Category: Australia

MIL-OSI: Virtu Announces Fourth Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Jan. 29, 2025 (GLOBE NEWSWIRE) — Virtu Financial, Inc. (NASDAQ: VIRT), a leading provider of financial services and products that leverages cutting edge technology to deliver innovative, transparent trading solutions to its clients and liquidity to the global markets, today reported results for the fourth quarter ended December 31, 2024.

Fourth Quarter and Full Year Selected Highlights

Fourth Quarter 2024:

Net income of $176.1 million; Normalized Adjusted Net Income¹ of $182.2 million
Basic and diluted earnings per share of $1.03; Normalized Adjusted EPS¹ of $1.14
Total revenues of $834.3 million; Trading income, net, of $544.0 million; Net income Margin of 21.1%²
- Adjusted Net Trading Income¹ of $457.7 million
Adjusted EBITDA¹ of $283.5 million; Adjusted EBITDA Margin¹ of 61.9%
Share buybacks of $57.1 million, or 1.7 million shares, under the Share Repurchase Program³

Full Year 2024:

Net income of $534.5 million; Normalized Adjusted Net Income¹ of $573.9 million
Basic and diluted earnings per share of $2.98 and $2.97, respectively; Normalized Adjusted EPS¹ of $3.55
Total revenues of $2,876.9 million; Trading income, net of $1,822.4 million; Net income Margin of 18.6%²
- Adjusted Net Trading Income¹ of $1,597.7 million
Adjusted EBITDA¹ of $918.7 million; Adjusted EBITDA Margin¹ of 57.5%
Share buybacks of $172.2 million, or 6.7 million shares, under the Share Repurchase Program³

The Virtu Financial, Inc. Board of Directors declared a quarterly cash dividend of $0.24 per share. This dividend is payable on March 17, 2025 to shareholders of record as of February 28, 2025.

_{Note 1: Non-GAAP financial measures. Please see “Non-GAAP Financial Measures and Other Items” for more information.}
_{Note 2: Calculated by dividing Net income by Total revenue}
_{Note 3: Shares repurchased calculated on a settlement date basis.}

Financial Results

Fourth Quarter 2024:

Total revenues increased 55.7% to $834.3 million for this quarter, compared to $536.0 million for the same period in 2023. Trading income, net, increased 104.0% to $544.0 million for the quarter compared to $266.6 million for the same period in 2023. Net income totaled $176.1 million for this quarter, compared to net income of $6.7 million in the prior year quarter.

Basic and diluted earnings per share for this quarter were $1.03, compared to basic and diluted earnings per share of $0.05 for the same period in 2023.

Adjusted Net Trading Income increased 75.4% to $457.7 million for this quarter, compared to $260.9 million for the same period in 2023. Adjusted EBITDA increased 186.4% to $283.5 million for this quarter, compared to $99.0 million for the same period in 2023. Normalized Adjusted Net Income, removing one-time and non-cash items, increased 313.5% to $182.2 million for this quarter, compared to $44.1 million for the same period in 2023.

Assuming all non-controlling interests had been exchanged for common stock, and the Company’s Normalized Adjusted Net Income before income taxes was subject to corporation taxes, Normalized Adjusted EPS was $1.14 for this quarter, compared to $0.27 for the same period in 2023.

Full Year 2024:

Total revenues increased 25.4% to $2,876.9 million for this year, compared to $2,293.4 million for 2023. Trading income, net, increased 40.0% to $1,822.4 million for this year, compared to $1,301.3 million for 2023. Net income totaled $534.5 million for this year, compared to net income of $263.9 million for 2023.

Basic and diluted earnings per share were $2.98 and $2.97, respectively, for 2024, compared to basic and diluted earnings per share of $1.42 for 2023.

Adjusted Net Trading Income increased 32.0% to $1,597.7 million for this year, compared to $1,210.7 million for 2023. Adjusted EBITDA increased 61.7% to $918.7 million for this year, compared to $568.0 million for 2023. Normalized Adjusted Net Income increased 86.3% to $573.9 million for this year, compared to $308.1 million for 2023.

Operating Segment Information

The Company has two operating segments: Market Making and Execution Services; and one non-operating segment: Corporate.

Market Making principally consists of market making in the cash, futures and options markets across global equities, fixed income, currencies, cryptocurrencies, and commodities. As a market maker, the Company commits capital on a principal basis by offering to buy securities from, or sell securities to, broker dealers, banks and institutions.

Execution Services comprises agency-based trading and trading venues, offering execution services in global equities, options, futures and fixed income on behalf of institutions, banks and broker dealers. The Company also provides proprietary technology and infrastructure, workflow technology, and trading analytics services to select third parties. The segment also includes the results of the Company’s capital markets business, in which the Company acts as an agent for issuers in connection with at-the-market offerings and buyback programs.

Corporate contains the Company’s investments, principally in strategic trading-related opportunities, and maintains corporate overhead expenses.

The following tables show the trading income, net, total revenues and Adjusted Net Trading Income by segment for the three months and full years ended December 31, 2024 and 2023.

Total revenues by segment
(in thousands, unaudited)

	Three Months Ended December 31, 2024										Three Months Ended December 31, 2023
	Market Making		Execution Services			Corporate			Total		Market Making		Execution Services			Corporate		Total
Trading income, net	$	534,728	$	9,222		$	—		$	543,950	$	262,501	$	4,079		$	—	$	266,580
Commissions, net and technology services		13,173		127,277			—			140,450		6,894		107,481			—		114,375
Interest and dividends income		121,151		2,632			—			123,783		151,773		2,877			—		154,650
Other, net		37,594		(2,476	)		(9,016	)		26,102		833		(7,940	)		7,479		372
Total Revenues	$	706,646	$	136,655		$	(9,016	)	$	834,285	$	422,001	$	106,497		$	7,479	$	535,977


	Year Ended December 31, 2024										Year Ended December 31, 2023
	Market Making		Execution Services			Corporate			Total		Market Making		Execution Services			Corporate		Total
Trading income, net	$	1,798,942	$	23,495		$	—		$	1,822,437	$	1,283,680	$	17,664		$	—	$	1,301,344
Commissions, net and technology services		42,376		474,407			—			516,783		29,571		426,027			—		455,598
Interest and dividends income		451,329		10,741			—			462,070		451,859		10,707			—		462,566
Other, net		81,449		(1,413	)		(4,377	)		75,659		78,413		(7,856	)		3,308		73,865
Total Revenues	$	2,374,096	$	507,230		$	(4,377	)	$	2,876,949	$	1,843,523	$	446,542		$	3,308	$	2,293,373

Reconciliation of trading income, net to Adjusted Net Trading Income by operating segment
(in thousands, unaudited)

	Three Months Ended December 31, 2024											Three Months Ended December 31, 2023
	Market Making			Execution Services			Corporate		Total			Market Making			Execution Services			Corporate		Total
Trading income, net	$	534,728		$	9,222		$	—	$	543,950		$	262,501		$	4,079		$	—	$	266,580
Commissions, net and technology services		13,173			127,277			—		140,450			6,894			107,481			—		114,375
Interest and dividends income		121,151			2,632			—		123,783			151,773			2,877			—		154,650
Brokerage, exchange, clearance fees and payments for order flow, net		(179,228	)		(27,867	)		—		(207,095	)		(96,740	)		(20,380	)		—		(117,120	)
Interest and dividends expense		(141,958	)		(1,428	)		—		(143,386	)		(156,941	)		(630	)		—		(157,571	)
Adjusted Net Trading Income	$	347,866		$	109,836		$	—	$	457,702		$	167,487		$	93,427		$	—	$	260,914

	Year Ended December 31, 2024											Year Ended December 31, 2023
	Market Making			Execution Services			Corporate		Total			Market Making			Execution Services			Corporate		Total
Trading income, net	$	1,798,942		$	23,495		$	—	$	1,822,437		$	1,283,680		$	17,664		$	—	$	1,301,344
Commissions, net and technology services		42,376			474,407			—		516,783			29,571			426,027			—		455,598
Interest and dividends income		451,329			10,741			—		462,070			451,859			10,707			—		462,566
Brokerage, exchange, clearance fees and payments for order flow, net		(573,382	)		(101,044	)		—		(674,426	)		(420,608	)		(87,750	)		—		(508,358	)
Interest and dividends expense		(524,158	)		(5,019	)		—		(529,177	)		(497,895	)		(2,572	)		—		(500,467	)
Adjusted Net Trading Income	$	1,195,107		$	402,580		$	—	$	1,597,687		$	846,607		$	364,076		$	—	$	1,210,683

Financial Condition

As of December 31, 2024, Virtu had $914.0 million in cash, cash equivalents and restricted cash, and total long-term debt outstanding in an aggregate principal amount of $1,767.3 million.

Share Repurchase Program

Since inception of the program in November 2020 through settlement date January 27, 2025, the Company repurchased approximately 50.7 million shares of Class A Common Stock and Virtu Financial Units for approximately $1,296.2 million. The Company has approximately $423.8 million remaining capacity for future purchases of shares of Class A Common Stock and Virtu Financial Units under the program.

Earnings Conference Call Information

Virtu Financial will host a conference call to review its fourth quarter 2024 financial performance today, January 29th, at 8:30 a.m. ET. Members of the public may listen to the conference call through an audio webcast through the Investor Relations section of the firm’s website ir.virtu.com/investor-relations.

Website Information

We routinely post important information for investors on the Investor Relations section of our website, ir.virtu.com/investor-relations and also from time to time may use social media channels, including our X account (x.com/virtufinancial) and our LinkedIn account (linkedin.com/company/virtu-financial), as an additional means of disclosing public information to investors, the media and others interested in us. It is possible that certain information we post on our website and on social media could be deemed to be material information, and we encourage investors, the media and others interested in us to review the business and financial information we post on our website and on the social media channels identified above, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website and our social media channels is not incorporated by reference into, and is not a part of, this document.

Non-GAAP Financial Measures and Other Items

To supplement our unaudited condensed consolidated financial statements presented in accordance with generally accepted accounting principles (“GAAP”), we use the following non-GAAP measures of financial performance:

“Adjusted Net Trading Income”, which is the amount of revenue we generate from our market making activities, or trading income, net, plus commissions, net and technology services, plus interest and dividends income and expense, net, less direct costs associated with those revenues, including brokerage, exchange, clearance fees and payments for order flow, net. Management believes that this measurement is useful for comparing general operating performance from period to period. Although we use Adjusted Net Trading Income as a financial measure to assess the performance of our business, the use of Adjusted Net Trading Income is limited because it does not include certain material costs that are necessary to operate our business. Our presentation of Adjusted Net Trading Income should not be construed as an indication that our future results will be unaffected by revenues or expenses that are not directly associated with our core business activities.

“EBITDA”, which measures our operating performance by adjusting Net Income to exclude Financing interest expense on long-term borrowings, Debt issue cost related to debt refinancing, prepayment, and commitment fees, Depreciation and amortization, Amortization of purchased intangibles and acquired capitalized software, and Income tax expense, and “Adjusted EBITDA”, which measures our operating performance by further adjusting EBITDA to exclude severance, transaction advisory fees and expenses, termination of office leases, charges related to share-based compensation and other expenses, which includes reserves for legal matters, and Other, net, which includes gains and losses from strategic investments and the sales of businesses.

“Normalized Adjusted Net Income”, “Normalized Adjusted Net Income before income taxes”, “Normalized provision for income taxes”, and “Normalized Adjusted EPS”, which we calculate by adjusting Net Income to exclude certain items, and other non-cash items, assuming that all vested and unvested Virtu Financial Units have been exchanged for Class A Common Stock, and applying an effective tax rate, which was approximately 24%.

“Adjusted Operating Expenses”, which we calculate by adjusting total operating expenses to exclude severance, share based compensation, reserves for legal matters, termination of office leases, connectivity early termination and write-down of assets.

Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, and Normalized Adjusted EPS and Adjusted Operating Expenses are non-GAAP financial measures used by management in evaluating operating performance and in making strategic decisions. Additional information provided regarding the breakdown of Total Adjusted Net Trading Income by category is also a non-GAAP financial measure but is not used by the Company in evaluating operating performance and in making strategic decisions. In addition, these non-GAAP financial measures or similar non-GAAP measures are used by research analysts, investment bankers and lenders to assess our operating performance. Management believes that the presentation of Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS provide useful information to investors regarding our results of operations because they assist both investors and management in analyzing and benchmarking the performance and value of our business. Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS provide indicators of general economic performance that are not affected by fluctuations in certain costs or other items. Accordingly, management believes that these measurements are useful for comparing general operating performance from period to period. Furthermore, our credit agreement contains tests based on metrics similar to Adjusted EBITDA. Other companies may define Adjusted Net Trading Income, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS differently, and as a result our measures of Adjusted Net Trading Income, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS may not be directly comparable to those of other companies. Although we use these non-GAAP financial measures as financial measures to assess the performance of our business, such use is limited because they do not include certain material costs necessary to operate our business.

Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS should be considered in addition to, and not as a substitute for, Net Income in accordance with U.S. GAAP as a measure of performance. Our presentation of Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS should not be construed as an indication that our future results will be unaffected by unusual or nonrecurring items. Adjusted Net Trading Income, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted EPS and our EBITDA-based measures have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results as reported under U.S. GAAP. Some of these limitations are:

they do not reflect every cash expenditure, future requirements for capital expenditures or contractual commitments;
our EBITDA-based measures do not reflect the significant interest expense or the cash requirements necessary to service interest or principal payment on our debt;
although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced or require improvements in the future, and our EBITDA-based measures do not reflect any cash requirement for such replacements or improvements;
they are not adjusted for all non-cash income or expense items that are reflected in our statements of cash flows;
they do not reflect the impact of earnings or charges resulting from matters we consider not to be indicative of our ongoing operations; and
they do not reflect limitations on our costs related to transferring earnings from our subsidiaries to us.

Because of these limitations, Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS are not intended as alternatives to Net Income as indicators of our operating performance and should not be considered as measures of discretionary cash available to us to invest in the growth of our business or as measures of cash that will be available to us to meet our obligations. We compensate for these limitations by using Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS along with other comparative tools, together with U.S. GAAP measurements, to assist in the evaluation of operating performance. These U.S. GAAP measurements include Net Income, cash flows from operations and cash flow data. See below a reconciliation of each non-GAAP measure to the most directly comparable GAAP measure.

Virtu Financial, Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Unaudited)

	Three Months Ended December 31,						Year Ended December 31,
(in thousands, except share and per share data)		2024			2023			2024			2023

Revenues:
Trading income, net	$	543,950		$	266,580		$	1,822,437		$	1,301,344
Interest and dividends income		123,783			154,650			462,070			462,566
Commissions, net and technology services		140,450			114,375			516,783			455,598
Other, net		26,102			372			75,659			73,865
Total revenues		834,285			535,977			2,876,949			2,293,373

Operating Expenses:
Brokerage, exchange, clearance fees and payments for order flow, net		207,095			117,120			674,426			508,358
Communication and data processing		59,336			59,923			236,446			230,760
Employee compensation and payroll taxes		120,638			97,825			434,823			394,039
Interest and dividends expense		143,386			157,571			529,177			500,467
Operations and administrative		27,656			26,768			97,002			98,972
Depreciation and amortization		17,176			16,230			65,816			63,306
Amortization of purchased intangibles and acquired capitalized software		11,783			15,953			50,471			63,960
Termination of office leases		16,174			141			16,224			455
Debt issue cost related to debt refinancing, prepayment and commitment fees		1,739			2,573			29,479			8,317
Transaction advisory fees and expenses		49			284			313			314
Financing interest expense on long-term borrowings		26,648			24,795			97,802			99,294
Total operating expenses		631,680			519,183			2,231,979			1,968,242

Income before income taxes and noncontrolling interest		202,605			16,794			644,970			325,131
Provision for income taxes		26,518			10,093			110,435			61,210
Net income	$	176,087		$	6,701		$	534,535		$	263,921

Noncontrolling interest		(82,027	)		(1,163	)		(258,120	)		(121,885	)

Net income available for common stockholders	$	94,060		$	5,538		$	276,415		$	142,036

Earnings per share:
Basic	$	1.03		$	0.05		$	2.98		$	1.42
Diluted	$	1.03		$	0.05		$	2.97		$	1.42

Weighted average common shares outstanding
Basic		85,662,686			90,217,295			87,482,162			94,076,165
Diluted		86,066,968			90,217,295			87,821,576			94,076,165

Comprehensive income:
Net income	$	176,087		$	6,701		$	534,535		$	263,921
Other comprehensive income
Foreign exchange translation adjustment, net of taxes		(12,793	)		4,787			(9,048	)		4,957
Net change in unrealized cash flow hedges gain (loss), net of taxes		(1,320	)		(24,381	)		(32,251	)		(36,993	)
Comprehensive income	$	161,974		$	(12,893	)	$	493,236		$	231,885
Less: Comprehensive income attributable to noncontrolling interest		(75,941	)		11,151			(240,931	)		(104,406	)
Comprehensive income available for common stockholders	$	86,033		$	(1,742	)	$	252,305		$	127,479

Virtu Financial, Inc. and Subsidiaries
Reconciliation to Non-GAAP Operating Data (Unaudited)

The following tables reconcile Condensed Consolidated Statements of Comprehensive Income to arrive at Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, and selected Operating Margins.

	Three Months Ended December 31,						Year Ended December 31,
(in thousands, except percentages)		2024			2023			2024			2023

Reconciliation of Trading income, net to Adjusted Net Trading Income
Trading income, net	$	543,950		$	266,580		$	1,822,437		$	1,301,344
Commissions, net and technology services		140,450			114,375			516,783			455,598
Interest and dividends income		123,783			154,650			462,070			462,566
Brokerage, exchange, clearance fees and payments for order flow, net		(207,095	)		(117,120	)		(674,426	)		(508,358	)
Interest and dividends expense		(143,386	)		(157,571	)		(529,177	)		(500,467	)
Adjusted Net Trading Income	$	457,702		$	260,914		$	1,597,687		$	1,210,683

Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Net income		176,087			6,701			534,535			263,921
Financing interest expense on long-term borrowings		26,648			24,795			97,802			99,294
Debt issue cost related to debt refinancing, prepayment and commitment fees		1,739			2,573			29,479			8,317
Depreciation and amortization		17,176			16,230			65,816			63,306
Amortization of purchased intangibles and acquired capitalized software		11,783			15,953			50,471			63,960
Provision for income taxes		26,518			10,093			110,435			61,210
EBITDA	$	259,951		$	76,345		$	888,538		$	560,008
Severance		4,279			3,537			7,930			8,793
Transaction advisory fees and expenses		49			284			313			314
Termination of office leases		16,174			141			16,224			455
Other		(21,461	)		1,860			(69,795	)		(65,536	)
Share based compensation		24,534			16,825			75,475			63,933
Adjusted EBITDA	$	283,526		$	98,992		$	918,685		$	567,967

Selected Operating Margins
GAAP Net income Margin (1)		21.1	%		1.3	%		18.6	%		11.5	%
Non-GAAP Net income Margin (2)		38.5	%		2.6	%		33.5	%		21.8	%
EBITDA Margin (3)		56.8	%		29.3	%		55.6	%		46.3	%
Adjusted EBITDA Margin (4)		61.9	%		37.9	%		57.5	%		46.9	%

1 Calculated by dividing Net income by Total revenue.
2 Calculated by dividing Net income by Adjusted Net Trading Income.
3 Calculated by dividing EBITDA by Adjusted Net Trading Income.
4 Calculated by dividing Adjusted EBITDA by Adjusted Net Trading Income.

Virtu Financial, Inc. and Subsidiaries
Reconciliation to Non-GAAP Operating Data (Unaudited)
(Continued)

The following tables reconcile Condensed Consolidated Statements of Comprehensive Income to arrive at Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS.

	Three Months Ended December 31,					Year Ended December 31,
(in thousands, except share and per share data)		2024			2023		2024			2023

Reconciliation of Net Income to Normalized Adjusted Net Income
Net income	$	176,087		$	6,701	$	534,535		$	263,921
Provision for income taxes		26,518			10,093		110,435			61,210
Income before income taxes and noncontrolling interest	$	202,605		$	16,794	$	644,970		$	325,131
Amortization of purchased intangibles and acquired capitalized software		11,783			15,953		50,471			63,960
Debt issue cost related to debt refinancing, prepayment and commitment fees		1,739			2,573		29,479			8,317
Severance		4,279			3,537		7,930			8,793
Transaction advisory fees and expenses		49			284		313			314
Termination of office leases		16,174			141		16,224			455
Other		(21,461	)		1,860		(69,795	)		(65,536	)
Share based compensation		24,534			16,825		75,475			63,933
Normalized Adjusted Net Income before income taxes	$	239,702		$	57,967	$	755,067		$	405,367
Normalized provision for income taxes (1)		57,529			13,912		181,217			97,286
Normalized Adjusted Net Income	$	182,173		$	44,055	$	573,850		$	308,081

Weighted Average Adjusted shares outstanding (2)		160,183,679			163,869,845		161,845,371			167,782,513

Normalized Adjusted EPS	$	1.14		$	0.27	$	3.55		$	1.84

(1) Reflects U.S. federal, state, and local income tax rate applicable to corporations of approximately 24% for all periods presented.
(2) Assumes that (1) holders of all vested and unvested non-vesting Virtu Financial Units (together with corresponding shares of the Company’s Class C common stock, par value $0.00001 per share (the “Class C Common Stock”)) have exercised their right to exchange such Virtu Financial Units for shares of Class A Common Stock on a one-for-one basis, (2) holders of all Virtu Financial Units (together with corresponding shares of the Company’s Class D common stock, par value $0.00001 per share (the “Class D Common Stock”)) have exercised their right to exchange such Virtu Financial Units for shares of the Company’s Class B common stock, par value $0.00001 per share (the “Class B Common Stock”) on a one-for-one basis, and subsequently exercised their right to convert the shares of Class B Common Stock into shares of Class A Common Stock on a one-for-one basis. Includes additional shares from the dilutive impact of options, restricted stock units and restricted stock awards outstanding under the Amended and Restated 2015 Management Incentive Plan during the three months and full years ended December 31, 2024 and 2023.

Virtu Financial, Inc. and Subsidiaries
Condensed Consolidated Statements of Financial Condition (Unaudited)

(in thousands, except share data)	December 31, 2024		December 31, 2023

Assets
Cash and cash equivalents	$	872,513	$	820,436
Cash and securities segregated under regulations and other		41,478		35,024
Securities borrowed		2,294,529		1,722,440
Securities purchased under agreements to resell		983,941		1,512,114
Receivables from broker-dealers and clearing organizations		1,054,378		737,724
Receivables from customers		149,804		106,245
Trading assets, at fair value		7,802,652		7,358,611
Property, equipment and capitalized software, net		91,415		100,365
Operating lease right-of-use assets		175,046		229,499
Goodwill		1,148,926		1,148,926
Intangibles (net of accumulated amortization)		203,188		257,520
Deferred taxes		135,046		133,760
Assets of business held for sale		4,615		—
Other assets		386,811		303,720
Total assets		15,344,342		14,466,384

Liabilities and equity
Liabilities
Short-term borrowings, net		38,541		—
Securities loaned		2,431,878		1,329,446
Securities sold under agreements to repurchase		1,271,788		1,795,994
Payables to broker-dealers and clearing organizations		901,165		1,167,712
Payables to customers		46,112		23,229
Trading liabilities, at fair value		6,440,971		6,071,352
Tax receivable agreement obligations		196,592		216,480
Accounts payable and accrued expenses and other liabilities		558,100		451,293
Operating lease liabilities		229,825		278,317
Long-term borrowings, net		1,740,467		1,727,205
Liabilities of business held for sale		1,526		—
Total liabilities		13,856,965		13,061,028

Total equity		1,487,377		1,405,356

Total liabilities and equity	$	15,344,342	$	14,466,384

	As of December 31, 2024
Ownership of Virtu Financial LLC Interests:	Interests		%
Virtu Financial, Inc. – Class A Common Stock and Restricted Stock Units		90,540,857		56.9	%
Non-controlling Interests (Virtu Financial LLC)		68,653,710		43.1	%
Total Virtu Financial LLC Interests		159,194,567		100.0	%

About Virtu Financial, Inc.

Virtu is a leading financial services firm that leverages cutting-edge technology to provide execution services and data, analytics and connectivity products to its clients and deliver liquidity to the global markets. Leveraging its global market making expertise and infrastructure, Virtu provides a robust product suite including offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. Virtu’s product offerings allow clients to trade on hundreds of venues across 50+ countries and in multiple asset classes, including global equities, ETFs, foreign exchange, futures, fixed income and myriad other commodities. In addition, Virtu’s integrated, multi-asset analytics platform provides a range of pre and post-trade services, data products and compliance tools that clients rely upon to invest, trade and manage risk across global markets.

Cautionary Note Regarding Forward-Looking Statements

This press release may contain “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements regarding Virtu Financial, Inc.’s (“Virtu’s”, the “Company’s” or “our”) business that are not historical facts are forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by which, such performance or results will be achieved. The Company assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, and if the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. Forward-looking statements are based on information available at the time and/or management’s good faith belief with respect to future events, and is subject to risks and uncertainties, some or all of which are not predictable or within Virtu’s control, that could cause actual performance or results to differ materially from those expressed in the statements. Those risks and uncertainties include, without limitation: risks relating to fluctuations in trading volume and volatilities in the markets in which we operate; the ability of our trading counterparties, clients, and various clearing houses to perform their obligations to us; the performance and reliability of our customized trading platform; the risk of material trading losses from our market making activities; swings in valuations in securities or other instruments in which we hold positions; increasing competition and consolidation in our industry; the risk that cash flow from our operations and other available sources of liquidity will not be sufficient to fund our various ongoing obligations, including operating expenses, short-term funding requirements, margin requirements, capital expenditures, debt service and dividend payments; potential consequences of pending SEC proposals by the prior administration focused on equity markets which may, if adopted, result in reduced overall and off-exchange trading volumes and market making opportunities, impose additional or heightened regulatory obligations on market makers and other market participants, and generally increase the implicit and explicit cost as well as the complexity of the U.S. equities eco-system for all participants; regulatory and legal uncertainties and potential changes associated with our industry, particularly in light of increased attention from media, regulators and lawmakers to market structure and related issues including but not limited to the retail trading environment, wholesale market making and off exchange trading more generally and payment for order flow arrangements; potential adverse results from legal or regulatory proceedings; our ability to remain technologically competitive and to ensure that the technology we utilize is not vulnerable to security risks, hacking and cyber-attacks; risks associated with third party software and technology infrastructure. For a discussion of the risks and uncertainties which could cause actual results to differ from those contained in forward-looking statements, see Virtu’s Securities and Exchange Commission filings, including but not limited to Virtu’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC.

CONTACT

Investor & Media Relations
Andrew Smith
investor_relations@virtu.com
media@virtu.com

The MIL Network –

January 30, 2025

MIL-OSI Economics: W&T Offshore Announces Initial Results of Cash Tender Offer and Consent Solicitation

Source: W & T Offshore Inc

Headline: W&T Offshore Announces Initial Results of Cash Tender Offer and Consent Solicitation

HOUSTON, Jan. 29, 2025 (GLOBE NEWSWIRE) — W&T Offshore, Inc. (NYSE: WTI) (“W&T” or the “Company”) announced today the initial results of its previously announced cash tender offer (the “Tender Offer”) relating to any and all of its outstanding 11.750% senior second lien notes due 2026 (the “2026 Senior Second Lien Notes”) pursuant to its Offer to Purchase and Consent Solicitation dated January 13, 2025 (the “Offer to Purchase”). In conjunction with the Tender Offer, the Company also solicited consents (the “Consent Solicitation”) from the holders of the 2026 Senior Second Lien Notes for the adoption of proposed amendments (the “Proposed Amendments”), which, among other things, eliminated substantially all of the restrictive covenants, as well as various events of default and related provisions contained in the indenture governing the 2026 Senior Second Lien Notes (the “Indenture”).

As of 5:00 p.m. (New York City time) on January 27, 2025, the Company had received the requisite tenders and consents to the Proposed Amendments. The Proposed Amendments became effective on January 27, 2025 upon execution of a supplemental indenture to the indenture governing the 2026 Senior Second Lien Notes.

On January 28, 2025 (the “Early Settlement Date”), the Company accepted and purchased $269,741,000 aggregate principal amount of the outstanding 2026 Senior Second Lien Notes (or approximately 98.09% of the outstanding principal amount of 2026 Senior Second Lien Notes) for a purchase price equal to $1,036.25, plus accrued and unpaid interest, for each $1,000 principal amount of the 2026 Senior Second Lien Notes purchased. After giving effect to the purchase of 2026 Senior Second Lien Notes on the Early Settlement Date, an aggregate $5,259,000 principal amount of the 2026 Senior Second Lien Notes will remain outstanding.

W&T’s tender offer for the 2026 Senior Second Lien Notes will expire at 5:00 p.m. (New York City time) on February 11, 2025, unless the Tender Offer is extended by the Company in its sole discretion (the “Expiration Time”). Holders of the 2026 Senior Second Lien Notes who validly tender their 2026 Senior Second Lien Notes on or prior to the Expiration Time, and whose 2026 Senior Second Lien Notes are accepted for purchase, will receive consideration of $1,006.25 per $1,000 principal amount of the 2026 Senior Second Lien Notes tendered. In addition, the Company will pay accrued and unpaid interest on the principal amount of 2026 Senior Second Lien Notes accepted for purchase from the most recent interest payment date on the 2026 Senior Second Lien Notes to, but not including, February 13, 2025, the final settlement date.

Also on January 28, 2025, the Company mailed a notice of redemption to each remaining holder of 2026 Senior Second Lien Notes. The notice of redemption calls for the redemption of any 2026 Senior Second Lien Notes that remain outstanding on August 1, 2025. Such redemption is being made in accordance with the “optional redemption” provision of the Indenture, at a redemption price equal to 100.000% of the aggregate principal amount of the 2026 Senior Second Lien Notes, plus accrued and unpaid interest up to, but excluding, the date of redemption.

Because the withdrawal deadline of 5:00 p.m. (New York City time) on January 27, 2025 has passed, previously tendered 2026 Senior Second Lien Notes may no longer be withdrawn, and holders who tender 2026 Senior Second Lien Notes after the withdrawal deadline will not have withdrawal rights.

W&T engaged Morgan Stanley & Co. LLC to act as dealer manager for the Tender Offer and as solicitation agent for the Consent Solicitation and can be contacted at (212) 761-1057 (collect) or (800) 624-1808 (toll-free) with questions regarding the Tender Offer and Consent Solicitation.

Copies of the Offer to Purchase are available to holders of 2026 Second Senior Lien Notes from D.F. King & Co., Inc., the information agent and tender agent for the Tender Offer and the Consent Solicitation. Requests for copies of the Offer to Purchase should be directed to D.F. King at (866) 620-2535 (toll free), (212) 269-5550 (banks and brokers) or wtoffshore@dfking.com

Neither the Offer to Purchase nor any related documents have been filed with the U.S. Securities and Exchange Commission (“SEC”), nor have any such documents been filed with or reviewed by any federal or state securities commission or regulatory authority of any country. No authority has passed upon the accuracy or adequacy of the Offer to Purchase or any related documents, and it is unlawful and may be a criminal offense to make any representation to the contrary.

The Tender Offer and the Consent Solicitation were made solely on the terms and conditions set forth in the Offer to Purchase. Under no circumstances shall this press release constitute an offer to buy or the solicitation of an offer to sell the 2026 Second Senior Lien Notes or any other securities of the Company or any of its subsidiaries. The Tender Offer and the Consent Solicitation are not being made to, nor will the Company accept tenders of 2026 Second Senior Lien Notes or deliveries of consents from, holders in any jurisdiction in which the Tender Offer and the Consent Solicitation or the acceptance thereof would not be in compliance with the securities of blue sky laws of such jurisdiction. This press release also is not a solicitation of consents to the Proposed Amendments to the indenture governing the 2026 Second Senior Lien Notes. No recommendation is made as to whether holders should tender their 2026 Second Senior Lien Notes or deliver their consents with respect to the 2026 Second Senior Lien Notes. Holders should carefully read the Offer to Purchase because it contains important information, including the terms and conditions of the Tender Offer and the Consent Solicitation.

About W&T Offshore

W&T Offshore, Inc. is an independent oil and natural gas producer, active in the exploration, development and acquisition of oil and natural gas properties in the Gulf of Mexico. As of September 30, 2024, the Company had working interests in 53 producing offshore fields in federal and state waters (which include 46 fields in federal waters and seven in state waters). The Company has under lease approximately 673,100 gross acres (515,400 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, with approximately 514,000 gross acres on the conventional shelf, approximately 153,500 gross acres in the deepwater and 5,600 gross acres in Alabama state waters. A majority of the Company’s daily production is derived from wells it operates. For more information on W&T, please visit the Company’s website at www.wtoffshore.com.

Forward-Looking and Cautionary Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this release regarding the Company’s financial position, operating and financial performance, timing and completion of the Tender Offer and Consent Solicitation are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes, although not all forward-looking statements contain such identifying words. Items contemplating or making assumptions about actual or potential future production and sales, prices, market size, and trends or operating results also constitute such forward-looking statements.

These forward-looking statements are based on the Company’s current expectations and assumptions about future events and speak only as of the date of this release. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, as results actually achieved may differ materially from expected results described in these statements. The Company does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of such statements, unless required by law.

Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially including, among other things, the regulatory environment, including availability or timing of, and conditions imposed on, obtaining and/or maintaining permits and approvals, including those necessary for drilling and/or development projects; the impact of current, pending and/or future laws and regulations, and of legislative and regulatory changes and other government activities, including those related to permitting, drilling, completion, well stimulation, operation, maintenance or abandonment of wells or facilities, managing energy, water, land, greenhouse gases or other emissions, protection of health, safety and the environment, or transportation, marketing and sale of the Company’s products; inflation levels; global economic trends, geopolitical risks and general economic and industry conditions, such as the global supply chain disruptions and the government interventions into the financial markets and economy in response to inflation levels and world health events; volatility of oil, NGL and natural gas prices; the global energy future, including the factors and trends that are expected to shape it, such as concerns about climate change and other air quality issues, the transition to a low-emission economy and the expected role of different energy sources; supply of and demand for oil, natural gas and NGLs, including due to the actions of foreign producers, importantly including OPEC and other major oil producing companies (“OPEC+”) and change in OPEC+’s production levels; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver the Company’s oil and natural gas and other processing and transportation considerations; inability to generate sufficient cash flow from operations or to obtain adequate financing to fund capital expenditures, meet the Company’s working capital requirements or fund planned investments; price fluctuations and availability of natural gas and electricity; the Company’s ability to use derivative instruments to manage commodity price risk; the Company’s ability to meet the Company’s planned drilling schedule, including due to the Company’s ability to obtain permits on a timely basis or at all, and to successfully drill wells that produce oil and natural gas in commercially viable quantities; uncertainties associated with estimating proved reserves and related future cash flows; the Company’s ability to replace the Company’s reserves through exploration and development activities; drilling and production results, lower–than–expected production, reserves or resources from development projects or higher–than–expected decline rates; the Company’s ability to obtain timely and available drilling and completion equipment and crew availability and access to necessary resources for drilling, completing and operating wells; changes in tax laws; effects of competition; uncertainties and liabilities associated with acquired and divested assets; the Company’s ability to make acquisitions and successfully integrate any acquired businesses; asset impairments from commodity price declines; large or multiple customer defaults on contractual obligations, including defaults resulting from actual or potential insolvencies; geographical concentration of the Company’s operations; the creditworthiness and performance of the Company’s counterparties with respect to its hedges; impact of derivatives legislation affecting the Company’s ability to hedge; failure of risk management and ineffectiveness of internal controls; catastrophic events, including tropical storms, hurricanes, earthquakes, pandemics and other world health events; environmental risks and liabilities under U.S. federal, state, tribal and local laws and regulations (including remedial actions); potential liability resulting from pending or future litigation; the Company’s ability to recruit and/or retain key members of the Company’s senior management and key technical employees; information technology failures or cyberattacks; and governmental actions and political conditions, as well as the actions by other third parties that are beyond the Company’s control, and other factors discussed in W&T Offshore’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q found at www.sec.gov or at the Company’s website at www.wtoffshore.com under the Investor Relations section.

Disclaimer

This press release must be read in conjunction with the Offer to Purchase. This announcement and the Offer to Purchase contain important information which must be read carefully before any decision is made with respect to the Tender Offer and the Consent Solicitation. If any holder of 2026 Senior Second Lien Notes is in any doubt as to the actions it should take, it is recommended to seek its own legal, tax, accounting and financial advice, including as to any tax consequences, immediately from its stockbroker, bank manager, attorney, accountant or other independent financial or legal adviser. Any individual or company whose 2026 Senior Second Lien Notes are held on its behalf by a broker, dealer, bank, custodian, trust company or other nominee or intermediary must contact such entity if it wishes to participate in the Offer to Purchase. None of the Company, the dealer manager and solicitation agent, the information agent and tender agent and any person who controls, or is a director, officer, employee or agent of such persons, or any affiliate of such persons, makes any recommendation as to whether holders of 2026 Senior Second Lien Notes should participate in the Tender Offer.

CONTACT: Al Petrie Sameer Parasnis

Investor Relations Coordinator Executive VP and CFO

investorrelations@wtoffshore.com sparasnis@wtoffshore.com

713-297-8024 713-513-8654

Source: W&T Offshore, Inc.

Released January 29, 2025

MIL OSI Economics –

January 30, 2025
MIL-OSI: The New Force in Platform Tokens: How WXT Succeeds Like BNB?

Source: GlobeNewswire (MIL-OSI)

VICTORIA, Seychelles, Jan. 29, 2025 (GLOBE NEWSWIRE) — In recent years, the cryptocurrency market has experienced dramatic changes, with platform tokens stepping into the spotlight to become core pillars of exchange ecosystems. Evolving from simple transaction fee discount tools to drivers of ecosystem innovation, platform tokens are unlocking new potential. WXT, the native token of the WEEX exchange, is steadily following the successful trajectory of BNB, garnering widespread attention with its innovative mechanisms and ecosystem integration.

From the Shadows to the Spotlight: The Breakthrough of Platform Token Value

The evolution of platform tokens has been remarkable. Initially serving as tools for fee discounts, they have expanded into diverse use cases such as DeFi mining, staking rewards, project governance, NFT trading, and cross-chain payments. This evolution has transformed platform tokens into vital connectors of users, technology, and capital.

BNB: A Benchmark for Platform Tokens

Launched in 2017 as Binance’s native token, BNB rapidly built a loyal user base through fee discounts, airdrop rewards, and a strategic buyback-and-burn mechanism. The 2019 launch of Binance Smart Chain (BSC) further amplified BNB’s utility, extending its applications to DeFi, NFT ecosystems, and smart contract development.

By 2024, BNB’s market capitalization soared from $32.7 billion in 2023 to $110 billion, with its price rising from $200 to $793. This trajectory illustrates how platform tokens can achieve exponential growth through ecosystem expansion and innovative strategies.

BGB: A Rising Star Among Secondary Tokens

BGB capitalized on Bitget’s aggressive market expansion, surging from $1.5 at the beginning of 2024 to $8 by year’s end—a remarkable 400% growth. BGB’s success demonstrates that secondary platform tokens with innovative features and precise positioning can achieve explosive results, even in markets dominated by major exchanges.

WXT: The Emerging Star Following BNB

WXT, the native token of WEEX, has drawn inspiration from the successes of BNB and BGB. With a strong foundation in innovation and ecosystem growth, WXT has risen from $0.01 at its August 2023 launch to $0.0339—a cumulative 384% increase—making it a standout in the market.

What’s Driving WXT’s Rapid Growth?

1）Comprehensive Ecosystem Empowerment

As a top 10 global derivatives exchange, WEEX boasts over 5 million registered users and achieved stable profitability as early as the 2022 “crypto winter.” Its monthly trading volumes have consistently doubled, supported by over 1,500 trading pairs and industry-leading liquidity.

WXT plays a critical role in this ecosystem, offering transaction fee discounts (30% for spot trading, up to 20% for derivatives), staking rewards, cross-chain payments, and NFT trading opportunities.

2）Innovative Burn Mechanism Fuels Market Optimism

Starting in 2025, WEEX plans to implement quarterly buybacks and burns for WXT, with an initial burn of 4 billion tokens—40% of the total supply, valued at approximately $120 million. This strategy reduces circulating supply, increases scarcity, and strengthens price support, boosting long-term value expectations.

3）Global Reach and Rapid Growth

Operating in over 206 countries and regions with a daily trading volume exceeding $2 billion, WEEX provides strong liquidity and a seamless trading experience, further enhancing WXT’s growth potential.

A Window of Opportunity Amid Market Shifts

Data from 0xScope reveals that Binance’s market share fell from 51.2% in 2023 to 41.68% in 2024. Meanwhile, secondary exchanges like Bitget, Gate.io, Bybit, and WEEX have risen rapidly, with their platform tokens delivering exceptional returns:

BGB: Climbed from $1.5 to $8.
OKB: Market capitalization increased from $2.5 billion to $4.3 billion.

Compared to mature tokens like BNB, emerging tokens like WXT offer a more attractive investment opportunity due to their low valuations and high growth potential.

The Road Ahead: Multi-Driver Growth for WXT

Ecosystem Expansion and Global Compliance

WEEX has secured multiple compliance licenses and is actively pursuing approvals in regions like Australia and Malta. As regulatory frameworks develop globally, demand and value for WXT are expected to grow steadily.

Brand Development and Community Trust

In November 2024, WEEX announced football legend Michael Owen as its global brand ambassador. Additionally, collaborations with over 1,000 KOLs and global communities are elevating WEEX’s international brand profile and user trust.

Engaging Platform Activities

WEEX regularly hosts trading competitions, airdrops, and daily lotteries, offering generous rewards like token airdrops and luxury prizes. These initiatives ensure fair and inclusive participation, boosting user engagement and loyalty.

Low Valuation, High Growth Potential

As WEEX’s influence grows, WXT remains at an early stage with significant room for appreciation. The robust burn mechanism, targeting a reduction in total supply to 1 billion tokens, further enhances scarcity and long-term value, unlocking more growth potential for investors.

WXT: An Investment Opportunity with Long-Term Potential

Just as BNB leveraged ecosystem expansion to solidify its value and BGB achieved explosive growth through precise positioning, WXT is poised to unlock immense growth through its burn mechanism and comprehensive ecosystem strategy. Currently undervalued, WXT offers an ideal entry point for investors looking to capitalize on its high growth potential.

For investors, this is the perfect time to explore and invest in WXT. Still in its early stages, WXT is poised for exponential growth, with its potential and market position significantly underestimated. By acting early, investors could position themselves as the “biggest winners” of the 2025 crypto market, reaping substantial returns.

About WEEX
Official Website: https://www.weex.com

Contact:
Joyce
joyce@weexglobal.com

Disclaimer: This content is provided by WEEX. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/13bde475-43a9-4782-8eca-ffcb1bf62e42

https://www.globenewswire.com/NewsRoom/AttachmentNg/6a269fe9-63af-40c9-9b2d-5aab866284f7

https://www.globenewswire.com/NewsRoom/AttachmentNg/88319190-e5a4-45e3-a6af-7b3a4fab556e

The MIL Network –

January 29, 2025
MIL-OSI New Zealand: Health – Increase in Closed Books No Surprise to General Practice Owners – GenPro

Source: General Practice Owners Association (GenPro)

The increasing number of general practices closing their books to new patients is no surprise to the General Practice Owners Association (GenPro).

New research from Victoria University of Wellington, published in the Journal of Primary Health Care, found that more general practices than ever are closing their books, with 36 percent of the country’s GPs turning away new patients last year.

GenPro Chair Dr Angus Chambers says GenPro has been warning for years that patients are facing restricted access due to full or partial closing of books to new enrolments, reduction in services such as cancelling after-hours services, or practices closing.

“One of the key reasons that general practices are turning away new patients is that government funding for general practice has not kept pace in real terms with the cost of running a general practice, the ageing population, and the changing health needs of New Zealanders,” Dr Chambers says.

“The funding shortfall creates these and other downstream problems which make a bad situation worse. We are seeing insufficient training of new doctors, GPs leaving New Zealand, and more demand on already squeezed emergency departments.”

Dr Chambers is encouraging people who can’t enrol, especially in worst hit areas such as Northland, the central and lower North Island, and Canterbury, to approach their local Member of Parliament.

“MPs must urge the new Health Minister to support a complete overhaul of the arcane funding and regulated pricing model imposed on general practice, a model which is driving general practices to the wall. The current model is more than two decades old and no longer fit for purpose.

“Changing the Minister won’t make much difference unless there is meaningful action such as theming this year’s Budget as a Health Budget to reverse the dangerous decline in primary healthcare availability,” Dr Chambers says.

GenPro members are owners and providers of general practices and urgent care centres throughout Aotearoa New Zealand. For more information visit www.genpro.org.nz

MIL OSI New Zealand News –

January 29, 2025
MIL-OSI Australia: Press conference, Whyalla

Source: Australian Executive Government Ministers

PHILL STONE (MAYOR, WHYALLA COUNCIL): Well, perhaps I can just thank everybody for being here. Today is a fantastic day. The start of what I would like to think is quite a few good announcements coming up, but we are able to move forward thanks to the Minister being here with a special announcement that our community is hanging out for. Minister.

CATHERINE KING: Well, thanks, it’s lovely to be here with you, Mayor Stone. It’s terrific– or Phill, I have to call you.

PHILL STONE: Yes, Phill.

CATHERINE KING: To really announce– we’re announcing today South Australia’s successful Growing Regions Round 2 projects. And here, of course, in Whyalla, we’re announcing $3.14 million for the play and splash park at the foreshore.

What I do want to say is congratulations to the council staff and councillors for working closely with your community on this project. These grants are very competitive, and you’ve got this on absolutely and utterly your merits. I know that place is really important for people. And as towns change what we want to do in our recreation time changes as well. Often the council facilities have not been able to keep up to date, and it’s really hard to get and attract the sort of money needed to do these big scale projects.

So, we’re really delighted, as the Albanese Labor Government, to partner with councils as a really trusted delivery partner, to really make sure we’re improving the places that people live. I know this is just one part of the foreshore redevelopment overall, but it is really the cornerstone of it, providing that first possibility of having a meeting space, a gathering space for families, improving accessibility, making sure you can actually use this amazing foreshore. Whether it’s wind, hopefully not hail, but certainly when the sun is shining as well. So delighted to make that announcement, alongside over $11 million that were announcing under Round 2, which of course builds here in this local community on our recent announcement around the Whyalla Airport. Investing some $16.3 million, knowing that you are going to need a longer and stronger runway for all of the development that is to come here in this community.

So, Mayor Stone, it’s lovely to be here to make that announcement. And as I said, congratulations to the local community for the work and effort that you’ve put in to get this project to this point.

PHILL STONE: Thank you very much, Minister. And do I say, you are experiencing just one of our 301 days of beautiful sunshine here in Whyalla. Welcome.

CATHERINE KING: Beautiful. Happy to take some questions.

UNIDENTIFIED SPEAKER: Jack, do you want to start?

JOURNALIST: Yeah. So, Funding for this project has sort of been in the works for quite a while. It was not approved in May of last year. Has anything changed for the Federal Government to allow it to come to fruition this time?

CATHERINE KING: Yeah. Well, what happens with these projects is we have a– you know, I’ve really cleaned up the grants process because what we saw previously, frankly, were colour coded spreadsheets. And you may have not always seen projects of the most merit getting up. What we’ve done now is there’s a panel that assesses the first applic– sorry, so the Business Grant Hub assesses applications, and this initially determines whether they’re eligible or not eligible. I then have a panel of politicians from National Party, Liberal Party, Labor Party, independents having a look at those applications and making a recommendation to my department about how the merit rankings should be done. And then my department will then make recommendations to me. And that’s what’s happened, and I’ve gone down the list.

On this occasion, I think what’s happened is the council has listened. They weren’t successful in that first application. Listened, got feedback from the Grants Hub about what they could do to strengthen their application. And that’s what they’ve done.

JOURNALIST: This is probably more for Phill. Will council be targeting local contractors and businesses to take up the works for the development project?

PHILL STONE: They will certainly have the opportunity. Whatever works fall within the capabilities of our locals. We keep saying this: we will always favour local contractors. If they can come up with the goods, they come up with the price, and we can all move forward. And this will certainly be taken into account. No question about that at all.

CATHERINE KING: And I think you’ve estimated around 42 people will be employed in the construction of this project. And I always like to hear that as many locals as possible get those jobs, but they’ve got tender processes they’ll have to go through. Thank you.

JOURNALIST: That’s it from me.

CATHERINE KING: Yep. ABC?

UNIDENTIFIED SPEAKER: Dan. You’re up.

JOURNALIST: Hello? Yes. Sorry, thanks so much for having me via the phone. One for Phill first. Is this something that– sorry, this specific splash and play plaza, is this something that the community have been yearning for?

PHILL STONE: Yes. It was one of the features in the original master plan put together by the community. Very much wanted a focus on water activities, sport. We always told the community it would take time. We would need extra funding to top up what council could provide. This funding now allows us to proceed. But the water feature was what the community wanted, and they’re now going to be able to get it.

JOURNALIST: Fantastic. Thanks very much Phill. Just a couple for the Minister. The question for you, Minister, you’re the Minister for Regional Development. How much is Whyalla on your radar in terms of regional cities [Indistinct]?

CATHERINE KING: Well, certainly the council has made sure Whyalla is on my radar. I think they were one of the first council groups to reach out to me when I became a new minister almost two and a half years ago now, so that is part of the job of council. We have lots and lots of local governments come to Canberra regularly, contact my office and talk about their projects. All regions are on my radar. Whyalla is incredibly important, not just to the state of South Australia but, obviously, in terms of the nation as a whole. The steel you produce here goes into many of my infrastructure projects that are right the way around the country, incredibly important for the entire community.

But I also care deeply. I live in a regional town myself and it’s got a long and deep history. I really love regional communities. I want to see them thrive. I want to see– they’re changing all the time; their economies are changing all the time. And part of my role as Regional Development Minister is trying to help make sure that they continue to become great places for people to live, to grow, to raise their families, as well as providing opportunities for tourism and bringing more money into the economy from other sources.

JOURNALIST: Minister, you did touch on it but, obviously, Whyalla’s industries kind of hinges on the steelworks. You guys have made a commitment of $63 million for a new green steel production system in Whyalla. Can you tell us how much of that you have already delivered? And what thresholds are we waiting to see the rest of the $63 million going to GFG?

CATHERINE KING: Yeah. Look, that will be questions for Minister Ed Husic, the Industry Minister. But the commitment that we have made is that we want to see the steelworks continue. We want to see it thrive. We know how important it is as I said, not just for South Australia but for the entire country. We know there are challenges as we head to net zero, in steel in particular – how we produce steel, how we make sure we reduce the energy intensity, the emissions intensity from a whole range of manufacturing, and steel is a really important component of that.

So, the questions in terms of the grant and thresholds really are for Minister Husic. But I know from the Albanese Labor Government’s point of view, we treat this very seriously. We want to make sure this is successful, and we’ll continue to work with council and our partners in the South Australian Labor Government to deliver for Whyalla.

JOURNALIST: I appreciate that. You have mentioned this is Minister Husic’s portfolio but, within Cabinet, how concerned is the Cabinet and the government about the situation at the steelworks at the moment and GFG’s ownership of that?

CATHERINE KING: Yeah. Well, obviously the commitment we’ve made is to that $63 million and we will continue to work very closely with the Malinauskas Labor Government. As the steelworks continue and the future of the steelworks continues we’ll continue talking to the South Australian Government about those matters.

JOURNALIST: No worries. Thanks very much, Minister. Appreciate your time.

CATHERINE KING: You are most welcome.

[Unrelated content – casual conversation]

PHILL STONE: Look, I just want to emphasise, I see today, as a result of a lot of hard work and negotiation, collaboration, sitting down, talking, Federal Government and particularly the funding we’ve already got for the airport, today’s announcement, other announcements that might just be around the corner, they’ve resulted through collaboration, through three parties sitting down, working together. And while we do that we can do nothing but succeed. And that is the crux.

There are some people that think we should go in, thumping on tables. While I’m Mayor that’s not my style and it’s not my team’s style. And I think you see the results of a whole team effort and we thank you so much for giving us this kick-start to get this underway. The community will certainly be waiting for that news. They’ll want us to start probably by yesterday.

CATHERINE KING: [Laughs] I’m sure they do.

PHILL STONE: I will now say, why have–

CATHERINE KING: [Interrupts] Where is it?

PHILL STONE: Yes. A week’s gone by, why haven’t you started? Obviously, there’s still a lot of work now behind the scenes, but you’ve really given us a good start. And while we continue to collaborate, work with both governments, we can’t do anything but succeed. And I thank you again very much for what you’ve done.

CATHERINE KING: You’re most welcome. Thanks, everybody.

[Applause]

[Unrelated content – casual conversation]

CATHERINE KING: Sorry, Dan*.

JOURNALIST: Sorry, one more very quick question. I’m told the Premier’s heading up to Whyalla tomorrow. Do you have any plans to meet with him or anyone from the State Government tomorrow?

CATHERINE KING: I think there will be someone else here with the Premier, as I understand it not from the Federal Government. But I’m heading to Katherine straight after this.

JOURNALIST: No worries. Enjoy the trip.

CATHERINE KING: Thank you.

MIL OSI News –

January 29, 2025
MIL-OSI Australia: Press conference, Commonwealth Parliament Offices, Melbourne

Source: Australian Treasurer

Jim Chalmers:

Headline inflation is now in the mid‑twos and underlying inflation is in the low‑threes. These numbers are better than expected and better than forecasts. What they show is we are making very meaningful, very substantial, and now sustained progress in the fight against inflation. It means that headline inflation is now at an almost four‑year low, and now sits in the middle of the Reserve Bank’s target band, and underlying inflation is now at its lowest in 3 years. These are very welcome developments.

We don’t pretend that it’s mission accomplished on inflation, but we are making very substantial progress. On every measure, we have now made substantial and sustained progress in this fight against inflation. Inflation was much higher and rising fast under the Liberals when we came to office, and we’ve been able to get on top of this inflation challenge and to get it down in a very meaningful way. Inflation is now almost a third of the 6.1 per cent that we inherited when we came to office.

Now, if you look at the numbers, headline inflation was just 0.2 per cent in the December quarter. That makes it 2.4 per cent higher through the year, which is around a quarter of its peak, and in the bottom half of the Reserve Bank’s target band. It means our headline inflation is now lower than most major advanced economies, including the US, the UK, and Germany. And if you look at the underlying measure, the trimmed mean measure, it was 3.2 per cent through the year to the December quarter, down from a revised 3.6 per cent. If you look at the trimmed mean number in the quarter, it almost halved. It’s now 0.5 per cent and that makes it around a third of what it was at the time of the election.

If you look at the big drivers of this moderation in inflation, the big drivers were construction costs, rents, and insurance, and that, I think, is quite an encouraging sign that inflation is moderating more quickly than anticipated, even as recently as the forecast that we released in December. These numbers are better than the market expected, and they are lower than the forecasts for inflation, and both of those developments are very welcome.

Australians collectively can be really proud of the combination of developments that we have seen in our economy in recent times. Inflation is down, wages are up, unemployment is low, and 1.1 million jobs have been created during the course of this Albanese Labor government. Now the soft landing that we have been planning for and preparing for is now looking more and more likely.

Many countries around the world have paid for this kind of progress on inflation with much higher unemployment, or with negative quarters of economic growth. What Australians have been able to achieve is an economy where growth has continued to tick over, albeit slowly, where unemployment has stayed incredibly low, jobs are being created, wages are up, but inflation is down considerably and we see that in the numbers again today.

Our cost‑of‑living pressures aren’t disappearing, but they are easing. We know that the fight against inflation is not yet over, but these are incredibly encouraging signs that we are getting on top of this challenge in our economy. The worst of the inflation challenge is now well and truly behind us, and that’s one of the reasons why we are confident but not complacent about the economy in the year ahead.

We know that our political opponents will try and dismiss and diminish what Australians have been able to achieve together in their economy. We know that Australians are doing it tough. We know how important our cost‑of‑living help is, and we know that the best thing we can do, the most important focus that we can maintain is on the cost of living and that is the government’s approach.

The Albanese Labor government is focused on beating inflation and helping with the cost of living and building Australia’s future. Our political opponents, Peter Dutton and the Coalition, are focused on conflict and culture wars, and they would make people worse off and take Australia backwards.

If we look at the impact of the cost‑of‑living measures over recent years on the pressures that people face right around Australia, it’s worth reminding people that Peter Dutton did not support cost‑of‑living help for Australians doing it tough. If Peter Dutton had his way, Australians would have been thousands of dollars worse off and they would be worse off still if he wins the election and that’s because when he was the Health Minister, he went after Medicare. Coalition governments want lower wages, not higher wages, and he will push up electricity bills with his nuclear insanity that he has been trying to foist on the Australian people.

So the choice and the contrast is very clear. The biggest risk to inflation and the cost of living and the economy in 2025 is Peter Dutton and a Coalition government. For our part, the Albanese Labor government is focused on getting inflation down, getting wages up, rolling out this cost‑of‑living relief, keeping unemployment low because that is the best way that we can make a meaningful difference to the cost‑of‑living pressures that we know Australians are still confronting. Happy to take a few questions.

Journalist:

You talked about, Treasurer, it not being mission accomplished yet, but started off this press conference pretty smiley, talking about an incredibly positive, optimistic set of numbers. Do you see there being an argument, a legitimate argument not to cut rates at this point? Are there pressure points pushing in the other direction still?

Chalmers:

I’m not going to make any sort of commentary which can be confused with giving free advice to the independent Reserve Bank, or making predictions about the decision that they will take when they meet on the [18th] of February. I respect the independence of the Reserve Bank too much to try and make predictions or to give them free advice, or to try and colour in for them the decision that they will make independently and announce towards the middle of February.

I have always seen our responsibility as a government to be the focus on the areas that we can influence, getting inflation down, getting wages up, keeping unemployment low, those have been our objectives and we leave the decision on interest rates to the independent Reserve Bank.

We’ve had a lot of free advice over the last couple of years from our political opponents and others, who say that we should have cut much harder or we should have done things differently. What these numbers show is we’ve been able to achieve something that other countries cannot, which is to make this remarkable progress on inflation at the same time as we maintain the gains we’ve made in the labour market and keep the economy ticking over.

Now, the economic and often the political orthodoxy, and what we’ve seen play out in other countries, is that you have to pay for much lower inflation with much higher unemployment. Australia has shown that there is a better way to go about it and we’re seeing the fruits of some of those efforts in the inflation numbers today.

Journalist:

Has the government done everything it can to provide the environment for rates to come down?

Chalmers:

We take no outcome for granted when it comes to interest rates, and again, it’s not for me to give free advice to the independent Reserve Bank. I respect their independence. They will weigh up these numbers and other numbers that we’ve seen in the economy since they last met. They will come to a decision and communicate that decision in February, and I’m not going to get in the way of that. I’m not going to predict it or pre‑empt it or give them free advice. I’m focused on my job and my job is to roll out this cost‑of‑living help in the most responsible way, get inflation down and wages up, and keep unemployment low. We are encouraged by the numbers that we have seen today, but we take no outcome on interest rates for granted.

Journalist:

Are you relatively comfortable, given how much data that we’ve seen now, that the numbers are in or around the band at a sustainable level, or do you think we might see some bumpiness over the next few months?

Chalmers:

I think inevitably when you see the inflation numbers here or in other countries, inflation rarely moderates in a perfectly straight line. For example, inflation in the US is higher than it is in Australia and it’s rising in the US again, and that reminds us, I think helpfully, that inflation doesn’t moderate in a perfectly straight line around the world and that’s been the experience here as well. I think that’s an important thing to remember. But the facts of the matter are laid out by these new numbers today. Headline inflation is now in the bottom half of the Reserve Bank’s target band. Underlying inflation is in the low‑threes, both of those outcomes are better than expected and lower than the official forecasts.

The Reserve Bank will weigh up all of those considerations, they will come to a decision independently, but I think what we’re seeing here is a reminder that the soft landing that we have been planning for and preparing for is looking more and more likely.

Journalist:

Would a rate cut influence the Prime Minister’s thinking around election time, and can you actually commit to doing a budget on March 25? We’ve heard language from your Finance Minister about being a budget update. Can you commit now to doing a Budget on March 25?

Chalmers:

We’re working towards a Budget on March 25th.

Journalist:

Towards or actually doing one?

Chalmers:

The reason I put it like that is because it’s a decision for the Prime Minister. It’s not a decision that I take alone. The Prime Minister takes that decision. Our expectation, and all of our work, is heading towards a March 25 Budget. The reality is that the Prime Minister will make that decision, no doubt he will confer with his colleagues about it, but our expectation is that there will be a Budget on the 25th.

Journalist:

Would you like – sorry Treasurer, would you like to do a Budget on March 25 and if so, are you aiming as much as possible to find a third surplus?

Chalmers:

There’s 2 parts to that question. I hand down budgets when the Prime Minister asks us to, and we’ve handed down 3 already and the fourth one is due on March 25. I’ve seen speculation about a third surplus, and I would urge caution on that front. We are deliberately cautious and conservative when it comes to budgets. We were in the first 3 and we will be in the fourth. But I think there’s cause for additional caution and conservatism because there hasn’t been anything yet that we have seen which would make us think that there would be a substantial difference to the budget bottom line than what we forecast in December in the mid‑year budget update. I know that there’s speculation to the contrary. I know that there’s a lot of global economic uncertainty which can impact the budget bottom line in both directions, but nothing we’ve seen yet has materially changed our expectations.

Journalist:

Is the rate decision on February 17–18 the primary factor in the Prime Minister’s decision around when to go with the election?

Chalmers:

I wouldn’t have thought so. I wouldn’t have thought so, but you’d have to ask the Prime Minister. You know, an election is due –

Journalist:

Surely he’d know that, though?

Chalmers:

Well, you’d have to ask him. An election is due by May, so the election will be on us before long and there will be a number of considerations when it comes to timing, and you will have to – it’s not for me to decide on my own.

Journalist:

Would a rate cut be – would you feel that it would be personal vindication for your fiscal strategy in the face of a lot of criticism from the media and other politicians?

Chalmers:

First of all, I don’t see it in personal terms. The most important thing here is to see some of the price pain that Australians have endured now since before the last election, that that continues to ease, and that we get inflation down at the same time as we get wages growing again in a more meaningful way and we keep that unemployment rate low. Those are the things that I’m focused on. You asked me about the free advice that we get from time to time. You know, there’s been some very strange commentary, you know, people –

Journalist:

Such as?

Chalmers:

People saying that there were going to be 3 rate hikes last year and there were none. There hasn’t been a rate hike since November in 2023.

Journalist:

Warren Hogan?

Chalmers:

Well, he’s not the only one. There’s been a lot of strange commentary, and we get a lot of free advice. One of the things that I’m proudest of is we have maintained a focus on the key elements of a soft landing in our economy – inflation coming down, not sacrificing people’s jobs, keeping the economy ticking over. We’ve still got an economy which is soft, softer than is normal. We’ve still got people under pretty extreme pressure. But the sorts of things that we are preparing for and planning for are now unfolding.

This very substantial and now sustained moderation in inflation is probably the most important part of that, but to be able to do that, while maintaining unemployment at 4.0 per cent, is a pretty remarkable achievement for which all Australians can share in the credit.

If you think about if you’d said a few years ago that it would be possible for a government, in this case our government, to maintain average unemployment rates, the lowest of any government in 50 years, at the same time as we get inflation from its peak of 7.8 now down to 2.4, I think Australians can be proud of that progress that has been made, and not because cost‑of‑living pressures have disappeared, but because they are easing at the same time as we satisfy some of these other economic objectives.

Journalist:

Should Australian tech companies be concerned about this rise in Chinese AI?

Chalmers:

Obviously this is a very fast‑moving and volatile part of the economy. It’s one of the reasons why Ed Husic, to his credit, and other colleagues are putting a lot of time and effort and thought into the appropriate guardrails when it comes to AI. We are forward leaning about AI. We think it can be revolutionary in our economy, that it has the capacity to boost productivity and deliver a whole range of economic gains, but we know that there needs to be guardrails as well.

If you look at DeepSeek, and what we’ve seen in the last couple of days, which have been some pretty extraordinary developments that the market has reacted to in a pretty remarkable way, the advice that Ed has provided, which I would echo now, is we would urge Australians to be cautious about this new technology.

Obviously we are constantly receiving advice on it. You wouldn’t expect me to go into all of the detail of that here. But what we try to and what our agencies try to, is to work closely with the sector, the private sector, updating the advice when it’s appropriate.

Journalist:

National security advice?

Chalmers:

All kinds of advice. When there’s a big development in our economy, particularly when it relates to technology, of course we have a look at it. Of course we monitor it closely. Of course we try and get our head around and understand the consequences for our own industries and our own economy. That’s pretty standard for a diligent government and that’s what we will do in this case.

Journalist:

But technology that is refusing to provide information about the Tiananmen Square massacre, not answering question the about the state of Chinese politics, potentially gathering data from Western accounts and feeding it back to the Chinese system, does that trouble you? Before receiving national security advice, does that trouble you at a general level?

Chalmers:

I don’t want to engage in a hypothetical or pre‑empt the sorts of discussions that we would have as a government. I’d echo Ed’s very wise advice, and Ed’s very wise advice is to be cautious. From a government point of view, we stay across all these kinds of developments, not just this one, and we provide an updated advice as it’s appropriate.

Journalist:

Just one very Victorian question given we’re in Melbourne. Airport Rail, it’s been reported by News Corp there’s $2 billion more on the table for that project. Can you explain why you see that as a city‑shaping project and why the federal government appears to be putting priority on that project rather than the Suburban Rail Loop?

Chalmers:

I’m not sure I perfectly share your assessment of it. What we’ve said about those 2 projects is that we consider them to be separate. You know, we don’t see a link between funding for one over the other. And all I would do beyond that is to remind you of what I said on Saturday, which is my wonderful colleague, Catherine King, she’s in discussions with States and Territories all the time about the best combination of projects in the infrastructure pipelines, and that’s the case here as well.

I would also say that I’m looking forward to spending some time this afternoon with the Victorian Treasurer. I had an opportunity to speak with her by phone already, but we will be catching up this afternoon. No doubt some of these sorts of issues will come up.

Journalist:

Do you think –

Chalmers:

I’m just conscious that we haven’t really perfectly shared the questions. Do you want to go?

Journalist:

I’ve just got one that hasn’t been answered already.

Chalmers:

Okay, thanks.

Journalist:

Your government’s announced –

Chalmers:

These 2 are very selfish, mate.

Journalist:

One of your government’s measures is about energy bill relief assistance, you spoke about cost‑of‑living assistance for voters. Can people expect that to continue beyond July this year?

Chalmers:

Our focus is on rolling out the cost‑of‑living help that we’ve already announced and that we’ve already budgeted for, including the cost‑of‑living help that comes in the form of those electricity rebates. And if you look at the numbers today, when it comes to electricity prices, they fell in – the year to the December quarter – they fell by 25.2 per cent, and they still would have fallen without the energy rebates and so energy rebates are part of the story but not the whole story. We’ve seen electricity prices fall by more than a quarter in the year to December. They still would have fallen 1.6 per cent without the energy rebates that we’re rolling out in conjunction with the states. What that says is our cost‑of‑living help is helping, but electricity prices would have moderated without it as well.

Journalist:

So the help isn’t quite as strong then?

Chalmers:

What we do from budget to budget is we consider the pressures that people are under, the budget constraints that we’re dealing with, and the economic conditions, and we come to a decision about what, if any, further cost‑of‑living help is appropriate and affordable and responsible. We did that in our first 3 budgets, and we’ll do that in the fourth.

Journalist:

Do you expect Jaclyn Symes is going to ask you for a fairer share of the GST for Victoria?

Chalmers:

I don’t know. I think that treasurers in every State and Territory are typically interested in more support from the Commonwealth. That wouldn’t make her unique if she did. But I’m looking forward to a discussion with her. I think she’s going to be a wonderful Treasurer here in Victoria and I try and maintain open lines of communications with all of my State and Territory colleagues, and that’s because I believe you get more done when you work together than when you work at cross‑purposes.

Journalist:

Absolute last one from me. There’s some good numbers at the start of inflation, but some really dire numbers in a Deloitte report on living standards and real wages. Do you expect to announce more between now and the election on how you will get the economy to grow, how to get productivity up and living standards up?

Chalmers:

Yes. And one of the things that we’ve tried to be very disciplined about is at the same time as we manage these near‑term pressures on people, that we don’t drop the ball when it comes to the longer‑term agenda. The productivity agenda around human capital, the energy transformation, adapting and adopting technology, our competition policy agenda, making our economy more dynamic and more productive, we have maintained a focus on these things throughout. We’ll have more to say between now and the election on those important policy areas.

I also remind you that I’ve tasked the Productivity Commission with some important work on what the next agenda beyond our current agenda would look like when it comes to boosting productivity in our economy.

We’ve made it really clear that coming out of these 3 economic shocks in the last 15 years, that in more normal times ideally growth in the economy would be private sector led, that remains my view, and in order for that to be the case, we have all got to work together to make our economy more productive and dynamic and competitive. We have done a bunch of things on that front but there will be more to do.

Thanks very much.

MIL OSI News –

January 29, 2025
MIL-Evening Report: A marine heatwave in northwest Australia is killing huge numbers of fish. It’s heading south

Source: The Conversation (Au and NZ) – By Sina Pinter, PhD Candidate in Ocean Dynamics, The University of Western Australia

Ningaloo Reef is facing the heat James C. Farr/Shutterstock

Tens of thousands of fish have died off northwestern Australia, as a large and long-lasting marine heatwave intensifies.

The fish kill at Gnoorea Beach near Karratha is concerning our team of scientists, as the hot mass of water heads south towards Ningaloo Reef and the seagrass gardens in Shark Bay. That’s because we’ve seen this before. An enormous marine heatwave in 2010-11 devastated fisheries and ecosystems further down the WA coast.

This marine heatwave began in September, with temperatures up to 3°C warmer than usual off Broome. There’s no end in sight.

The heatwave comes as oceans worldwide experience recordbreaking heat, driven by climate change. More than 90% of all heat trapped by greenhouse gases goes into the oceans.

The fish kill is a visible way to glimpse a disaster often out of sight and out of mind. But these marine heatwaves do much more, from wiping out seagrass meadows and kelp beds to trashing fisheries.

Up to 30,000 dead fish have washed up around Gnoorea Beach near Karratha.
WA Department of Primary Industries and Regional Development

How bad is this marine heatwave?

Marine heatwaves are periods of at least five consecutive days when ocean temperatures are significantly higher than the long-term average for the region and season.

Since September 2024, temperatures off Australia’s northwest coast have been high enough to be considered a heatwave.

In late December, the area of hotter water expanded southward along the Pilbara coast and became more intense. Temperatures hit 4–5°C above normal at the surface. Our research group has gathered data from satellite measurements, which tells us it’s hotter than usual. Data from autonomous ocean gliders also show unusual levels of heat as far down as 200 metres.

In January, this heatwave has become bad enough to be classified in some areas as a severe marine heatwave.

There’s no relief in sight yet. The Bureau of Meteorology forecasts marine heatwave conditions to continue through February.

On the left, the marine heatwave on the Northwest Shelf is visible in dark red. On the right, the intensity of the heatwave is shown over time on the Northwest Shelf and further south in Central Western Australia.
Author provided, CC BY

Will it be worse than the 2010 heatwave?

The current marine heatwave is, so far, the second-worst in Western Australia’s recorded history.

Over the 2010–11 summer, a severe marine heatwave devastated seas off the state. Temperatures hit up to 5°C above average, peaking in February and March.

The worst-hit areas were seas off the central West Australian coastline, leaving those to the north largely unaffected. But the heatwave stretched 2,000 kilometres, from the Pilbara all the way down to Denmark in the southwest.

The reason the 2010 heatwave spread so far south was due to the Leeuwin Current, which was stronger than usual due to weak southerly winds linked to a low pressure system off the coast.

The 2010-11 marine heatwave hit Central West Australian waters hardest. The Leeuwin Current ferried heat southward.
Author provided, CC BY

The heat led to local extinction of kelp species along a 100km stretch of coastline. Scallop and blue swimmer crab fisheries had to close. Seagrass meadows in Shark Bay collapsed. Tropical species were sighted in new areas. And coral bleached at Ningaloo.

By contrast, this current marine heatwave has concentrated on the northern coastline, but may spread south in coming weeks.

Unfortunately, there are strong similarities between the 2010–11 heatwave and this one. Both occurred during a La Niña year.

A similar low pressure system in December 2024 weakened southerly winds during this heatwave, though not as pronounced as in 2010-11. We can expect to see the Leeuwin Current intensify and carry more warm water than usual south, but perhaps not as far as in 2010–11.

Weather systems at present are developing slightly differently to 2010–11, but they could still lead to weaker southerly winds and produce a stronger current channelling heat.

What does this mean for ocean life?

Marine heatwaves at this size and intensity can profoundly damage marine ecosystems and fisheries. The Karratha fish kill is the most visible sign of ecosystem distress.

We have already seen signs of bleaching in the coral reefs of the Kimberley region, while corals are experiencing heat stress at world-famous Ningaloo Reef.

The heat is now affecting the Gascoyne region between Carnarvon and Exmouth, and is likely to head further south.

Damage from the heatwave could threaten valuable industries such as the rock lobster fishery and marine tourism on the Coral Coast.

Bleached corals in Cygnet Bay north of Broome. Photo taken on 16th January.
Kayleigh Foste, CC BY

More heatwaves will come

As the climate changes, modelling indicates marine heatwaves will hit more often and to intensify.

Worldwide, marine heatwaves have devastated ecosystems. One of the worst, the Pacific “blob” heatwave of 2014-2016, killed an estimated 100 million Pacific cod and four million birds from a single seabird species, as well as contributing to the starvation of about 7,000 humpback whales. The intense heat killed off cold-loving species and paved the way for tropical species to enter and even thrive.

Right now, 28% of the world’s oceans are in heatwave conditions, based on surface temperatures.

While there is a clear link between the 2010-11 marine heatwave and climate change, we cannot conclusively say this current heatwave off Western Australia is linked to climate change.

That’s because we don’t have enough data about what’s happening under the surface. Temperatures in the ocean vary greatly by depth, and a hot surface doesn’t always mean heat has reached deeper water.

So while we know a marine heatwave is in progress, we don’t know how bad it is or how far down the heat has reached in different regions. We need better ways to measure temperatures at depth, to be able to gauge how bad a heatwave is. Installing more temperature sensors along the WA coastline would allow us to better monitor and respond to temperature extremes.

The earlier we know about a heatwave, the more we can do to prepare. The 2010-2011 heatwave made many people aware of what damage heat can do to an ocean, as fishing boats sat idle and tourists steered clear of dying coral.

More, and worse, is likely to come. Better conservation and management of our oceans can help. But tackling the root cause of intensifying heat – unchecked greenhouse gas emissions – is still far and away the most important challenge.

Matt Rayson receives funding from the Australian Research Council and the Western Australian government. .

Nicole L. Jones receives funding from Australian Research Council and the Western Australian government.

Sina Pinter 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. A marine heatwave in northwest Australia is killing huge numbers of fish. It’s heading south – https://theconversation.com/a-marine-heatwave-in-northwest-australia-is-killing-huge-numbers-of-fish-its-heading-south-248139

MIL OSI Analysis – EveningReport.nz –

January 29, 2025
MIL-Evening Report: DeepSeek: why the hot new Chinese AI chatbot has big privacy and security problems

Source: The Conversation (Au and NZ) – By Mohiuddin Ahmed, Senior Lecturer of Computing and Security, Edith Cowan University

The Chinese artificial intelligence (AI) company DeepSeek has rattled the tech industry with the release of free, cheaply made AI models that compete with the best US products such as ChatGPT.

Users are rushing to check out the new chatbot, sending DeepSeek’s AI Assistant to the top of the iPhone and Android app charts in many countries.

However, authorities have sounded a note of caution. US officials are examining the app’s “national security implications”. Australia’s former cybersecurity minister said national security agencies will soon issue formal guidance for users.

Why are governments and security experts so concerned? The main issue is the app is made in China and stores data there – but that doesn’t mean all the worry is just xenophobia.

What information does DeepSeek record?

DeepSeek does not appear to be spyware, in the sense it doesn’t seem to be collecting data without your consent. However, like many online services, it clearly tells you it will record a lot of data about you and your behaviour.

Specifically, the company’s privacy policy says it collects three categories of information.

First, there is information you provide directly, such as your name and email address and any text you type in or files you upload.

Next, there is automatically collected information, such as what kind of device you are using, your IP address, details of how you use the services, cookies, and payment information.

Finally, there is information from other sources, such as Apple or Google login services, or third-party advertising and analytics companies.

This is broadly similar to the data collected by ChatGPT and Claude.

What does DeepSeek do with the information?

DeepSeek says it uses this information for a range of purposes: to provide services, enforce terms of use, communicate with users, and review and improve performance.

The policy also contains a rather sweeping clause saying the company may use the information to “comply with our legal obligations, or as necessary to perform tasks in the public interest, or to protect the vital interests of our users and other people”.

DeepSeek also says it may share this information with third parties, including advertising and analytics companies as well as “law enforcement agencies, public authorities, copyright holders, or other third parties”.

DeepSeek will also keep the information “for as long as necessary” for a broad range of purposes.

Again, this is all fairly standard practice for modern online services.

Causes for concern

Much of the cause for concern around DeepSeek comes from the fact the company is based in China, vulnerable to Chinese cyber criminals and subject to Chinese law.

DeepSeek stores the information it collects “in secure servers located in the People’s Republic of China”. The company says it maintains “commercially reasonable technical, administrative, and physical security measures” to protect the information.

However, we should keep in mind that China is one of the most cyber crime-prone countries in the world – ranking third behind Russia and Ukraine in a 2024 study.

So even if DeepSeek does not intentionally disclose information, there is still a considerable risk it will be accessed by nefarious actors.

China is home to a sophisticated ecosystem of cyber crime organisations that often build detailed profiles of potential targets. Microsoft and others have accused the Chinese government of collaborating with cybercrime networks on cybercrime attacks.

These organisations can use personal information to craft convincing targeted phishing attacks, which try to trick people into revealing more sensitive information such as bank details.

Should you download DeepSeek?

So, should you download DeepSeek?

If you are an experienced user who is familiar with online privacy and the capabilities of modern AI systems, go ahead – but proceed with caution and be very wary about what information you share.

And if you’re less experienced – if you’re a casual user who is less internet-savvy – my expert advice is to stay well away. DeepSeek won’t give you much you can’t get from other chatbots such as ChatGPT or Claude, and it might make your data vulnerable to Chinese cyber criminals and subject to Chinese law.

DeepSeek also raises questions for governments. Efforts to prevent scams and cybercrime often focus on banks, telecommunications companies, and social media platforms – but what about chatbots?

Mohiuddin Ahmed 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. DeepSeek: why the hot new Chinese AI chatbot has big privacy and security problems – https://theconversation.com/deepseek-why-the-hot-new-chinese-ai-chatbot-has-big-privacy-and-security-problems-248544

MIL OSI Analysis – EveningReport.nz –

January 29, 2025
MIL-OSI Australia: Key considerations for renewable energy developers seeking private capital to fund expansion
Source: Allens Insights

Establishing renewable energy platforms and capital partnerships 8 min read

As renewable energy developers look to expand their project pipelines and operational portfolios, many are turning to private capital sources to help fund their expansion plans. Increasingly, that capital is being sought through newly established platforms between developers and investors that jointly own the renewable projects through a legal ownership structure separate from the developer’s remaining business.

Establishing renewable energy platforms and capital partnerships requires a strategic balance of risk mitigation and the optimisation of growth opportunities in an increasingly competitive environment. Each platform and capital partnership is unique, necessitating customisation based on the objectives and risk tolerance levels of the parties involved. With robust planning and transparent communication from day one, these capital partnerships can help drive the energy transition while delivering attractive returns for investors.

In this Insight, we explore the key issues for developers and investors to consider when establishing a capital partnership for a new renewable energy platform.

Key takeaways
- Commitment to the platform: each party should seek a form of commitment to the platform from the other. We are increasingly seeing both developers and investors be willing to provide that commitment in the form of an exclusivity undertaking, pursuant to which the parties are prohibited from developing or funding projects outside of the platform (subject to certain carveouts).
- Operational model: new platforms are typically structured as either a standalone business or a simple ownership vehicle where operational functionality is outsourced back to the developer. Alignment between the parties on the preferred approach, and how it impacts key issues such as revenue strategy and exit, is a key to success.
- Funding obligations: the parties’ funding obligations to the platform should be designed to ensure the platform receives sufficient funding to develop, acquire and operate projects. However, while certainty of funding is important, the parties should avoid rigid frameworks (which set out precise financial and operational criteria for investment in new projects), which run the risk of stifling growth (particularly when dealing with seasoned developers with a track record of bringing projects to market).
- Governance and regulatory considerations: when evaluating potential investors/platform partners, developers should consider the regulatory implications relevant to each investor (in particular in relation to tax, FIRB, AFSL and ACCC requirements), and how those implications may affect the day-to-day operation of the platform.
- Debt financing strategy: the platform’s debt financing structure must be adaptable to accommodate new projects and multiple funding sources, ensuring room for future growth without excessive lender restrictions.
- Funding and compensation: any platform must be structured in a way that recognises the different initial and ongoing contributions from both the developer and the investor. In particular, developers should ensure they are properly compensated for the seed assets vended into the platform.
Key considerations
Commitment to the platform

Notwithstanding the specific technology focus of the platform, such as solar, wind, BESS, other forms of generation and storage, or all of the above, each party should seek a form of commitment to the platform from the other with respect to the relevant technology focus. While it might be expected that the developer provides a stronger form of commitment, limiting their ability to develop projects of the applicable technology outside the platform, investors are increasingly also willing to ‘put all their eggs in one basket’ and accept a form of exclusive commitment. This is often based on the understanding that, through diligence and alignment with the developer on key principles, the platform is their best means of investing in that technology in Australia. If an investor is willing to make such a commitment, establishing carveouts to ensure they are not inappropriately constrained is essential. Investors will often seek to ensure the commitment does not cover existing investments, projects outside the geography, investments via other funds and projects beyond a specific capacity range.

Structuring your operating model

When establishing a new platform, developers have two primary operational model options to consider: standalone platforms and ownership vehicles. Each model has distinct characteristics, benefits and challenges that can significantly impact the platform’s success.

Standalone platforms operate as independent businesses with their own management teams and operational autonomy. For standalone platforms, a key focus should be on selecting the right management team. This process typically takes time, so it’s important to establish a robust transition plan in which the developer provides the necessary support until the management team is fully onboarded.

Ownership vehicles function through a network of development and service agreements where operational functionality is outsourced back to the developer. This model leverages existing capabilities within the developer’s organisation but operates under a separate legal structure.

Whatever the operational structure, a key to success is ensuring alignment between the developer and investor from the outset—particularly on headline issues such as revenue strategy (especially important for BESS assets, which offer a variety of potential revenue options, eg tolling agreements, Capacity Investment Scheme agreements, system support agreements, merchant operations, etc) and exit strategy.

Certainty of funding

As a vehicle designed to fund both seed and future projects, funding obligations are often the most heavily negotiated elements of platform arrangements. In an ideal scenario for developers, they would retain full control over financial investment decisions (FID) and funding decisions, allowing them to call for capital as needed. Meanwhile, in a perfect world for investors, they would have complete discretion over which projects their capital is used to fund.

To avoid potential deadlocks with respect to funding decisions, including through the exercise of veto rights, one approach is for the investor to make an upfront capital commitment. This requires them to fund a pre-agreed amount (at a pre-agreed valuation) for a set of seed and pipeline assets, which they diligence at the outset. Once this initial capital is provided, future funding can be provided on a pre-emptive basis, potentially tied to target return criteria and procedural milestones that must be met before a project is onboarded to the platform or funded via FID.

While this strategy helps prevent deadlocks that could hinder platform growth, it’s important to recognise that a one-size-fits-all approach may not be ideal. In our experience, rigid procedures around project onboarding and funding may not serve the platform’s best interests, particularly when developers have a proven track record of managing development and construction risks in a more flexible manner. Retaining flexibility with regards to milestone requirements to take FID may enable the platform to reprioritise projects in response to shifting market demands and opportunities.

Managing governance and regulatory requirements

When evaluating potential investors, developers should consider a range of factors beyond simply choosing the one with the deepest pockets. Issues such as Foreign Investment Review Board (FIRB) implications (particularly whether an investor’s involvement will characterise the platform as a ‘foreign government investor’ or FGI), Australian Financial Services Licence (AFSL) requirements and complex competition law concerns can create significant challenges for the platform if not addressed and managed at the outset.

Tax implications must also be considered. For example, upcoming changes to the foreign resident capital gains tax regime in Australia—specifically how ‘taxable Australian real property’ is defined in the context of renewable energy assets—may affect after-tax returns for foreign developers and investors.

These changes, expected to come into effect on 1 July 2025, could have substantial impacts on renewable energy platforms and should be closely monitored.

Implementing your debt financing strategy

The initial debt financing required to establish the platform and transition seed and early-stage assets to the platform will depend on the number and characteristics of those assets, including the technology type and whether the assets are operational or under construction, merchant or contracted, etc.

Whatever the makeup of that initial financing, flexibility for growth is key. In particular, the debt financing structure must be flexible enough to accommodate:
- the inclusion of new greenfield and operating assets (with a focus on minimising lender consent rights);
- construction financing for greenfield projects, either within the portfolio financing structure or separately financed outside the portfolio through an excluded subsidiary mechanism and brought in once the project is operational (subject to risk tolerance on a case-by-case basis); and
- multisource financing options (including bank debt, private long-term credit and note issuance) with the necessary intercreditor mechanics.
Funding structure

The platform will need to be structured in a way that recognises the different initial contributions from both the developer and the investor. In most platforms, the developer provides seed and pipeline assets, while the investor supplies capital for the development and construction of those assets.

An investor’s capital contribution typically needs to be structured so that the platform can draw down the capital over time, on an as-needed basis to fund project capex. This can be achieved through various methods, such as partly paid shares or equity ‘catch up’ or ‘farm-in’ regimes, with the optimum approach usually driven by the investor’s requirement regarding governance rights from day one, FIRB considerations and any potential requirement to ‘return’ capital commitments in the future.

From the developer’s perspective, it is essential to ensure that they are properly compensated for the seed assets transferred into the platform. Whether that compensation takes the form of equity in the platform or proceeds from the transfer of assets, it would typically reflect (for each asset/project) all devex spent on the project, fees for the origination and development services provided and, where applicable, a development premium.
Key questions to ask
- Asset strategy: what technology should the platform focus on? Solar, wind, BESS, other forms of generation and storage, or all of the above? Whatever the technology, what level of commitment is each party willing to give to the platform and what carve outs to the commitment are needed?
- Operational model: should the platform be structured as a standalone business with its own management team and operational autonomy, or as an ownership vehicle that, through a network of development and services agreements, outsources operational functionality to the developer?
- Funding obligations: what level of capital commitment is required from both parties at the outset? How will future funding needs be determined and agreed upon? Are there predefined criteria or milestones that need to be met for additional funding to be provided?
- Governance and regulatory: are FIRB, AFSL, ACCC and tax requirements fully understood and planned for?
- Debt financing strategy: how flexible is the debt financing structure in accommodating new assets and various stages of project development? Are there multisource financing options (ie bank debt, private long-term credit or note issuance) and how will the necessary intercreditor mechanics be managed?
- Funding structure: how will initial contributions from both developer and investor be recognised within the platform structure? What methods (eg partly paid shares, equity ‘catch up’, farm-in regimes) will facilitate drawdown of capital over time? How will developers be compensated for seed assets transferred into the platform?
MIL OSI News –
January 29, 2025
MIL-OSI Economics: Panasonic Leaps “Well into the future” with AI and Data-Driven Innovations at CES 2025 Exhibition Space

Source: Panasonic

Headline: Panasonic Leaps “Well into the future” with AI and Data-Driven Innovations at CES 2025 Exhibition Space

Marking a 58th consecutive year as an exhibitor at one of the world’s most influential consumer electronics events, Panasonic Group was on hand at CES 2025 (January 7–10 in Las Vegas, Nevada, U.S.A.) to engage with audiences about its strategic shift toward AI and data-driven businesses. This year’s CES was host to more than 141,000 visitors and 4,500 exhibitors from more than 150 countries and regions, but not everyone had the opportunity to attend. If you missed out, here are some key highlights from the Panasonic Group exhibition space.

Theme Signals Strategic Shift toward AI, Data-Driven Solutions

The theme for Panasonic Group’s exhibition space was “Well into the future.” Announced by Panasonic Holdings Corporation Co., Ltd. (Panasonic HD) Group CEO Yuki Kusumi during his opening keynote, this year’s theme signified the organization’s strategic shift toward AI and data-driven businesses in pursuit of an ideal society with affluence both in matter and mind.
“Well into the future” embodies the idea that, through innovations and a commitment to addressing social issues, Panasonic will lead the development of cutting-edge solutions to help achieve its core mission to inspire a healthy society and enrich the lives of people around the world.
“This year’s theme is a reference to Panasonic founder Konosuke Matsushita’s vision of contributing to the well-being of people and the progress of society,” said Mike King, Director, Brand Marketing & Creative Services, Marketing & Communications, Panasonic Operational Excellence of North America. “And you can see that theme throughout the exhibit—with technologies that support the well-being of individuals, of families and all of society, with our focus on green energy transformation and decarbonization, but also the use of AI-powered solutions to help families to experience greater connection, connectivity, comfort, and well-being.”

[embedded content]

Located in Las Vegas Convention Center (LVCC)’s Central Hall, the exhibition space was an enclosed environment divided into four areas: Panasonic Go, Home, Carbon Neutral, and Circular Economy. The design was a departure from the open layouts of previous years, allowing visitors to experience the complete Panasonic story—from its history and vision for the future to technologies they can use today and solutions that will contribute to a sustainable tomorrow.

Growth Initiative Links Past and Future under “Panasonic Go”

Panasonic Go is a global corporate growth initiative that will drive transformation through AI-powered, software-led investments across Panasonic Group and create new experiences for customers and partners.
This area of the exhibition space welcomed visitors with a look back over the storied history of the Panasonic Group, illustrating historical milestones and introducing home appliances that have enriched lives since the company’s founding in 1918. Moving further into the exhibition space, a video explained Matsushita’s ambitious 10-stage, 250-year plan to contribute to solving social issues and improving people’s lives through technology and the role that Panasonic Go will play in driving the transformation to an AI-powered business model towards the plan’s fifth stage (2032–2056).
* The name Panasonic Go was also inspired by the Japanese word for “five”
Panasonic Group products have already changed the lives of more than one billion people. Looking ahead, the Group will leverage AI and data platforms—from Blue Yonder’s supply chain management solutions to Panasonic Well’s family wellness platform—to make new contributions for current and future generations.
Speaking of wellness, the final section of the Panasonic Go area gave visitors a chance to get a sneak peek of Umi, a new consumer offering from the Panasonic Well portfolio that will be available in the United States market in 2025. Umi is an innovative digital wellness platform and personalized family wellness coach that uses AI and a community of experts to help people build healthy habits and routines. Umi will be the first Panasonic Well consumer brand to use Claude, Anthropic’s AI assistant known for its reasoning capabilities, deep understanding of complex topics, and ability to engage in natural conversations. Claude excels at analyzing data, writing and editing content, and helping solve complex problems—all while maintaining the highest standards of safety and security.

Carbon Neutral & Circular Economy Exhibits Highlight Sustainability Efforts

Panasonic HD took the stage at CES 2022 to announce its long-term environmental vision, Panasonic GREEN IMPACT (PGI), and since then the Group has been engaged in a variety of activities to expand its impact toward achieving carbon neutrality and a circular economy. These areas in the exhibition space, Carbon Neutral and Circular Economy, introduced solutions and technologies that will be contributing to achieving the goals established under PGI.

Visitors also had the opportunity to learn more about how the Panasonic Group is tackling Carbon Neutral challenges and promoting Circular Economy initiatives in its products and solutions as it advances toward the broader goal of contributing to realizing sustainable lifestyles and society.
The Carbon Neutral display was organized into three main technologies/approaches: “Updating,” “Electrifying,” and “Harnessing.”
“Updating” means replacing existing methods with low environmental impact alternatives to reduce energy consumption and greenhouse gas emissions. Hussmann display cases for refrigerated and frozen goods use natural refrigerant R290 to greatly reduce environmental impact compared to traditional CFC refrigerant alternatives currently in use.
“Electrifying” represents the transition from fossil fuels to electric power and making the most of renewable energy. Panasonic Group is a leader in automotive battery cells, having delivered more than 15 billion units to date—enough to power three million EVs worldwide. Visitors were able to check out the Panasonic 2170 cell, which features the world’s highest energy density, as well as the new Panasonic 4680 cell, which has a capacity around five times greater than the 2170 cell. The company’s efforts with Redwood Materials, Inc. and Nouveau Monde Graphite, Inc. to reduce its carbon footprint and achieve a sustainable society were also available for visitors to explore. Finally, they could learn more about Panasonic HX, an advanced energy management system that coordinates pure hydrogen fuel cells, solar cells, and storage batteries to efficiently supply renewable energy in response to changes in electricity demand and weather conditions.
“Harnessing” is an approach that uses natural resources to produce cleaner resources, leading to CO2 reduction and absorption. One technology aiding the approach is the anion exchange membrane water electrolysis, a device enabling highly efficient and low-cost green hydrogen production. A fully developed anion exchange membrane (AEM) electrode made of iron and nickel was on display in the area. Visitors could also see a life-size mockup of window-mounted perovskite solar cells which demonstrated the transparency and design flexibility of this unique power-generating technology. Also on display was the growth stimulant Novitek®, a technology that uses ambient CO2 in combination with cyanobacteria, a type of photosynthetic microorganism, to increase food productivity.

The Panasonic Group is committed to the Circular Economy under the three principles of “Maximizing,” “Minimizing,” and “Partnering.” In this area, the Group introduced its efforts to efficiently use resources and reduce consumption of the Earth’s limited natural resources.
Extending the effective use period while maintaining and improving the value of resources across a product’s lifecycle is known as “Maximizing.” Panasonic displayed a concept model based on the principle of Design for Circular Economy (DfCE); DfCE products are easy to assemble/disassemble (ease of repair), have fewer connectors/fasteners (ease of assembly), and can be grouped for reuse and recycling (ease of recycling).
“Minimizing” means using fewer new materials and more recycled and renewable materials. For example, approximately 45 percent of the plastic used in the Technics EAH-AZ80 earphones and charging case is made of plant-derived DURABIO , while the Lamdash Palm In ES-PV6A shaver uses NAGORI®, an innovative composite material derived from minerals extracted from seawater, reducing plastic use by approximately 40%1. A second exhibit showcased lighting that incorporates kinari , a sustainable material composed primarily of plant fibers that offers the moldability of conventional petroleum-based resins.
Designing products and systems for a circular economy is a challenge that Panasonic Group cannot tackle alone, so it emphasizes “Partnering” with customers and partners promote a new style of recycling-oriented management, information sharing, and product use. One outcome of these collaborative efforts is Tracephere , a traceability solution for product recycling and recycled resource processes based on blockchain technology.

OASYS and Home Appliances Supporting People’s Health, Comfort, and Safety

The center of the space introduced the Group’s next generation of residential solutions for comfortable, healthy, economical, sustainable, and secure living. Grabbing center stage was the new OASYS solution—a residential central air conditioning system being introduced in the U.S. market that uses a combination of existing products to heat, cool, and ventilate the home while reducing energy consumption by over 50% compared to conventional systems in the U.S.2 In addition to maximizing air volume while minimizing temperature differences and noise, OASYS paves the way for homes powered by 100 percent renewable energy based on high-efficiency water heaters and a lifestyle-adaptive home energy management system.
Complementing OASYS were displays for home appliances that enrich people’s lives. These included the Technics EAH-AZ100 true wireless earbuds, the Panasonic TV lineup, SoundSlayer Wireless Wearable Gaming Speaker System SC-GNW10, CV88QS multi-oven, LUMIX Full Frame and Micro Four Thirds cameras and lenses, ARC5 PALM-sized 5-Blade Electric Luxury Razor, Panasonic MultiShape, and nanoe hair dryers.

New Technologies Strengthen Commitment to a Better Tomorrow

“Our hope is that people will understand that Panasonic’s commitment has not changed in over 100 years—it has always been about making people’s lives better and making the world a better place. The only difference is that today we are doing it with new technologies like AI and software,” said King. “From the individual to all of society, our hope is that people understand our commitment to helping people live healthier, happier lives.”
King continued: “We hope that people were surprised and excited about some of the new technologies that Panasonic is introducing. A lot of people are concerned about the environment, and we remain committed to sustainability, to green energy transformation, and to new initiatives that will be important for the health of the planet overall.”

[embedded content]

1: Compared to Lamdash PRO 5-blade ES-LV9W released in 2023
2: Conventional home air conditioning system using a heat pump cooling system (14.2 SEER2) and gas furnace (80% AFUE) compliant with IECC 2015; OASYS system using Panasonic Mini Split AC and transfer fans for both cooling and heating functions in houses compliant with OASYS-required specifications. (Estimate based on the conversion of gas energy consumption to electricity)

Related Articles

MIL OSI Economics –

January 29, 2025
MIL-Evening Report: DeepSeek’s success challenges assumptions about Chinese tech companies – and the US-China competition

Source: The Conversation (Au and NZ) – By Wanning Sun, Professor of Media and Cultural Studies, University of Technology Sydney

The release of the new DeepSeek-R1 artificial intelligence (AI) model has shocked the tech world.

Launched on January 20 with little fanfare, the Chinese AI model was reportedly developed at only a fraction of the cost of OpenAI’s GPT-4o, and over a much shorter period of time. One Chinese commentator has called its release a “Pearl Harbor attack” on the AI world.

Though the reference to an “attack” may be a strong word, it alludes to the growing competition between the United States and China over dominance in the AI sphere, which the US had been leading thus far.

Indeed, people across China were celebrating a homegrown success story on Wednesday, as DeepSeek’s AI app soared to the top of the Apple and Google stores in the US.

So, what does the emergence of DeepSeek’s model say about US-China competition in this space?

Chinese government control

First, DeepSeek’s success is undoubtedly sending a message to the Chinese government that excessive control kills innovation.

Until mid-2023, enthusiasm for innovation in China’s tech companies had been stifled by increasingly restrictive regulations. The Chinese government had embarked on a sweeping crackdown of tech companies like Alibaba and others in order to prevent the spread of rampant entrepreneurial capitalism in China.

The launch of ChatGPT in 2023 promised to open up exciting new frontiers for the development of AI in the West. But it must have come as a rude shock to China’s tech companies. The Chinese government changed tact and reassured them that it recognised the crucial role of the digital economy as a key driver of economic growth. It soon began to relax its tight grip over the sector.

But the elephant in the room is how DeepSeek – and China’s AI companies in general – will deal with censorship.

As it stands, politically sensitive words and questions seem to be no-go areas for DeepSeek. When asked what happened on June 4 1989 in Tiananmen Square (the site of the government’s crackdown on democracy protesters), the chatbot’s answer was along the lines of, “Sorry, that’s beyond my current scope. Let’s talk about something else.”

This raises the question: can a Chinese AI tool be truly competitive in the global tech race without a solution to the challenge of censorship?

US efforts to contain Chinese tech development

Meanwhile, the US has adopted a wide array of measures aiming at curbing China’s AI development over the past few years. These included the Biden administration’s attempts to restrict China’s access to the advanced chips needed for AI, as well as the export of chip-making equipment and other technology to China.

The US has also blacklisted a large number of Chinese entities that it has identified as having both military and commercial technology.

The launch of DeepSeek raises questions over the effectiveness of these US attempts to “de-risk” from China in relation to scientific and academic collaboration.

For one, DeepSeek was able to evade US restrictions on advanced chips by stockpiling downgraded chips made by Nvidia before the Biden administration moved to ban them.

Western observers have often portrayed China’s AI initiatives as limited due to these US controls. However, these observers have somehow failed to take seriously the emergence of a new generation of Chinese entrepreneurs who prioritise foundational research and long-term technological advancement over quick profits.

DeepSeek is a good example of this approach. It has embraced open-source methods, pooling collective expertise and fostering collaborative innovation. This approach not only mitigates resource constraints, but also accelerates the development of cutting-edge technologies.

Another common assumption in the West is that Chinese companies are mere followers or imitators. DeepSeek’s achievements likewise challenge this perception. As the company’s chief executive, Liang Wenfeng, said to one Chinese media outlet:

Innovation such as ours happens all the time in the US. The Americans are surprised by us, mainly because we are a Chinese company, and we are entering their game as an innovator with original contribution, not as followers.

DeepSeek’s success also calls into question the legislation supported by both the Biden and Trump administrations that aims to prevent Chinese graduate students from attending universities in the US.

The assumption behind what researchers call “STEM talent de-coupling” is that the Chinese government may use some of these students to engage in knowledge and technology transfer when they return to China.

Liang, however, never studied outside China. And he recruited graduates and students from top Chinese universities to staff his research team. None studied overseas.

These developers belong to a generation of young, patriotic Chinese who harbour personal ambition, as well as a broader commitment to advancing China’s position as a global innovation leader.

What does this mean for Australia?

In Australia, the initial reaction to DeepSeek’s AI chatbot has been one of
caution, even concern. Clare O’Neil, the former cyber security minister, said the government would examine more closely how the app works before providing guidance to Australians on potential data security concerns.

But DeepSeek may also be a reminder that Australia’s scientific collaborations should be guided primarily by research excellence rather than geopolitical considerations. To stay competitive and reduce its reliance on external technology providers, Australia needs to invest in its own AI research infrastructure and build its own talent pool.

A narrow focus on political alignments and a growing paranoia about partnering with Chinese researchers means that Australia risks missing out on the next wave of breakthrough technologies.

The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. DeepSeek’s success challenges assumptions about Chinese tech companies – and the US-China competition – https://theconversation.com/deepseeks-success-challenges-assumptions-about-chinese-tech-companies-and-the-us-china-competition-248531

MIL OSI Analysis – EveningReport.nz –

January 29, 2025
MIL-Evening Report: After fleeing the Taliban, the Afghan women’s cricket team is finally playing together – in Australia
Source: The Conversation (Au and NZ) – By Catherine Ordway, Associate Professor Sport Management and Sport Integrity Lead, University of Canberra

Women cheer and wave the Afghanistan flag during a cricket game in 2023 Vector and photos/Shutterstock

A Twenty20 cricket contest featuring a women’s team made up of refugees from Afghanistan who now live in Australia may “only” be an exhibition game, but it could be the beginning of something much more.

On Thursday, an Afghan women’s cricket team will take on a Cricket Without Borders XI at Melbourne’s Junction Oval.

It is the first time the women will play as a team since migrating to Australia after the Taliban takeover in 2021. The group has since settled in Canberra and Melbourne.

Regardless of the result, it could be a step towards Afghanistan’s women’s team entering international cricket.

Before I explain why, though, it’s important to rewind a bit.

International cricket and Afghanistan

The International Cricket Council (ICC) claims it has “one of the toughest” policies on anti-discrimination in world sport.

The governing body commits to:

promote and encourage participation at all levels regardless of race, colour, religion, descent, culture, ethnic origin, nationality, sex, gender, sexual orientation, disability, marital status and/or maternity status and to ensure that there is no discrimination in the sport.

In the case of its member federation, the Afghanistan Cricket Board, the ICC’s refusal to uphold its own policy is providing both actual and implied support to the Taliban’s gender apartheid regime.

The ICC admitted Afghanistan as a full voting member in 2017, despite being “the only full member to have received that status without having an operational women’s team in place.”

As a full member, Afghanistan was, according to the ICC’s funds disbursement model: “expected to get around $US40 million ($A64 million) for the 2016-23 commercial rights cycle based on projected ICC revenues of $US2.7 billion ($A4.32 billion).”

Meanwhile, the other ICC, the International Criminal Court, recently issued arrest warrants against two of the Taliban leaders for crimes against women.

The Taliban’s policies against women go far beyond sport and make it more reason for the International Cricket Council to act.

On any reading, the ICC’s membership rules on governance ethics requirements in relation to Afghanistan are in breach.

From Afghanistan to Australia

Ironically, it was the Afghanistan Cricket Board’s reluctant and token measure taken to build a women’s team, by issuing contracts to 25 women in 2020, that has allowed them to now play cricket in Australia.

In August 2021, the Taliban took over Afghanistan and banned women’s sports. Athletes were intimidated, harassed and warned of ramifications if they continued playing.

That situation sparked action from a handful of passionate volunteers, including myself, ex-Australian cricketer Mel Jones, and Emma Staples (formerly the head of diversity and community engagement at Cricket Victoria). We knew we needed to get these women out of Afghanistan.

We applied to the Australian government to issue emergency humanitarian visas to the contracted women’s cricketers, with the applications granted.

Now, all they want is a chance to represent their country as a team, and to send a message of hope back to their sisters suffering under the oppression of Afghan gender apartheid.

Put simply, the Afghan women’s team is desperate to be given the same opportunities as its male counterparts.

The team has written several times and asked for meetings with the ICC, to no avail.

The ICC instead has set up an all-male working group on Afghanistan.

It’s not clear what its terms of reference are, or if they have even met.

Possible solutions

Cricket Australia has chosen not to play bilateral matches against Afghanistan, citing the Taliban’s human rights restrictions for women and girls since returning to power.

But boycotts often impact athletes more than government policies.

Instead, the focus should be on supporting Afghan women who want to play cricket. The ICC could implement targeted actions including:
- replacing Afghanistan’s cricket board with ICC-appointed administrators, including women
- adjusting Afghanistan’s funding to reflect they are only developing cricket for less than half the population
- setting up a global development fund for Afghan girls and women to identify talent and to provide coaching.
There are several international sport models – for example, FIFA’s Normalisation Committees and the IOC’s independence requirements – that could serve as models for the ICC requiring Afghanistan’s Cricket Board to comply with the its anti-discrimination policies.

A chance to compete

On Thursday, these Afghan women finally get to play as a team, in the exhibition game organised by Cricket Australia.

The team is keen for this to be an ongoing opportunity to develop skills and represent their nation, not just a one-time event.

The Olympic movement’s model of refugee teams could inspire the creation of a refugee team for Afghan women in cricket, allowing them to participate in future youth and summer Olympic Games and other competitions.

Catherine Ordway voluntarily represented the Afghan women’s cricket team to evacuate them to Australia following the Taliban re-occupation in August 2021, and continues to provide ongoing support to the women, the staff and their families.

– ref. After fleeing the Taliban, the Afghan women’s cricket team is finally playing together – in Australia – https://theconversation.com/after-fleeing-the-taliban-the-afghan-womens-cricket-team-is-finally-playing-together-in-australia-248445
MIL OSI Analysis – EveningReport.nz –
January 29, 2025
MIL-OSI Australia: Arrest – Historic Child Abuse

Source: Northern Territory Police and Fire Services

The Northern Territory Police Force have arrested a 53-year-old man in relation to historic child abuse offending committed in Western Australia in 2014.

The man failed to appear in the Perth Magistrates Court in 2018 before travelling to the Northern Territory.

On 29 January 2025, the Northern Territory Police Sex Crimes Unit located the man in Casuarina and arrested him for the outstanding matter.

Western Australia Police are currently in the process of extraditing him back to Perth.

Northern Territory Police are committed to working with other law enforcement agencies to ensure offenders are held accountable for their actions, regardless of where they attempt to evade responsibility.

Members of the public who have any information about people involved in child abuse and exploitation are urged to call Crime Stoppers on 1800 333 000 or https://crimestoppers.com.au/.

You can also make a report online by alerting the Australian Centre to Counter Child Exploitation via the ‘Report Abuse’ button at www.accce.gov.au/report.

MIL OSI News –

January 29, 2025
MIL-OSI Australia: Green light for community projects in regional South Australia
Source: Australian Executive Government Ministers

The Albanese Government is helping South Australia’s regions to thrive by investing almost $11.5 million in community infrastructure that promotes social cohesion and boosts local economies.

Five projects will be allocated funding through the Growing Regions Program to build or upgrade social infrastructure – such as sporting clubs, playgrounds and art centres – that improves the lives of locals.

The City of Whyalla will receive $3.14 million to deliver the Whyalla Beach Splash & Play Plaza – a destination adventure playground for families and visitors alike.

The project will include the construction of an adventure play facility for children and adults, designed for obstacle play with water, nature and accessibility features.

The project will also include shelter and seating to create a destination by the Whyalla foreshore for all ages, support 42 jobs during construction and 12 ongoing per annum jobs once open; and provide around $1.2 million visitor spend to the economy.

Other successful South Australian projects, which went through a competitive, merits-based assessment process, include:
- $3.5 million to the Kingston District Council to deliver a new childcare centre in Kingston including a nature-based outdoor play space, indoor education environment and consultation offices for child allied health services.
- $2.5 million to deliver men’s multidisciplinary art studios at four established Indigenous Art Centres across South Australia including Mimili Maku Arts, Kaltjiti Arts, Tjala Arts, and Umoona Community Arts. This will allow these successful studios to introduce better men’s cultural learning and knowledge with an emphasis on employment and training pathways.
- $1.4 million to redevelop the Penola Football Club and Community Sports Hub to be more accessible, flexible, sustainable, and able to continue into the future.
- $900,000 to the District Council of Orroroo Carrieton to upgrade the Orroroo Main Street and revitalise the town’s CBD. This includes wider footpaths to support outdoor dining and pedestrian access, improved disability access, traffic upgrades to enhance safety, tree planting and more.
This funding follows $23 million already allocated to South Australia under the first round of the Growing Regions Program.

The Growing Regions Program is one of four federal funding programs established by the Albanese Government to ensure that all areas of Australia have access to a funding opportunity for programs to support wider community benefit.

For more information, including a full list of successful projects in the state, visit: www.infrastructure.gov.au/territories-regions-cities/regional-australia/regional-and-community-programs/growing-regions-program.

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

“Whether sports clubs or community hubs, parks or pools, social infrastructure is the backbone of connected societies.

“From the Limestone Coast to the APY Lands, the Albanese Government is delivering the infrastructure our regions need, investing millions into South Australia to ensure it can thrive.”

Quotes attributable to Senator for South Australia Karen Grogan:

“Funding for these much-needed projects across South Australia will deliver infrastructure that increases community cohesion, liveability and accessibility.

“The Growing Regions Program is making local priority projects a reality, and I look forward to seeing the significant benefits this funding will provide for South Australian communities.

“Labor knows that regional South Australia is unique and community-driven, and requires unique and community-driven solutions – and that is exactly what we are delivering”

Quotes attributable to City of Whyalla Mayor Phill Stone:

“I’d like to sincerely thank Minister King and the Albanese Government for recognising the significant importance of this project to our community. This first-class project will make Whyalla a more attractive place to live, while expecting to increase visitor spend by more than $1 million per year.

“It will not only benefit those who already call Whyalla home, but also be a major drawcard in helping attract new residents that are needed over the coming years to service the major industrial projects in the pipeline.”

MIL OSI News –
January 29, 2025
MIL-OSI Australia: 24-2025: Urgent Scheduled Service Disruption: Wednesday 29 January to Thursday 30 January 2025 – BICON

Source: Australia Government Statements – Agriculture

29 January 2025

Who does this notice affect?

All clients required to use the Biosecurity Import Conditions System (BICON) during this planned maintenance period.

Information

Due to scheduled infrastructure maintenance, BICON will experience brief intermittent outages between 23:00 Wednesday 29 January to 01:00 Thursday 30 January 2025 (AEDT).

Action

BICON users are advised to await the completion of this planned maintenance period before attempting…

MIL OSI News –

January 29, 2025
MIL-OSI Australia: Underlying inflation falls to three-year low

Source: Australian Treasurer

Underlying inflation is at its lowest in three years according to new figures released by the Australian Bureau of Statistics today.

Headline inflation is now in the mid‑twos and underlying inflation is in the low threes.

This means headline inflation has fallen to an almost four‑year low and now sits in the middle of the RBA’s target band.

This result is better than expected and better than forecast.

It’s not mission accomplished, but it means we’ve made much more progress.

Inflation was higher and rising under the Liberals, but it’s lower and falling under Labor.

On every measure we’ve made substantial and sustained progress in the fight against inflation.

Inflation is now almost a third of the 6.1 per cent we inherited when we came to office.

On a six‑month annualised basis, underlying inflation is around a third of its peak at 2.7 per cent and is within the RBA’s target band for the first time since 2021.

Trimmed mean inflation was 3.2 per cent through the year to the December quarter, down from 3.6 per cent.

Trimmed mean inflation almost halved in the quarter, at 0.5 per cent and is a third of what it was at the time of the election.

Annual trimmed mean inflation in the monthly indicator is also within the RBA’s target band for the first time in three years, at 2.7 per cent in the year to December.

Headline inflation was 0.2 per cent in the December quarter, to be 2.4 per cent higher through the year, around a quarter of its peak.

Australia’s headline inflation is now lower than most major advanced economies including the United States, United Kingdom and Germany.

Annual non‑tradable inflation was 3.1 per cent through the year to the December quarter 2024, down from 4.1 per cent through the year to the September quarter.

While monthly headline inflation ticked up slightly, it remained in the band for the fifth consecutive month.

The moderation in today’s figures of categories including building construction costs, rents and insurance is an encouraging sign that inflation is falling more quickly than anticipated in MYEFO.

The moderation in inflation that we’ve seen so far would not have been possible without our responsible economic management including the $200 billion turnaround in the budget we’ve delivered.

ABS data shows our cost‑of‑living policies took around three quarters of a percentage point off inflation.

In the year to the December quarter 2024, electricity prices fell 25.2 per cent and would have fallen 1.6 per cent without the energy rebates we’re rolling out with the states.

In the year to the December quarter 2024, rents rose 6.4 per cent – without the largest increase to Rent Assistance in 30 years, they would have risen 7.8 per cent.

Inflation is down, wages are up, unemployment is low and we’ve seen 1.1 million jobs created for Australian workers under Anthony Albanese and Labor.

The soft landing we have been planning and preparing for is looking more and more likely.

Many countries around the world have paid for progress on inflation through higher unemployment or lower economic growth, but we’ve been able to preserve the gains we’ve made in our labour market at the same time as we’ve got inflation down.

Cost of living pressures haven’t disappeared but they are easing.

The worst of the inflation challenge is well and truly behind us.

We are confident but not complacent about the year ahead.

Australians would be thousands of dollars worse off if Peter Dutton had his way on tax cuts, wages and energy bill relief – and worse off still if he wins the election.

The biggest risk to the progress we have made together would be a Coalition government that would come after Medicare again, push wages down again, and push electricity prices up.

We’re fighting inflation, helping with the cost of living and building Australia’s future, and today’s figures show our policies are making a meaningful difference.

MIL OSI News –

January 29, 2025
MIL-OSI Australia: 2023-24 annual financial disclosure return information to be published on Monday 3 February 2025 [29 January 2025]
Source: Australian Electoral Commission

AECMedia

Updated: 29 January 2025

The 2023-24 annual financial disclosure return information will be available for public inspection after 9am (AEDT) on Monday 3 February 2025.

This will include return information from:
- political parties
- significant third parties
- associated entities
- members of the House of Representatives
- Senators
- donors, and
- third parties that incur electoral expenditure.
The annual return information will be available on the AEC’s Transparency Register at https://transparency.aec.gov.au/.

What is the register and how does it work?

The Transparency Register is a database of financial disclosure information, allowing users to apply multiple filters to refine their search. It also includes a data-export function to enable users to undertake additional analysis of the data outside the Register.

If you are not familiar with the Transparency Register you can view the site ahead of time. Prior to 3 February, the system will only have information available for previous financial years.

Any questions on the navigation of the Transparency Register should be directed to the AEC’s funding and disclosure helpdesk on 02 6271 4552.

Editor’s notes:
- The disclosure scheme requires registered political parties, significant third parties, associated entities, members of the House of Representatives, Senators, donors and third parties that have incurred electoral expenditure to lodge annual financial disclosure returns with the AEC.
- The disclosure threshold for the 2023–24 financial year returns was $16,300. The threshold is indexed on 1 July each year.
- The disclosure period covers 1 July 2023 to 30 June 2024. Any transactions made after 30 June 2024 should be disclosed in the 2024–25 annual disclosure return.
MIL OSI News –
January 29, 2025
MIL-OSI Australia: Improving Mornington traffic flow
Source: Australian Ministers 1

Major infrastructure upgrades will see the Mornington roundabout replaced with traffic lights to improve road safety and traffic flow. The project will also include the construction of new ramps connecting the Tasman Highway with Gordons Hill Road.

The Albanese and Rockliff Governments have committed $100 million ($80 million and $20 million respectively) to the Mornington Roundabout Upgrade project, which will increase safety and efficiency through the known pinch point.

Objectives will be met by a multi-stage solution of improvements along the South Arm and Tasman Highways near Mornington.

The staged approach for planning, design and construction will be done over the coming years to minimise the impact on road users.

Work will start with building ramps to connect Gordons Hill Road with the Tasman Highway, allowing cars better access to Rosny from the highway while reducing traffic volumes at the Mornington roundabout.

Community consultation and design work on the ramps project will start this year, with construction planned for late 2026.

Once finished, other improvements near the Mornington roundabout will begin.

These future stages include:
- Replacing the Mornington roundabout with traffic lights. Traffic lights were chosen as the best option of all considered, as they will improve traffic flow in all directions and will have fewer impacts and a smaller footprint;
- Moving the off ramp from the Tasman Highway to South Arm Highway onto Cambridge Road, improving safety and travel efficiency both on the Tasman Highway and at the Mornington roundabout intersection;
- Moving and changing the Mornington Road intersection with South Arm Highway. The intersection is located very close to the Mornington roundabout intersection, and this can cause queuing and safety issues; and
- Safer access to bus stops by improving crossing points for people who walk, wheel or ride in the area.
The exact locations or layouts of these projects are yet to be decided, with further work required to develop design concept plans and engage with the community.

For more information, visit the Transport website here, following RoadsTAS on Facebook, or sign up to the State Roads email newsletter at transport.tas.gov.au/roadworks/stay_up_to_date.

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

“The Mornington roundabout is a headache for local residents, causing congestion and safety concerns, which is why we invested an additional $50 million in our recent Budget to get this fixed.

“This is one of many priority projects we are working closely on with the Tasmanian Government to make the everyday lives of locals that little bit easier.”

Quotes attributable to Tasmanian Infrastructure Minister Kerry Vincent:

“This set of projects will improve safety and traffic flow for all those who travel through the Mornington area and beyond.

“Community consultation was a key part of developing this program. Through our consultation process we heard access to and from Mornington Road can be difficult. Moving this intersection will help with the flow of traffic through this area.

“We also know that queuing on the westbound Tasman Highway off-ramp to South Arm Highway regularly spills onto the Tasman Highway and so moving the ramp will provide more separation between the off-ramp and the Mornington roundabout intersection.

“These changes will assist in the continuing growth in this region.”

Quotes attributable to Member for Franklin Julie Collins:

“It’s long been known that the Mornington roundabout has been a dangerous stretch of road and as the Federal Member for Franklin, I have long been advocating for these vital upgrades.

“That is why the Albanese Labor Government has backed road safety and traffic flow and delivered $80 million towards the upgrade of this infrastructure project over our past two Federal Budgets.

“I’m pleased to see the Tasmanian Government start to get on with works on this project and look forward to the local community benefiting from improved safety and traffic flow.”

MIL OSI News –
January 29, 2025
MIL-OSI Australia: Arrest – Domestic violence – Yirkkala

Source: Northern Territory Police and Fire Services

The Northern Territory Police Force has arrested a 38-year-old male in relation to a domestic violence incident that occurred in Yirkkala on Monday night.

At 9.55pm, the Joint Emergency Services Communication Centre (JESCC) received reports that a 38-year-old male had been assaulted by his relative.

The offender allegedly assaulted the victim with a blunt object, resulting in serious injuries to his head.

The victim was conveyed to the Gove District Hospital, and subsequently transferred to Royal Darwin Hospital, where he remains in a critical but stable condition.

Police attended and established a crime scene.

The 38-year-old offender was arrested yesterday morning and remains in custody.

Investigations are ongoing and police urge anyone who witnessed the incident to call police on 131 444 and quote reference P25027509. Anonymous reports can also be made through Crime Stoppers on 1800 333 000.

Support services for those affected by domestic or family violence are available, including 1800RESPECT (1800 737 732) and Lifeline (13 11 14).

MIL OSI News –

January 29, 2025
MIL-Evening Report: Lower inflation in the December quarter boosts chances of an interest rate cut

Source: The Conversation (Au and NZ) – By John Hawkins, Senior Lecturer, Canberra School of Politics, Economics and Society, University of Canberra

ChameleonsEye/Shutterstock

Australia’s headline inflation rate dropped to a three-year low of 2.4% in the December quarter, according to the Consumer Price Index, adding to pressure for an interest rate cut by the Reserve Bank as soon as next month.

Since it peaked at 7.8% in December 2022, inflation has now fallen for seven out of eight quarters.

The closely watched core inflation measure dropped sharply to 3.2% from 3.6%, below market expectations, but the central bank is concerned about how sustainable the fall in inflation will be. Strength in the labour market is also weighing against the need for a cut in interest rates.

The long-running quarterly measure of the CPI is a better indicator than the more volatile monthly version. But the monthly rate is currently very similar; it ended the year at 2.5%.

Why did inflation fall?

A main reason headline inflation fell was the electricity rebates, which led to the price of electricity falling by 25.2% during 2024.

The fall in global oil prices, which led to petrol prices dropping 7.9% during 2024, also contributed to the decline in inflation.

The rental market is easing, with rents slowing from growth of 7.3% during 2023 to 6.4% during 2024. Increases in Commonwealth Rent Assistance contributed to the deceleration. This still leaves a lot of families facing rental stress.

Home builders offering discounts have moderated the “new dwellings” component of the CPI. It increased by only 2.9% during 2024, a marked deceleration from the growth rates of around 20% seen in 2022.

Urban transport fares also fell during 2024.

Working against the downward trend were increases to the tobacco excise, in addition to the standard indexation, which led to tobacco prices rising by 12.2% during 2024.

Insurance costs continue to rise, increasing by 11% during 2024. If the Californian fires lead to insurers revising up their assessment of the risks posed by climate change, insurance premia could rise further.

The decline in the Australian dollar, while not as alarming as some media reports would suggest, would have added to the price of some goods, particularly those imported from the United States or whose price is denominated in US dollars.

Read more:
The Australian dollar has hit a 5 year low. Sounds bad but don’t panic

The decline in inflation may be a pleasant surprise to the half of voters who were expecting inflation to get worse.

The “underlying” rate of inflation, which looks through temporary measures such as the electricity subsidies and is the preferred measure of the central bank, has also declined. It is now 3.2%.

Australia’s inflation performance is similar to that in comparable countries. It is slightly lower than inflation in the United Kingdom (2.5%) and the same as in the euro area. It is higher than in New Zealand (2.2%) and Canada (1.8%).

The fall in inflation to a rate significantly below the 3.5% at which wages are increasing means that the cost of living crisis is abating, although not yet over.

The quarterly increases in the CPI during 2024 were 1.0% in March and June and 0.2% in September and December. As the large increases in the first half of 2024 are replaced, the annual rate should drop further in coming quarters.

What does it mean for interest rates?

The current Reserve Bank board meets next on February 18. By the following meeting, on April 1, the decisions will be taken by the new monetary policy board, which will have two new members.

Read more:
The Reserve Bank will now have a separate board just to set interest rates. Here’s why that’s significant

This is the second consecutive quarter that inflation has been within the Reserve Bank’s medium-term target band of 2–3%. It is now just below the mid-point of the band.

Inflation is also below the Bank’s latest forecasts of 2.6% (and 3.4% for the “underlying” rate).

But the bank has stated it will only cut interest rates when “members are confident that inflation is moving sustainably towards target”.

Inflation that is low just because of temporary electricity subsidies may not be regarded as ‘sustainable’. That is why the Bank places more emphasis on the underlying inflation measure. While not yet within the target band, underlying inflation has been steadily heading there and is now only just above it. This may be enough to give the Bank board members the confidence they seek. Financial markets now think so.

The government would dearly like to see rates coming down before the election, likely to be in April or May. It faces a nervous wait.

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

– ref. Lower inflation in the December quarter boosts chances of an interest rate cut – https://theconversation.com/lower-inflation-in-the-december-quarter-boosts-chances-of-an-interest-rate-cut-246987

MIL OSI Analysis – EveningReport.nz –

January 29, 2025
MIL-Evening Report: What is the 90-year-old tax rule Trump could use to double US taxes on foreigners?

Source: The Conversation (Au and NZ) – By Miranda Stewart, Professor of Law, The University of Melbourne

US President Franklin D. Roosevelt. National Archives and Records Administration/Wikimedia Commons

US President Donald Trump isn’t happy about the way some countries are taxing American citizens and companies. He has made clear he’s willing to retaliate, threatening to double taxes for their own citizens and companies.

Can Trump really do that, unilaterally, as president? It turns out he can, under a 90-year-old provision of the US tax code – Section 891.

In an executive memo signed on January 20 outlining his “America First Trade Policy”, Trump instructed US Treasury to:

investigate whether any foreign country subjects United States citizens or corporations to discriminatory or extraterritorial taxes pursuant to Section 891 of Title 26, United States Code.

A sweeping power

Section 891 of the US Internal Revenue Code is short, but it is in sweeping terms.

If the president finds that US citizens or corporations are being subjected to “discriminatory or extraterritorial taxes” under the laws of any foreign country, he “shall so proclaim” this. US income tax rates on the citizens or corporations of that country are then automatically doubled.

The extra tax that could be collected is capped at 80% of the US taxable income of the taxpayer. The president can revoke a proclamation, if the foreign country reverses its “discriminatory or extraterritorial” taxation.

Section 891 is an extraordinary provision – but it has never been applied. As far as I know, no other country has legislated such a rule. Importantly, it would only apply to a person or business subject to income taxation by the US.

Take, for example, a foreign national earning a wage in the US. If this individual’s home country became subject to a proclamation under Section 891, their individual tax rate in the US would be doubled – to as much as 74%.

A foreign company earning taxable profits in the US would face a doubling of the company tax rate from 21% to 42%.

A bit of history

A version of Section 891 has been in the US tax code since 1934, an earlier troubled time of tax disputes and economic depression.

It was signed into law by Democratic President Franklin D. Roosevelt on May 10 1934, amid a tax dispute between the US and France.

US President Franklin D. Roosevelt signed Section 891 into law in 1934, putting pressure on France to end a tax dispute.
Vincenzo Laviosa/Wikimedia Commons

According to US tax historian Joseph Thorndike, the move followed attempts by France to levy additional taxes on US companies operating there, beginning in the mid-1920s.

France had tried to use an 1873 law to tax US companies operating in France on profits earned in the parent company back in the US, and in other subsidiaries around the world, not just the French company profits.

The aim was to counter international profit-shifting, which could be used to reduce the tax payable by US subsidiaries operating in France by claiming deductions or shifting income to other group companies outside France.

The dispute was long-standing and France tried to assess taxes going back decades for some US companies. The potentially massive tax bill (it seems the tax was never actually collected) became a geopolitical issue, and the companies asked the US government to intervene on their behalf.

Thorndike explains that a bilateral tax treaty was negotiated between the US and France to remedy this “double tax” situation. But the French legislature refused to ratify it.

In retaliation, US Congress passed Section 891, and six months later, France ratified its bilateral tax treaty with the US.

Parallels with today

In 1934, there were no digital multinational enterprises like Meta or Google. But that tax dispute nevertheless has parallels with modern concerns about taxing companies internationally.

The French government was trying, with a rather heavy hand, to counter international profit-shifting by large US multinationals.

Section 891 was re-enacted in later US tax codes, up to today, with minor amendments and no attempt to invoke it. It has remained in the background as a potential exercise of US fiscal and market power, supported by both sides of US politics.

Tax professor Itai Grinberg, who worked in the Biden administration on the OECD tax deal, suggested it could be applied to the European Union decision that taxes Apple in Ireland.

The US tech giants are only the latest in a long line of powerful American multinational corporations.
Tada Images/Shutterstock

What might Trump do?

President Trump has specifically targeted the OECD global tax negotiations with this threat, just a month after Australia has legislated the global minimum tax under “Pillar Two” of the OECD Global Tax Deal.

The OECD deal aims to ensure large multinational enterprises pay a minimum 15% effective tax rate in all the jurisdictions in which they operate, by applying a top-up tax and under-taxed profit tax.

Trump asserted in a memorandum that the OECD Global Tax Deal is “extraterritorial”, instructing the US Secretary of the Treasury and the US Trade Representative to investigate it.

Could Australia be singled out?

Trump’s memorandum also ordered an investigation into “other discriminatory foreign tax practices” that may harm US companies.

This includes whether any foreign countries are not complying with their US tax treaties or have, or are likely to put in place, any tax rules that “disproportionately affect American companies”.

Notably, this could put Australia’s proposed “news bargaining incentive” in the crosshairs.

Under this proposal, digital platforms (many of which are US-owned) would have to pay a new levy, which could be offset if they negotiate or renew deals with Australian news media publishers to pay for hosting news content.

Section 891 could apply to such taxes if they were found by Trump to be “discriminatory” against US companies. What “discriminatory” means is not clear.

Its been suggested that foreign citizens or companies could be protected from Section 891 by their country’s tax treaty with the US, under the standard approach that a later treaty prevails over an older code section. But Australia’s tax treaty with the US took effect in 1983, before the most recent re-enactment of Section 891 in the US tax code.

Read more:
News bargaining incentive: the latest move in the government’s ‘four-dimensional chess’ battle with Meta

Miranda Stewart receives funding from the Australian Research Council. Miranda is on the Permanent Scientific Committee of the International Fiscal Association.

– ref. What is the 90-year-old tax rule Trump could use to double US taxes on foreigners? – https://theconversation.com/what-is-the-90-year-old-tax-rule-trump-could-use-to-double-us-taxes-on-foreigners-248154

MIL OSI Analysis – EveningReport.nz –

January 29, 2025

MIL-OSI Australia: NANGKITA ROAD, NANGKITA (Grass Fire)

Source: Country Fire Service – South Australia

Homes that have been built to withstand a bushfire, and are prepared to the highest level, may provide safety.

You may lose power, water, phone and data connections.

Fire crews are responding but you should not expect a firefighter at your door.

What you should do

Check and follow your Bushfire Survival Plan.
Protect yourself from the fire’s heat – put on protective clothing.
Tell family or friends of your plans.

If you are leaving

Leave now, don’t delay.
Roads may become blocked or access may change. Smoke will reduce visibility.
Secure your pets for travel.
If you become stuck in your car, park away from bushes, cover yourself, get onto the floor as the windows may break from the intense heat.

If you are not leaving – prepare to defend

Identify a safe place inside, with more than one exit, before the fire arrives. Keep moving away from the heat of the fire.
Bring pets inside and restrain them.
Move flammable materials such as doormats, wheelie bins and outdoor furniture away from your house.
Close doors and windows to keep smoke out.
If you have sprinklers, turn them on to wet the areas.
If the building catches fire, go to an area already burnt. Check around you for anything burning.

MIL OSI News –

January 29, 2025

MIL-OSI Submissions: University Research – Genomic evidence confirms white shark liver is on the Aussie killer shark menu – Flinders

Source: Flinders University

For the first time, DNA evidence has confirmed killer whales in Australia hunted a white shark for its liver.

Based on DNA analysis from the bite wounds on the carcass of a large white shark washed ashore near Portland in Victoria in 2023, the Flinders University-led study identified that killer whales were responsible for consuming the mid-section containing the nutritionally rich liver.

Around the world, killer whales (Orcinus orca) have been observed preying on various shark species including white sharks (Carcharodon carcharias) – as previously documented in California and South Africa.

The discovery of a 4.7 metre white shark missing its liver on a beach in southeastern Australia offered a rare opportunity to analyse distinctive bite wounds and unravel the predator’s identity.

“The liver, digestive and reproductive organs were missing, and there were four distinctive bite wounds, one of which was characteristic of liver extraction by killer whale, similar to what has been observed in South Africa,” says lead author Isabella Reeves, a PhD candidate with Flinders University’s Southern Shark Ecology Group and the West Australian Cetacean Research Centre (CETREC).

“Swabs were taken from bite wounds on the white shark and sequenced for remnant genetic material from the shark’s predator. We were able to confirm the presence of killer whale DNA in the primary bite area, while the other three wounds revealed DNA from scavenging broadnose sevengill sharks.

“These findings provide compelling evidence of killer whale predation on white sharks in Australian waters, with a strong indication of selective liver consumption. This suggests that such predation events may be more widespread and prevalent across the globe than previously believed.”

The study, published in Ecology and Evolution, used wildlife forensic techniques to confirm killer whales were responsible for excising and consuming the liver from the white shark. Civilian bystanders had witnessed several killer whales, including locally known individuals called ‘Bent Tip’ and ‘Ripple, catching a large prey in Bridgewater Bay two days before the white shark carcass washed ashore.

The beached large white shark carcass was collected by state government fisheries officers for investigation.

Killer whales in Australia have occasionally recorded preying on various shark species, including blue shark (Prionace glauca), porbeagle (Lamna nasus), shortfin mako (Isurus oxyrinchus), ground sharks (most likely school shark, Galeorhinus galeus), and tiger shark (Galeocerdo cuvier). But white shark liver consumption had yet to be observed in Australia – despite numerous reports of such behaviour in California and by notorious duo ‘Port’ and ‘Starboard’ in South Africa.

Several interactions between killer whales and white sharks have been reported in Australia, including at least one suspected kill at the Neptune Islands Group Marine Park in South Australia in February 2015. On that occasion, an oil slick indicative of a successful predation was observed following the interaction, although no carcass was recovered to confirm the kill.

Rhodes University (South Africa) marine biologist, Dr Alison Towner, an author in the study, says similar killer whale predation on white sharks have led to disruptions in local shark populations in both South Africa and California. “However direct observations of these interactions remain rare and their frequency is poorly understood,” she says.

Co-lead author, Flinders adjunct Associate Professor Adam Miller, says the study raises “really interesting questions around predator-prey interactions and the behaviour and intelligence of killer whales”.

“We don’t know how frequently these events occurred in Australian waters and therefore how significant these findings are. But, as Alison points out, these types of predation events in South Africa have further impacted on already declining white shark numbers,” says Associate Professor Miller, also a senior ecologist with Cesar Australia, where the genetic analyses were performed.

“Evidence suggests that the white sharks being displaced or directly killed as a result of the killer whale predation in South Australia has led to cascading shifts in the wider marine ecosystem.

“We know that white sharks are key regulators of ecosystem structure and functions, so it’s very important we preserve these top predators. Therefore it is important that we keep a tab on these types of interactions in Australian waters where possible.”

Another author, Flinders University Research Fellow Dr Lauren Meyer, adds, “This study also provides DNA evidence that scavenging is facilitated by killer whales’ tissue selection, whereby the liver and internal organs are consumed, but much of the carcass remains as a nutrient source benefiting local ecosystems.”

The ‘Nature Notes’ article ‘Genetic Evidence of Killer Whale Predation on White Sharks in Australia’ (2025) by Isabella MM Reeves, Andrew R Weeks, Alison V Towner, Rachael Impey, Jessica J Fish, Zach SR Clark, Paul A Butcher, Lauren Meyer, David M Donnelly, Charlie Huveneers, Nicky Hudson and Adam D Miller has been published in Ecology and Evolution (Wiley) First published: 27 January 2025 https://doi.org/10.1002/ece3.70786

The study was supported by experts from Victoria’s EnviroDNA, The University of Melbourne, Rhodes University in South Africa, the South African International Maritime Institute, Deakin University’s EcoGenetics Lab, the NSW Department of Primary Industries National Marine Science Centre, Killer Whales Australia and Dolphin Research Institute in Victoria and the Gunditj Mirring Traditional Owners Aboriginal Corporation, Victoria.

Acknowledgements: Researchers acknowledge the Traditional Owners of the land on which this research was conducted, the Gunditjmara and Wurundjeri peoples. Thanks to Cameron McCallum and John Melis from the Victorian Fisheries Authority and the Gunditj Mirring Traditional Owner Aboriginal Corporation. The carcass is now held by Museums Victoria.

MIL OSI – Submitted News –

January 29, 2025
MIL-OSI Global: DeepSeek shatters beliefs about the cost of AI, leaving US tech giants reeling
Source: The Conversation – Global Perspectives – By Michael J. Davern, Professor of Accounting & Business Information Systems, The University of Melbourne

Almost A$1 trillion (US$600 billion) was wiped off the value of artificial intelligence microchip maker Nvidia overnight on Monday, when a little-known Chinese startup, DeepSeek, threatened to upend the US tech market.

While Nvidia suffered the biggest one-day loss in sharemarket history, other tech giants – Microsoft, Alphabet and Amazon, who are investing heavily in competing AI tools including ChatGPT and Gemini – were also hit.

The rout was caused by investors’ shock at the claimed performance of DeepSeek’s new R1 chatbot. The Chinese AI was reported to be more advanced than its competitors and less expensive to develop.

DeepSeek R1 has soared, becoming the top free downloaded app on Apple’s app store, as US technology and related stock prices fell dramatically.

Why tech stocks took a deep dive

The market was surprised by DeepSeek providing what amounts to cheaper technology but comparable performance.

This has dramatically changed the market’s expectations of computing power, showing more can be done for less. It has also compromised the competitiveness of the US tech companies’ existing AI products and developments.

Stock prices are driven by market expectations. The claimed performance of DeepSeek R1 prompted a major revision of expectations about what was technologically possible and about how cheaply AI could be developed and operated.

Investors have rapidly incorporated the news of a low-cost Chinese AI competitor into stock prices, anticipating this new entrant could disrupt the market and erode the competitive advantage of existing leaders.

Who is DeepSeek and what is R1?

DeepSeek was founded in 2023 by Chinese hedge fund High Flyer, which had been exclusively using AI in trading since 2021.

DeepSeek develops large language models (LLMs) that can underpin chatbots and other AI-based tools. R1 is the latest iteration of DeepSeek’s chatbot and underlying model. It builds on earlier versions of generative AI models developed by DeepSeek, and considerable amounts of data, but is a surprising leap forward in performance and cost.

R1 is the latest version of DeepSeek’s chatbot.
Koshiro K/Shutterstock

Technology investors believe R1 matches or outperforms competitors, including OpenAI’s ChatGPT 4.o1 on numerous benchmarks.

However, there are some key differences:
1. The model underlying R1 operates in a much less intensive manner. It is much cheaper to develop and run, requiring less data and computing power.
2. The training of the model was possible despite the US export ban preventing Chinese companies such as DeepSeek from accessing chips from US companies such as Nvidia. The Biden administration had introduced laws restricting the sale of certain computer chips and machinery to China, in a move intended to block its rival from accessing some of the world’s most advanced technology.
3. The training data and data uploaded to R1 sit on servers in China. Given concerns about data privacy and intellectual property have already been raised about US-based companies, having data under jurisdiction of the Chinese Communist Party (CCP) is arguably even more concerning.
4. The chatbot program code is free to download, read and modify, unlike ChatGPT. This is however somewhat a false transparency – what matters more is the underlying model, not the Chatbot code.
5. R1 is known to censor its responses in line with Chinese Communist Party values.
The future of AI and tech stocks

It is unknown whether this crash in price of tech stocks is an irrational panic that will reverse, or whether it simply reflects correct pricing. The future costs and benefits of AI are still uncertain.

This is both a technological and an economic question.

In technological terms, it is yet to be seen whether R1 really does require less computing power and less data to train and use.

Economically, there are potential winners and losers. AI users may win with cheaper access to AI, and LLMs in particular, leading to increased adoption and associated productivity gains. Existing producers such as Nvidia may lose out in what was a market with few real competitors.

More broadly, society may benefit from less computationally intensive, and therefore more energy-efficient, AI. However, the geopolitical risk of a single country capturing the market, together with concerns about data privacy, intellectual property and censorship may outweigh the benefits.

Michael J. Davern has previously received funding from CPA Australia for industry research into Artificial Intelligence.

Matt Pinnuck 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. DeepSeek shatters beliefs about the cost of AI, leaving US tech giants reeling – https://theconversation.com/deepseek-shatters-beliefs-about-the-cost-of-ai-leaving-us-tech-giants-reeling-248424
MIL OSI – Global Reports –
January 29, 2025

MIL-OSI Russia: Financial news: On holding auctions on January 29, 2025 to place OFZ issues No. 26235RMFS and No. 26238RMFS

Translartion. Region: Russians Fedetion –

Source: Moscow Exchange – Moscow Exchange –

For bidders

We inform you that, based on the letter of the Bank of Russia and in accordance with Part I. General Part and Part II. Stock Market Section of the Rules for Conducting Trading on the Stock Market, Deposit Market and Credit Market of Moscow Exchange PJSC, the order establishes the form, time, term and procedure for holding auctions for the placement and trading of the following federal loan bonds:

Name of the Issuer	Ministry of Finance of the Russian Federation
Name of security	federal loan bonds with constant coupon income
State registration number of the issue	26235RMFS from 10/12/2020
Date of the auction	January 29, 2025
Information about the placement (trading mode, placement form)	The placement of Bonds will be carried out in the Trading Mode “Placement: Auction” by holding an Auction to determine the placement price. BoardId: PACT (Settlements: Ruble)
Trade code	SE26235RMFS0
ISIN code	RO000A1028E3
Calculation code	B01
Additional conditions of placement	The share of non-competitive bids in relation to the total volume of bids submitted by the Bidder may not exceed 90%.
Trading time	Trading hours: bid collection period: 12:00 – 12:30; bid execution period: 13:00 – 18:00.

Name of the Issuer	Ministry of Finance of the Russian Federation
Name of security	federal loan bonds with constant coupon income
State registration number of the issue	26238RMFS from 11.06.2021
Date of the auction	January 29, 2025
Information about the placement (trading mode, placement form)	The placement of Bonds will be carried out in the Trading Mode “Placement: Auction” by holding an Auction to determine the placement price. BoardId: PACT (Settlements: Ruble)
Trade code	SE26238RMFS4
ISIN code	RO000A1038V6
Calculation code	B01
Additional conditions of placement	The share of non-competitive bids in relation to the total volume of bids submitted by the Bidder may not exceed 90%.
Trading time	Trading hours: bid collection period: 14:30 – 15:00; bid execution period: 15:30 – 18:00.

Contact information for media 7 (495) 363-3232Pr@moex.kom

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

HTTPS: //VVV. MOEX.K.M.M.

MIL OSI Russia News –

January 29, 2025

MIL-OSI Australia: Updated Australia’s Disability Strategy 2021-2031, building a more inclusive Australia
Source: Ministers for Social Services

29 January 2025

Good morning. It’s so great to be with you all today.

I begin this morning by acknowledging the Traditional Owners of the lands on which we meet, the Wadawurrung peoples, and pay my respects to elders past and present.
I extend this acknowledgement to all First Nations people joining us here today.

It is great to be here at this Having a Say Conference so that we can launch the updated Australia’s Disability Strategy.
The Strategy is Australia’s plan to make life better for people with disability.

It talks about what we can do together to make Australia inclusive – so everyone can live good lives, take part in the community as equals, and be treated with respect.
I am so happy to be here with Victoria’s Minister for Disability, Minister Lizzie Blandthorn, along with Jane Spring, the Chair of the Strategy’s Advisory Council.
We are here together to show our shared commitment to improve outcomes for people with disability.

I would like to thank VALiD’s Chair, Arthur Rogers, and the CEO, Fionn Skiotis, for inviting us to be here this morning.

In fact, I would like to thank the whole VALiD team for the fantastic work they do every day, and have been doing since 1989.

Having a say, learning from each other, and supporting each other is really important, and I want you to know that your voices are being heard and are feeding into the decisions that governments make.

The message of ‘nothing about us without us’ has been heard loud and clear.

It is your voices, your thoughts, feelings and experiences, that guide our policies and the changes we want to make with you.

Because we all know that you are only able to participate fully in your communities when you get to have a say about what you need, what you want, and are treated with respect.
And what an amazing group of leaders, thinkers and communicators we have here with us today.

****************

Australia’s Disability Strategy sets out our vision for an inclusive Australia.

It is a commitment by all levels of government to take actions to improve the lives of people with disability in Australia.

An Australia where the 5.5 million people with disability have the support they need to live the life they want and participate as equal members in the community.

****************

Following the Disability Royal Commission’s report, all governments agreed to review Australia’s Disability Strategy.

Hearing from the disability community was so important when we started looking at what was working and what we could make better about the Strategy.

The updated Strategy is something I am very proud to share with you today.

We listened to the disability community, held public consultation and partnered with states and territories, the Strategy’s Advisory Council and Disability Representative Organisations, to understand what was most important.

The updates to the Strategy reflect what we have heard since the original launch of the Strategy 3 years ago, including through the Royal Commission.

We heard from you that having accessible housing and reducing homelessness was a really important issue for people with disability – and that’s why the updated Strategy now has a priority focus area on this.

And there are three new Targeted Action Plans that are focused on improving the lives of people with disability across 3 very important areas.

****************

These new Targeted Action Plans include actions that are based on what the disability community has told us is the most important work we need to focus on.
Over the next three years, we will focus on the key areas of:
- Changing Community Attitudes
- Inclusive Homes and Communities; and
- Safety, Rights and Justice.
The Commonwealth, States and Territories and local governments have agreed to these action plans and to work together to deliver.

We know that people with disability can face barriers because other people don’t understand what it means to live with disability.

And that’s why increasing understanding of disability and changing community attitudes is so important.

Sometimes people may not even realise that their actions are making it harder for people with disability to be included. This could be something as simple as writing something down for someone instead of only speaking. Or adjusting lighting in a public space.

If people have a better understanding about the barriers people with disability face, they can take the steps to remove these barriers.

So, the Community Attitudes Targeted Action Plan will focus on improving community understanding so people can take action to improve the inclusion and participation of people with disability in Australian society.

We’ve already taken important steps towards this goal under the current Strategy.

One example is our investment of $19.6 million (over the next 4 years) for an inclusion and accessibility fund. This will help professionals, like doctors, to improve the way they communicate and better include people with disability in the things that are important to them.

We are all safer when the information we need to make decisions is easy to find and we are included, feel welcome, and can easily seek support and connections.

Through the inclusive Homes and Communities Targeted Action Plan we will also keep working to make housing stock and our broader community more accessible for everyone.

For example, governments have been working together to build over 41 Changing Places, including here in Victoria – like the Aqua Centre in Sale and at the Yarraville Gardens.

These new accessible facilities make it easier for people with complex needs to move around their community and to travel further from their home.

We have also committed to improving the accessibility of public transport – because people with disability should be able to easily get around in their communities.

Every Australian deserves access to safe, affordable and accessible housing, no matter their circumstances. This new Targeted Action Plan will also focus on housing accessibility for people with disability.

States and territories will increase the supply of accessible housing for people with disability.

And the Commonwealth will be looking at ways to make it easier for people renting to find properties that will meet their access needs.

These actions will build on the 2024 National Agreement on Social Housing and Homelessness – that helps people who are experiencing or are at risk of homelessness, and supports social housing and homelessness services.

Finally, the new Safety, Rights and Justice Targeted Action Plan sets out key actions to reduce and prevent people with disability from experiencing harm.

It outlines improved supports for those at risk of harm, and lays out pathways for action if things do go wrong. This includes introducing things like standard processes for identifying and supporting people with disability in prisons and making sure people know about supports that are available if they have experienced violence.

With advice from people with disability, and your representative organisations, all levels of government will work together to implement these action plans.

****************

In the updated Strategy we also have a renewed focus on data and evidence.

Because we want to make sure that the actions that we are taking are making a tangible difference to the lives of people with disability.

Our Data Improvement Plan will help show the progress we are making, but also to identify where we need to do more.

The updated Strategy also reflects what you have told us and what we have heard, as well as describing the work that we have done together over the past three years across the country.

We have provided information to make the Strategy clearer and developed videos to help explain what the Strategy is all about.

****************

Over the past three years, our Albanese Labor Government has been working hard to help people with disability across Australia to thrive.

And as Minister I have been working very hard to bring Australia’s Disability Strategy from words on a page, to life.

I have completely redesigned employment services for people with disability to drive a strong focus on quality and put the goals and aspirations of people with disability at the centre.

We are investing in more peer support across Australia – so that people can connect with others like them to give advice and so they don’t feel alone.

For the first time, airports and airlines will have to properly help people with disability – making it easier for people with disability to travel by planes.

Clear information is now available about how to support people with disability when there are emergencies – like fires or floods.

And we have made people with disability a key focus in the creative arts through a dedicated plan to support inclusion of people with disability, which includes things like music, films and live shows.

These are just some of the things our Government has been doing to bring the Strategy to life.

****************

I am very optimistic about the updated Australia’s Disability Strategy and the changes that we will make together to achieve the Strategy’s goals to benefit all Australians with disability, and their families.

I encourage every person here today to share your thoughts, experiences and ideas with one another. Have your say, because it matters.

Our Government has heard what you want from the Strategy, and we will continue to work with you to ensure our work reflects your lived experiences.

Thank you again for the time with you today. And my thanks to the speakers who have shared their time so we could come to talk about how we will use the updated Australia’s Disability Strategy to help everyone to live better lives.

MIL OSI News –
January 29, 2025
MIL-OSI Australia: Joint statement on Australian state, territory and local government response to the launch of the updated Australia’s Disability Strategy
Source: Ministers for Social Services

29 January 2025

The Australian Federal Government, all state and territory governments and the Australian Local Government Association (ALGA), have today reaffirmed their commitment to building a more inclusive Australia, where all people with disability can participate on an equal basis, through the release of the updated Australia’s Disability Strategy 2021-2031.

As part of the joint response to the Royal Commission into Violence, Abuse, Neglect and Exploitation of People with Disability, Australian and state and territory governments accepted the Royal Commission’s recommendation to review the Strategy.

Throughout the review, people with disability, representative organisations and the Strategy’s Advisory Council shared their important perspectives on how governments can continue to improve the everyday lives of people with disability.

All governments are committed to the Strategy’s vision and policy priorities of breaking down barriers and creating accessible, inclusive communities where all people with disability can participate on an equal basis.

Governments have also established new Targeted Action Plans (TAPs) under the Strategy to apply an intensive focusing on Community Attitudes, Safety, Rights and Justice and Inclusive Homes and Communities, which are all areas that people with disability have identified as being of critical importance.

Each state, territory and many local governments are also implementing disability plan(s) in place to progress reform consistent with the Strategy.

Governments will continue to work closely with the disability community, employers, unions, non-government organisations and the broader community as we move forward with this work, ensuring the voices, experience and lived expertise of people with disability are directly shaping the reforms that affect them.

Signed by the Prime Minister, all First Ministers and the President of ALGA, the Strategy is our national framework, based on the social model of disability, to improve the lives of people with disability in Australia over ten years.

The updated Strategy is accompanied by a range of supporting resources, including:
- An updated 10-year milestone roadmap
- A revised Data Improvement Plan
- Guide to applying Australia’s Disability Strategy
- Educational videos to outline what we have heard in the review and changes that are made
- An accessible factsheet on updates to the Strategy.
MIL OSI News –
January 29, 2025
MIL-OSI Australia: Housing Delivery Authority starts strong, creating the potential for more than 40,000 new homes

Source: New South Wales Premiere

Published: 29 January 2025

Released by: The Premier, Minister for Housing

In the first three weeks since the Housing Delivery Authority (HDA) started accepting Expressions of Interest (EOI) for larger scale housing developments, it has already received nearly 100 proposals with the potential for more than 40,000 homes, with more expected.

So far, 85 EOIs in metropolitan areas and 11 in regional NSW have been received, exceeding expectations.

The HDA offers proponents a new State Significant Development pathway and State Significant Development pathway with a concurrent rezoning process – neither having to be approved by councils, cutting approval times and speeding up the delivery of new homes.

Each EOI is assessed against its capacity to deliver high yield, well-located, good quality homes faster.

Having identified that major residential developments above $60 million in metropolitan areas and $30 million in regional NSW often take longer in their assessment, these can now be submitted through the HDA.

These complex proposals often require greater resources and planning capabilitites and as a result, the projects can get stuck in council planning systems for years.

These delays compound declining housing availability, worsening affordability and create greater uncertainty for proponents who are trying to build much needed new homes.

In early February, the HDA will meet to recommend proposals to be declared a State Significant Development (SSD) project, community consultation and assessment will then proceed.

The EOI process is ongoing, providing regular opportunities for industry to have their major residential development proposals considered, with submissions reviewed monthly.

For more information visit Housing Delivery Authority | Planning

Premier for New South Wales:

“For far too long, it has been made harder and harder for people to build homes in NSW, so it is wonderful to see these reforms starting to turn that around.”

“Without these major changes that are speeding up the delivery of new homes, Sydney risks becoming a city without a future because it’s simply too expensive to put a roof over your head.

“By speeding up the approval of new homes near existing infrastructure and removing red tape that seems to have been designed to slow down development, we’re delivering the homes that young people, families and workers need.”

Minister for Planning and Public Spaces Paul Scully said:

“We expected 80 to 100 EOIs in the first year, so to see this many in less than a month signals trust from the industry in the Minns Government to deliver.

“Building more homes for NSW is a priority for the Minns Labor Government and the HDA is a major step towards unlocking those homes.

“This pathway is about seeing good quality projects move through the planning system faster and as part of that process, if we don’t see shovels in the ground in two years, proponent will lose their approval.

“The Minns Government is making it easier to build more houses closer to jobs, infrastructure, parks and transport and we need more, quality, large scale residential development proposals from industry to build a better NSW.”

MIL OSI News –

January 29, 2025
MIL-OSI Australia: 1,500 people receive care from NSW pharmacies for common skin conditions
Source: New South Wales Premiere

Published: 29 January 2025

Released by: Minister for Health

Almost 1,500 people have received more convenient and easy-to-access care for common skin conditions as part of the NSW Pharmacy Dermatology Trial.
The trial, which has surpassed the six-month milestone, allows appropriately trained pharmacists to manage common minor skin conditions.

These conditions include impetigo (school sores), shingles, mild to moderate eczema and acute mild plaque psoriasis.

Over 480 pharmacies across the state are currently participating in the trial.

The skin conditions phase of the trial builds on trials which have enabled authorised pharmacists to undertake consultations for urinary tract infections (UTI) and the resupply of the oral contraceptive pill (OCP).

Since June 2024, authorised pharmacists have been able to offer the UTI service as part of usual business, and the resupply of OCP since September.

This initiative has allowed thousands of people with the option of conveniently obtaining a prescription through their local pharmacist, relieving pressure on general practitioners (GP) and freeing up GP appointments for people who need them the most.

While the supply and accessibility of GPs is a responsibility of the Commonwealth, challenges relating to access to primary care is impacting the state’s hospitals.

The NSW Government however is playing its part by embracing new and innovative initiatives to create pathways outside the hospital, including:
- Empowering pharmacists to provide care for selected common conditions;
- Delivering more urgent care services and clinics;
- Delivering more virtual care services; and
- Saving bulk-billing in NSW by providing payroll tax relief to GP clinics.
Quotes attributable to Minister for Health Ryan Park:

“Imagine, instead of struggling to find a GP appointment to receive a script for a minor skin condition, you could just pop down to your local pharmacy, and receive the care you need, when you need it.

“We’re providing thousands of people with the option of conveniently obtaining a prescription this way, relieving pressure on our GPs and saving GP appointments for people who need them the most.

“I am so pleased more than 1,400 people across NSW have been able to access more convenient, timely support for common mild skin conditions thanks to this trial.

“The NSW Government is committed to supporting innovative initiatives like this one that are helping improve access to primary care services.

Quotes attributable to Catherine Bronger, Senior Vice of President of the Pharmacy Guild of Australia, NSW Branch:

“Community pharmacists in NSW have provided immediate care for nearly 1,500 patients with minor skin conditions through the NSW Pharmacy Dermatology Trial.

With over 480 participating pharmacies, the initiative offers convenient prescription access, easing the burden on GPs and reserving their appointments for more critical cases.

This approach benefits both the community and its residents by making treatment more accessible and efficient. The Pharmacy Guild of Australia is proud and honoured to be part of this critical initiative, supporting and evolving the NSW healthcare landscape.”
MIL OSI News –
January 29, 2025
MIL-OSI New Zealand: Health – Proper funding of primary care nurses key to Kiwis getting into GPs – NZNO

Source: New Zealand Nurses Organisation

Primary care nurses must be paid the same as hospital nurses to fix the chronic staff shortages causing New Zealanders to be turned away from GP clinics, the New Zealand Nurses Organisation Tōpūtanga Tapuhi Kaitiaki o Aotearoa (NZNO) says.

A Victoria University of Wellington study has found 36% of New Zealand’s general practices didn’t take new enrolments in 2024, with workforce shortages cited as the major reason people were being turned away.

NZNO’s New Zealand College of Primary Health Care Nurses chair Tracey Morgan says the Coalition Government’s focus on the health sector is misdirected.

“While the Government is focused on the five health targets, they are ignoring the most pressing issue – chronic staff shortages in primary care.

“When people can’t get into their GP, they can end up at hospital even sicker. This puts more pressure on our already stretched hospitals and the Government’s own targets will be harder to meet,” Tracey Morgan says.

Primary care nurses are leaving GP clinics to work in hospitals because they get paid 18% more despite having the same skills and qualifications, she says.

“It is time for the Government to pay primary care nurses the same as their hospital counterparts and introduce a sustainable funding model for the primary care sector.

“Until this is done, it is everyday New Zealanders who are trying to see a doctor when they are sick who will pay the price.

“New Health Minister Simeon Brown has said he is ‘an advocate for everyday Kiwis who simply want timely, quality healthcare when they need it’. Here is his solution,” Tracey Morgan says.

MIL OSI New Zealand News –

January 29, 2025


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Category: Australia

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Source: New Zealand Nurses Organisation