JOBS, SKILLS IN SUMMIT FOCUS; TRADE SPIKE
Federal summit to tackle jobs, skills
Prime Minister Anthony Albanese has formally announced his Jobs and Skills Summit, to be held in early September and attended by employer, union and government representatives. The summit on September 1-2 at Parliament House will be led by the PM and the Treasurer, Jim Chalmers, and will cover a range of areas including the maintenance of low unemployment, skills shortages, migration settings and sustainable wages growth. A similar summit was held almost 40 years ago after the election of the Hawke Labor Government, when the unemployment rate was around 10 per cent - unlike the present rate of 3.9 per cent. As confirmed by the PM, taxation will not be part of the Jobs and Skills summit agenda.
Big jump in trade surplus
Amid domestic economic concerns, Australia is continuing to record healthy trade surpluses, racking up a surplus of almost $15.96 billion, seasonally adjusted, in May. Exports rose by more than $5 billion or 9.5 per cent in the month, driven by increases in exports of coal, coke and other mineral fuels, and outstripping a rise of $2.3 billion (5.8 per cent) in imports. Figures from the Australian Bureau of Statistics reveal that exports have soared since the $8 billion monthly trade surplus figure recorded for February, as international energy prices have jumped.
Labor reaffirms defence industry spending
Deputy Prime Minister Richard Marles has reaffirmed the Federal Government’s commitment to spending two per cent of Australia’s GDP on defence, at a cost of $270 billion over 10 years. After meeting with 21 defence industry representatives and Defence Industry Minister Pat Conroy in Adelaide, the Defence Minister stressed the Labor Government’s commitment to continuity in defence policy. The Ministers also endorsed Adelaide as the capital of Australia’s defence industry, while Mr Marles refuted suggestions that the AUKUS partnership was a cover for the installation of a US nuclear submarine station in Australia.
King moves to safeguard domestic gas supply
Resources Minister Madeleine King has moved to extend until 2030 the Australian Domestic Gas Security Mechanism to help secure long-term domestic gas supplies. The current agreement with gas producers expires on January 1, 2023. Ms King said the Government wanted to ensure it had access to emergency powers to reserve gas for domestic supply in times of supply shortfall; she said the Heads of Agreement with east coast LNG producers would be renegotiated.
Education Minister keen to retain international students
Federal Education Minister Jason Clare is targeting international students to help fill chronic skills gaps in the economy. In a university forum speech last week, the Minister said Australia could do more in getting students to stay and work after their studies ended. He said only 16 per cent of Australia’s international students did that presently, at a much lower rate than in some of the countries against which Australia competed for talent. Mr Clare flagged raising the issue at the September Jobs and Skills Summit.
Boost for NATO defence alliance
In a significant development for US defence connections, Sweden and Finland have agreed to join the North Atlantic Treaty Organisation (NATO) alliance. Both nations were historically neutral but petitioned to join NATO in recent months. The US Department of Defense said NATO alliance members would be required to ratify the accession protocols, including via the US Senate. US Secretary of State Antony Blinken has reportedly already offered his strong support for the move.