Category: Australia

  • MIL-OSI New Zealand: Release: Chris Hipkins’ State of the Nation address

    Source: New Zealand Labour Party

    I want to start by acknowledging Simon Bridges and all the members of the Auckland Chamber – thank you for hosting us here today.

    Mayor Wayne Brown, union and business leaders, my deputy Carmel Sepuloni and all my Labour colleagues – thank you for taking the time to be here.

    Today, I want to talk to you about the challenges and opportunities ahead and set out the priorities for a new Labour Government.

    After 18 months of chaos and broken promises, we need a stable government that is relentlessly focused on making New Zealand better.

    For everyone. 

    One that is driven forward by clear, focused objectives; that works with people and business, instead of talking them down.

    A government that will put the politics of division aside and brings people together to do what’s right.

    A government that goes to work every single day and fights for you.

    That’s the government I will lead – and today I will tell you what it will be focused on.

    ***

    Politics at its best changes lives. It’s why I got into it in the first place.

    It lifts people up.

    It unites hope and action to build the future we all want that works for all of us.

    It doesn’t ignore the challenges we face, or blame someone else, and then at the last possible moment come up with half-baked solutions.

    It focuses on real solutions; solutions that work, not empty slogans.

    It reflects people’s hopes, not the mess and division currently resident in the Beehive.

    If we’re going to make progress on the things we care about, the things that really affect people’s lives, then we need to be the antidote to that division.

    Last year I was one of the tens of thousands of people who came together in a single voice to protect the promises woven into the fabric of Aotearoa New Zealand.

    Toitū Te Tiriti Hikoi showed beyond doubt the pride we have in who we are.

    That solving the challenges we face depends on us being able to listen to each other, see ourselves in each other, and find common ground.

    Regardless of where we come from, what we look like, or what’s in our bank account, we all have the same worries; the same hopes for ourselves and our children, the same commitment to making this the best possible country it can be.

    That common ground must be the foundation of our journey ahead. 

    ***

    One of the best parts of my job is travelling around the country meeting people from all walks of life.

    It is a real privilege to be welcomed into their lives and to have the time to understand their hopes and concerns about the future.

    Usually there are two stories they tell. 

    The first is a story of ambition.

    The ambition they have for themselves, their kids, and their communities. 

    Whether it’s hearing about the successful local businesses serving their community despite a Prime Minister talking their efforts down.

    Or the innovation and ingenuity happening all over the country.

    The ideas and entrepreneurship that are creating new opportunities to make life better for all of us. 

    I see the teachers working tirelessly to give our kids the education they deserve.

    The nurses going above and beyond to look after our loved ones.  

    The volunteers and community organisations restoring local native wildlife, and those making sure their neighbours don’t go hungry.

    But I also hear people’s genuine and legitimate concern for what the future holds.

    Far too many people are worried that their kids or their grandkids will be among the record numbers of people leaving New Zealand.

    They’re concerned that once this Government has finished selling off our schools and hospitals to the highest bidder, there will be nothing left to pass on.

    I hear about the people sitting around the kitchen table looking through the bills trying to make it all add up, wondering how they are going to plan for the future.

    This is what the cost of living does. It makes it harder for us to focus on what’s ahead. It intrudes on the little things we love.

    Taking the kids out for the day; a weekend trip to catch up with loved ones; picking up a Friday night treat in the supermarket, only to put it back on the shelf.

    ***

    No matter how trivial and small politics seems sometimes, I know that the stakes for families and communities up and down New Zealand couldn’t be bigger.

    Our schools and hospitals are run down and in desperate need of investment.

    Our homes are unaffordable. The cost of everything – from keeping the house warm to the weekly groceries – is too high.

    People’s chance of success is more closely tied to what they inherit than what they earn through their own hard work.

    It would be easy for me to stand here and blame everything on National. But the reality is that some of the problems we face go back decades.

    For too long, we’ve looked for quick fixes and easy answers, rather than dealing with the underlying problems.

    This government is a case in point. Their choices have made our problems deeper, longer lasting and more painful.

    Eighteen months has been more than enough time for Christopher Luxon to make clear to people why this government is in power and what it wants to do.

    So, what does New Zealand have to show for it?

    A country more divided than ever.

    A recession. A recession made worse by the choice to cut jobs and prioritise tax cuts for landlords.

    Cancelled ferries.

    Too many kids going hungry at school.

    I’m not going to do the whole list. I haven’t got time. But doesn’t it make clear where this government’s priorities are?

    Ask yourself this: do I feel better off today than I did 18 months ago?

    This government is turning New Zealand into a game only a few can afford to play. And the long-term costs will far outweigh the short-term benefits.

    And what does that say about the so-called “tough choices” Christopher Luxon has made over the last year and half.

    What about the choice to prioritise tax cuts for landlords ahead of supporting the thousands of people all over New Zealand who spend all day on their feet, struggling to earn enough to pay the bills.

    Brave, committed, hardworking people teaching our kids, caring for our loved ones, running small businesses, cleaning our offices. 

    It just cannot be right that with every passing month, their lives get harder and harder, as those at the top amass ever greater wealth.

    Some of you in the audience might be landlords yourself, and I can understand why. If you’ve got equity behind you, buying investment properties has been a good way to make money.

    But I’d encourage you to all ask yourselves a pretty important question:

    What’s more important, capturing a greater share of the nation’s limited residential property market, potentially shutting out future generations of first-home-buyers, or investing in and growing productive businesses that create good, well-paying jobs?

    And what about the government’s choice to reopen oil and gas drilling instead of seizing the opportunity to lower people’s energy bills and create jobs by investing to upgrade our homes and businesses to run on clean energy.

    Or their choice to cancel free prescriptions; to make it more expensive to catch the bus or train; to cut jobs.

    Every government should be judged on the choices it makes – and in nearly every case, this government has chosen to make life harder for people.

    *****

    Eighteen months ago, I wasn’t expecting National to keep in place every one of the changes Labour had made.

    But I think like most people, I did expect them to show some interest in doing what’s right for the country.

    To acknowledge what was working and to continue to invest in the places where it would make the biggest difference.

    While election campaigns highlight the things we disagree on, New Zealand’s recent history has seen new incoming governments build on the work of their predecessors, not try to turn the clock backwards.

    Until this one.

    Most New Zealanders understand that coalition government requires careful thought, compromise, and listening to those with whom you don’t always agree.

    But they also expect, as I do too, that their government will reflect what people actually voted for.  

    By allowing ACT and New Zealand First to call the shots, Christopher Luxon has turned his back on the promises he made.

    He is devoid of ideas; unfocussed; and too weak to confront the challenges we face today and set us up for tomorrow.

    He has put style over substance.

    Messing around on social media ahead over doing the job.

    Talking points over ideas.

    This type of small politics will no longer do. Not when our shared future is at stake.

    ***

    Now, I am not going to stand here and ask you to give your support to the Labour Party just so we can put everything back in place – and start the merry-go-round again.

    And I can assure you we aren’t going to spend our first year back in government pausing, cancelling, and reviewing everything. 

    Just because the current government started something we aren’t just going to stop it because it was their idea not ours. If it’s working, we will keep moving forward.

    No more throwing the baby out with the bathwater just to make a political point.

    Infrastructure projects will not be stopped dead or contracts ripped up as has happened under National

    The current government’s decision pause or cancel new state house builds, school upgrades, hospital re-builds, transport projects and big infrastructure works contributed to a loss of over 13,000 jobs in building and construction right at a time when we need them most.

    We will not repeat that mistake.

    No more games.

    No more broken promises.

    No more gutting the things that help New Zealand grow.

    Instead, I want to ask for your support for a new way of doing things.

    An approach to government built on collaboration.

    Where we work with people, with communities and businesses, experts and unions to achieve a clear set of shared goals. 

    A government that sets a direction and sees its role as creating the space for innovation and creativity.

    Finding new ways of working together to meet the challenges we face.  

    We will lead a government of action. All of us, working together for change.

    People action that changes their lives for the better – and the current Government is not strong or united enough to deliver it.

    Labour has always led Governments of change – introducing Kiwisaver, the SuperFund, Kiwibank and the list goes on.

    Those changes helped New Zealand grow and prosper and our next government will build on that.

    Today, I am signaling that we intend to make changes in government that will put New Zealand on a solid, sustainable and sound footing for the future.

    ****

    When I look across the Tasman at why our young people might be attracted to Australia, I see an economy with high savings rates, large domestic pools of capital, Research and Development incentives and yes, a tax system that encourages investment in local businesses and new jobs, not just houses.

    I see an economy that views growing wages and better working conditions as a sign of success, not a constraint.

    I see a public sector that pays its doctors, nurses, teachers, police and other public servants more because it sees that as an investment, not ‘wasteful spending’.

    You can expect the next Labour Government to move New Zealand in that same economic direction.

    Our next Labour government will be focused on three goals. Each one targeted on the issues that matter most to people.

    And it starts with an economy that works for everyone.

    We’ll raise living standards and boost incomes across New Zealand, so people have more money to pay the bills, put food on the table, or buy new shoes and warm clothes for the kids.

    We’ll support our innovators and entrepreneurs and remove barriers that make residential property investment more profitable than investing in Kiwi businesses.

    We’ll embrace new technology and the opportunities of clean, renewable energy.

    Lower power bills due to a rapid uptake of renewable energy, including exciting new opportunities in solar and geothermal, which can help Kiwi businesses lower their costs and get ahead of their international competitors.

    New Zealand has a proven track record in innovation. Think foiling yachts, jet boats, electric fences, rockets, clever animation, humidified respiration and electromagnets. Science, innovation and creativity must help drive our economy forward and help create jobs, boost incomes, and lower costs for people.

    We need to build an economy that ends the reliance on trickle-down and instead grows from the local community out.

    Where an idea that starts around a kitchen table or in a garage can be turned into a new business.

    Where prosperity is built from the contribution of every person, every community, every region.

    I’m not interested in an economy where one part of the country races ahead of the rest. Nor will I accept growth that depends on jobs that are low paid and insecure.

    I want the benefits of a prosperous, thriving economy to be felt on every farm, at every kitchen table, at every rugby club, at every family BBQ.

    Meaningful, secure jobs in every part of the country that pay enough to cover life’s essentials, like good food and a warm home.

    ***

    And when I say a warm home, I also mean one that is affordable to live in.

    Which leads me to the second of our national goals: for everyone to have a safe, healthy, and affordable place to call home.

    Labour will get New Zealand building again. More warm, dry, and affordable homes in the places people want to live.

    We will work with local councils and communities, taking a long-term view of our housing requirements, so we can invest in land now and start building services families need, like schools, drinking water, and reliable roads and buses.

    Opportunities for first time buyers in every community.

    And for the one and a half million people who rent, we will support you to make your rented property a home, a place that is warm and safe, where you can put down roots and be part of the local community.   

    Because a home is the very foundation of our health and wellbeing.

    But when it matters, I also want people to be able to access the quality healthcare they need.

    Which is why the third goal is a quality public health care system where everyone has access to the care they need, when they need it.

    Where prevention comes first and where care is closer to home.

    We’ll end the postcode lottery so the quality of care you or your loved ones receive doesn’t depend on where you live. 

    And make it easier and quicker for people to see a doctor.

    I want people to know that no matter what happens, they and their loved ones will be well looked after.

    So, we will also make it a priority to ensure our nurses and healthcare workers are properly valued and paid what they deserve.

    And support kaupapa Māori and Pasifika approaches to care so everyone is cared for equally.

    ***

    This is our plan:

    A fair economy with secure jobs that pay a decent wage, health care you can rely on, and a warm home you can afford and make your own with a great school down the road.

    In short: jobs, health and homes.

    We know that the government can’t do this alone. We’re going to need to work in partnership with people and businesses in communities up and down New Zealand.

    Government setting the direction – but with every step of the journey taken together.

    So, today, as well as setting out what a Labour-led government means for New Zealand, I am announcing the team who will take this work forward.

    Labour will have a refreshed economic team led by Barbara Edmonds.

    Barbara is well known to you all – she will keep doing her great work with an expanded Finance and Economy portfolio and the new Savings and Investment portfolio.

    I’ve tasked Barbara with making sure we’re ready to balance the books, increase our savings, expand the opportunities we have to invest in ourselves, and create the economic conditions for all Kiwis to thrive.

    As part of our work to build an economy that works for everyone, we will make good quality, meaningful, well-paid jobs getting Kiwis back to work a key focus, with Ginny Andersen taking on the new Jobs and Incomes portfolio.

    Reuben Davidson joins the economic team, with Science, Innovation and Technology, alongside Broadcasting, Media and the Creative Economy.

    Peeni Henare picks up Economic Development and Cushla Tangaere-Manual a new focus on the Māori Economy.

    These MPs will work together, along with our team of energy, infrastructure, manufacturing and industry spokespeople on an economic plan that will put New Zealand on a solid, sustainable and sound footing for the future.

    Simply inviting cash from offshore is not an economic strategy. Our own people need the tools to innovate, create and thrive and it will be a Labour Government that makes that happen.

    An economy that delivers for all New Zealanders needs public investment. We’ve run down our infrastructure and sold off many of the public assets built up and passed down to us by previous generations.

    I want our next government to be one of rebuilding.

    Kieran McAnulty picks up the new portfolio of Public Investment and Infrastructure, alongside his existing work in Housing. Tangi Utikere will work alongside him in Transport and Local Government.

    Ayesha Verrall keeps health. Willow Jean Prime moves into Education, and Willie Jackson Social Development.

    I know that Auckland’s success will be New Zealand’s success. That’s why I’ve asked my deputy, Carmel Sepuloni, to take on the Auckland Issues portfolio and make it her major focus.

    ***

    In the coming weeks and months, this new Labour Party team will be supporting me to deliver the goals I have set out today.

    Meeting with communities, talking to experts, listening to businesses, and gathering ideas from Kiwis.

    You can expect policy announcements from us this year, not in the weeks before election day.

    Our policy packages will work with the three priorities I’ve announced today: jobs, health and homes.

    We want to work with you as we finalise that policy, not just tell you how it’s going to be.

    We do this because I know we all have the shared goal of building a better New Zealand, together. 

    A future where our kids see a good life for themselves in the places where they grew up, with great schools down the road, and surgeries and hospitals nearby where the doctor and nurses looking after you aren’t burnt out.

    A future where nobody’s opportunities in life are limited by who they are, or where they are from.

    A future where businesses – large and small – are supported to thrive and grow, creating well-paid jobs that cover the essentials and leave enough for people to enjoy the little things.

    Where the decisions we make about how to confront climate change make life better for people, lower their bills, and create new opportunities for well-paid work in communities everywhere.

    This is the future that is within reach.

    Whether or not we make it happen, will depend entirely on the choices we make together.

    So, let’s get to work.


    Media: Check against delivery.

    MIL OSI New Zealand News

  • MIL-OSI Video: RBNZ 35 years of flexible inflation targeting conference: Session 4 – Lessons from theory

    Source: Reserve Bank of New Zealand (video statements)

    Monetary policy as insurance – (01:03) Stefano Eusepi, Brown University; Christopher G. Gibbs, University of Sydney; Bruce Preston, University of New South Wales Business School.

    Should monetary and fiscal policy pull in the same direction? – (40:47) Drago Bergholt, Norges Bank; Øistein Røisland, Norges Bank; Tommy Sveen, BI Norwegian Business School; Ragnar Torvik, Norwegian University of Science and Technology.

    https://www.youtube.com/watch?v=WOP22ySgt6I

    MIL OSI Video

  • MIL-OSI Australia: Major boost for roadworks in the Canberra-Queanbeyan region

    Source: Australian Ministers for Regional Development

    The Albanese Labor Government continues to partner with the Barr Government to improve the safety of highways in the Canberra and Queanbeyan-Palerang region, with $26.1 million in federal funding flowing to two priority upgrades.

    The next stage of safety upgrades on the Monaro Highway will be supported by $17.5 million from the Albanese Government – building on the $230.5 million improvements already being delivered to this road network – jointly funded by both governments.

    Over eight kilometres of the Monaro Highway will be rehabilitated, from the Jerrabomberra Creek intersection at Hindmarsh Drive to David Warren Road. 

    This includes both the south and northbound carriageways and on and off ramps on both sides.

    The pavement rehabilitation work is expected to be completed later this year.

    The Albanese Government is also delivering $8.6 million for improvements to the Kings Highway at Kowen.

    Two kilometres, from the Mill Post Road intersection to the ACT/NSW border, will receive surface upgrades on both sides of the road – with work expected to finish in the middle of the year.

    These projects are fully funded by the Albanese Government as part of $70 million in Roads to Recovery funding being delivered to the ACT Government over five years – a $30 million boost.

    Construction tenders for these key safety improvements have closed, and tender evaluation is being carried out by the ACT Government. 

    Quotes attributable to Federal Minister for Regional Development and Local Government, and Member for Eden-Monaro, Kristy McBain MP:

    “Over 18,500 people from across the Queanbeyan-Palerang region cross into Canberra every day for work on both the Monaro and Kings Highways, with over 4,700 from the ACT heading onto our side of the border – which is why we’re ensuring these critical road networks remain safe, and keep up with increasing demand.

    “That’s on top of thousands of people from across Eden-Monaro that use these highways every week to access important services in the ACT, and the tens of thousands from Canberra that head away on weekends to make the most of what our fantastic communities have to offer – from the coast to the snow.”

    Quotes attributable to ACT Minister for City and Government Services, Tara Cheyne MLA:

    “We’re ensuring commuters in Canberra and the surrounding regions have reliable roads and can safely travel between NSW and the ACT – which is exactly what these latest upgrades will support.

    “We welcome this investment from the Albanese Government, and we’ll continue to work together to deliver more priority upgrades for our growing region.”

    Quotes attributable to Federal Member for Canberra, Alicia Payne MP:

    “Road safety is everyone’s concern, and I’m proud the Albanese Labor Government is delivering significant funding increases to the ACT Government to make support safer roads.

    “These road upgrades will improve safety for Canberrans, whether on their daily commute, or visiting interstate family and friends.”

    Quotes attributable to Federal Member for Bean, David Smith MP: 

    “Our region is growing, which is why we’re partnering with the ACT Government to turn federal funding into local results – from roads, to important local services.

    “We’ve increased funding for local roads, we’re investing in other major projects, and we’re committed to working with the ACT Government to continue delivering what Canberrans deserve.”

    MIL OSI News

  • MIL-OSI New Zealand: NZ’s Public Health system dealt yet another blow

    Source: Green Party

    This morning’s announcement by the Health Minister regarding a major overhaul of the public health sector levels yet another blow to the country’s essential services.

    “Our health system is falling victim to a slow death by a thousand cuts,” says Green Party Health spokesperson Hūhana Lyndon.

    “All New Zealanders deserve a strong, robust public health system that is funded to spec, and able to provide high-quality, timely health services to all who need it.

    “This Government has shown nothing but disdain for public health workers, dismissing their concerns, undermining unions, and outright stating that their pay equity is ‘not his job’.

    “This is not about fixing a broken system. It’s about starving it of resources until privatisation looks like the only answer. 

    “The refusal of this Government to acknowledge public health as an imperative service, and to fund it in kind, has created an artificial crisis, and while Lester Levy has fallen victim to it today, ultimately, the New Zealand public will pay the price.

    “This so-called ‘deficit’ was never a deficit; it was a direct result of underfunding. And now, instead of addressing the root cause, the Minister is turning to private care to plug the holes in a leaking system. 

    “Bringing in more private providers might sound like a quick fix, but it’s little more than an ambulance at the bottom of the cliff. A cliff Simeon Brown is pushing our healthcare system over. Ultimately, funding for the private sector is funding that our public services desperately need. It will cost more, create more strain on public providers, and deepen the already existing inequities within our healthcare system.

    “This is a clear step in the direction of ACT’s disgraceful vision of a fully privatised healthcare system, which we cannot, and will not, stand for.

    The Green Party campaigned on delivering a fully-funded, well resourced public health system with decent wages and conditions. All New Zealanders should be able to access timely and accessible diagnosis and treatment.

    “Our plan will put New Zealanders’ health and wellbeing at the centre of decision-making and policy, where it should have been all along, says Hūhana Lyndon.

    MIL OSI New Zealand News

  • MIL-OSI Australia: Australian Deputy PM: Major boost for roadworks in the Canberra-Queanbeyan region

    Source: Minister of Infrastructure

    The Albanese Labor Government continues to partner with the Barr Government to improve the safety of highways in the Canberra and Queanbeyan-Palerang region, with $26.1 million in federal funding flowing to two priority upgrades.

    The next stage of safety upgrades on the Monaro Highway will be supported by $17.5 million from the Albanese Government – building on the $230.5 million improvements already being delivered to this road network – jointly funded by both governments.

    Over eight kilometres of the Monaro Highway will be rehabilitated, from the Jerrabomberra Creek intersection at Hindmarsh Drive to David Warren Road. 

    This includes both the south and northbound carriageways and on and off ramps on both sides.

    The pavement rehabilitation work is expected to be completed later this year.

    The Albanese Government is also delivering $8.6 million for improvements to the Kings Highway at Kowen.

    Two kilometres, from the Mill Post Road intersection to the ACT/NSW border, will receive surface upgrades on both sides of the road – with work expected to finish in the middle of the year.

    These projects are fully funded by the Albanese Government as part of $70 million in Roads to Recovery funding being delivered to the ACT Government over five years – a $30 million boost.

    Construction tenders for these key safety improvements have closed, and tender evaluation is being carried out by the ACT Government. 

    Quotes attributable to Federal Minister for Regional Development and Local Government, and Member for Eden-Monaro, Kristy McBain MP:

    “Over 18,500 people from across the Queanbeyan-Palerang region cross into Canberra every day for work on both the Monaro and Kings Highways, with over 4,700 from the ACT heading onto our side of the border – which is why we’re ensuring these critical road networks remain safe, and keep up with increasing demand.

    “That’s on top of thousands of people from across Eden-Monaro that use these highways every week to access important services in the ACT, and the tens of thousands from Canberra that head away on weekends to make the most of what our fantastic communities have to offer – from the coast to the snow.”

    Quotes attributable to ACT Minister for City and Government Services, Tara Cheyne MLA:

    “We’re ensuring commuters in Canberra and the surrounding regions have reliable roads and can safely travel between NSW and the ACT – which is exactly what these latest upgrades will support.

    “We welcome this investment from the Albanese Government, and we’ll continue to work together to deliver more priority upgrades for our growing region.”

    Quotes attributable to Federal Member for Canberra, Alicia Payne MP:

    “Road safety is everyone’s concern, and I’m proud the Albanese Labor Government is delivering significant funding increases to the ACT Government to make support safer roads.

    “These road upgrades will improve safety for Canberrans, whether on their daily commute, or visiting interstate family and friends.”

    Quotes attributable to Federal Member for Bean, David Smith MP: 

    “Our region is growing, which is why we’re partnering with the ACT Government to turn federal funding into local results – from roads, to important local services.

    “We’ve increased funding for local roads, we’re investing in other major projects, and we’re committed to working with the ACT Government to continue delivering what Canberrans deserve.”

    MIL OSI News

  • MIL-OSI Australia: Active Transport boost for South Australia

    Source: Australian Ministers for Regional Development

    Cyclists and pedestrians across South Australia will have more opportunities to walk, cycle and actively move through their communities thanks to support from the Albanese Labor Government.  

    More than $4.6 million will be invested in seven new projects across the state under the Active Transport Fund to build or upgrade existing bicycle and walking paths. 

    The City of Charles Sturt will receive $1 million to build an 800-metre pedestrian and cycle path, running alongside Chambers Street through Don Ferguson Memorial Reserve and connecting to Atkin Street in Henley Beach. 

    The delivery of this missing link will complete the 5.5-kilomtre path so that residents and visitors can walk, cycle or push a pram from West Lakes through to Henley Beach. Along the way, it connects with shops, four local schools, the Henley and Grange Memorial Oval sports precinct and the rail line into the city and further down the coast. 

    The City of Charles Sturt Council has been working on the entire stretch of the pathway since 2017. This funding will enable its completion, improving safety, and better connecting the suburbs. 

    Other projects receiving funding include:

    • District Council of Streaky Bay will receive $1 million to construct the Montgomerie Terrace Shared Use Path from East Terrace to Bay Road, Streaky Bay; 
    • Mount Barker District Council will receive more than $977,000 to build the Bollen Road shared path;
    • District Council of Loxton Waikerie will receive more than $1.1 million for two projects – the construction of two off-road shared paths, one in the townships of Waikerie and Ramco, and the other in the township of Loxton;
    • Tatiara District Council will receive $236,500 for a new shared path along Rowney Road/Naracoorte Road;
    • Town of Gawler will receive $252,757 to upgrade the Clark Road shared use path to better connect the train station. 

    The Albanese Government is making our cities and regions even better places to live, building social infrastructure, connecting places and designing healthier, more liveable towns. 

    Our new Active Transport Fund is one part of this, providing safe and accessible transport options that shape communities and change everyday behaviour. 

    This program supports the government’s commitment to invest in infrastructure planning, design and construction that improves safety outcomes for vulnerable road users under the National Road and Safety Strategy 2021-2030.

    For more information, visit,  Active Transport Fund | Infrastructure Investment Program

    Quotes attributable to Minister for Infrastructure, Transport, Regional Development and Local Government Catherine King:

    “The Albanese Government is investing in active transport options right across South Australia to shape the way locals and visitors move around our great towns. 

    “Whether you’re on a motor scooter, pushing a pram, walking or cycling, we’re making it easier for people to get to school, work or local services, without having to jump in the car. 

    “This is about so much more than bike lanes and footpaths, it’s about reshaping our cities and regional centres, connecting everyday places, and making our towns better to live in and easier to visit.”

    Quotes attributable to Member for Hindmarsh Mark Butler: 

    “We are an active community and this investment by the Albanese Government is going to help us keep moving.

    “This is going to make it safer for locals to walk and cycle around the west.”

    Quotes attributable to City of Charles Sturt Mayor Angela Evans: 

    “This funding allows us to complete a missing link in the Grange Lakes Corridor. By delivering this final section, we’re not only improving safety and accessibility for pedestrians and cyclists, but also supporting a more active and connected community. We’re excited to see this much loved corridor continue to grow and benefit our residents for years to come.”

    MIL OSI News

  • MIL-Evening Report: ‘No-one wants to go through this again’: how disaster-stricken residents in northern NSW are preparing for Cyclone Alfred

    Source: The Conversation (Au and NZ) – By Rebecca McNaught, Research Fellow, University of Sydney

    It’s been three years since floods pummelled the Northern Rivers region of New South Wales. Now, Cyclone Alfred is heading for the region, threatening devastation once more.

    On Thursday night and Friday morning, the NSW State Emergency Service asked residents in parts of the Northern Rivers to evacuate. Rain associated with Cyclone Alfred was expected to cause rapid river rises and extensive flooding.

    As you’d expect, many Northern Rivers residents feel very apprehensive right now. No-one wants to go through this again.

    I know of a woman who, just last week, had painters doing final repairs to her home after it flooded in 2022. Other people can’t afford to repair their homes at all.

    Damage from the last floods extends beyond the material. Many people in the Northern Rivers are still dealing with mental health problems such as anxiety, depression and PTSD after the last disaster.

    Still, people are preparing for Cyclone Alfred’s arrival – and drawing lessons from the 2022 floods in the hope of a better outcome this time.

    Memories of Lismore floods

    I have 20 years’ experience working on climate change adaptation and disaster risk management. My research focus includes the Northern Rivers, where I live. Last year, a study I led examined community collaboration across the region in response to disasters.

    The Northern Rivers is located in the NSW northeast and is drained by three major rivers: the Richmond, Tweed and Clarence. The city of Lismore is one of the most flood-prone urban centres in Australia.

    As my colleagues and I have previously written, the 2022 flood in Lismore and surrounds surprised even the most prepared residents.

    Floodwaters in Lismore reached more than two metres higher than the previous record. Shocked residents were left clinging to their roofs. Businesses moved their stock to higher ground, but it was still destroyed. Houses above the so-called “flood line” were inundated.

    Warning systems proved inadequate, and emergency agencies were overwhelmed. More than 10,800 homes were damaged.

    Landslides and boulders fell on homes and roads, leaving people trapped and isolated for up to six weeks. Others could not access cash, petrol, communications, food, schools, carer services and medical assistance for long periods.

    The 2022 floods were by no means the first disaster to befall the Northern Rivers. The region also flooded in 2017. In 2019 the region, like much of Australia, was deep in drought. The Black Summer bushfires hit in 2019-20, and Covid-19 struck in 2020. Parts of the region suffered bushfires in 2023.

    Now, we are facing Cyclone Alfred.

    The scale of the 2022 floods forced many residents to confront a harsh reality: in a disaster, emergency services cannot always help. Sometimes, people must fend for themselves.

    That realisation prompted a growing community-led resilience movement. As Cyclone Alfred approaches, that network has swung into action.




    Read more:
    When disaster strikes, emergency responders can’t respond to every call. Communities must be helped to help themselves


    A community coming together

    Since 2022, community-resilience groups have emerged in each local government area across the region. The groups comprise, and are led by, community volunteers.

    In my local government area, Byron Shire, there are 13 community resilience groups. I co-lead my local group.

    We work with local organisations, government agencies and emergency services to help the community before, during and after a disaster. The local council convenes regular meetings between all these organisations.

    My research shows strong information flows are crucial in disaster preparedness and recovery.

    Since the Cyclone Alfred threat began, my community group has received regular updates from the SES on matters such as locations of sandbags and sand, the latest weather information advice, and when evacuation centres will open.

    We also have an established a network of contacts who live on streets vulnerable to flooding. We pass on relevant information to other residents via Facebook and a WhatsApp group. In the past day we have been exchanging information such as whether flood pumps are working and the extent of beach erosion.

    The flow of information is two-way. Byron Shire’s community resilience network is chaired by the local council, and has links to emergency management – the “lights and sirens” people. In this way, community knowledge and contributions are recognised and valued by decision-makers and other officials.

    In recent days our group has fed advice up the chain to emergency services, such as the location of elderly and vulnerable people who may need help to evacuate.

    A man holding a portable emergency satellite provided to a community resilience group in the Northern Rivers.
    Facebook

    Byron Shire Council has also loaned portable Starlink satellite dishes to some community-resilience groups. These devices provide essential and communication if phone and internet services fail in a disaster.

    On a broader level, the Bureau of Meteorology is producing regular video updates about Cyclone Alfred in clear, plain language. This is helping to communicate the risks widely and give people the information they need.

    Community resilience groups also seek to adopt a proactive, rather than reactive, approach to disasters – such as helping residents prepare for the next flood event.

    This can be challenging. Many people and organisations in the region have understandably been focused on recovery after the 2022 floods. It can be hard to do this while also preparing for the next disaster.

    And sometimes, people don’t want constant reminders of the potential for flooding. Some people just want to move on and think about something other than disaster.

    If Cyclone Alfred brings destruction to the Northern Rivers, community resilience groups will play a big role in supporting health and wellbeing. Not everyone accesses formal mental health support after disasters. Communities and neighbours looking out for each other is crucial.

    Tough times ahead

    As I write, the Northern Rivers is starting to lose power and internet access. Winds are wild and rain lashed the region all night.

    As climate change worsens, all communities must consider how they will cope with more intense disasters. The model of community-led resilience in the Northern Rivers shows a way forward.

    There is still much work to do in the region. However, our experience of compounding disasters means we are well along the path to finding new ways to support each other through extreme events.




    Read more:
    Lismore faced monster floods all but alone. We must get better at climate adaptation, and fast


    Rebecca McNaught is a Research Fellow at the University Centre for Rural Health (University of Sydney) in Lismore. She has received scholarship funding from the Australian Government’s Research Training Program Stipend. She is affiliated with the South Golden Beach, New Brighton and Ocean Shores Community Resilience Team. She has also conducted paid and voluntary work for the Northern Rivers not-for-profit registered charity Plan C.

    ref. ‘No-one wants to go through this again’: how disaster-stricken residents in northern NSW are preparing for Cyclone Alfred – https://theconversation.com/no-one-wants-to-go-through-this-again-how-disaster-stricken-residents-in-northern-nsw-are-preparing-for-cyclone-alfred-251650

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Submissions: Asia Pacific – Hidden challenges in paradise: report addresses threats to Palawan’s marine life and community – University of Sydney

    Source: University of Sydney

    Palawan archipelago in the Philippines: State of the Marine Environment

    A joint study for the Philippines and Australian governments led by researchers at the University of Sydney has highlighted threats to the outstanding marine environment of the Palawan Province, an archipelago of 1700 islands adjacent to the South China Sea.

    The Palawan State of the Marine Environment 2024 report – a collaboration between the Palawan Council for Sustainable Development, Geoscience Australia and the University of Sydney – was launched on Wednesday at an event in Puerto Princesa, Philippines.

    The Australian Ambassador to the Philippines, Her Excellency HK Yu, welcomed the report and thanked the University of Sydney for its academic leadership in providing the research into this ecologically important region. She said: “As strategic partners, Australia is committed to supporting the Philippines to manage its marine resources and uphold international law. We are pleased to provide this report to the Palawan Council for Sustainable Development (PCSD), funded through Australia’s Southeast Asia Maritime Partnerships. We are proud of our strong cooperation with PCSD, and will continue to respond to their needs.”

    The report focuses on the marine ecosystems of Palawan, Philippines – a UNESCO Biosphere Reserve renowned for its stunning biodiversity and natural beauty. It highlights concerning developments regarding the health of its marine environment and the urgent need for sustainable management strategies, outlining 10 recommendations for action (summarised below).

    Dr Billy Haworth and Professor Elaine Baker, researchers from the School of Geosciences, played a pivotal role in the study. They coordinated expert assessments involving 59 local and regional marine environmental specialists to evaluate more than 165 indicators across six thematic areas. Their findings underscore that, despite advancements in understanding marine ecosystems, the degradation of these environments continues to rise, driven predominantly by climate change, pollution and human activities.

    “Palawan is home to over 1000 species of marine fish, as well as turtles, sea cucumbers and iconic marine mammals like dugongs, dolphins and whale sharks. However, many of these species and their habitats are in decline due to multiple stressors, including climate change, overfishing, tourism, urbanisation, pollution and microplastics,” Dr Haworth said.

    “Our report highlights the fragility of these ecosystems that are vital not only to the region’s biodiversity but also to the livelihoods of local communities that depend on them.”

    The report examines the alarming impacts of climate change, which are having profound effects on Palawan’s marine ecosystems. Issues such as rising sea levels, warming ocean temperatures, and increased frequency of extreme weather events are especially concerning. The study revealed that 58 percent of species examined are experiencing significant decline.

    “As home to two UNESCO World Heritage areas, Palawan holds not only ecological but also cultural significance,” Professor Baker said. “It is crucial that we understand the challenges facing its marine life. By implementing our recommendations, we can work towards a sustainable future that preserves this unique environment.”

    The report emphasises that the health of Palawan’s ecosystems is inextricably linked to the wellbeing of local communities. Immediate actions must be taken to reverse the ongoing trends of deterioration to protect not only this breathtaking archipelago but also the livelihoods of those who call it home.

    Tools and datasets developed during preparation of the report were handed over to the Palawan Council for Sustainable Development to enhance its marine spatial data infrastructure capability, empowering its ability to publish authoritative information in the marine environment and make informed marine planning and management decisions.

    The following 10 recommendations emerged from the report to improve management and conservation efforts in Palawan’s marine environments:

    Prioritise Understudied Parameters: Focus on the least understood factors affecting marine health, especially deep-sea areas.
    Enhance Data Collection: Complement existing data with innovative techniques such as citizen science and remote sensing to track changes over time.

    Align with Existing Research Priorities: 
    • Future research should connect with established sustainable development goals in the region.
    • Conduct Multidisciplinary Research: Collaboration with various stakeholders is necessary for balanced conservation and economic development.
    • Incorporate Ecosystem Interconnectedness: Address the interrelations between ecosystems and livelihoods rather than viewing environmental factors in isolation.
    • Make Information Available: Improve access to research products to aid in broad-based marine environmental management.
    • Develop New Partnerships: Foster collaborative relationships among government, academic institutions and NGOs to enhance environmental governance.
    • Increase Education Campaigns: Launch initiatives to raise awareness about marine degradation and promote responsible practices within the community.
    • Emphasise Monitoring: Establish consistent monitoring mechanisms to facilitate timely responses to environmental changes.
    • Support Local Livelihoods: Create programs to support communities affected by environmental changes, ensuring that livelihood diversification is part of the strategy.

    MIL OSI – Submitted News

  • MIL-OSI Australia: NSW leads the way in tackling rent bidding

    Source: New South Wales Premiere

    In the NSW Government’s first ever Bidding in the NSW Rental Market report, the impact of the Government’s strong rental reform agenda is showcased, revealing insights into rent bidding, underbidding, and pricing variations.

    The analysis, conducted by NSW Fair Trading and the Department of Customer Service’s Data Analytics Centre, found the rent bidding ban is working on listing platforms and shows a rising trend of renters now securing rental properties for less than the advertised price.

    Solicited rent bidding occurs when agents, landlords, or platforms invite or pressure prospective tenants to offer more than the advertised rent, increasing housing and cost of living pressure on renters in an already competitive market.

    Before December 2022 non-fixed price listings made up 17 per cent of the market.

    In a win for renters, the report found systemic law changes introduced by the Minns Labor Government in 2023, which included expanding a ban on solicited rent bidding from only real estate agents to landlords and rental platforms, have led to the widespread removal of illegal rental listing practices, including price ranges and ‘offers over’ terminology on major listing platforms.

    This means more than 99 per cent of advertisements now comply with the rules.

    The results linked rental bond data with CoreLogic rental listings and deployed advanced data-matching techniques, informing and validating the ongoing compliance work of the new $8.4 million Rental Taskforce within NSW Fair Trading.

    Underbidding – where tenants pay less than the advertised rent – surged from seven per cent to 36 per cent of tenancies between March and August 2024, reflecting a broader market cooling, as listed rents exceeded what the market would bear.

    NSW Fair Trading has come down hard on real estate agents caught doing the wrong thing – issuing 145 penalty infringement notices totalling more than $157,000 between May and December last year to those who breached their obligations under the Residential Tenancies Act 2010 (NSW) and associated laws.

    Sydney property hotspots including the Randwick, Waverley, and Canada Bay LGA’s showed the highest rates of overbidding for a property, while Byron, Woollahra, and Ku-ring-gai demonstrated the highest rates of underbidding.

    Historic reforms passed in 2024 are further transforming the rental market by banning no-grounds evictions, limiting rent increases to once per year, making it easier to have pets, as well as improving laws governing fee-free rent payment options, and prohibiting fees for background checks.

    The Bidding in the NSW Rental Market reportalongside NSW Fair Trading’s Rent Check website provide important market information to support renters and landlords in the NSW rental market.

    The Bidding in the NSW Rental Market report can be read on the Rent Bidding in NSW Insights Report webpage.

    Information on the NSW Fair Trading Rent Check can be found on this webpage

    Quotes attributable to Minister for Better Regulation and Fair Trading Anoulack Chanthivong:

    “This report shows how the Minns Labor Government’s rental reforms, coupled with targeted action by NSW Fair Trading, are working to better protect tenants and foster a more transparent and sustainable rental market.

    “The Minns Labor Government understands that more people than ever are renting and that they are renting for longer.

    “That’s why the Government is committed to supporting the rental market, so tenants see it as one that offers security, and quality, while providers view it as one they can invest in with certainty and viability.

    “The suite of rental reforms that the Minns Labor Government is implementing will give renters greater stability and security when renting a home, while providing certainty for landlords and agents.”

    Quotes attributable to NSW Rental Commissioner Trina Jones:

    “This report highlights the NSW Government’s commitment to data-driven regulation and the importance of effective enforcement when responding to wilful non-compliance in the rental market.

    “NSW Fair Trading’s regulatory measures have effectively eliminated solicited rent bidding through rental listings, with compliance rates now reaching above 99 percent.

    “Importantly, our analysis reveals that broader rent bidding practices, while present during periods of market pressure, have not been a significant driver of rental price inflation.”

    Quotes attributable to Core Logic’s Head of Research Eliza Owen:

    “Our research indicates that transparent and fair rental practices contribute significantly to market stability, benefiting both tenants and property owners.

    “As we continue to gather and analyse data, it’s clear that targeted reforms and effective enforcement are key to fostering a rental environment where all stakeholders can thrive, especially in the context of affordability barriers to home ownership.

    “There are signs of demand cooling in the rental market, which has likely helped reduce the practice of rent bidding, but NSW Fair Trading’s regulatory measures are a positive step, protecting fairness and transparency in the event of future market upswings.”

    MIL OSI News

  • MIL-OSI Australia: Improving cancer outcomes for culturally and linguistically diverse communities in the Illawarra

    Source: New South Wales Premiere

    Published: 7 March 2025

    Released by: Minister for Health


    A $30,000 NSW Government grant will fund cancer screening and prevention education to improve cancer outcomes for culturally and linguistically diverse (CALD) communities in the Illawarra.

    The Multicultural Community Screening Education and Healthy Living Illawarra project will deliver community education sessions on bowel, breast and cervical cancer screening as well as smoking cessation to the local Arabic, Italian, Macedonian and Burmese (Karenni and Karen speaking) community. A wellbeing expo with light physical activities and walking groups will also be delivered as part of the project.

    Multicultural communities face significant barriers accessing cancer screening services and care, often due to language barriers, poor health literacy, trauma, and cultural stigma and beliefs.

    The Cancer Institute NSW Multicultural Community Grants are awarded regularly to help support local community groups and health services to roll out targeted initiatives that will support people with multilingual information to reduce their cancer risk, in a way that is aligned with their cultural beliefs.

    The grants are one of the ways the NSW Government through the Cancer Institute NSW is supporting CALD communities to improve cancer outcomes. Other initiatives include targeted cancer prevention campaigns, multilingual resources to build health literacy, training of bilingual community educators to deliver cancer education and provision of social support for people who have been diagnosed with cancer and carers affected by cancer.

    For more info visit the Cancer Screening and Prevention and Cancer Control (Multicultural) Grants webpage.

    Quotes attributable to Health Minister, Ryan Park:

    “In NSW, around 30 per cent of people were born overseas, with one in four people speaking a language other than English at home – higher than any other state or territory.

    “Unfortunately, these communities have some of the lowest participation rates in cancer screening and can experience inequitable access to health care.”

    Quotes attributable to Member for Wollongong, Paul Scully:

    “Language should not be a barrier to understanding your cancer risks or getting the best possible cancer care if you need it and this funding will help to change that.

    “I have heard from and worked with too many families who had trouble negotiating the health system or understanding their health needs because of language barriers and this will help to break those barriers down.

    “By supporting community-led education and wellbeing initiatives, we are supporting people from diverse backgrounds to take charge of their health and improve cancer outcomes across the Illawarra Shoalhaven.”

    Quotes attributable to Chief Cancer Officer and Chief Executive Cancer Institute NSW, Professor Tracey O’Brien AM:

    “Breaking down barriers and supporting multicultural communities can’t be achieved in isolation and we are so grateful to be working together with health services and community organisations to ensure all people across NSW, regardless of who they are or where they come from, have access to timely and culturally appropriate cancer care and support.” 

    Quotes attributable to Chief Executive Illawarra Shoalhaven Local Health District, Margot Mains:

    “These projects’ educational sessions will focus on prevention, screening and early detection for bowel, breast and cervical cancer, including demonstrations on self-testing kits and providing translated information. There will also be sessions to support and encourage healthy lifestyles that focus on smoking cessation, physical activity and healthy eating.”

    MIL OSI News

  • MIL-OSI New Zealand: Speech to the BusinessNZ Health Forum

    Source: New Zealand Government

    Check against delivery.
     
    Kia ora koutou. Thank you, Phil, for the opportunity to speak to you today to the Business NZ Health Forum. Since my appointment as Health Minister, I’ve spent time where it matters most – on the frontline, listening to the people our health system is here to serve. Let me tell you about just a few stories I have heard.There are many positive stories of people receiving exceptional healthcare: 
     

    A Tauranga woman who recently shared her gratitude with me that her chemotherapy drug is now funded because of the Government’s record investment in new cancer drugs.  
    A young person in distress, whose family isn’t sure what to do, being helped by compassionate youth mental health services to work through how to cope.  
    A security guard I met who said he went to an Emergency Department and was seen and discharged in 2.5 hours.

    Review hospital systems from admission to discharge, ensuring patients flow smoothly.

     
    But some are more grim:
     

    An elderly man who requires hip and knee surgery and has been living in pain while they wait for their operations. 
    A cancer survivor who is overdue for their colonoscopy. 
    A person who is worried about a friend that has been waiting for surgery for over for 15 months, only to find out it has been cancelled. 

     
    The failure of our health system doesn’t stop at waiting lists. 

    I’ve heard of a grandmother sent home after waiting for hours in ED, only to return shortly after having had a stroke.

    A grandfather lying in a hospital ward for days, sick and in pain, not knowing when—or if—a doctor would come to see him and tell him what is wrong. 

    And I’ve heard far too many stories over the past five weeks of people who are alive today, not because the system looked after them, but because their wives, husbands, daughters, and sons had to make lots of noise until someone paid attention. 

    That’s not a health system that works.  And if you ask the doctors, nurses, midwives, and other health professionals who keep the system running, they’ll tell you the same thing.  They are just as frustrated—because they got into this job to care for people and provide world-class healthcare to New Zealanders. But the system is failing their patients and them too. Somewhere along the way, our health system became desensitised to patients.  There’s often too much focus on what the unions, the colleges, or professional lobby groups say, and not enough focus on what the patient says.  Because in healthcare, the customer is the patient—the mum with the newborn, the tradie, the farmer, the kaumātua, the grandmother.  They should be at the heart of every decision we make. People working in health have been conditioned to substandard management and conditioned to giving into groups which exert pressure on them.This is not the standard we should accept in New Zealand.  That’s why we must fix the system—so that every patient gets the care they deserve, and every healthcare professional is empowered to do the job they trained so long and hard for. New Zealanders expect better. And under this Government, we will deliver it. 

    A long-term problem made worse by Labour 

    Let’s be clear—this is not a new problem.  Our health system has been overloaded and under pressure for years. But the decisions of the previous government made it significantly worse. We inherited a health system in a state of turmoil.In the middle of a pandemic—when New Zealand needed stability—they ripped the entire structure apart.  They forced through one of the biggest bureaucratic restructures in our history, abolishing 20 District Health Boards overnight and replacing them with a single, centralised bureaucracy.  The reforms stripped decision-making away from regions and districts.They had no plan for how it would actually help patients. Key health targets – used to ensure the system was delivering for patients – were dumped.Instead of supporting frontline workers, they created another layer of bureaucratic management and confusion at the top.  Instead of focusing on patient care and ensuring people didn’t get sicker languishing on ballooning waiting lists, they produced internal reports and shuffled job titles in the head office.  Instead of keeping control of spending, they lost complete oversight of the system’s finances. To put it frankly, the previous government’s 2022 health reforms were rushed and poorly implemented, with disastrous results. Most importantly, those reforms eroded the trust and confidence of New Zealanders in getting access to the health services they need.It’s not just our view. It’s not just what frontline workers and patients say. It’s now documented fact. 
     
    The Deloitte Report – Labour’s health system failure in black and white 

    Today, a report by Deloitte titled the ‘Financial Review of Health New Zealand’—an independent report, not written by politicians, but by financial and operational experts – is being released on Health New Zealand’s website.It delivers a damning verdict on the state of our health system when we took office 16 months ago. The report shows, in black and white, that under the previous government, Health New Zealand lost control of the critical levers that drive financial and delivery outcomes.In simple terms: 

    The agency that was supposed to run our health system had no idea how it was spending its money or the results it was achieving.

    Costs spiralled out of control, with deficits mounting each month. 

    Basic financial oversight collapsed, meaning no accountability, no performance tracking, and no ability to measure success or failure. 

    No systems in place to manage funds appropriately.

     
    Meanwhile, Labour’s plan was to support unions over patients.  As I mentioned earlier, they scrapped health targets, so they didn’t even know what success looked like.
      
    The result? 

    Elective surgeries plummeted. In 2017, 1,037 people were waiting over four months for elective treatment. By the time Labour left office, that number had grown to 27,497. That’s an increase of over 2,551 percent. 

    Emergency department wait times blew out. When National left office, almost 90 percent of patients were seen within six hours. By 2023, that dropped below 70 percent. 

    Childhood immunisation rates collapsed. In 2017, 92.4 percent of children were fully immunised at 24 months. By 2023, that number hit 83 percent. 

    Primary healthcare was ignored. More people than ever couldn’t see a healthcare professional when they needed one. 

     
    This is a system under significant pressure and a system which was recklessly mismanaged under the past government, thrown into turmoil at the worst possible time, and left to drift without accountability. But that changes today. 
     
    Funding for Health

    There is always a need for more investment in health, but more money isn’t the only solution.This Government has invested a record funding boost of $16.68 billion (over three years) in health to help the sector plan for the future, and that includes funding expected growth. The funding boost provided by this Government is enabling Health New Zealand to retain capacity at the frontline and deliver more services to New Zealanders.There are more frontline staff, including more nurses than ever before and more medical staff, allied and scientific staff, and care and support staff.Since it was set up, Health New Zealand’s frontline staff grew by almost 6,500 people, alongside achieving back-office efficiencies. Remuneration for health workforces has also increased.Since 2014, average salaries for nurses and midwives have increased by almost 70 percent, while average salaries for teachers and police have only risen by approximately 35-40 percent over the same period. The average salary of a registered nurse (including senior nurses) is currently around $125,660, including overtime and allowances. This aligns with nurses in New South Wales.Yet we are not seeing the results we have invested in.Productivity is declining and has not kept pace with historic levels of funding and workforce growth.For example, in the decade between 2014 and 2024, core Health operating funding almost doubled, but the number of first specialist assessments undertaken only increased by 17 percent. The waiting list more than doubled during this period to almost 195,000 people.  And as at August last year, over 40 percent of adults needing to see a GP couldn’t get a consultation within a week of when they needed to see one. Every single dollar must deliver better outcomes for patients.  More money going in must mean more results coming out.  But under Labour, we saw more money with worse outcomes, longer waitlists, and declining service levels. That is simply unacceptable. 
     
    What we have done – A back-to-basics approach 

    Since being in office, this Government has been taking action and we are getting results: 

    We reinstated health targets—because what gets measured, gets done.  
    We’re doing more operations. Last year, the health system carried out over 144,000 elective procedures – 10,000 more than the previous 12 months. 
    We are moving resources back to the frontline, cutting wasteful bureaucracy.  
    The health workforce is being paid more. 
    We’re investing in health infrastructure—building new hospitals, upgrading existing ones, and modernising equipment. There are currently 66 Ministerially approved health infrastructure projects, worth a cumulative $6.3 billion in the pipeline. 
    We have begun stabilising the system, although there’s still a long way to go.

    But let me be clear—this is just the beginning.
     
    My five key priorities as Minister
    Healthcare is a top priority for everyone in New Zealand. I see it every day as an electorate MP, a father of three young children, and as Health Minister travelling the country. Yes, there will always be a need for more money in healthcare, and as Minister, I will fight every single day to invest more and deliver more for you.I am proud of the investment this Government is putting into health. However, I will also be holding the system to account to deliver more for the funding that is being invested.Investing in primary care and funding additional operations are at the heart of my five clear priorities as Health Minister. They are:
     

    Stabilising Health New Zealand’s governance and accountability allowing it to focus on delivering the basics
    Reducing emergency department wait times
    Delivering a boost in elective surgery volumes to get on top of the backlog and reduce waiting lists
    Fixing primary care to ensure easier access 
    Providing clarity on the health infrastructure investment pipeline.

     
    1. Focusing Health New Zealand on delivering the basics
    My first priority is getting the basics right. It follows years of worsening results being the only thing being delivered.We are going to turn this around by focusing on delivery and achieving targets. Our health targets matter because they demonstrate performance. But it’s not enough to have them on paper—we must deliver real results. Over the last few years, the previous Government’s decision to restructure in the middle of a pandemic—and to remove those targets—led us to where we are now. Too many people are waiting too long for critical assessments and treatments.Health New Zealand should run a health system, not a bureaucracy. Instead of focusing on patients, it got lost in process. That changes now.No more excuses. We measure success in one way: better outcomes for patients.Health New Zealand has struggled to come together as a cohesive team that supports the organisation to deliver for patients. Senior Leadership Team members have only just begun weekly in-person meetings, and have continued to operate from different offices, despite the majority living in Auckland and the organisation being two and a half years old.This has meant the organisation has failed to create a cohesive team to lead the organisation forward.Today, I’m outlining my expectations for Health NZ to deliver a nationally planned and consistent, but locally delivered, health system. I expect core services (infrastructure, data, digital, HR, comms) will sit at head office, with national executive leadership focused on national programmes, shared services, overall governance and planning and empowering districts. I have directed the Commissioner to accelerate the shift to local decision-making and service delivery, and set a requirement for local delivery plans to be developed. I expect this to be done by July.This will enable local leaders to plan effectively, be clear about their budgets, allocate resource to where it’s most needed, and deliver better outcomes for their communities.Because all healthcare is local.I expect there to be strong regional coordination to support local delivery, with singular lines of accountability flowing from the national executive level through to the frontline.Under Labour, financial controls vanished, clinical input was lost, and local districts were disempowered. We are restoring that.Today, I have issued a new letter of expectation and Health New Zealand has released its delivery plan to reflect this.I will also bring back a board for Health New Zealand. Now that the plan is set, it is time to begin the process of transitioning to traditional governance.In the coming weeks, nominations open for the new board. If you have passion for healthcare and a demonstrated track record of delivery, we need you.I’d like to take this opportunity to thank the Commissioners for their work to date and I look forward to working with them as they deliver on their plan and as we transition to a board.
     
    2. Fixing Primary Healthcare – easier access for everyone
    My second priority is ensuring timely GP access. New Zealand has a shortage of family doctors, who play an important role in helping Kiwis to stay well and out of emergency departments.But last year a third of GP practices had their books closed, forcing people to emergency departments. And if you can’t book in to see your GP or nurse when you need one, you end up in ED when you shouldn’t have to. No one should wait weeks to see a GP and we are set on fixing that.Historically, more funding has been invested in more costly hospital and specialist services at the expense of primary and community care. Over the past five years, hospital funding has increased at a higher rate than primary and community funding. Hospital funding went up by almost 53 percent, while primary and community funding increased by 41 percent.This means we’re missing opportunities for earlier and less costly interventions.We must shift the dial towards primary care, both to improve access for New Zealanders and because it is the fiscally responsible thing to do.We have already made a number of important announcements this week about how we will improve access to primary care including: 
     

    Making it easier for New Zealanders to see a doctor. We’re providing up to 100 clinical placements for overseas-trained doctors to work in primary care. This will support their transition into GP practices that need them most.  

    We are also ramping up the number of trainee GPs to give Kiwis better access to healthcare in their communities. We’re introducing a funded primary care pathway to registration for up to 50 New Zealand-trained graduate doctors each year from 2026.

    We’re training more new doctors. During the term of this Government, medical school placement have increased by 100 places each year.

    We’re investing to increase the number of nurses in primary care. This includes supporting GP practices and other providers outside hospitals to hire up to 400 graduate registered nurses a year from this year.

    Improving access to 24/7 digital care. This will provide all New Zealanders with better and faster access to video consultations with New Zealand-registered clinicians, such as GPs and nurse practitioners, for urgent problems, 24 hours a day, seven days a week. People will be able to be diagnosed, get prescriptions, be referred for lab tests or radiology, and have urgent referrals organised.

    These measures focus on giving our primary care workforce the numbers and support they need, so that when you or your whānau need to see a GP, you can—without facing weeks-long wait times or closed books.Strengthening urgent and after-hours care will also be a focus of mine as part of our plan to enable faster access to primary care, and work on this is underway.This week I also announced that Health New Zealand has agreed to deliver a $285 million uplift to funding over three years for general practice from 1 July, in addition to the capitation uplift general practice receives annually.This will be incentivise GPs to improve access and patient outcomes – especially around improved vaccination rates and supporting family doctors to undertake minor planned services. This is just the start – there is more to do. Health New Zealand has work underway to rethink how we fund primary care to make it faster, more accessible, and more sustainable. 

    3. Reducing ED wait times
    My third priority is emergency departments, which have seen lengthy wait times continue to increase since targets were scrapped. The ED target is not just about making sure patients are seen quickly but it pushes every part of the hospital to work smoothly.Emergency departments are the beating hearts of hospitals – if they are operating efficiently and effectively, that reflects the effectiveness and efficiency of every part of the hospital. If wait times are too slow in the ED department it indicates problems throughout the hospital. I expect Health New Zealand to: 

    Empower clinicians at local levels to fix bottlenecks in real time.
    Integrate the primary care reforms, so fewer preventable cases end up in ED. This will be done by hiring and training more doctors and nurses and ensuring New Zealanders have access to round-the-clock care.

    The relationship between our hospitals and primary care is critically important, but has broken down in recent years and needs to be fixed. Empowering the primary care sector can help keep people out of hospital and manage patients much more cost effectively in our communities.We need our hospitals working with our primary health care providers to achieve this, and we need many more hospital services delivered locally in communities rather than centrally in our hospitals. We are restoring a focus on ED shorter stay targets, forcing real improvements across the entire hospital. We want to see 95 percent of people admitted, discharged, or transferred from an emergency department within six hours. 

    4. Clearing the elective surgery backlog
    My fourth priority is elective surgeries, where 27,497 people were waiting more than four months for surgeries they desperately needed in September 2023—a number that was 1,037 under National in 2017. This backlog is unacceptable and has unfortunately grown since we came to Government.But we have arrested the decline in the number of operations. As I mentioned earlier, last financial year, the health system carried out 10,000 more elective procedures than in the previous 12 months. However, we must still urgently increase the volume of surgeries.The elective surgery wait list target isn’t just about measuring performance of the system, it is about people. Behind every number is an individual, a family, many waiting in pain and families anxious for their loved ones to have the surgery they need. We can’t keep doing things the way we currently do it. At the moment Health NZ undertakes both elective surgery, and also responds to acute need, with planned elective surgery often being disrupted by acute need, leaving patients waiting for treatment and waitlists continuing to grow. At the same time, the small amount of planned care that is outsourced to the private sector is often done on an ad hoc basis, meaning Health New Zealand is paying premium prices.This practice must stop. Kiwis waiting in pain for an operation aren’t worried about who is delivering the operation, they just want it done as quickly as possible. I want to see Health NZ both lifting its own performance on elective surgeries, but also partnering closely with the private sector to ensure we can get on top of the waitlists and get kiwis the operations they need as quickly as possible. By partnering with the private sector, we can ensure people get the care they need, and Health New Zealand can achieve value for money through long-term contracts with the private sector. I expect Health New Zealand to work closely with ACC – which already has many of these arrangements in place – to ensure value for money for taxpayers and faster treatment for patients.Today I am pleased to announce the first part of this plan with Health New Zealand investing $50 million between now and the end of June this year to reduce the backlog of people waiting for elective surgeries. That will see an extra 10,579 procedures carried out between now and the middle of this year, with work also underway now to negotiate longer term agreements. This will improve the quality of life of thousands of New Zealanders. It will mean people can return to work, take up hobbies again, and continue to build precious memories with loved ones. I can also announce that I have asked Health New Zealand to work with the private sector to agree a set of principles that will underpin future outsourcing contracts. This will include: 
     

    Ending the use of expensive ad hoc, shorter-term contracts for elective surgeries. 
    Negotiating longer-term, multi-year agreements to deliver better value for money and better outcomes for patients. 
    Agreeing on plans to recruit, share, and train staff which already bridge both the public and private hospitals. 

     
    Long term, I want as much planned care as possible to be delivered in partnership with the private sector, freeing public hospitals for acute needs. However, this needs to be done in a way which is mutually beneficial for our public health system and our workforce. To be clear, the system remains publicly funded, so everyone has access, but this will allow Health New Zealand to leverage private capacity to reduce wait times for patients. 
     
    5. Investing in health infrastructure – building for the future
    My fifth priority is infrastructure—physical and digital. Our hospitals and data systems are in dire need of upgrade. Health New Zealand is grappling with an outdated infrastructure that is inhibiting changes to models of care that improve patient outcomes and drive efficiencies.Currently: 

    Health New Zealand has about 1,200 buildings – some have significant seismic risks, other older buildings are not clinically fit for purpose. 
    Digital infrastructure is also fragmented. There are an estimated 6,000 applications and 100 digital networks. That equates to roughly one application for every 16 Health New Zealand staff members, which is unsustainable.

    We need solutions. That includes: 

    Investigating creating a separate Health Infrastructure Entity under Health New Zealand, to manage and deliver physical and digital assets. 
    Publishing a long-term plan for health infrastructure so Kiwis know what’s being upgraded across New Zealand and can see a 10-year pipeline of capital projects 
    Putting all funding and financing options on the table—this will require bold, sustainable investment.  

    Health infrastructure has been neglected for decades.We’re turning that around. There are currently health infrastructure projects, worth a cumulative $6.3 billion in the pipeline.That includes:
     

    A new hospital in Dunedin. 
    Modern cancer treatment facilities in Hawke’s Bay and Taranaki 
    The extensive facilities infrastructure remediation programme at Auckland City Hospital and Greenlane Clinical Centre, and 
    Manukau Health Park and Hillmorton specialist mental health services in Christchurch. 

    Hospitals don’t run on press releases; they run on real investment. We are delivering that. 
     
    Stripping out bureaucracy, demanding delivery
    At the end of the day, you can’t manage what you don’t measure. It comes down to results, accountabilities, and every single person in the health system playing their part. My message to Health New Zealand is simple: I expect delivery. I expect a back-to-basics approach, with less talk and more action.I expect a relentless focus on improving health outcomes for New Zealanders and for Health New Zealand to reallocate baseline funding to implement immediate action.We’ve had enough talk. It’s time to fix this system.
     
    A health system that delivers for every New Zealander
    New Zealanders don’t want more reports or more excuses—they want action: 

    Health targets are back.
    We’re taking action to stabilise surgery waitlists.
    More doctors and nurses are being trained and recruited.
    Hospitals are being upgraded.
    Primary care is being strengthened.

     
    This isn’t just talk; it’s real change. And I promise every New Zealander: we will not stop until our health system delivers timely, quality care to all.We are embarking on this shift with urgency.Patients come first. And this Government will not rest until that’s a reality.Thank you very much.

    MIL OSI New Zealand News

  • MIL-OSI: $TOCKHOLDER ALERT: The M&A Class Action Firm Continues To Investigate The Merger – AMPS, FNA, ESSA, IVAC

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 06, 2025 (GLOBE NEWSWIRE) — Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating:

    • Altus Power, Inc. (NYSE: AMPS), relating to the proposed merger with TPG. Under the terms of the agreement, Altus Power will be acquired by TPG for $5.00 per share of its Class A common stock in an all-cash transaction.

    Click here for more https://monteverdelaw.com/case/altus-power-inc-amps/. It is free and there is no cost or obligation to you.

    • Paragon 28, Inc. (NYSE: FNA), relating to the proposed merger with Zimmer Biomet Holdings, Inc. Under the terms of the agreement, Zimmer Biomet will acquire all outstanding shares of Paragon 28 common stock for $13.00 per share. Paragon 28 shareholders will also receive a non-tradeable contingent value right entitling holders to receive up to $1.00 per share in cash if certain revenue milestones are achieved.

    Click here for more https://monteverdelaw.com/case/paragon-28-inc-fna/. It is free and there is no cost or obligation to you.

    • ESSA Bancorp, Inc. (Nasdaq: ESSA), relating to the proposed merger with CNB Financial Corporation. Under the terms of the agreement, ESSA shareholders will receive 0.8547 shares of CNB common stock for each outstanding share of ESSA common stock.

    Click here for more https://monteverdelaw.com/case/essa-bancorp-inc-essa/. It is free and there is no cost or obligation to you.

    • Intevac, Inc. (Nasdaq: IVAC), relating to the proposed merger with Seagate Technology Holdings plc. Under the terms of the agreement, Seagate will acquire Intevac in an all-cash transaction for $4.00 per share.

    ACT NOW. The Tender Offer expires on March 28, 2025.

    Click here for more https://monteverdelaw.com/case/intevac-inc-ivac/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE THE SAME. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No company, director or officer is above the law. If you own common stock in any of the above listed companies and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com).  Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network

  • MIL-Evening Report: Two polls predict a thumping victory for Labor in WA election, the first with a reformed upper house

    Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne

    The Western Australian state election will be held on Saturday, with polls closing at 9pm AEDT. A Newspoll, conducted February 27 to March 5 from a sample of 1,061, gave Labor a 57.5–42.5 lead, a 1.5-point gain for Labor since an early February WA Newspoll.

    Primary votes were 44% Labor (up two), 29% Liberals (down three), 5% Nationals (up two), 10% Greens (down two), 3% One Nation (down one) and 9% for all Others (up two).

    Labor Premier Roger Cook’s net approval was down one point to +17, with 55% satisfied and 38% dissatisfied. Liberal leader Libby Mettam’s net approval was up three to +1. Cook led as better premier by 53–34 (54–34 previously).

    The Poll Bludger reported Friday that a DemosAU poll for The West Australian, conducted March 4–5 from a sample of 1,126, gave Labor a 57–43 lead. Primary votes were 43% Labor, 30% Liberals, 5% Nationals, 11% Greens and 11% for all Others. Cook led as preferred premier over Mettam by 47–32. By 49–31, voters thought WA was headed in the right direction.

    At the March 2021 WA election, Labor won 53 of the 59 lower house seats on a two-party vote of 69.7–30.3, a record high for either major party at any state or federal election. Labor won 59.9% of the primary vote.

    Labor was never going to match the 2021 result at this election, but if the results on Saturday reflect the Newspoll and DemosAU polls, they will exceed their 2017 result, when Labor won 41 of the 59 seats on a two-party vote of 55.5–44.5.

    Upper house reforms

    Prior to this election, WA had six upper house regions that each returned six members. From the ABC’s 2021 WA election pages, there were three Perth regions and three non-metro regions. Perth had 75% of WA’s enrolled voters, but only 50% of upper house seats.

    Furthermore, the Mining & Pastoral region and Agricultural region had far fewer enrolled voters than the South West region. Combined, these two regions had just 10.1% of WA’s enrolled voters, but 33.3% of upper house seats.

    Labor’s huge 2021 win gave them a majority in the upper house for the first time in WA history, with 22 of the 36 seats. Labor used this opportunity to convert the upper house into a single statewide electorate that will return 37 members by proportional representation with optional voter-directed preferences.

    Under these reforms, a quota for election will be 1/38 of the vote or 2.63%. Parties that win about half the quota have a reasonable chance of winning a seat, so 1.3% could be enough to win. Labor also abolished group ticket voting (GTV), leaving Victoria as the only Australian jurisdiction that still uses this discredited system.

    The Poll Bludger reported on February 23 Liberal leader Libby Mettam has promised to try to revert back to the old very malapportioned system if the Liberals win the election, rejecting the principle of one vote, one value. The old system was biased towards the Liberal and National parties. Analyst Kevin Bonham has condemned the Liberals.

    ABC election analyst Antony Green said there will be 13 groups on the upper house ballot paper and a total of 146 candidates. To get a group box above the line, at least five candidates for that group were required. The number of candidates has been more than halved from 2021, when there were 325 upper house candidates. Group ticket voting encouraged a proliferation of micro parties and candidates.

    In the lower house, there will be a total of 398 candidates for the 59 seats, down from 463 in 2021. Labor, the Liberals and Greens will contest all seats, the Nationals will contest 20, the Australian Christians 54 and One Nation 41.

    Labor has huge lead in a SA state poll

    The next South Australian state election will be held in March 2026. A DemosAU poll, conducted February 18–23 from a sample of 1,004, gave Labor a 59–41 lead (54.6–45.4 to Labor at the March 2022 election). Primary votes were 43% Labor, 30% Liberals, 10% Greens and 17% for all Others.

    Labor incumbent Peter Malinauskas led the Liberals’ Vincent Tarzia as preferred premier by 51–23. By 53–33, voters thought SA was headed in the right direction.

    The Poll Bludger reported Monday electoral reforms have passed parliament that will allow postal and pre-poll votes to be counted on election night. At previous SA elections, only votes cast at ordinary election day booths were counted on election night, with other types of votes taking at least a few days to count.

    In the federal part of this poll, Labor led by 53–47 in SA (54.0–46.0 to Labor in SA at the 2022 federal election). Primary votes were 35% Coalition, 34% Labor, 11% Greens, 6% One Nation and 14% for all Others. Anthony Albanese led Peter Dutton as preferred prime minister by 39–33, and by 46–39 voters did not think Australia was headed in the right direction.

    Adrian Beaumont 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. Two polls predict a thumping victory for Labor in WA election, the first with a reformed upper house – https://theconversation.com/two-polls-predict-a-thumping-victory-for-labor-in-wa-election-the-first-with-a-reformed-upper-house-250264

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Video: RBNZ 35 years of flexible inflation targeting conference: Session 2 – The Monetary Policy Stance

    Source: Reserve Bank of New Zealand (video statements)

    Targeted Taylor rules: some evidence and theory (01:26) – Boris Hofmann, Bank for International Settlements; Cristina Manea, Bank for International Settlements; Benoit Mojon, Bank for International Settlements.

    How important is global r-star for open economies? (41:39) – James Morley, University of Sydney; Benjamin Wong, Monash University

    https://www.youtube.com/watch?v=xNk4SWGZ7-c

    MIL OSI Video

  • MIL-OSI Australia: Interview with FIVEAA Breakfast with David Penberthy and Will Goodings

    Source: Australian Government – Minister of Foreign Affairs

    Sonya Feldhoff, Host: This is a breakfast that is the biggest breakfast not only in South Australia. So, let’s get this right, this is all over the country and for the 23rd year running, it is hosted by Senator Penny Wong, who joins us now. Senator, thank you for your time.

    Penny Wong, Foreign Minister: Good morning to everybody. Happy, well, it’s not quite IWD because we hold this breakfast the closest day to, but happy almost International Women’s Day.

    Feldhoff: Now, this is your 23rd year as host, but I want to take a moment because this breakfast wouldn’t be without the person who founded it and led it for the first, what, 10 or 11 years? Senator Rosemary Crowley.

    Foreign Minister: Yes that’s right, who passed away just recently. And look, on International Women’s Day and at this breakfast, you’ve heard me talk about the importance of remembering and honouring women who’ve gone before and who’ve paved the way, as well as thinking about what more we have to do. And it’s really important for us to honour Rose today. I mean, she was the first woman the Labor Party sent to Canberra, elected in the early 80s, which seems remarkable that it took that long. First woman to be a Minister from South Australia in the Federal Parliament. And one of the things she did, as you said Sonya, was establish this breakfast. And I remember I was actually on her breakfast committee before I went into Parliament, helping organise it. It was smaller then and it’s grown year on year and it was something Rosemary was so committed to. So, it’s really wonderful to be able to honour her today.

    Feldhoff: And we talk about those important things that she did. But having sat next to her on several occasions, she had a fiery, fire in her belly. She had a sense of humour. She was an amazingly fun woman to be around.

    Foreign Minister: She really was. She had a great sense of humour, very witty, sometimes quite bawdy. I remember.

    Jules Schiller, Host: Bawdy.

    Foreign Minister: Bawdy, yes.

    Feldhoff: She was.

    Foreign Minister: I’d say Rose, Rose, I can’t say that.

    Feldhoff: She was an amazing woman. So, we remember her today and I think that she’ll be in the minds of many people today.

    Foreign Minister: Absolutely.

    Schiller: Let’s get to your portfolio, Penny.

    Foreign Minister: Can’t we just talk about this? This is much more, this is much more relaxed.

    Schiller: Well, I’ll hit you with a quote because I think this is a good quote to sum up what’s happened. Vladimir Lenin said ‘there are decades where nothing happens and there are weeks when decades happen.’ Does that sum up what’s happened this week with some momentous kind of tectonic plate shifting with alliances and, you know, support for Ukraine and not support for Ukraine? How are you handling everything?

    Foreign Minister: Okay, well, first, I don’t think the Australian Foreign Minister should be quoting Lenin. So, I’m just going to leave that with you. But you’re right, I mean, I think tectonic is probably the, you know, the phrase that people have been using which is, you know, this is a very different time. I’ve said for some time President Trump and the Trump administration have said they were going to do things differently. So, we ought not be surprised about that. And what’s important is that we remain cool headed and disciplined, work together and navigate what is a very changing world, in Australia’s national interests. And that’s certainly how I will approach it and how the Prime Minister is approaching it.

    Feldhoff: Is your job as Foreign Minister more difficult today than it was a week ago? Given what we’ve seen in the last week.

    Foreign Minister: I probably measure it in slightly longer terms. Before the election I did think a lot about what sort of world we were in and I talked about the fact that how many changes, how much there was moving in the international landscape and certainly since the election I think we’ve continued to see that. And it’s very important that one, to remain cool headed and calm and to work as we are to try and maximise Australia’s relationships, to elevate our presence in the region and to work with others across the world in support of those international rules which matter to us. I talk about relationships, rules and region, and that’s really defined what we have done this term and what I’ve done as your Foreign Minister.

    Schiller: We had Chinese warships obviously doing live fire exercises and that was big news. You know, Virgin flight kind of reported it and that was all. Have you been speaking to your Chinese counterparts about how that unfolded and maybe you’d like to see it happen differently next time?

    Foreign Minister: Oh, absolutely. I mean, I spoke to the Prime Minister when that happened and I was actually in South Africa for the G20 and had a bilateral meeting with Foreign Minister Wang Yi scheduled and we agreed that I would speak very directly and clearly to the Chinese about our views. Obviously, we also operate in international waters. Australia does, and we support the international laws which enable countries to operate in those waters, which are international waters. So, not Australia’s territorial waters. But when we do so, and if we engage in these sorts of exercises, we do give much more notice. You do issue what’s called a notice to airmen – still men, I’m afraid, Sonya – which is to ensure that all aircraft and vessels in the area are aware. But we also give earlier notice. And what I said very clearly to the Foreign Minister of China is that our expectation is that notice such as Australia would give in the South China Sea or elsewhere where we operate would be what we would expect.

    Feldhoff: You’re listening to 891 ABC Radio Adelaide. Sonya and Jules here with you for breakfast, broadcasting here from the Convention Centre which will host the International Women’s Day Breakfast, the biggest one in the country.

    Foreign Minister: I’m just going to tell your listeners that this is, we are sitting at a desk, being very good and talking to each other as these massive number of women and some men walk in and lots of school kids, I can see, who got up early. So, it’s pretty busy.

    Feldhoff: This is the thing, isn’t it? We’ve got a whole heap of school kids here and when we take it, look at the message for girls and women. But people generally, you know, I think a lot of us would have felt unsettled with the talk of nuclear weapons from Emmanuel Macron yesterday. As you talk to these women and men who will be in the room today, do you have a sense of optimism? Because I think there would be a lot of people at the moment for whom that would be far away.

    Foreign Minister: Well, first, just on the number of young women, that’s one of the things I have really sought to do as host, and that is to increase the number of schools that attend. And we’ve been really pleased at how that’s been taken up, because I think part of what matters today is that mix across generations and that you get women who’ve done a lot and been around a lot and have seen a lot engaging with girls, school kids who are at the beginning of their adult life and having that discussion. Optimism, I suppose. I think that we have agency so we have the capacity to do what we can do and we should do that. So, we should be talking about de-escalation, we should be talking about engagement and dialogue, because we know that to avert, to keep peace, you need both deterrence, but you also need reassurance and you need to engage as an international player in a way that provides both deterrence and reassurance. That’s how you ensure stability and peace. So, I suppose I think of it much more as what can we do? And we should focus on maximising what we can do rather than wringing our hands about what others are doing.

    Schiller: I know you have to go, Penny, but just message to women listening. I mean, I was thinking of younger women, especially because they’re facing – you’ve got Andrew Tate, they’ve got revenge porn, you know, all this, all these threats to, kind of things to overcome for them. Like, I guess women of your generation were. So, what’s your message to women on this day?

    Foreign Minister: Well, can I message both men and women? First I would say what I said about marriage equality. There’s nothing to fear from equality. Equality is about all of us having an opportunity and the world is a better place where we all have an opportunity. And what I’d say to young women is what I always say, is that women can do anything.

    Feldhoff: On that note, we’ll make sure you get to where you need to be to make sure you can do anything. Senator Penny Wong, who will be hosting this breakfast for the 23rd time consecutively. Thank you so much.

    Foreign Minister: Thank you. And can I just plug for the ABC? Know that they didn’t ask me to do this. Thank you so much for your support for this over so many years. It’s part of the, you know, what Adelaide does and we really appreciate the ABC support.

    Schiller: Thank you, Penny.

    MIL OSI News

  • MIL-OSI Australia: Interview with ABC Adelaide Breakfast with Sonya Feldhoff and Jules Schiller

    Source: Australian Government – Minister of Foreign Affairs

    Sonya Feldhoff, Host: This is a breakfast that is the biggest breakfast not only in South Australia. So, let’s get this right, this is all over the country and for the 23rd year running, it is hosted by Senator Penny Wong, who joins us now. Senator, thank you for your time.

    Penny Wong, Foreign Minister: Good morning to everybody. Happy, well, it’s not quite IWD because we hold this breakfast the closest day to, but happy almost International Women’s Day.

    Feldhoff: Now, this is your 23rd year as host, but I want to take a moment because this breakfast wouldn’t be without the person who founded it and led it for the first, what, 10 or 11 years? Senator Rosemary Crowley.

    Foreign Minister: Yes that’s right, who passed away just recently. And look, on International Women’s Day and at this breakfast, you’ve heard me talk about the importance of remembering and honouring women who’ve gone before and who’ve paved the way, as well as thinking about what more we have to do. And it’s really important for us to honour Rose today. I mean, she was the first woman the Labor Party sent to Canberra, elected in the early 80s, which seems remarkable that it took that long. First woman to be a Minister from South Australia in the Federal Parliament. And one of the things she did, as you said Sonya, was establish this breakfast. And I remember I was actually on her breakfast committee before I went into Parliament, helping organise it. It was smaller then and it’s grown year on year and it was something Rosemary was so committed to. So, it’s really wonderful to be able to honour her today.

    Feldhoff: And we talk about those important things that she did. But having sat next to her on several occasions, she had a fiery, fire in her belly. She had a sense of humour. She was an amazingly fun woman to be around.

    Foreign Minister: She really was. She had a great sense of humour, very witty, sometimes quite bawdy. I remember.

    Jules Schiller, Host: Bawdy.

    Foreign Minister: Bawdy, yes.

    Feldhoff: She was.

    Foreign Minister: I’d say Rose, Rose, I can’t say that.

    Feldhoff: She was an amazing woman. So, we remember her today and I think that she’ll be in the minds of many people today.

    Foreign Minister: Absolutely.

    Schiller: Let’s get to your portfolio, Penny.

    Foreign Minister: Can’t we just talk about this? This is much more, this is much more relaxed.

    Schiller: Well, I’ll hit you with a quote because I think this is a good quote to sum up what’s happened. Vladimir Lenin said ‘there are decades where nothing happens and there are weeks when decades happen.’ Does that sum up what’s happened this week with some momentous kind of tectonic plate shifting with alliances and, you know, support for Ukraine and not support for Ukraine? How are you handling everything?

    Foreign Minister: Okay, well, first, I don’t think the Australian Foreign Minister should be quoting Lenin. So, I’m just going to leave that with you. But you’re right, I mean, I think tectonic is probably the, you know, the phrase that people have been using which is, you know, this is a very different time. I’ve said for some time President Trump and the Trump administration have said they were going to do things differently. So, we ought not be surprised about that. And what’s important is that we remain cool headed and disciplined, work together and navigate what is a very changing world, in Australia’s national interests. And that’s certainly how I will approach it and how the Prime Minister is approaching it.

    Feldhoff: Is your job as Foreign Minister more difficult today than it was a week ago? Given what we’ve seen in the last week.

    Foreign Minister: I probably measure it in slightly longer terms. Before the election I did think a lot about what sort of world we were in and I talked about the fact that how many changes, how much there was moving in the international landscape and certainly since the election I think we’ve continued to see that. And it’s very important that one, to remain cool headed and calm and to work as we are to try and maximise Australia’s relationships, to elevate our presence in the region and to work with others across the world in support of those international rules which matter to us. I talk about relationships, rules and region, and that’s really defined what we have done this term and what I’ve done as your Foreign Minister.

    Schiller: We had Chinese warships obviously doing live fire exercises and that was big news. You know, Virgin flight kind of reported it and that was all. Have you been speaking to your Chinese counterparts about how that unfolded and maybe you’d like to see it happen differently next time?

    Foreign Minister: Oh, absolutely. I mean, I spoke to the Prime Minister when that happened and I was actually in South Africa for the G20 and had a bilateral meeting with Foreign Minister Wang Yi scheduled and we agreed that I would speak very directly and clearly to the Chinese about our views. Obviously, we also operate in international waters. Australia does, and we support the international laws which enable countries to operate in those waters, which are international waters. So, not Australia’s territorial waters. But when we do so, and if we engage in these sorts of exercises, we do give much more notice. You do issue what’s called a notice to airmen – still men, I’m afraid, Sonya – which is to ensure that all aircraft and vessels in the area are aware. But we also give earlier notice. And what I said very clearly to the Foreign Minister of China is that our expectation is that notice such as Australia would give in the South China Sea or elsewhere where we operate would be what we would expect.

    Feldhoff: You’re listening to 891 ABC Radio Adelaide. Sonya and Jules here with you for breakfast, broadcasting here from the Convention Centre which will host the International Women’s Day Breakfast, the biggest one in the country.

    Foreign Minister: I’m just going to tell your listeners that this is, we are sitting at a desk, being very good and talking to each other as these massive number of women and some men walk in and lots of school kids, I can see, who got up early. So, it’s pretty busy.

    Feldhoff: This is the thing, isn’t it? We’ve got a whole heap of school kids here and when we take it, look at the message for girls and women. But people generally, you know, I think a lot of us would have felt unsettled with the talk of nuclear weapons from Emmanuel Macron yesterday. As you talk to these women and men who will be in the room today, do you have a sense of optimism? Because I think there would be a lot of people at the moment for whom that would be far away.

    Foreign Minister: Well, first, just on the number of young women, that’s one of the things I have really sought to do as host, and that is to increase the number of schools that attend. And we’ve been really pleased at how that’s been taken up, because I think part of what matters today is that mix across generations and that you get women who’ve done a lot and been around a lot and have seen a lot engaging with girls, school kids who are at the beginning of their adult life and having that discussion. Optimism, I suppose. I think that we have agency so we have the capacity to do what we can do and we should do that. So, we should be talking about de-escalation, we should be talking about engagement and dialogue, because we know that to avert, to keep peace, you need both deterrence, but you also need reassurance and you need to engage as an international player in a way that provides both deterrence and reassurance. That’s how you ensure stability and peace. So, I suppose I think of it much more as what can we do? And we should focus on maximising what we can do rather than wringing our hands about what others are doing.

    Schiller: I know you have to go, Penny, but just message to women listening. I mean, I was thinking of younger women, especially because they’re facing – you’ve got Andrew Tate, they’ve got revenge porn, you know, all this, all these threats to, kind of things to overcome for them. Like, I guess women of your generation were. So, what’s your message to women on this day?

    Foreign Minister: Well, can I message both men and women? First I would say what I said about marriage equality. There’s nothing to fear from equality. Equality is about all of us having an opportunity and the world is a better place where we all have an opportunity. And what I’d say to young women is what I always say, is that women can do anything.

    Feldhoff: On that note, we’ll make sure you get to where you need to be to make sure you can do anything. Senator Penny Wong, who will be hosting this breakfast for the 23rd time consecutively. Thank you so much.

    Foreign Minister: Thank you. And can I just plug for the ABC? Know that they didn’t ask me to do this. Thank you so much for your support for this over so many years. It’s part of the, you know, what Adelaide does and we really appreciate the ABC support.

    Schiller: Thank you, Penny.

    MIL OSI News

  • MIL-OSI Australia: Tinamba mum joins in on Champs family fun

    Source: Victoria Country Fire Authority

    David Hood, Kasey Schoenmaekers, Leon Schoenmaekers, Cameron Hood, Brent McKenzie, Liam Smith, Charlie Giles

    Tinamba Fire Brigade Captain, Kasey Schoenmaekers, did not envisage she would be taking up running in the CFA/VFBV State Championships in her forties, but here she is, and loving it.

    As a member for twelve years and an Elderly Care Advisor by day, it wasn’t until her son became more involved in Champs that the remainder of her family wanted to give it a go.

    “Nothing like a 40th revolution to start running!’ Kasey said.

    “My middle child, who is now in top age under 14’s was really enjoying it, and the more we saw, the more we said, we could do this. It seemed fun and exciting, and we wanted to improve our fitness and fit more physical activity in.

    “Our youngest daughter and my husband have also joined this year and are running with us at Maffra. We couldn’t get my eldest son to run, but he has just signed up as a volunteer firefighter and recently completed his General Firefighter course. The whole family is now breathing CFA.”

    Only in her second year of running, Kasey said the whole experience has been surprising and she is very grateful for how welcoming everyone has been.

    “The Maffra members have been so inviting and patient, especially team members Charlie and Brent. They gave me a 12-month challenge to work towards competing in the hydrant race because last year I thought I would never be able to do it,” Kasey said.

    “I decided to give it a go at the Hallam demo day and although it is challenging in the heat, I quite liked the sprinting event.

    “Now that I’ve had the encouragement, I’m really looking forward to it this year. Even though some events are harder than others, you push yourself, challenge yourself and you just do it.”

    Kasey specialities are in the truck, Two Marshall and Y Coupling events, but she also competes in the Wet Hose Striking as the hydrant operator, a skill her son Tyler is quite renowned for.

    “I can actually sink a hydrant which is very unexpected. Everyone thinks Tyler got the talent from me, but I think it’s because I’ve watched him so many times, I’ve worked it out from him!”

    “The training is completely different to firefighting training, apart from the hose bowling and rolling, but it really is a great environment.”

    With camaraderie a key highlight, Kasey also said they have found some of their junior members who are autistic have really benefitted from being involved in the running teams.

    “It’s a sport that doesn’t limit anyone and it really suits them because it’s hands-on. They can really grasp it and can go back and forth to connect the dots of all the techniques,” Kasey said.

    “It’s just sad there’s not more people out there doing it. Although my kids were never that energetic, and never showed much sporting interest, they absolutely love it.

    “They get a taste of it, and understand how fun it really is, and how much they love squirting hoses. It seems they then get motivation to want to get on a truck and to keep moving forward as a senior firefighter – it is fantastic.”

    Kasey and her family have just moved to Maffra, ten minutes up the road, so will now look to support them too, hopping on the truck if they are able to and at home during the day.

    Submitted by CFA media

    MIL OSI News

  • MIL-OSI Video: RBNZ 35 years of flexible inflation targeting conference: Session 3 – Survey evidence

    Source: Reserve Bank of New Zealand (video statements)

    What flattens the supply curve? – (01:10) Edvin Ahlander, Stockholm University; Mathias Klein, Sveriges Riksbank; Evi Pappa, Universidad Carlos III de Madrid.

    Low pass-through from inflation expectations to income growth expectations: why people dislike inflation – (38:20) Ina Hajdini, Federal Reserve Bank of Cleveland; Edward S. Knotek II, Federal Reserve Bank of Cleveland; John Leer, Morning Consult; Mathieu Pedemonte, Inter-American Development Bank; Robert Rich, Federal Reserve Bank of Cleveland; Raphael Schoenle, Brandeis University.

    How do households form inflation and wage expectations? – (01:14:45) Anthony Brassil; Yahdullah Haidari; Jonathan Hambur; Gulnara Nolan and Callum Ryan, Reserve Bank of Australia

    https://www.youtube.com/watch?v=R407W1wkWvk

    MIL OSI Video

  • MIL-OSI Video: RBNZ 35 years of flexible inflation targeting conference: Session 1 – The Big Picture

    Source: Reserve Bank of New Zealand (video statements)

    Just do IT? An assessment of inflation targeting in a global comparative case study (02:01) – Roberto Duncan, Ohio University; Enrique Martínez García, Federal Reserve Bank of Dallas; Patricia Toledo, Ohio University.

    Central bank reviews (43:59) – Renee Fry-McKibbin, Australian National University; Hans Genberg, Asia School of Business; Özer Karagedikli, Asia School of Business; Warwick McKibbin, Australian National University; Tara Sinclair, George Washington University

    https://www.youtube.com/watch?v=OjcfdqpxQas

    MIL OSI Video

  • MIL-OSI USA: News 03/6/2025 Blackburn, Hassan, Colleagues Introduce the “Patients Before Middlemen Act” to Bring Down Cost of Prescription Drugs

    US Senate News:

    Source: United States Senator Marsha Blackburn (R-Tenn)
    WASHINGTON, D.C. – Today, U.S. Senators Marsha Blackburn (R-Tenn.), Maggie Hassan (D-N.H.), and Mark Warner (D-Va.) released the following statements after introducing the Patients Before Middlemen (PBM) Act, which would delink the compensation of pharmacy benefit managers (PBMs) from drug price and utilization. It would also ensure fair treatment of all pharmacies by requiring Medicare Part D plans to contract with any willing pharmacy that meets reasonable terms and conditions.

    “The Patients Before Middlemen Act would increase transparency and reduce prescription drug costs for seniors at the pharmacy counter. For too long, middlemen have taken advantage of misaligned incentives in the pharmaceutical supply chain at the expense of taxpayers and seniors. We need to put patients before the profits of pharmacy benefit managers,” said Senator Blackburn.

    “Seniors shouldn’t have to choose between paying for essential medications and other basic needs,” said Senator Hassan. “This bipartisan legislation will help stop pharmacy benefit managers from exploiting loopholes that allow them to drive up drug prices, saving seniors their hard-earned money while also saving taxpayer dollars.  I urge my colleagues to support this bill, and I will continue to work to lower prescription drug costs for Granite Staters and all Americans.”

    “For too long, Seniors on fixed incomes have had to worry about the high cost of prescription drugs. Meanwhile, PBMs continue to contribute to this phenomenon by keeping drug prices high and reimbursements for local pharmacies low. Seniors on Medicare – and the Medicare program itself – can’t afford to be taken advantage of by middlemen who don’t contribute to quality of care. I’m proud to introduce this legislation as part of our ongoing fight to get these policies across the finish line,” said Senator Warner.

    Senator James Lankford (R-Okla.) co-sponsored this legislation.
    BACKGROUND
    PBMs are third-party intermediaries that manage prescription drug benefits and pharmacy networks on behalf of health plans, including Medicare Part D plans. PBMs perform multiple functions, including determining which medications will be covered by health insurance plans and how much patients will pay.
    The PBM industry was created to assist employers with managing overall prescription drug costs and benefits. However, the current system incentivizes PBMs to steer health plans and seniors towards more expensive prescription drugs.
    Currently, PBMs’ income is often linked to the price of a drug. By tying administrative fees, rebate-based compensation, and other payments to a percentage of the list price, current arrangements incentivize increases in sticker prices, harming patients at the pharmacy counter.
    Existing regulations allow Part D plan sponsors to contract selectively with pharmacies, favoring preferred networks that often exclude independent pharmacies.
    THE PBM ACT
    The PBM Act would:
    Ensure pharmacies are given fair and equitable treatment by requiring Part D plans to contract with any willing pharmacy and introduce the designation of essential retail pharmacies to provide better classification in rural and underserved areas.
    Enhance transparency and accountability, ensuring PBMs are not limited patient access to available pharmacy options under Medicare Part D.  
    Prohibit PBM compensation based on the price of a drug as a condition of entering into a contract with a Medicare Part D plan. Under this legislation, PBM service fees would not be connected to the price of a drug, discounts, rebates, or other fees.
    Create an enforcement mechanism requiring PBMs to pay to the U.S. Department of Health and Human Services Secretary any amount in excess of the designated service fees.
    Click here for bill text.

    MIL OSI USA News

  • MIL-OSI New Zealand: Stunning botanical gift for Aucklanders, forever

    Source: Auckland Council

    In an extraordinary act of generosity, Auckland philanthropist Rosemary Platt has gifted 5.63 hectares (approximately 14 acres) of ecologically significant land to the people of Tāmaki Makaurau.

    In exchange for this gift, Auckland Council has committed to protect the botanical site as a regional park in perpetuity so that future generations can access and enjoy its remarkable collection of trees and open space. 

    Mayor Wayne Brown says the newly acquired land will become an important destination in the Auckland regional parks network, once it can be opened to the public.

    This is an overwhelmingly remarkable gift to the city. I’m delighted to be able to accept this impressive Greenhithe property on behalf of Aucklanders.

    “We will honour accordingly the vision and meticulous work Mrs Platt and her late husband Graeme Platt have put into it since they bought it back in 1983,” Mayor Brown says.

    “Thanks to Graeme’s pioneering expertise in horticulture, this property has become an impressive sanctuary of open space and rare tree specimens that are not found anywhere else.

    “It has one of the greatest collections of kauri trees in the country, including a forest grown from seed of the great Tāne Mahuta, as well as a genetic replica of the giant ‘God of the Forest’ kauri tree itself,” says Mayor Brown.

    “We are very lucky to be gifted these treasures and to receive the honour of looking after them into the future. It is a privilege to become part of such an inspirational story,” he adds.

    [embedded content]

    Te Kaunihera o Tāmaki Makaurau will continue to work in partnership with Te Kawerau ā Maki and Ngāti Whātua o Ōrākei on this project, given the significance of the property acquisition, the taonga species (flora and fauna) preserved within it, and its location.

    The whenua in this area holds deep historical connections to both iwi, with Tauhinu Pā once standing as a key stronghold nearby, overlooking Oruamo (Hellyers Creek) and the Upper Waitematā Harbour. Named Tauhinu after the native shrub that grew abundantly here, it was an important strategic defence and settlement site over hundreds of years. 

    The Platt family connection to the site stems backs to 1974, when Graeme and Rosemary opened Platts native plant nursery in Albany. The nursery quickly became the most popular supplier of quality native plants, and the couple became recognised as leading experts on growing native trees.

    Over the next 20 years, they introduced many of the well-known native plants still popular in gardens throughout New Zealand and supplied the Auckland Botanic Gardens with many native shrubs and trees on site that visitors enjoy today.

    Mrs Platt says her late husband went to great lengths to source superior genetic stock by travelling the country. He believed in harvesting seed from the very best parent stock, personally sourcing kauri cones himself and nurturing seedlings descended directly from Tāne Mahuta, which are now flourishing in Greenhithe.

    “He would be thrilled that his passion for ancient trees such as kauri and its relatives from other countries will be enjoyed by our community as they stroll amongst these magnificent trees and appreciate their rich history,” says Mrs Platt. 

    “As properties become smaller and lives busier, I think that public access to nature and open space is becoming even more important.  I am thrilled to know that this property will be cared for by the council so that people can find peace and respite amongst the trees,” she adds.

    Rosemary Platt at the Greenhithe property she has gifted to Aucklanders.

    After the couple had purchased the block of land in Greenhithe to set up their family home in 1983, Mr Platt set about planting an arboretum (tree collection) there, sourcing a selection of speciality trees that occur in countries that once formed the great ancient continent of Gondwana. It now features more than 1000 mature trees from counties including New Zealand, Australia, the Pacific Islands, and South America.

    Auckland Botanic Gardens Manager Jack Hobbs says many rare and special trees are showcased in this “absolutely remarkable collection”, including several that are threatened with extinction in their natural habitats. It is hoped to establish a volunteer programme to help care for these threatened species.

    “The property also has a series of connected open spaces that are beautifully laid out around a central pond, providing a range of exciting opportunities for future use,” says Mr Hobbs.

    “All of these unique qualities mean it could be developed as an excellent satellite botanic garden in the north, in keeping with the Auckland Botanic Gardens Management Plan.

    “I met Graeme about 45 years ago and it is fair to say his intellect and charismatic ability to inspire others with his passion for native plants made a huge impression on me,” says Mr Hobbs.

    “I regard him as one of the greatest influences on horticulture in this country, particularly through his promotion of the virtues of our native flora, and I am delighted his legacy continues with the gifting of this remarkable property. 

    “Rosemary is also a remarkable person, and her kindness and generosity in gifting this property is the most significant gesture I have encountered during my 50-year horticultural career,” he adds.

    Rosemary Platt welcomes Councillor Christine Fletcher, Mayor Wayne Brown and Auckland Botanic Gardens Manager Jack Hobbs to the site.

    Policy and Planning Committee Chair Councillor Richard Hills agrees that the land and its features provide a rare opportunity to establish a regional attraction that visitors from all over the world will eventually be able to enjoy.

    “It will take time for the property to be ready for public use, but it certainly offers exciting possibilities to provide a range of education and recreation opportunities in a fast-growing area,” says Cr Hills.

    In addition to its natural attractions, the Greenhithe property contains a three-bedroom house and large workshop shed. Both were built using carefully selected exotic timbers, as a high-quality sustainable alternative to native timber. The buildings also feature heritage bricks salvaged from the demolition of Auckland’s His Majesty’s Theatre in 1988.

    Albany Ward Councillor John Watson says the property’s location provides those living centrally a stunning escape from the pressures of daily life, being less than 30-minutes by car from the city centre and close to the motorway.

    “Having a unique open green space such as this bordering high-density housing will be a real attraction, allowing people to connect with nature in a magnificent environment,” Cr Watson says. “It is a quiet and tranquil oasis that is easily accessible to locals and other Aucklanders alike.”

    Upper Harbour Local Board chair Anna Atkinson agrees that opportunities to treasure our parks and open spaces will become increasingly important as the city grows over the next 30 years.

    “I can see this site bringing people of all ages together in the future, to learn more about conservation and the importance of protecting its unique features. It represents an exceptional gift towards future wellbeing,” Ms Atkinson says.  

    The next step will be to develop a plan for the new parkland to support its future use and enjoyment by the public.

    Essential infrastructure like additional carparking, signage and toilets will be needed before the site can open to the public.

    As well as gifting this magnificent property to Aucklanders, Mrs Platt recently purchased an artwork from the Auckland Botanic Gardens’ Sculpture in the Gardens exhibition, to go on display at the Greenhithe site.

    Moo by Jamie Pickernell is, as the name suggests, a cow that reflects the arboretum’s farming past and was one of the most popular works in this year’s Sculpture in the Gardens.

    In addition, Rosemary Platt has gifted a larger-than-life sized corten steel, wood and stainless steel cow artwork, named Moo, by Jamie Pickernell to permanently go on display at the Greenhithe property.

    Property information

    • The Platt’s gifted property has a council valuation of $10,190,000.
    • Friends of Auckland Botanic Gardens have committed $20,000 towards future planning, recognising its ecological significance.
    • The property is bordered by a Significant Ecological Area, with housing on three sides.
    • Two buildings on the site have beautiful exotic wood interiors and provide future opportunity for a café and education facility.
    • An initial council assessment recommends the site becomes a future satellite botanic garden.
    • Public access is not yet available to the site.

    A workshop in the shed showcases a range of exotic timber.

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Greenpeace seamounts expedition sets off to uncover secrets of the deep

    Source: Greenpeace

    A Greenpeace expedition to survey seamounts and other deep sea habitats has set off this week.
    With two specialist marine scientists on board, Greenpeace is aiming to use remotely operated deep sea cameras to survey seamounts and other features in both New Zealand waters and the high seas of the South Pacific.
    Speaking from on board the vessel, the Greenpeace expedition leader Ellie Hooper said many of these deep sea areas have not been studied before.
    “We know that seamounts and other underwater hills, knolls and ridges are critical habitats for coral and sponges, as well as feeding and spawning grounds for other creatures further up the food chain. But we have big gaps in our knowledge,” says Hooper.
    “We’re heading out to the deep ocean to try and survey these vital habitats, some of which are threatened by bottom trawl fishing.”
    One of the sites the team plans to visit is the location where the New Zealand bottom trawler the Tasman Viking pulled up 37kg of deep sea coral in the Lord Howe Rise area, renowned for diverse marine life. The aim is to record the species at the site and document any damage.
    Requests from Greenpeace for the coordinates of the coral encounter area were declined by the New Zealand Government due to ‘commercial sensitivity,’ with the location eventually released to the Expedition’s Lead Researcher by Australian officials.
    Hooper has called the New Zealand government’s refusal to share the coordinates “ludicrous” and “a blatant example of the Luxon led government running interference for the fishing industry.”
    “We need more ocean research, not less. So often we have to rely on the bycatch that comes up in trawl nets to understand what lives in the deep sea, that’s why we’ve decided to conduct this work so we can better understand what’s out there.
    “We want to add to our collective understanding of these deep sea ecosystems, about which so little is known, and to shine a light in the dark.
    “This is a challenging mission, and like all deep sea work we’re at the mercy of the weather and the waves, but we’re committed to giving it a shot as part of our mission to protect the oceans better for the future.” 

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Environment – Have your say on biological controls to combat noxious weed – EPA

    Source: Environmental Protection Authority

    The Environmental Protection Authority (EPA) wants people’s views on an application to release two biological control agents to combat Darwin’s barberry, an invasive weed.
    Environment Canterbury has applied to introduce Darwin’s barberry flower weevil ( Anthonomus kuscheli) and Darwin’s barberry rust fungus ( Puccinia berberidis-darwinii) to target this unwanted shrub. If approved, these agents could also be used to target Darwin’s barberry elsewhere in Aotearoa New Zealand.
    All organisms new to New Zealand must receive approval from the EPA as the national environmental regulator.
    Darwin’s barberry is a resilient noxious weed found in disturbed forests, pastures, shrubland and short tussock-land. It is a threat to indigenous ecosystems throughout the country, as well as to pastures where livestock graze.
    It is native to Chile and Argentina and was introduced to Aotearoa New Zealand as a garden plant in the 1940s. Fruit-eating birds deposit seeds far from the parent bush, increasing its spread.
    The plant can be found throughout New Zealand – particularly in the Canterbury, Otago, and Wellington regions.
    Both the flower weevil and the rust fungus proposed for introduction are native to South America.
    Dr Chris Hill, the EPA’s General Manager of Hazardous Substances and New Organisms, says the applicant’s risk assessment demonstrates these organisms are highly unlikely to harm native plants or animals.
    “The weevil doesn’t bite or sting, so there is no health risk to people. The rust fungus is similarly benign.
    “New Zealand has a track record of using biological control agents to reduce the environmental impact of invasive plants, with little to no adverse impact on the native ecology,” says Dr Hill.
    The consultation enables people in relevant industries, iwi and the public to provide additional information on the risks and benefits of introducing organisms to control the spread of Darwin’s barberry.
    “We really want to encourage anyone with an interest in combatting this weed, and the methods proposed to do so, to make a submission. Good decision-making on this proposal will be underpinned, in part, by diverse and considered feedback,” says Dr Hill.
    Submitters can provide information, make comments, and raise issues to contribute to the EPA decision-making process.
    Submissions close at 5.00pm on 22 April 2025.
    Read more about this application and how to submit here:

    MIL OSI New Zealand News

  • MIL-OSI Australia: 3AW Drive, Melbourne

    Source: Australian Ministers for Regional Development

    JACQUI FELGATE [HOST]: We do speak a lot on this program about infrastructure spending in Victoria, so I do very much appreciate the time of the Infrastructure Minister, Catherine King. Good afternoon to you.

    CATHERINE KING [MINISTER]: Hi, Jacqui. Lovely to be with you.

    JACQUI FELGATE: Now, you’ve just announced, and I began the program by speaking about this, the $1.1 billion to revamp and fix up the Western Freeway. It is between Melton and Caroline Springs. But can I ask you, why now, given that this road – and we take call after call on the dangerous nature of this road – why now? Why not a year ago? Why not two years ago?

    CATHERINE KING: Yeah. So, the Western Highway’s been a long term project. I’ve been living, obviously, in the west of the state for a long time so I well remember many of the projects we’ve had to do the work on, whether it’s Anthony’s Cutting, the Deer Park Bypass, the duplication beyond Ballarat – we’ve still got work to do all the way up to Stawell. But what we’ve seen has been significant housing growth along that, sort, of Caroline Springs, Rockbank, between Melton and Bacchus Marsh corridor, and the traffic has really been building up over time. 

    So, just before the last election we announced we’d partner with Victorian State Government to do a business case to try and work out what are the alternatives, what can you actually do? The work that’s being done, obviously on the West Gate Tunnel, will improve things down that end so you’ve got traffic can flow through. But really, how do we manage these new housing estates? 

    Business case got handed to the Victorian Government just at the end of last year and so we’ve been working with them on, well, now what do we need to actually fund? And that’s why the announcement is happening today of the $1.1 billion.

    JACQUI FELGATE: Would you consider the road to be in acceptable condition, especially given you drive down it? What do you think when you drive along it?

    CATHERINE KING: Yeah. So, I think from a safety- you know, there’s good safety from, sort of, a barrier perspective. But when you hit- if you’re travelling really early in the morning I hit normally what should be an hour and 20-minute trip into town is nowhere near that. You end up getting caught when you hit Bacchus Marsh – the tailback now from those big housing estates, particularly as we get a lot of tradies coming on at 6:00am in the morning. So, from 6:00 to about 9:30 it really is quite congested, and then the reverse coming home. There’ll be people stuck in traffic now trying to get on those Melton on ramps, really, it tails back there as well. 

    It’s also pretty narrow. And also then in terms of some of the surface work, we’ve seen some work being done, which is about containing the road.

    JACQUI FELGATE: [Talks over] Is that- you mean potholes there.

    CATHERINE KING: Yeah.

    JACQUI FELGATE: So, what are the potholes like on the road?

    CATHERINE KING: They’ve got better but there’s been a lot of work done. And again, one of the things I’ve been pointing out, which shocked me a fair bit, was the previous government had frozen maintenance money from the Federal Government…

    JACQUI FELGATE: [Interrupts] We can’t keep blaming the previous government, though, Catherine.

    CATHERINE KING: [Indistinct]…

    JACQUI FELGATE: It’s banned on this program.

    CATHERINE KING: That’s why I’ve fixed it. So I will say, I’ve taken responsibility now. We’re in government and so we’ve fixed that and put more maintenance money in. But what this does, it does a few things. So, the business case has come up with a whole range of options, whether they’re from widening at some areas, whether it’s into better interchanges, whether it’s diamond interchanges, it’s come up with a range of options. 

    Now we’ve put the money on the table it allows the Victorian Government to go, okay, which project do we need to do first? Where are we going to go with this money particularly to really get that Caroline Springs to Melton area as resolved as we possibly can, because it’s just had such huge growth. So, that’s what’s happened today.

    JACQUI FELGATE: There is understandable frustration amongst the community, particularly from those in Victoria in the West, and some critics, myself included, would say that this is, basically, pork barrelling. Only now does the seat of Hawke and all of those seats that are now potentially going to swing the other way – only now do you come up with the money, because you’re in danger of losing those traditional Labor voters in the west.

    CATHERINE KING: Well, that’s a comment. And what I’d say is that we’ve recognised there’s a problem. We’ve been in government just on three years, or just under three years. Business case got handed to us at the end of last year, now’s the time to say, well, now how do we actually then work out what- we’ve actually worked out what we need to do to fix it, now we’re committing the money. 

    What I would point out is it’s been Labor Governments consistently that has invested in the Western Highway. As I’ve said, I’ve lived down here for a long time and I’ve seen Labor Governments and I advocated I remember when Martin Ferguson was minister, to actually get Anthony’s Cutting done and the Deer Park Bypass funded. The duplication of the road as well, again, that’s been really strong advocacy by Labor Governments to get this done. And really, that’s what the investment is about today.

    JACQUI FELGATE: Political support, both at a Federal and State Labor level has sunk over the past 18 months. You know, how worried are you that Victoria is going to be the state that becomes the battleground state this election?

    CATHERINE KING: Well, my job as Infrastructure Minister is to look after the whole of the country, and Victoria is no different. I am investing in the East, I’m investing in the North, the South and the West to make sure that Victoria has the infrastructure it needs. 

    When we came to office the spend for infrastructure for the Commonwealth Government to Victoria was $17 billion. It is much higher in other states. We’ve managed, in the three years we’ve been up to- in office, to get it up to $24 billion with these announcements certainly finishing today, and that’s been really important. Because Victoria, frankly, has pretty much for the last decade had to go on its own when it came to infrastructure building. And really, that wasn’t good enough, and that’s what we’ve tried to do. 

    So, everywhere matters to me, every community, every suburb. I grew up in the east of the state, spent most of the first half of my life there. I’ve seen huge growth there, and I now live in the west of the state. Everywhere matters to us.

    JACQUI FELGATE: And just on Sunshine. Speaking of the West, you would have seen the reports about the station up to $4 billion. Like, how can you spend $4 billion on a train station? It doesn’t…

    CATHERINE KING: Yeah, well, infrastructure. Infrastructure is really expensive. I wish it wasn’t. I wish was not expensive to build.

    JACQUI FELGATE: [Talks over] Is government infrastructure more expensive than private infrastructure?

    CATHERINE KING: No, it’s just the cost. It’s really- like, we’ve seen labour costs, the cost of steel, the cost of cement, the amount of time it takes for engineering, there’s shortages of labour, all of that. It is just really costly and it’s like that all around the country. So, I get- I got asked a very similar question in Queensland: why is it more expensive in Queensland to build. Well, you know, it’s not. It’s expensive everywhere. 

    So, what’s- the station is actually a really big project and it’s quite a few things. So, one of the things it does is it creates an entire new set of lines so that you’ve got- you separate completely the country trains out, and so that’s a big piece of infrastructure. You think about, we’re building Southern Cross, we’re literally building Southern Cross at Sunshine Station. It’s a big project, so it will cost lots of money.

    JACQUI FELGATE: Okay. I guess the frustration of people though is that government projects, whether they be federal or state and whether they be a Liberal or Labor project, they always blow out and they never finish on time. Certainly that is the experience in Victoria at the moment.

    CATHERINE KING: Well, one of the things we’ve been trying to do and it’s why I’ve had a lot of work done to reform Infrastructure Australia and also reform the way I make decisions about what we invest in, so you often see me announce, and sometimes people criticise me for this, but you often see me announce planning money first. And everyone goes, well, why are you doing that? Why don’t you just build it? The reason I invest planning money first is because I want to know how much is this going to cost? Can we do the geotechnical work, you know, dig in the ground first, find out whether there’s hard rock there, what is there, and then actually get a much better understanding of the costs.

    The other- and do that first before we commit construction money. So often, I will do that first and do that business planning work, which is what we’ve done with Western Highway. I’ve done that planning first. Everyone would have liked me three years ago just to fix the road but I wanted to know. I’m not an engineer. I need expert advice to tell me what are the treatments we need to do to actually fix this rather than just making the problem worse, which we sometimes can do when we put new lanes in, it just makes [indistinct]-

    JACQUI FELGATE: [Interrupts] What problems have we made worse?

    CATHERINE KING: Yeah. So, sometimes what happens when you actually say, okay, I’ll widen the lane, here, I’ll widen this road, it then narrows further down, it just moves the problem further down. So, some of the congestion busting that we saw in past years hasn’t always fixed the problem of actually getting congestion moving, or you just see new, more housing developments keep growing out. So, you’ve got to really think about how you do the planning work and then actually making sure you deliver the construction. And that’s what we’ve tried to do and tried to reform and working really closely with states. 

    States are now required to give me a 10-year pipeline of the projects that they think they’re going to need so that we’ve got a line of sight of where those investments need to be made. And we’ve worked really hard to try and make sure we build in things like more apprentices, more training, more of that staff.

    JACQUI FELGATE: [Interrupts] Yes. And speaking- can I just ask speaking, because I know I’ve only got you for a certain amount of time?

    CATHERINE KING: That’s all right.

    JACQUI FELGATE: But just on suburban rail and that 10-year pipeline, is that still a priority for you? And can you afford to do both airport rail and the first stage of suburban rail between Cheltenham and Box Hill? Do you have enough money?

    CATHERINE KING: Yeah. So, Suburban Rail Loop East is under construction now. We’ve put $2.2 billion in that. Infrastructure Australia has assessed that project for me which has allowed me to release that $2.2 billion. We’ll assess further requests as they come forward, they’ll need to go through Infrastructure Australia as well. 

    But what we’ve said, and the Prime Minister announced recently, is that we also think that that will go under construction, Victorian State Government has entered into contracts and it’s doing that. We also think that the airport rail, it is time that we actually got this off the books. We’ve had, both of us, have had $10 billion sitting on the table, literally not productively being used and we want to actually get this project done. So, we’ve now unlocked that by putting the extra $2 billion into Sunshine Precinct. We’ve been working really constructively with the airport and that’s been a bit of a deadlock between the three parties. And we’ve got- we’ll have a bit more to say about that shortly.

    JACQUI FELGATE: You talk about contracts. You mentioned the word that the state government had allocated contracts for Suburban Rail Loop, and then you just previously spoke to me about the importance of planning and the importance of allocating money where it should go in the right way. Given that the state government has already allocated contracts going forward that you are yet to put funding in, can you guarantee, like, are you still going to fund what has been contracted? Because the state government can’t do it all on their own.

    CATHERINE KING: Well I mean, Suburban Rail Loop East, we’ve been pretty clear. The commitment we made was to deliver $2.2 billion to that project, and we have now done that. Any further requests will need to be assessed by Infrastructure Australia, and that really is- I’ve been pretty firm about that. But obviously, the Victorian State Government is progressing that project, early works have been done. The tunnel boring machines, you’ll start to see those, I think, later this year, that’s been committed to. And we will consider further requests as they come in. 

    JACQUI FELGATE: Do you like that project, the Suburban Rail Loop? 

    CATHERINE KING: Yeah. Well, I grew up in the East. I grew up catching the train from Syndal Station into the city. Glen Waverley, that was my stomping ground from all my teenage years to my 20s, and I can absolutely recognise how difficult it is to get across and then what you’re trying to do at Monash, so trying to actually get public transport to Monash.

    JACQUI FELGATE: [Talks over] So, have you driven a lot from Cheltenham to Box Hill? 

    CATHERINE KING: Yeah, I have done, to be honest, on occasion. And then I was trying to get, because I grew up in Syndal, from Syndal to Monash and through there was always really difficult. But the other thing it unlocks is, if you live down Gippsland Way and you need to get your kid to the Children’s Hospital at Monash or you’re going to university, it also unlocks that. So, it’s actually got some really terrific benefits. 

    It’s also about building. If you look over- if anyone’s been over to WA, they’ve built this unbelievably huge Melbourne metro system which is unlocking new housing, new suburbs, new industrial precincts, and that’s what they’ve done there in recognition of the growth that is occurring. And so, that’s really what suburban rail sort of does. It provides that loop and that housing. 

    So, I think it’s a really- it’s seen as a necessary project. Infrastructure Australia says it’s an important project for the state. But there’s a little bit more work the state needs to do around the value capture proposition to convince Infrastructure Australia about where, how the money and the funding is all going to work together, and they’ll do that work over the course of the next year or so. 

    JACQUI FELGATE: One would hope. Catherine King is the Infrastructure Minister. Always appreciate your time.

    CATHERINE KING: Always happy to be with you. 

    JACQUI FELGATE: Thank you.

     

     

     

    MIL OSI News

  • MIL-OSI Australia: 62-2025: Office availability – Tropical Cyclone Alfred

    Source: Australia Government Statements – Agriculture

    7 March 2025

    Who does this notice affect?

    All clients attending departmental offices in Brisbane.

    What has changed?

    Due to Tropical Cyclone Alfred only essential services are continuing from DAFF facilities in Brisbane on Friday 7 March 2025. Decisions about future closures will be made as the event unfolds and impacts are known.

    Online and telephone services continue to operate as normal.

    For Airport Operations please check the airline and airport…

    MIL OSI News

  • MIL-OSI Australia: Australian Deputy PM: 3AW Drive, Melbourne

    Source: Minister of Infrastructure

    JACQUI FELGATE [HOST]: We do speak a lot on this program about infrastructure spending in Victoria, so I do very much appreciate the time of the Infrastructure Minister, Catherine King. Good afternoon to you.

    CATHERINE KING [MINISTER]: Hi, Jacqui. Lovely to be with you.

    JACQUI FELGATE: Now, you’ve just announced, and I began the program by speaking about this, the $1.1 billion to revamp and fix up the Western Freeway. It is between Melton and Caroline Springs. But can I ask you, why now, given that this road – and we take call after call on the dangerous nature of this road – why now? Why not a year ago? Why not two years ago?

    CATHERINE KING: Yeah. So, the Western Highway’s been a long term project. I’ve been living, obviously, in the west of the state for a long time so I well remember many of the projects we’ve had to do the work on, whether it’s Anthony’s Cutting, the Deer Park Bypass, the duplication beyond Ballarat – we’ve still got work to do all the way up to Stawell. But what we’ve seen has been significant housing growth along that, sort, of Caroline Springs, Rockbank, between Melton and Bacchus Marsh corridor, and the traffic has really been building up over time. 

    So, just before the last election we announced we’d partner with Victorian State Government to do a business case to try and work out what are the alternatives, what can you actually do? The work that’s being done, obviously on the West Gate Tunnel, will improve things down that end so you’ve got traffic can flow through. But really, how do we manage these new housing estates? 

    Business case got handed to the Victorian Government just at the end of last year and so we’ve been working with them on, well, now what do we need to actually fund? And that’s why the announcement is happening today of the $1.1 billion.

    JACQUI FELGATE: Would you consider the road to be in acceptable condition, especially given you drive down it? What do you think when you drive along it?

    CATHERINE KING: Yeah. So, I think from a safety- you know, there’s good safety from, sort of, a barrier perspective. But when you hit- if you’re travelling really early in the morning I hit normally what should be an hour and 20-minute trip into town is nowhere near that. You end up getting caught when you hit Bacchus Marsh – the tailback now from those big housing estates, particularly as we get a lot of tradies coming on at 6:00am in the morning. So, from 6:00 to about 9:30 it really is quite congested, and then the reverse coming home. There’ll be people stuck in traffic now trying to get on those Melton on ramps, really, it tails back there as well. 

    It’s also pretty narrow. And also then in terms of some of the surface work, we’ve seen some work being done, which is about containing the road.

    JACQUI FELGATE: [Talks over] Is that- you mean potholes there.

    CATHERINE KING: Yeah.

    JACQUI FELGATE: So, what are the potholes like on the road?

    CATHERINE KING: They’ve got better but there’s been a lot of work done. And again, one of the things I’ve been pointing out, which shocked me a fair bit, was the previous government had frozen maintenance money from the Federal Government…

    JACQUI FELGATE: [Interrupts] We can’t keep blaming the previous government, though, Catherine.

    CATHERINE KING: [Indistinct]…

    JACQUI FELGATE: It’s banned on this program.

    CATHERINE KING: That’s why I’ve fixed it. So I will say, I’ve taken responsibility now. We’re in government and so we’ve fixed that and put more maintenance money in. But what this does, it does a few things. So, the business case has come up with a whole range of options, whether they’re from widening at some areas, whether it’s into better interchanges, whether it’s diamond interchanges, it’s come up with a range of options. 

    Now we’ve put the money on the table it allows the Victorian Government to go, okay, which project do we need to do first? Where are we going to go with this money particularly to really get that Caroline Springs to Melton area as resolved as we possibly can, because it’s just had such huge growth. So, that’s what’s happened today.

    JACQUI FELGATE: There is understandable frustration amongst the community, particularly from those in Victoria in the West, and some critics, myself included, would say that this is, basically, pork barrelling. Only now does the seat of Hawke and all of those seats that are now potentially going to swing the other way – only now do you come up with the money, because you’re in danger of losing those traditional Labor voters in the west.

    CATHERINE KING: Well, that’s a comment. And what I’d say is that we’ve recognised there’s a problem. We’ve been in government just on three years, or just under three years. Business case got handed to us at the end of last year, now’s the time to say, well, now how do we actually then work out what- we’ve actually worked out what we need to do to fix it, now we’re committing the money. 

    What I would point out is it’s been Labor Governments consistently that has invested in the Western Highway. As I’ve said, I’ve lived down here for a long time and I’ve seen Labor Governments and I advocated I remember when Martin Ferguson was minister, to actually get Anthony’s Cutting done and the Deer Park Bypass funded. The duplication of the road as well, again, that’s been really strong advocacy by Labor Governments to get this done. And really, that’s what the investment is about today.

    JACQUI FELGATE: Political support, both at a Federal and State Labor level has sunk over the past 18 months. You know, how worried are you that Victoria is going to be the state that becomes the battleground state this election?

    CATHERINE KING: Well, my job as Infrastructure Minister is to look after the whole of the country, and Victoria is no different. I am investing in the East, I’m investing in the North, the South and the West to make sure that Victoria has the infrastructure it needs. 

    When we came to office the spend for infrastructure for the Commonwealth Government to Victoria was $17 billion. It is much higher in other states. We’ve managed, in the three years we’ve been up to- in office, to get it up to $24 billion with these announcements certainly finishing today, and that’s been really important. Because Victoria, frankly, has pretty much for the last decade had to go on its own when it came to infrastructure building. And really, that wasn’t good enough, and that’s what we’ve tried to do. 

    So, everywhere matters to me, every community, every suburb. I grew up in the east of the state, spent most of the first half of my life there. I’ve seen huge growth there, and I now live in the west of the state. Everywhere matters to us.

    JACQUI FELGATE: And just on Sunshine. Speaking of the West, you would have seen the reports about the station up to $4 billion. Like, how can you spend $4 billion on a train station? It doesn’t…

    CATHERINE KING: Yeah, well, infrastructure. Infrastructure is really expensive. I wish it wasn’t. I wish was not expensive to build.

    JACQUI FELGATE: [Talks over] Is government infrastructure more expensive than private infrastructure?

    CATHERINE KING: No, it’s just the cost. It’s really- like, we’ve seen labour costs, the cost of steel, the cost of cement, the amount of time it takes for engineering, there’s shortages of labour, all of that. It is just really costly and it’s like that all around the country. So, I get- I got asked a very similar question in Queensland: why is it more expensive in Queensland to build. Well, you know, it’s not. It’s expensive everywhere. 

    So, what’s- the station is actually a really big project and it’s quite a few things. So, one of the things it does is it creates an entire new set of lines so that you’ve got- you separate completely the country trains out, and so that’s a big piece of infrastructure. You think about, we’re building Southern Cross, we’re literally building Southern Cross at Sunshine Station. It’s a big project, so it will cost lots of money.

    JACQUI FELGATE: Okay. I guess the frustration of people though is that government projects, whether they be federal or state and whether they be a Liberal or Labor project, they always blow out and they never finish on time. Certainly that is the experience in Victoria at the moment.

    CATHERINE KING: Well, one of the things we’ve been trying to do and it’s why I’ve had a lot of work done to reform Infrastructure Australia and also reform the way I make decisions about what we invest in, so you often see me announce, and sometimes people criticise me for this, but you often see me announce planning money first. And everyone goes, well, why are you doing that? Why don’t you just build it? The reason I invest planning money first is because I want to know how much is this going to cost? Can we do the geotechnical work, you know, dig in the ground first, find out whether there’s hard rock there, what is there, and then actually get a much better understanding of the costs.

    The other- and do that first before we commit construction money. So often, I will do that first and do that business planning work, which is what we’ve done with Western Highway. I’ve done that planning first. Everyone would have liked me three years ago just to fix the road but I wanted to know. I’m not an engineer. I need expert advice to tell me what are the treatments we need to do to actually fix this rather than just making the problem worse, which we sometimes can do when we put new lanes in, it just makes [indistinct]-

    JACQUI FELGATE: [Interrupts] What problems have we made worse?

    CATHERINE KING: Yeah. So, sometimes what happens when you actually say, okay, I’ll widen the lane, here, I’ll widen this road, it then narrows further down, it just moves the problem further down. So, some of the congestion busting that we saw in past years hasn’t always fixed the problem of actually getting congestion moving, or you just see new, more housing developments keep growing out. So, you’ve got to really think about how you do the planning work and then actually making sure you deliver the construction. And that’s what we’ve tried to do and tried to reform and working really closely with states. 

    States are now required to give me a 10-year pipeline of the projects that they think they’re going to need so that we’ve got a line of sight of where those investments need to be made. And we’ve worked really hard to try and make sure we build in things like more apprentices, more training, more of that staff.

    JACQUI FELGATE: [Interrupts] Yes. And speaking- can I just ask speaking, because I know I’ve only got you for a certain amount of time?

    CATHERINE KING: That’s all right.

    JACQUI FELGATE: But just on suburban rail and that 10-year pipeline, is that still a priority for you? And can you afford to do both airport rail and the first stage of suburban rail between Cheltenham and Box Hill? Do you have enough money?

    CATHERINE KING: Yeah. So, Suburban Rail Loop East is under construction now. We’ve put $2.2 billion in that. Infrastructure Australia has assessed that project for me which has allowed me to release that $2.2 billion. We’ll assess further requests as they come forward, they’ll need to go through Infrastructure Australia as well. 

    But what we’ve said, and the Prime Minister announced recently, is that we also think that that will go under construction, Victorian State Government has entered into contracts and it’s doing that. We also think that the airport rail, it is time that we actually got this off the books. We’ve had, both of us, have had $10 billion sitting on the table, literally not productively being used and we want to actually get this project done. So, we’ve now unlocked that by putting the extra $2 billion into Sunshine Precinct. We’ve been working really constructively with the airport and that’s been a bit of a deadlock between the three parties. And we’ve got- we’ll have a bit more to say about that shortly.

    JACQUI FELGATE: You talk about contracts. You mentioned the word that the state government had allocated contracts for Suburban Rail Loop, and then you just previously spoke to me about the importance of planning and the importance of allocating money where it should go in the right way. Given that the state government has already allocated contracts going forward that you are yet to put funding in, can you guarantee, like, are you still going to fund what has been contracted? Because the state government can’t do it all on their own.

    CATHERINE KING: Well I mean, Suburban Rail Loop East, we’ve been pretty clear. The commitment we made was to deliver $2.2 billion to that project, and we have now done that. Any further requests will need to be assessed by Infrastructure Australia, and that really is- I’ve been pretty firm about that. But obviously, the Victorian State Government is progressing that project, early works have been done. The tunnel boring machines, you’ll start to see those, I think, later this year, that’s been committed to. And we will consider further requests as they come in. 

    JACQUI FELGATE: Do you like that project, the Suburban Rail Loop? 

    CATHERINE KING: Yeah. Well, I grew up in the East. I grew up catching the train from Syndal Station into the city. Glen Waverley, that was my stomping ground from all my teenage years to my 20s, and I can absolutely recognise how difficult it is to get across and then what you’re trying to do at Monash, so trying to actually get public transport to Monash.

    JACQUI FELGATE: [Talks over] So, have you driven a lot from Cheltenham to Box Hill? 

    CATHERINE KING: Yeah, I have done, to be honest, on occasion. And then I was trying to get, because I grew up in Syndal, from Syndal to Monash and through there was always really difficult. But the other thing it unlocks is, if you live down Gippsland Way and you need to get your kid to the Children’s Hospital at Monash or you’re going to university, it also unlocks that. So, it’s actually got some really terrific benefits. 

    It’s also about building. If you look over- if anyone’s been over to WA, they’ve built this unbelievably huge Melbourne metro system which is unlocking new housing, new suburbs, new industrial precincts, and that’s what they’ve done there in recognition of the growth that is occurring. And so, that’s really what suburban rail sort of does. It provides that loop and that housing. 

    So, I think it’s a really- it’s seen as a necessary project. Infrastructure Australia says it’s an important project for the state. But there’s a little bit more work the state needs to do around the value capture proposition to convince Infrastructure Australia about where, how the money and the funding is all going to work together, and they’ll do that work over the course of the next year or so. 

    JACQUI FELGATE: One would hope. Catherine King is the Infrastructure Minister. Always appreciate your time.

    CATHERINE KING: Always happy to be with you. 

    JACQUI FELGATE: Thank you.

     

     

     

    MIL OSI News

  • MIL-OSI: Bimini Capital Management Announces Fourth Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    VERO BEACH, Fla., March 06, 2025 (GLOBE NEWSWIRE) — Bimini Capital Management, Inc. (OTCQB: BMNM), (“Bimini Capital,” “Bimini,” or the “Company”), today announced results of operations for the three-month period ended December 31, 2024.

    Fourth Quarter 2024 Highlights

    • Net loss of $1.5 million, or $0.15 per common share
    • Book value per share of $0.68
    • Company to discuss results on Friday, March 7, 2025, at 10:00 AM ET

    Management Commentary

    Commenting on the fourth quarter results, Robert E. Cauley, Chairman and Chief Executive Officer, said, “The outlook for the fixed income market pivoted early in the fourth quarter of 2024. As the third quarter came to an end, inflation was falling towards the Fed’s 2% target, the labor market was cooling as hiring levels moderated and the unemployment rate was slowly creeping higher, and the Fed had finally lowered the Fed Funds rate by 50 basis points. At the time, the market expected the Fed to lower the rate by over 200 basis points over the next 18 months. As we know, beginning early in the fourth quarter, the incoming data turned. Even as the economic outlook shifted, the Fed did lower the Fed Funds rate two more times during 2024 – by 25 basis points in each case. With the Fed Funds rate lowered by 100 basis points over the course of the quarter, the persistently strong economic outlook led to a dis-inversion of the yield curve. However, the market expectation for additional reductions in the Fed Funds rate continued to decline over the course of the fourth quarter and into 2025.

    “Orchid Island Capital (“Orchid”) reported fourth quarter 2024 net income of $5.6 million, and its shareholders equity increased slightly, from $656.0 million to $668.5 million. As a result, Bimini’s advisory service revenues also increased slightly, to $3.4 million compared to $3.3 million for the third quarter of 2024. Further, in late February, Orchid reported yet another increase in its shareholder base, which should lead to another increase in advisory service revenue for the first quarter of 2025.

    “The investment portfolio generated net interest income of $0.3 million. Dividends on Orchid stock were $0.2 million. Mark to market gains and losses on our MBS portfolio, hedge positions and shares of Orchid netted to income of $0.1 million. The MBS portfolio increased by $4.0 million during the fourth quarter of 2024 and increased by $29.5 million for the year. The Company had positive cash flows from operations for the fourth quarter and full year, which has allowed the Company to grow the MBS portfolio throughout the year.

    “The Company – inclusive of both the advisory services segment and the investment portfolio segment, recorded net income before taxes for the quarter of $0.6 million versus a net loss before taxes of $0.8 million for the third quarter of 2024. We updated our projected utilization of our deferred tax assets and increased the valuation allowance, resulting in a tax provision of $2.1 million and a net loss for the 2024 fourth quarter of $1.5 million.

    “Looking forward, while economic activity has remained resilient if not strong, the labor market is quite healthy, and inflation remains above the Fed’s 2% target, uncertainty in the economic outlook has crept into the market as the first quarter of 2025 progresses. What this means for interest rate levels, Federal Reserve monetary policy or the MBS market remains to be seen. However, quarter to date market conditions have been favorable for both Orchid Island and Royal Palm’s investment portfolios.”

    Details of Fourth Quarter 2024 Results of Operations

    The Company reported a net loss of $1.5 million for the three-month period ended December 31, 2024. Advisory service revenue for the quarter was $3.4 million, consisting of management fees of $2.5 million, overhead reimbursements of $0.7 million, and $0.2 million repurchase agreement and clearing services revenue. We recorded interest and dividend income of $1.9 million, and interest expense on repurchase agreements of $1.4 million and long-term debt of $0.6 million. Other income of $0.1 million consisted of a $0.3 million mark to market loss on our shares of Orchid common stock, unrealized losses of $2.7 million on our MBS portfolio, and $3.0 million of unrealized gains on our derivatives used for hedging purposes. The results for the quarter also included operating expenses of $2.8 million and an income tax provision of $2.1 million.

    For the twelve-month period ended December 31, 2024, the Company reported a net loss of $1.3 million net of an income tax provision of $3.1 million. Advisory service revenue for the year was $12.8 million, comprised of $9.5 million of management fees, $2.6 million of overhead reimbursements and $0.7 million of repurchase agreement and clearing service revenue. The investment portfolio segment generated $5.8 million of interest income and $0.8 million of dividends from our investment in shares of Orchid. The $6.6 million of investment portfolio income was offset by $5.1 million of repurchase agreement interest expense, and $14.3 million of net revenues from advisory services and the investment portfolio were offset by $2.4 million of interest on long-term debt. The Company reported $1.2 million of other income, comprised of $0.3 million of unrealized losses on MBS assets, $0.6 million of realized losses on sales of MBS, $0.4 million of unrealized losses on our shares of Orchid, and $2.4 million of unrealized gains on our derivative positions used for hedging purposes. Operating expenses were $11.3 million for the year, resulting in net income before taxes of $1.8 million.

    Orchid Island Capital, Inc.

    Orchid is managed and advised by Bimini’s subsidiary, Bimini Advisors, LLC (“Bimini Advisors”). As manager, Bimini Advisors is responsible for administering Orchid’s business activities and day-to-day operations. Pursuant to the terms of the management agreement with Orchid, Bimini Advisors provides Orchid with its management team, including its officers, along with appropriate support personnel.

    Bimini also maintains a common stock investment in Orchid which is accounted for under the fair value option, with changes in fair value recorded in the statement of operations for the current period. For the three months ended December 31, 2024, Bimini’s statement of operations included a $0.3 million mark to market loss and dividends of $0.2 million from its investment in Orchid’s common stock. Also during the three months ended December 31, 2024, Bimini recorded $3.4 million in advisory services revenue for managing Orchid’s portfolio, consisting of $2.5 million of management fees, $0.7 million in overhead reimbursement and $0.2 million in repurchase, clearing and administrative fees.

    Book Value Per Share

    The Company’s Book Value Per Share at December 31, 2024 was $0.68. The Company computes Book Value Per Share by dividing total stockholders’ equity by the total number of shares outstanding of the Company’s Class A Common Stock. At December 31, 2024, the Company’s stockholders’ equity was $6.8 million, with 10,005,457 Class A Common shares outstanding.

    Capital Allocation and Return on Invested Capital

    The Company allocates capital between two MBS sub-portfolios, the pass-through MBS portfolio (“PT MBS”) and the structured MBS portfolio, currently consisting of interest-only and inverse interest-only securities. The table below details the changes to the respective sub-portfolios during the quarter.

    Portfolio Activity for the Quarter  
                Structured Security Portfolio          
        Pass-Through     Interest-Only     Inverse Interest                  
        Portfolio     Securities     Only Securities     Sub-total     Total  
    Market Value – September 30, 2024   $ 116,049,271     $ 2,370,934     $ 8,445     $ 2,379,379     $ 118,428,650  
    Securities purchased     9,899,285                         9,899,285  
    Return of investment     n/a       (84,596 )     (618 )     (85,214 )     (85,214 )
    Pay-downs     (3,229,672 )     n/a       n/a       n/a       (3,229,672 )
    Premium amortized due to pay-downs     (66,766 )     n/a       n/a       n/a       (66,766 )
    Mark to market losses     (2,596,402 )     (733 )     (978 )     (1,711 )     (2,598,113 )
    Market Value – December 31, 2024   $ 120,055,716     $ 2,285,605     $ 6,849     $ 2,292,454     $ 122,348,170  

    The tables below present the allocation of capital between the respective portfolios at December 31, 2024 and September 30, 2024, and the return on invested capital for each sub-portfolio for the three-month period ended December 31, 2024. Capital allocation is defined as the sum of the market value of securities held, less associated repurchase agreement borrowings, plus cash and cash equivalents and restricted cash associated with repurchase agreements. Capital allocated to non-portfolio assets is not included in the calculation.

    The returns on invested capital in the PT MBS and structured MBS portfolios were approximately 6.7% and 1.4%, respectively, for the fourth quarter of 2024. The combined portfolio generated a return on invested capital of approximately 5.6%.

    Capital Allocation  
                Structured Security Portfolio          
        Pass-Through     Interest-Only     Inverse Interest                  
        Portfolio     Securities     Only Securities     Sub-total     Total  
    December 31, 2024                                        
    Market value   $ 120,055,716     $ 2,285,605     $ 6,849     $ 2,292,454     $ 122,348,170  
    Cash equivalents and restricted cash     7,422,746                         7,422,746  
    Repurchase agreement obligations     (117,180,999 )                       (117,180,999 )
    Total(1)   $ 10,297,463     $ 2,285,605     $ 6,849     $ 2,292,454     $ 12,589,917  
    % of Total     81.8 %     18.1 %     0.1 %     18.2 %     100.0 %
    September 30, 2024                                        
    Market value   $ 116,049,271     $ 2,370,934     $ 8,445     $ 2,379,379     $ 118,428,650  
    Cash equivalents and restricted cash     5,706,502                         5,706,502  
    Repurchase agreement obligations     (113,022,999 )                       (113,022,999 )
    Total(1)   $ 8,732,774     $ 2,370,934     $ 8,445     $ 2,379,379     $ 11,112,153  
    % of Total     78.6 %     21.3 %     0.1 %     21.4 %     100.0 %
    (1 ) Invested capital includes the value of the MBS portfolio and cash equivalents and restricted cash, reduced by repurchase agreement borrowings.
    Returns for the Quarter Ended December 31, 2024  
                Structured Security Portfolio          
        Pass-Through     Interest-Only     Inverse Interest                  
        Portfolio     Securities     Only Securities     Sub-total     Total  
    Interest income (expense) (net of repo cost)   $ 234,448     $ 36,465     $ (361 )   $ 36,104     $ 270,552  
    Realized and unrealized losses     (2,663,167 )     (733 )     (978 )     (1,711 )     (2,664,878 )
    Hedge gains     3,014,874       n/a       n/a       n/a       3,014,874  
    Total Return   $ 586,155     $ 35,732     $ (1,339 )   $ 34,393     $ 620,548  
    Beginning capital allocation   $ 8,732,774     $ 2,370,934     $ 8,445     $ 2,379,379     $ 11,112,153  
    Return on invested capital for the quarter(1)     6.7 %     1.5 %     (15.9 )%     1.4 %     5.6 %
    (1 ) Calculated by dividing the Total Return by the Beginning Capital Allocation, expressed as a percentage.


    Prepayments

    For the fourth quarter of 2024, the Company received approximately $3.3 million in scheduled and unscheduled principal repayments and prepayments, which equated to a 3-month constant prepayment rate (“CPR”) of approximately 11.1% for the fourth quarter of 2024. Prepayment rates on the two MBS sub-portfolios were as follows (in CPR):

        PT     Structured          
        MBS Sub-     MBS Sub-     Total  
    Three Months Ended   Portfolio     Portfolio     Portfolio  
    December 31, 2024     10.9       12.5       11.1  
    September 30, 2024     6.3       6.7       6.3  
    June 30, 2024     10.9       5.5       10.0  
    March 31, 2024     18.0       9.2       16.5  
    December 31, 2023     8.9       4.6       8.0  
    September 30, 2023     4.3       6.6       4.8  
    June 30, 2023     8.0       13.0       9.6  
    March 31, 2023     2.4       10.3       5.0  


    Portfolio

    The following tables summarize the MBS portfolio as of December 31, 2024 and 2023:

    ($ in thousands)                            
                            Weighted    
                Percentage           Average    
                of     Weighted     Maturity    
        Fair     Entire     Average     in   Longest
    Asset Category   Value     Portfolio     Coupon     Months   Maturity
    December 31, 2024                            
    Fixed Rate MBS   $ 120,056     98.1 %   5.60 %   341   1-Jan-55
    Structured MBS     2,292     1.9 %   2.85 %   281   15-May-51
    Total MBS Portfolio   $ 122,348     100.0 %   5.26 %   340   1-Jan-55
    December 31, 2023                            
    Fixed Rate MBS   $ 90,181     97.3 %   6.00 %   343   1-Nov-53
    Structured MBS     2,550     2.7 %   2.84 %   290   15-May-51
    Total MBS Portfolio   $ 92,731     100.0 %   5.44 %   341   1-Nov-53
    ($ in thousands)                            
        December 31, 2024     December 31, 2023  
                Percentage of             Percentage of  
    Agency   Fair Value     Entire Portfolio     Fair Value     Entire Portfolio  
    Fannie Mae   $ 32,692     26.7 %   $ 38,204     41.2 %
    Freddie Mac     89,656     73.3 %     54,527     58.8 %
    Total Portfolio   $ 122,348     100.0 %   $ 92,731     100.0 %
        December 31, 2024     December 31, 2023  
    Weighted Average Pass Through Purchase Price   $ 102.72     $ 104.43  
    Weighted Average Structured Purchase Price   $ 4.48     $ 4.48  
    Weighted Average Pass Through Current Price   $ 99.63     $ 101.55  
    Weighted Average Structured Current Price   $ 13.71     $ 13.46  
    Effective Duration (1)     3.622       2.508  
    (1 ) Effective duration is the approximate percentage change in price for a 100 basis point change in rates. An effective duration of 3.622 indicates that an interest rate increase of 1.0% would be expected to cause a 3.622% decrease in the value of the MBS in the Company’s investment portfolio at December 31, 2024. An effective duration of 2.508 indicates that an interest rate increase of 1.0% would be expected to cause a 2.508% decrease in the value of the MBS in the Company’s investment portfolio at December 31, 2023. These figures include the structured securities in the portfolio but not the effect of the Company’s hedges. Effective duration quotes for individual investments are obtained from The Yield Book, Inc.


    Financing and Liquidity

    As of December 31, 2024, the Company had outstanding repurchase obligations of approximately $117.2 million, with a net weighted average borrowing rate of 4.68%. These agreements were collateralized by MBS with a fair value, including accrued interest, of approximately $122.7 million. At December 31, 2024, the Company’s liquidity was approximately $5.9 million, consisting of unpledged MBS and cash and cash equivalents.

    We may pledge more of our structured MBS as part of a repurchase agreement funding, but retain cash in lieu of acquiring additional assets. In this way, we can, at a modest cost, retain higher levels of cash on hand and decrease the likelihood that we will have to sell assets in a distressed market in order to raise cash. Below is a list of outstanding borrowings under repurchase obligations at December 31, 2024.

    ($ in thousands)                                  
    Repurchase Agreement Obligations  
                      Weighted             Weighted  
        Total           Average             Average  
        Outstanding     % of     Borrowing     Amount     Maturity  
    Counterparty   Balances     Total     Rate     at Risk(1)     (in Days)  
    South Street Securities, LLC   $ 26,234     22.4 %   4.79 %     1,226     23  
    Marex Capital Markets Inc.     24,368     20.8 %   4.66 %     1,205     18  
    DV Securities, LLC.     19,254     16.4 %   4.63 %     834     28  
    Mirae Asset Securities (USA) Inc.     19,111     16.3 %   4.76 %     842     139  
    Clear Street LLC     16,855     14.4 %   4.54 %     794     79  
    Mitsubishi UFJ Securities, Inc.     11,359     9.7 %   4.68 %     858     14  
        $ 117,181     100.0 %   4.68 %   $ 5,759     49  
    (1 ) Equal to the fair value of securities sold (including accrued interest receivable) and cash posted as collateral, if any, minus the sum of repurchase agreement liabilities, accrued interest payable and securities posted by the counterparty (if any).


    Summarized Consolidated Financial Statements

    The following is a summarized presentation of the unaudited consolidated balance sheets as of December 31, 2024 and 2023, and the unaudited consolidated statements of operations for the calendar quarters and years ended December 31, 2024 and 2023. Amounts presented are subject to change.

    BIMINI CAPITAL MANAGEMENT, INC.
    CONSOLIDATED BALANCE SHEETS
    (Unaudited – Amounts Subject to Change)
     
        December 31, 2024     December 31, 2023  
    ASSETS                
    Mortgage-backed securities, at fair value   $ 122,348,170     $ 92,730,852  
    Cash equivalents and restricted cash     7,422,746       4,470,286  
    Orchid Island Capital, Inc. common stock, at fair value     4,427,372       4,797,269  
    Accrued interest receivable     601,640       488,660  
    Deferred tax assets, net     15,930,953       19,047,680  
    Other assets     4,122,776       4,063,267  
    Total Assets   $ 154,853,657     $ 125,598,014  
                     
    LIABILITIES AND STOCKHOLDERS’ EQUITY                
    Repurchase agreements   $ 117,180,999     $ 86,906,999  
    Long-term debt     27,368,158       27,394,417  
    Other liabilities     3,483,093       3,168,857  
    Total Liabilities     148,032,250       117,470,273  
    Stockholders’ equity     6,821,407       8,127,741  
    Total Liabilities and Stockholders’ Equity   $ 154,853,657     $ 125,598,014  
    Class A Common Shares outstanding     10,005,457       10,005,457  
    Book value per share   $ 0.68     $ 0.81  
    BIMINI CAPITAL MANAGEMENT, INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited – Amounts Subject to Change)
     
        Years Ended December 31,     Three Months Ended December 31,  
        2024     2023     2024     2023  
    Advisory services   $ 12,784,468     $ 13,594,907     $ 3,387,640     $ 3,076,045  
    Interest and dividend income     6,658,226       4,335,843       1,876,818       1,554,080  
    Interest expense     (7,541,267 )     (5,418,955 )     (1,982,610 )     (1,794,094 )
    Net revenues     11,901,427       12,511,795       3,281,848       2,836,031  
    Other income (expense)     1,167,019       (1,866,834 )     99,565       599,961  
    Expenses     11,258,053       10,497,603       2,818,739       3,840,310  
    Net income (loss) before income tax provision     1,810,393       147,358       562,674       (404,318 )
    Income tax provision     3,116,727       4,130,563       2,064,496       4,451,159  
    Net loss   $ (1,306,334 )   $ (3,983,205 )   $ (1,501,822 )   $ (4,855,477 )
                                     
    Basic and Diluted Net Loss Per Share of:                                
    CLASS A COMMON STOCK   $ (0.13 )   $ (0.40 )   $ (0.15 )   $ (0.48 )
    CLASS B COMMON STOCK   $ (0.13 )   $ (0.40 )   $ (0.15 )   $ (0.48 )
        Three Months Ended December 31,  
    Key Balance Sheet Metrics   2024     2023  
    Average MBS(1)   $ 120,388,407     $ 88,796,005  
    Average repurchase agreements(1)     115,101,999       84,161,999  
    Average stockholders’ equity(1)     7,572,318       10,555,480  
                     
    Key Performance Metrics                
    Average yield on MBS(2)     5.56 %     6.08 %
    Average cost of funds(2)     4.87 %     5.60 %
    Average economic cost of funds(3)     4.87 %     5.70 %
    Average interest rate spread(4)     0.69 %     0.48 %
    Average economic interest rate spread(5)     0.69 %     0.38 %
    (1 ) Average MBS, repurchase agreements and stockholders’ equity balances are calculated using two data points, the beginning and ending balances.
    (2 ) Portfolio yields and costs of funds are calculated based on the average balances of the underlying investment portfolio/repurchase agreement balances and are annualized for the quarterly periods presented.
    (3 ) Represents interest cost of our borrowings and the effect of derivative agreements attributed to the period related to hedging activities, divided by average repurchase agreements.
    (4 ) Average interest rate spread is calculated by subtracting average cost of funds from average yield on MBS.
    (5 ) Average economic interest rate spread is calculated by subtracting average economic cost of funds from average yield on MBS.


    About Bimini Capital Management, Inc.

    Bimini Capital Management, Inc. invests primarily in, but is not limited to investing in, residential mortgage-related securities issued by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Government National Mortgage Association (Ginnie Mae). Its objective is to earn returns on the spread between the yield on its assets and its costs, including the interest expense on the funds it borrows. In addition, Bimini generates a significant portion of its revenue serving as the manager of the MBS portfolio of, and providing certain repurchase agreement trading, clearing and administrative services to, Orchid Island Capital, Inc.

    Forward Looking Statements

    Statements herein relating to matters that are not historical facts are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. The reader is cautioned that such forward-looking statements are based on information available at the time and on management’s good faith belief with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in such forward-looking statements. Important factors that could cause such differences are described in Bimini Capital Management, Inc.’s filings with the Securities and Exchange Commission, including Bimini Capital Management, Inc.’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Bimini Capital Management, Inc. assumes no obligation to update forward-looking statements to reflect subsequent results, changes in assumptions or changes in other factors affecting forward-looking statements, except as may be required by law.

    Earnings Conference Call Details

    An earnings conference call and live audio webcast will be hosted Friday, March 7, 2025, at 10:00 AM ET. Participants can register and receive dial-in information at https://register.vevent.com/register/BI5a76ee1f6a7e42b0a82786c7f6e48550. A live audio webcast of the conference call can be accessed at https://edge.media-server.com/mmc/p/98jgiw2o or via the investor relations section of the Company’s website at https://ir.biminicapital.com.

    CONTACT:
    Bimini Capital Management, Inc.
    Robert E. Cauley, 772-231-1400
    Chairman and Chief Executive Officer
    https://ir.biminicapital.com

    The MIL Network

  • MIL-OSI: IDT Corporation Reports Record Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Record levels of gross profit +16%; income from operations +77%; Adjusted EBITDA*+56%

    GAAP EPS increased to $0.80 from $0.57; Non-GAAP EPS*increased to $0.84 from $0.67

    IDT raised its quarterly dividend 20% to 6 cents

    NEWARK, NJ, March 06, 2025 (GLOBE NEWSWIRE) — IDT Corporation (NYSE: IDT), a global provider of fintech, cloud communications, and traditional communications solutions, today reported results for its second quarter fiscal year 2025, the three months ended January 31, 2025.

    SECOND QUARTER HIGHLIGHTS

    (Throughout this release, unless otherwise noted, results for the second quarter of fiscal year 2025 (2Q25) are compared to the second quarter of fiscal year 2024 (2Q24). All earnings per share (EPS) and other ‘per share’ results are per diluted share.

    • Key Businesses / Segments
      • NRS
        • Recurring revenue**: +32% to $31.6 million;
        • Income from operations: +71% to $9.1 million;
        • Adjusted EBITDA: +65% to $10.1 million;
        • ‘Rule of 40’ score**: 55
      • BOSS Money / Fintech segment
        • BOSS Money transactions: +36% to 5.7 million;
        • BOSS Money revenue: +34% to $33.5 million;
        • Fintech segment gross profit: +35% to $21.7 million;
        • Fintech segment income from operations: increased to $3.1 million from a loss of $(0.7) million;
        • Fintech segment Adjusted EBITDA: increased to $3.9 million from a loss of $(12) thousand;
      • net2phone
        • Subscription revenue**: +9% to $21.0 million (+14% on a constant currency basis);
        • Income from operations: increased to $1.1 million from $0.4 million;
        • Adjusted EBITDA: +55% to $2.9 million;
      • Traditional Communications
        • Gross profit: +2% to $43.1 million;
        • Income from operations: +24% to $18.1 million;
        • Adjusted EBITDA: +19% to $20.2 million;
    • IDT Consolidated
      • Revenue: +2% to $303.3 million;
      • Gross profit (GP) / margin: GP +16% to $112 million; GP margin +420 bps to 37.0%;
      • Income from operations: +77% to $28.3 million;
      • Net income attributable to IDT: +41% to $20.3 million;
      • GAAP EPS: Increased to $0.80 from $0.57;
      • Non-GAAP net income: +26% to $21.3 million;
      • Non-GAAP EPS: Increased to $0.84 from $0.67;
      • Adjusted EBITDA: +56% to $34.0 million;
      • CapEx: +6% to $4.8 million;
      • Stock buyback: Repurchased 179,338 shares of IDT Class B common stock in market transactions during 2Q25 for $8.5 million at an average share price of $47.59;
      • Common stock dividend: IDT increased its quarterly dividend from $0.05 to $0.06.

    REMARKS BY SHMUEL JONAS, CEO

    “IDT had a strong second quarter led by NRS and BOSS Money, and supported by robust results from our Traditional Communications segment, which increased its cash generation for the third consecutive quarter. On a consolidated basis, we again generated record levels of gross profit, income from operations, and Adjusted EBITDA.

    “NRS continued to deepen its penetration of the independent retailer market. We are now launching new features and functionalities that increase the value of our solution for retailers and will help us to drive additional growth.

    “BOSS Money delivered another quarter of strong year-over-year transaction and revenue growth. In the second quarter, we continued to focus on improving the margin contribution, particularly in our retail channel, and that effort helped to boost our Fintech segment’s gross profit and Adjusted EBITDA less CapEx to record levels.

    “net2phone continued its expansion led by further growth in the U.S. market. We are especially excited about last week’s launch of net2phone’s virtual AI agent. It has been very well received by our internal BOSS and NRS teams that are using it with great success to enhance the quality and consistency of customer interactions while reducing costs. We are confident that net2phone clients will find that it provides them with great value right out of the gate. Moreover, as they build with our AI agent, it will provide clients with increasingly sophisticated, tailored solutions that add value across disparate functions within their organizations.

    “Our Traditional Communications segment increased Adjusted EBITDA for the third sequential quarter and surpassed $20 million for the first time since fiscal 2022.

    “In light of our solid financial position and positive outlook, and mindful of the feedback we’ve received from our investors, we stepped up our repurchases of stock during the second quarter and have increased our regular quarterly dividend by 20%.”

    2Q25 RESULTS BY SEGMENT

    (For all periods presented, capital expenditures (CapEx), previously provided on a consolidated basis, is now also provided for each business segment.)

    National Retail Solutions (NRS)

    National Retail Solutions (NRS)
    (Terminals and accounts at end of period. $ in millions, except for average revenue per terminal)
          2Q25       1Q25       2Q24       2Q25-2Q24 (% Δ)  
    Terminals and payment processing accounts                                
    Active POS terminals     34,800       33,100       28,700       +21 %
    Payment processing accounts     23,900       22,700       18,200       +32 %
                                     
    Recurring revenue                                
     Merchant Services & Other   $ 18.1     $ 17.2     $ 12.5       +45 %
     Advertising & Data   $ 10.0     $ 8.5     $ 8.7       +15 %
     SaaS Fees   $ 3.5     $ 3.3     $ 2.7       +30 %
    Total recurring revenue   $ 31.6     $ 28.9     $ 23.9       +32 %
     POS terminal sales   $ 1.3     $ 1.4     $ 1.3       +2 %
    Total revenue   $ 33.0     $ 30.4     $ 25.2       +31 %
                                     
    Monthly average recurring revenue per terminal**   $ 310     $ 295     $ 285       +9 %
                                     
    Gross profit   $ 30.3     $ 27.6     $ 22.5       +35 %
    Gross profit margin     91.8 %     91.0 %     89.1 %     +270 bps
    Technology & development   $ 2.2     $ 2.0     $ 1.9       +14 %
    SG&A   $ 19.0     $ 19.0     $ 15.2       +25 %
    Income from operations   $ 9.1     $ 6.6     $ 5.3       +71 %
    Adjusted EBITDA   $ 10.1     $ 7.6     $ 6.1       +65 %
    CapEx   $ 0.9     $ 1.2     $ 1.0       (4 )%
                                     

    NRS Take-Aways / Updates:

    • NRS added approximately 1,700 net active terminals and approximately 1,200 net payment processing accounts during 2Q25. Net active terminal additions included the impact of approximately 300 terminals operating in seasonal stores that suspended operations following the quarter close.
    • The 45% year-over-year increase in Merchant Services & Other revenue was driven by the growth in payment processing accounts, and higher merchant services revenue per account, driven in part by the increased percentage of retail transactions paid with a credit or debit card.
    • The 30% year-over-year increase in SaaS Fees revenue reflects the growth of net active terminals and migration of retailers to premium SaaS plans.

    Fintech

    Fintech
    (Transactions in millions. $ in millions, except for average revenue per transaction)
          2Q25       1Q25       2Q24       2Q25-2Q24 (% Δ, $)  
    BOSS Money transactions     5.7       5.6       4.2       +36 %
                                     
    Fintech Revenue                                
    BOSS Money   $ 33.5     $ 33.7     $ 25.0       +34 %
    Other   $ 3.3     $ 3.4     $ 2.9       +13 %
    Total Revenue   $ 36.8     $ 37.1     $ 28.0       +32 %
                                     
    Average revenue per BOSS Money transaction**   $ 5.87     $ 6.01     $ 5.98     $ (0.11 )
                                     
    Gross profit   $ 21.7     $ 21.6     $ 16.1       +35 %
    Gross profit margin     58.9 %     58.2 %     57.5 %     140 bps
    Technology & development   $ 2.3     $ 2.3     $ 2.5       (8 )%
    SG&A   $ 16.3     $ 16.1     $ 14.3       +14 %
    Income (loss) from operations   $ 3.1     $ 3.2     $ (0.7 )     +$3.8  
    Adjusted EBITDA   $ 3.9     $ 4.0     $ 0       +$3.9  
    CapEx   $ 0.8     $ 1.1     $ 0.8       +1 %
                                     

    Fintech Take-Aways:

    • The 36% increase in BOSS Money transactions reflected a 40% year-over-year increase in digital transactions and a 22% increase in retail transactions.
    • BOSS Money revenue increased 34% year-over-year driven by a 38% year-over-year increase in digital channel revenue. The 1% sequential decrease in revenue reflected BOSS Money’s continued focus on expanding per-transaction margins, particularly at retail, which boosted gross profit while dampening transaction volume growth and revenue.
    • The strong increases in the Fintech segment’s income from operations and Adjusted EBITDA were driven by BOSS Money revenue growth, higher margins on BOSS Money transactions and improved operating leverage as the business continues to scale.
    • BOSS Money continued to expand to new destinations during 2Q25 (Venezuela and Eritrea) with Brazil expected to come online in 3Q25. BOSS Money also launched debit card payment capabilities at BOSS Money retailers across the U.S. and continued to build out its already extensive payout network in key destination markets.

    net2phone

    net2phone
    (Seats in thousands at end of period. $ in millions)
          2Q25       1Q25       2Q24       2Q25-2Q24 (% Δ, $)  
    Seats**     410       406       375       +9 %
                                     
    Revenue                                
    Subscription revenue   $ 21.0     $ 21.0     $ 19.3       +9 %
    Other revenue   $ 0.5     $ 0.6     $ 1.0       (54 )%
    Total Revenue   $ 21.5     $ 21.6     $ 20.4       +6 %
                                     
    Gross profit   $ 17.0     $ 17.1     $ 16.1       +6 %
    Gross profit margin     79.2 %     79.0 %     78.9 %     20 bps
    Technology & development   $ 2.8     $ 3.0     $ 2.6       +5 %
    SG&A   $ 13.0     $ 13.1     $ 13.1       (1 )%
    Income from operations   $ 1.1     $ 1.0     $ 0.4       +201 %
    Adjusted EBITDA   $ 2.9     $ 2.5     $ 1.8       +55 %
    CapEx   $ 1.8     $ 1.6     $ 1.4       +28 %
     

    net2phone Take-Aways:

    • The 9% year over year increase in total seats served was powered by continued expansion in key markets led by the U.S., Brazil, and Mexico. CCaaS seats served increased by 10% year-over year.
    • Subscription revenue increased by 9% year-over-year. The increase reflected net seat growth and increased subscription revenue per seat** in the U.S., offset by the negative FX impact of a strengthened U.S. dollar versus local currencies in net2phone’s key Latin American markets. On a constant currency basis, subscription revenue increased by 14% year over year.
    • Operating margin** increased to 5% from 2% in 2Q24, and Adjusted EBITDA margin** increased to 13% from 9% in 2Q24. Additional steady margin improvement remains a key strategic focus.
    • Following the quarter close, net2phone launched its AI agent, a scalable virtual assistant providing exceptional customer experiences across sales, support, and administrative tasks.

    Traditional Communications

    Traditional Communications
    ($ in millions)
          2Q25       1Q25       2Q24       2Q25-2Q24 (% Δ)  
    Revenue                                
    IDT Digital Payments   $ 101.6     $ 105.1     $ 99.7       +2 %
    BOSS Revolution   $ 53.3     $ 56.8     $ 66.7       (20 )%
    IDT Global   $ 51.3     $ 52.4     $ 48.7       +5 %
    Other   $ 5.9     $ 6.2     $ 7.5       (22 )%
    Total Revenue   $ 212.0     $ 220.5     $ 222.5       (5 )%
                                     
    Gross profit   $ 43.1     $ 41.3     $ 42.3       +2 %
    Gross profit margin     20.3 %     18.8 %     19.0 %     +130 bps
    Technology & development   $ 5.4     $ 5.5     $ 5.9       (9 )%
    SG&A   $ 19.4     $ 20.0     $ 21.4       (9 )%
    Income from operations   $ 18.1     $ 15.7     $ 14.6       +24 %
    Adjusted EBITDA   $ 20.2     $ 17.8     $ 17.0       +19 %
    CapEx   $ 1.2     $ 1.4     $ 1.4       (8 )%
                                     

    Take-Aways: 

    • IDT Global continues to mitigate the impacts of the ongoing industry-wide declines in paid-minute voice through a traffic mix shift to higher margin routes, new service offerings, and operational efficiencies.
    • For the third consecutive quarter, Traditional Communications’ income from operations and Adjusted EBITDA both increased sequentially. In 2Q25, the increases were driven by increasing gross profit contributions from each of the three major lines of business, as well as by continued efforts to streamline operations and remove costs.

    OTHER FINANCIAL RESULTS

    Consolidated results for all periods presented include corporate overhead. In 2Q25, Corporate G&A expense decreased to $3.0 million from $3.2 million in 2Q24.

    As of January 31, 2025, IDT held $171.1 million in cash, cash equivalents, debt securities, and current equity investments. Also at January 31, 2025, current assets totaled $462.1 million and current liabilities totaled $278.2 million. The Company had no outstanding debt at the quarter end.

    Net cash provided by operating activities decreased to $20.2 million in 2Q25 from $28.4 million in 2Q24. Exclusive of changes in customer funds deposits at IDT’s Fintech segment, net cash provided by operating activities decreased to $7.3 million in 2Q25 from $25.4 million in 2Q24. This decrease predominantly reflects the timing of payments made by IDT to cover anticipated BOSS Money disbursement prefunding.

    Capital expenditures increased to $4.8 million in 2Q25 from $4.6 million in 2Q24.

    IDT EARNINGS ANNOUNCEMENT INFORMATION

    This release is available for download in the “Investors & Media” section of the IDT Corporation website (https://www.idt.net/investors-and-media) and has been filed on a current report (Form 8-K) with the SEC.

    IDT will host an earnings conference call beginning at 5:30 PM Eastern today with management’s discussion of results followed by Q&A with investors. To listen to the call and participate in the Q&A, dial 1-888-506-0062 (toll-free from the US) or 1-973-528-0011 (international) and provide the following access code: 145736.

    A replay of the conference call will be available approximately three hours after the call concludes through March 20, 2025. To access the call replay, dial 1-877-481-4010 (toll-free from the US) or 1-919-882-2331 (international) and provide this replay passcode: 51975. The replay will also be accessible via streaming audio at the IDT investor relations website.

    NOTES

    *Adjusted EBITDA and Non-GAAP EPS are Non-GAAP financial measures intended to provide useful information that supplements IDT’s or the relevant segment’s results in accordance with GAAP. Please refer to the Reconciliation of Non-GAAP Financial Measures later in this release for an explanation of these terms and their respective reconciliations to the most directly comparable GAAP measures.

    **See ‘Explanation of Key Performance Metrics’ at the end of this release.

    ABOUT IDT CORPORATION

    IDT Corporation (NYSE: IDT) is a global provider of fintech and communications solutions through a portfolio of synergistic businesses: National Retail Solutions (NRS), through its point-of-sale (POS) platform, enables independent retailers to operate more effectively while providing advertisers and marketers with unprecedented reach into underserved consumer markets; BOSS Money facilitates innovative international remittances and fintech payments solutions; net2phone provides enterprises and organizations with intelligently integrated cloud communications and contact center services across channels and devices; IDT Digital Payments and the BOSS Revolution calling service make sharing prepaid products and services and speaking with friends and family around the world convenient and reliable; and, IDT Global and IDT Express enable communications services to provision and manage international voice and SMS messaging.

    All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks and should be consulted along with this release. To the extent permitted under applicable law, IDT assumes no obligation to update any forward-looking statements.

    CONTACT

    IDT Corporation Investor Relations
    Bill Ulrey
    william.ulrey@idt.net
    973-438-3838

    IDT CORPORATION
    CONSOLIDATED BALANCE SHEETS

        January 31,
    2025
        July 31,
    2024
     
        (Unaudited)        
        (in thousands, except per share data)  
    Assets            
    Current assets:                
    Cash and cash equivalents   $ 142,152     $ 164,557  
    Restricted cash and cash equivalents     105,554       90,899  
    Debt securities     23,852       23,438  
    Equity investments     5,091       5,009  
    Trade accounts receivable, net of allowance for credit losses of $7,295 at January 31, 2025 and $6,352 at July 31, 2024     45,127       42,215  
    Settlement assets, net of reserve of $1,804 at January 31, 2025 and $1,866 at July 31, 2024     41,779       22,186  
    Disbursement prefunding     57,676       30,736  
    Prepaid expenses     15,989       17,558  
    Other current assets     24,914       25,927  
    Total current assets     462,134       422,525  
    Property, plant, and equipment, net     38,380       38,652  
    Goodwill     26,149       26,288  
    Other intangibles, net     5,583       6,285  
    Equity investments     6,748       6,518  
    Operating lease right-of-use assets     2,498       3,273  
    Deferred income tax assets, net     22,333       35,008  
    Other assets     11,903       11,546  
    Total assets   $ 575,728     $ 550,095  
    Liabilities, redeemable noncontrolling interest, and equity                
    Current liabilities:                
    Trade accounts payable   $ 22,482     $ 24,773  
    Accrued expenses     89,472       103,176  
    Deferred revenue     28,384       30,364  
    Customer funds deposits     104,720       91,893  
    Settlement liabilities     16,975       12,764  
    Other current liabilities     16,157       16,374  
    Total current liabilities     278,190       279,344  
    Operating lease liabilities     1,349       1,533  
    Other liabilities     1,093       2,662  
                     
    Total liabilities     280,632       283,539  
    Commitments and contingencies                
    Redeemable noncontrolling interest     11,228       10,901  
    Equity:                
    IDT Corporation stockholders’ equity:                
    Preferred stock, $.01 par value; authorized shares—10,000; no shares issued            
    Class A common stock, $.01 par value; authorized shares—35,000; 3,272 shares issued and 1,574 shares outstanding at January 31, 2025 and July 31, 2024     33       33  
    Class B common stock, $.01 par value; authorized shares—200,000; 28,233 and 28,177 shares issued and 23,491 and 23,684 shares outstanding at January 31, 2025 and July 31, 2024, respectively     282       282  
    Additional paid-in capital     306,781       303,510  
    Treasury stock, at cost, consisting of 1,698 and 1,698 shares of Class A common stock and 4,742 and 4,493 shares of Class B common stock at January 31, 2025 and July 31, 2024, respectively     (137,475 )     (126,080 )
    Accumulated other comprehensive loss     (19,599 )     (18,142 )
    Retained earnings     121,573       86,580  
    Total IDT Corporation stockholders’ equity     271,595       246,183  
    Noncontrolling interests     12,273       9,472  
    Total equity     283,868       255,655  
    Total liabilities, redeemable noncontrolling interest, and equity   $ 575,728     $ 550,095  

    IDT CORPORATION
    CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)

        Three Months Ended
    January 31,
        Six Months Ended
    January 31,
     
        2025     2024     2025     2024  
        (in thousands, except per share data)  
           
    Revenues   $ 303,349     $ 296,098     $ 612,915     $ 597,302  
    Direct cost of revenues     191,239       199,171       393,178       406,382  
    Gross profit     112,110       96,927       219,737       190,920  
    Operating expenses (gain):                                
    Selling, general and administrative (i)     70,721       67,346       141,772       131,723  
    Technology and development (i)     12,612       12,925       25,372       25,335  
    Severance     233       345       410       869  
    Other operating expense (gain), net     227       294       227       (190 )
    Total operating expenses     83,793       80,910       167,781       157,737  
    Income from operations     28,317       16,017       51,956       33,183  
    Interest income, net     1,354       1,195       2,782       2,039  
    Other income (expense), net     207       2,534       (76 )     (3,053 )
    Income before income taxes     29,878       19,746       54,662       32,169  
    Provision for income taxes     (7,665 )     (3,992 )     (13,967 )     (7,939 )
    Net income     22,213       15,754       40,695       24,230  
    Net income attributable to noncontrolling interests     (1,944 )     (1,329 )     (3,178 )     (2,146 )
    Net income attributable to IDT Corporation   $ 20,269     $ 14,425     $ 37,517     $ 22,084  
    Earnings per share attributable to IDT Corporation common stockholders:                                
    Basic   $ 0.81     $ 0.57     $ 1.49     $ 0.88  
    Diluted   $ 0.80     $ 0.57     $ 1.48     $ 0.87  
    Weighted-average number of shares used in calculation of earnings per share:                                
    Basic     25,161       25,175       25,182       25,176  
    Diluted     25,324       25,317       25,343       25,297  
    (i) Stock-based compensation included in:                                
    Selling, general and administrative expense   $ 768     $ 2,357     $ 1,602     $ 2,998  
    Technology and development expense   $ 95     $ 130     $ 172     $ 260  


    IDT CORPORATION 

    CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

        Six Months Ended
    January 31,
     
        2025     2024  
        (in thousands)  
    Operating activities                
    Net income   $ 40,695     $ 24,230  
    Adjustments to reconcile net income to net cash provided by operating activities:                
    Depreciation and amortization     10,490       10,146  
    Deferred income taxes     12,674       5,787  
    Provision for credit losses, doubtful accounts receivable, and reserve for settlement assets     2,472       1,696  
    Stock-based compensation     1,774       3,258  
    Other     1,077       2,829  
    Changes in assets and liabilities:                
    Trade accounts receivable     (4,978 )     (7,040 )
    Settlement assets, disbursement prefunding, prepaid expenses, other current assets, and other assets     (46,244 )     9,966  
    Trade accounts payable, accrued expenses, settlement liabilities, other current liabilities, and other liabilities     (11,844 )     (6,200 )
    Customer funds deposits     15,701       15  
    Deferred revenue     (1,500 )     (1,381 )
    Net cash provided by operating activities     20,317       43,306  
    Investing activities                
    Capital expenditures     (10,100 )     (8,885 )
    Purchase of convertible preferred stock in equity method investment     (673 )     (1,009 )
    Purchases of debt securities and equity investments     (15,997 )     (19,357 )
    Proceeds from maturities and sales of debt securities and redemption of equity investments     16,751       31,231  
    Net cash (used in) provided by investing activities     (10,019 )     1,980  
    Financing activities                
    Dividends paid     (2,524 )      
    Distributions to noncontrolling interests     (50 )     (59 )
    Proceeds from borrowings under revolving credit facility     24,534       30,588  
    Repayment of borrowings under revolving credit facility     (24,534 )     (30,588 )
    Purchase of restricted shares of net2phone common stock           (3,558 )
    Proceeds from exercise of stock options           172  
    Repurchases of Class B common stock     (11,395 )     (3,170 )
    Net cash used in financing activities     (13,969 )     (6,615 )
    Effect of exchange rate changes on cash, cash equivalents, and restricted cash and cash equivalents     (4,079 )     (3,182 )
    Net (decrease) increase in cash, cash equivalents, and restricted cash and cash equivalents     (7,750 )     35,489  
    Cash, cash equivalents, and restricted cash and cash equivalents at beginning of period     255,456       198,823  
    Cash, cash equivalents, and restricted cash and cash equivalents at end of period   $ 247,706     $ 234,312  
    Supplemental Schedule of Non-Cash Financing Activities                
    Shares of the Company’s Class B common stock issued to an executive officer for bonus payment   $ 1,824     $  
    Value of the Company’s Class B common stock exchanged for National Retail Solutions shares   $     $ 6,254  


    *
    Reconciliation of Non-GAAP Financial Measures for the Second Quarter Fiscal 2025 and 2024

    In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in the United States of America (GAAP), IDT also disclosed for 2Q25, 1Q25, and 2Q24, Adjusted EBITDA, and for 2Q25 and 2Q24, non-GAAP earnings per diluted share (Non-GAAP EPS). Adjusted EBITDA and Non-GAAP EPS are non-GAAP financial measures intended to provide useful information that supplements IDT’s or the relevant segment’s results in accordance with GAAP. The following explains these terms and their respective reconciliations to the most directly comparable GAAP measures

    Generally, a non-GAAP measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP.

    IDT’s measure of Non-GAAP EPS is calculated by dividing non-GAAP net income by the diluted weighted-average shares. IDT’s measure of non-GAAP net income starts with net income attributable to IDT in accordance with GAAP and adds severance expense, stock-based compensation, and other operating expenses, and deducts other operating gains. These additions and subtractions are non-cash and/or non-routine items in the relevant fiscal 2025 and fiscal 2024 periods.

    Management believes that IDT’s Adjusted EBITDA and Non-GAAP EPS are measures which provide useful information to both management and investors by excluding certain expenses and non-routine gains and losses that may not be indicative of IDT’s or the relevant segment’s core operating results. Management uses Adjusted EBITDA, among other measures, as a relevant indicator of core operational strengths in its financial and operational decision making. In addition, management uses Adjusted EBITDA and Non-GAAP EPS to evaluate operating performance in relation to IDT’s competitors. Disclosure of these financial measures may be useful to investors in evaluating performance and allows for greater transparency to the underlying supplemental information used by management in its financial and operational decision-making. In addition, IDT has historically reported similar financial measures and believes such measures are commonly used by readers of financial information in assessing performance, therefore the inclusion of comparative numbers provides consistency in financial reporting.

    Management refers to Adjusted EBITDA, as well as the GAAP measures income (loss) from operations and net income, on a segment and/or consolidated level to facilitate internal and external comparisons to the segments’ and IDT’s historical operating results, in making operating decisions, for budget and planning purposes, and to form the basis upon which management is compensated.

    While depreciation and amortization are considered operating costs under GAAP, these expenses primarily represent the non-cash current period allocation of costs associated with long-lived assets acquired or capitalized in prior periods. IDT’s Adjusted EBITDA, which is exclusive of depreciation and amortization, is a useful indicator of its current performance.

    Severance expense is excluded from the calculation of Adjusted EBITDA and Non-GAAP EPS. Severance expense is reflective of decisions made by management in each period regarding the aspects of IDT’s and its segments’ businesses to be focused on in light of changing market realities and other factors. While there may be similar charges in other periods, the nature and magnitude of these charges can fluctuate markedly and do not reflect the performance of IDT’s core and continuing operations.

    Other operating (expense) gain, net, which is a component of income (loss) from operations, is excluded from the calculation of Adjusted EBITDA and Non-GAAP EPS. Other operating (expense) gain, net includes, among other items, legal fees net of insurance claims related to Straight Path Communications Inc.’s stockholders’ class action and gain from the write-off of a contingent consideration liability. From time-to-time, IDT may have gains or incur costs related to non-routine legal, tax, and other matters, however, these various items generally do not occur each quarter. IDT believes the gain and losses from these non-routine matters are not components of IDT’s or the relevant segment’s core operating results.

    Stock-based compensation recognized by IDT and other companies may not be comparable because of the variety of types of awards as well as the various valuation methodologies and subjective assumptions that are permitted under GAAP. Stock-based compensation is excluded from IDT’s calculation of Non-GAAP EPS because management believes this allows investors to make more meaningful comparisons of the operating results per share of IDT’s core business with the results of other companies. However, stock-based compensation will continue to be a significant expense for IDT for the foreseeable future and an important part of employees’ compensation that impacts their performance.

    Adjusted EBITDA and Non-GAAP EPS should be considered in addition to, not as a substitute for, or superior to, income (loss) from operations, cash flow from operating activities, net income, basic and diluted earnings per share or other measures of liquidity and financial performance prepared in accordance with GAAP. In addition, IDT’s measurements of Adjusted EBITDA and Non-GAAP EPS may not be comparable to similarly titled measures reported by other companies.

    Following are reconciliations of Adjusted EBITDA and Non-GAAP EPS to the most directly comparable GAAP measure, which are, (a) for Adjusted EBITDA, income (loss) from operations for IDT’s reportable segments and net income for IDT on a consolidated basis, and (b) for Non-GAAP EPS, diluted earnings per share.

    IDT Corporation
    Reconciliation of Net Income to Adjusted EBITDA
    (unaudited) in millions. Figures may not foot or cross-foot due to rounding to millions

        Total IDT Corporation     Traditional Communica-tions     net2phone     NRS     Fintech     Corporate  
    Three Months Ended January 31, 2025
    (2Q25)
                                                   
    Net income attributable to IDT Corporation   $ 20.3                                          
    Adjustments:                                                
    Net income attributable to noncontrolling interests     1.9                                          
    Net income     22.2                                          
    Provision for income taxes     7.7                                          
    Income before income taxes     29.9                                          
     Interest income, net     (1.4 )                                        
     Other income, net     (0.2 )                                        
    Income (loss) from operations     28.3     $ 18.1     $ 1.1     $ 9.1     $ 3.1     $ (3.1 )
    Depreciation and amortization     5.2       1.9       1.6       1.0       0.8        
    Other operating expense, net     0.2             0.2                    
    Severance     0.2       0.2                          
    Adjusted EBITDA   $ 34.0     $ 20.2     $ 2.9     $ 10.1     $ 3.9     $ (3.1 )


    IDT Corporation

    Reconciliation of Net Income to Adjusted EBITDA
    (unaudited) in millions. Figures may not foot or cross-foot due to rounding to millions

        Total IDT Corporation     Traditional Communica-tions     net2phone     NRS     Fintech     Corporate  
    Three Months Ended October 31, 2024
    (1Q25)
                                                   
    Net income attributable to IDT Corporation   $ 17.2                                          
    Adjustments:                                                
    Net income attributable to noncontrolling interests     1.2                                          
    Net income     18.5                                          
    Provision for income taxes     6.3                                          
    Income before income taxes     24.8                                          
     Interest income, net     (1.4 )                                        
     Other expense, net     0.3                                          
    Income (loss) from operations     23.6     $ 15.7     $ 1.0     $ 6.6     $ 3.2     $ (2.9 )
    Depreciation and amortization     5.2       2.0       1.6       1.0       0.7        
    Severance     0.2       0.2                          
    Adjusted EBITDA   $ 29.1     $ 17.8     $ 2.5     $ 7.6     $ 4.0     $ (2.9 )
        Total IDT Corporation     Traditional Communica-tions     net2phone     NRS     Fintech     Corporate  
    Three Months Ended January 31, 2024
    (2Q24)
                                                   
    Net income attributable to IDT Corporation   $ 14.4                                          
    Adjustments:                                                
    Net income attributable to noncontrolling interests     1.3                                          
    Net income     15.8                                          
    Provision for income taxes     4.0                                          
    Income before income taxes     19.7                                          
     Interest income, net     (1.2 )                                        
     Other income, net     (2.5 )                                        
    Income (loss) from operations     16.0     $ 14.6     $ 0.4     $ 5.3     $ (0.7 )   $ (3.6 )
    Depreciation and amortization     5.1       2.0       1.6       0.8       0.7        
    Severance     0.3       0.3                          
    Other operating expense (gain), net     0.3             (0.1 )                 0.4  
    Adjusted EBITDA   $ 21.8     $ 17.0     $ 1.8     $ 6.1     $     $ (3.2 )

    IDT Corporation
    Reconciliation of Earnings per share to Non-GAAP EPS
    (unaudited) in millions, except per share data. Figures may not foot due to rounding to millions.

          2Q25       2Q24  
                     
    Net income attributable to IDT Corporation   $ 20.3     $ 14.4  
    Adjustments (add) subtract:                
    Stock-based compensation     (0.9 )     (2.5 )
    Severance expense     (0.2 )     (0.3 )
    Other operating expense, net     (0.2 )     (0.3 )
    Total adjustments     (1.3 )     (3.1 )
    Income tax effect of total adjustments     (0.3 )     (0.6 )
          1.0       2.5  
    Non-GAAP net income   $ 21.3     $ 16.9  
                     
    Earnings per share:                
    Basic   $ 0.81     $ 0.57  
    Total adjustments     0.03       0.10  
    Non-GAAP – basic   $ 0.84     $ 0.67  
                     
    Weighted-average number of shares used in calculation of basic earnings per share     25.2       25.2  
                     
    Diluted   $ 0.80     $ 0.57  
    Total adjustments     0.04       0.10  
    Non-GAAP – diluted   $ 0.84     $ 0.67  
                     
    Weighted-average number of shares used in calculation of diluted earnings per share     25.3       25.3  


    *
    *Explanation of Key Performance Metrics

    NRS’ recurring revenue is calculated by subtracting NRS’ revenue from POS terminal sales from its revenue in accordance with GAAP. NRS’ Monthly Average Recurring Revenue per Terminal is calculated by dividing NRS’ recurring revenue by the average number of active POS terminals during the period. The average number of active POS terminals is calculated by adding the beginning and ending number of active POS terminals during the period and dividing by two. NRS’ recurring revenue divided by the average number of active POS terminals is divided by three when the period is a fiscal quarter. Recurring revenue and Monthly Average Recurring Revenue per Terminal are useful for comparisons of NRS’ revenue and revenue per customer to prior periods and to competitors and others in the market, as well as for forecasting future revenue from the customer base.

    The NRS ‘Rule of 40’ score is a metric used to evaluate the performance of SaaS providers. It postulates that a SaaS company’s growth rate when added to its free cash flow rate should equal or exceed 40 percent. For NRS, the ‘Rule of 40’ result for 2Q25 is computed by adding the growth rate of NRS’ recurring revenue for 2Q25 compared to 2Q24 to NRS’ Adjusted EBITDA less CapEx as a percentage of total NRS revenue for the twelve months ended January 31, 2025. The ‘Rule of 40’ is a common SaaS industry metric to assess a company’s balance between growth and profitability. A total above 40 is thought to indicate a healthy combination of expansion and financial stability, making it a useful tool for investors and management to gauge the potential for long-term success and make informed decisions about resource allocation and business strategy.

    net2phone’s subscription revenue is calculated by subtracting net2phone’s equipment revenue and revenue generated by a legacy SIP trunking offering in Brazil from its revenue in accordance with GAAP. net2phone’s cloud communications and contact center offerings are priced on a per-seat basis, with customers paying based on the number of users in their organization. The number of seats served and subscription revenue trends and comparisons between periods are used in the analysis of net2phone’s revenues and direct cost of revenues and are strong indications of the top-line growth and performance of the business.

    net2phone’s subscription revenue per seat is calculated by dividing net2phone’s subscription revenue, as defined in the preceding paragraph, by the average number of seats served during the period. The average number of seats served is calculated by adding the beginning and ending number of seats served and dividing by two. Subscription revenue per seat is the amount of revenue generated by each seat sold during the period. It provides a basis for pricing seat-based services, as well as for comparing performance in past periods and projecting future revenue, and for comparing the value of each seat served to competitors.

    net2phone’s operating margin is calculated by dividing GAAP income from operations by GAAP revenue for the period indicated. Operating margin measures the percentage that each dollar of revenue contributes to profitability. Operating margin is useful for evaluating current period profitability relative to sales, for comparisons to prior period performance, for forecasting future income from operations levels based on projected levels of sales, and for comparing net2phone’s relative profitability to its competitors and peers.

    net2phone’s Adjusted EBITDA margin is calculated by dividing net2phone’s Adjusted EBITDA, a Non-GAAP measure, by net2phone’s GAAP revenue for the comparable quarter or period. Adjusted EBITDA margin measures the percentage that each dollar of revenue contributes to profitability before interest, taxes, depreciation and amortization, and other adjustments as described in the Reconciliation of Non-GAAP Financial Measures. net2phone’s Adjusted EBITDA margin is useful for evaluating current period profitability relative to sales, for comparisons to prior period performance, for forecasting future Adjusted EBITDA levels based on projected levels of sales, and for comparing net2phone’s relative profitability to its competitors and peers.

    BOSS Money’s Average Revenue per Transaction is calculated by dividing BOSS Money’s revenue in accordance with GAAP by the number of transactions during the period. Average Revenue per Transaction is useful for comparisons of BOSS Money’s revenue per transaction to prior periods and to competitors and others in the market, as well as for forecasting future revenue based on transaction trends.

    # # #

    The MIL Network

  • MIL-OSI Australia: $13 million partnership to address gender-based violence in Northern Territory

    Source: Ministers for Social Services

    The Albanese Labor Government is partnering with the Northern Territory Government to boost funding for frontline critical family, domestic and sexual violence services in the territory.

    Both governments have reaffirmed their shared commitment to ending gender-based violence in the Northern Territory through the renewed five-year National Partnership Agreement on Family, Domestic and Sexual Violence Responses.

    Under the plan, both governments will deliver more than $13 million in funding in total for frontline and targeted family, domestic and sexual violence services.

    This brings the total Australian Government investment under the National Partnership to nearly $20 million for the Northern Territory since 2022.

    Minister for Social Services, Amanda Rishworth, said the renewed partnership demonstrates the strong commitment of all governments to ending gender-based violence in Australia in one generation.

    “Ending gender-based violence in one generation will only happen if all governments across the country work together in partnership and combine our efforts,” Minister Rishworth said.

    “Longer-term funding recognises the importance of funding stability for frontline services and demonstrates our shared commitment to people impacted by family, domestic and sexual violence in the Northern Territory and the services that support them.

    “We do not accept any level of domestic and family violence, and by working in partnership with the Northern Territory government we will drive safer outcomes for First Nations women together.”

    The NT Government’s Minister for Prevention of Domestic Violence, Robyn Cahill, welcomed the announcement saying “with the incidence of domestic, family and sexual violence in the northern territory occurring at seven times the national average funding support from the Federal Government is critical.

    “This partnership delivers much needed funding to front line service providers who work to support victim-survivors of domestic violence. It will also assist as we work to address the root causes of this scourge on our community to break what at times seems a relentless cycle of violence,” Minister Cahill said.

    The renewed FDSV National Partnership will deliver over $700 million across all jurisdictions in new, matched investments from the Commonwealth and states and territories, supporting frontline FDSV services, including specialist services for women and children impacted by FDSV, and men’s behaviour change programs.

    An additional $1 million will also be used for an independent evaluation of the renewed FDSV National Partnership.

    More information on the FDSV National Partnership Agreement is available on the Federal Financial Relations website.

    If you or someone you know is experiencing, or at risk of experiencing domestic, family and sexual violence, you can call 1800RESPECT on 1800 737 732, text 0458 737 732 or visit www.1800respect.org.au for online chat and video call services:

    • Available 24/7: Call, text or online chat
    • Mon-Fri, 9am – midnight AEST (except national public holidays): Video call (no appointment needed)

    If you are concerned about your behaviour or use of violence, you can contact the Men’s Referral Service on 1300 766 491 or visit www.ntv.org.au

    Feeling worried or no good? Connect with 13YARN Aboriginal & Torres Strait Islander Crisis Supporters on 13 92 76, available 24/7 from any mobile or pay phone, or visit www.13yarn.org.au No shame, no judgement, safe place to yarn.

    MIL OSI News

  • MIL-OSI Global: ‘Pay to help’ is a new trend which could change the future of volunteering

    Source: The Conversation – UK – By Xiaoyan Liang, Associate Professor of Strategic Management, Xi’an Jiaotong-Liverpool University

    Gorodenkoff/Shutterstock

    Volunteering is a popular way for people to give something back to society. Whether it’s joining a tree-planting group, or helping out at a charity shop, spending time contributing to a cause is something valued by almost a billion people across the world.

    Some businesses have picked up on this in a positive way, by allowing staff to take paid time away from their jobs to volunteer. And research suggests that doing so makes those firms more attractive employers, with happier employees.

    But in a surprising new trend, some non-profit organisations have started charging companies for access to their volunteering programmes.

    Usually this “pay-to-volunteer” approach involves non-profits setting a fee for companies to send groups of employees to lend a hand. And although there are no official statistics available about how widespread this is, we found plenty of examples in the UK, the US and Australia.

    For instance, one Australian non-profit organisation we looked at charges businesses AU$600 (£302) for three employees to volunteer for a day stacking shelves and serving customers in a food bank.

    Another charges AU$1200 (£605) for up to ten volunteering employees to pack grocery boxes, and a similar fee for up to five people to distribute food to communities in a minibus. A third invoices AU$130 (£65) per person for a shift making meals for people who struggle to afford food.

    This kind of arrangement could redefine the traditional relationship between corporations and charitable organisations. So why switch to such a potentially disruptive model?

    Our research on some Australian examples suggests that it come down to how much a particular non-profit organisation prioritises the transactional value of volunteering arrangements with businesses.

    They might argue that charging a fee generates revenue, which helps to cover the costs of running volunteer programmes, as well as funding the organisation itself. They may also believe that any fees can be justified by the numerous benefits volunteering can bring to the companies which choose to pay them. These include enhanced employee morale and engagement, as well as the associated effects on the company’s image and reputation.

    By contrast, the non-profits who reject the idea of charging companies tend to be more interested in the symbolic value of volunteering. They would argue that a cost to access volunteering contradicts the selfless spirit of the whole exercise.

    Valuable volunteers

    For our research into the trend, we focused on the “food rescue” sector – non-profits dedicated to distributing usable but surplus and unsold food to those in need. One of the non-profit executives we spoke to stressed that volunteering should be “time given at no cost”.

    He added: “I just think the people who are charging organisations to come in to their operations are short-sighted and completely missing the point.

    “The opportunity is to build a relationship [with a business] and then understand where the best value can be driven from that relationship. It is not presenting an invoice as people walk out the door.”

    Others raised concerns that the “pay to help” model creates a two-tier system which depends entirely on a firm’s financial capacity. This could alienate and exclude smaller businesses unable to meet these costs.

    We also heard concerns voiced about implications for the future of the volunteering sector as a whole. If paying to volunteer becomes widespread, will it increase or reduce the overall volunteer base?

    Volunteering is a valuable work benefit.
    maxim ibragimov/Shutterstock

    Another manager we spoke to said the idea of paying to volunteer risked undermining the experience of corporate volunteering, as fees might bring unhelpful expectations. Would knowing that their volunteering activity was being paid for lead to some employees expecting privileges or certain outcomes for example, altering the dynamic between them and the people they are supposed to be helping?

    It was also suggested that non-profits might feel obliged to ensure the satisfaction of their fee-paying corporate volunteers, to the detriment of the charitable work they are doing.

    There are implications for non-paying volunteers too. The presence of volunteers whose employers are paying for them to be there might diminish the meaning of volunteering work more generally.

    So without fully engaging with these questions, non-profits should approach this new model of charging for volunteers with caution. Introducing a financial component may dampen employees’ enthusiasm and lead to companies reducing their volunteering projects. It could even change people’s overall perception of non-profits more generally, affecting the support – and donations – they may rely upon.

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

    Xiaoyan Liang 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. ‘Pay to help’ is a new trend which could change the future of volunteering – https://theconversation.com/pay-to-help-is-a-new-trend-which-could-change-the-future-of-volunteering-245980

    MIL OSI – Global Reports