PM PLAYS THE TRUMP CARD ON MINERALS
Australia, US link up on critical minerals, rare earths framework
Prime Minister Anthony Albanese has signed a bilateral agreement with US President Donald Trump to accelerate a US$8.5 billion (A$13 billion) pipeline of critical minerals and rare earths projects. The framework, signed during the PM’s Washington DC meeting with President Trump, will seek to deliver a US-Australia secured supply chain for critical minerals and rare earths, required for defence and other advanced technologies. To complement the framework, the US and Australia will each provide at least US$1 billion (A$1.5 billion) in investments toward priority projects, including a gallium recovery project in Western Australia and a rare earths project in the Northern Territory. Mr Albanese said gallium was an essential input for defence and semiconductor manufacturing. The PM said the signed framework would assist both countries in achieving resilience and security of critical minerals and rare earths supply chains, including mining, separation, and processing.
Critical infrastructure cyber incidents double in 2024-25
Critical infrastructure continues to be an attractive target for state-sponsored cyber actors and cyber criminals, according to the Australian Signals Directorate’s annual cyber threat report. The ASD said its Australian Cyber Security Centre notified critical infrastructure entities of potential malicious cyber activity impacting their networks almost 200 times in 2024-25 – up 111 per cent over the previous year. Large sensitive data holdings and economy-critical services were a target, the ASD said. In 2024-25, the ASD’s cyber security hotline said it had received 42,500 calls, up by 16 per cent, and responded to 1,200 cyber security incidents (up 11 per cent). For large businesses, the average self-reported cost of cybercrime per report was more than $202,000, up by 219 per cent.
Burke to toughen anti-money laundering laws on crypto
Home Affairs Minister Tony Burke has flagged a tightening of anti-money laundering laws to potentially restrict transactions of crypto via automated teller machines (ATMs). In an address to the National Press Club, Mr Burke said a 2024 Federal agency taskforce had found links between the use of crypto ATMs and money laundering, scams and fraud. He said the AUSTRAC report found that of the top users of crypto ATMs, 85 per cent of the money going through for top users involved scams or money mules. The Minister said annual crypto ATM use accounted for about 150,000 transactions, or around $275 million. As a result, the government was drafting legislation to amend the Anti-Money Laundering and Counter-Terrorism Financing Act, to provide powers to restrict or prohibit high-risk products. Mr Burke said the number of crypto ATMs in Australia had grown from 23 in 2019 to 2,000 now.
Next step for domestic guided weapons production
Plans to develop manufacturing capability for guided weapons in Australia have taken a further step, with the signing of a joint statement of intent with the Department of War in the United States. Defence Industry Minister Pat Conroy said the signing of the statement paved the way for further co-development and production of critical long-range fires. He said the statement also recognised that Australia would need to produce guided weapon quantities beyond the demands of the Australian Defence Force; locally-produced guided weapons could also be integrated into the US-led global supply chain. Mr Conroy said Australia was on track for the production of guided multiple launch rocket systems by the end of 2025, with a view to manufacturing more advanced weapons in the future.
Jobless rate edges up to four-year high
Australia’s level of unemployment has risen to 4.5 per cent, seasonally adjusted, to a near four-year high, according to latest figures. In September, the jobless rate jumped from 4.3 per cent from the previous month, according to the Australian Bureau of Statistics; the level of underemployment – tracking those who want to work more hours – rose to 5.9 per cent. Victoria recorded the nation’s highest rate of unemployment, 4.7 per cent, while Queensland, the Northern Territory and the Australian Capital Territory recorded the lowest jobless rate, at 4.2 per cent.