NEW DRIVE FOR HOME-MADE; ADF RE-FRESH

‘Made in Australia’ the new push for sovereign capability

New legislation – a Future Made in Australia Act – will underpin the Federal Government’s active role in investing in industry and building sovereign capability in areas of national interest. Prime Minister Anthony Albanese has announced that Australia needed to invest at scale, as well as being more assertive in capitalising on its comparative advantages. He said the Government would continue to strengthen and invest in the foundations of economic success, such as affordable and reliable energy, and a better and fairer education system. Foreshadowing his government’s intervention, the PM cited public investment schemes in other jurisdictions, such as the Inflation Reduction Act in the United States, the European Economic Security Strategy and Japan’s Economic Security Promotion Act.

Budget incentives on horizon for private investors

Next month’s Federal Budget would provide a “significant investment” in the Future Made in Australia program, but would incentivise private investment rather than replace it, according to Federal Treasurer Jim Chalmers. In a media interview, Dr Chalmers said the Budget would provide a “broad and comprehensive strategy”, of which incentives for industry were a part, but not the only part. The Treasurer played down major tax reform on Budget night, saying that a lowering of the company tax rate was “not something that people can expect to see” when the full package was unveiled. He added that while a budget surplus was the goal this financial year, weaker Chinese growth, persistent inflation and lower iron ore prices were undermining revenue forecasts.

Navy Vice-Admiral to head Defence Force

Prime Minister Anthony Albanese has announced that the Vice-Chief of the Australian Defence Force, Vice-Admiral David Johnston, will be promoted to head the ADF, following the impending retirement of General Angus Campbell. Naval Vice-Admiral Johnston joined the ADF in 1978, and has served as ADF Vice-Chief since 2018. Air Marshal Robert Chipman will succeed him as the new Vice-Chief of the Defence Force. Air Vice-Marshal Stephen Chappell, presently the Head of Military Strategic Commitments, will be appointed on promotion as Chief of Air Force. Defence Minister Richard Marles said Vice-Admiral Johnston would become the first Navy Chief to head the ADF in 22 years, at a time when Australia was acquiring nuclear-powered submarine capability and modernising the surface fleet.

Treasurer moves to speed up merger approval regime

Treasurer Jim Chalmers has unveiled major reforms to the way that company merger proposals are assessed, approved and reported, in a bid to boost economic competition and productivity. Dr Chalmers said the reforms would make Australia’s merger approval system faster, stronger, simpler, more targeted and more transparent. Under the proposed reforms, mergers would be approved within 30 working days where the regulator decided they raised no competition concerns. Mergers above monetary and market share thresholds would be required by law to be notified to, and determined by, the Australian Competition and Consumer Commission. The Treasurer said a public register of all mergers and acquisitions would be created to promote transparency, accountability and competition.

Company cyber attacks ‘tip of the iceberg’, says O’Neil

Cyber attacks inflicted on major companies in Australia so far were the “tip of the iceberg”, Home Affairs Clare O’Neil has claimed. In an address to the ANU National Security College, Ms O’Neil said the Government was thinking about and preparing for large-scale attacks on critical infrastructure, such as energy grids, transport systems, water supply and hospitals. The Minister said cyber was central to almost every national security challenge faced by Australia. She said the Government’s work in cyber security was helping to safeguard the central nervous system of the 21st century – data, communications and the ‘Internet of Things’.

Business turnover drops after mining slides

A monthly fall of almost 10 per cent in business turnover for the mining sector signals potential weaker economic growth for Australia. Figures from the Australian Bureau of Statistics show that mining’s sharp dive contributed to a 1.1 per cent drop, seasonally adjusted, in overall business turnover for February, with falling iron ore prices a major factor. Turnover in the oil and gas extraction grouping, however, rose 5.1 per cent in the month. Annually, the mining sector recorded a 13.8 per cent fall in business turnover; electricity, gas, water and waste services recorded an annual increase of 14.6 per cent, followed by construction (11.2 per cent).