ECONOMY ON A FLAT TRACK; DOXXING CURB
Economy stays out of recession territory
Australia’s economy has just kept its head above water, with official figures showing a flat 0.2 per cent growth, seasonally adjusted, in gross domestic product during the December 2023 quarter. The Australian Bureau of Statistics said a 0.6 per cent rise in government expenditure contributed to the small growth, offset by a fall in public and private investment and sluggish household spending. Over the year to December, the economy grew 1.5 per cent, while in the previous September quarter GDP growth was just 0.3 per cent. On a per capita basis, however, GDP fell 0.3 per cent, the third successive negative quarter, with a fall of one per cent over the year. Household expenditure rose by just 0.1 per cent in the December quarter, as consumers spent more on essentials and less on discretionary purchases.
ASEAN members stand firm on South China Sea
Australia has joined with its partners of the Association of Southeast Asian Nations (ASEAN) in affirming their support of the South China Sea as a sea of peace, prosperity and stability. Closing the ASEAN regional summit in Melbourne, ASEAN members declared that all countries should avoid any unilateral actions that endangered peace, security and stability in the region. The official Declaration released by Prime Minister Anthony Albanese also reaffirmed the importance of maintaining and promoting maritime safety and security, freedom of navigation and overflight in the region. Member states of ASEAN attending were Australia, Lao PDR, Brunei Darussalam, Cambodia, Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam, with Timor-Leste as an observer.
Attorney-General moves to combat doxxing
Federal Attorney-General Mark Dreyfus has opened national public consultation to strengthen privacy measures by addressing the practice of doxxing. The Attorney-General’s department defines doxxing as the intentional online exposure of an individual’s identity, private information or personal details without their consent. Mr Dreyfus said action to combat doxing would complement other government reforms to strengthen the Privacy Act. One proposed reform is a new statutory tort for serious invasions of privacy, allowing individuals to seek redress through the courts if they have fallen victim to doxxing.
Export growth humming along
One reason for Australia’s maintained positive economic growth is the nation’s performance in international trade. In January, Australia recorded another healthy surplus – $10.7 billion, seasonally-adjusted – in trade of goods, with a 1.6 per cent rise in exports outstripping a 1.3 per cent rise in goods imports. ABS figures said a 7.6 per cent increase in farm produce, chiefly cereals, contributed to a stronger export performance.
‘Nuisance’ import tariffs face the chop
Meanwhile, Federal Treasurer Jim Chalmers announced that the Federal Government will abolish five per cent custom duties imposed on a wide range of imported goods. Dr Chalmers said the abolition of almost 500 ‘nuisance tariffs’ from 1 July this year would cut compliance costs and reduce red tape. The current tariffs apply to imports ranging from whitegoods, sanitary products and clothing to agricultural tyres, hand tools and toothbrushes. The Treasurer said while most imported goods were duty-free, businesses had to spend time and money to prove their imports were eligible for existing tariff preferences and concessions. Dr Chalmers said that under the reforms, around $8.5 billion of annual trade would be streamlined, with businesses saving more than $30 million in annual compliance costs.
Lithium production soars as Australia retains lead
Lithium production in Australia jumped by 36 per cent to a record 75 kilotonnes in 2022, with the nation retaining its status as the world’s leading producer of the critical mineral. Resources Minister Madeleine King said Australia had the resources needed for the global transition to net zero emissions. Releasing a report into Australia’s identified mineral resources at an industry forum in Canada, Ms King said that in 2022, Australia produced 27 minerals, 15 of which ranked in the top five for global supply. Investment in mineral exploration increased by 13 per cent to $4 billion in 2022, she said.