US REVIEW OF AUKUS; FREE TRADE DRIVE

Marles welcomes US review of AUKUS

Deputy Prime Minister Richard Marles has welcomed a review by the United States of AUKUS, quashing notions that Australia should develop a ‘Plan B’ in the event the tri-nation defence partnership were abandoned. Mr Marles said the review by the Trump administration was a “natural step” for an incoming government, consistent with what happened in the United Kingdom. The Defence Minister said his conversations with the US administration had revealed an understanding in the US of the strategic importance of AUKUS. Mr Marles was speaking ahead of an expected meeting between Prime Minister Anthony Albanese and US President Donald Trump in Canada.

Tasmanians heading back to the polls

Tasmanians will return to the polls on July 19, 14 months after their Liberal government was forced into minority. Premier Jeremy Rockliff advised the State’s Governor to dissolve the Tasmanian Parliament after losing a vote of confidence in the House of Assembly. At the May 2024 election, the Liberals secured just 14 seats in the 35-seat Lower House, Labor 10, and the remainder, Greens and crossbenchers. The Liberals have held government in Tasmania since 2014, when it was elected by majority.

PM banks on Jobs and Skills Summit to boost productivity

Prime Minister Anthony Albanese has targeted higher productivity to drive economic growth as a leading priority for his second term of government. Addressing the National Press Club, the PM announced that a Jobs and Skills Summit would be held in August, to be attended by leaders from business, unions and ‘civil society’. Mr Albanese said the government would seek to “build the broadest possible base of support for further economic reform.” He said his government wanted to build an economy where growth, wages and productivity rose together.

Albanese lauds free trade agreement ahead of US talks

Ahead of his meeting with President Trump, Anthony Albanese said there was bipartisan support in Australia and the US for the bilateral free trade agreement in place since 2005. Attending an industry event in Seattle, the Prime Minister said Australia welcomed US investment and was keen to grow the economic relationship between the two nations. Mr Albanese cited the two-for-one trade surplus the US held with Australia, in goods and in services. According to latest official figures, two-way merchandise trade (sum of exports and imports) increased by 142 per cent between the start of the FTA and 2024. The Australian Bureau of Statistics said that in 2024, the US was the fifth largest partner destination for Australian goods exports ($23.8 billion), and the second largest trading partner for Australian goods imports ($50.5 billion).

Corporate regulator to probe ASX practices, governance

Australia’s corporate regulator is to investigate the governance, capability and risk management frameworks and practices of the Australian Securities Exchange (ASX). The Australian Securities and Investments Commission (ASIC) said it decided to initiate an inquiry following “repeated and serious failures” at ASX. ASIC said both it and the Reserve Bank of Australia had ongoing concerns over ASX’s ability to maintain stable, secure and resilient critical market infrastructure. ASIC Chair Joe Longo said investors could not buy and settle on the Australian public equities and futures markets without relying on ASX and its systems.