AUSTRALIA – POLITICS AND GOVERNMENT

Social media limits backed

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Original article by Isabella Pesch
The Australian – Page: 3 : 20-May-24

Prime Minister Anthony Albanese has expressed support for imposing age limits on children’s use of social media. Albanese says that many parents are "worried sick" that their children have access to inappropriate material online, while they are also concerned about the mental health effects of social media. He adds that News Corp’s campaign for children under the age of 16 to be restricted from having social media accounts is a "really positive response" to the issue.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS

Quantum leap into a danger zone

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Original article by Sarah Elks
The Australian – Page: 5 : 20-May-24

Quantum Brilliance’s co-founder Marcus Doherty says the federal government should invest in a broad range of quantum computing technologies, rather than backing a single project. The federal and Queensland governments recently committed nearly $1bn to PsiQuantum’s project to build a fault-tolerant quantum computer in Brisbane. Doherty contends that government agencies should invest in the quantum computing technology that best meets their needs; he notes that the Department of Defence in particular will probably require quantum computers that are portable, whereas PsiQuantum’s proposed photonics-based quantum computer is expected to be the size of a large warehouse.

CORPORATES
QUANTUM BRILLIANCE, PSQUANTUM, AUSTRALIA. DEPT OF DEFENCE

Social media limits backed

roymorgansocial Leave a comment

Original article by Isabella Pesch
The Australian – Page: 3 : 20-May-24

Prime Minister Anthony Albanese has expressed support for imposing age limits on children’s use of social media. Albanese says that many parents are "worried sick" that their children have access to inappropriate material online, while they are also concerned about the mental health effects of social media. He adds that News Corp’s campaign for children under the age of 16 to be restricted from having social media accounts is a "really positive response" to the issue.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS

Dutton plan risks $48b foreign student industry

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Original article by Julie Hare
The Australian Financial Review – Page: 8 : 18-May-24

Opposition leader Peter Dutton has come under fire for stating that a Coalition government would reduce temporary migration to 160,000 in its first year in office. International students make up half of the number of temporary migrants, and migration expert Abul Rizvi claims that one student would have to leave the country for every one that arrives in order to meet Dutton’s target. International education was valued at $48 billion in 2023, making it Australia’s most successful non-mining export, and Rizvi claims that the international education sector would be "smashed" under Dutton’s plan.

CORPORATES
LIBERAL PARTY OF AUSTRALIA

Quantum leap into a danger zone

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Original article by Sarah Elks
The Australian – Page: 5 : 20-May-24

Quantum Brilliance’s co-founder Marcus Doherty says the federal government should invest in a broad range of quantum computing technologies, rather than backing a single project. The federal and Queensland governments recently committed nearly $1bn to PsiQuantum’s project to build a fault-tolerant quantum computer in Brisbane. Doherty contends that government agencies should invest in the quantum computing technology that best meets their needs; he notes that the Department of Defence in particular will probably require quantum computers that are portable, whereas PsiQuantum’s proposed photonics-based quantum computer is expected to be the size of a large warehouse.

CORPORATES
QUANTUM BRILLIANCE, PSQUANTUM, AUSTRALIA. DEPT OF DEFENCE

Warning on jobs rate if productivity stalls

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Original article by Ewin Hannan
The Australian – Page: 4 : 15-May-24

The 2024 budget papers indicate that productivity has grown for two consecutive quarters, and that it is expected to continue to pick up if economic conditions improve. However, Treasury has warned that if productivity does not improve as expected, it could lead to a rise in unemployment. Meanwhile, the budget papers have forecast that annual wages growth will decline from 4 per cent to 3.25 per cent over the next two financial years before rising to 3.5 per cent in the subsequent years of the forward estimates, while lower forecast inflation will result in real wages growth of 0.5 per cent each year over the forward estimates.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY

Purge of consultants heralds public service jobs boom

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Original article by David Ross
The Australian – Page: 11 : 15-May-24

The number of federal public servants has increased from 173,142 to more than 197,000 since Labor took office in May 2022. The budget papers show that the number of public servants is forecast to rise by 12,042 over the next year, while this is on track to be 36,000 higher than in 2021-22. The growth in public service numbers is at least partly due to the government’s push to reduce the cost of using external consultants, with thousands of these roles to be converted into in-house positions.

CORPORATES
AUSTRALIAN LABOR PARTY

Labor splashes billions on cost of living relief

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Original article by Geoff Chambers
The Australian – Page: 1 & 4 : 15-May-24

The 2024 budget papers show that the federal government expects to post a surplus of $9.3bn for 2023-24. However, there will be a combined budget deficit of $122bn over the forward estimates period. Meanwhile, the budget features $7.8bn of new spending on cost-of-living relief, headlined by a $3.5bn energy rebate; this will provide every household with a $300 credit on their electricity bill, to be paid in four quarterly instalments. Treasurer Jim Chalmers says the cost-of-living measures will reduce the inflation rate by 0.75 of a percentage point in 2024 and 0.5 per cent in 2025. The Treasury expects inflation to fall to 3.5 per cent by June and 2.75 per cent by mid-2025.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY

Miners hail $17.6b in tax credits – but BHP nickel still on death row

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Original article by Brad Thompson
The Australian Financial Review – Page: Online : 15-May-24

Australia’s critical minerals industry has welcomed the federal government’s decision to provide the sector with a 10 per cent production tax credit. However, the budget measure may not ensure the future of BHP’s nickel operations in Western Australia, given that the tax credit will not be availabe until 2027. The potential closure of BHP’s nickel mines, refinery and smelter would result in the loss of about 3,000 jobs; BHP has previously warned that tax credits may not be enough to save the Nickel West business, which is contending with a glut of low-cost nickel produced in Indonesia with Chinese backing.

CORPORATES
BHP GROUP LIMITED – ASX BHP, NICKEL WEST

Jewish hate speech surge alarms PM

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Original article by Joe Kelly
The Australian – Page: 2 : 14-May-24

Prime Minister Anthony Albanese addressed a pre-budget meeting of Labor’s caucus on Monday. He praised the performance of Foreign Minister Penny Wong in responding to the Israel-Hamas war and reiterated his government’s support for a two-state solution. Albanese also acknowledged the growing issue of anti-Semitism in Australia; responding to a question from senator Deborah O’Neill, he said that hostility towards Jewish people is at the highest level that he has seen in his lifetime. The government is also continuing to attract scrutiny over its controversial decision to support a United Nations motion on Palestine.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, AUSTRALIAN LABOR PARTY