Source: ASEAN
The 37th ASEAN-Australia Forum was held today in the ASEAN Secretariat/ASEAN Headquarters Jakarta. The Forum provides a platform for Senior Officials of ASEAN and Australia to review the ASEAN-Australia Comprehensive Strategic Partnership and discuss future direction of ASEAN-Australia cooperation, as well as to exchange views on regional and international issues.
The post The 37th ASEAN-Australia Forum convenes in Jakarta appeared first on ASEAN Main Portal.
Source: Australian Ministers 1
ORTENZIA BORRE: The Regional Aviation Association of Australia is asking the government to consider regional airline operators during the sale process. Regional airlines, which are competitors to Rex, including Sharp Airlines, are concerned about the proposal where the government purchases Rex. Regional Aviation Association Chief Executive, Rob Walker says Rex has competition on 21 of its 46 routes, claiming the number of operators will reduce further if the government is subsidising the airline. And joining me live now on this and more is Regional Development Minister, Kristy McBain. Kristy, thank you for your time this morning. Now, do you share the same concern about the government stepping in to purchase the airline as the regional aviation Association does?
KRISTY MCBAIN: What is really important is you’ve got a government that backs regional aviation. What we’ve said from day one is that we want to see the administration process go through in its entirety. What we want to see is a private buyer come through. We’ve made sure that there are incentives in place for that to take place, including the fact that the use it or lose it process for Sydney airport slots doesn’t automatically go into recession. We’ve extended that out to 2026. Those are the things that are important to buyers. What we’ve said is we would be a buyer of last resort. We’re not stepping in now. We’re not substituting the administration process. It’s still got a way to run, and the administrator is keen to work with the private market on it.
BORRE: Now, ASIO boss Mike Burgess has revealed there have been multiple attempts by foreign countries to harm Australians, and that the rest of the decade could be even more dangerous. So what does the Albanese Government need to do now before the election to ensure our safety?
MCBAIN: What we say consistently is that we have confidence in our security and intelligence agencies. They do a fabulous job. As Mike Burgess has outlined, they’re doing this all whilst keeping Australians safe. Once a year he gives a speech about the things that are happening across our nation and across the world. Without that, Australians would be none the wiser that these things are taking place in the background. We continue to provide all the resources that our security and intelligence agencies need to do their job and keep Australians safe. What we want to make really clear is that we consider it a form of abuse for anyone to harass us, and we continually monitoring this. Harassment of Australians, individuals or businesses is not on. We have full faith that our security agencies will take the appropriate steps they need to.
BORRE: Now you’re in Goulburn today as part of the $100 million Community Energy Upgrades Fund. Today, $50 million will be delivered to about 58 local governments in grants for energy upgrades. Talk us through this initiative and how it’s going to benefit Australians.
MCBAIN: The Community Energy Upgrade Fund is something that councils have been calling for across the country. They want some help to lower the fixed costs that they have, which in turn helps lower rates for individuals across the country. We’ve supported councils from Geelong in Victoria to Aurukun in Queensland, to the Shire of Flinders Ranges in South Australia. Projects like making community pools fully electric, making sure that there are solar panels and batteries on community libraries, fast car charging stations across our communities to encourage more people to come and visit, or to be able to use electric cars within our community. A really important fund, delivering some cost savings for councils across the country. Round two will be open very soon and we encourage councils to continue to put forward their projects and apply to this fund.
BORRE: Kristy McBain, always a pleasure. Thank you for your time this morning.
MCBAIN: Good to be with you.
Source: The Conversation (Au and NZ) – By Belinda Lawford, Senior Research Fellow in Physiotherapy, The University of Melbourne
Osteoarthritis is a leading cause of chronic pain and disability, affecting more than two million Australians.
Routine x-rays aren’t recommended to diagnose the condition. Instead, GPs can make a diagnosis based on symptoms and medical history.
Yet nearly half of new patients with knee osteoarthritis who visit a GP in Australia are referred for imaging. Osteoarthritis imaging costs the health system A$104.7 million each year.
Our new study shows using x-rays to diagnose knee osteoarthritis can affect how a person thinks about their knee pain – and can prompt them to consider potentially unnecessary knee replacement surgery.
Osteoarthritis arises from joint changes and the joint working extra hard to repair itself. It affects the entire joint, including the bones, cartilage, ligaments and muscles.
It is most common in older adults, people with a high body weight and those with a history of knee injury.
Many people with knee osteoarthritis experience persistent pain and have difficulties with everyday activities such as walking and climbing stairs.
In 2021–22, more than 53,000 Australians had knee replacement surgery for osteoarthritis.
Hospital services for osteoarthritis, primarily driven by joint replacement surgery, cost $3.7 billion in 2020–21.
While joint replacement surgery is often viewed as inevitable for osteoarthritis, it should only be considered for those with severe symptoms who have already tried appropriate non-surgical treatments. Surgery carries the risk of serious adverse events, such as blood clot or infection, and not everyone makes a full recovery.
Most people with knee osteoarthritis can manage it effectively with:
A common misconception is that osteoarthritis is caused by “wear and tear”.
However, research shows the extent of structural changes seen in a joint on an x-ray does not reflect the level of pain or disability a person experiences, nor does it predict how symptoms will change.
Some people with minimal joint changes have very bad symptoms, while others with more joint changes have only mild symptoms. This is why routine x-rays aren’t recommended for diagnosing knee osteoarthritis or guiding treatment decisions.
Instead, guidelines recommend a “clinical diagnosis” based on a person’s age (being 45 years or over) and symptoms: experiencing joint pain with activity and, in the morning, having no joint-stiffness or stiffness that lasts less than 30 minutes.
Despite this, many health professionals in Australia continue to use x-rays to diagnose knee osteoarthritis. And many people with osteoarthritis still expect or want them.
Our study aimed to find out if using x-rays to diagnose knee osteoarthritis affects a person’s beliefs about osteoarthritis management, compared to a getting a clinical diagnosis without x-rays.
We recruited 617 people from across Australia and randomly assigned them to watch one of three videos. Each video showed a hypothetical consultation with a general practitioner about knee pain.
One group received a clinical diagnosis of knee osteoarthritis based on age and symptoms, without being sent for an x-ray.
The other two groups had x-rays to determine their diagnosis (the doctor showed one group their x-ray images and not the other).
After watching their assigned video, participants completed a survey about their beliefs about osteoarthritis management.
People who received an x-ray-based diagnosis and were shown their x-ray images had a 36% higher perceived need for knee replacement surgery than those who received a clinical diagnosis (without x-ray).
They also believed exercise and physical activity could be more harmful to their joint, were more worried about their condition worsening, and were more fearful of movement.
Interestingly, people were slightly more satisfied with an x-ray-based diagnosis than a clinical diagnosis.
This may reflect the common misconception that osteoarthritis is caused by “wear and tear” and an assumption that the “damage” inside the joint needs to be seen to guide treatment.
Our findings show why it’s important to avoid unnecessary x-rays when diagnosing knee osteoarthritis.
While changing clinical practice can be challenging, reducing unnecessary x-rays could help ease patient anxiety, prevent unnecessary concern about joint damage, and reduce demand for costly and potentially unnecessary joint replacement surgery.
It could also help reduce exposure to medical radiation and lower health-care costs.
Previous research in osteoarthritis, as well as back and shoulder pain, similarly shows that when health professionals focus on joint “wear and tear” it can make patients more anxious about their condition and concerned about damaging their joints.
If you have knee osteoarthritis, know that routine x-rays aren’t needed for diagnosis or to determine the best treatment for you. Getting an x-ray can make you more concerned and more open to surgery. But there are a range of non-surgical options that could reduce pain, improve mobility and are less invasive.
Belinda Lawford receives funding from Arthritis Australia, Medical Research Future Fund and Medibank. She is a Steering Committee Member of the Osteoarthritis Research Society International Rehabilitation Group, and also an Editorial Board member for Journal of Orthopaedic and Sports Physical Therapy.
Kim Bennell receives research funding from the National Health and Medical Research Council and the Medical Research Futures Fund as well as Medibank Private. Some of the consumer resources recommended in this article have been developed by her research team. She consults for Wolters Kluwers UptoDate knee osteoarthritis clinical guidelines
Rana Hinman receives funding from National Health and Medical Research Council, the Medical Research Future Fund and Medibank. Some of the consumer resources recommended in this article have been developed by her research team. She is also an Editorial Board member for Journal of Physiotherapy.
Travis Samuel William Haber is a Steering Committee Member of the Osteoarthritis Research Society International Rehabilitation Group and of the Australian and New Zealand Musculoskeletal Clinical Trials Network Osteoarthritis Special Interest Group.
– ref. Having an x-ray to diagnose knee arthritis might make you more likely to consider potentially unnecessary surgery – https://theconversation.com/having-an-x-ray-to-diagnose-knee-arthritis-might-make-you-more-likely-to-consider-potentially-unnecessary-surgery-249374
Source: Ministers for Social Services
Following endorsement by Commonwealth and state and territory governments, Australia’s National Research Organisation for Women’s Safety (ANROWS) has appointed Joan Fitzpatrick as the new Chair of their board.
Ms Fitzpatrick has extensive business leadership experience and more than 25 years of board experience across multiple sectors, including serving as CEO and Director of the Australian Institute of Insurance and Finance (ANZIIF), and as a Director of the Create Foundation.
Assistant Minister for Social Services and for the Prevention of Family Violence, Justine Elliot, said Ms Fitzpatrick’s wealth of management and board expertise will ensure ANROWS continues to conduct high-quality research integral to the development of effective, evidence-based policies that supports ending violence against women and children.
“The quality of research conducted by ANROWS is key in implementing effective national policy to address, and ultimately end the crisis of gender-based violence, and I am confident Ms Fitzpatrick’s leadership as the new Chair will allow ANROWS to continue their vital work.”
“Thank you to both interim Chair Mr Barry Sandison and former Chair, Her Excellency, the Honourable Ms Samantha Mostyn AO for their work towards our shared goal of ending gender-based violence in this country,” Assistant Minister Elliot said.
ANROWS was established in 2013 as an initiative of Australia’s first National Plan to Reduce Violence against Women and their Children 2010–2022 (National Plan) by the Commonwealth Government and all state and territory governments of Australia.
Since its establishment, ANROWS has demonstrated strong leadership in working to build the critical evidence base needed to inform policy and programs to support ending violence against women and children in Australia.
CEO of ANROWS Dr Tessa Boyd-Caine said “we are absolutely delighted to welcome Ms Fitzpatrick as the Chair of ANROWS. Her strength of expertise in best practice governance and her experience leading across a range of environments including nonprofit organisations, alongside her deep commitment to gender equality, make her ideally placed to guide the Board’s oversight of ANROWS and our strategic impact in the work ahead.”
The work of ANROWS has been backed by extensive investment from the Albanese Labor Government, including $23.3 million for their National Priority Research Fund and $4.3 million in the 2024-25 Budget for building the evidence base on pathways into and out of perpetration of family, domestic and sexual violence.
The Chairperson will be appointed for a term of three or four years and may be reappointed for a further term of up to 4 years.
More information on the National Plan to End Violence against Women and Children 2022-2032 is available on the Department of Social Services website.
If you or someone you know is experiencing, or at risk of experiencing, domestic, family, or sexual violence, call 1800 737 732, text 0458 737 732 or visit www.1800RESPECT.org.au for online chat and video call services.
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.
Source: Minister for Trade
The Albanese Labor Government is backing First Nations people, businesses and communities to take up new trade and investment opportunities through a new First Nations Trade and Investment Advisory Group.
Growing trade and investment links for First Nations people delivers well paying, secure jobs in communities across Australia. We know that First Nations businesses who export generated over $670 million in revenue in 2022-23 and typically employed over seven times more workers than other First Nations businesses.
The group will help First Nations businesses tap into a wide array of trade and economic opportunities, including our recently signed free trade agreement with United Arab Emirates, so that First Nations businesses can reap more of the benefits from international trade.
By establishing this pilot Advisory Group we are delivering on our commitment to share the benefits of trade widely across our community.
The membership includes a range of First Nations business leaders, industry groups and experts in international trade including:
More information, including terms of reference, will be available at Advisory Group webpage.
Quotes attributable to the Minister for Trade and Tourism Don Farrell:
“Our First Nations people were our first traders, exchanging goods with Makassan seafarers from Indonesia.
“These days First Nations businesses export a range of goods including native botanicals, art, design, cyber and clean energy solutions to the world markets.
“We know First Nations business involved in trade create more jobs and grow faster.
“That’s why our government is focussed on helping more First Nations businesses tap into the many opportunities provided by exporting to the world.”
Quotes attributable to the Minister for Indigenous Australians Malarndirri McCarthy:
“First Nations Australians are the holders of traditional knowledge and culture, and these perspectives can only benefit Australia’s international trade and investment agenda.
“Initiatives like the First Nations Trade and Investment Advisory Group ensure First Nations perspectives, experiences and interests are embedded in our international economic agenda.
“Working in partnership demonstrates the value of knowledge sharing and can deliver real, long-term economic empowerment and self-determination for First Nations Australians.”
Source: The Conversation (Au and NZ) – By Matt Nichol, Lecturer in Law, CQUniversity Australia
The tennis world is still reeling after news the number one ranked men’s player, Jannik Sinner, agreed to a three-month suspension issued by the World Anti-Doping Agency (WADA) to be served between the Australian and French Opens.
Sinner, a three-time Grand Slam winner, received the ban after twice testing positive for clostebol, a steroid banned by the World-Anti Doping Code, in March 2024.
Read more:
Tennis is facing an existential crisis over doping. How will it respond?
“Unintentional doping offences” – as in Sinner’s case – can attract a maximum two-year ban even if the athlete shows no fault or negligence.
Sinner’s three-month ban was immediately criticised by many in the media and within tennis circles due to its leniency and convenient timing. It also did not result from a hearing before an anti-doping tribunal or the Court of Arbitration for Sport, as has been the case with other tennis players who have received bans in the past.
The suspension was the product of a “case resolution agreement” (a negotiated settlement) between WADA and Sinner.
WADA initially appealed the International Tennis Integrity Agency’s decision not to suspend Sinner on the basis of demonstrating no significant fault or negligence, but withdrew its case before the Court of Arbitration for Sport.
Sinner argued the banned substance entered his system after a massage by a physiotherapist in his entourage who had used a cream with clostebol to treat a cut on his finger.
Both WADA and the International Tennis Integrity Agency accepted this version of events.
In the eyes of most, WADA’s actions failed to pass the “pub test” and many high-profile tennis players voiced their concerns.
Novak Djokovic flagged issues over the treatment of high-ranked athletes such as Sinner compared to lower-ranked players.
For example, Chilean Nicolas Jarry was suspended for 11 months in 2020 after testing positive to ligandrol and stanozolol that he alleged were in a supplement he took.
In 2023 Sweden’s Mikael Ymer was suspended for 18 months by the Court of Arbitration for Sport for failing to submit to three out-of-competition tests in a 12-month period.
Great Britain’s Tara Moore took nearly two years to clear her name before an anti-doping tribunal in 2023 revealed contaminated meat had led to her positive tests for nandrolone and boldenone. Despite this decision, Moore served a 19-month ban.
Djokovic’s view suggested favouritism for higher-ranked players, who can access top lawyers. He also criticised a lack of transparency in the Sinner agreement with WADA.
However, high-ranked players such as Simona Halep and Maria Sharapova have received lengthy suspensions for doping violations.
Nick Kyrgios was similarly critical, stating it was a sad day for the sport and that fairness in tennis did not exist.
Former Spanish player Feliciano Lopez was among those who supported Sinner. He said he believed in clean sport and that Sinner had not enhanced his performance and took responsibility for the actions of his physiotherapist.
The criticisms appear to be based on a misunderstanding of the anti-doping provisions in the World Anti-Doping Code and the failure by WADA to clearly communicate its rationale for Sinner’s suspension.
Rather than favouritism for a high-ranked player, WADA’s decision to suspend Sinner for three months was based on the distinction in the World Anti-Doping Code between intentional and unintentional doping. It found that Sinner:
But WADA argued that under the code, Sinner was responsible for the negligence of his entourage and issued the suspension.
WADA confirmed its rationale for the three-month suspension after Spanish media pointed out that figure skater Laura Barquero had received a six-year ban for a positive test of clostebol.
WADA differentiated the two cases based on intention. It was not convinced by Barquero’s explanation of how clostebol entered her system, while it said the evidence supported Sinner’s version of events.
So what can be learned from Sinner’s case?
One of the most important legal issues arising from the Sinner case is the distinction in the anti-doping rules between intentional and unintentional doping.
This distinction explains the difference in penalties between Sinner and other athletes.
Also, the facts of a doping case are relevant in determining circumstances that may reduce the severity of a penalty in matters resolved by negotiated case resolution agreements.
An important lesson for WADA is ensuring transparency in proceedings and the clear communication of the rationale used to arrive at a penalty.
Finally, a Court of Arbitration for Sport hearing may not have been needed for Sinner as the parties agreed on the facts leading to the doping rule violation.
Matt Nichol 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. Playing favourites, inconsistency or a fair decision? Unpacking Jannik Sinner’s doping case – https://theconversation.com/playing-favourites-inconsistency-or-a-fair-decision-unpacking-jannik-sinners-doping-case-250143
Source: The Conversation (Au and NZ) – By Sarah Kendall, Adjunct Research Fellow, The University of Queensland
This week, ASIO chief Mike Burgess delivered his sixth Annual Threat Assessment.
His approach this time was unprecedented. Instead of focusing on past and present threats, Burgess declassified parts of ASIO’s assessment for the future, warning us about Australia’s security outlook to 2030.
Over the next five years, ASIO is expecting “an unprecedented number of challenges, and an unprecedented cumulative level of potential harm”, Burgess warned. At the same time, the threat environment will become more diverse.
Espionage and foreign interference are already at extreme levels, but are anticipated to intensify. Sabotage is expected to pose an increasing threat. Politically motivated violence and communal violence will also remain an elevated concern.
What does this mean for our criminal laws? Are they robust enough to protect us from the growing and diversifying threat of espionage, sabotage and foreign interference? Or will they need bolstering?
Espionage, or spying, involves the theft of information. Burgess has warned that both our enemies and our friends will seek to steal information from us.
This includes information about our military capabilities and alliances, such as AUKUS.
Instead of using traditional spies to gather this information, Burgess expects greater use of proxies.
These proxies could be unwittingly involved in the espionage efforts of a foreign country – such as private investigators. Or they could know exactly what they’re doing.
Foreign interference involves covertly shaping decision-making to the advantage of a foreign power. Burgess has warned that foreign governments are monitoring, intimidating and coercing Australians and diaspora communities, including engaging in coerced repatriations.
He also expects that foreign interference may be used to undermine community support for AUKUS.
Concerningly, ASIO has disrupted plots by foreign countries to physically harm (or even kill) people living in Australia. This includes activists, journalists and ordinary citizens – all critics of certain foreign governments.
Both espionage and foreign interference will be enabled by advances in technology, including artificial intelligence (AI), deep fakes and large online pools of personal data.
Sabotage involves deliberately destroying or damaging infrastructure.
Russia has been engaging in diverse acts of sabotage in Europe, aiming to erode support for Ukraine and damage cohesion. These attacks include arson against various types of infrastructure (including defence and munitions facilities), jamming civil aviation GPS systems, and disrupting railways.
While Burgess warned that the risk of similar attacks against Australia is increasing (including attacks against infrastructure arising out of AUKUS), cyber-enabled sabotage will be of more concern. At the moment, foreign governments are exploring and exploiting Australia’s critical infrastructure networks to map systems and maintain access in the future.
As with espionage, Burgess expects criminal proxies to be used more frequently to engage in sabotage. This includes state-sponsored or state-supported terrorist groups.
With the espionage, sabotage and foreign interference threat growing and diversifying over the next five years, you’d be right to ask whether our criminal laws are robust enough to stand up to the challenge.
For the most part, they are.
All the laws apply to conduct that occurs “in the real world” and online. The laws also apply to any foreign country, including our friends, as well as terrorist organisations.
In addition to foreign countries, the laws apply to conduct on behalf of a foreign country, including where the conduct is directed, funded or supervised by the foreign country or a person acting on its behalf. This means the laws would apply to proxies hired to engage in espionage or sabotage.
Our sabotage laws are broad enough to cover the explorations of critical infrastructure networks currently being undertaken. An act of sabotage does not have to be committed to be an offence under these laws.
Our foreign interference laws would cover coerced repatriations. While plots to harm Australians may also fall within these offences, a number of other offences also exist for harming or killing Australian citizens or residents.
Our espionage, sabotage and foreign interference laws certainly are “world-leading”. However, there are some drawbacks.
For example, the laws are yet to grapple with the rise of AI and its use to gather information for espionage or generate mis- or disinformation for foreign interference.
While the laws have broad extraterritorial reach – they apply to conduct that occurs within or outside Australia – the practicalities of enforcing the laws when offenders are located overseas is a big barrier.
But in today’s digital age where espionage, sabotage and foreign interference can be conducted online from the safety of a foreign country and therefore beyond the reach of Australia’s criminal law, we need more than a robust legal response.
As Burgess stressed, these issues “require whole of government, whole of community, whole of society responses […] national security is truly national security: everybody’s business”.
We all need to be aware of the risks and what we – as individuals, employees, researchers and business owners – can do to mitigate them.
This article was written in Sarah Kendall’s personal capacity as an Adjunct Research Fellow at the University of Queensland School of Law. It does not reflect the views of the Queensland Law Reform Commission or the Queensland Government.
– ref. The ASIO threat assessment is a dark outlook for Australia’s security. Are our laws up to the task? – https://theconversation.com/the-asio-threat-assessment-is-a-dark-outlook-for-australias-security-are-our-laws-up-to-the-task-250372
Source: GlobeNewswire (MIL-OSI)
BIRMINGHAM, Ala., Feb. 19, 2025 (GLOBE NEWSWIRE) — Diversified Energy Company PLC (LSE: DEC; NYSE: DEC) (“Diversified” or the “Company“), an independent energy company focused on natural gas and liquids production, transportation, marketing and well retirement, today announces the pricing of its previously announced underwritten public offering (the “Offering”) of 8,500,000 ordinary shares (the “Shares”) at a public offering price of $14.50 per Share for total gross proceeds of approximately $123.3 million. The Offering is expected to settle on February 21, 2025, subject to customary closing conditions. In addition, Diversified has granted the underwriters a 30-day option to purchase up to an additional 850,000 ordinary shares at the public offering price, less underwriting discount.
Citigroup and Mizuho are acting as joint book-running managers and underwriters for the Offering. KeyBanc Capital Markets, Truist Securities, Jefferies and Raymond James are also acting as joint book-running managers and underwriters for the Offering. Johnson Rice & Company, Pickering Energy Partners, Stephens Inc. and Stifel are acting as co-managers and underwriters for the Offering.
The Company intends to use the net proceeds from the Offering to repay a portion of the debt expected to be incurred by the Company in connection with the proposed acquisition of Maverick Natural Resources, LLC, as announced on January 27, 2025 (the “Acquisition”). In the event that the Acquisition does not close, the Company intends to use the net proceeds from the Offering to repay debt and for general corporate purposes. The consummation of the Offering is not conditioned upon the completion of the Acquisition, and the completion of the Acquisition is not conditioned upon the consummation of the Offering.
A shelf registration statement relating to these securities was filed with the U.S. Securities and Exchange Commission (the “SEC“) on February 11, 2025 and became effective upon filing. Copies of the registration statement can be accessed through the SEC’s website free of charge at www.sec.gov. A preliminary prospectus supplement and an accompanying prospectus relating to and describing the terms of the Offering were filed with the SEC and are available free of charge by visiting EDGAR on the SEC’s website at www.sec.gov. When available, copies of the final prospectus supplement and the accompanying prospectus related to the Offering can be accessed through the SEC’s website free of charge at www.sec.gov or obtained free of charge from either of the joint book-running managers for the Offering: Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146); or Mizuho Securities USA LLC, Attention: Equity Capital Markets Desk, at 1271 Avenue of the Americas, New York, NY 10020, or by email at US-ECM@mizuhogroup.com.
This announcement does not constitute an offer to sell or the solicitation of an offer to buy our ordinary shares nor shall there be any sale of securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
In connection with the admission of the Shares to listing on the equity shares (commercial companies) category of the Official List of the Financial Conduct Authority and to trading on the main market for listed securities of the London Stock Exchange (“Admission”), the Company intends to publish a prospectus as required under the UK version of Regulation (EU) 2017/1129 as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018. Applications will be made to the FCA and LSE for Admission, and Admission is expected to become effective at 8:00 am (London time) on February 24, 2025.
Post Transaction Report
In accordance with the Statement of Principles (November 2022) published by the Pre-Emption Group, Diversified announces the following post transaction report in connection with the Offering.
| Name of Issuer | Diversified Energy Company PLC |
| Transaction Details | The Company issued 8,500,000 new Ordinary Shares (the “Shares”), representing 16.6% of the Company’s ordinary share capital as of 14 February 2025.
Admission of the Shares representing 16.6% of the Company’s ordinary share capital as of 14 February 2024 is expected to occur at 8.00 am (London time) on 24 February 2024. |
| Use of Proceeds | The directors of the Company intend to use the net proceeds from the Offering to repay a portion of the debt expected to be incurred by the Company in connection with the proposed acquisition of Maverick Natural Resources, LLC, as announced on 27 January 2025 (the “Acquisition”). In the event that the Acquisition does not close, the Company intends to use the net proceeds from the Offering to repay debt and for general corporate purposes. |
| Quantum of Proceeds | Total gross proceeds from the Offering, amounted to US$123.3 million (approximately £97.9 million), approximately US$118.3 million net of expenses (approximately £93.9 million net of expenses). |
| Discount | The Offering was completed at a price of US$14.50 per Share, representing a 3.4% percent discount from the NYSE closing price of US$15.01 per Share on 19 February 2025 (being the last business day prior to the pricing of the Offering). |
| Allocations | Soft pre-emption has been adhered to in the allocations process, where possible. Management was involved in the allocations process, which has been carried out in compliance with the MIFID II Allocation requirements. |
| Consultation | The Underwriters undertook a pre-launch wall-crossing process, including consultation with major shareholders, to the extent reasonably practicable and permitted by law. |
| U.K. Retail Investors | Following discussions between the Underwriters and the Company, it was decided that a retail offer would not be included in the Offering. The Offering structure was chosen to minimize cost, time to completion and complexity. |
CONTACTS
| Diversified Energy Company PLC | +1 973 856 2757 |
| Doug Kris | dkris@dgoc.com |
| Senior Vice President, Investor Relations & Corporate Communications | |
| FTI Consulting | dec@fticonsulting.com |
| U.S. & UK Financial Media Relations |
About Diversified
Diversified is a leading publicly traded energy company focused on natural gas and liquids production, transport, marketing, and well retirement. Through our unique differentiated strategy, we acquire existing, long-life assets and invest in them to improve environmental and operational performance until retiring those assets in a safe and environmentally secure manner. Recognized by ratings agencies and organizations for our sustainability leadership, this solutions-oriented, stewardship approach makes Diversified the Right Company at the Right Time to responsibly produce energy, deliver reliable free cash flow, and generate shareholder value.
Forward-Looking Statements
This press release includes forward-looking statements. Forward-looking statements are sometimes identified by the use of forward-looking terminology such as “believe”, “expects”, “targets”, “may”, “will”, “could”, “should”, “shall”, “risk”, “intends”, “estimates”, “aims”, “plans”, “predicts”, “continues”, “assumes”, “projects”, “positioned” or “anticipates” or the negative thereof, other variations thereon or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this announcement and include statements regarding the intentions, beliefs or current expectations of management or the Company concerning, among other things, expectations regarding the proposed Offering of securities and the Acquisition. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the Company’s control and all of which are based on management’s current beliefs and expectations about future events, including market conditions, failure of customary closing conditions and the risk factors and other matters set forth in the Company’s filings with the SEC and other important factors that could cause actual results to differ materially from those projected.
Important Notice to UK and EU Investors
This announcement contains inside information for the purposes of Regulation (EU) No. 596/2014 on market abuse and the UK Version of Regulation (EU) No. 596/2014 on market abuse, as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (together, “MAR”). In addition, market soundings (as defined in MAR) were taken in respect of the matters contained in this announcement, with the result that certain persons became aware of such inside information as permitted by MAR. Upon the publication of this announcement, the inside information is now considered to be in the public domain and such persons shall therefore cease to be in possession of inside information in relation to the Company and its securities.
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In connection with the Offering, Citigroup or any of its agents, may (but will be under no obligation to), to the extent permitted by applicable law, over-allot Shares or effect other transactions with a view to supporting the market price of the Shares at a higher level than that which might otherwise prevail in the open market. Citigroup may, for stabilization purposes, over-allot Shares up to a maximum of 10 per cent. of the total number of Shares comprised in the Offering. Citigroup will not be required to enter into such transactions and such transactions may be effected on any stock market, over-the-counter market, stock exchange or otherwise and may be undertaken at any time during the period commencing on the date of adequate public disclosure of the final price of the securities and ending no later than 30 calendar days thereafter. However, there will be no obligation on Citigroup or any of its agents to effect stabilizing transactions and there is no assurance that stabilizing transactions will be undertaken. Such stabilizing measures, if commenced, may be discontinued at any time without prior notice. In no event will measures be taken to stabilize the market price of the Shares above the offer price. Save as required by law or regulation, neither Citigroup nor any of its agents intends to disclose the extent of any over-allotments made and/or stabilization transactions conducted in relation to the Offering.
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Source: The Conversation – Global Perspectives – By Matt Nichol, Lecturer in Law, CQUniversity Australia
The tennis world is still reeling after news the number one ranked men’s player, Jannik Sinner, agreed to a three-month suspension issued by the World Anti-Doping Agency (WADA) to be served between the Australian and French Opens.
Sinner, a three-time Grand Slam winner, received the ban after twice testing positive for clostebol, a steroid banned by the World-Anti Doping Code, in March 2024.
Read more:
Tennis is facing an existential crisis over doping. How will it respond?
“Unintentional doping offences” – as in Sinner’s case – can attract a maximum two-year ban even if the athlete shows no fault or negligence.
Sinner’s three-month ban was immediately criticised by many in the media and within tennis circles due to its leniency and convenient timing. It also did not result from a hearing before an anti-doping tribunal or the Court of Arbitration for Sport, as has been the case with other tennis players who have received bans in the past.
The suspension was the product of a “case resolution agreement” (a negotiated settlement) between WADA and Sinner.
WADA initially appealed the International Tennis Integrity Agency’s decision not to suspend Sinner on the basis of demonstrating no significant fault or negligence, but withdrew its case before the Court of Arbitration for Sport.
Sinner argued the banned substance entered his system after a massage by a physiotherapist in his entourage who had used a cream with clostebol to treat a cut on his finger.
Both WADA and the International Tennis Integrity Agency accepted this version of events.
In the eyes of most, WADA’s actions failed to pass the “pub test” and many high-profile tennis players voiced their concerns.
Novak Djokovic flagged issues over the treatment of high-ranked athletes such as Sinner compared to lower-ranked players.
For example, Chilean Nicolas Jarry was suspended for 11 months in 2020 after testing positive to ligandrol and stanozolol that he alleged were in a supplement he took.
In 2023 Sweden’s Mikael Ymer was suspended for 18 months by the Court of Arbitration for Sport for failing to submit to three out-of-competition tests in a 12-month period.
Great Britain’s Tara Moore took nearly two years to clear her name before an anti-doping tribunal in 2023 revealed contaminated meat had led to her positive tests for nandrolone and boldenone. Despite this decision, Moore served a 19-month ban.
Djokovic’s view suggested favouritism for higher-ranked players, who can access top lawyers. He also criticised a lack of transparency in the Sinner agreement with WADA.
However, high-ranked players such as Simona Halep and Maria Sharapova have received lengthy suspensions for doping violations.
Nick Kyrgios was similarly critical, stating it was a sad day for the sport and that fairness in tennis did not exist.
Former Spanish player Feliciano Lopez was among those who supported Sinner. He said he believed in clean sport and that Sinner had not enhanced his performance and took responsibility for the actions of his physiotherapist.
The criticisms appear to be based on a misunderstanding of the anti-doping provisions in the World Anti-Doping Code and the failure by WADA to clearly communicate its rationale for Sinner’s suspension.
Rather than favouritism for a high-ranked player, WADA’s decision to suspend Sinner for three months was based on the distinction in the World Anti-Doping Code between intentional and unintentional doping. It found that Sinner:
But WADA argued that under the code, Sinner was responsible for the negligence of his entourage and issued the suspension.
WADA confirmed its rationale for the three-month suspension after Spanish media pointed out that figure skater Laura Barquero had received a six-year ban for a positive test of clostebol.
WADA differentiated the two cases based on intention. It was not convinced by Barquero’s explanation of how clostebol entered her system, while it said the evidence supported Sinner’s version of events.
So what can be learned from Sinner’s case?
One of the most important legal issues arising from the Sinner case is the distinction in the anti-doping rules between intentional and unintentional doping.
This distinction explains the difference in penalties between Sinner and other athletes.
Also, the facts of a doping case are relevant in determining circumstances that may reduce the severity of a penalty in matters resolved by negotiated case resolution agreements.
An important lesson for WADA is ensuring transparency in proceedings and the clear communication of the rationale used to arrive at a penalty.
Finally, a Court of Arbitration for Sport hearing may not have been needed for Sinner as the parties agreed on the facts leading to the doping rule violation.
Matt Nichol 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. Playing favourites, inconsistency or a fair decision? Unpacking Jannik Sinner’s doping case – https://theconversation.com/playing-favourites-inconsistency-or-a-fair-decision-unpacking-jannik-sinners-doping-case-250143
Source: Tasmania Police
Woman charged with arson over West Launceston fire
Thursday, 20 February 2025 – 1:52 pm.
A woman has been charged with arson following a fire at a West Launceston residence overnight.
Tasmania Fire Service and Tasmania Police were called to Merrys Lane about 10.30pm Wednesday after reports a structure was on fire.
A man, who was inside the property at the time of the fire, had escaped without injuries and contacted emergency services.
Crews from Launceston and Prospect fire brigades attended and contained the fire.
Damage has been estimated at approximately $400,000.
A woman – who was also outside the residence when emergency services arrived – was arrested by police.
A fire investigation determined the fire was deliberately lit and the woman – a 52 year old of no fixed address – has since been charged with arson and detained to appear in the Launceston Magistrates Court tonight.
Anyone with information or CCTV footage from the area at the time of the fire should contact police on 131 444 or Crime Stoppers anonymously on 1800 333 000 or online at crimestopperstas.com.au
Source: Northern Territory Police and Fire Services
The Northern Territory Police Force have arrested the male youth that breached his bail in Lajamanu yesterday.
Members from the Fugitive Taskforce arrested the youth a short time ago within the community.
He remains in custody and is expected to be charged later today.
Source: Australian Ministers for Infrastructure and Transport
Batteries to soak up excess solar at a council childcare centre, solar panels to cut bills for the local library and the community pool going all-electric are just some of the projects the Albanese Government is backing with its $100 million Community Energy Upgrades Fund (CEUF).
Today 58 local government bodies around the nation will get on with bringing down their energy bills for good, with $50 million in grants for energy upgrades going out the door.
Whether it’s the neighbourhood sports club, the community hall, the local pool or library, local government brings us together and keeps us thriving. Each year 8 million people use community sporting infrastructure, including local councils. Now the Albanese Government is working with councils, so they can save on their bills and invest more into their communities.
One-off grants of between $25,000 to $2.5 million have been awarded through the merit-based program, with local government providing at least 50 per cent of project costs.
Successful funding applications include 31 upgrades to local aquatic centres and five grants for smart electric vehicle charging infrastructure for local government vehicles.
In Melbourne, Collingwood Leisure Centre will go electric, with its air, pool and hot water system using 100% renewable energy and storage.
In Western Sydney, council-owned early learning centres will free up funding to invest more into our next generation by cutting bills with batteries that soak up excess solar to be used across their own and other community buildings. While in Broken Hill they’ll unlock their sunny skies with the council installing solar panels over the car park and replacing gas heating with electric heat pumps.
Meanwhile in Darwin, the Casuarina Library will be cooler this summer with an energy upgrade, while further upgrades to Parap Pool and West Lane carpark will see the council save $83,500 a year.
In Tasmania, a local council will ensure people keep on moving, installing smart electric vehicle chargers and dynamic load management to support electrification and decarbonisation of its vehicle fleet.
The highly popular Albanese Labor Government initiative saw Round 1 oversubscribed, with 165 applications overall for the first $50 million package of funding. Round 2 is expected to open shortly, with unsuccessful applicants from round 1 warmly encouraged to reapply.
Quotes attributable to Minister for Climate Change and Energy Chris Bowen:
“Local councils run many of the sport and public facilities that keep our communities and clubs thriving. We want facilities that Australians know and love, like cricket grounds and local pools, to be able to save on their energy bills and spend more on the things they do best.
“The Albanese Government is not just providing short term relief on power bills, with our Community Energy Upgrades Fund and Energy Savings Package, we’re helping communities bring down bills for good.”
Quotes attributable to Minister for Local Government Kristy McBain:
“We’ve heard loud and clear from councils about the need to upgrade ageing facilities with more energy-efficient technology, to bring down their overheads and to lower their emissions – which is exactly why we launched the Community Energy Upgrades Fund.
“We now have transparent grant programs that every postcode can apply for, we’ve delivered record funding increases for local roads, and we’ve brought local councils back to the table as a trusted delivery partner after a decade of neglect – with this program a real testament to what we can achieve for our communities when we work together.”
Quotes attributable to Assistant Minister for Climate Change and Energy Josh Wilson:
“The Albanese government is investing in energy efficiency measures for community facilities because it has a triple-whammy effect of cutting emissions, cutting running costs, and allowing those savings to be used for other local services.
“These projects are helping to deliver a cheaper, cleaner energy future for Australians.”
BACKGROUND:
| STATE | SUCCESSFUL COUNCILS | TOTAL GRANT FUNDING |
| NSW |
17 Blue Mountains City Council, Campbelltown City Council, Coolamon Shire Council, Council of the City of Broken Hill, Cowra Shire Council, Dubbo Regional Council, Inner West Council, Junee Shire Council, Ku-Ring-Gai Council, Leeton Shire Council, Lockhart Shire Council, Mid-Western Regional Council, Northern Beaches Council, Parkes Shire Council, Port Macquarie Hastings Council, Wagga Wagga City Council, Wingecarribee Shire Council, |
$15.3 million |
| VICTORIA |
15 Ballarat City Council, Banyule City Council, Cardinia Shire Council, City of Maribyrnong, Colac Otway Shire, Corangamite Shire Council, Glen Eira City Council, Mansfield Shire Council, Melbourne City Council, Merri-Bek City Council, Mildura Rural City Council, Surf Coast Shire, Wyndham City Council, Yarra City Council, Yarra Ranges Shire Council |
$23.9 million |
| QUEENSLAND | 7 Aurukun Shire Council, Brisbane City Council, Cassowary Coast Regional Council, Mackay Regional Council, Maranoa Regional Council, Murweh Shire Council, Paroo Shire Council |
$4.5 million |
| SOUTH AUSTRALIA |
7 Barunga West Council, City of West Torrens, Corporation of the City of Unley, District Council of Loxton Waikerie, Rural City of Murray Bridge, The Barossa Council, The Flinders Rangers Council, |
$2.3 million |
| WESTERN AUSTRALIA |
5 City of Armadale, City of Melville, City of Swan, Town of East Fremantle, Town of Port Hedland |
$2.8 million |
| TASMANIA | 5 Brighton Council, Clarence City Council, Devonport City Council, Huon Valley Council, Launceston City Council, |
$674,011 |
| NORTHERN TERRITORY | 2 Central Desert Regional Council, City Darwin |
$580,528 |
Note: This media release was originally published by the Climate and Energy portfolio: Solar pools and libraries with first $50 million for bill busting upgrades (https://minister.dcceew.gov.au)
Source: Australian Centre for International Agricultural Research
The world’s highest concentration of rural poverty occurs in the Eastern Gangetic Plains of Bangladesh, India and Nepal – a region that is home to 450 million people.
Livelihoods in this part of the world rely greatly on agriculture. Opportunities to work with smallholder farmers can lay the foundations for a more productive, sustainable and diversified agricultural economy.
Among the research-for-development professionals on the ground is a team working on the Rupantar project, an ACIAR-supported initiative led by Dr Tamara Jackson of the University of Adelaide.
The Rupantar project operates at a whole-of-system level. It spans both social and farming practices and extends all the way through to policy settings, market opportunities and other agrifood system barriers holding smallholders back. It also builds on prior investments by ACIAR and the Australian Department of Foreign Affairs and Trade (DFAT).
Included in this integrated approach are considerations for climate impacts.
This concern saw 15 team members from the Rupantar project visit the University of Adelaide and regional South Australia and Victoria in October 2024. Funded as part of a DFAT Australia Awards Fellowship program, the study tour focused on climate resilience and adaptation.
‘Rupantar’ has a common meaning in Bangla, Hindi and Nepali. It means change on a level so profound that it is transformative. Launched in 2021, the Rupantar project is identifying opportunities for inclusive and diversified food production innovation.
Given the partnership model typical of ACIAR projects, these opportunities need to be priorities for local communities. They also need to be sustainable and to fit with longer-term climate, nutrition and available water resource projections.
Achieving this level of integration requires working on multiple levels at the same time. There is ground-up innovation – from personal to organisational. Then there are high-level policies that work down and can make important change on the ground.
Our hypothesis is that an integrated approach to livelihood change – coupled with inclusive and collaborative approaches – will result in more effective and sustainable development pathways.
Dr Tamara Jackson,
University of Adelaide
‘So, our goal is to understand the processes and practices needed to diversify food production in ways that improve farm livelihoods and reduce inequity, production risk and unsustainable resource use.’
The on-the-ground work with smallholders is implemented at sites in West Bengal (India), Rangpur (Bangladesh) and Koshi Province (Nepal). Implementation involves actioning ‘diversification pathways’ that were co-developed collaboratively with local partners.
The aim of these pathways is twofold. The first is to test diversification options and select the most appropriate crop and livestock options that are priorities for local communities. These are then implemented within existing networks and are aligned with institutional settings.
The second aim is to monitor the changes associated with the pathways, including long-term sustainability.
The project is also mindful that diversification can look very different to different members within households and can include off-farm income from seasonal male migration and greater reliance on women household members.
In all, three types of diversified systems are being explored:
• plant-based production, including crops and horticulture
• livestock-based, including chickens, goats and dairy that are especially important to women’s income
• irrigation-constrained systems.
‘The project is working on strengthening what already works about a farming system in the Eastern Gangetic Plain and building on innovations from prior projects, such as ACIAR’s introduction of conservation agriculture cropping practices,’ said Dr Jackson.
The project team has spent the first 2 years on the ground running baseline surveys and mapping villages to better understand the system.
Implementation started in 2023 once it became clear what would work best in different settings. The visit to Australia in 2024 provided project partners with opportunities to observe what diversified and climate-resilient Australian farms look like.
Participants included Rupantar project partners from provincial government, cooperatives, farmer producer companies, NGOs, local university partners and the International Maize and Wheat Improvement Center.
Dr Jay Cummins from International Agriculture for Development hosted the study tour group and developed the course that focused on addressing the climate realities in collaboration with the Rupantar project.
The 20-day study tour was entitled ‘Supporting climate-smart, resilient food production networks in the Indo-Gangetic Plains’.
Key experts shared their experiences responding to climate change and on-farm visits examined how Australian agriculture builds climate resilience into its practices in different environmental and socioeconomic settings.
‘Included were visits to more rainfed, dryland cropping systems in the Mallee and, in addition, to irrigated production systems in the Murray–Darling Basin,’ said Dr Cummins.
The Australia Awards program provided a valuable mechanism to connect the participants with a whole range of Australian organisations and professionals, which in turn will help build international networks and collaboration.
Dr Jay Cummins
International Agriculture for Development
In the Eastern Gangetic Plain, food production can be heavily focused on wet season rice crops. In Australia, the visitors were able to explore dry season opportunities for diversified production of crops and livestock, including in mixed farming systems. They saw how Australian farmers manage risks around water scarcity and drought. At South Australian Riverland sites, discussions included irrigation and water management that present different diversification options.
Among the participants were Dr Deepa Roy from India, Ms Bimala Pokhrel from Nepal and Dr Mamunur Rashid from Bangladesh.
Dr Roy is an agricultural extension expert based at Uttar Banga Krishi Viswavidyalaya, India. She told ACIAR that smallholder farmers in the Eastern Gangetic Plains face numerous challenges that can lock them into poverty.
These range from small and fragmented landholdings that make mechanisation difficult, to a lack of agronomic knowledge, limited agricultural support services, limited market access, financial constraints and climatic hazards.
‘Through the course several key insights and learnings emerged that may help our farmers in understanding and adopting climate resilient technologies,’ said Dr Roy.
Key insights for participants included:
• assessing the carbon footprint of farming and taking action to reduce it
• introducing efficient soil moisture management strategies such as mulching
• adopting agronomic practices such as crop rotations and climate-resilient crops
• building soil fertility
• advocating for improved climate forecasting
• adopting grower-led research and extension
• developing digital tools to monitor the adoption of innovation
• providing financial management training to smallholder farmers
• using podcasts and radio to provide farm advisory services.
Overall, Dr Roy said that the course equipped attendees with a holistic understanding of climate-smart practices. ‘It helped us not only to strengthen technical knowledge but also to develop critical soft skill and a deeper understanding of sustainable climate resilient farming.’
It’s a point of view shared by Ms Pokhrel, who works with the Ministry of Industry Agriculture and Cooperatives in Koshi Province, Nepal. She said the course enriched efforts to both help farmers and policymakers with future planning. And it worked by enhancing both her professional and personal capacity.
‘What stood out was the extent that Australian farmers have already adopted technology to mitigate against climate change,’ said Ms Pokhrel. ‘This was particularly stark when it came to soil health and sustainable soil management practices. One of the key learnings is that we can tailor these practices for our context in the Koshi Province and, in that way, improve crop productivity by improving soil health.’
Mr Rashid agreed. He is a research fellow at Hajee Mohammad Danesh Science and Technology University in Dinajpur, Bangladesh. He noted that while ACIAR is helping to introduce conservation agriculture to Bangladesh, South Australian farmers have already adopted these soil and soil-moisture conserving practices.
They are also growing more legume crops for soil health and fertiliser benefits, adopting risk-aversion strategies amid climate variability, and introducing carbon farming to adapt to climate change.
Both Ms Pokhrel and Mr Rashid were especially impressed by Australian water management systems in drought-prone landscapes. They think these kinds of Australian practices have a role to play at the project sites.
While the cost and expertise required to adopt and maintain technologies such as drip irrigation systems used in Australia may be beyond the capacity of many smallholder farmers, the study tour has already inspired a new water conservation pilot project.
The Bangladesh team will launch ‘Conserving soil moisture through mulching technique in chili farming’ in the Rupantar project areas, focusing on farmers in northern Bangladesh, who experience frequent floods and droughts.
‘This initiative aims to use soil moisture and reduce irrigation in chilli farming, aided by Chameleon soil water sensors that can support decision-making for the farmers of the Rupantar project,’ said Mr Rashid.
Ms Pokhrel was greatly impressed by the grower-centric research, development and extension infrastructure built around farmers’ needs in Australia. For her, this was typified by organisations such as the Grains Research and Development Corporation and the Almond Board.
She thinks there are opportunities to ‘sensitise’ the different boards in Nepal to this approach.
Surprises for the project partners included the large size of farms given the small number of people working in agriculture.
What also surprised us is the rate of technology adoption by farmers, along with their dedication and the satisfaction they receive from the agricultural profession.
Ms Bimala Pokhrel
Nepal
‘Mallee Sustainable Farming System was impressive and working with farmers groups and developing the communication material in local languages are the things that we can develop for our smallholder farmers too.’
Finally, they praised the networking opportunities provided by the course, including with farmers, and opportunities to understand the people, country and culture.
ACIAR Project WAC/2020/148: ‘Transforming smallholder food systems in the Eastern Gangetic Plain’
Source: Australian Competition and Consumer Commission
ACCC Chair Gina Cass-Gottlieb has stressed the positive impacts of a competitive economy for consumers as she outlined the agency’s priorities for the 2025-26 financial year.
Speaking at a Committee for Economic Development of Australia event in Sydney today, Ms Cass-Gottlieb outlined the agency’s annual compliance and enforcement priorities which include working decisively on consumer protection, promoting competitive markets, and clear and accurate pricing information for products and essential services.
“The ACCC‘s complementary mandates support the community to participate with trust and confidence in commercial life and promote the proper functioning of Australian markets. We will continue to pursue our priorities through strong enforcement action, education to foster compliance, and advocacy for reform,” Ms Cass-Gottlieb said.
“Consumers are still doing it tough, and the cost of groceries and essential services have contributed to significant cost of living stress.”
“We will continue to work hard to protect consumers by using the full range of our tools and powers to enhance competition and fair trading, through tough and rigorous enforcement as well as targeted compliance and education initiatives.”
Ms Cass-Gottlieb said the ACCC would conduct dedicated investigations and enforcement activities to address competition and consumer concerns in the supermarket and retail sector in the year ahead.
One priority will be to address consumer and fair trading concerns, with a focus on misleading pricing practices including around surcharging.
Another priority to address competition concerns in the supermarket and retail sector will focus on firms with market power and conduct that impacts small business or contributes to higher prices for consumers.
“Our work will also address the potential imbalance of power more broadly between larger businesses that impose standard form contracts on one hand, and small businesses and consumers on the other as reflected in our priority on unfair contract terms in consumer and small business contracts,” Ms Cass-Gottlieb said.
Market concentration is a growing challenge across the Australian economy, not just in supermarkets and retail, but also in aviation, digital platforms, and many of our essential services.
Australian consumers and small businesses are likely to feel the impact of any anti-competitive conduct in essential services on price, choice and quality of services. Therefore, in 2025 to 2026, the ACCC will continue to prioritise promoting competition in essential services with a focus on telecommunications, electricity, and gas.
In addition to these cost of living measures, the ACCC will add a new priority, to address misleading surcharging practices and other add-on costs.
“We have previously taken enforcement action against merchant surcharging that exceeds the cost of card acceptance. In the year ahead, our work will focus on increasing business compliance with the excessive card payment surcharging prohibition, and improving pricing practices to ensure all add on costs are appropriately disclosed,” Ms Cass-Gottlieb said.
“Greater competition in markets fuels economic dynamism and growth. This is the key principle on which Australia’s competition policy, and the ACCC’s role in enforcing it, rests.”
“That’s why we use our tools in competition policy and consumer fair trading to achieve the best outcomes,” Ms Cass-Gottlieb said.
“When markets are not workably competitive, Australian customers, whether consumers or businesses, pay the price. When businesses compete with each other to meet consumer needs, they are incentivised to innovate and improve, to offer greater choice, lower prices and better quality products and services that deliver value for the money consumers choose to spend.”
“Competition promotes higher growth rates, higher household incomes and a strong Australian economy. And competition contributes to a better standard of living and a better way of life.”
Therefore, one of the enduring ACCC priorities is to address anti-competitive agreements and practices, misuse of market power and cartel conduct so that competition may be fostered at all levels of the supply chain.
After the passing of new merger legislation, voluntary notification of mergers will begin from 1 July 2025, ahead of the new regime coming into effect from 1 January 2026.
“We acknowledge the challenges navigating this period and are committed to working with the community during the transition,” Ms Cass-Gottlieb said.
“Successfully and efficiently implementing the reform to the merger regime, promoting compliance with the new regime, and taking enforcement action, where necessary, will be a significant focus for us in the coming year.”
In addition to these key priorities, the ACCC will continue its work on product safety, consumer and fair trading issues in the digital economy, with a focus on misleading or deceptive advertising within influencer marketing, online reviews, in-app purchases and unsafe consumer products.
Promoting choice, compliant sales practices and removing unfair contract terms such as subscription traps in online sales, is a key focus for the ACCC.
The focus on consumer, fair trading and competition concerns in relation to environmental claims and sustainability will also continue, with a new emphasis on greenwashing, as will a range of other priorities.
“In the year ahead, as we progress the priorities I have outlined today, we will continue to use our full range of tools and powers available under Australia’s Competition and Consumer Act and the Australian Consumer Law, and to exercise our enforcement powers independently, in the public interest, and with integrity and professionalism,” Ms Cass-Gottlieb said.
“We will also continue, as always, to remain clear eyed in our purpose to enhance competition across our economy, to promote the welfare of consumers and small businesses and to make markets work for all Australians.”
More information including the full list of the ACCC’s 2025-26 enforcement priorities is available at Compliance and enforcement policy and priorities.
A summary is also available at 2025-26 Compliance and Enforcement Priorities.
A transcript of the speech is available online.
Source: Australian Ministers for Regional Development
JODIE BELYEA: Good morning. Jodie Belyea, the Federal MP for Dunkley here, with the Minister for Infrastructure and Transport, the Honourable Catherine King. And we’re here today to announce a $923,000 funding initiative into the Tower Hill Road precinct in Frankston South. Each day, this one kilometre stretch of road sees over 2000 students from Overport Primary and Frankston High School come to this area to and from school. It’s very congested, sometimes unsafe, so this funding is going to ensure that people can walk, ride and drive through this area in a safe and orderly manner so that everyone gets to school easily.
And now I’m going to hand over to the Minister to talk a bit more about the whole initiative.
CATHERINE KING: Yeah, thanks very much, Jodie. It’s great to be here and particularly also with Councillor Brad Hill as well – it’s part of his ward. And really this project that we’re funding here, and I’ll talk a little bit about the program all up, but just over $923,000 really is the Active Transport Fund. It’s been out for competitive expressions of interest, basically expressions of application. And basically what we’ve seen with a project like this is exactly what we’ve been looking for, trying to make sure we’re making our transport to schools safer, trying to make sure that we’ve got people who are in cars can actually slow down around schools, and also really utilise the amenities in your neighbourhoods much better. So this is a great example. It’s part of $21 million we’re announcing today across the state of Victoria, out of the Active Transport Fund.
Further south there’s a project in Phillip Island, some $980,000 there for Bass Coast Shire, particularly for Cowes. And that will really help with the Regional Precincts and Partnerships Program there– we’ve done down the Esplanade, again, making it more walkable, less people, less reliant on cars. Ararat Rural Council, there’s some funding going to them there for the Ararat on the move strategy, something that that council has been working on for a while.
This program was very highly sought after, so I do want to particularly commend the Frankston City Council and the officers, but also Brad, because he almost did a little dance before when we saw him about this project. This has been on your list for a while, Brad. Really commend the council officers. These are really important ways in which we’re actually making the neighbourhood safer, but we’re also giving people back your amenity so that you can move around. You can use your bike, you can push your pusher. If you’ve got a walker, you can walk safely in your neighbourhoods, and you don’t have to rely on your car so much. And that’s really what the Active Transport Fund is all about.
BRAD HILL: Fantastic. Thank you. Brad Hill, local ward councillor, and I am really, happy this project now gets some traction. And, you know, it ticks all the boxes. It links the sporting precinct. It links our community centre, it links the primary school, it links Frankston High School. It links the surrounding streets right up to the end of where Moorooduc Road is, where the existing path network is. So it provides safe connectivity for all those kids walking, riding. But it’s not just about bikes. It’s not just about kids and community centres and sporting clubs. It’s also about mothers with prams. It’s also about people who can’t walk properly, uh, people who have to ride a disability scooter. So it just ticks so many boxes. And it’s clear to me this project was selected on its merits for all those reasons. So I’m really, really happy. And I thank the Minister today for the announcement.
CATHERINE KING: You are welcome.
JOURNALIST: Councillor, how long has this project been in the works?
BRAD HILL: A few years now. The council has a strategy for linking together our disparate network of shared user paths. We’ve been very clear what the strategy is, and yeah, it’s a few years now, and there’s a few more to go.
JOURNALIST: Jodie, how do you think your community is going to respond to this?
JODIE BELYEA: They’ll be thrilled. I have lived and worked in this area for some time, and I’m a local resident in this ward, so I know how congested this gets, having seen and lived in this area. So they’ll be thrilled. Safety first. And active transport.
BRAD HILL: Exactly. It’ll encourage people to leave their homes more than perhaps they were before. That’s what I think. Yeah.
Source: The Conversation (Au and NZ) – By Geoffrey Brooks, Professor of Engineering, Swinburne University of Technology
Whyalla is a proud steel town. The steelworks physically dominates the townscape, and most jobs in the town are either directly at the steelworks or heavily reliant on it.
In recent months, however, the steelworks have lurched from one setback to another, from serious technical problems that forced shutdowns to rising debts owed to suppliers and the state government.
On Wednesday, the South Australian government forced Whyalla steelworks into administration. To do so, it quickly passed amendments to the Whyalla Steelworks Act. Current owner GFG Alliance will no longer operate the site.
For me, someone intimately involved in the steel industry, the news that the steelworks has been put into administration is not a shock. This has been coming for some time.
On Thursday, Prime Minister Anthony Albanese unveiled a A$2.4 billion rescue package.
A portion of this money will be used to address immediate debt issues and keep the plant afloat. But $1.9 billion has been earmarked for major, long-term infrastructure upgrades under a new owner.
The next steps will be crucial if this vital component of Australia’s manufacturing infrastructure – and heart of the town of Whyalla – is to survive.
Whyalla’s steelworks was founded by BHP and opened in 1941, originally concentrating on ship building. It later transitioned to producing structural and rail products during the 1970s and ‘80s.
After the steel division was spun out of BHP in 2000, the steelworks operated under the OneSteel banner, which was renamed Arrium in 2012.
The plant has been in decline for a couple of decades. Its products have had difficulty competing against overseas imports and there have been issues with the scale of production and costs.
GFG Alliance took over Whyalla’s struggling steelworks in 2017, to great fanfare and optimism.
GFG is led by Indian-born British billionaire Sanjeev Gupta, who owns steel plants across the world. Until recently, he was a relatively unknown figure in the steel industry, but rapidly built up a steel empire after buying his first major steel plant in the UK in 2013.
Gupta’s business practices have recently drawn close scrutiny from regulators in the UK, particularly the financing arrangements for several of his businesses. GFG’s largest lender, Greensill Capital, collapsed in 2021.
Upon purchasing the plant in 2017, GFG promised to invest in upgrading the equipment and move the steelworks towards “green” steel production.
But these investments never materialised, and the operations have continued to lose money. There have also been significant operational issues over the past year, resulting in months of no production.
These challenges have been compounded by what appears to be poor management of key equipment in the plant, particularly the blast furnace.
Keeping blast furnaces running smoothly is one most important technical issues facing any steelmaker.
A string of recent breakdowns, resulting in major production shutdowns in 2024, does not reflect well on GFG.
On Wednesday, SA Premier Peter Malinauskas said the state government had been forced to step in, given debts of more than $300 million owed by GFG and reports workers weren’t being paid.
The town of Whyalla will be watching the outcome of the state and federal governments’ rescue plan with bated breath. If it’s not to be GFG, who should be trusted with taking over and running the steelworks?
In such times, it is worth pointing out some of the key advantages of the plant that could make it an attractive asset to prospective owners.
Whyalla has good port facilities, a major iron ore deposit (Middleback Range) nearby, and abundant renewable energy.
It also has an experienced and trained workforce, with established product lines that are in demand (particularly rail steel).
Bluescope has been touted as one potential new owner. But there is also likely to be foreign interest, given the potential for linking steel production to renewable energy in Whyalla.
The current scale of the Whyalla steelworks, about 1.2 million tonnes of raw steel per year, is simply too small to be competitive. It is operating in a market where plants producing more than 3 million tonnes per year are common.
The plant’s product range could be broadened and raised in value by investing in key steelmaking equipment.
The general shift towards green production routes also presents opportunities for Whyalla. The local abundance of solar energy is likely to be a significant advantage for the plant’s future.
However, converting from the plant from its current coal-based technology to non-coal based technology (such as hydrogen ironmaking) will take significant investment and technical skill.
Could Australia simply let the steelworks shut down and import its rail steel instead?
That would draw parallels with Australia’s car manufacturing sector, which the government ultimately allowed to collapse. But I believe this position is unlikely to attract much support.
For one, there would be an enormous human cost to the people of Whyalla. The town of 20,000 people would be economically devastated by the plant’s closure.
There’s also a fear such a move would further weaken Australia’s ability to generate long-term wealth. Historically, the steel industry has been an important generator of long-term jobs and national wealth.
And it would certainly be demoralising for our manufacturing sector. Australia has plentiful ore, energy and a huge railway network. We should be able to run a sustainable steel plant specialising in rail and structural steel.
All these challenges need investment and strong technical leadership. The decisions taken by the state and federal government in the next few months will be vital for Whyalla’s future.
Geoffrey Brooks receives funding from the HILT CRC, ARC Steel Innovation Hub and Victorian Hydrogen Hub for fundamental research into steelmaking. The Liberty GFG company and other steel companies financially invest into these research bodies and directly support some of his steelmaking research. He is also the Chairman of the Association of Iron and Steel Technology Australian and New Zealand Chapter. This organisation organises conferences and seminars on steelmaking topics. His activity in this Chapter is on a voluntary basis.
– ref. With Whyalla steelworks forced into administration, Australia has crucial decisions to make on the future of its steel industry – https://theconversation.com/with-whyalla-steelworks-forced-into-administration-australia-has-crucial-decisions-to-make-on-the-future-of-its-steel-industry-250317
Source: The Conversation (Au and NZ) – By Robert Hales, Director, Centre for Sustainable Enterprise, Griffith University
The goal of science is to uncover truths and create new knowledge. But this is not always welcome. Increasingly, scientific findings are being attacked or downplayed. And scientists themselves face intimidation or harassment.
In our global study of more than 2,000 scientists across six areas of science, two-fifths (41%) of respondents had, as a result of their work, been harassed or intimidated at least once over a five-year period.
Intimidation efforts included online abuse, physical threats, and threats to budgets or employment. Harassment, while personal, could be meted out by superiors, colleagues or outsiders. Some scientists felt their leaders had thrown them under the bus to protect the institution’s reputation.
Who’s doing the intimidation? Strikingly, a majority of cases of intimidation and harassment actually came from inside the institution for most fields. That is, it was perpetrated by senior colleagues or managers. But for climate scientists, most intimidation efforts came from outside.
Intimidation of scientists doesn’t happen in a vacuum. In recent years, there has been a rise in populist leaders who pour scorn on “elites” and evidence. Scientific issues are increasingly politicised. Disinformation is rampant. This atmosphere adds to the pressure faced by scientists, especially those working in politically sensitive areas such as climate science or COVID.
We used an online database of scientists to find and contact experts publishing in six fields: climate science, medical health, humanities and social science, food and plant science, astronomy, and other STEM areas.
More than 2,000 responded to our survey on whether they had experienced various types of intimidation or harassment. We asked respondents for more detail on the perpetrators, what triggered the incident, and what effect it had on them.
Many respondents had a clear view as to what the intimidation or harassment was meant to do. The motivations of perpetrators varied greatly. But the most common reasons were to damage their reputation, to stop them from publishing certain types of research, or to “put me in my place”.
Specific fields of science were more prone to harassment and intimidation – in particular climate science, and humanities and social science.
Among those scientists who had been intimidated, climate scientists reported online abuse three times more often than astronomers. Climate science is politically charged, because climate change is clearly linked to pollution from some of the world’s largest industries – oil, gas and coal. Astronomy is not. Half of the climate scientist respondents experiencing intimidation saw the bad behaviour as a way to discourage them from undertaking specific research and speaking about it.
Researchers from humanities and social sciences faced similar levels of online abuse to climate scientists.
When it came to personal harassment, there was a clear gender dimension. Among those who reported experiencing harassment, female scientists were more than four times more likely to report “unwelcome or inappropriate behaviour of a sexual nature” than their male counterparts. Women were affected almost twice as much as men by non-sexual forms of personal harassment.
Our findings follow earlier research finding similar rates of intimidation. For instance, a 2021 survey of 321 scientists working on COVID-19 found 15% had received death threats and 22% received threats of sexual violence.
The consequences of intimidation are profound and far-reaching. Many scientists told us the experience had caused lasting damage, whether to wellbeing, career prospects or research activities.
More than 40% of those affected said their career prospects had worsened following incidents of harassment. Just over a third (34%) reported a decline in their desire to work in science. Scientists who experienced intimidation often cut back their collaboration with colleagues (35%), leaving them more isolated.
Many of our respondents described flow-on effects such as decreased access to funding (35% of respondents) and less public communication from their institution about their work (23%).
Scientists targeted with multiple types of harassment reported very damaging effects, from difficulty finding their next job to poor mental health.
Intimidation and harassment have a chilling effect on science. This, in turn, could hinder progress on crucial issues such as climate change, public health and technological advancements.
The disproportionate impact on women and researchers in politically sensitive fields threatens to undermine diversity and inclusivity in science.
Without targeted interventions, women in science may continue to suffer disproportionate levels of harassment and intimidation. This will have long-term implications for gender diversity in scientific leadership and the direction of research in various fields.
In the United States, the Trump administration’s withdrawals from the Paris climate agreement and the World Health Organization are likely to further embolden anti-science movements. Many American scientific institutions are engaged in anticipatory obedience of the Trump administration’s demands that diversity and anti-discrimination programs be abolished, or climate change stop being mentioned. Many even go beyond what is explicitly sought.
Science and academia is often seen as a bastion of free inquiry and open discussion. One of our most surprising findings was how common intimidation was within scientific institutions.
The key to beating intimidation is organisational support and clear strategies, not obedience. These include:
genuine commitment to institutional policies protecting scientists from both internal and external intimidation
formal, well-resourced support systems for researchers facing harassment or pressure (not the HR office)
programs to increase public understanding of the scientific process to build trust and resilience to misinformation
boosting international collaboration between scientists and policymakers to ensure resilience against country-specific efforts to undermine science
educating the public on the importance of scientific independence and of fostering respectful dialogue around contentious topics.
As populist movements gain traction in many countries, scientists working on controversial issues will face heightened scrutiny – and potentially more intimidation.
Climate science is likely to remain a particularly contested field. As the damage wrought by climate change becomes more and more apparent, it will get even more contentious.
Over the last few centuries, science has produced breakthroughs in many areas. But the integrity of science is not guaranteed. Harassment and intimidation from both inside and outside institutions has a very real effect on scientists.
The future of evidence-based decision-making and ability to tackle global challenges depends on fostering an environment where scientists can work free from fear and undue pressure.
Robert Hale receives funding from the Australian Research Council.
David Peetz undertook research over many years with occasional financial support from governments from both sides of politics, employers and unions. He has been and is involved in several Australian Research Council-funded projects, including this one.
Ian Lowe was president of the Australian Conservation Foundation from 2004 to 2014.
Carolyn Troup and Georgina Murray do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.
– ref. Two in five scientists in our survey reported harassment and intimidation. Often, the perpetrators are inside the institution – https://theconversation.com/two-in-five-scientists-in-our-survey-reported-harassment-and-intimidation-often-the-perpetrators-are-inside-the-institution-248013
Source: Australian Treasurer
The Albanese Government is helping Australia’s 62,000 charities by ensuring that states and territories collaborate effectively with the federal government – reducing unnecessary paperwork.
We’re taking the practical step of including representatives from all states and territories on the advisory board of the Australian Charities and Not‑for‑profits Commission (ACNC). This will include the greatest representation from state and territory governments since the Board’s inception in 2013.
This move builds on the substantial body of work that Labor has done to support charities, and aligns with recommendations in the Productivity Commission’s landmark Future Foundations for Giving report.
These strategic appointments aim to ensure the diverse interests of our communities are effectively represented, fostering a consistent national approach to regulatory and policy matters within the charity sector.
The ACNC Advisory Board supports the Commissioner by offering informed advice on matters affecting charities and strengthening the governance and effectiveness of the sector.
The new ex‑officio appointments will provide an additional layer of regulatory expertise, complementing the sector‑based members and enhancing the Board’s role as a forum supporting charity law, policy and regulatory reform.
The new appointments to the ACNC Advisory Board are:
The ACT is already represented on the board, with David Crosbie, CEO of the Community Council for Australia, reappointed in July 2023.
This ensures that all states and territories will be represented in the national conversation about helping charities and reconnecting communities.
These appointments reinforce the Government’s commitment to fostering a robust, well‑regulated charity sector that serves communities across Australia. It builds on our achievements to date. Since coming into government, the Australian Government has:
“Labor wants to minimise the time that Australia’s great charities spend doing paperwork, so we can maximise the energy they devote to helping the vulnerable, cleaning up the environment, helping people stay active, and connecting neighbours.
“One of the best ways of achieving this is to ensure that all jurisdictions are working together on charitable regulation.
“Bringing sector experts and regulators from all states and territories onto the advisory board of the charities commission will help charities by reducing regulatory overlap, and ensuring jurisdictions are working together to help charities and non‑profits thrive.”
Source: Australian Treasurer
In 2015, a group of young Australians had a simple yet ambitious vision: to use hospitality to change lives. They believed that something as universal as sharing a meal could also build a stronger community.
A decade later, that vision has made a real difference – Stepping Stone Café, located in my electorate of Fenner in the ACT, has helped over 60 migrant and refugee women to participate in meaningful work. Last April, I recognised the café as my monthly ‘community champion’ for its contribution to inclusion and opportunity, and on Australia Day 2025, its founders, Vanessa Brettell and Hannah Costello, were named Australian of the Year Local Heroes.
Their philosophy is simple: participation strengthens society. ‘We dream of a society where diversity is celebrated, where all people are empowered and able to live the lives that they choose,’ Hannah said upon receiving the award. By breaking bread together, newcomers and locals don’t just share food – they build community, foster belonging, and strengthen democracy itself.
It is initiatives like Stepping Stone Café that our government seeks to support – not just because their work is virtuous, but because when charities thrive, democracy thrives.
That’s why our focus has been strengthening the operating environment for charities and not‑for‑profits, so they can all do what they do best – serve communities. We have made significant progress and the path to a stronger sector is clearer than ever.
When the Albanese government took office in 2022, the charities sector was facing serious challenges after the Coalition’s nine‑year war on charities. Charities were being tied in knots by outdated, inconsistent fundraising laws, spending time on compliance that could be spent helping people. They needed a government that saw them as partners, not just service providers. Across society, we saw that charitable donations were up, but fewer people were giving – a worrying trend and a long‑term risk to our culture of generosity and equality of opportunity.
We’ve tackled this by cutting excessive paperwork, aiming to double philanthropy by 2030, and strengthening social capital through community engagement. Our reforms aren’t about just one big fix, but about laying the foundations for lasting change. Each step we have taken strengthens the path towards a more connected, generous, and fair Australia.
Giving in Australia has been too dependent on too few people. We need to broaden the base, not just by increasing donations from existing philanthropists but by encouraging more Australians to give. We committed to doing this as a partner, working alongside businesses, non‑profits and philanthropists.
That’s why we commissioned the Productivity Commission’s review into philanthropy, Future Foundations for Giving, released at the end of 2024, and are considering its findings. Anticipating some of the Commission’s final recommendations, we’ve taken practical steps to build a systematic culture of giving.
In addition, since coming into government, we have introduced a new deductible gift recipient (DGR) category for community foundations to support place‑based and community‑driven giving. We have streamlined the DGR application process for environmental organisations, harm prevention charities, cultural organisations and overseas aid organisations. And we have reformed the tax deductibility of donations, including removing the $2 minimum for tax‑deductible claims to encourage small donations, such as rounding up purchases at the checkout.
For years, charities called for fundraising reform, stuck navigating outdated, inconsistent state laws designed for an era of street collections, not digital donations. A Senate committee, chaired by Catryna Bilyk, put the compliance cost at over $1 million a month – money better spent in communities.
In February 2023, we worked with state and territory governments to introduce national fundraising principles and streamline regulations. Once fully implemented nationwide, this will mean charities can fundraise under a single, modern set of national principles, without the unnecessary paperwork that’s held them back for years.
Our government has also acted to strengthen trust and transparency in the charity sector. We passed legislation empowering the Australian Charities and Not‑for‑profits Commission (ACNC) to publicly address harmful breaches of compliance, ensuring Australians can have confidence in the system. We appointed Sue Woodward, a highly regarded expert, as head of the ACNC to provide the sector with strong, informed leadership. And to better represent the voices charities serve, we refreshed the ACNC Advisory Board, bringing First Nations, CALD and youth perspectives to the table.
In an era of rising disconnection, the work of charities in building communities has never been more vital.
We’re making volunteering easier and more accessible. Last year, we funded the General Social Survey to provide better data on volunteering and social cohesion, which will help charities plan their work and target beneficiaries, by providing new questions on participation in volunteering and involvement in cultural events and activities. This builds on our 2023 initiative to connect 5,000 young people with volunteering opportunities.
To build social capital and trust, charities must have the freedom to bring people together, take action, and advocate for their interests. We have sent a clear signal that charitable advocacy is supported and welcomed by this government by removing restrictive gag clauses, ensuring charities can shape policy to suit the needs of their communities.
Stepping Stone Café creates change by providing a supportive, enabling environment for refugee and migrant women. government plays a similar role. Our job is to create the conditions in which charities and not‑for‑profits can thrive, one connection and reform at a time.
Stepping Stone Café’s impact grows meal by meal, connection by connection. We’ve taken a plethora of practical steps to create a better operating environment for not‑for‑profits – to remove barriers to fundraising, boost philanthropy and strengthen community engagement.
Our reforms aren’t about just one big fix, but about laying the foundations for lasting change. Each step we have taken strengthens the path towards a more connected, generous, and fair Australia.
In the year ahead, we will build on this momentum, continuing to work with the sector to unlock new opportunities for giving, volunteering, community participation, and building the 4 key pillars that the Productivity Commission inquiry identified.
This cannot be done by government alone. We want to go far on this path, and charities, businesses, and individuals must go together with government to make giving a habit, volunteering a priority, and participation a cornerstone of our democracy.
Source: United States INDO PACIFIC COMMAND
This year’s main focus is the relationship of the U.S. Air Force, joint services, Japan Air Self Defense Force and Royal Australian Air Force fifth-generation aircraft and strengthening the interoperability of allies.
“Cope North 25 is an opportunity for the USAF, RAAF and JASDF to integrate at a level of training that you can’t accomplish anywhere else,” said U.S. Air Force Capt. Bobby Evans, 134th Fighter Squadron electronic combat pilot. “The airspace here is unrestrictive, and the amount of time we are able to spend tackling problems together is a fantastic experience.”
CN25 marks the first year where there are F-35A Lightning IIs from all three participating nations with the U.S. Marine Corps bringing in the F-35B Lightning II.
The F-35A Lightning II is the coalition forces’ latest 5th generation aircraft. This specific aircraft was designed to operate with its ability to survive in a contested environment, with its advanced avionics, situational awareness, aerodynamic performance and reduced vulnerability for the United States and partner nations.
“The number one goal of Cope North is the integration of the F-35 tactics between the three nations, Japan, Australia and the United States,” said U.S. Air Force Col. Charles Schuck, 3rd Wing commander. “We all use the F-35, so you would think that one airplane means that we do everything the same, but that’s an assumption we have to validate.” He went on to explain that each country operates in a unique way, which is why trilateral integration exercises such as CN25 are vital.
With a few days left of CN25, JASDF, RAAF, USAF and other joint nations continue to sharpen aerial warfighting integration, strengthening joint integration and partnership for a free and open Indo-Pacific.
Source: The Conversation (Au and NZ) – By Dougal Sutherland, Clinical Psychologist, Te Herenga Waka — Victoria University of Wellington
The low-productivity bogeyman has long haunted New Zealand, with people working longer hours for lower output than other comparable countries. The country is now one of the least productive in the OECD.
At its most basic level, productivity measures how much output can be produced with a set of inputs. The inputs can be the work of staff, as well as technical innovation, research and development and automation to encourage more efficient processes.
Prime Minister Christopher Luxon has committed to resolving this persistent productivity crisis with science sector reforms and overseas investment.
But after decades of lagging behind the rest of the world, a growing body of research shows the answer could lie in greater support for workers’ mental health.
For many, increasing productivity equates to people working “harder” for longer hours – the implication being that if only we “pulled finger” and “knuckled down” the country’s productivity would magically increase.
Instead, could the answer to our productivity crisis be in improving the psychological functioning and mental health of our workforce?
There is a substantial body of evidence showing poor mental health is related to poor productivity. Recent New Zealand data show workers with the poorest mental health lost more than three times the number of productive workdays annually (71 days) than those with the highest mental health (19 days).
Poor mental health can take a toll in the form of time away from work (absenteeism), loss of focus, and emotional exhaustion (presenteeism).
Conversely, measures taken by employers to improve the mental health of workers show a strong positive relationship with increased productivity.
Data from more than 1,600 publicly listed companies in the United States found employee wellbeing predicts higher company valuations, return on assets, gross profits and stock market performance.
Of those interventions used to improve mental health and productivity at work, the most promising appear to target leadership capability, health screening and psycho-socially healthy working environments.
One of the more notable initiatives happened in our own backyard. Andrew Barnes from Perpetual Guardian has been a vocal proponent of four-day work week.
This doesn’t mean packing a 40-hour week into four days instead of five. Rather, its central tenet is reducing the working week (usually to 32 hours), keeping workers’ salaries at 100%, and continuing productivity at 100% (at least) of its existing level.
Results from a pilot with 61 companies in the United Kingdom show an average increase of 36% per annum in revenue for participating businesses, with over 90% of UK businesses that have trialled the programme choosing to continue with it.
Similarly positive results came from a widespread trial of a shorter working week (at full pay) in Iceland, involving 1% of the working population, including office workers, teachers, and healthcare workers.
But despite the need to improve productivity and the growing business case for improving employee wellbeing, demand for organisational mental health services has dipped.
Anecdotally, organisations involved in supporting the mental health of New Zealand workplaces have reported a decrease in demand, with many businesses and government agencies citing budget constraints as a major barrier to investing in this area.
This is likely a sign of the economic times, with more than three-quarters of New Zealand business leaders citing economic uncertainty as a key threat to their organisation in 2025.
To some, providing psychological support to workplaces may appear frivolous at worst, and a “nice-to-have” at best. Understanding the mechanisms by which these interventions can boost productivity may help dispel these doubts.
If we consider some of the core symptoms of poor mental health at work – namely exhaustion, reduced focus and greater sickness absence – it’s easy to see how improving workers’ mental health can improve the productivity of a business.
The idea of sustainable labour practices isn’t new or radical, nor is it just another attempt to load businesses with extra responsibility for worker mental health.
It is a way to enable people to work more efficiently in the time they have, and to keep them in their jobs for longer. In turn, this improves overall company performance and, crucially, improves population health.
For many businesses, people are their biggest asset. Ensuring your biggest asset is functioning well is as essential to enhancing productivity as regular maintenance and capital expenditure on physical machinery and buildings.
Like any business strategy worth its while, it’s not always easy. But there is too much at stake not to get it right.
Dougal Sutherland is an Honorary Teaching Fellow at Te Herenga Waka. He is also Principal Psychologist at Umbrella Wellbeing.
Dr Amanda Wallis from Umbrella Wellbeing contributed to this article
– ref. NZ has long suffered from low productivity. A simple fix is keeping workers happy – https://theconversation.com/nz-has-long-suffered-from-low-productivity-a-simple-fix-is-keeping-workers-happy-248752
Source: New Zealand Labour Party
The Government is falling even further behind its promised target of 500 new police officers, now with 72 fewer police officers than when National took office.
“Instead of increasing police numbers as promised, Mark Mitchell is taking New Zealand Police backwards and overseeing a reduction in officers,” Labour police spokesperson Ginny Andersen said.
“The reality is that we’re seeing fewer police officers, more job cuts to police staff, and officers being tasked with extra duties like taking jackets off gang members instead of focusing on criminal behaviour, all of which is stretching Police to a breaking point.
“The numbers reported by the Police Association show that as of January 2025, the total number of police officers has decreased from 10,211 to 10,139 since November 2023, leaving New Zealand with 72 fewer police officers than when National made its announcement 14 months ago.
“A recruitment campaign launched by Police today to try to turn this around may be a little too late. There are reports of increasing attrition at New Zealand Police, as more Kiwi officers choose to take up the offer of a job in Australia, adding to the record numbers of people taking the Prime Minister’s advice of ‘Everyone Must Go’ and leaving the country.
“Police are being stretched thin at a time when cocaine and methamphetamine use is surging. It’s time for the National Government to stop making excuses and start delivering the resources our police need,” Ginny Andersen said.
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Source: Victoria Country Fire Authority
It wasn’t long after he joined up that Stewy was fighting the Black Saturday fires and afterwards was eager to get even more involved with his new brigade and joined a team for his first ever state championships competition.
“Kevin Atteridge, the Captain at the time, took me under his wing and told me I would be perfect for these firefighting games and so it all just started from there,” Stewy said.
15 years later Stewy is still competing in the championships and has also taken up a role coaching both junior and senior teams for Springhurst and he said he particularly enjoys coaching the juniors.
“It gives them really good training, even though we aren’t using flames it is good for their skills, good for discipline, gets them really involved and I try to instill all the CFA values in them,”
Stewy said.
“My son has just started and I look forward to the next few years getting to do it with him.”
This year’s state championships fall on Stewy’s 53rd birthday and he said he can’t think of a better way to spend his birthday.
“I probably only have a few more left in me because I am getting up to that age, so I am really going to make the most of it,” he said.
Stewy said he loves the “camaraderie” of the championships and even though winning medals is a good motivator it is the sense of community that keeps him coming back year after year.
“You meet new people, it’s lots of fun, a bit of an adrenaline rush, there is nothing negative about it,” he said.
| Submitted by | CFA Media |
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Source: Northern Territory Police and Fire Services
Northern Territory Fire and Rescue Service (NTFRS) responded to a structure fire on Whitewood Road overnight.
At 2am, NTFRS received reports of a structure fire on private property behind the service station on Whitewood Road, Howard Springs impacting a shed and demountable.
Several career and volunteer firefighting units swiftly responded, including several pump appliances, the HAZMAT rehabilitation trailer, large water tanker, rescue tender and volunteer grassfire units, who immediately worked to bring the fire under control.
An evacuation of impacted properties was initiated while firefighters worked to extinguish the fires.
NT Police, Power and Water Corporation and St John Ambulance attended the scene. No injuries were reported during the incident.
NTFRS brought the fire under control by 5am and crews remain on the scene as a precaution.
The two structures on the property sustained considerable damage.
A crime scene has been established and NTFRS fire investigators and NT Police are working together to determine the cause of the fire.
Anyone with information is urged to make contact with police on 131 444.
Media contact:
Rickie Abraham
8923 9803
Source: Australian Government – Minister of Foreign Affairs
I am pleased to announce the recipients of the National Foundation for Australia-China Relations grants round for 2024-25, and new appointments to its Advisory Board.
The Foundation is providing 29 grants to support cooperation and engagement between the people of Australia and China. These programs are focused on building capability in Australian industry, boardrooms, community and institutions to foster engagement in a risk-informed way.
The initiatives receiving grants are listed on the Foundation’s website and include:
Today I also announce the appointment of Advisory Board members for the National Foundation for Australia-China Relations.
The Advisory Board helps guide the Foundation in its work to promote and coordinate enhanced cooperation between Australia and China, in support of Australia’s national interest.
I am pleased to appoint Ms Wendy Huang, Publisher and Managing Director, 1688/Chinese Herald Australia to the Advisory Board.
I am pleased to confirm that Mr Rowan Callick, Dr Yin Cao, Ms Wesa Chau, Dr Courtney Fung, Mr Douglas Gautier AM, Ms Marina Go AM, Dr Jade Little, Professor Sharon Lewin AO, Mr Richard McGregor and Professor Rory Medcalf AM have been reappointed to the Advisory Board.
I am also delighted Ms Marina Go AM has accepted my invitation to become Chair of the Foundation in June 2025.
I pay tribute to outgoing Chair Ms Pru Bennett for her contribution to the Foundation as Chair since 2020.
I also thank outgoing Board Members Professor Brian Schmidt AC and Professor Duncan Lewis AO DSC CSC for their valuable support to the Foundation over recent years.
I look forward to the Foundation’s continued work to strengthen engagement with China in Australia’s interest and to reinforce social cohesion by partnering with Chinese-Australian communities to showcase their contributions.
Source: South Australia Police
Police have arrested a man after an investigation led them to locating homemade explosive items, firearms and weapons at his address.
On Wednesday 19 February, police from Mount Barker arrested and charged a 41-year-old man from Harrogate with possess a prohibited weapon, possess a firearm without a licence, possess a dangerous article, manufacture an explosive and two counts of unlawful possession.
The arrest followed a search of the male’s home where police located knuckledusters, two gel blasters, two large PVC pipe-based cannons, two small homemade explosive devices, illicit drugs and prescribed drug equipment.
Police also located a stolen boat and trailer and two motorbikes, suspected of being stolen.
Police are making further enquiries to identify the owner of the bikes.
The man was refused bail and will appear in the Adelaide Magistrates Court today, Thursday 20 February.
CO2500007271
Source: Northern Territory Police and Fire Services
NT Fire and Emergency Services will deploy 17 members to Western Australia today to assist with wildfires which have been burning south of Perth for over a week.
Several wildfires are currently burning in Shannon, Boorara-Gardner and D’Entrecasteaux National Parks near Windy Harbour, Boorara Brook and Meerup, with several watch and act warnings in place across southern WA.
The Western Australian Government formally requested assistance from all jurisdictions on Tuesday afternoon, prompting a swift response from NTFES who arranged for a large contingent of NT Fire and Rescue Service and Bushfires NT staff to depart Darwin on Thursday.
Upon arrival in Perth the contingent will be stationed across the southwest and are expected to spend the next week working alongside colleagues from WA and NSW and QLD.
The team, consisting of volunteers and staff from NT Fire and Rescue Service and Bushfires NT will assist with firefighting operations.
Acting Commissioner NT Fire and Emergency Services, Collene Bremner said the team were ready to step up to assist our WA colleagues during this critical time.
“Our highly skilled crews will assist on the fire ground and within the Incident Management Team (IMT) with a range of tasks that they’re well prepared and experienced in delivering,” she said.
“The remote and rugged landscapes in southern WA are like NT conditions which our members highly skilled and trained in working in. Given the scale of the wildfires currently burning across the southwest region we are more than happy to provide additional capacity to aid in the response efforts – our staff are well-trained and ready to go.”
“Our thoughts are with all of those on the front line of this sustained response and those residents impacted by the fires.”
This deployment highlights the dedication and core values of the newly established NTFES agency. Many of these individuals put their personal lives on hold to assist communities, as well as others in need during times of crisis.
The recent formation of the NT Fire and Emergency Services, which combines the NT Fire and Rescue Service, NT Emergency Service, and Bushfires NT into one agency, enhances our ability to respond to emergencies while prioritising community resilience.
Media contact:
Rickie Abraham
89239803
Source: Australian Ministers for Infrastructure and Transport
Victorians will have more opportunities to walk, cycle and actively move through their communities thanks to support from the Albanese Government.
$21 million will be invested in 19 projects across Victoria to build new or upgrade existing bicycle and walking paths.
Frankston City Council will receive $923,650 to construct a shared path in Frankston South on Towerhill Road. The project will upgrade existing infrastructure to enhance safety by providing dedicated paths to enable cyclists to avoid the busy roadway.
Further south, on Phillip Island, $980,000 will be invested in the Bass Coast Shire Council’s new shared path to link the townships of Cowes and Ventnor for visitors and locals alike.
$266,000 will go towards the Ararat Rural City Council’s ‘Ararat on the Move’ Strategy to design and deliver almost 10km of bicycle routes that will transform the town, connecting residents and visitors with shops, schools, recreational facilities, the Ararat CBD and train station.
In Kilsyth, Yarra Ranges Council will receive $460,000 to create a new 1.7km shared user path along Liverpool Road between Canterbury Road and Mount Dandenong Road in Kilsyth to connect popular destinations such as the Baywater Business Precinct and Pinks Reserve, and feed into nearby trails.
Other projects receiving funding include:
The Albanese Government is making our cities and regions even better places to live, building social infrastructure, connecting place and designing healthier, more liveable towns.
Our new Active Transport Fund is one part of this, providing safe and accessible transport options that are good for the planet and good for ourselves.
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: investment.infrastructure.gov.au/resources-funding-recipients/active-transport-fund-resources
Quotes attributable to Minister for Infrastructure, Transport, Regional Development and Local Government Catherine King:
“From Melbourne to the Yarra Ranges, we’re investing in active transport options right across Victoria 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 our everyday places, and making our towns better to live in and easier to visit.”
Quotes attributable to Federal Member for Dunkley Jodie Belyea:
“The Albanese Labor Government is investing in our community, building a more connected Frankston.
“We’re making it easier for families and students to get around Frankston safely.”
See here for a full list of projects receiving funding in Victoria:
| Proponent | Project | Funding amount |
| Moorabool Shire Council | Gordon Township Active Transport Loop | $678,825 |
| Mount Alexander Shire Council | Design and construction of McKenzie Hill to Parker Street Shared Pathway, Castlemaine | $3,010,600 |
| Hume City Council | Highland Drive Shared User Path Upgrade | $50,000 |
| Hume City Council | Lygon Drive Shared User Path and Cycling Facilities Upgrades | $200,000 |
| Yarra Ranges Shire Council | Design and construction of the Liverpool Road Trail, Kilsyth | $463,938 |
| City of Darebin | BT Connor Reserve Shared Path | $158,000 |
| Maroondah City Council | Design and construction of Greenwood Avenue Shared Use Path | $681,630 |
| Frankston City Council | Construction of Shared User Path on Towerhill Road, Frankston South | $923,650 |
| Hobsons Bay City Council | Kororoit Creek Shared Trail Stages 4 and 5 | $5,000,000 |
| Melton City Council | Design and construction of a shared use path along Westwood Drive, Burnside/Ravenhall | $969,527 |
| Melton City Council | Design and Construction of Raised Priority Crossings – Caroline Springs Boulevard and Gourlay Road Corridor, Caroline Springs. | $1,147,093 |
| Moorabool Shire Council | Griffith Street, Maddingley Active Transport Corridor | $1,814,503 |
| City of Port Phillip | Beacon Road Active Transport Safety Upgrade, Port Melbourne | $515,000 |
| City of Glen Eira | Improving Paths, Connecting Communities | $2,336,000 |
| Horsham Rural City Council | Horsham Central Activity District – safe eastern access for cyclists and pedestrians | $900,000 |
| City of Melbourne | Rathdowne Street Traffic Signals Upgrade | $963,095 |
| Bass Coast Shire Council | Design and construction of the Ventnor Road Shared Path, Phillip Island | $980,000 |
| Ararat Rural City Council | Design and Upgrade of the Active Transport Bicycle Network, Ararat | $266,000 |
| Warrnambool City Council | Industrial Precinct Footpath Construction | $266,626 |
Source: GlobeNewswire (MIL-OSI)
ANCHORAGE, Alaska, Feb. 19, 2025 (GLOBE NEWSWIRE) — First National Bank Alaska’s (OTCQX:FBAK) net income for the fourth quarter of 2024 was $19.9 million, or $6.29 per share. This compares to a net income of $16.6 million, or $5.24 per share, for the same period in 2023.
“Fourth quarter results concluded another year of strong financial performance in 2024,” said First National Board Chair and CEO/President Betsy Lawer. “Growth in both loans and customer deposits along with repositioning efforts in the securities portfolio enhanced the balance sheet. Growth in noninterest income along with outstanding expense management resulted in record-high net income. As we build on the momentum generated in 2024, I’m excited about where our recently expanded leadership team will take us to further help Alaskans shape a brighter tomorrow.”
Loans totaled $2.5 billion as of Dec. 31, 2024, an increase of $24.3 million during fourth quarter 2024, and an increase of $196.6 million compared to the same period in 2023. Fourth quarter loan quality was strong with nonperforming loans of $4.3 million, 0.17% of outstanding loans compared to $4.7 million and 0.20% as of Dec. 31, 2023. The provision for credit losses totaled $0.7 million for the year ended Dec. 31, 2024, compared to a $0.9 million benefit for year ended Dec. 31, 2023. The allowance for credit losses as of Dec. 31, 2024 totaled $18.0 million, or 0.73% of total loans.
Fourth quarter total interest and loan fee income was $63.4 million, a 6.2% increase from $59.8 million for the quarter ended Dec. 31, 2023. The yield on loans increased to 6.67% compared to 6.25% on Dec. 31, 2023. Interest and fees on loans and interest and dividends on investment securities increased in the fourth quarter on rate and volume improvements.
Assets totaled $5.0 billion as of Dec. 31, 2024, decreasing by $559.5 million due to the repayments during the fourth quarter of the December 2023 advance under the Federal Reserve Bank Term Funding Program and the July 2024 Federal Home Loan Bank borrowing. Return on assets on Dec. 31, 2024, was 1.22%, fifteen basis points higher compared to 2023.
Deposits and repurchase agreements totaled $4.4 billion as of Dec. 31, 2024, an increase of $47.1 million during the fourth quarter, and an increase of $13.1 million since Dec. 31, 2023. Seasonal outflow was offset by new customer deposits during the fourth quarter of 2024.
Interest expense for the quarter decreased by $0.2 million compared to the quarter ended Dec. 31, 2023, due to repayments of borrowed funds offset by mix changes in interest-bearing deposits. Net interest margin through Dec. 31, 2024, was 3.12% compared to 2.82% for the year ended Dec. 31, 2023.
Noninterest income for fourth quarter 2024 was $7.0 million, an increase of 7.5% compared to fourth quarter 2023. Quarterly income improvement occurred within fiduciary activities and mortgage loan servicing. Noninterest expenses for the fourth quarter of 2024 increased 12.4% compared to the same period in 2023, primarily due to an increase in salaries and benefits driven by the competitive labor market and health care costs. The efficiency ratio for Dec. 31, 2024, was 53.51% and remains better than First National’s peer groups, both in Alaska and across the nation.
Provision for income taxes was reduced $2.2 million in the fourth quarter of 2024 as compared to the fourth quarter of 2023, reflecting certain state income tax benefits achieved in the securities portfolio.
Shareholders’ equity was $516.6 million as of Dec. 31, 2024, compared to $464.8 million as of Dec. 31, 2023. This $51.8 million increase resulted from a decrease in the net unrealized loss position of the securities portfolio and net income retained in excess of dividends paid. Return on equity as of Dec. 31, 2024, was 13.60% compared to 13.97% as of Dec. 31, 2023. Book value per share as increased to $163.11, compared to $146.77 as of Dec. 31, 2023. The bank’s Dec. 31, 2024, Tier 1 leverage capital ratio of 10.54% remains above well-capitalized standards.
ABOUT FIRST NATIONAL BANK ALASKA
First National Bank Alaska files a quarterly financial report with the Federal Financial Institution Examination Council. The bank’s latest Consolidated Report of Condition and Income (Call Report) is filed by the 30th of the month following quarter-end and is subsequently posted at FNBAlaska.com and OTCMarkets.com.
Alaska’s community bank since 1922, First National proudly meets the financial needs of Alaskans with ATMs and 28 locations in 19 communities throughout the state, and by providing banking services to meet their needs across the nation and around the world.
In 2025, Forbes selected First National as the sixth bank in the country on their America’s Best Banks list. In 2024, Alaska Business readers voted First National “Best of Alaska Business” in the Best Place to Work category for the ninth year in a row, Best Bank/Credit Union for the fourth time running, and Best Customer Service. The bank was also voted “Best of Alaska” in 2024 in the Anchorage Daily News awards, ranking as one of the top three in the Bank/Financial category for the sixth year in a row. American Banker again recognized First National as a “Best Bank to Work For” in 2024, for the seventh consecutive year.
For more than a century, the bank has been committed to supporting the communities it serves. In 2024, for the eighth consecutive reporting period, over a span of twenty-four years, First National Bank Alaska received an Outstanding Community Reinvestment Act performance rating from the Office of the Comptroller of the Currency Our dedicated team strives to provide exceptional customer service to meet the banking needs of our neighbors and fellow Alaskans across the state to help shape a brighter tomorrow.
First National Bank Alaska is a Member FDIC, Equal Housing Lender, and recognized as a Minority Depository Institution by the Office of the Comptroller of the Currency, as it is majority-owned by women.
CONTACT: Corporate Communications, 907-777-3409
| Financial Overview (Unaudited) | |||||||||||||||||||
| ($ in thousands, except per common share amounts) | |||||||||||||||||||
| Three months ended |
Year ended | ||||||||||||||||||
| Dec. 31, |
Sep. 30, |
Dec. 31, |
December 31, | ||||||||||||||||
| 2024 |
2024 |
2023 |
2024 |
2023 |
|||||||||||||||
| Income Statement | |||||||||||||||||||
| Total Interest And Loan Fee Income | $ | 63,439 | $ | 64,615 | $ | 56,773 | $ | 59,493 | $ | 59,761 | |||||||||
| Total Interest Expense | $ | 18,591 | $ | 21,319 | $ | 16,521 | $ | 21,168 | $ | 18,803 | |||||||||
| Provision for Credit Losses | $ | (118 | ) | $ | (432 | ) | $ | (344 | ) | $ | 721 | $ | (930 | ) | |||||
| Total Noninterest Income | $ | 7,011 | $ | 7,293 | $ | 6,522 | $ | 28,233 | $ | 25,426 | |||||||||
| Total Noninterest Expense | $ | 27,696 | $ | 25,928 | $ | 24,651 | $ | 104,346 | $ | 98,168 | |||||||||
| Provision for Income Taxes | $ | 4,350 | $ | 7,099 | $ | 6,593 | $ | 22,839 | $ | 22,657 | |||||||||
| Net Income | $ | 19,931 | $ | 17,994 | $ | 16,580 | $ | 67,048 | $ | 60,010 | |||||||||
| Earnings per common share | $ | 6.29 | $ | 5.68 | $ | 5.24 | $ | 21.17 | $ | 18.96 | |||||||||
| Dividend per common share | $ | 6.40 | $ | 3.20 | $ | 6.40 | $ | 16.00 | $ | 16.00 | |||||||||
| Financial Overview (Unaudited) | Quarter Ended | ||||||||||||||||||
| 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | 12/31/2023 | |||||||||||||||
| Balance Sheet | |||||||||||||||||||
| Total Assets | $ | 4,997,767 | $ | 5,557,306 | $ | 5,116,066 | $ | 5,212,976 | $ | 5,730,835 | |||||||||
| Total Securities | $ | 1,928,625 | $ | 2,602,519 | $ | 2,197,788 | $ | 2,404,078 | $ | 2,384,951 | |||||||||
| Total Loans | $ | 2,469,935 | $ | 2,445,596 | $ | 2,391,593 | $ | 2,369,282 | $ | 2,273,311 | |||||||||
| Total Deposits | $ | 3,679,155 | $ | 3,728,181 | $ | 3,698,631 | $ | 3,665,066 | $ | 3,780,018 | |||||||||
| Repurchase Agreements | $ | 743,193 | $ | 647,043 | $ | 615,096 | $ | 571,463 | $ | 629,280 | |||||||||
| Total Deposits and Repurchase Agreements | $ | 4,422,348 | $ | 4,375,224 | $ | 4,313,727 | $ | 4,236,529 | $ | 4,409,298 | |||||||||
| Total Borrowing under the Federal Reserve Bank Term Funding Program | $ | – | $ | 249,868 | $ | 249,868 | $ | 430,000 | $ | 780,000 | |||||||||
| Unrealized loss on marketable securities, net of tax | $ | (62,985 | ) | $ | (52,020 | ) | $ | (86,857 | ) | $ | (95,809 | ) | $ | (98,378 | ) | ||||
| Total Shareholders’ Equity | $ | 516,562 | $ | 527,864 | $ | 485,167 | $ | 470,702 | $ | 464,791 | |||||||||
| Financial Measures | |||||||||||||||||||
| Return on Assets | 1.22 | % | 1.15 | % | 1.08 | % | 0.95 | % | 1.07 | % | |||||||||
| Return on Equity | 13.60 | % | 12.90 | % | 12.30 | % | 11.52 | % | 13.97 | % | |||||||||
| Net Interest Margin | 3.12 | % | 3.04 | % | 2.98 | % | 2.76 | % | 2.82 | % | |||||||||
| Yield on Loans | 6.67 | % | 6.65 | % | 6.55 | % | 6.40 | % | 6.25 | % | |||||||||
| Yield on Securities | 2.55 | % | 2.49 | % | 2.33 | % | 2.36 | % | 1.66 | % | |||||||||
| Cost of Interest Bearing Deposits | 1.57 | % | 1.62 | % | 1.60 | % | 1.55 | % | 1.02 | % | |||||||||
| Efficiency Ratio | 53.51 | % | 53.59 | % | 54.94 | % | 56.00 | % | 54.28 | % | |||||||||
| Capital | |||||||||||||||||||
| Shareholders’ Equity/Total Assets | 10.34 | % | 9.50 | % | 9.48 | % | 9.03 | % | 8.11 | % | |||||||||
| Tier 1 Leverage Ratio | 10.54 | % | 10.39 | % | 11.12 | % | 9.96 | % | 9.85 | % | |||||||||
| Regulatory Well Capitalized Minimum Ratio – Tier 1 Leverage Ratio | 5.00 | % | 5.00 | % | 5.00 | % | 5.00 | % | 5.00 | % | |||||||||
| Tier 1 (Core) Capital | $ | 579,547 | $ | 579,884 | $ | 572,024 | $ | 566,511 | $ | 563,169 | |||||||||
| Credit Quality | |||||||||||||||||||
| Nonperforming Loans and OREO | $ | 4,313 | $ | 4,186 | $ | 4,731 | $ | 28,634 | $ | 4,659 | |||||||||
| Nonperforming Loans and OREO/Total Loans | 0.17 | % | 0.17 | % | 0.20 | % | 1.21 | % | 0.20 | % | |||||||||
| Nonperforming Loans and OREO/Tier 1 Capital | 0.74 | % | 0.72 | % | 0.83 | % | 5.05 | % | 0.83 | % | |||||||||
| Allowance for Credit Losses | $ | 18,025 | $ | 18,550 | $ | 19,000 | $ | 18,800 | $ | 17,750 | |||||||||
| Allowance for Credit Losses/Total Loans | 0.73 | % | 0.76 | % | 0.79 | % | 0.79 | % | 0.78 | % | |||||||||
| Net interest margin, yields, and efficiency ratios are tax effected. | |||||||||||||||||||
| Financial measures are year-to-date. | |||||||||||||||||||
Source: ACT Party
Responding to the draw of the Financial Markets (Conduct of Institutions) Amendment (Duty to Provide) Amendment Bill:
“Finally, the House of Representatives will have a chance to debate the wokery in the banking sector that has seen farmers and other unfashionable sectors treated like second-class borrowers,” says ACT Rural Communities spokesperson Mark Cameron, who is also leading an inquiry into rural banking practices.
“The ACT team will be looking at the detail of this bill. We’ll continue to make the case for tackling woke banking practices at its cause. That includes the Net Zero Banking Alliance, which major banks in the United States, Canada, and Australia are rightly fleeing. We’ve also challenged the stupid climate commitments placed on banks by the Financial Markets Authority.
“In the meantime, I’m celebrating the fact that these issues, once only discussed with frustration across the farm fence, are now being addressed in New Zealand’s highest chambers of power.”
