Category: Australia

MIL-Evening Report: Grattan on Friday: net zero battle has net zero positives for Sussan Ley

Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

There’s no other way of looking at it: Sussan Ley faces a diabolical situation with the debate over whether the Coalition should abandon the 2050 net zero emissions target.

The issue is a microcosm of her wider problems. The Nationals, the minor party in the Coalition, are determined to run their own race on most things. The Liberals have become akin to two parties, split between those eyeing urban seats and younger voters, and right-wingers reflecting the party’s conservative grassroots.

Nobody misses the contrast. The Albanese government is beset by a host of actual issues around the transition to a clean energy economy. The renewables rollout is not going as fast as desirable and is meeting with resistance in some communities. Energy costs are high. But such problems are not putting any pressure on Labor’s unity.

At the same time, the opposition is fractured over an argument about a target that’s a quarter of a century away, when who knows what the technological or political landscape will look like. For the opposition, the internal debate about net zero is about symbols and signals, rather than substance.

The net zero debate exploded within the opposition this week with Barnaby Joyce’s private member’s bill to scrap Australia’s commitment to it. The timing, in parliament’s first week, was extraordinarily inconvenient for Ley. But if not now, it would have erupted later.

On present indications, the Nationals appear likely to ditch the net zero commitment. David Littleproud, anxious to avoid the issue becoming a threat to his leadership, is reading the party room and positioning himself to be in the anticipated majority.

Asked on Thursday whether he supported net zero, Littleproud told the ABC, “well, I have real concerns about it, to be candid. What net zero has become is about trying to achieve the impossible, rather than doing what’s sensible.” But, he insisted, “we’re not climate deniers”.

It is less clear how the debate will pan out in the Liberal Party, once the group under Shadow Energy Minister Dan Tehan produces its report on energy and emissions-reduction policy.

Liberal sources say the issue is now being driven by the party’s grassroots, rather than the parliamentary party. Branches are throwing up motions to get rid of the 2050 target.

The Western Australian Liberal state council will debate a motion this weekend to drop the net zero commitment. The Queensland LNP organisation will consider its position next month. A few weeks ago, the South Australian Liberal state council rejected net zero.

With a policy review underway, Ley and the parliamentary Liberals have left a vacuum on the issue. Some Liberals warn the parliamentarians risk being run over by the party outside parliament. Others point out that on policy, the parliamentarians are independent of the organisation, which often comes up with right-wing motions.

How should Ley best handle the situation? By filling the vacuum with a position sooner rather than later. That means accelerating the Tehan report. Beyond that, ideally she should be taking leadership on the issue herself. But is she in a strong enough position to do that?

One idea being floated would be for the Liberals to retain the net zero target but extend the time frame. This wouldn’t stop the criticism about the shift.

Whether the Coalition could stay as one if its two parties had different positions on net zero may be an open question but it certainly would be messy.

On the other side of politics, the government is rapidly approaching a decision on another key target – the one Australia will put up internationally for cutting emissions by 2035. Inevitably, this will be contentious.

This target must be submitted by September (it was conveniently delayed beyond the election). Minister for Climate Change and Energy Chris Bowen has yet to receive advice on the target from the Climate Change Authority (advice that will be published). The target is expected to be between 65% and 75%.

The challenge will be to strike a target with sufficient ambition that doesn’t alienate business and the regions.

Next week the executive secretary of the United Nations Framework Convention on Climate Change, Simon Stiell, will be in Canberra for talks. His comments will be carefully watched.

Last year he told the Sydney Morning Herald, “the world needs countries like Australia to take climate action and ambition to the next level, and it’s firmly in the interests of every Australian that they do so”.

Climate and energy issues will have a place at next month’s economic reform roundtable. Bowen is organising two preliminary roundtables – on electricity, with energy user stakeholders, and on climate adaptation. He told The Conversation’s podcast that adaptation will “be an increasing focus of this government and future governments because, tragically, the world has left it too late to avoid the impacts of climate change”.

The government is waiting, somewhat impatiently, for the decision on whether Australia will be given the nod to host next year’s UN climate conference. The COP meeting, which would be in Adelaide in November 2026, is an enormous event to put on, so the decision is becoming urgent.

Bowen says Australia already has the numbers over Turkey, the other contender. But “one of the things about the process to decide COPs, I’ve learnt, is it’s quite opaque and there’s no particular timeline and no particular rules to the ballot.

“It’s meant to work on a consensus, sort of an old world, sort of gentlemanly sort of approach to say whoever loses will withdraw. That’s not the way it’s panning out. I’ve had multiple meetings with my Turkish counterpart to try to find a ‘win-win’ solution. We haven’t been able to find that yet.”

Stiell’s trip includes Turkey as well as Australia. Bowen will be hoping he may provide some clarity, when they meet, about how the “opaque” process of assigning the COP meeting is going. Bowen will be emphasising how important the proposed co-hosting COP with the Pacific is to the region, with climate change already an existential issue for many Pacific countries.

Michelle Grattan does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Grattan on Friday: net zero battle has net zero positives for Sussan Ley – https://theconversation.com/grattan-on-friday-net-zero-battle-has-net-zero-positives-for-sussan-ley-261092

MIL OSI Analysis – EveningReport.nz –

July 24, 2025
MIL-OSI Security: Defense News in Brief: Surging airpower in the Pacific: Lamontagne observes allied mobility in action

Source: United States Airforce

The commander of AMC visited the 515th AMOW squadrons during the U.S. Air Force Department-Level Exercise, to see how the Pacific-oriented AMC wing conducts an operational surge.

JOINT BASE PEARL HARBOR-HICKAM, Hawaii (AFNS) — Gen. Johnny Lamontagne, Air Mobility Command commander, visited the 515th Air Mobility Operations Wing during a recent stop in the Indo-Pacific theater to observe the U.S. Air Force’s 2025 Department-Level Exercise series — this first-in-a-generation exercise series is designed to test the service’s ability to rapidly deploy at speed and scale and sustain global operations.

The 515th AMOW, headquartered in Hawaii, plays a pivotal role in enabling air mobility across the Indo-Pacific region. Lamontagne’s visit focused on how air mobility squadrons operate during surge conditions and how they integrate with allies and partners to move critical capabilities where they are most needed.

“Hosting General Lamontagne was a great chance to show how our Airmen rise to the challenge,” said Col. Jens Lyndrup, 515th AMOW commander. “They surge, adapt and deliver — with our allies by their side — and they do it with incredible precision and pride.”

Lamontagne echoed that sentiment, praising the dedication and resilience of Airmen across the theater

“The Airmen are what impress me, period,” Lamontagne said. “The Airmen of the air mobility squadrons are fully executing the mission in tough environments during a very challenging exercise, helping the Department of the Air Force come together in a big way.”

With contested logistics becoming a central theme in defense planning, Lamontagne emphasized the 515th AMOW’s unique role in scaling operations and reinforcing key nodes in support of U.S. and allied objectives.

“We couldn’t execute this large-scale exercise without the AMOW out here in the Pacific,” he said. “There’s no way we could project power at this scale without the 515th AMOW. They do an indispensable job surging capability where it’s needed, delivering greater throughput, capacity and operational reach.”

Close coordination with international partners was also a key focus of the visit. Lamontagne highlighted the strong relationship between the 730th Air Mobility Squadron, based at Yokota Air Base, Japan, and the Japan Air Self-Defense Force.

Gen. Johnny Lamontagne, Air Mobility Command commander receives a brief from Master Sgt. Travis Alton, 735th Air Mobility Squadron aerial port section chief during a squadron visit at Joint Base Pearl Harbor-Hickam, Hawai’i, July 12, 2025. Lamontagne visited the 515th Air Mobility Operations Wing squadrons during the U.S. Air Force Department-Level Exercise, to see how the Pacific oriented AMC wing conducts an operational surge. (U.S. Air Force photo by Staff Sgt. Victoria Cowan)

Gen. Johnny Lamontagne, Air Mobility Command commander receives a brief from Airmen assigned to the 735th Air Mobility Squadron aircraft maintenance unit at Joint Base Pearl Harbor-Hickam, Hawai’i, July 12, 2025. Lamontagne visited the 515th Air Mobility Operations Wing squadrons during the U.S. Air Force Department-Level Exercise, to see how the Pacific oriented AMC wing conducts an operational surge. (U.S. Air Force photo by Staff Sgt. Victoria Cowan)

Airmen assigned to the 735th Air Mobility Squadron aircraft maintenance unit brief Gen. Johnny Lamontagne, Air Mobility Command Commander during a squadron visit at Joint Base Pearl Harbor-Hickam, Hawai’i, July 12, 2025. Lamontagne visited the 515th Air Mobility Operations Wing squadrons during the U.S. Air Force Department-Level Exercise, to see how the Pacific oriented AMC wing conducts an operational surge. (U.S. Air Force photo by Staff Sgt. Victoria Cowan)

“The 730th AMS has a great relationship with their Japanese counterparts, and we had the opportunity to meet with a couple of their three-stars who run their Air Defense Command and Air Support Command,” Lamontagne said. “They help us present forces at the tactical level and enable success at the operational and strategic levels very effectively each and every day.”

As competitors challenge U.S. military advantage in the region, Lamontagne emphasized the scale, speed and effectiveness of American airpower.

“No other air force can do it at the scale and on the timeline that our Air Force can,” he said. “Operating as one big Air Force to do what our nation needs us to do is really where it’s at.”

From enabling deterrence to sustaining operations at the tactical edge, the 515th AMOW and its network of mobility Airmen remain a critical part of the United States’ ability to project power — anytime, anywhere.

MIL Security OSI –

July 24, 2025
MIL-OSI United Kingdom: Cumbria project named finalist in global river restoration awards
Source: United Kingdom – Government Statements

Press release

Cumbria project named finalist in global river restoration awards

Cumbrian River Restoration Partnership Programme selected as finalist in the Thiess International Riverprize Awards. Winner announced in Brisbane in September.
Environment Agency

The Cumbrian River Restoration Partnership Programme – led by the Environment Agency and Natural England – has been named a finalist in the prestigious Thiess International Riverprize Awards.

The winner of the award, which sees the Cumbria programme’s work compete alongside finalists Chicago River, USA; Vjosa River, Albania and Klamath River, USA will be announced at a Gala event in Brisbane in September.

The Programme has restored nearly 100km of rivers and over 150 hectares of floodplain across the Eden, Derwent and Kent catchments. By reinstating natural river processes – such as reintroducing meanders, removing obsolete weirs and planting native trees – the Partnership is helping nature recover, build climate resilience, reduce flood risk, improve water quality, and boost biodiversity and support sustainable agriculture.

This international recognition follows the Programme’s previous win of the European Riverprize in 2022, cementing Cumbria’s place on the world stage for cutting-edge nature-based solutions.

Better Habitats and Building Climate Resilience

Olly Southgate, Cumbria River Restoration Programme Manager at the Environment Agency, said:

The Cumbrian River Restoration Partnership Programme is about giving rivers room to breathe and nature the chance to recover while also supporting sustainable farming for the future.

By allowing rivers to flow more naturally, we’re not only creating better habitats for wildlife but in some cases, we’re also helping to protect our communities by building climate resilience. It’s a win for people and a win for the planet

This nomination is a huge honour and a tribute to the power of partnership. We’re proud to showcase Cumbria’s leadership on the world stage and we thank the many dedicated landowners, local communities and partner organisations who made it all possible.”

The Cumbrian River Restoration Partnership Programme is being led by the Environment Agency alongside partners including Natural England, National Trust, RSPB, Ullswater CIC, United Utilities, and the Eden, West Cumbria and South Cumbria Rivers Trusts.

100 Restoration Projects Delivered

The initiative responds to centuries of river modification, across Cumbria, for farming and development, which has led to degraded habitats, increased flood risk, and the loss of wildlife. Over 100 projects have now been delivered throughout the region, combining practical restoration with community involvement, education, and landowner collaboration.

In line with the Environment Agency’s goal to leave the environment in a better state for future generations, this work is an example of how nature-based solutions can restore ecosystems at scale and support thriving landscapes and communities.

The Thiess International Riverprize, awarded by the International River Foundation since 1999, is the world’s most esteemed prize for river restoration. Winners will be announced at a ceremony in Brisbane, Australia in September.

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Published 24 July 2025
MIL OSI United Kingdom –
July 24, 2025
MIL-OSI Africa: East African Community (EAC) Secretary General concludes official visit to Uganda with ket strategic engagements

Source: APO

.

The Secretary General of the East African Community (EAC), Hon. Veronica Nduva, concluded a three-day official visit to the Republic of Uganda, marked by high-level engagements aimed at strengthening regional integration and enhancing cooperation.

During the visit, the Secretary General, paid a courtesy call on the President of the Republic of Uganda, H.E. Yoweri Kaguta Museveni at State House in Entebbe. The two discussed key regional integration priorities, including the need for deeper cooperation among EAC Partner States.

President Museveni reaffirmed Uganda’s commitment to the EAC integration agenda and emphasised the importance of intra-regional trade and shared infrastructure in achieving economic prosperity across the bloc.

At a different occasion, the Secretary General officiated the closing ceremony of the EAC Capacity Building Program for Women and Youth in Fisheries, a regional initiative designed to empower women and youth with skills, knowledge, and resources to participate more effectively in the fisheries value-chain. The event highlighted the EAC’s commitment to inclusive economic development, particularly in supporting marginalised groups through sustainable fisheries.

“This program is a demonstration of our resolve to empower women and youth, who form the backbone of our region’s socio-economic development. Investing in them means investing in the future of our communities,” Hon. Nduva remarked during the ceremony.

During the visit, the Secretary General also visited the Lake Victoria Fisheries Organization (LVFO) headquarters in Jinja, Uganda. She was briefed on ongoing projects aimed at supporting sustainable fisheries management, research, and cross-border collaboration in Lake Victoria.

Hon. Nduva emphasized the importance of science-based policy development, environmental sustainability, and the role of LVFO in driving the EAC’s Blue Economy strategy.

“The LVFO remains a critical institution for sustainable fisheries management in the region. It is imperative that we continue to support its work to ensure food security, livelihoods, and ecosystem preservation,” Hon. Nduva said, underscoring the EAC’s commitment to promoting sustainable fisheries and environmental conservation in the Lake Victoria Basin.

The Secretary General’s visit to the Republic of Uganda served to reaffirm the EAC Secretariat’s support for Partner States in their efforts to realise the goals of the EAC Treaty, particularly in the areas of economic development, environmental sustainability, and regional cooperation.

Distributed by APO Group on behalf of East African Community (EAC).

MIL OSI Africa –

July 24, 2025
MIL-Evening Report: Reserve Bank says unemployment rise was not a shock, inflation on track

Source: The Conversation (Au and NZ) – By John Hawkins, Head, Canberra School of Government, University of Canberra

Reserve Bank Governor Michele Bullock has fleshed out the central bank’s thinking behind its surprise decision to keep interest rates on hold this month.

In a speech today to the Anika Foundation, Bullock said there has been:

meaningful progress in bringing inflation down.

But the Reserve Bank is waiting for confirmation that underlying inflation has actually moved back towards the mid-point of its 2% to 3% target band:

We still think it will show inflation declining slowly towards 2.5%, but we are looking for data to support this expectation.

The governor was pleased to see the progress on inflation did not come at the cost of jobs growth. Employment has remained around an all-time high as a proportion of the population. Comparable countries have not managed as well as this.

The Reserve Bank has cut interest rates twice this year, and said policy is leaning towards further cuts by the end of the year.

The dual mandate

The Reserve Bank’s 2-3% inflation target is well known. But it is not the sole focus of policymakers. The bank actually has a dual mandate of inflation and employment, which was the topic of Bullock’s annual speech to Sydney’s financial community.

The Reserve Bank Act charges the bank’s monetary policy board with setting monetary policy:

in a way that, in the Board’s opinion, best contributes to:

(i) price stability in Australia; and

(ii) the maintenance of full employment in Australia.

Full employment has been enshrined in legislation as a goal of the central bank since the 1940s.

Last week, the monthly employment report unexpectedly showed a jump in unemployment to 4.3% in June after five months as 4.1% as more people looked for work.

In her speech, Bullock said while some of the coverage suggested the increase was a shock, the employment figures over the whole of the June quarter were in line with the bank’s forecasts.

She did not think it would have meant a different decision at the last board meeting if it had been known then.

Are the twin goals in conflict or complementary?

Some other central banks, such as the US Federal Reserve, also have dual mandates.

In the long run, there is no conflict between these goals. In the governor’s words:

Low and stable inflation – or price stability – is a prerequisite for strong and sustainable employment growth because it creates favourable conditions for households and businesses to plan, invest and create jobs without having to worry about inflation.

Even in the short run, the two goals often involve no conflict. When the economy is overheating, inflation is high and unemployment low, so it is clear interest rates should be raised. During a recession, inflation is low and unemployment high, so it is clear interest rates should be lowered.

But there are times when the implications from the two goals clash. A surge in oil prices, for example, could lead to both higher inflation (suggesting interest rates should be raised) and weaker economic activity (suggesting interest rates should be lowered).

The governor said the bank’s response may depend on the likely longevity of such a shock:

If a supply disruption is temporary and modest, monetary policy should mostly ‘look through’ it. Raising interest rates makes little sense if inflation is expected to ease once temporary supply disruptions are resolved – it would only weaken the job market.

By contrast, when a supply shock is likely to have a longer lasting effect on the economy and inflation there may be stronger grounds for monetary policy to respond.

The outlook

In its latest published forecasts, in May, the bank said that if, as markets expected, it lowers its cash rate target to 3.4% by the end of the year, then unemployment would rise marginally, to 4.3%, while its preferred measure of underlying inflation drops to 2.6%.

The Reserve Bank will release its updated forecasts after its next policy meeting on August 12, when it is also expected to cut interest rates.

Better monthly inflation data on the way

The Reserve Bank governor has made clear she regards the quarterly inflation series as a better guide than the current monthly series. At her May press conference she said:

We get four readings on inflation a year.

The Australian Bureau of Statistics has announced it is upgrading the monthly consumer price index (CPI) with effect from the October 2025 reading. It will then have the same coverage as the current quarterly CPI. But it will still be a more volatile measure than the quarterly.

The bank will go through a learning experience becoming familiar with the new monthly series.

Read more:
Australia’s inflation rate is to go monthly. Be careful what you wish for

John Hawkins was formerly a senior economist at the Reserve Bank.

– ref. Reserve Bank says unemployment rise was not a shock, inflation on track – https://theconversation.com/reserve-bank-says-unemployment-rise-was-not-a-shock-inflation-on-track-261759

MIL OSI Analysis – EveningReport.nz –

July 24, 2025
MIL-Evening Report: The Murray–Darling Basin Plan Evaluation is out. The next step is to fix the land, not just the flows
Source: The Conversation (Au and NZ) – By Michael Stewardson, CEO One Basin CRC, The University of Melbourne

Yarramalong Weir is one of many barriers to the passage of fish in the Murray-Darling Basin. Geoff Reid, One Basin CRC

A report card into the A$13 billion Murray–Darling Basin Plan has found much work is needed to ensure the ecology of Australia’s largest river system is properly restored.

The assessment, by the Murray–Darling Basin Authority, is the most comprehensive to date.

The authority says the river system is doing better now than it would have without the plan, which aims to ensure sustainable water use for the environment, communities and industries. But it found there is more to be done.

We are water, economics and environmental researchers with many years of experience working in the Murray-Darling Basin. We agree more work is needed, but with a more local focus, to restore the basin to health.

This requires more than just more water for the environment. Coordinated local efforts to restore rivers and the surrounding land are desperately needed. There’s so much more to the river system than just the water it contains.

Preparing for the 2026 Basin Plan Review (Murray–Darling Basin Authority)

What’s the plan?

The Murray-Darling Basin is Australia’s food bowl. But for too long, the health of environment was in decline – rivers were sick and wildlife was suffering. The river stopped flowing naturally to the sea because too much water was being taken from it.

Poor land management has also degraded the river system over time. Floodplain vegetation has been damaged, the river channel has been re-engineered, and pest plants and animals have been introduced.

The Murray-Darling Basin Plan was established in 2012. It aimed to recover water for the environment and safeguard the long-term health of the river system, while continuing to support productive agriculture and communities. It demanded more water for the environment and then described how this water would be delivered, in the form of targeted “environmental flows”.

Since 2012, the allocation of water to various uses has gradually changed. So far, 2,069 billion litres (gigalitres) of surface water has been recovered for the environment. Combined with other earlier water recovery, a total of about 28% of water previously diverted for agriculture, towns and industry is now being used by the environment instead.

A mixed report card

The evaluation released today is the first step towards a complete review of the plan next year. The 2026 review will make recommendations to Environment and Water Minister Murray Watt. It will then be up to him to decide whether any changes are needed.

It is a mixed report card. Ecological decline has been successfully halted at many sites. But sustained restoration of ecosystems across the basin is yet to be achieved, and native fish populations are in poor condition across 19 of the basin’s 23 catchments.

Climate change is putting increasing pressure on water resources. More intense and frequent extreme climate events and an average 20–30% less streamflow (up to 50% in some rivers) are expected by mid-century.

The evaluation also called for better policy and program design. Specifically, flexible programs have proven more effective than prescriptive, highly regulated programs.

Finally, the report also highlights that the cost of water reform is increasing.

Direct buybacks of water licences, mostly from irrigators, account for around two-thirds of the water recovered for the environment under the basin plan. Buybacks are the simplest and most cost-effective way to recover water but are controversial because of concerns about social and economic impacts.

Much of the remaining water has been recovered through investment in more efficient water supply infrastructure, with water savings reserved for environmental use.

The authority suggests different approaches will be needed for additional water recovery.

Having plenty of native vegetation on river banks is important for river health.
Geoff Reid, One Basin CRC

Healthy rivers need more than water

For the past two decades, measures to restore the Murray-Darling Basin have focused largely on water recovery. But research suggests attention now needs to be paid to other, more local actions.

In March, one author of this article – Samantha Capon – identified nine priority actions to restore Australia’s inland river and groundwater ecosystems at local levels. They included:
- revegetating land alongside waterways
- retiring some farmland
- modifying barriers to fish movements
- installing modern fish screens on irrigation pumps.
The study estimated such actions would cost around A$2.9 billion a year, if completed over the next 30 years.

Works to restore vegetation or other environmental conditions at these critical habitats will only occur with landholders, as well as Traditional Owners.

That’s because most of the basin’s wetlands and floodplain areas are on private property, including in irrigation districts.

Irrigator involvement is needed to place fish screens on private irrigation pumps or retire farmland. There is a growing interest and some early experience in using private irrigation channels to deliver environmental water. This also requires local partnerships.

The basin plan should include targets for environmental outcomes, not just water recovery. This will allow the benefits from local restoration measures and environmental flows to be included when tracking the plan.

Such ecosystem accounting tools already exist. Research is urgently needed to make these tools both locally relevant and suitable for the basin plan.

Time for a local approach

To date, water for the environment under the basin plan has been recovered largely through centralised government-led programs. Decisions around the delivery of environmental flows are also largely in the hands of government agencies.

But other local restoration actions are also needed.

A business-as-usual approach would leave responsible agencies struggling to complete these vital local measures with limited funding, resources and accountability.

Michael Stewardson is a member of the Advisory Committee on Social, Economic and Environmental Science, which advises the Murray Darling Basin Authority,, although he is not representing the views of this committee in this article. The committee is established under Section 203 of the Water Act 2007.
Michael Stewardson is the CEO of the One Basin CRC, which is jointly funded under the commonwealth Cooperative Research Centre Program and by its partners listed here: https://onebasin.com.au/
These partners include: state and federal government agencies including the Murray Darling Basin Authority; irrigation infrastructure operators (government owned and non-government), natural resource management agencies (government and non-government); agriculture businesses, industry organisation and R&D organisations; local government organisations; consulting companies in the water sector; technology companies; education and training organisations; and research organisation. Partners contribute to the One Basin CRC in the form of in-kind and cash contributions. The One Basin CRC is also funded by the Commonwealth Environmental Water Office under its FlowMER program. The views in this article do not necessarily represent the views of these partner and funding organisations.
Michael Stewardson has previously received research funding from the Australian Research Council and both state and federal government agencies.

Neville Crossman is a Program Leader for Adaptation and Innovation in the One Basin CRC. He is a past employee of the Murray-Darling Basin Authority (2018-2024). He has worked closely with a range of State and federal government agencies and many researchers, industry and community members in the Murray-Darling Basin throughout his career.

Samantha Capon receives funding from the federal Department of Climate Change, Energy Efficiency, the Environment and Water (DCCEEW), NSW DCCEEW, the Cotton Research and Development Corporation. She is a member of the Murray-Darling Basin Authority’s Advisory Committee for Social, Economic and Environmental Science (ACSEES), but is not representing the view of this committee in this article. Samantha has worked closely with NRM agencies, a range of State and federal government agencies and many researchers, industry and community members in the Murray-Darling Basin throughout her career.

Seth Westra is the Research Director for the One Basin CRC. He receives funding from the federal Department of Climate Change, Energy Efficiency, the Environment and Water (DCCEEW), NSW DCCEEW and the South Australian Department for Environment and Water (DEW). Seth is Research Director of the One Basin Cooperative Research Centre, Director of the Systems Cooperative, and has worked closely with NRM agencies, a range of State and federal government agencies and many researchers, industry and community members in the Murray-Darling Basin throughout his career.

– ref. The Murray–Darling Basin Plan Evaluation is out. The next step is to fix the land, not just the flows – https://theconversation.com/the-murray-darling-basin-plan-evaluation-is-out-the-next-step-is-to-fix-the-land-not-just-the-flows-261840
MIL OSI Analysis – EveningReport.nz –
July 24, 2025
MIL-OSI China: Hugo Ekitike: Liverpool sign Frankfurt striker

Source: People’s Republic of China – State Council News

Premier League champion Liverpool continued a big-spending summer with the signing of striker Hugo Ekitike from Eintracht Frankfurt for an initial fee of 79 million pounds (106 million US dollars).

“We have reached an agreement for the transfer of Eintracht Frankfurt forward Hugo Ekitike, subject to international clearance,” announced Liverpool’s social media sites on Wednesday.

Hugo Ekitike (R) of Eintracht Frankfurt vies with Cristian Romero of Tottenham Hotspur during the UEFA Europa League quarterfinals 2nd leg match in Frankfurt, Germany, April 17, 2025. (Photo by Ulrich Hufnagel/Xinhua)

“The 23-year-old has successfully completed a medical and agreed personal terms with the Reds, allowing him to fly out to Hong Kong to join his new teammates on their preseason tour of Asia later this week,” the club added.

Ekitike is the fourth major signing of the summer for Arne Slot’s side, following the capture of Florian Wirtz for over 110 million pounds and defenders Milos Kerkez and Jeremie Frimpong.

The 23-year-old Frenchman, who can play across the front line, joins Anfield after scoring 22 goals in 48 appearances last season, along with more than a dozen assists.

Liverpool has spent over 250 million pounds this summer, although they are likely to recoup some of that if Luis Diaz completes a move to Bayern Munich in a deal worth more than 60 million pounds. Darwin Nunez also appears likely to leave, and Federico Chiesa has been left out of Liverpool’s preseason squad for the Asia tour, suggesting he may also be on his way out.

MIL OSI China News –

July 24, 2025
MIL-OSI Submissions: Historic ruling finds climate change ‘imperils all forms of life’ and puts laggard nations on notice

Source: The Conversation – Global Perspectives – By Jacqueline Peel, Professor of Law and Director, Melbourne Climate Futures, The University of Melbourne

Hilaire Bule/Getty

Climate change “imperils all forms of life” and countries must tackle the problem or face consequences under international law, the International Court of Justice (ICJ) has found.

The court delivered its long-awaited advisory opinion overnight. The momentous case opens the door for countries impacted by climate disasters to sue major emitting countries for reparations.

And citizens could seek to hold governments to account for a failure to safeguard their human rights if their own or other countries fail to take adequate action to ensure a safe climate.

Here’s what the court ruled – and the global ramifications likely to flow from it.

Vanuatu’s Climate Change Minister Ralph Regenvanu delivers a speech at a demonstration before the International Court of Justice issued its first advisory opinion on state’s legal obligations to address climate change.
John Thys/AFP

Climate change breaches human rights

The ICJ case was instigated by law students at the University of the South Pacific in Vanuatu in 2019. They successfully launched a campaign for the court to examine two key issues: the obligations of countries to protect the climate from greenhouse gases, and the legal consequences for failing to do so.

The court found a clean, healthy and sustainable environment is essential for the enjoyment of many other human rights. As such, it found, the full enjoyment of human rights cannot be ensured without the protection of the climate system and other parts of the environment.

The ruling confirms climate change is much more than a legal problem. Rather, the justices concluded, it is an:

existential problem of planetary proportions that imperils all forms of life and the very health of our planet.

Most nations have signed up to global human rights agreements such as the International Covenant on Civil and Political Rights. The ICJ ruling means parties to those agreements must take measures to protect the climate system and other parts of the environment.

An advisory opinion from the International Court of Justice is not legally binding. But it is an authoritative description of the state of the law and the rights of countries to seek reparations if the law is breached. As such, it carries great legal weight.

Just as climate science assessments of the Intergovernmental Panel on Climate Change have become the gold standard for understanding the causes and impacts of climate change, the court’s ruling provides a clear baseline against which to assess countries’ action, or inaction, on climate change.

Keeping 1.5°C alive?

In recent years, many states’ emissions reduction targets under the Paris Agreement have seemed to “settle” at levels which would hold global temperature increases to 2°C at best.

But the International Court of Justice ruled the much more ambitious 1.5°C goal had become the scientifically based consensus target under the Paris Agreement.

Some countries argued formal emissions targets should be left to the discretion of each government. However, the court found against this. Rather, each nation’s targets had to be in line with – and make an adequate contribution to – the global goal of holding heating to 1.5°C.

The court found each state’s emissions reduction pledges should be judged against a stringent “due diligence” standard. The standard takes into account each country’s historical contributions to emissions, level of development and national circumstances, among other factors.

The ruling means rich countries, such as Australia, will be required under international law to make more ambitious emission-reduction pledges under the Paris Agreement, such as for the 2035 target currently under consideration by the Albanese government.

The court decision also provides a measure of climate justice for small island states, which have historically low emissions but face a much higher risk of damage from climate change than other nations.

Holding states accountable for inaction

Because climate change is global, it is difficult – but not impossible – to attribute damage from extreme weather to the actions of any one nation or group of nations.

On this question, the court said while climate change is caused by the cumulative impact of many human activities, it is scientifically possible to determine each nation’s total contribution to global emissions, taking into account both historical and current emissions.

If a nation experiences damage caused by the failure of another nation, or group of nations, to fulfil international climate obligations, the ruling means legal proceedings may be launched against the nations causing the harm. It may result in compensation or other remedies.

For small, climate-vulnerable nations such as those in the Alliance of Small Island States, this opens more legal options in their efforts to encourage high-emitting nations to properly address climate change.

Importantly, the court made clear nations can be legally liable even if damage from climate change comes from many causes, including from the activities of private actors such as companies.

That means nations cannot seek an exemption because others have contributed to the problem. They must also act to regulate companies and other entities under their jurisdiction whose activities contribute to climate change.

Pacific Island nations emit very little but face huge threats from climate change.
Luca Turati/Unsplash, CC BY-NC-ND

Paris Agreement quitters aren’t safe

One line of argument put to the court by Australia and other states was that climate treaties represented the only obligations to tackle climate change under international law.

But the court found this was not the case. Rather, other international laws applied.

The United States pulled out of the Paris Agreement earlier this year. The court’s opinion means the US and other nations are still accountable for climate harms under other international laws by which all countries are bound.

Could this lead to greater climate action?

The International Court of Justice has produced a truly historic ruling.

It will set a new baseline in terms what countries need to do to address climate change and opens up new avenues of recourse against high-emitting states not doing enough on climate change.

Jacqueline Peel receives funding from the Australian Research Council under her Australian Laureate Fellowship and Kathleen Fitzpatrick Award on ‘Transforming International Law for Corporate Climate Accountability’.

– ref. Historic ruling finds climate change ‘imperils all forms of life’ and puts laggard nations on notice – https://theconversation.com/historic-ruling-finds-climate-change-imperils-all-forms-of-life-and-puts-laggard-nations-on-notice-261848

MIL OSI –

July 24, 2025
MIL-OSI: Australian Life Sciences Venture Capital firm Brandon Capital announces Fund Six final close totalling over A$439m

Source: GlobeNewswire (MIL-OSI)

MELBOURNE, Australia, July 24, 2025 (GLOBE NEWSWIRE) — Brandon Capital, Australasia’s leading life sciences venture capital firm, today announced the final close of its sixth fund at A$439 million.

Joining existing investors Hesta, Host Plus, CSL and QIC are the WA Government and Australia’s sovereign investor in manufacturing capability, the National Reconstruction Fund Corporation (NRFC).

This final close of Brandon BioCatalyst Fund Six (BB6) will see Brandon Capital continue to invest in emerging biomedical technologies with strong commercial potential, translating these exciting discoveries into high-growth firms that positively impact human health.

To date, Brandon Capital has raised over A$1 billion across previous funds with notable Fund Six investments to date including AdvanCell (radiopharma), PolyActiva (glaucoma implant), Myricx Bio (ADC) and CatalYm (oncology).

Dr Chris Nave, Co-Founder and Managing Partner at Brandon Capital, “We’re excited to welcome the National Reconstruction Fund Corporation to our sixth fund, joining HESTA, Hostplus, CSL, QIC and the WA Government. Closing at $439 million, BB6 is our largest fund to date, and we remain committed to advancing breakthrough biomedical innovations through our unwavering scientific rigour and disciplined capital allocation, in pursuit of exceeding our investors’ expectations.”

The firm has a track record of advancing its portfolio companies to commercialisation. Recent Brandon Capital portfolio company announcements include FDA approvals for a hypertension therapy from George Medicines and a left ventricular cardiac resynchronisation device developed by EBR Systems, with Q-Sera’s blood collection tubes that produce high-quality serum faster and more reliably, recently approved in Japan.

Brandon Capital has an active portfolio of over 30 companies with 17 in clinical trials, four advancing or in-market, a promising preclinical pipeline and several actively contributing to Australia’s high-skilled manufacturing sector growth.

Collectively supporting over 270 high-skilled Australian jobs are: surgical imaging innovator, OncoRes Medical, which has developed the first ‘real-time’ in cavity probe to improve cancer surgery outcomes; late-stage biotech PolyActiva, which is developing a long-term treatment for glaucoma, the second leading cause of blindness; needle-free patch for vaccine delivery Vaxxas, and radiopharmaceutical company AdvanCell, which is developing novel therapies for the treatment of a range of cancers.

NRFC CEO David Gall said, “Medical science has long development timelines, and it is important for the NRFC to make early and considered investments in the sector to attract the talent and capital that we will need to build our local commercialisation capabilities. If we want medical science jobs and industries to exist in Australia in ten years, we need to invest in them today.”

Brandon Capital, headquartered in Australia with offices in the UK and US, has established a transcontinental presence that strengthens collaboration across regions. Australian portfolio companies gain access to UK/EU/US capital, expertise, and pharma networks, while international companies benefit from Australia’s world-class clinical trial and research capabilities.

About Brandon Capital – www.brandoncapital.vc

Brandon Capital is Australasia’s leading life sciences venture capital firm, with offices in Australia, New Zealand, the US and the UK. Its unique model includes proprietary deal flow through Brandon BioCatalyst, a collaboration of over 50 of ANZ’s leading medical research institutions, and its immersive corporate services structure enables portfolio companies to focus on research commercialisation. With more than 30 active companies in its portfolio, Brandon Capital has been sourcing and supporting the transition of world-leading science into world-leading businesses for nearly two decades.

For further information please contact

Media – Australia
Kirrily Davis, E: kdavis@bcpvc.com M: +61 (0)401 220228

Media – International
Sue Charles, Charles Consultants E: sue.charles@charles-consultants.com M: +44 (0)7968 726585

Chris Gardner, E: Chris@CGComms.onmicrosoft.com M: +44 (0)7956 031077

About the National Reconstruction Fund Corporation (NRFC)

The NRFC invests to diversify and transform Australia’s industry and economy. It has $15 billion to invest using direct loans, equity investments and loan guarantees. The NRFC investment mandate covers seven priority areas including value-add in resources; transport; medical science; defence capability; renewables and low emission technologies; value-add in agriculture, forestry and fisheries; and enabling capabilities.

The NRFC’s role is to invest in Australian businesses and projects that design, refine and make in order to transform capability, grow jobs and a skilled workforce, and diversify our economy. NRFC is a corporate Commonwealth entity, established by the National Reconstruction Fund Corporation Act 2023 (NRFC Act) in September 2023.

For more information, visit nrf.gov.au

The MIL Network –

July 24, 2025
MIL-Evening Report: Historic ruling finds climate change ‘imperils all forms of life’ and puts laggard nations on notice

Source: The Conversation (Au and NZ) – By Jacqueline Peel, Professor of Law and Director, Melbourne Climate Futures, The University of Melbourne

Hilaire Bule/Getty

Climate change “imperils all forms of life” and countries must tackle the problem or face consequences under international law, the International Court of Justice (ICJ) has found.

The court delivered its long-awaited advisory opinion overnight. The momentous case opens the door for countries impacted by climate disasters to sue major emitting countries for reparations.

And citizens could seek to hold governments to account for a failure to safeguard their human rights if their own or other countries fail to take adequate action to ensure a safe climate.

Here’s what the court ruled – and the global ramifications likely to flow from it.

Vanuatu’s Climate Change Minister Ralph Regenvanu delivers a speech at a demonstration before the International Court of Justice issued its first advisory opinion on state’s legal obligations to address climate change.
John Thys/AFP

Climate change breaches human rights

The ICJ case was instigated by law students at the University of the South Pacific in Vanuatu in 2019. They successfully launched a campaign for the court to examine two key issues: the obligations of countries to protect the climate from greenhouse gases, and the legal consequences for failing to do so.

The court found a clean, healthy and sustainable environment is essential for the enjoyment of many other human rights. As such, it found, the full enjoyment of human rights cannot be ensured without the protection of the climate system and other parts of the environment.

The ruling confirms climate change is much more than a legal problem. Rather, the justices concluded, it is an:

existential problem of planetary proportions that imperils all forms of life and the very health of our planet.

Most nations have signed up to global human rights agreements such as the International Covenant on Civil and Political Rights. The ICJ ruling means parties to those agreements must take measures to protect the climate system and other parts of the environment.

An advisory opinion from the International Court of Justice is not legally binding. But it is an authoritative description of the state of the law and the rights of countries to seek reparations if the law is breached. As such, it carries great legal weight.

Just as climate science assessments of the Intergovernmental Panel on Climate Change have become the gold standard for understanding the causes and impacts of climate change, the court’s ruling provides a clear baseline against which to assess countries’ action, or inaction, on climate change.

Keeping 1.5°C alive?

In recent years, many states’ emissions reduction targets under the Paris Agreement have seemed to “settle” at levels which would hold global temperature increases to 2°C at best.

But the International Court of Justice ruled the much more ambitious 1.5°C goal had become the scientifically based consensus target under the Paris Agreement.

Some countries argued formal emissions targets should be left to the discretion of each government. However, the court found against this. Rather, each nation’s targets had to be in line with – and make an adequate contribution to – the global goal of holding heating to 1.5°C.

The court found each state’s emissions reduction pledges should be judged against a stringent “due diligence” standard. The standard takes into account each country’s historical contributions to emissions, level of development and national circumstances, among other factors.

The ruling means rich countries, such as Australia, will be required under international law to make more ambitious emission-reduction pledges under the Paris Agreement, such as for the 2035 target currently under consideration by the Albanese government.

The court decision also provides a measure of climate justice for small island states, which have historically low emissions but face a much higher risk of damage from climate change than other nations.

Holding states accountable for inaction

Because climate change is global, it is difficult – but not impossible – to attribute damage from extreme weather to the actions of any one nation or group of nations.

On this question, the court said while climate change is caused by the cumulative impact of many human activities, it is scientifically possible to determine each nation’s total contribution to global emissions, taking into account both historical and current emissions.

If a nation experiences damage caused by the failure of another nation, or group of nations, to fulfil international climate obligations, the ruling means legal proceedings may be launched against the nations causing the harm. It may result in compensation or other remedies.

For small, climate-vulnerable nations such as those in the Alliance of Small Island States, this opens more legal options in their efforts to encourage high-emitting nations to properly address climate change.

Importantly, the court made clear nations can be legally liable even if damage from climate change comes from many causes, including from the activities of private actors such as companies.

That means nations cannot seek an exemption because others have contributed to the problem. They must also act to regulate companies and other entities under their jurisdiction whose activities contribute to climate change.

Pacific Island nations emit very little but face huge threats from climate change.
Luca Turati/Unsplash, CC BY-NC-ND

Paris Agreement quitters aren’t safe

One line of argument put to the court by Australia and other states was that climate treaties represented the only obligations to tackle climate change under international law.

But the court found this was not the case. Rather, other international laws applied.

The United States pulled out of the Paris Agreement earlier this year. The court’s opinion means the US and other nations are still accountable for climate harms under other international laws by which all countries are bound.

Could this lead to greater climate action?

The International Court of Justice has produced a truly historic ruling.

It will set a new baseline in terms what countries need to do to address climate change and opens up new avenues of recourse against high-emitting states not doing enough on climate change.

Jacqueline Peel receives funding from the Australian Research Council under her Australian Laureate Fellowship and Kathleen Fitzpatrick Award on ‘Transforming International Law for Corporate Climate Accountability’.

– ref. Historic ruling finds climate change ‘imperils all forms of life’ and puts laggard nations on notice – https://theconversation.com/historic-ruling-finds-climate-change-imperils-all-forms-of-life-and-puts-laggard-nations-on-notice-261848

MIL OSI Analysis – EveningReport.nz –

July 24, 2025
MIL-OSI USA: Several Amata-Cosponsored Bills Passed by Foreign Affairs Committee

Source: United States House of Representatives – Congresswoman Aumua Amata (Western Samoa)

Washington, D.C. – Congresswoman Uifa’atali Amata is highlighting several bills she cosponsored that were passed Tuesday by the House Foreign Affairs Committee (HFAC) as part of a slate of a dozen bills, including Pacific issues and combating human trafficking.

Congresswoman Amata during votes Tuesday in the Foreign Affairs Committee

Congresswoman Amata is an original cosponsor of H.R. 4490, as introduced by Congressman Joquin Castro (D-TX). Notably in the Pacific region, this bill ensures important diplomatic rights and recognitions for the nations in the Pacific Islands Forum. Along with Congresswoman Amata, this key bipartisan bill is also cosponsored by Rep. Young Kim (R-CA) and Rep. Ed Case (D-HI). The bill’s full title is To amend the International Organizations Immunities Act to extend diplomatic privileges and immunities to certain additional international and regional organizations.

Congresswoman Amata is a cosponsor of the Frederick Douglass Trafficking Victims Prevention and Protection Reauthorization Act of 2025, H.R. 1144. This bipartisan bill is led by Chairman Chris Smith (R-NJ), who has served in Congress for 45 years and is widely recognized as Congress’s foremost human rights champion in his longtime legislative focus. The bill reauthorizes and updates the landmark Trafficking Victims Protection Act of 2000, also led by Rep. Smith, which strengthened federal prosecutions and victim protections from either forced labor or sexual trafficking, created the Office to Monitor and Combat Trafficking in Persons, and the Interagency Task Force to Monitor and Combat Trafficking, and boosted international cooperative efforts to combat trafficking.

Amata also cosponsored the US-Japan-ROK Trilateral Cooperation Act, H.R. 3429, introduced by Rep. Ami Bera (D-CA). Along with Congresswoman Amata, this bipartisan bill has the support of various Pacific coast colleagues including Rep. Case (D-HI), Rep. Young (R-CA), Rep. Ted Lieu (D-CA), Rep. Marilyn Strickland (D-WA), Rep. James Moylan (R-Guam), Rep. Kimberlyn King-Hinds (R-CNMI), and several other senior Members. This bill creates a regular inter-parliamentary dialogue to facilitate closer cooperation between the United States, Japan, and the Republic of Korea on shared interests and values.

Finally, she is cosponsoring H.R. 4233, the ARMOR Act, under the full title the AUKUS Reform for Military Optimization and Review Act. Led by Rep. Young Kim, this bill updates and expedites provisions on defense trade and cooperation among Australia, the United Kingdom, and the United States (known as AUKUS).

“These are bills that work together to strengthen our Pacific region and promote cooperation among key allies and partners for mutual stability, security and prosperity,” said Congresswoman Aumua Amata. “I’m especially pleased to cosponsor Chairman Smith’s ongoing work to combat trafficking, and I want to thank him for his dedication to this great moral cause. Thank you also to all my Pacific region colleagues supporting efforts that affect us in the Pacific.”

###

MIL OSI USA News –

July 24, 2025
MIL-OSI Submissions: Books – SNAKE TALK: How the world’s ancient serpent stories can guide us

Source: Text Publishing Company

Book Authors – Tyson Yunkaporta & Megan Kelleher.

Shining an Indigenous light on contemporary society, Snake Talk invites us to see the world through the eye of the snake

The Serpent in Aboriginal stories is both creator and destroyer, dwelling between physical and spiritual worlds, between story and history, weaving across earth and sky. The Great Dividing Range is the body of the Serpent, but he does not separate us—he brings us together.

What if this ancient Lore can be found everywhere? What if the stories of the Basilisk, Wyvern, Naga, Quetzalcoatl and many other mythic Serpents also contain the knowledge we need in this moment of crisis?

In Snake Talk, Tyson Yunkaporta and Megan Kelleher follow these stories around the world from Kathmandu to Aotearoa, from Mesoamerica to China to northern Europe. They ask how we can align our human gifts with the patterns of creation, seeking answers from makers who pay homage to the Serpent in images and objects.

This exhilarating new book—like Sand Talk and Right Story, Wrong Story—shines an Indigenous light on contemporary society. Snake Talk invites us to see the world through the eye of the Serpent.

‘An extraordinary invitation into the world of the Dreaming…Unheralded.’ Melissa Lucashenko on Sand Talk

‘Bristles with revelation…Vigorous brilliance…both sensible and subversive.’ Age on Right Story, Wrong Story

Tyson Yunkaporta:

Tyson Yunkaporta is an Aboriginal scholar, founder of the Indigenous Knowledge Systems Lab at Deakin University in Melbourne, and author of Sand Talk. His work focuses on applying Indigenous methods of inquiry to resolve complex issues and explore global crises.

Megan Kelleher:

Megan Kelleher belongs to the Barada and Kapalbara peoples of Central Queensland and the branch of the Kelleher clan living in regional Victoria. She is currently undertaking her PhD at RMIT University in the School of Media and Communication and was honoured to be awarded one of RMIT’s Vice Chancellor’s Indigenous Pre‑Doctoral Fellowships in 2018.

Megan is investigating whether the affordances of blockchain technology are culturally appropriate for Indigenous governance, and is undertaking this research as a core member of the Digital Ethnography Research Centre (DERC) and as a PhD Candidate within The ARC Centre of Excellence for Automated Decision-Making and Society (ADM+S). When she is not training to be an academic, Megan is a devoted mother of her three beautiful children, Eden, Diver and Onyx.

2 SEP 2025
Non-fiction Paperback, 224pp
AU $36.99 / NZ $45.00
ISBN 9781922790941

MIL OSI – Submitted News –

July 24, 2025
MIL-OSI Submissions: Books – SNAKE TALK: How the world’s ancient serpent stories can guide us

Source: Text Publishing Company

Book Authors – Tyson Yunkaporta & Megan Kelleher.

Shining an Indigenous light on contemporary society, Snake Talk invites us to see the world through the eye of the snake

The Serpent in Aboriginal stories is both creator and destroyer, dwelling between physical and spiritual worlds, between story and history, weaving across earth and sky. The Great Dividing Range is the body of the Serpent, but he does not separate us—he brings us together.

What if this ancient Lore can be found everywhere? What if the stories of the Basilisk, Wyvern, Naga, Quetzalcoatl and many other mythic Serpents also contain the knowledge we need in this moment of crisis?

In Snake Talk, Tyson Yunkaporta and Megan Kelleher follow these stories around the world from Kathmandu to Aotearoa, from Mesoamerica to China to northern Europe. They ask how we can align our human gifts with the patterns of creation, seeking answers from makers who pay homage to the Serpent in images and objects.

This exhilarating new book—like Sand Talk and Right Story, Wrong Story—shines an Indigenous light on contemporary society. Snake Talk invites us to see the world through the eye of the Serpent.

‘An extraordinary invitation into the world of the Dreaming…Unheralded.’ Melissa Lucashenko on Sand Talk

‘Bristles with revelation…Vigorous brilliance…both sensible and subversive.’ Age on Right Story, Wrong Story

Tyson Yunkaporta:

Tyson Yunkaporta is an Aboriginal scholar, founder of the Indigenous Knowledge Systems Lab at Deakin University in Melbourne, and author of Sand Talk. His work focuses on applying Indigenous methods of inquiry to resolve complex issues and explore global crises.

Megan Kelleher:

Megan Kelleher belongs to the Barada and Kapalbara peoples of Central Queensland and the branch of the Kelleher clan living in regional Victoria. She is currently undertaking her PhD at RMIT University in the School of Media and Communication and was honoured to be awarded one of RMIT’s Vice Chancellor’s Indigenous Pre‑Doctoral Fellowships in 2018.

Megan is investigating whether the affordances of blockchain technology are culturally appropriate for Indigenous governance, and is undertaking this research as a core member of the Digital Ethnography Research Centre (DERC) and as a PhD Candidate within The ARC Centre of Excellence for Automated Decision-Making and Society (ADM+S). When she is not training to be an academic, Megan is a devoted mother of her three beautiful children, Eden, Diver and Onyx.

2 SEP 2025
Non-fiction Paperback, 224pp
AU $36.99 / NZ $45.00
ISBN 9781922790941

MIL OSI – Submitted News –

July 24, 2025

MIL-OSI: Nokia Corporation Report for Q2 and Half Year 2025

Source: GlobeNewswire (MIL-OSI)

Nokia Corporation

Half year financial report
24 July 2025 at 08:00 EEST

Nokia Corporation Report for Q2 and Half Year 2025

Solid performance offset by currency impact

Q2 comparable net sales declined 1% y-o-y on a constant currency and portfolio basis (2% reported) due to a 13% decline in Mobile Networks which had benefited from accelerated revenue recognition in the prior year. Network Infrastructure grew 8% while Cloud and Network Services grew 14%. Nokia Technologies grew 3%.
Comparable gross margin in Q2 was flat y-o-y at 44.7% (reported increased 10bps to 43.4%). Gross margins were broadly stable in Network Infrastructure and Mobile Networks and improved in Cloud and Network Services.
Q2 comparable operating margin decreased 290bps y-o-y to 6.6% (reported up 790bps to 1.8%), driven by a negative EUR 50 million venture fund impact which includes a EUR 60 million negative currency revaluation. Operating profit was also impacted by tariffs.
Q2 comparable diluted EPS for the period of EUR 0.04; reported diluted EPS for the period of EUR 0.02.
Q2 free cash flow of EUR 0.1 billion, net cash balance of EUR 2.9 billion.
As announced on 22 July 2025, full year 2025 comparable operating profit outlook revised to between EUR 1.6 and 2.1 billion (was between EUR 1.9 and 2.4 billion) with free cash flow conversion from comparable operating profit unchanged at between 50% and 80%.

This is a summary of the Nokia Corporation Report for Q2 and Half Year 2025 published today. Nokia only publishes a summary of its financial reports in stock exchange releases. The summary focuses on Nokia Group’s financial information as well as on Nokia’s outlook. The detailed, segment-level discussion will be available in the complete financial report hosted at www.nokia.com/financials. Investors should not solely rely on summaries of Nokia’s financial reports and should also review the complete reports with tables.

JUSTIN HOTARD, PRESIDENT AND CEO, ON Q2 2025 RESULTS

In the following quote, net sales comments and growth rates are referring to comparable net sales and are on a constant currency and portfolio basis.

During my first quarter as CEO, I’ve spent significant time engaging with our stakeholders. One message has stood out: Connectivity is becoming a critical differentiator in the AI supercycle, not only for communication service providers and hyperscalers, but also for new areas like defense and national security. With our portfolio in mobile and fiber access, data center, and transport networks, Nokia is uniquely positioned to be a leader in this market transition. Customer conversations have increased my optimism about our opportunity: There’s been a strong validation of what sets us apart – our technology, partnering culture, and the exceptional talent of our people.

At the same time, our customers expect us to engage with them as one integrated company as they partner with us across our portfolio. Further it is clear we need to continue to evolve how we work so we move faster, improve productivity and focus on what brings value to our customers. As a result, we’re unifying our corporate functions to simplify how we work, build a more cohesive culture and begin to unlock operating leverage.

We have a great opportunity to drive a unified vision for the future of networks, and I am looking forward to discussing our strategy and full value creation story at our Capital Markets Day in New York on November 19.

Turning to our second quarter results, the significant currency fluctuations, particularly the weaker USD, had a meaningful impact on both our net sales and operating profit. On a constant currency and portfolio basis our overall net sales declined 1%, however excluding a settlement benefit in the prior year, sales would have grown 3%. Network Infrastructure grew 8% in Q2. Mobile Networks’ net sales declined 13%, primarily related to the aforementioned prior year settlement benefit and also due to project timing in India. Cloud and Network Services grew 14% with strong momentum in 5G Core. Nokia Technologies grew 3% and secured several new agreements in the quarter.

Q2 comparable gross margin was stable year-on-year at 44.7%. Operating profit in the quarter was impacted by a non-cash negative impact to venture funds of EUR 50 million which included a EUR 60 million negative currency revaluation and the effect of tariffs we highlighted in Q1, contributing to our comparable operating margin declining 290 bps to 6.6%. Despite the cash impact of 2024 incentives during Q2, we had a strong cash performance and have generated free cash flow of over EUR 800 million in the first half.

Q2 saw continued strong order momentum in Optical Networks with a book-to-bill well above 1, driven by new hyperscaler orders. We had several key wins in the quarter, including a deal with a large US communication service provider along with receiving our first award for 800G pluggables from a US hyperscaler. Across the group, Nokia generated 5% of sales in Q2 from hyperscalers. While we still have a lot of work ahead of us, I’m pleased with the progress we are making integrating Infinera, including executing on synergies. Additionally, the commercial momentum we are seeing reinforces the long-term value creation opportunity of the acquisition.

Looking ahead we expect a stronger second half performance, particularly in Q4 consistent with normal seasonality. For the full year, the underlying business is trending largely as expected. We continue to expect strong growth in Network Infrastructure, growth in Cloud and Network Services and largely stable net sales in Mobile Networks on a constant currency and portfolio basis. In Nokia Technologies we expect approximately EUR 1.1 billion in operating profit.

However, we are facing two headwinds to our full year operating profit outlook which are outside of our control, currency due to the weaker US Dollar, and tariffs. Currency has an approximately EUR 230 million negative impact relative to our expectations at the start of the year with EUR 90 million from non-cash venture fund currency revaluations. The current tariff levels are forecasted to impact operating profit by EUR 50 million to EUR 80 million inclusive of those in Q2. Considering these two headwinds, we decided it was prudent at this point to lower our comparable operating profit outlook to a range of EUR 1.6 billion to EUR 2.1 billion from the prior range of EUR 1.9 billion to EUR 2.4 billion.

Justin Hotard
President and CEO

FINANCIAL RESULTS

EUR million (except for EPS in EUR)	Q2’25	Q2’24	YoY change	Q1-Q2’25	Q1-Q2’24	YoY change
Reported results
Net sales	4 546	4 466	2%	8 936	8 910	0%
Gross margin %	43.4%	43.3%	10bps	42.5%	46.5%	(400)bps
Research and development expenses	(1 161)	(1 134)	2%	(2 306)	(2 259)	2%
Selling, general and administrative expenses	(744)	(715)	4%	(1 472)	(1 408)	5%
Operating profit	81	432	(81)%	32	836	(96)%
Operating margin %	1.8%	9.7%	(790)bps	0.4%	9.4%	(900)bps
Profit from continuing operations	83	370	(78)%	24	821	(97)%
Profit/(loss) from discontinued operations	13	(512)		13	(525)
Profit/(loss) for the period	96	(142)		36	296	(88)%
EPS for the period, diluted	0.02	(0.03)		0.01	0.05	(80)%
Net cash and interest-bearing financial investments	2 879	5 475	(47)%	2 879	5 475	(47)%
Comparable results
Net sales	4 551	4 466	2%	8 941	8 910	0%
Constant currency and portfolio YoY change⁽¹⁾			(1%)			(2%)
Gross margin %	44.7%	44.7%	0bps	43.5%	47.6%	(410)bps
Research and development expenses	(1 126)	(1 064)	6%	(2 241)	(2 140)	5%
Selling, general and administrative expenses	(612)	(610)	0%	(1 199)	(1 194)	0%
Operating profit	301	423	(29)%	457	1 023	(55)%
Operating margin %	6.6%	9.5%	(290)bps	5.1%	11.5%	(640)bps
Profit for the period	236	328	(28)%	390	840	(54)%
EPS for the period, diluted	0.04	0.06	(33)%	0.07	0.15	(53)%

Business group results	Network Infrastructure		Mobile Networks		Cloud and Network Services		Nokia Technologies		Group Common and Other
EUR million	Q2’25	Q2’24	Q2’25	Q2’24	Q2’25	Q2’24	Q2’25	Q2’24	Q2’25	Q2’24
Net sales	1 904	1 522	1 732	2 078	557	507	357	356	3	4
YoY change	25%		(17)%		10%		0%		(25)%
Constant currency and portfolio YoY change⁽¹⁾	8%		(13)%		14%		3%		(25)%
Gross margin %	38.2%	38.4%	41.1%	41.8%	42.7%	37.5%	100.0%	100.0%
Operating profit/(loss)	109	97	77	182	9	(35)	255	258	(150)	(78)
Operating margin %	5.7%	6.4%	4.4%	8.8%	1.6%	(6.9)%	71.4%	72.5%

(1) This metric provides additional information on the growth of the business and adjusts for both currency impacts and portfolio changes. The full definition is provided in the Alternative performance measures section in Nokia Corporation Report for Q2 and Half Year 2025.

SHAREHOLDER DISTRIBUTION

Dividend

Under the authorization by the Annual General Meeting held on 29 April 2025, the Board of Directors may resolve on the distribution of an aggregate maximum of EUR 0.14 per share to be paid in respect of financial year 2024. The authorization will be used to distribute dividend and/or assets from the reserve for invested unrestricted equity in four installments during the authorization period unless the Board decides otherwise for a justified reason.

On 24 July 2025, the Board resolved to distribute a dividend of EUR 0.04 per share. The dividend record date is 29 July 2025 and the dividend will be paid on 7 August 2025. The actual dividend payment date outside Finland will be determined by the practices of the intermediary banks transferring the dividend payments.

As previously announced, on 29 April 2025 the Board resolved to distribute a dividend of EUR 0.04 per share. The dividend record date was 5 May 2025 and the dividend was paid on 12 May 2025. Following these distributions, the Board’s remaining distribution authorization is a maximum of EUR 0.06 per share.

OUTLOOK

	Full Year 2025
Comparable operating profit^(1,2)	EUR 1.6 billion to EUR 2.1 billion (adjusted from EUR 1.9 billion to 2.4 billion)
Free cash flow⁽¹⁾	50% to 80% conversion from comparable operating profit

¹Please refer to Alternative performance measures section in Nokia Corporation Report for Q2 and Half Year 2025 for a full explanation of how these terms are defined.
²Outlook is based on a EUR:USD rate of 1.17 for the remainder of the year.

The outlook and all of the underlying outlook assumptions described below are forward-looking statements subject to a number of risks and uncertainties as described or referred to in the Risk Factors section later in this report.

Along with Nokia’s official outlook targets provided above, Nokia provides the below additional assumptions that support the group level financial outlook.

	Full year 2025	Comment
Q3 Seasonality		Normal seasonality would imply flat net sales sequentially into Q3. The business expects somewhat more challenging product mix along with continued R&D investment. Comparable operating margin expected to be largely stable sequentially.
Group Common and Other operating expenses	Approximately EUR 400 million
Comparable financial income and expenses	Positive EUR 50 to 150 million
Comparable income tax rate	~25%
Cash outflows related to income taxes	EUR 500 million
Capital expenditures	EUR 650 million
Recurring gross cost savings	EUR 400 million	Related to ongoing cost savings program and not including Infinera-related synergies
Restructuring and associated charges related to cost savings programs	EUR 250 million	Related to ongoing cost savings program and not including Infinera-related synergies
Restructuring and associated cash outflows	EUR 400 million	Related to ongoing cost savings program and not including Infinera-related synergies

RISK FACTORS

Nokia and its businesses are exposed to a number of risks and uncertainties which include but are not limited to:

Competitive intensity, which is expected to continue at a high level as some competitors seek to take share;
Changes in customer network investments related to their ability to monetize the network;
Our ability to ensure competitiveness of our product roadmaps and costs through additional R&D investments;
Our ability to procure certain standard components and the costs thereof, such as semiconductors;
Disturbance in the global supply chain;
Impact of inflation, increased global macro-uncertainty, major currency fluctuations, changes in tariffs and higher interest rates;
Potential economic impact and disruption of global pandemics;
War or other geopolitical conflicts, disruptions and potential costs thereof;
Other macroeconomic, industry and competitive developments;
Timing and value of new, renewed and existing patent licensing agreements with licensees;
Results in brand and technology licensing; costs to protect and enforce our intellectual property rights; on-going litigation with respect to licensing and regulatory landscape for patent licensing;
The outcomes of on-going and potential disputes and litigation;
Our ability to execute, complete, successfully integrate and realize the expected benefits from transactions;
Timing of completions and acceptances of certain projects;
Our product and regional mix;
Uncertainty in forecasting income tax expenses and cash outflows, over the long-term, as they are also subject to possible changes due to business mix, the timing of patent licensing cash flow and changes in tax legislation, including potential tax reforms in various countries and OECD initiatives;
Our ability to utilize our Finnish deferred tax assets and their recognition on our balance sheet;
Our ability to meet our sustainability and other ESG targets, including our targets relating to greenhouse gas emissions;

as well the risk factors specified under Forward-looking statements of this release, and our 2024 annual report on Form 20-F published on 13 March 2025 under Operating and financial review and prospects-Risk factors.

FORWARD-LOOKING STATEMENTS

Certain statements herein that are not historical facts are forward-looking statements. These forward-looking statements reflect Nokia’s current expectations and views of future developments and include statements regarding: A) expectations, plans, benefits or outlook related to our strategies, projects, programs, product launches, growth management, licenses, sustainability and other ESG targets, operational key performance indicators and decisions on market exits; B) expectations, plans or benefits related to future performance of our businesses (including the expected impact, timing and duration of potential global pandemics, geopolitical conflicts and the general or regional macroeconomic conditions on our businesses, our supply chain, the timing of market changes or turning points in demand and our customers’ businesses) and any future dividends and other distributions of profit; C) expectations and targets regarding financial performance and results of operations, including market share, prices, net sales, income, margins, cash flows, cost savings, the timing of receivables, operating expenses, provisions, impairments, tariffs, taxes, currency exchange rates, hedging, investment funds, inflation, product cost reductions, competitiveness, value creation, revenue generation in any specific region, and licensing income and payments; D) ability to execute, expectations, plans or benefits related to transactions, investments and changes in organizational structure and operating model; E) impact on revenue with respect to litigation/renewal discussions; and F) any statements preceded by or including “anticipate”, “continue”, “believe”, “envisage”, “expect”, “aim”, “will”, “target”, “may”, “would”, “could“, “see”, “plan”, “ensure” or similar expressions. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from such statements. These statements are based on management’s best assumptions and beliefs in light of the information currently available to them. These forward-looking statements are only predictions based upon our current expectations and views of future events and developments and are subject to risks and uncertainties that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Factors, including risks and uncertainties that could cause these differences, include those risks and uncertainties identified in the Risk Factors above.

ANALYST WEBCAST

Nokia’s webcast will begin on 24 July 2025 at 11.30 a.m. Finnish time (EEST). The webcast will last approximately 60 minutes.
The webcast will be a presentation followed by a Q&A session. Presentation slides will be available for download at www.nokia.com/financials.
A link to the webcast will be available at www.nokia.com/financials.
Media representatives can listen in via the link, or alternatively call +1-412-317-5619.

FINANCIAL CALENDAR

Nokia plans to publish its third quarter and January-September 2025 results on 23 October 2025.

About Nokia

At Nokia, we create technology that helps the world act together.

As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs, which is celebrating 100 years of innovation.

With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

Inquiries:

Nokia
Communications
Phone: +358 10 448 4900
Email: press.services@nokia.com
Maria Vaismaa, Global Head of External Communications

Nokia
Investor Relations
Phone: +358 931 580 507
Email: investor.relations@nokia.com

Attachment

2025_Q2_Nokia_ Earnings_release_English

The MIL Network –

July 24, 2025

MIL-OSI: Dassault Systèmes: Q2 well aligned with objectives; Reaffirming 2025 growth outlook Advancing AI for software-defined industries

Source: GlobeNewswire (MIL-OSI)

Press Release

VELIZY-VILLACOUBLAY, France — July 24, 2025

Dassault Systèmes: Q2 well aligned with objectives; Reaffirming 2025 growth outlook

Advancing AI for software-defined industries

Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today reports its IFRS unaudited estimated financial results for the second quarter 2025 and first half ended June 30, 2025. The Group’s Board of Directors approved these estimated results on July 23, 2025. This press release also includes financial information on a non-IFRS basis and reconciliations with IFRS figures in the Appendix.

Summary Highlights¹

(unaudited, IFRS and non-IFRS unless otherwise noted,
all growth rates in constant currencies)

2Q25: Total revenue of €1.52 billion, up 6%, well aligned with objectives;
2Q25: Software revenue up 6%, driven by subscription revenue up 10%;
2Q25: 3DEXPERIENCE software revenue up 20% with good dynamics across industries;
2Q25: Operating margin of 29.3% and diluted EPS non-IFRS up 4% to €0.30;
For the first six months, recurring revenue up 7% driven by subscription growth of 13%;
FY25: Reaffirming non-IFRS full-year objectives with total revenue growth of 6% to 8% and diluted EPS growth of 7% to 10%.

Dassault Systèmes’ Chief Executive Officer Commentary

Pascal Daloz, Dassault Systèmes’ Chief Executive Officer, commented:

“The first half of the year reaffirmed the strength of our core Manufacturing sector, with resilient performance in Transportation & Mobility and strong growth in High-Tech. Aerospace & Defense also had an excellent start, with notable engagement at the Paris Air Show, underscoring our leadership in these strategic areas. In Life Sciences, our PLM solutions are playing more and more a critical role in driving the evolution toward smarter manufacturing and agile supply chains.

As we look to the future, Dassault Systèmes is uniquely positioned to help clients navigate the increasingly complex and dynamic global landscape. Our focus on high-growth segments, particularly Space, Defense, Energy, and AI-driven cloud infrastructure, places us at the core of sovereignty and security challenges.

With the introduction of 3D UNIV+RSES, presented at our Capital Markets Day, we are entering new high-value territories such as regulatory and compliance management. AI will be a key enabler in these areas, and early customer feedback has been exceptionally promising. With AI for software-defined industries, we are confident that our continued innovation will unlock new levels of value for our clients, reinforcing our role as a trusted partner in their transformation journeys.”

Dassault Systèmes’ Chief Financial Officer Commentary

(revenue and diluted EPS (“EPS”) growth rates in constant currencies,
data on a non-IFRS basis)

Rouven Bergmann, Dassault Systèmes’ Chief Financial Officer, commented:

“In Q2, both total and software revenues grew by 6%, in line with our objectives. Year-to-date, we’ve seen a 5% increase in growth, with subscription rising 13%. Our performance across the Manufacturing sector has been resilient, particularly driven by the continued strength of SIMULIA, ENOVIA, and CATIA.

On the operational front, we remain committed to strategic investments aimed at capturing long-term value, while protecting EPS. The acquisition of Ascon is a key step in accelerating the shift to software-defined manufacturing.

Looking ahead, we maintain our outlook for full-year revenue growth between 6-8%, with EPS growth expected to range from 7-10%. Additionally, we’ve updated our currency assumptions for the second half of the year.”

Financial Summary

In millions of Euros, except per share data and percentages	IFRS				IFRS
In millions of Euros, except per share data and percentages	Q2 2025	Q2 2024	Change	Change in constant currencies	YTD 2025	YTD 2024	Change	Change in constant currencies
Total Revenue	1,521.6	1,495.8	2%	5%	3,094.6	2,995.4	3%	4%
Software Revenue	1,372.7	1,346.5	2%	6%	2,805.4	2,699.4	4%	5%
Operating Margin	15.9%	18.4%	(2.6)pts		17.6%	20.0%	(2.4)pts
Diluted EPS	0.17	0.21	(19)%		0.37	0.42	(14)%

In millions of Euros, except per share data and percentages	Non-IFRS				Non-IFRS
In millions of Euros, except per share data and percentages	Q2 2025	Q2 2024	Change	Change in constant currencies	YTD 2025	YTD 2024	Change	Change in constant currencies
Total Revenue	1,523.2	1,495.8	2%	6%	3,096.2	2,995.4	3%	5%
Software Revenue	1,374.2	1,346.5	2%	6%	2,807.0	2,699.4	4%	5%
Operating Margin	29.3%	29.9%	(0.7)pts		30.1%	30.5%	(0.4)pts
Diluted EPS	0.30	0.30	(1)%	4%	0.61	0.60	2%	5%

Second Quarter 2025 Versus 2024 Financial Comparisons

(unaudited, IFRS and non-IFRS unless otherwise noted,
all revenue growth rates in constant currencies)

Total Revenue: Total revenue in the second quarter grew 5% in IFRS and 6% in non-IFRS, to €1.52 billion, and software revenue increased by 6% to €1.37 billion. Subscription & support revenue rose 6%; recurring revenue represented 80% of software revenue. Licenses and other software revenue rose 5% to €276 million. Services revenue increased 3% to €149 million, during the quarter.
Software Revenue by Geography: The Americas revenue increased by 2% to represent 37% of software revenue, with High-Tech and Industrial Equipment performing well. Europe grew by 10% to 39% of software revenue, reflecting an acceleration led by France and Southern Europe. In Asia, revenue rose 6% with strong double-digit growth in China. Asia represented 24% of software revenue at the end of the second quarter.
Software Revenue by Product Line:
- Industrial Innovation software revenue rose 9% to €745 million. SIMULIA, CATIA and ENOVIA were the best contributors to growth. Industrial Innovation software represented 54% of software revenue, during the period.
- Life Sciences software revenue was flat at €268 million, to account for 20% of software revenue.
- Mainstream Innovation software revenue increased by 3% to €360 million in IFRS, and was up 4% to €361 million in non-IFRS, represented 26% of software revenue. SOLIDWORKS had a strong subscription growth, advancing its business model shift.
Software Revenue by Industry: Industrial Equipment, High Tech, Transportation & Mobility and Aerospace & Defense were the best contributors to growth this quarter. In Life Sciences, Dassault Systèmes’ PLM solutions are playing more and more a critical role in driving the evolution toward smarter manufacturing and agile supply chains. In fact, outside of the MEDIDATA product line, Life Sciences revenue grew mid-teens.
Key Strategic Drivers: 3DEXPERIENCE software revenue increased 20% and represented 41% of 3DEXPERIENCE Eligible software revenue. Cloud software revenue grew 6% in non-IFRS, representing 25% of software revenue during the period. 3DEXPERIENCE Cloud software revenue increased 15% in constant currencies.
Operating Income and Margin: IFRS operating income decreased 12%, to €242 million, as reported. Non-IFRS operating income decreased 0.4% at €446 million, as reported. The IFRS operating margin stood at 15.9% compared to 18.4% in the second quarter of 2024, mainly reflecting the effect of the employee shareholding plan “TOGETHER 2025” offered during the quarter. The non-IFRS operating margin totaled 29.3%, versus 29.9% in the same period of last year, with a negative currency impact of 50 basis points.
Earnings per Share: IFRS diluted EPS was €0.17, decreasing 19% as reported. Non-IFRS diluted EPS grew to €0.30, down 1% as reported, up 4% in constant currencies.

First Half 2025 Versus 2024 Financial Comparisons

(unaudited, IFRS and non-IFRS unless otherwise noted,
all revenue growth rates in constant currencies)

Total Revenue: Total revenue grew 4% to €3.09 billion in IFRS, and was up 5% to €3.10 billion in non-IFRS. Software revenue increased 5% to €2.81 billion. Subscription and support revenue rose 7% to €2.33 billion; recurring revenue represented 83% of total software revenue. Licenses and other software revenue decreased 2% to €474 million. Services revenue was down 2% to €289 million.
Software Revenue by Geography: The Americas, Europe and Asia all grew 5%, representing respectively 40%, 37% and 23% of software revenue.
Software Revenue by Product Line:
- Industrial Innovation software revenue rose 8% to €1.54 billion and represented 55% of software revenue. CATIA, SIMULIA and ENOVIA were among the strongest contributors to growth.
- Life Sciences software revenue was flat to €561 million, representing 20% of software revenue.
- Mainstream Innovation software revenue increased by 3% to €707 million in IFRS and to €708 million in non-IFRS. Mainstream Innovation represented 25% of software revenue.

Software Revenue by Industry: Aerospace & Defense, High Tech, Industrial Equipment and Transport & Mobility were among the strongest contributors to growth. In Life Sciences, Dassault Systèmes’ PLM solutions are playing more and more a critical role in driving the evolution toward smarter manufacturing and agile supply chains. In fact, outside of the MEDIDATA product line, Life Sciences revenue grew mid-teens.
Key Strategic Drivers: 3DEXPERIENCE software revenue increased by 19%, representing 40% of 3DEXPERIENCE Eligible software revenue. Cloud software revenue grew 7% in non-IFRS, and represented 25% of software revenue. 3DEXPERIENCE Cloud software revenue increased 26% in constant currencies.
Operating Income and Margin: IFRS operating income was down 9%, to €546 million, as reported. Non-IFRS operating income increased 2% to €932 million, as reported. IFRS operating margin totaled 17.6% compared to 20% for the same period in 2024, mainly reflecting the combined effect of the employee shareholding plan “TOGETHER 2025” and higher share-based compensation related social charges, notably in France, where the rate rose from 20% to 30% in the first half of 2025. Non-IFRS operating margin stood at 30.1% in the first half of 2025, compared to 30.5% in the same period last year, impacted by negative currency effect of 30 basis points.
Earnings per Share: IFRS diluted EPS was €0.37, a decrease of 14% as reported. Non-IFRS diluted EPS grew by 2% to €0.61, as reported, or 5% in constant currencies.
Cash Flow from Operations (IFRS): Cash flow from operations totaled €1.15 billion for the first six months of 2025, compared to €1.13 billion last year. Cash flow from operations was principally used for the acquisition of ContentServ for €202 million, repurchase of Treasury Shares for €225 million and dividend payments for €343 million.
Balance Sheet (IFRS): Dassault Systèmes’ net financial position totaled €1.51 billion as of June 30, 2025, an increase of €0.05 billion, compared to €1.46 billion for the year ended December 31, 2024. Cash and cash equivalents totaled €4.08 billion in the first half.

Financial Objectives for 2025

Dassault Systèmes’ third quarter and 2025 financial objectives presented below are given on a non-IFRS basis and reflect the principal 2025 currency exchange rate assumptions for the US dollar and Japanese yen as well as the potential impact from additional non-Euro currencies:


		Q3 2025	FY 2025
Total Revenue (billion)		€1.485 – €1.535	€6.410 – €6.510
Growth		1 – 5%	3 – 5%
Growth ex FX		5 – 8%	6 – 8%

Software revenue growth *		5 – 9%	6 – 8%
	Of which licenses and other software revenue growth *	7 – 14%	4 – 7%
	Of which recurring revenue growth *	5 – 8%	7 – 8%
Services revenue growth *		1 – 5%	1 – 3%

Operating Margin		29.7% – 29.9%	32.2% – 32.4%

EPS Diluted		€0.29 – €0.30	€1.32 – €1.35
Growth		0 – 4%	3 – 6%
Growth ex FX		5 – 9%	7 – 10%

US dollar		$1.17 per Euro	$1.13 per Euro
Japanese yen (before hedging)		JPY 170.0 per Euro	JPY 166.1 per Euro
* Growth in Constant Currencies

These objectives are prepared and communicated only on a non-IFRS basis and are subject to the cautionary statement set forth below.

The 2025 non-IFRS financial objectives set forth above do not take into account the following accounting elements below and are estimated based upon the 2025 principal currency exchange rates above: contract liabilities write-downs estimated at approximately €4 million; share-based compensation expenses, including related social charges, estimated at approximately €324 million (these estimates do not include any new stock option or share grants issued after June 30, 2025); amortization of acquired intangibles and of tangibles reevaluation, estimated at approximately €336 million, largely impacted by the acquisition of MEDIDATA; and lease incentives of acquired companies at approximately €1 million.

The above objectives also do not include any impact from other operating income and expenses, net principally comprised of acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; from one-time items included in financial revenue; from one-time tax effects; and from the income tax effects of these non-IFRS adjustments. Finally, these estimates do not include any new acquisitions or restructuring completed after June 30, 2025.

Corporate Announcements

Today’s Webcast and Conference Call Information

Today, Thursday, July 24, 2025, Dassault Systèmes will host in Paris a webcasted presentation at 9:00 AM London Time / 10:00 AM Paris time, and will then host a conference call at 8:30 AM New York time / 1:30 PM London time / 2:30 PM Paris time. The webcasted presentation and conference calls will be available online by accessing investor.3ds.com.

Additional investor information is available at investor.3ds.com or by calling Dassault Systèmes’ Investor Relations at +33.1.61.62.69.24.

Investor Relations Events

Third Quarter 2025 Earnings Release: October 23, 2025
Fourth Quarter 2025 Earnings Release: February 11, 2026
First Quarter 2026 Earnings Release: April 23, 2026
Second Quarter 2026 Earnings Release: July 23, 2026

Forward-looking Information

Statements herein that are not historical facts but express expectations or objectives for the future, including but not limited to statements regarding the Group’s non-IFRS financial performance objectives are forward-looking statements. Such forward-looking statements are based on Dassault Systèmes management’s current views and assumptions and involve known and unknown risks and uncertainties. Actual results or performances may differ materially from those in such statements due to a range of factors.

The Group’s actual results or performance may be materially negatively affected by numerous risks and uncertainties, as described in the “Risk Factors” section 1.9 of the 2024 Universal Registration Document (‘Document d’enregistrement universel’) filed with the AMF (French Financial Markets Authority) on March 18, 2025, available on the Group’s website www.3ds.com.

In particular, please refer to the risk factor “Uncertain Global Environment” in section 1.9.1.1 of the 2024 Universal Registration Document set out below for ease of reference:

“In light of the uncertainties regarding economic, business, social, health and geopolitical conditions at the global level, Dassault Systèmes’ revenue, net earnings and cash flows may grow more slowly, whether on an annual or quarterly basis, mainly due to the following factors:

the deployment of Dassault Systèmes’ solutions may represent a large portion of a customer’s investments in software technology. Decisions to make such an investment are impacted by the economic environment in which the customers operate. Uncertain global geopolitical, economic and health conditions and the lack of visibility or the lack of financial resources may cause some customers, e.g. within the automotive, aerospace, energy or natural resources industries, to reduce, postpone or cancel their investments, or to reduce or not renew ongoing paid maintenance for their installed base, which impact larger customers’ revenue with their respective sub-contractors;
the political, economic and monetary situation in certain geographic regions where Dassault Systèmes operates could become more volatile and negatively affect Dassault Systèmes’ business, and in particular its revenue, for example, due to stricter export compliance rules or the introduction of new customs barriers or controls on the exchange of goods and services;
continued pressure or volatility on raw materials and energy prices could also slow down Dassault Systèmes’ diversification efforts in new industries;
uncertainties regarding the extent and duration of costs inflation could adversely affect the financial position of Dassault Systèmes; and
the sales cycle of the Dassault Systèmes’ products – already relatively long due to the strategic nature of such investments for customers – could further lengthen.

The occurrence of crises – health and political crises in particular – could have consequences both for the health and safety of Dassault Systèmes’ employees and for the Company. It could also adversely impact the financial situation or financing and supply capabilities of Dassault Systèmes’ existing and potential customers, commercial and technology partners, some of whom may be forced to temporarily close sites or to cease operations. A deteriorating economic environment could generate increased price pressure and affect the collection of receivables, which would negatively affect Dassault Systèmes’ revenue, financial performance and market position.

Dassault Systèmes makes every effort to take into consideration this uncertain outlook. Dassault Systèmes’ business results, however, may not develop as anticipated. Furthermore, due to factors affecting sales of Dassault Systèmes’ products and services, there may be a substantial time lag between an improvement in global economic and business conditions and an upswing in the Company’s business results.”

In preparing such forward-looking statements, the Group has in particular assumed an average US dollar to euro exchange rate of US$1.17 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY170.0 to €1.00, before hedging for the third quarter 2025. The Group has assumed an average US dollar to euro exchange rate of US$1.13 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY166.1 to €1.00, before hedging for the full year 2025. However, currency values fluctuate, and the Group’s results may be significantly affected by changes in exchange rates.

Non-IFRS Financial Information

Readers are cautioned that the supplemental non-IFRS financial information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered in isolation from or as a substitute for IFRS measurements. The supplemental non-IFRS financial information should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with IFRS. Furthermore, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Specific limitations for individual non-IFRS measures are set forth in the Company’s 2024 Universal Registration Document filed with the AMF on March 18, 2025.

In the tables accompanying this press release the Group sets forth its supplemental non-IFRS figures for revenue, operating income, operating margin, net income and diluted earnings per share, which exclude the effect of adjusting the carrying value of acquired companies’ deferred revenue, share-based compensation expense and related social charges, the amortization of acquired intangible assets and of tangibles reevaluation, certain other operating income and expense, net, including impairment of goodwill and acquired intangibles, the effect of adjusting lease incentives of acquired companies, certain one-time items included in financial revenue and other, net, and the income tax effect of the non-IFRS adjustments and certain one-time tax effects. The tables also set forth the most comparable IFRS financial measure and reconciliations of this information with non-IFRS information.

FOR MORE INFORMATION

Dassault Systèmes’ 3DEXPERIENCE platform, 3D design software, 3D Digital Mock Up and Product Lifecycle Management (PLM) solutions: http://www.3ds.com

ABOUT DASSAULT SYSTÈMES

Dassault Systèmes is a catalyst for human progress. Since 1981, the company has pioneered virtual worlds to improve real life for consumers, patients and citizens. With Dassault Systèmes’ 3DEXPERIENCE platform, 370 000 customers of all sizes, in all industries, can collaborate, imagine and create sustainable innovations that drive meaningful impact.
For more information, visit www.3ds.com.

Dassault Systèmes Investor Relations Team FTI Consulting

Beatrix Martinez: +33 1 61 62 40 73 Arnaud de Cheffontaines: +33 1 47 03 69 48

Jamie Ricketts : +44 20 3727 1600

investors@3ds.com

Dassault Systèmes Press Contacts

Corporate / France Arnaud MALHERBE arnaud.malherbe@3ds.com +33 (0)1 61 62 87 73

© Dassault Systèmes. All rights reserved. 3DEXPERIENCE, the 3DS logo, the Compass icon, IFWE, 3DEXCITE, 3DVIA, BIOVIA, CATIA, CENTRIC PLM, DELMIA, ENOVIA, GEOVIA, MEDIDATA, NETVIBES, OUTSCALE, SIMULIA and SOLIDWORKS are commercial trademarks or registered trademarks of Dassault Systèmes, a European company (Societas Europaea) incorporated under French law, and registered with the Versailles trade and companies registry under number 322 306 440, or its subsidiaries in the United States and/or other countries. All other trademarks are owned by their respective owners. Use of any Dassault Systèmes or its subsidiaries trademarks is subject to their express written approval.

APPENDIX TABLE OF CONTENTS

Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

Glossary of Definitions

Non-IFRS Financial Information

Acquisitions and Foreign Exchange Impact

Condensed consolidated statements of income

Condensed consolidated balance sheet

Condensed consolidated cash flow statement

IFRS – non-IFRS reconciliation

DASSAULT SYSTÈMES – Glossary of Definitions

Information in Constant Currencies

Dassault Systèmes has followed a long-standing policy of measuring its revenue performance and setting its revenue objectives exclusive of currency in order to measure in a transparent manner the underlying level of improvement in its total revenue and software revenue by activity, industry, geography and product lines. The Group believes it is helpful to evaluate its growth exclusive of currency impacts, particularly to help understand revenue trends in its business. Therefore, the Group provides percentage increases or decreases in its revenue and expenses (in both IFRS and non-IFRS) to eliminate the effect of changes in currency values, particularly the U.S. dollar and the Japanese yen, relative to the euro. When trend information is expressed “in constant currencies”, the results of the “prior” period have first been recalculated using the average exchange rates of the comparable period in the current year, and then compared with the results of the comparable period in the current year.

While constant currency calculations are not considered to be an IFRS measure, the Group believes these measures are critical to understanding its global revenue results and to compare with many of its competitors who report their financial results in U.S. dollars. Therefore, Dassault Systèmes includes this calculation to compare IFRS and non-IFRS revenue figures for comparable periods. All information at constant currencies is expressed as a rounded percentage and therefore may not precisely reflect the absolute figures.

Information on Growth excluding acquisitions (“organic growth”)

In addition to financial indicators relating to the Group’s entire scope, Dassault Systèmes also provides growth information excluding acquisitions’ effects, and named organic growth. To do so, the Group’s data is restated to exclude acquisitions, from the date of the transaction, over a period of 12 months.

Information on Industrial Sectors

Dassault Systèmes provides broad end-to-end software solutions and services: its 3D UNIV+RSES (made of multiple virtual twin experiences) powered by the 3DEXPERIENCE platform combine modeling, simulation, data science, artificial intelligence and collaborative innovation to support companies in the three sectors it serves, namely Manufacturing Industries, Life Sciences & Healthcare, and Infrastructure & Cities.

These three sectors comprise twelve industries:

Manufacturing Industries: Transportation & Mobility; Aerospace & Defense; Marine & Offshore; Industrial Equipment; High-Tech; Home & Lifestyle; Consumer Packaged Goods – Retail. In Manufacturing Industries, Dassault Systèmes helps customers virtualize their operations, improve data sharing and collaboration across their organization, reduce costs and time-to-market, and become more sustainable;
Life Sciences & Healthcare: Life Sciences & Healthcare. In this sector, the Group aims to address the entire cycle of the patient journey to lead the way toward precision medicine. To reach the broader healthcare ecosystem from research to commercial, the Group’s solutions connect all elements from molecule development to prevention to care, and combine new therapeutics, medical practices, and Medtech;
Infrastructure & Cities: Infrastructure, Energy & Materials; Architecture, Engineering & Construction; Business Services; Cities & Public Services. In Infrastructure & Cities, the Group supports the virtualization of the sector in making its industries more efficient and sustainable, and creating desirable living environments.

Information on Product Lines

The Group’s financial reporting on product lines includes the following information:

Industrial Innovation software revenue, which includes CATIA, ENOVIA, SIMULIA, DELMIA, GEOVIA, NETVIBES, and 3DEXCITE brands;
Life Sciences software revenue, which includes MEDIDATA and BIOVIA brands;
Mainstream Innovation software revenue, which includes its CENTRIC PLM and 3DVIA brands, as well as the SOLIDWORKS brand and its expanded offerings in design, simulation, PLM, and manufacturing.

OUTSCALE has been a Dassault Systèmes brand since 2022, extending the portfolio of software applications. As the first sovereign and sustainable operator on the cloud, OUTSCALE enables governments and corporations from all sectors to achieve digital autonomy through a Cloud experience and with a world-class cyber governance.

GEOs

Eleven GEOs are responsible for driving the development of the Company’s business and implementing its customer‑centric engagement model. Teams leverage strong networks of local customers, users, partners, and influencers.

These GEOs are structured into three groups:

the “Americas” group, made of two GEOs;
the “Europe” group, comprising Europe, Middle East and Africa (EMEA) and made of four GEOs;
the “Asia” group, comprising Asia and Oceania and made of five GEOs.

3DEXPERIENCE Software Contribution

To measure the relative share of 3DEXPERIENCE software in its revenues, Dassault Systèmes calculates the percentage contribution by comparing total 3DEXPERIENCE software revenue to software revenue for all product lines except SOLIDWORKS, MEDIDATA, CENTRIC PLM and other acquisitions (defined as “3DEXPERIENCE Eligible software revenue”).

Cloud revenue

Cloud revenue is generated from contracts that provide access to cloud-based solutions (SaaS), infrastructure as a service (IaaS), cloud solution development and cloud managed services. These offerings are delivered by Dassault Systèmes through its own cloud infrastructure or by third-party cloud providers. They are available through different deployment methods: Dedicated cloud, Sovereign cloud and International cloud. Cloud solutions are generally offered through subscription-based models or perpetual licenses with support and hosting services.

DASSAULT SYSTÈMES

NON-IFRS FINANCIAL INFORMATION

(unaudited; in millions of Euros, except per share data, percentages, headcount and exchange rates)

Non-IFRS key figures exclude the effects of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue), share-based compensation expense, including related social charges, amortization of acquired intangible assets and of tangible assets revaluation, lease incentives of acquired companies, other operating income and expense, net, including the acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets, certain one-time items included in financial loss, net, certain one-time tax effects and the income tax effects of these non-IFRS adjustments.

Comparable IFRS financial information and a reconciliation of the IFRS and non-IFRS measures are set forth in the separate tables within this Attachment.

In millions of Euros, except per share data, percentages, headcount and exchange rates	Non-IFRS reported
	Three months ended				Six months ended
	June 30, 2025	June 30, 2024	Change	Change in constant currencies	June 30, 2025	June 30, 2024	Change	Change in constant currencies
Total Revenue	€ 1,523.2	€ 1,495.8	2%	6%	€ 3,096.2	€ 2,995.4	3%	5%

Revenue breakdown by activity
Software revenue	1,374.2	1,346.5	2%	6%	2,807.0	2,699.4	4%	5%
Of which licenses and other software revenue	275.6	271.8	1%	5%	473.7	490.3	(3)%	(2)%
Of which subscription and support revenue	1,098.6	1,074.8	2%	6%	2,333.2	2,209.1	6%	7%
Services revenue	148.9	149.2	(0)%	3%	289.2	296.1	(2)%	(2)%

Software revenue breakdown by product line
Industrial Innovation	744.6	701.9	6%	9%	1,537.7	1,433.2	7%	8%
Life Sciences	268.3	281.7	(5)%	0%	560.9	566.4	(1)%	0%
Mainstream Innovation	361.3	363.0	(0)%	4%	708.3	699.7	1%	3%

Software Revenue breakdown by geography
Americas	505.0	525.5	(4)%	2%	1,116.2	1,079.1	3%	5%
Europe	534.8	491.9	9%	10%	1,048.0	995.1	5%	5%
Asia	334.4	329.1	2%	6%	642.8	625.2	3%	5%

Operating income	€ 446.1	€ 447.8	(0)%		€ 932.2	€ 914.3	2%
Operating margin	29.3%	29.9%			30.1%	30.5%

Net income attributable to shareholders	€ 391.0	€ 397.1	(2)%		€ 811.2	€ 794.3	2%
Diluted earnings per share	€ 0.30	€ 0.30	(1)%	4%	€ 0.61	€ 0.60	2%	5%

Closing headcount	26,253	25,811	2%		26,253	25,811	2%

Average Rate USD per Euro	1.13	1.08	5%		1.09	1.08	1%
Average Rate JPY per Euro	163.81	167.77	(2)%		162.12	164.46	(1)%

DASSAULT SYSTÈMES

ACQUISITIONS AND FOREIGN EXCHANGE IMPACT

(unaudited; in millions of Euros)

In millions of Euros	Non-IFRS reported			o/w growth at constant rate and scope	o/w change of scope impact at current year rate	o/w FX impact on previous year figures
In millions of Euros	June 30, 2025	June 30, 2024	Change	o/w growth at constant rate and scope	o/w change of scope impact at current year rate	o/w FX impact on previous year figures
Revenue QTD	1,523.2	1,495.8	27.4	72.6	7.5	(52.7)
Revenue YTD	3,096.2	2,995.4	100.7	125.9	7.7	(32.9)

DASSAULT SYSTÈMES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(unaudited; in millions of Euros, except per share data and percentages)

In millions of Euros, except per share data and percentages	IFRS reported
	Three months ended		Six months ended
	June 30,	June 30,	June 30,	June 30,
	2025	2024	2025	2024
Licenses and other software revenue	275.6	271.8	473.7	490.3
Subscription and Support revenue	1,097.1	1,074.8	2,331.7	2,209.1
Software revenue	1,372.7	1,346.5	2,805.4	2,699.4
Services revenue	148.9	149.2	289.2	296.1
Total Revenue	€ 1,521.6	€ 1,495.8	€ 3,094.6	€ 2,995.4
Cost of software revenue ⁽¹⁾	(120.1)	(124.8)	(249.3)	(236.8)
Cost of services revenue	(144.6)	(127.9)	(275.7)	(259.8)
Research and development expenses	(348.7)	(326.1)	(697.3)	(637.5)
Marketing and sales expenses	(448.0)	(423.8)	(894.5)	(844.1)
General and administrative expenses	(123.7)	(111.6)	(244.2)	(216.7)
Amortization of acquired intangible assets and of tangible assets revaluation	(85.4)	(92.3)	(173.8)	(185.6)
Other operating income and expense, net	(9.3)	(13.2)	(13.7)	(15.0)
Total Operating Expenses	(1,279.9)	(1,219.8)	(2,548.4)	(2,395.4)
Operating Income	€ 241.7	€ 276.0	€ 546.1	€ 600.0
Financial income (loss), net	29.9	33.3	60.2	63.4
Income before income taxes	€ 271.5	€ 309.2	€ 606.3	€ 663.5
Income tax expense	(53.0)	(47.7)	(128.4)	(116.0)
Net Income	€ 218.6	€ 261.5	€ 477.9	€ 547.5
Non-controlling interest	4.9	1.2	6.1	1.0
Net Income attributable to equity holders of the parent	€ 223.5	€ 262.7	€ 484.0	€ 548.4
Basic earnings per share	0.17	0.20	0.37	0.42
Diluted earnings per share	€ 0.17	€ 0.21	€ 0.37	€ 0.42
Basic weighted average shares outstanding (in millions)	1,315.9	1,313.2	1,314.9	1,313.7
Diluted weighted average shares outstanding (in millions)	1,324.4	1,326.2	1,325.7	1,328.7

⁽¹⁾ Excluding amortization of acquired intangible assets and of tangible assets revaluation.

IFRS reported	Three months ended June 30, 2025		Six months ended June 30, 2025
IFRS reported	Change ⁽²⁾	Change in constant currencies	Change ⁽²⁾	Change in constant currencies
Total Revenue	2%	5%	3%	4%
Revenue by activity
Software revenue	2%	6%	4%	5%
Services revenue	(0)%	3%	(2)%	(2)%
Software Revenue by product line
Industrial Innovation	6%	9%	7%	8%
Life Sciences	(5)%	0%	(1)%	0%
Mainstream Innovation	(1)%	3%	1%	3%
Software Revenue by geography
Americas	(4)%	2%	3%	5%
Europe	8%	10%	5%	5%
Asia	2%	6%	3%	5%

⁽²⁾ Variation compared to the same period in the prior year.

DASSAULT SYSTÈMES

CONDENSED CONSOLIDATED BALANCE SHEET

(unaudited; in millions of Euros)

In millions of Euros	IFRS reported
	June 30,	December 31,
	2025	2024
ASSETS
Cash and cash equivalents	4,083.7	3,952.6
Trade accounts receivable, net	1,575.9	2,120.9
Contract assets	40.1	30.1
Other current assets	406.2	464.0
Total current assets	6,105.9	6,567.6
Property and equipment, net	903.5	945.8
Goodwill and Intangible assets, net	7,030.3	7,687.1
Other non-current assets	375.7	345.5
Total non-current assets	8,309.4	8,978.3
Total Assets	€ 14,415.3	€ 15,545.9
LIABILITIES
Trade accounts payable	183.2	259.9
Contract liabilities	1,559.3	1,663.4
Borrowings, current	534.0	450.8
Other current liabilities	1,063.0	1,147.4
Total current liabilities	3,339.5	3,521.5
Borrowings, non-current	2,043.9	2,042.8
Other non-current liabilities	836.0	900.9
Total non-current liabilities	2,879.9	2,943.7
Non-controlling interests	11.5	14.1
Parent shareholders’ equity	8,184.3	9,066.6
Total Liabilities	€ 14,415.3	€ 15,545.9

DASSAULT SYSTÈMES

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

(unaudited; in millions of Euros)

In millions of Euros	IFRS reported
	Three months ended			Six months ended
	June 30,	June 30,	Change	June 30,	June 30,	Change
	2025	2024	Change	2025	2024	Change
Net income attributable to equity holders of the parent	223.5	262.7	(39.3)	484.0	548.4	(64.4)
Non-controlling interest	(4.9)	(1.2)	(3.7)	(6.1)	(1.0)	(5.1)
Net income	218.6	261.5	(42.9)	477.9	547.5	(69.5)
Depreciation of property and equipment	48.5	45.1	3.4	98.9	92.7	6.2
Amortization of intangible assets	86.2	94.2	(8.0)	175.9	189.4	(13.5)
Adjustments for other non-cash items	20.5	36.6	(16.1)	36.6	74.3	(37.7)
Changes in working capital	(39.4)	21.9	(61.3)	358.0	226.3	131.7
Net Cash From Operating Activities	€ 334.3	€ 459.3	€ ( 124.9)	€ 1,147.3	€ 1,130.2	€ 17.2

Additions to property, equipment and intangibles assets	(39.3)	(50.6)	11.3	(95.3)	(107.8)	12.5
Payment for acquisition of businesses, net of cash acquired	(9.2)	(11.2)	2.0	(202.9)	(15.7)	(187.2)
Other	3.2	0.8	2.3	(34.6)	23.1	(57.7)
Net Cash Provided by (Used in) Investing Activities	€ (45.3)	€ (61.0)	€ 15.6	€ (332.8)	€ (100.4)	€ (232.4)

Proceeds from exercise of stock options	7.4	13.9	(6.5)	29.6	35.2	(5.7)
Cash dividends paid	(342.6)	(302.7)	(39.9)	(342.6)	(302.7)	(39.9)
Repurchase and sale of treasury stock	(144.7)	(176.6)	31.8	(224.8)	(307.7)	82.9
Capital increase	111.3	–	111.3	111.3	–	111.3
Acquisition of non-controlling interests	0.0	(0.0)	0.0	(0.2)	(2.6)	2.5
Proceeds from borrowings	121.3	–	121.3	81.0	–	81.0
Repayment of borrowings	–	(0.1)	0.1	(18.5)	(0.2)	(18.4)
Repayment of lease liabilities	(22.7)	(18.3)	(4.4)	(45.4)	(42.3)	(3.0)
Net Cash Provided by (Used in) Financing Activities	€ (270.0)	€ (483.7)	€ 213.7	€ (409.5)	€ (620.2)	€ 210.7

Effect of exchange rate changes on cash and cash equivalents	(178.1)	21.0	(199.1)	(273.9)	53.6	(327.5)

Increase (decrease) in cash and cash equivalents	€ (159.1)	€ (64.4)	€ (94.7)	€ 131.2	€ 463.2	€ (332.1)

Cash and cash equivalents at beginning of period	€ 4,242.9	€ 4,095.9		€ 3,952.6	€ 3,568.3
Cash and cash equivalents at end of period	€ 4,083.7	€ 4,031.5		€ 4,083.7	€ 4,031.5

DASSAULT SYSTÈMES
SUPPLEMENTAL NON-IFRS FINANCIAL INFORMATION
IFRS – NON-IFRS RECONCILIATION
(unaudited; in millions of Euros, except per share data and percentages)

Readers are cautioned that the supplemental non-IFRS information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Further specific limitations for individual non-IFRS measures, and the reasons for presenting non-IFRS financial information, are set forth in the Group’s Document d’Enregistrement Universel for the year ended December 31, 2024 filed with the AMF on March 18, 2025. To compensate for these limitations, the supplemental non-IFRS financial information should be read not in isolation, but only in conjunction with the Group’s consolidated financial statements prepared in accordance with IFRS.

In millions of Euros, except per share data and percentages	Three months ended June 30,						Change
	2025	Adjustment⁽¹⁾	2025	2024	Adjustment⁽¹⁾	2024	IFRS	Non-IFRS⁽²⁾
	IFRS	Adjustment⁽¹⁾	Non-IFRS	IFRS	Adjustment⁽¹⁾	Non-IFRS	IFRS	Non-IFRS⁽²⁾
Total Revenue	€ 1,521.6	€ 1.6	€ 1,523.2	€ 1,495.8	–	€ 1,495.8	2%	2%
Revenue breakdown by activity
Software revenue	1,372.7	1.6	1,374.2	1,346.5	–	1,346.5	2%	2%
Licenses and other software revenue	275.6	–	275.6	271.8	–	271.8	1%	1%
Subscription and Support revenue	1,097.1	1.6	1,098.6	1,074.8	–	1,074.8	2%	2%
Recurring portion of Software revenue	80%		80%	80%		80%
Services revenue	148.9	–	148.9	149.2	–	149.2	(0)%	(0)%
Software Revenue breakdown by product line
Industrial Innovation	744.6	–	744.6	701.9	–	701.9	6%	6%
Life Sciences	268.3	–	268.3	281.7	–	281.7	(5)%	(5)%
Mainstream Innovation	359.7	1.6	361.3	363.0	–	363.0	(1)%	(0)%
Software Revenue breakdown by geography
Americas	505.0	–	505.0	525.5	–	525.5	(4)%	(4)%
Europe	533.4	1.4	534.8	491.9	–	491.9	8%	9%
Asia	334.3	0.1	334.4	329.1	–	329.1	2%	2%
Total Operating Expenses	€ (1,279.9)	€ 202.9	€ (1,077.1)	€ (1,219.8)	€ 171.9	€ (1,047.9)	5%	3%
Share-based compensation expense and related social charges	(107.7)	107.7	–	(65.8)	65.8	–
Amortization of acquired intangible assets and of tangible assets revaluation	(85.4)	85.4	–	(92.3)	92.3	–
Lease incentives of acquired companies	(0.4)	0.4	–	(0.5)	0.5	–
Other operating income and expense, net	(9.3)	9.3	–	(13.2)	13.2	–
Operating Income	€ 241.7	€ 204.4	€ 446.1	€ 276.0	€ 171.9	€ 447.8	(12)%	(0)%
Operating Margin	15.9%		29.3%	18.4%		29.9%
Financial income (loss), net	29.9	0.6	30.4	33.3	0.5	33.8	(10)%	(10)%
Income tax expense	(53.0)	(32.8)	(85.7)	(47.7)	(36.4)	(84.1)	11%	2%
Non-controlling interest	4.9	(4.7)	0.3	1.2	(1.6)	(0.4)	300%	(167)%
Net Income attributable to shareholders	€ 223.5	€ 167.6	€ 391.0	€ 262.7	€ 134.4	€ 397.1	(15)%	(2)%
Diluted Earnings Per Share ⁽³⁾	€ 0.17	€ 0.13	€ 0.30	€ 0.21	€ 0.09	€ 0.30	(19)%	(1)%

⁽¹⁾ In the reconciliation schedule above, (i) all adjustments to IFRS revenue data reflect the exclusion of the effect of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue); (ii) adjustments to IFRS operating expense data reflect the exclusion of the amortization of acquired intangible assets and of tangible assets revaluation, share-based compensation expense, including related social charges, lease incentives of acquired companies, as detailed below, and other operating income and expense, net including acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; (iii) adjustments to IFRS financial loss, net reflect the exclusion of certain one-time items included in financial loss, net, and; (iv) all adjustments to IFRS income data reflect the combined effect of these adjustments, plus with respect to net income and diluted earnings per share, certain one-time tax effects and the income tax effect of the non-IFRS adjustments.

In millions of Euros, except percentages	Three months ended June 30,								Change
In millions of Euros, except percentages	2025 IFRS	Share-based compensation expense and related social charges	Lease incentives of acquired companies	2025 Non-IFRS	2024 IFRS	Share-based compensation expense and related social charges	Lease incentives of acquired companies	2024 Non-IFRS	IFRS	Non- IFRS
Cost of revenue	(264.7)	13.9	0.1	(250.7)	(252.8)	5.0	0.1	(247.6)	5%	1%
Research and development expenses	(348.7)	28.9	0.1	(319.7)	(326.1)	20.4	0.2	(305.5)	7%	5%
Marketing and sales expenses	(448.0)	39.7	0.1	(408.2)	(423.8)	23.2	0.1	(400.5)	6%	2%
General and administrative expenses	(123.7)	25.2	0.0	(98.5)	(111.6)	17.2	0.0	(94.3)	11%	4%
Total		€ 107.7	€ 0.4			€ 65.8	€ 0.5

⁽²⁾ The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is non-IFRS adjustment to the relevant measure for only one of the periods under comparison, the non-IFRS increase (decrease) compares the non-IFRS measure to the relevant IFRS measure.
⁽³⁾ Based on a weighted average 1,324.4 million diluted shares for Q2 2025 and 1,326.2 million diluted shares for Q2 2024, and, for IFRS only, a diluted net income attributable to the sharehorlders of € 223.5 million for Q2 2025 (€ 276.7 million for Q2 2024). The Diluted net income attributable to equity holders of the Group corresponds to the Net Income attributable to equity holders of the Group adjusted by the impact of the share-based compensation plans to be settled either in cash or in shares at the option of the Group.

DASSAULT SYSTÈMES
SUPPLEMENTAL NON-IFRS FINANCIAL INFORMATION
IFRS – NON-IFRS RECONCILIATION
(unaudited; in millions of Euros, except per share data and percentages)

In millions of Euros, except per share data and percentages	Six months ended June 30,						Change
	2025	Adjustment⁽¹⁾	2025	2024	Adjustment⁽¹⁾	2024	IFRS	Non-IFRS⁽²⁾
	IFRS	Adjustment⁽¹⁾	Non-IFRS	IFRS	Adjustment⁽¹⁾	Non-IFRS	IFRS	Non-IFRS⁽²⁾
Total Revenue	€ 3,094.6	€ 1.6	€ 3,096.2	€ 2,995.4	–	€ 2,995.4	3%	3%
Revenue breakdown by activity
Software revenue	2,805.4	1.6	2,807.0	2,699.4	–	2,699.4	4%	4%
Licenses and other software revenue	473.7	–	473.7	490.3	–	490.3	(3)%	(3)%
Subscription and Support revenue	2,331.7	1.6	2,333.2	2,209.1	–	2,209.1	6%	6%
Recurring portion of Software revenue	83%		83%	82%		82%
Services revenue	289.2	–	289.2	296.1	–	296.1	(2)%	(2)%
Software Revenue breakdown by product line
Industrial Innovation	1,537.7	–	1,537.7	1,433.2	–	1,433.2	7%	7%
Life Sciences	560.9	–	560.9	566.4	–	566.4	(1)%	(1)%
Mainstream Innovation	706.8	1.6	708.3	699.7	–	699.7	1%	1%
Software Revenue breakdown by geography
Americas	1,116.1	0.1	1,116.2	1,079.1	–	1,079.1	3%	3%
Europe	1,046.6	1.4	1,048.0	995.1	–	995.1	5%	5%
Asia	642.7	0.1	642.8	625.2	–	625.2	3%	3%
Total Operating Expenses	€ (2,548.4)	€ 384.4	€ (2,164.0)	€ (2,395.4)	€ 314.3	€ (2,081.1)	6%	4%
Share-based compensation expense and related social charges	(196.2)	196.2	–	(112.6)	112.6	–
Amortization of acquired intangible assets and of tangible assets revaluation	(173.8)	173.8	–	(185.6)	185.6	–
Lease incentives of acquired companies	(0.8)	0.8	–	(1.2)	1.2	–
Other operating income and expense, net	(13.7)	13.7	–	(15.0)	15.0	–
Operating Income	€ 546.1	€ 386.0	€ 932.2	€ 600.0	€ 314.3	€ 914.3	(9)%	2%
Operating Margin	17.6%		30.1%	20.0%		30.5%
Financial income (loss), net	60.2	1.1	61.3	63.4	1.5	64.9	(5)%	(6)%
Income tax expense	(128.4)	(54.4)	(182.8)	(116.0)	(68.0)	(184.0)	11%	(1)%
Non-controlling interest	6.1	(5.6)	0.5	1.0	(1.9)	(0.9)	N/A	(152)%
Net Income attributable to shareholders	€ 484.0	€ 327.2	€ 811.2	€ 548.4	€ 245.9	€ 794.3	(12)%	2%
Diluted Earnings Per Share ⁽³⁾	€ 0.37	€ 0.25	€ 0.61	€ 0.42	€ 0.17	€ 0.60	(14)%	2%

In millions of Euros, except percentages	Six months ended June 30,								Change
In millions of Euros, except percentages	2025 IFRS	Share-based compensation expense and related social charges	Lease incentives of acquired companies	2025 Non-IFRS	2024 IFRS	Share-based compensation expense and related social charges	Lease incentives of acquired companies	2024 Non-IFRS	IFRS	Non- IFRS
Cost of revenue	(525.0)	18.8	0.2	(505.9)	(496.5)	8.0	0.3	(488.2)	6%	4%
Research and development expenses	(697.3)	61.4	0.3	(635.7)	(637.5)	38.3	0.6	(598.7)	9%	6%
Marketing and sales expenses	(894.5)	64.2	0.2	(830.1)	(844.1)	36.8	0.2	(807.1)	6%	3%
General and administrative expenses	(244.2)	51.8	0.1	(192.3)	(216.7)	29.5	0.1	(187.1)	13%	3%
Total		€ 196.2	€ 0.8			€ 112.6	€ 1.2

⁽²⁾ The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is non-IFRS adjustment to the relevant measure for only one of the periods under comparison, the non-IFRS increase (decrease) compares the non-IFRS measure to the relevant IFRS measure.
⁽³⁾ Based on a weighted average 1,325.7 million diluted shares for YTD 2025 and 1,328.7 million diluted shares for YTD 2024, and, for IFRS only, a diluted net income attributable to the sharehorlders of € 484.0 million for YTD 2025 (€ 562.3 million for YTD 2024). The Diluted net income attributable to equity holders of the Group corresponds to the Net Income attributable to equity holders of the Group adjusted by the impact of the share-based compensation plans to be settled either in cash or in shares at the option of the Group.

1 IFRS figures for 2Q25: Total revenue of €1.52 billion, up 5%, and subscription revenue up 9%; Operating margin of 15.9% and diluted EPS of €0.17; IFRS figures for YTD25: total revenue of €3.09 billion, subscription revenue up 12%; Operating margin of 17.6% and diluted EPS of €0.37.

Attachment

Dassault Systèmes: Q2 well aligned with objectives; Reaffirming 2025 growth outlook Advancing AI for software-defined industries

The MIL Network –

July 24, 2025

MIL-OSI Russia: China calls for opposing unilateral tariffs, defending multilateral trading system

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

An important disclaimer is at the bottom of this article.

Source: People’s Republic of China – State Council News

GENEVA, July 24 (Xinhua) — China called for opposing unilateral tariff actions and protecting the multilateral trading system at a meeting of the World Trade Organization (WTO) General Council that concluded here on Wednesday.

In a statement presented at the meeting, the country’s delegation noted that global trade turbulence is intensifying, uncertainty is growing and risks of fragmentation are increasing.

New unilateral tariffs have continued to emerge in recent months, and the volume of trade affected by restrictive measures has reached US$2.7 trillion, the highest level since records began in 2009, the delegation said. Against this backdrop, China called on WTO members to strengthen solidarity and cooperation and better support the multilateral trading system.

The delegation stressed that bilateral agreements or similar measures taken by individual members of the organization to ease trade tensions must be consistent with WTO rules.

The PRC representatives also proposed that the WTO Secretariat strengthen the monitoring and analysis of unilateral measures and bilateral agreements and promptly inform the organization’s members of their impact, especially the potential negative spillover effects on third parties.

Brazil, the European Union, Australia, New Zealand, Russia, Venezuela and other WTO members said at the meeting that escalating trade turbulence is not in the common interest. Unilateral tariff measures undermine the foundation of multilateral rules, significantly increase costs for businesses and consumers, and severely impede economic growth and social development in vulnerable developing WTO members, they said.

Given the current circumstances, preserving the multilateral trading system has become more critical than ever, they stressed. –0–

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

.

MIL OSI Russia News –

July 24, 2025
MIL-Evening Report: Australia says US beef will soon be welcome here again. It’s unlikely we’ll buy much of it

Source: The Conversation (Au and NZ) – By Felicity Deane, Professor of Trade Law and Taxation, Queensland University of Technology

DarcyMaulsby/Getty

The Albanese government has today confirmed it will lift biosecurity restrictions on beef imports from the United States. The timing of this decision has raised some eyebrows.

Back in April, US President Donald Trump had singled out what he characterised as an Australian “ban” on US beef as he announced 10% baseline tariffs on imports from Australia.

Responding to today’s announcement, Nationals leader David Littleproud said it appeared the restrictions have been “traded away to appease Donald Trump”.

But Trade Minister Don Farrell said there was “nothing suspicious about this”. And some Australian industry groups have since expressed their confidence in the decision.

So, has Australia’s beef industry been sold out for the benefit of a trade deal? Or is it just a poorly timed announcement at the end of a review into Australia’s restrictions?

Biosecurity concerns

Australia’s biosecurity rules, particularly around beef products, have long been a source of friction with the United States. These rules date back to the late 1990s and were strengthened following a US mad cow disease scare in 2003.

In 2019, a ban was lifted on beef products from cattle that had been born, raised and slaughtered in the US. However, a ban remained on any products from cattle originating in Mexico or Canada that had been slaughtered in the US.

This was a cause for some tension, because the traceability requirements in the US were not as stringent as in Australia. That meant it wasn’t always possible to determine the origins of US products. So the 2019 change effectively only applied to shelf-stable products – not fresh meat.

Last month, the Albanese government made assurances Australia’s biosecurity rules wouldn’t be compromised in trade negotiations. But it also confirmed a review of the rules was underway.

The National Farmers’ Federation acknowledged the government’s decision in a statement today:

The report released today is the result of a long-standing, science-based review by the Australian Government into the biosecurity risks posed by cattle raised in Canada and Mexico, but processed in and exported from the US.

Speaking on ABC Radio, Cattle Australia chief executive Will Evans acknowledged “a lot of people” may feel “blindsided” by the government’s decision, but expressed his confidence in the government’s process.

Boom times for Australian beef

Australians are some of the highest per-capita consumers of beef products in the world. But Australia is also the world’s second-largest beef exporter, trailing only Brazil.

In contrast, the US is the world’s second-largest importer of beef, behind only China.

That poses the question: how much do we actually need beef from the US? Is it even worth lifting this ban, if it will impact so few people?

The beef industry might be fair to question whether this is for the benefit of their industry, when it seems the existing 10% baseline tariffs have had no impact on the volumes of beef being exported from Australia. Quite the opposite.

In June, Australia’s beef exports broke an all-time monthly record, and the US continued to be our largest export market.

In addition, it is important to recognise the US tariffs on beef would theoretically be absorbed by the consumer, rather than the exporter.

The trade war rages on

Theory suggests that international trade is a good thing (though not everyone is a “winner”). Where there is trade between nations, competitive pricing is encouraged and consumers may enjoy more product variety.

Most restrictions on trade are viewed unfavourably by economists, but there are some notable exceptions. The health and safety of food products and assurance of biosecurity standards are such concerns.

Overnight, comments from the Trump administration suggest the 10% tariffs on imports from Australia could be raised, with a new baseline tariff rate of 15%.

To apply these to Australian beef is in direct conflict with the Australia and United States Free Trade Agreement (AUSFTA). This agreement progressively removed tariffs on Australian beef, with all tariffs eliminated by 2023.

Consequently, any new US tariff would violate these terms, threatening a trade relationship that has seen beef exports to the US flourish.

Is our reputation on the line?

It is important to note that the biosecurity rules in Australia and the traceability requirements for our producers are a point of national pride.

Central to Australia’s biosecurity framework is the Biosecurity Act 2015 and the National Livestock Identification System, which ensures traceability, food safety, disease control and animal welfare.

This imposes strict requirements on Australian beef producers – and as a result, imposes costs. It also means Australian beef is considered a premium product in much of the world.

Australians should hope the evidence from the government’s review fully supports this action.

Given the unpredictability of the Trump administration, it remains to be seen whether lifting these restrictions will win Australia any concessions on trade anyway.

Felicity Deane does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Australia says US beef will soon be welcome here again. It’s unlikely we’ll buy much of it – https://theconversation.com/australia-says-us-beef-will-soon-be-welcome-here-again-its-unlikely-well-buy-much-of-it-261836

MIL OSI Analysis – EveningReport.nz –

July 24, 2025
MIL-Evening Report: Jet ski accidents are tragic but preventable. Here’s how to reduce the risk
Source: The Conversation (Au and NZ) – By Milad Haghani, Associate Professor & Principal Fellow in Urban Risk & Resilience, The University of Melbourne

Richard Hamilton Smith/Getty

Two teenage boys were thrown from a jet ski during a ride on the Georges River in Sydney’s south this week. One died at the scene. The other lost an arm, and was rushed to hospital in a serious condition.

The exact cause of the crash is being investigated and a report will be prepared for the coroner.

Sadly, this tragic incident is not isolated. While fatal jet ski crashes are relatively rare, serious injuries are not.

Here’s what we know about jet ski accidents, who’s at risk, and how to prevent them.

Jet skis are now more common

Jet skis have become a familiar sight on Australian waterways, with sales peaking during the early years of the COVID pandemic. There are now almost 100,000 registered jet skis nationwide.

So what was once a niche summer thrill has become a more mainstream recreational activity, particularly for young Australians.

As the number of jet skis on our waterways grows, so too will the risks.

How often do accidents happen?

Most jet ski crashes occur in daylight hours, are twice as likely on weekends, and tend to spike during warmer months. Injuries typically happen close to shore (often within 50 metres) where crowded conditions increase the risk of colliding with other vessels, swimmers or fixed obstacles.

Fatal jet ski accidents in Australia have claimed the lives of riders, passengers, swimmers and kayakers.

Across New South Wales, Queensland and Victoria, there are up to three deaths per 100,000 licence holders. There are an estimated 19–26 serious injuries per 100,000 licence holders, depending on the state.

But these figures likely understate the true picture as many non-fatal injuries go unreported unless hospitalised.

For example, data from research sponsored by the United States Coast Guard suggest that for every moderate injury captured in accident reports, more than 30 actually occur. For every severe injury, it’s likely 1.65 actually occur.

Who is at risk?

Global jet ski statistics indicate about 85% of jet ski injuries involve male riders.

Risk-taking behaviour and being an inexperienced rider are also risk factors, with young adults dominating injury statistics.

One review found about 60% of jet ski crashes involved the rider drinking alcohol.

What types of injuries?

Recreational riders often typically travel at 60–80 kilometres per hour. But these machines can reach speeds above 100km/h. This can generate immense force in the event of a collision.

In a crash, riders are ejected from the jet ski or collide directly with water, the craft, another vessel or fixed objects. So the leading causes of death and serious injury on jet skis are from these traumatic impacts.

A study from a US trauma centre looked at 127 people injured in jet ski incidents and found most injuries involved broken bones. The legs were most commonly affected, followed by arms, spine and hips.

Hitting the handlebars was a major cause of open fractures (when a broken bone pierces the skin), some of which later became infected.

Women and children face particular risks

However, there is a distinct and concerning injury pattern for female passengers.

Women riding on the back of a jet ski (as a passenger) are especially at risk of serious injuries to the genital and anal area. This can happen if they fall off backwards and land directly on the powerful stream of water coming from the jet nozzle.

Case reports describe incidents of vaginal lacerations, rectal injuries and pelvic floor damage. Such injuries are rare but can be devastating and life-threatening. Sometimes there are permanent complications, such as the risk of infertility or incontinence.

Children also face unique and often severe risks. A US study looked at 66 children hospitalised in jet ski accidents. It found most were boys with the average age of around 12 years old, and nearly three-quarters operated the jet ski themselves. About 70% of injuries involved collisions with another vessel or object. Four children died, all from head trauma after crashing into stationary objects. More than 40% were left with some degree of disability.

What now?

The risks from jet skis are real and too often underestimated. But many injuries can be prevented:
- we need public education campaigns to remind riders of the risks and to promote better behaviour. This would remind riders to slow down in congested areas, avoid reckless turns, and be especially careful with passengers. As alcohol is a common factor in crashes, drinking in moderation before riding should also be stressed
- women are recommended to wear neoprene protective shorts, or wetsuits, instead of ordinary swimwear. A growing number of medical professionals are now backing this as essential safety gear, not optional, to reduce the risk of perineal injuries from water jets
- manufacturers can redesign handlebars to reduce the severity of impact injuries. They can also build in safeguards that reduce jet pressure when no one is seated at the rear (to safeguard the health of a passenger who falls off backwards)
- states also need consistent rules on minimum rider age, training and licensing. The laws vary widely. These inconsistent regulations create confusion and loopholes, especially when riders cross borders.
The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Jet ski accidents are tragic but preventable. Here’s how to reduce the risk – https://theconversation.com/jet-ski-accidents-are-tragic-but-preventable-heres-how-to-reduce-the-risk-261746
MIL OSI Analysis – EveningReport.nz –
July 24, 2025
MIL-OSI Australia: New SMSF? Here’s what you need to do by 31 October

Source: New places to play in Gungahlin

If you have a new self-managed super fund (SMSF) you must lodge your SMSF annual return (SAR) by 31 October 2025.

Contact a registered tax agent as soon as possible if you need help preparing your SMSF annual return. This allows time for them to include you in their lodgment program, giving you until 28 February 2026 to lodge your first return.

However, some funds may still need to lodge by 31 October 2025, even with a tax agent so check your registration letter for details.

If your new fund had no assets in the first year it was registered you must either lodge a return not necessary form or cancel your SMSF registration if you no longer intend to operate the fund.

Remember each year, you must:

For new SMSFs, the supervisory levy is $518, covering both the setup year and the following financial year.

Stay compliant—act early and seek professional support if needed.

Learn more by visiting Your obligations as an SMSF trustee or Help and support for SMSFs.

You can also try our online education modulesExternal Link, which are interactive and enable you to build your knowledge.

Looking for the latest news for SMSFs? – You can stay up to date by visiting our SMSF newsroom and subscribingExternal Link to our monthly SMSF newsletter.

MIL OSI News –

July 24, 2025
MIL-OSI New Zealand: Guidelines released for prescribing psilocybin

Source: New Zealand Government

Associate Health Minister David Seymour is welcoming steps to provide medical practitioners with more tools to treat people with depression, with Medsafe publishing guidelines for experts wanting to prescribe Psilocybin.

“This is huge for people with depression who’ve tried everything else and are still suffering. If a doctor believes psilocybin can help, they should have the opportunity to do what’s best for their patient,” says Mr Seymour.

“Recent changes have put New Zealand’s settings in line with Australia, where authorised prescribers have been using psilocybin in clinical settings for some time.

“Psilocybin remains an unapproved medicine, but one highly experienced psychiatrist has already been granted authority to prescribe it to patients with treatment-resistant depression.

“This is excellent news for their patients, but there are other Kiwis in need in different parts of New Zealand who might have an appropriate practitioner nearby.

“Practitioners must meet a series of requirements to gain approval, including being registered with the Medical Council with a current practicing certificate, a good understanding and experience of the medicines and the psychotherapeutic processes involved in psychedelic-assisted therapy, and a detailed proposal of how they will administer the treatment that has been peer reviewed and will be considered by Medsafe.

“Soon more practitioners will have the ability to use this medicine, meaning more patients will benefit.”

Note to editors: Guidelines can be found here.

MIL OSI New Zealand News –

July 24, 2025
MIL-Evening Report: Bali is built on informal and ‘illegal’ settlements. Bulldozing Bingin Beach misses the real threat of overdevelopment

Source: The Conversation (Au and NZ) – By Kim Dovey, Professor of Architecture and Urban Design, The University of Melbourne

Balinese officials have begun the demolition of more than 40 businesses at Bingin Beach, a popular tourist spot in the Uluwatu region.

In June, the Balinese House of Representatives determined the settlement is on public land, and is therefore illegal and needs to be demolished. But I’d argue it doesn’t.

The ‘illegal’ settlement

The Bingin Beach coastal settlement began development in the 1970s as an informal surfer hub at the base of a steep escarpment. The beach is a few hundred metres long and largely disappears at high tide.

Originally lined with a string of makeshift warungs (small food stores) and cheap accommodations, the settlement has grown incrementally over the decades, up and along the escarpment, with an intensive mix of surf shops, restaurants and small hotels.

The steepness of the slope precludes vehicle access. The only public access is via two somewhat narrow pedestrian stairways.

While it initially served the surfer community, the settlement now caters to a broader tourist market, with some rooms going for upwards of US$150 per night.

But after more than 50 years of incremental development, the House of Representatives has declared the settlement was illegally constructed on state land, and has ordered the demolition of 45 buildings – effectively the entire settlement.

While most of the buildings seem highly durable, the demolition order is based on illegality, and not durability. A spokesperson for the traders argues most of the businesses are locally owned, and livelihoods are at stake.

The ‘legal’ settlement

The former farmland at the top of the escarpment is also covered with tourist developments that mostly emerged since 2010, and now extend up to a kilometre inland. This is a much more familiar landscape for Bali: a mix of walled hotel compounds and private villas, with manicured gardens and swimming pools.

However, one could scarcely call this larger settlement “planned”. Shops and restaurants emerge wherever they can find a market along the narrow roads. There are no sidewalks and pedestrians are constantly engaged in an anxious game of negotiated passing.

The infrastructure of roads and lanes has also been designed incrementally, across the former farm fields, as the settlement developed. The resulting street network is convoluted and largely unwalkable. The most common street sign is “no beach access this way”.

What is informality?

I’m an academic, architect and urban planner who studies informal settlements and informal urbanism more generally. In this context “informal” can mean illegal, makeshift and unplanned, but it can also mean incremental, adaptive and inventive.

Informal settlement is the means by which a large proportion of Indonesians produce affordable housing. It is also the most traditional form of indigenous housing globally.

After many decades of governments trying to demolish such settlements, the overwhelming consensus across the United Nations Human Settlements Programme is that wholesale demolition is rarely an answer. On-site formalisation and upgrading is the more sustainable pathway.

When engaging with informal settlements, we need to preserve the infrastructures that work and only demolish where necessary. The Bingin Beach escarpment settlement has proven sustainable and has become an integral part of the local heritage.

Its demolition will destroy livelihoods and displace the surfing market, while feathering other nests.

So why is it being demolished? Perhaps to clear the ground for the next round of up-market resorts – what urban studies research calls “accumulation by disposession”. Bingin is widely seen as a major real estate hotspot for investment.

What is overdevelopment?

One of the key dangers of informal settlement is “overdevelopment”. Without
formal planning codes, density can escalate to destroy the very attraction that produced the settlement.

Most buildings along the Bingin Beach escarpment are two to four storeys, and step back with the slope of the escarpment. The exception is the 2019 addition of the Morabito Art Cliff hotel that rises more than six storeys, obscuring the natural landscape, blocking views, and setting a precedent for more of the same.

If everyone in the area built like this, the Bingin settlement would be replaced with a cliff of buildings. To demolish this one building would set a useful precedent of containing the settlement to a sustainable scale.

The Impossibles dream

A few hundred metres south-west of Bingin Beach, a different story unfolds near the beach known as Impossibles. Here, a precarious limestone cliff largely precludes access to the beach, and the clifftop has long been lined with low-rise tourist compounds.

An aeriel view of the Uluwatu coast shows Bingin Beach and the Impossibles.
Map data: Google, 2025 Maxar Technologies

This earlier layer of development is now being demolished and replaced with larger, denser resorts as part of the Amali project which claims a “rare cliff-front location”. The location is “rare” because about half of the 50-metre-high cliff has been excavated to construct villa units quite literally in the cliff.

This excavation was well underway when, in May 2024, it caused much of the remaining natural cliff face to collapse onto the beach and into the ocean. It remains unclear whether the excavation was formally approved. Either way, it prompts the question: what if everyone did that?

The Bingin escarpment and the Impossibles cliff face represent very different kinds of development. One is incremental, irregular and geared to its social and environmental context, while the other is large-grain and environmentally destructive. It makes no sense to demolish the former in order to make way for the latter.

It is imperative to not only save the Bingin Beach settlement, which is part of Bali’s surfing heritage, but also to awaken from the impossible dream of building more and more villas on this fragile and limited coastland.

Kim Dovey does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Bali is built on informal and ‘illegal’ settlements. Bulldozing Bingin Beach misses the real threat of overdevelopment – https://theconversation.com/bali-is-built-on-informal-and-illegal-settlements-bulldozing-bingin-beach-misses-the-real-threat-of-overdevelopment-261755

MIL OSI Analysis – EveningReport.nz –

July 24, 2025
MIL-OSI Submissions: Bali is built on informal and ‘illegal’ settlements. Bulldozing Bingin Beach misses the real threat of overdevelopment

Source: The Conversation – Global Perspectives – By Kim Dovey, Professor of Architecture and Urban Design, The University of Melbourne

Balinese officials have begun the demolition of more than 40 businesses at Bingin Beach, a popular tourist spot in the Uluwatu region.

In June, the Balinese House of Representatives determined the settlement is on public land, and is therefore illegal and needs to be demolished. But I’d argue it doesn’t.

The ‘illegal’ settlement

The Bingin Beach coastal settlement began development in the 1970s as an informal surfer hub at the base of a steep escarpment. The beach is a few hundred metres long and largely disappears at high tide.

Originally lined with a string of makeshift warungs (small food stores) and cheap accommodations, the settlement has grown incrementally over the decades, up and along the escarpment, with an intensive mix of surf shops, restaurants and small hotels.

The steepness of the slope precludes vehicle access. The only public access is via two somewhat narrow pedestrian stairways.

While it initially served the surfer community, the settlement now caters to a broader tourist market, with some rooms going for upwards of US$150 per night.

But after more than 50 years of incremental development, the House of Representatives has declared the settlement was illegally constructed on state land, and has ordered the demolition of 45 buildings – effectively the entire settlement.

While most of the buildings seem highly durable, the demolition order is based on illegality, and not durability. A spokesperson for the traders argues most of the businesses are locally owned, and livelihoods are at stake.

The ‘legal’ settlement

The former farmland at the top of the escarpment is also covered with tourist developments that mostly emerged since 2010, and now extend up to a kilometre inland. This is a much more familiar landscape for Bali: a mix of walled hotel compounds and private villas, with manicured gardens and swimming pools.

However, one could scarcely call this larger settlement “planned”. Shops and restaurants emerge wherever they can find a market along the narrow roads. There are no sidewalks and pedestrians are constantly engaged in an anxious game of negotiated passing.

The infrastructure of roads and lanes has also been designed incrementally, across the former farm fields, as the settlement developed. The resulting street network is convoluted and largely unwalkable. The most common street sign is “no beach access this way”.

What is informality?

I’m an academic, architect and urban planner who studies informal settlements and informal urbanism more generally. In this context “informal” can mean illegal, makeshift and unplanned, but it can also mean incremental, adaptive and inventive.

Informal settlement is the means by which a large proportion of Indonesians produce affordable housing. It is also the most traditional form of indigenous housing globally.

After many decades of governments trying to demolish such settlements, the overwhelming consensus across the United Nations Human Settlements Programme is that wholesale demolition is rarely an answer. On-site formalisation and upgrading is the more sustainable pathway.

When engaging with informal settlements, we need to preserve the infrastructures that work and only demolish where necessary. The Bingin Beach escarpment settlement has proven sustainable and has become an integral part of the local heritage.

Its demolition will destroy livelihoods and displace the surfing market, while feathering other nests.

So why is it being demolished? Perhaps to clear the ground for the next round of up-market resorts – what urban studies research calls “accumulation by disposession”. Bingin is widely seen as a major real estate hotspot for investment.

What is overdevelopment?

One of the key dangers of informal settlement is “overdevelopment”. Without
formal planning codes, density can escalate to destroy the very attraction that produced the settlement.

Most buildings along the Bingin Beach escarpment are two to four storeys, and step back with the slope of the escarpment. The exception is the 2019 addition of the Morabito Art Cliff hotel that rises more than six storeys, obscuring the natural landscape, blocking views, and setting a precedent for more of the same.

If everyone in the area built like this, the Bingin settlement would be replaced with a cliff of buildings. To demolish this one building would set a useful precedent of containing the settlement to a sustainable scale.

The Impossibles dream

A few hundred metres south-west of Bingin Beach, a different story unfolds near the beach known as Impossibles. Here, a precarious limestone cliff largely precludes access to the beach, and the clifftop has long been lined with low-rise tourist compounds.

An aeriel view of the Uluwatu coast shows Bingin Beach and the Impossibles.
Map data: Google, 2025 Maxar Technologies

This earlier layer of development is now being demolished and replaced with larger, denser resorts as part of the Amali project which claims a “rare cliff-front location”. The location is “rare” because about half of the 50-metre-high cliff has been excavated to construct villa units quite literally in the cliff.

This excavation was well underway when, in May 2024, it caused much of the remaining natural cliff face to collapse onto the beach and into the ocean. It remains unclear whether the excavation was formally approved. Either way, it prompts the question: what if everyone did that?

The Bingin escarpment and the Impossibles cliff face represent very different kinds of development. One is incremental, irregular and geared to its social and environmental context, while the other is large-grain and environmentally destructive. It makes no sense to demolish the former in order to make way for the latter.

It is imperative to not only save the Bingin Beach settlement, which is part of Bali’s surfing heritage, but also to awaken from the impossible dream of building more and more villas on this fragile and limited coastland.

Kim Dovey does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Bali is built on informal and ‘illegal’ settlements. Bulldozing Bingin Beach misses the real threat of overdevelopment – https://theconversation.com/bali-is-built-on-informal-and-illegal-settlements-bulldozing-bingin-beach-misses-the-real-threat-of-overdevelopment-261755

MIL OSI –

July 24, 2025
MIL-OSI Australia: The RBA’s Dual Mandate – Inflation and Employment

Source: Airservices Australia

I’d like to begin by acknowledging the Traditional Custodians of the land on which we meet and pay my respects to Elders past and present.

It’s an honour to join you today at the Anika Foundation fundraising lunch. The Foundation supports vital work on youth mental health research, awareness and education, in which I have a strong personal interest.

I’m proud to uphold the tradition of the Reserve Bank Governor speaking at this event to support an organisation that is making a real difference.

My remarks today centre on the dual objectives of monetary policy: ‘price stability’, which means maintaining low and stable inflation; and full employment, which I will talk about in more detail later.

I’ll explore how these aims have shaped the Monetary Policy Board’s strategy in recent years. As part of that, I will reflect on the relationship between the labour market and inflation over that time, and how conditions in the labour market have evolved to the present day.

Now is a good time to revisit these subjects, following the agreement two weeks ago of an updated Statement on the Conduct of Monetary Policy, which sets out the common understanding of Government and the Board on key elements of the monetary policy framework.

But before I turn to that, I’ll start with an update on recent monetary policy settings.

Recent monetary policy settings

If you cast your mind back to 2022, you will recall that inflation was higher than it had been in decades, peaking at 7.8 per cent at the end of that year. It was this rise in inflation that required a tightening in monetary policy over 2022 and 2023, with the cash rate increasing from almost zero to 4.35 per cent over that period.

Over the past couple of years, we have made meaningful progress in bringing inflation down. Higher interest rates have been working to bring aggregate demand and supply closer towards balance. We expect headline inflation in the June quarter to be in the lower half of our 2–3 per cent target range – although that partly reflects the ongoing effect of temporary cost-of-living relief. As that effect unwinds, we expect headline inflation to pick up to around the top of the band at the end of this year and into the first part of 2026.

To help look through temporary factors like this, we also pay close attention to trimmed mean inflation (published quarterly), which provides a good guide to underlying inflation trends. This measure has also been easing, but it’s still a bit higher than headline inflation. At 2.9 per cent in the March quarter, year-ended trimmed mean inflation was under 3 per cent for the first time since 2021.

We expect trimmed mean inflation to fall a little further in the June quarter in year-ended terms. However, the monthly CPI Indicator data, which are volatile, suggest that the fall may not be quite as much as we forecast back in May. We still think it will show inflation declining slowly towards 2½ per cent, but we are looking for data to support this expectation.

Encouragingly, as inflation has slowed, the labour market has eased only gradually and the unemployment rate is relatively low. I’ll have more to say on developments in the labour market later.

Since February, we have reduced the cash rate by 50 basis points. The Board continues to judge that a measured and gradual approach to monetary policy easing is appropriate. Global economic and policy developments have so far been largely in line with our baseline May forecasts, and the likelihood of a severe downside ‘trade war’ appears to have diminished. But there is still uncertainty and unpredictability in the global economy. The Board’s view is that monetary policy is well placed to respond decisively to adverse international developments if needed.

Our longstanding strategy has been to bring inflation back to target while preserving as many of the gains in the labour market as possible. This approach meant that interest rates in Australia did not rise as high as they did in some other economies, and so we may not need to lower them as much on the way down.

We also know that Australians continue to feel cost-of-living pressures, with the average level of prices now notably higher than it was just a few years ago. That is why we want to make sure that inflation remains low and stable from here on in. Low and stable inflation is good for households, good for jobs, good for communities and good for the economy.

Our goals of price stability and full employment generally reinforce each other

Stepping back from current policy settings and the inflationary episode of recent years, I now want to reflect on the framework that guides the Board’s decisions more generally.

The RBA’s monetary policy objectives are set out in legislation. Our overarching goal is to promote the economic prosperity and welfare of the Australian people, both now and into the future. For the Board, this means setting monetary policy in a way that best achieves both price stability and full employment.

These goals are often referred to as our ‘dual mandate’ and are longstanding objectives of the RBA.

Over time, low and stable inflation and full employment go hand in hand. Low and stable inflation – or price stability – is a prerequisite for strong and sustainable employment growth because it creates favourable conditions for households and businesses to plan, invest and create jobs without having to worry about inflation. So our two objectives are complementary over the longer term.

Even in the shorter term, the two objectives often go hand in hand. For example, when there are ups and downs in demand, inflation tends to rise as the labour market tightens, and fall as it loosens. So a monetary policy response that returns inflation to target will, in time, also move the labour market towards full employment.

But sometimes there are developments that push up inflation at the same time as they weigh down demand – and therefore employment. This includes sharp increases in energy prices and supply disruptions that push up prices more broadly. As I’ll discuss in a moment, such ‘negative supply shocks’ were part of the reason for the high inflation of recent years, though they were not the only factor.

In the face of supply shocks that push up prices, we need to think about possible trade-offs: how do we balance our two goals in these circumstances?

If a supply disruption is temporary and modest, monetary policy should mostly ‘look through’ it. Raising interest rates makes little sense if inflation is expected to ease once temporary supply disruptions are resolved – it would only weaken the job market.

By contrast, when a supply shock is likely to have a longer lasting effect on the economy and inflation there may be stronger grounds for monetary policy to respond.

A key concern here is that the longer inflation stays high, the more households’ and businesses’ expectations for future inflation could increase. This could, in turn, lead to second-round effects on inflation as households and businesses build higher expectations into their decisions.

But if households and businesses instead maintain a high level of confidence that the Board will do what is needed to return inflation to target, inflationary shocks will have less effect on price and wage setting. That means we can look through adverse supply shocks to a greater extent – even those that we think could last for some time.

This highlights another important way in which our objectives are complementary – and it’s something I want to emphasise. Having a strong track record of low and stable inflation puts us in the best possible position to support employment. It means there is less risk of inflation getting out of control, which allows inflation to be brought down with smaller increases in interest rates than otherwise. This in turn keeps the labour market closer to full employment.

That is why maintaining well-anchored inflation expectations is a key benefit of inflation targeting frameworks, as I will return to in a moment, and why it is important that inflation returns to be sustainably in our target range.

The dual mandate in the post-pandemic period

So how did this dual mandate shape our policy response to the post-pandemic rise in inflation?

First, the starting point for our monetary policy settings mattered – these were of course very accommodative, with the cash rate effectively at zero.

Second, the causes of the pick-up in inflation were crucial. The initial pick-up in inflation was partly driven by some of the supply factors I have mentioned. Temporary disruptions in global supply chains during the pandemic led to strong increases in goods prices, and the war in Ukraine caused a spike in global energy prices.

But it was also clear that demand was part of the story. Accommodative fiscal and monetary policy settings in the pandemic period supported strong growth in demand for goods during lockdowns, and this demand strength interacted with supply constraints to amplify inflationary pressures. Then, as lockdowns eased and the economy started to recover, demand for services also recovered strongly. As a result, conditions in product markets and labour markets were very tight by mid-2022.

It was clear that we needed to increase interest rates to bring about a better balance between demand and supply, which would help to ease domestic price pressures. This need was reinforced by a concern that longer run inflation expectations could increase. If this happened, it would add to inflationary pressure and would ultimately require a larger policy response, and higher job losses.

Although it was clear that we needed to raise interest rates to slow demand growth, it was less clear how quickly demand pressures needed to ease, how persistent global shocks or their effects would be, and how much we could afford to ‘look through’ those effects.

The Board could have chosen to match the more significant rate increases of some other central banks to bring inflation back to target more quickly. But this could have risked a sharper and more persistent increase in the unemployment rate.

Instead, the Board judged that a measured approach was consistent with its dual mandate. We increased the cash rate quickly at first – but we didn’t go as high as some other central banks. We then held the cash rate for over a year, even as some other central banks started easing monetary policy. Throughout, we kept a close eye on longer term inflation expectations, to ensure they remained anchored to the target.

This strategy was designed to rein in inflation while also preserving as many of the gains in the labour market as possible – an example of our dual mandate in practice.

How has this played out so far?

Since the peak of inflation in 2022, headline inflation has declined by over 5 percentage points. And over the same period there has been a relatively modest easing in labour market conditions. The unemployment rate has increased from around 3.5 per cent in mid-2022 to 4.2 per cent in the June quarter this year, and remains low by historical standards.

Crucially, the share of the population in work has remained around record highs; this is in contrast to declines in many other advanced economies (Graph 1).

The fact that unemployment has remained low and employment growth has remained strong is remarkable – and very welcome.

And it is striking that the increase in the unemployment rate has been small compared with the large decline in inflation. This is especially true compared with previous episodes of disinflation in Australia (Graph 2).

Why is this?

Part of the answer is that the supply-driven price increases that I mentioned earlier did turn out to be temporary, even if they flowed through to the economy over a long period of time (Graph 3). As these supply disruptions eventually subsided and oil prices declined, price pressures eased.

And also as I mentioned earlier, the Board were very alert to the risk that inflation expectations could increase. Crucially, that did not happen.

Instead, households and businesses continued to believe that inflation would return to the target range (Graph 4). This limited any so-called ‘second-round’ effects on inflation, which allowed inflation to fall without a sharp rise in the unemployment rate.

This demonstrates the point I made earlier about how our two objectives can be complementary. A history of low and stable inflation, and the resulting public confidence in the inflation target, enabled the Board to adopt a strategy that protected the labour market as much as possible while still ensuring inflation came down.

How has the labour market adjusted in the current cycle?

I’ve already highlighted the comparatively modest increase in the unemployment rate over the past few years from a very low level, and that overall employment has continued growing. The rate of layoffs has increased only a little and remains at a remarkably low level by historical standards (Graph 5). The share of workers who are long-term unemployed also remains low.

These are good outcomes – as job losses are an especially painful way for the labour market to adjust to tighter monetary policy. Losing a job can be one of the most stressful events in someone’s life, and it can have far-reaching implications for families and communities.

While the unemployment rate has risen since its trough in late 2022, including an uptick in the month of June, there has been significant jobs growth in aggregate. Instead, the labour market has adjusted in some other – less disruptive – ways.

First, job vacancies have declined from a very high level as firms have slowed hiring activity.

Second, the average number of hours that people are working has declined. This follows a period when hours had increased sharply due to very strong demand for workers (Graph 6).

Having your hours cut is tough, but it’s often preferable to losing a job altogether. And it’s worth noting that some of this decline in hours has been voluntary, especially over the past year or so.

Third, there has been a decline in the share of workers voluntarily leaving their jobs (the ‘quits rate’). This suggests there could be less need for firms to compete to attract and retain workers, implying less upward pressure on wages growth than otherwise (Graph 7).

In summary, the gradual easing in labour market conditions has so far been most evident in fewer job vacancies, reductions in hours worked and declining rates of voluntary job switching.

These shifts aren’t without their challenges, but they all tend to be less disruptive than outright job losses.

I should note that the RBA can’t wave a magic wand and control how adjustments in the labour market play out. Interest rates are too blunt an instrument for that, and I am not here to claim credit for the fact that the adjustment has so far taken place in a less costly way.

By the same token, because the labour market can adjust in different ways, we do not ‘target’ any one adjustment mechanism, such as a set number of job losses, as we seek to bring demand and supply back into balance. Indeed, there have been substantial job gains over this period.

Are we close to full employment?

Let me bring the labour market story up to date.

Our overall assessment at the time of our most recent forecast in May was that there was still some tightness in the labour market, and we expected it to ease a little over the remainder of this year.

A broad range of indicators underpinned this assessment, and in many ways not much has changed. Firms still report significant difficulties finding labour, even if this constraint has eased somewhat recently. The ratio of vacancies to unemployed people remains high (Graph 8). At the same time, unit labour costs have been increasing strongly.

In May we also highlighted the possibility that labour market conditions could be less tight than we thought. As I noted earlier, the low rate of job switching may imply less upward pressure on wage growth than otherwise. And the quarterly rate of underlying inflation has recently been around a pace that would be consistent with 2½ per cent in annual terms.

For that reason, our May forecasts for wages growth and inflation incorporated some downwards judgement to reflect the possibility that there is more capacity in the labour market – and the economy more broadly – than is suggested by our usual assessment.

Last week brought us the latest labour market data, which confirmed that the unemployment rate increased in the June quarter. Some of the coverage of the latest data suggested this was a shock – but the outcome for the June quarter was in line with the forecast we released in May. That on its own suggests that the labour market moved a little further towards balance, as we were anticipating. While the June monthly data showed a noticeable pick-up in the unemployment rate, other measures – such as the vacancy rate – have been stable recently. More broadly, leading indicators are not pointing to further significant increases in the unemployment rate in the near term.

Nevertheless, the risks we highlighted in May remain. As always, there is uncertainty around how labour market conditions stand relative to full employment, and we will continue to closely monitor incoming labour market data. Our August Statement on Monetary Policy will provide a full updated assessment of labour market conditions and the outlook.

Concluding remarks

So, to conclude, our goals of low and stable inflation and full employment are closely linked and generally reinforce each other.

A critical feature of the recent high-inflation period is that longer term inflation expectations remained anchored. This has enabled the Board’s monetary policy strategy of bringing inflation down in a relatively gradual way so as to limit the easing in labour market conditions.

Much of the rebalancing of demand and supply in the labour market that has occurred in recent years has been reflected in declines in job vacancies, hours worked and voluntary job switching. There are many ways the labour market can adjust. The RBA doesn’t ‘target’ a specific outcome, like a certain unemployment rate or number of job losses, to reach full employment.

Monetary policy cannot control how the adjustment happens, but if it can occur while keeping employment strong – and even growing – that is a great outcome for workers, families, communities and the economy.

In the end, the best way to promote the economic welfare of Australians is by achieving low and stable inflation alongside full employment.

And that is what the Board is constantly striving for.

Thank you and I look forward to taking your questions.

MIL OSI News –

July 24, 2025
MIL-OSI Security: Keris Strike 25: Trilateral Planning Enhances Interoperability

Source: United States INDO PACIFIC COMMAND

PERAK, Malaysia — In a dynamic display of multinational cooperation, Soldiers from the U.S. Army, Malaysian Army, and Australian Defence Force came together to conduct a joint planning session during Exercise Keris Strike 25. The session focused on aligning military planning processes, improving interoperability, and strengthening relationships among the three partner nations.

MIL Security OSI –

July 24, 2025
MIL-OSI Security: WADS, PADS Integrate with Royal Australian Air Force for Talisman Sabre 2025

Source: United States INDO PACIFIC COMMAND

AUSTRALIA — Operators from the Western Air Defense Sector (WADS) and Pacific Air Defense Sector (PADS) integrated with the Royal Australian Air Force’s No. 3 Control and Reporting Unit (3CRU) to deliver seamless command and control (C2) during Exercise Talisman Sabre 2025.

MIL Security OSI –

July 24, 2025
MIL-OSI Security: WADS, PADS Integrate with Royal Australian Air Force for Talisman Sabre 2025

Source: United States INDO PACIFIC COMMAND

AUSTRALIA — Operators from the Western Air Defense Sector (WADS) and Pacific Air Defense Sector (PADS) integrated with the Royal Australian Air Force’s No. 3 Control and Reporting Unit (3CRU) to deliver seamless command and control (C2) during Exercise Talisman Sabre 2025.

MIL Security OSI –

July 24, 2025
MIL-Evening Report: World’s highest court issues groundbreaking ruling for climate action. Here’s what it means for Australia

Source: The Conversation (Au and NZ) – By Wesley Morgan, Research Associate, Institute for Climate Risk and Response, UNSW Sydney

JOHN THYS/AFP via Getty Images

The world’s highest court says countries are legally obliged to prevent harms caused by climate change, in a ruling that repudiates Australia’s claims it is not legally responsible for emissions from our fossil fuel exports.

The landmark ruling overnight by the International Court of Justice (ICJ) will reverberate in courts, parliaments and boardrooms the world over.

In a closely watched case at The Hague, the judges were asked to clarify the legal obligations countries have to protect the Earth’s climate system for current and future generations. They were also asked to clarify the legal consequences for nations that fail to do this.

At issue was the scope of legal obligations. During the court’s deliberations, Australia sided with other fossil fuel exporters and major emitters – including Saudi Arabia, the United States and China – to argue state obligations on climate change are restricted to those set out in climate-specific treaties such as the Paris Agreement.

But the court disagreed. It found countries have additional obligations to protect the climate and take action to prevent climate harm inside and outside their boundaries. These obligations arise in human rights law, the law of the sea, and general principles of international law.

This clear statement will have groundbreaking consequences. It means Australia must set a 2035 emissions reduction target in line with the best available science, as required under the Paris Agreement. But it must also go further, by regulating the fossil fuel industry to prevent further harm.

Australia’s arguments rejected

The ICJ is the primary legal organ of the United Nations. Its key role is to settle disputes between countries and clarify international law as it applies to nation states.

While weighing up the obligations of countries to address the climate crisis, the court heard legal arguments from almost 100 countries, making it the largest case ever heard by the ICJ.

The case threatened major implications for fossil-fuel producers such as Australia, which is heavily reliant on coal and gas exports.

In his oral presentation to the ICJ, Australian Solicitor-General Stephen Donaghue told the court only the Paris Agreement should apply when it comes to mitigating climate change. Under the Paris rules, countries must set targets to cut domestic emissions, but they are not required to report emissions created when their fossil fuel exports are burned overseas.

Donaghue and the Australian delegation also suggested responsibility for harms caused by climate change could not be pinned on individual states. Australia also argued protecting human rights does not extend to obligations to tackle climate change.

The ICJ largely rejected these arguments.

The ICJ judges largely rejected Australia’s arguments. Pictured: ICJ President Yuji Iwasawa (third from right) and members issuing their advisory opinion.
JOHN THYS/AFP via Getty Images

Fossil fuel era is over

The court found Australia, and other fossil fuel producers, are obliged under international law to prevent fossil fuel companies in their territory from causing significant climate harm.

This will essentially require a managed phase out of fossil fuel production. As the ICJ ruling says:

Failure of a State to take appropriate action to protect the climate system from [greenhouse gas] emissions – including through fossil fuel production, fossil fuel consumption, the granting of fossil fuel exploration licences or the provision of fossil fuel subsidies – may constitute an internationally wrongful act which is attributable to that State.

Australia is one of the world’s largest exporters of coal and gas. When burned overseas, emissions from Australia’s fossil fuel exports are more than double those of its entire domestic economy.

Australia has approved hundreds of oil, gas and coal projects in recent decades. Dozens more are in the approvals pipeline. Final federal approval is still pending for Woodside’s massive Northwest Shelf gas project – which is set to add millions of tonnes of greenhouse gas emissions every year, for decades.

The Australian government must heed the message from the Hague. The days of impunity for the fossil fuel industry are coming to an end.

Woodside’s massive Northwest Shelf gas project is set to add millions of tonnes of greenhouse gas emissions every year.
GREG WOOD/AFP via Getty Images

A spark of hope from the Pacific

Today’s ruling is remarkable for where it originated.

In 2019, 27 law students at the University of the South Pacific in Vanuatu were given a challenge: find the most ambitious legal pathways towards climate justice.

Each year, Vanuatu faces the prospect of cyclones, earthquakes, tsunamis, volcanoes, flooding rain and drought. Climate change compounds the risk to island communities – people who have done the least to contribute to the problem.

The students decided to file a case with the world court. And so began a legal campaign that travelled from Vanuatu’s capital, Port Vila, through the halls of the United Nations in New York and to the world court in the Hague.

In 2023 Vanuatu and other island nations succeeded in passing a UN General Assembly resolution. It asked the ICJ to give an advisory opinion on countries’ obligations to protect the climate system and legal consequences for states causing “significant harm” to Earth’s climate.

This week’s ruling delivers poetic justice to Vanuatu and other vulnerable island states.

The ruling delivers poetic justice to Vanuatu and other vulnerable island states. Pictured: representatives of Pacific states outside the International Court of Justice in December 2024.
Michel Porro/Getty Images

A new era for climate justice

The court’s findings are likely to influence a wave of climate litigation worldwide. It could shape legal reasoning in Australia, too.

Last week, a Federal Court judge found the Australian government has no legal duty of care to protect Torres Strait Islanders from climate change. If that case is appealed, a superior court may revisit the government’s obligations – and have regard to the ICJ ruling in doing so.

The ICJ decision will also be relevant for the Queensland Land Court, which this week began hearing a challenge to stop a greenfield mine proposed by Whitehaven Coal – citing environmental and human rights impacts of the project’s emissions.

Clarified international law obligations should also guide policymakers in the Australian parliament. With a huge majority in the House of Representatives and a climate-friendly Senate crossbench, the Albanese government has a mandate to implement policy in line with Australia’s international law obligations.

Wesley Morgan is a fellow with the Climate Council of Australia

Gillian Moon is a regular donor to the Australian Conservation Foundation, which is a party in the Whitehaven Coal case.

– ref. World’s highest court issues groundbreaking ruling for climate action. Here’s what it means for Australia – https://theconversation.com/worlds-highest-court-issues-groundbreaking-ruling-for-climate-action-heres-what-it-means-for-australia-261842

MIL OSI Analysis – EveningReport.nz –

July 24, 2025
MIL-Evening Report: ER Report: A Roundup of Significant Articles on EveningReport.nz for July 24, 2025

ER Report: Here is a summary of significant articles published on EveningReport.nz on July 24, 2025.

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MIL OSI Analysis – EveningReport.nz –

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MIL-Evening Report: ER Report: A Roundup of Significant Articles on EveningReport.nz for July 24, 2025

ER Report: Here is a summary of significant articles published on EveningReport.nz on July 24, 2025.

World’s highest court issues groundbreaking ruling for climate action. Here’s what it means for Australia
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Source: The Conversation (Au and NZ) – By Gabriel Crowley, Adjunct Associate Professor in Geography, University of Adelaide JJ Harrison/Wikimedia, CC BY Picture this. A small, rainbow-coloured chick emerges from its nest for the first time. It stretches its wings and prepares to take flight. But before the fledgling’s life in the wild has begun,

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MIL OSI Analysis – EveningReport.nz –

July 24, 2025
MIL-OSI New Zealand: Exploring the societal impacts of medicines

Source: PHARMAC

“Right now, our decision-making framework—the Factors for Consideration—looks at how a medicine affects the person who needs it, their whānau, and the health system,” says Dr David Hughes, Pharmac’s Director of Advice and Assessment

Like countries such as Australia, Canada, and the UK, our economic evaluations focus on the health system perspective. That means we look at how well a medicine works and what it will cost the health system in New Zealand.

But there are other ways to look at the value of funding a medicine – for example, through a societal lens.

“Medicines can have an impact on New Zealanders well beyond the hospital room. They can help people stay in work, reduce the need for unpaid care, and ease financial pressure on families,” says Dr Hughes.

To begin exploring this idea, Pharmac partnered with researchers at Erasmus University in the Netherlands last year and is now working with the Institute for Medical Technology Assessment (iMTA) at Erasmus University – world leaders of the ‘societal perspective.’

Their pilot study showed that using a societal perspective can change how New Zealand values medicines. Greater value was identified for treatments for chronic conditions affecting working-age people, for example, when broader impacts were considered.

Pharmac is now commissioning two more assessments from iMTA. The Erasmus team will also train Pharmac staff to apply this approach in future assessments.

Pharmac has also been talking with the Canadian Drug Agency (CDA) to share perspectives on measuring societal impacts. At the same time, the CDA has been piloting its own assessment of an expanded societal perspective.

“We’re building our capability to see what it would look like if our assessments reflect the value of medicines not just to the health system, but to the whole of society,” says Dr Hughes.

MIL OSI New Zealand News –

July 24, 2025

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