new capital investment on the rise
In an important sign for economic growth, new private capital investment rose 1.1 per cent seasonally-adjusted in the December quarter of 2021, or 9.8 per cent in the calendar year. ABS figures show that new private capital expenditure in buildings and structure rose 2.2 per cent in the quarter, with investment in equipment, plant and machinery easing slightly. Education and training (18.6 per cent) and accommodation and food services (17.5 per cent) recorded the highest quarterly increases.