US NOMINEE IN TRADE PUSH; VOW ON PORT

US Ambassador nominee backs trade push, superannuation investment

President Donald Trump’s nominee to be the next US Ambassador to Australia says the US-Australia alliance is an essential pillar of regional stability and deterrence, amid China’s military build-up. In his testimony to the confirmation hearings of the US Senate Foreign Relations Committee, Ambassador-designate David Brat pledged to work with the US Congress to further streamline defence trade controls between the two nations. Mr Brat also said he would work to ensure a level playing field in Australia for all US companies, as well as championing Australian investment in the US. That would include partnering with Australia’s superannuation funds to execute on plans to invest more than US$1 trillion in the US over the next 10 years. Mr Brat also affirmed his full support for the Critical Minerals Framework, signed last year by Donald Trump and Prime Minister Anthony Albanese. 

Tasmania tracks path to budget surplus

Tasmania is forecast to generate a budget surplus within two years, after a brief slowdown of economic growth in 2026-27. The state budget presented by Treasurer Eric Abetz forecasts a net operating deficit of $596 million next year, followed by a $192 million surplus in 2027-28. Net debt is forecast to rise to almost $10 billion in 2028-29. Meanwhile, economic growth is tipped to dip next year, falling from 2.25 per cent growth in gross state product this year to 0.75 per cent in 2026-27, before bouncing back to 2.25 per cent growth in 2027-28. Contributions to the Marinus Link undersea electricity interconnector and the Multipurpose Stadium at Macquarie Point head the government’s investment in public infrastructure.

Marles reaffirms goal to return Port of Darwin

Deputy Prime Minister Richard Marles has reaffirmed that the Federal Government is committed to the return of the Port of Darwin into Australian hands. Visiting Darwin, the Defence Minister said he was disappointed that the port’s operator, Landbridge, was pursuing action in an international tribunal against government moves for a handover of the port. Mr Marles said Labor in opposition had resisted the handover of the port; in government, Labor would pursue its objectives for the port in “the most appropriate, prudent and respectful way possible.” He added that the US military was attracted by the “broader assets” of Darwin, including potentially the Darwin ship lift. In 2015, the Chinese-based Shandong Landbridge Group signed a 99-year lease on the Port of Darwin.

Treasurer flags reforms to lure foreign investment

Treasurer Jim Chalmers has announced another round of foreign investment reforms, with the goals of increasing certainty for investors, reducing the regulatory burden, and raising scrutiny of high-risk investments. Dr Chalmers said new objectives would include deciding on low-risk applications within 30 days, while updating or removing ineffective conditions on existing foreign investment approvals. Approval requirements for some low-risk transactions would be eliminated; screening requirements would also be increased to better protect the most sensitive sectors and businesses.

Jobless rate rises to four-year high

Australia’s monthly unemployment rate increased in April from 4.3 per cent to 4.5 per cent, seasonally adjusted, its highest level since November 2021. The Australian Bureau of Statistics said that the jobless rate in April ranged from 4.1 per cent in Western Australia to five per cent in Tasmania and 4.8 per cent in Victoria. While the level of employment fell by 0.1 per cent in April, the number of hours worked rose by 0.8 per cent.

Australia leading world on rooftop solar, says Bowen

Climate Change and Energy Minister Chris Bowen has cited Australia’s renewable energy penetration to demonstrate progress on climate change since the Paris Agreement of 2015. In an address to the Copenhagen Climate Ministerial conference, Mr Bowen said countries had “bent the curve” on projected temperature rise, with almost half of global electricity capacity being renewable. He said that in the last quarter of 2025, more than half of Australia’s electricity came from renewables. Australia had the highest per capita rate of rooftop solar in the world, with one-third of Australian homes capturing solar energy. Mr Bowen said Australia had more rooftop solar capacity than the entire fleet of remaining coal-fired power stations across the country. The Minister was addressing the conference in his capacity as President of Negotiations of UN COP31 (climate change forum).