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MIL-OSI: Glacier Bancorp, Inc. Announces Results for the Quarter and Period Ended September 30, 2024

Source: GlobeNewswire (MIL-OSI)

3rd Quarter 2024 Highlights:

Diluted earnings per share for the current quarter was $0.45 per share, an increase of 15 percent from the prior quarter diluted earnings per share of $0.39 per share.
Net income was $51.1 million for the current quarter, an increase of $6.3 million, or 14 percent, from the prior quarter net income of $44.7 million and a decrease of $1.4 million, or 3 percent, from the prior year third quarter net income of $52.4 million.
The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 2.83 percent, an increase of 15 basis points from the prior quarter net interest margin of 2.68 percent.
Net interest income was $180 million for the current quarter, an increase of $13.8 million, or 8 percent, from the prior quarter net interest income of $166 million and an increase of $13.2 million, or 8 percent, from the prior year third quarter net interest income of $167 million.
The loan portfolio of $17.181 billion increased $329 million, or 2 percent, during the current quarter and organically increased $57.6 million, or 1 percent annualized, during the current quarter.
Total core deposits of $20.711 billion, increased $613 million, or 3 percent, during the current quarter and organically increased $216 million, or 4 percent annualized, during the current quarter.
Non-interest bearing deposits of $6.408 billion, increased $314 million, or 5 percent, during the current quarter and organically increased $221 million, or 14 percent annualized, during the current quarter.
The loan yield of 5.69 percent in the current quarter increased 11 basis points from the prior quarter loan yield of 5.58 percent and increased 42 basis points from the prior year third quarter loan yield of 5.27 percent.
The total cost of funding (including non-interest bearing deposits) of 1.79 percent in the current quarter decreased 1 basis point from the prior quarter total cost of funding of 1.80 percent.
Stockholders’ equity of $3.245 billion increased $108 million, or 3 percent, during the current quarter and increased $370 million, or 13 percent, over the prior year third quarter.
The Company declared a quarterly dividend of $0.33 per share. The Company has declared 158 consecutive quarterly dividends and has increased the dividend 49 times.
The Company completed the acquisition and core system conversion of six Montana branch locations of Rocky Mountain Bank division (“RMB”) of HTLF Bank, a wholly owned subsidiary of Heartland Financial USA, Inc. with total assets of $403 million, total gross loans of $272 million and total deposits of $397 million.

Year-to-date 2024 Highlights:

Net income for the first nine months of 2024 was $128 million, a decrease of $40.2 million, or 24 percent, from the prior year first nine months net income of $169 million.
Interest income for the first nine months of 2024 was $843 million, an increase of $98.7 million, or 13 percent, over the $744 million of interest income for the first nine months of 2023.
The loan portfolio increased $983 million, or 6 percent, during the first nine months of 2024 and organically increased $261 million, or 2 percent, during the first nine months of 2024.
The $2.740 billion of FRB Bank Term Funding (“BTFP”) was paid off during the current year through a combination of Federal Home Loan Bank (“FHLB”) advances and cash.
Dividends declared in the first nine months of 2024 were $0.99 per share.
The Company completed the acquisition and core system conversion of Community Financial Group, Inc., the parent company of Wheatland Bank (collectively, “Wheatland”), a leading eastern Washington community bank headquartered in Spokane with total assets of $778 million.

Financial Summary

	At or for the Three Months ended									At or for the Nine months ended
(Dollars in thousands, except per share and market data)	Sep 30, 2024			Jun 30, 2024		Mar 31, 2024		Sep 30, 2023		Sep 30, 2024		Sep 30, 2023
Operating results
Net income	$	51,055		44,708		32,627		52,445		128,390		168,611
Basic earnings per share	$	0.45		0.39		0.29		0.47		1.14		1.52
Diluted earnings per share	$	0.45		0.39		0.29		0.47		1.13		1.52
Dividends declared per share	$	0.33		0.33		0.33		0.33		0.99		0.99
Market value per share
Closing	$	45.70		37.32		40.28		28.50		45.70		28.50
High	$	47.71		40.18		42.75		36.45		47.71		50.03
Low	$	35.57		34.35		34.74		26.84		34.35		26.77
Selected ratios and other data
Number of common stock shares outstanding		113,394,786		113,394,092		113,388,590		110,879,365		113,394,786		110,879,365
Average outstanding shares – basic		113,394,758		113,390,539		112,492,142		110,877,534		113,093,583		110,857,788
Average outstanding shares – diluted		113,473,107		113,405,491		112,554,402		110,886,959		113,137,861		110,882,718
Return on average assets (annualized)		0.73	%	0.66	%	0.47	%	0.75	%	0.62	%	0.83	%
Return on average equity (annualized)		6.34	%	5.77	%	4.25	%	7.12	%	5.47	%	7.72	%
Efficiency ratio		64.92	%	67.97	%	74.41	%	63.31	%	68.98	%	62.10	%
Loan to deposit ratio		83.16	%	84.03	%	82.04	%	79.25	%	83.16	%	79.25	%
Number of full time equivalent employees		3,434		3,399		3,438		3,314		3,434		3,314
Number of locations		232		231		232		221		232		221
Number of ATMs		279		286		285		274		279		274

KALISPELL, Mont., Oct. 24, 2024 (GLOBE NEWSWIRE) — Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $51.1 million for the current quarter, an increase of $6.3 million, or 14 percent from the prior quarter net income of $44.7 million and a decrease of $1.4 million, or 3 percent, from the $52.4 million of net income for the prior year third quarter. Diluted earnings per share for the current quarter was $0.45 per share, an increase of 15 percent from the prior quarter diluted earnings per share of $0.39 per share and a decrease of 4 percent from the prior year third quarter diluted earnings per share of $0.47. The decrease in net income compared to the prior year third quarter was due to the increase in funding costs and the increased costs associated with the acquisitions of Wheatland and RMB over the prior year third quarter. “Our positive business trends through the third quarter. We were very pleased to see solid earnings, margin and deposit growth,” said Randy Chesler, President and Chief Executive Officer. “We finalized the acquisition of the Rocky Mountain Bank Montana branches from Heartland and welcome the employees to the Glacier team.”

Net income for the nine months ended September 30, 2024 was $128 million, a decrease of $40.2 million, or 24 percent, from the $169 million net income for the first nine months of the prior year. Diluted earnings per share for the first nine months of 2024 was $1.13 per share, a decrease of $0.39 per share from the prior year first nine months diluted earnings per share of $1.52. The decrease in net income for the first nine months of the current year compared to the prior year first nine months was primarily due to the significant increase in funding costs. In addition, the current year-to-date results included increased operating costs and a $9.7 million provision for credit losses associated with the acquisitions of Wheatland and RMB.

On July 19, 2024, the Company completed the acquisition of six RMB branches in Montana. The branches have been combined with Glacier Bank divisions operating in Montana, including First Bank of Montana, First Security Bank of Bozeman, First Security Bank of Missoula, Valley Bank, and Western Security Bank. On January 31, 2024, the Company completed the acquisition of Wheatland, headquartered in Spokane, Washington. Wheatland had 14 branches in eastern Washington and was combined with the North Cascades Bank division under the name Wheatland Bank, division of Glacier Bank. The Wheatland Bank division now operates with a combined 23 branches in Central and Eastern Washington and is a Top 5 community bank by deposit share in Eastern Washington. The Company’s results of operations and financial condition include the Wheatland and RMB acquisitions beginning on the acquisition date of each. The following table discloses the preliminary fair value estimates of select classifications of assets and liabilities acquired:

	Wheatland		RMB
(Dollars in thousands)	January 31, 2024		July 19, 2024		Total
Total assets	$	777,659	$	403,052	$	1,180,711
Cash and cash equivalents		12,926		76,781		89,707
Debt securities		187,183		—		187,183
Loans receivable		450,403		271,569		721,972
Non-interest bearing deposits		277,651		93,534		371,185
Interest bearing deposits		339,304		303,156		642,460
Borrowings		58,500		4,305		62,805
Core deposit intangible		16,936		9,794		26,730
Goodwill		38,369		29,794		68,163

Asset Summary

										$ Change from
(Dollars in thousands)	Sep 30, 2024			Jun 30, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2024		Dec 31, 2023		Sep 30, 2023
Cash and cash equivalents	$	987,833		800,779		1,354,342		1,672,094		187,054		(366,509	)	(684,261	)
Debt securities, available-for-sale		4,436,578		4,499,541		4,785,719		4,741,738		(62,963	)	(349,141	)	(305,160	)
Debt securities, held-to-maturity		3,348,698		3,400,403		3,502,411		3,553,805		(51,705	)	(153,713	)	(205,107	)
Total debt securities		7,785,276		7,899,944		8,288,130		8,295,543		(114,668	)	(502,854	)	(510,267	)
Loans receivable
Residential real estate		1,837,697		1,771,528		1,704,544		1,653,777		66,169		133,153		183,920
Commercial real estate		10,833,841		10,713,964		10,303,306		10,292,446		119,877		530,535		541,395
Other commercial		3,177,051		3,066,028		2,901,863		2,916,785		111,023		275,188		260,266
Home equity		931,440		905,884		888,013		869,963		25,556		43,427		61,477
Other consumer		401,158		394,587		400,356		402,075		6,571		802		(917	)
Loans receivable		17,181,187		16,851,991		16,198,082		16,135,046		329,196		983,105		1,046,141
Allowance for credit losses		(205,170	)	(200,955	)	(192,757	)	(192,271	)	(4,215	)	(12,413	)	(12,899	)
Loans receivable, net		16,976,017		16,651,036		16,005,325		15,942,775		324,981		970,692		1,033,242
Other assets		2,456,643		2,453,581		2,094,832		2,153,149		3,062		361,811		303,494
Total assets	$	28,205,769		27,805,340		27,742,629		28,063,561		400,429		463,140		142,208

Total debt securities of $7.785 billion at September 30, 2024 decreased $115 million, or 1 percent, during the current quarter and decreased $510 million, or 6 percent, from the prior year third quarter. Debt securities represented 28 percent of total assets at September 30, 2024 compared to 30 percent at December 31, 2023 and 30 percent at September 30, 2023.

The loan portfolio of $17.181 billion at September 30, 2024 increased $329 million, or 2 percent, during the current quarter. Excluding the RMB acquisition, the loan portfolio organically increased $57.6 million, or 1 percent annualized, during the current quarter. Excluding the RMB and Wheatland acquisitions, the loan portfolio organically increased $261 million, or 2 percent, during the first nine months of 2024 and increased $324 million, or 2 percent, from the prior year third quarter.

Credit Quality Summary

	At or for the Nine Months ended			At or for the Six Months ended		At or for the Year ended		At or for the Nine Months ended
(Dollars in thousands)	Sep 30, 2024			Jun 30, 2024		Dec 31, 2023		Sep 30, 2023
Allowance for credit losses
Balance at beginning of period	$	192,757		192,757		182,283		182,283
Acquisitions		3		3		—		—
Provision for credit losses		21,138		14,157		20,790		16,609
Charge-offs		(12,406	)	(8,430	)	(15,095	)	(10,284	)
Recoveries		3,678		2,468		4,779		3,663
Balance at end of period	$	205,170		200,955		192,757		192,271
Provision for credit losses
Loan portfolio	$	21,138		14,157		20,790		16,609
Unfunded loan commitments		(1,366	)	(2,390	)	(5,995	)	(4,827	)
Total provision for credit losses	$	19,772		11,767		14,795		11,782
Other real estate owned	$	432		432		1,032		—
Other foreclosed assets		201		198		471		48
Accruing loans 90 days or more past due		11,551		4,692		3,312		3,855
Non-accrual loans		15,937		12,686		20,816		38,380
Total non-performing assets	$	28,121		18,008		25,631		42,283
Non-performing assets as a percentage of subsidiary assets		0.10	%	0.06	%	0.09	%	0.15	%
Allowance for credit losses as a percentage of non-performing loans		730	%	1,116	%	799	%	455	%
Allowance for credit losses as a percentage of total loans		1.19	%	1.19	%	1.19	%	1.19	%
Net charge-offs as a percentage of total loans		0.05	%	0.04	%	0.06	%	0.04	%
Accruing loans 30-89 days past due	$	56,213		49,678		49,967		15,253
U.S. government guarantees included in non-performing assets	$	1,802		1,228		1,503		1,057

Non-performing assets as a percentage of subsidiary assets at September 30, 2024 was 0.10 percent compared to 0.06 percent in the prior quarter and 0.15 percent in the prior year third quarter. Non-performing assets of $28.1 million at September 30, 2024 increased $10.1 million, or 56 percent, over the prior quarter and decreased $14.2 million, or 33 percent, over the prior year third quarter.

Early stage delinquencies (accruing loans 30-89 days past due) as a percentage of loans at September 30, 2024 were 0.33 percent compared to 0.29 percent for the prior quarter end and 0.09 percent for the prior year third quarter. Early stage delinquencies of $56.2 million at September 30, 2024 increased $6.5 million from the prior quarter and increased $41.0 million from prior year third quarter.

The current quarter credit loss expense of $8.0 million included $2.8 million of provision for credit losses on loans and $799 thousand of provision for credit losses on unfunded commitments from the acquisition of RMB. Excluding the acquisition of RMB, the current quarter credit loss expense was $4.4 million, including $4.2 million of credit loss expense from loans and $225 thousand of credit loss expense from unfunded loan commitments.

For the first nine months of the current year, the provision for credit losses of $19.8 million included $8.1 million of provision for credit losses on loans and $1.6 million of provision for credit losses on unfunded loan commitments from the acquisitions of Wheatland and RMB.

The allowance for credit losses on loans (“ACL”) as a percentage of total loans outstanding at September 30, 2024 was 1.19 percent and remained unchanged from the prior year end and the prior year third quarter. Loan portfolio growth, composition, average loan size, credit quality considerations, economic forecasts and other environmental factors will continue to determine the level of the provision for credit losses for loans.

Credit Quality Trends and Provision for Credit Losses on the Loan Portfolio

(Dollars in thousands)	Provision for Credit Losses Loans		Net Charge-Offs		ACL as a Percent of Loans		Accruing Loans 30-89 Days Past Due as a Percent of Loans		Non-Performing Assets to Total Subsidiary Assets
Third quarter 2024	$	6,981	$	2,766	1.19	%	0.33	%	0.10	%
Second quarter 2024		5,066		2,890	1.19	%	0.29	%	0.06	%
First quarter 2024		9,091		3,072	1.19	%	0.37	%	0.09	%
Fourth quarter 2023		4,181		3,695	1.19	%	0.31	%	0.09	%
Third quarter 2023		5,095		2,209	1.19	%	0.09	%	0.15	%
Second quarter 2023		5,254		2,473	1.19	%	0.16	%	0.12	%
First quarter 2023		6,260		1,939	1.20	%	0.16	%	0.12	%
Fourth quarter 2022		6,060		1,968	1.20	%	0.14	%	0.12	%

Net charge-offs for the current quarter were $2.8 million compared to $2.9 million in the prior quarter and $2.2 million for the prior year third quarter. Net charge-offs of $2.8 million included $1.9 million in deposit overdraft net charge-offs and $815 thousand of net loan charge-offs.

Supplemental information regarding credit quality and identification of the Company’s loan portfolio based on regulatory classification is provided in the exhibits at the end of this press release. The regulatory classification of loans is based primarily on collateral type while the Company’s loan segments presented herein are based on the purpose of the loan.

Liability Summary

						$ Change from
(Dollars in thousands)	Sep 30, 2024		Jun 30, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2024		Dec 31, 2023		Sep 30, 2023
Deposits
Non-interest bearing deposits	$	6,407,728	6,093,430	6,022,980	6,465,353	314,298		384,748		(57,625	)
NOW and DDA accounts		5,363,476	5,219,838	5,321,257	5,253,367	143,638		42,219		110,109
Savings accounts		2,801,077	2,862,034	2,833,887	2,872,362	(60,957	)	(32,810	)	(71,285	)
Money market deposit accounts		2,854,540	2,858,850	2,831,624	2,994,631	(4,310	)	22,916		(140,091	)
Certificate accounts		3,284,609	3,064,613	2,915,393	2,742,017	219,996		369,216		542,592
Core deposits, total		20,711,430	20,098,765	19,925,141	20,327,730	612,665		786,289		383,700
Wholesale deposits		3,334	2,994	4,026	67,434	340		(692	)	(64,100	)
Deposits, total		20,714,764	20,101,759	19,929,167	20,395,164	613,005		785,597		319,600
Repurchase agreements		1,831,501	1,629,504	1,486,850	1,499,696	201,997		344,651		331,805
Deposits and repurchase agreements, total		22,546,265	21,731,263	21,416,017	21,894,860	815,002		1,130,248		651,405
Federal Home Loan Bank advances		1,800,000	2,350,000	—	—	(550,000	)	1,800,000		1,800,000
FRB Bank Term Funding		—	—	2,740,000	2,740,000	—		(2,740,000	)	(2,740,000	)
Other borrowed funds		84,168	88,149	81,695	73,752	(3,981	)	2,473		10,416
Subordinated debentures		133,065	133,024	132,943	132,903	41		122		162
Other liabilities		397,221	365,459	351,693	347,452	31,762		45,528		49,769
Total liabilities	$	24,960,719	24,667,895	24,722,348	25,188,967	292,824		238,371		(228,248	)

Total core deposits of $20.711 billion at September 30, 2024 increased $613 million, or 3 percent, from the prior quarter and increased $786 million, or 4 percent, from the prior year end. Total core deposits organically increased $217 million, or 4 percent annualized, during the current quarter and decreased $227 million, or 1 percent, from the prior year end.

Total non-interest bearing deposits of $6.408 billion, increased $314 million, or 5 percent, from the prior quarter and increased $385 million, or 6 percent, from the prior year end. Non-interest bearing deposits organically increased $221 million, or 14 percent annualized, during the current quarter and increased $13.6 million, or 23 basis points, from the prior year end. Non-interest bearing deposits represented 31 percent of total deposits at June 30, 2024, compared to 30 percent at December 31, 2023 and 32 percent at September 30, 2023.

FHLB borrowings of $1.800 billion decreased $550 million, or 23 percent, during the current quarter. Upon maturity in the first quarter of 2024, the Company paid off its $2.740 billion BTFP borrowings with a combination of $2.140 billion in FHLB borrowings and cash.

Stockholders’ Equity Summary

										$ Change from
(Dollars in thousands, except per share data)	Sep 30, 2024			Jun 30, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2024		Dec 31, 2023		Sep 30, 2023
Common equity	$	3,507,356		3,492,096		3,394,394		3,374,961		15,260		112,962		132,395
Accumulated other comprehensive loss		(262,306	)	(354,651	)	(374,113	)	(500,367	)	92,345		111,807		238,061
Total stockholders’ equity		3,245,050		3,137,445		3,020,281		2,874,594		107,605		224,769		370,456
Goodwill and intangibles, net		(1,106,336	)	(1,066,790	)	(1,017,263	)	(1,019,690	)	(39,546	)	(89,073	)	(86,646	)
Tangible stockholders’ equity	$	2,138,714		2,070,655		2,003,018		1,854,904		68,059		135,696		283,810

Stockholders’ equity to total assets		11.50	%	11.28	%	10.89	%	10.24	%
Tangible stockholders’ equity to total tangible assets		7.89	%	7.74	%	7.49	%	6.86	%
Book value per common share	$	28.62		27.67		27.24		25.93		0.95	1.38	2.69
Tangible book value per common share	$	18.86		18.26		18.06		16.73		0.60	0.80	2.13

Tangible stockholders’ equity of $2.139 billion at September 30, 2024 increased $68.1 million, or 3 percent, compared to the prior quarter and was primarily the result of a decrease in unrealized loss on the available-for-sale debt securities which was partially offset by the increase in goodwill and core deposit intangibles associated with the acquisition of RMB. Tangible stockholders’ equity at September 30, 2024 increased $136 million, or 7 percent, compared to the prior year end and was primarily due to $92.4 million of Company common stock issued for the acquisition of Wheatland and the decrease in the unrealized loss on the available-for-sale securities. The increase was partially offset by the increase in goodwill and core deposits associated with the acquisitions of Wheatland and RMB. Tangible book value per common share of $18.86 at the current quarter end increased $0.80 per share, or 4 percent, from the prior year end and increased $2.13 per share, or 13 percent, from the prior year third quarter.

Cash Dividends
On September 24, 2024, the Company’s Board of Directors declared a quarterly cash dividend of $0.33 per share. The dividend was payable October 17, 2024 to shareholders of record on October 8, 2024. The dividend was the Company’s 158th consecutive regular dividend. Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations.

Operating Results for Three Months Ended September 30, 2024 Compared to June 30, 2024, March 31, 2024 and September 30, 2023

Income Summary
	Three Months ended									$ Change from
(Dollars in thousands)	Sep 30, 2024			Jun 30, 2024		Mar 31, 2024		Sep 30, 2023		Jun 30, 2024	Mar 31, 2024		Sep 30, 2023
Net interest income
Interest income	$	289,578		273,834		279,402		264,906		15,744	10,176		24,672
Interest expense		109,347		107,356		112,922		97,852		1,991	(3,575	)	11,495
Total net interest income		180,231		166,478		166,480		167,054		13,753	13,751		13,177
Non-interest income
Service charges and other fees		20,587		19,422		18,563		19,304		1,165	2,024		1,283
Miscellaneous loan fees and charges		4,970		4,821		4,362		4,322		149	608		648
Gain on sale of loans		4,898		4,669		3,362		4,046		229	1,536		852
Gain (loss) on sale of securities		26		(12	)	16		(65	)	38	10		91
Other income		4,223		3,304		3,686		2,633		919	537		1,590
Total non-interest income		34,704		32,204		29,989		30,240		2,500	4,715		4,464
Total income	$	214,935		198,682		196,469		197,294		16,253	18,466		17,641
Net interest margin (tax-equivalent)		2.83	%	2.68	%	2.59	%	2.58	%

Net Interest Income
The current quarter interest income of $290 million increased $15.7 million, or 6 percent, over the prior quarter and increased $24.7 million, or 9 percent, over the prior year third quarter, with both increases being primarily due to the increase in the loan yields and the increase in average balances of the loan portfolio. The loan yield of 5.69 percent in the current quarter increased 11 basis points from the prior quarter loan yield of 5.58 percent and increased 42 basis points from the prior year third quarter loan yield of 5.27 percent.

The current quarter interest expense of $109 million increased $2.0 million, or 2 percent, over the prior quarter and was primarily attributable to the increase in average deposit balances. The current quarter interest expense increased $11.5 million, or 12 percent, over the prior year third quarter and was primarily the result of an increase in rates on deposits and borrowings. Core deposit cost (including non-interest bearing deposits) was 1.37 percent for the current quarter compared to 1.36 percent in the prior quarter and 1.03 percent for the prior year third quarter. The total cost of funding (including non-interest bearing deposits) of 1.79 percent in the current quarter decreased 1 basis point from the prior quarter. The current quarter cost of funds increased 21 basis points from the prior year third quarter which was primarily the result of the increased deposit rates.

The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 2.83 percent, an increase of 15 basis points from the prior quarter net interest margin of 2.68 percent and was primarily driven by an increase in loan yields. The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was an increase of 25 basis points from the prior year third quarter net interest margin of 2.58 percent and was primarily driven by an increase in loan yields which more than offset the total cost of funding. Core net interest margin excludes the impact from discount accretion and non-accrual interest. Excluding the 4 basis points from discount accretion, the core net interest margin was 2.79 percent in the current quarter compared to 2.63 percent in the prior quarter and 2.55 in the prior year third quarter. “The growth in the loan portfolio at higher yields was funded primarily by the remix of lower yield cash flow from the securities portfolio,” said Ron Copher, Chief Financial Officer. “In addition, the growth in non-interest bearing deposits and the reduction in wholesale funding contributed to the improvement in the current quarter net interest margin.”

Non-interest Income
Non-interest income for the current quarter totaled $34.7 million, which was an increase of $2.5 million, or 8 percent, over the prior quarter and an increase of $4.5 million, or 15 percent, over the prior year third quarter. Service charges and other fees of $20.6 million for the current quarter increased $1.2 million, or 6 percent, compared to the prior quarter and increased $1.3 million, or 7 percent, compared to the prior year third quarter. Gain on the sale of residential loans of $4.9 million for the current quarter increased $229 thousand, or 5 percent, compared to the prior quarter and increased $852 thousand, or 21 percent, from the prior year third quarter. Other income of $4.2 million increased $919 thousand, or 28 percent, over the prior quarter and increased $1.6 million, or 60 percent, over the prior year third quarter, with both increases being driven by a $1.2 million gain on the sale of repossessed property during the current quarter.

Non-interest Expense Summary

	Three Months ended					$ Change from
(Dollars in thousands)	Sep 30, 2024		Jun 30, 2024	Mar 31, 2024	Sep 30, 2023	Jun 30, 2024		Mar 31, 2024		Sep 30, 2023
Compensation and employee benefits	$	85,083	84,434	85,789	77,387	649		(706	)	7,696
Occupancy and equipment		11,989	11,594	11,883	10,553	395		106		1,436
Advertising and promotions		4,062	4,362	3,983	4,052	(300	)	79		10
Data processing		9,196	9,387	9,159	8,730	(191	)	37		466
Other real estate owned and foreclosed assets		13	149	25	15	(136	)	(12	)	(2	)
Regulatory assessments and insurance		5,150	5,393	7,761	6,060	(243	)	(2,611	)	(910	)
Intangibles amortization		3,367	3,017	2,760	2,428	350		607		939
Other expenses		25,848	22,616	30,483	20,351	3,232		(4,635	)	5,497
Total non-interest expense	$	144,708	140,952	151,843	129,576	3,756		(7,135	)	15,132

Total non-interest expense of $145 million for the current quarter increased $3.8 million, or 3 percent, over the prior quarter and increased $15.1 million, or 12 percent, over the prior year third quarter. Compensation and employee benefits increased $7.7 million, or 10 percent, from the prior year third quarter and was driven by annual salary increases, increased performance-related compensation and increases from the acquisitions of Wheatland and RMB.

Other expenses of $25.8 million increased $3.2 million, or 14 percent, from the prior quarter, which was attributable to several miscellaneous category increases including an increase of $1.2 million in outside consulting services. In addition, the current quarter other expenses included $586 thousand of gains from the sale of former branch facilities and disposal of fixed assets compared to $1.5 million in the prior quarter. Other expenses increased $5.5 million, or 27 percent, from the prior year third quarter as a result of several miscellaneous category increases including an increase of $2.7 million in outside consulting services and an increase of $1.6 million in acquisition-related expenses. Acquisition-related expense was $1.9 million in the current quarter compared to $1.8 million in the prior quarter and $279 thousand in the prior year third quarter.

Federal and State Income Tax Expense
Tax expense during the third quarter of 2024 was $11.2 million, an increase of $1.7 million, or 18 percent, compared to the prior quarter and a decrease of $567 thousand, or 5 percent, from the prior year third quarter. The effective tax rate in the current quarter was 17.9 percent compared to 17.5 percent in the prior quarter and 18.3 percent in the prior year third quarter.

Efficiency Ratio
The efficiency ratio was 64.92 percent in the current quarter compared to 67.97 percent in the prior quarter and 63.31 percent in the prior year third quarter. The decrease from the prior quarter was principally driven by the increase in net interest income that more than offset the increase in non-interest expense.

Operating Results for Nine Months Ended September 30, 2024 Compared to September 30, 2023

Income Summary
	Nine months ended
(Dollars in thousands)	Sep 30, 2024			Sep 30, 2023			$ Change			% Change
Net interest income
Interest income	$	842,814		$	744,159		$	98,655		13	%
Interest expense		329,625			218,933			110,692		51	%
Total net interest income		513,189			525,226			(12,037	)	(2	)%
Non-interest income
Service charges and other fees		58,572			56,042			2,530		5	%
Miscellaneous loan fees and charges		14,153			12,451			1,702		14	%
Gain on sale of loans		12,929			9,974			2,955		30	%
Gain (loss) on sale of securities		30			(202	)		232		(115	)%
Other income		11,213			8,949			2,264		25	%
Total non-interest income		96,897			87,214			9,683		11	%
Total Income	$	610,086		$	612,440		$	(2,354	)	—	%
Net interest margin (tax-equivalent)		2.70	%		2.79	%

Net Interest Income
Net-interest income of $513 million for the first nine months of 2024 decreased $12.0 million, or 2 percent, over 2023 and was primarily driven by increased interest expense which outpaced the increase in interest income. Interest income of $843 million for 2024 increased $98.7 million, or 13 percent, from the prior year and was primarily attributable to the increase in the loan portfolio and an increase in loan yields. The loan yield was 5.58 percent during the first nine months of 2024, an increase of 44 basis points from the prior year first nine months loan yield of 5.14 percent.

Interest expense of $330 million for the first nine months of 2024 increased $111 million, or 51 percent, over the same period in the prior year and was primarily the result of higher interest rates on deposits. Core deposit cost (including non-interest bearing deposits) was 1.36 percent for the first nine months of 2024 compared to 0.62 percent for the same period in the prior year. The total funding cost (including non-interest bearing deposits) for the first nine months of 2024 was 1.81 percent, which was an increase of 59 basis points over the first nine months of the prior year funding cost of 1.22 percent.

The net interest margin as a percentage of earning assets, on a tax-equivalent basis, during the first nine months of 2024 was 2.70 percent, a 9 basis points decrease from the net interest margin of 2.79 percent for the first nine months of the prior year. Excluding the 4 basis points from discount accretion and the 1 basis point from non-accrual interest, the core net interest margin was 2.65 percent in the first nine months of the current year compared to 2.77 percent in the prior year first nine months.

Non-interest Income
Non-interest income of $96.9 million for the first nine months of 2024 increased $9.7 million, or 11 percent, over the same period last year. Gain on sale of residential loans of $12.9 million for the first nine months of 2024 increased by $3.0 million, or 30 percent, over the first nine months of the prior year. Other income of $11.2 million for the first nine months of 2024 increased $2.3 million, or 25 percent, over the same period last year and was primarily driven by a $1.2 million gain on the sale of repossessed property during the current quarter.

Non-interest Expense Summary

	Nine months ended
(Dollars in thousands)	Sep 30, 2024		Sep 30, 2023		$ Change		% Change
Compensation and employee benefits	$	255,306	$	237,628	$	17,678	7	%
Occupancy and equipment		35,466		33,045		2,421	7	%
Advertising and promotions		12,407		12,020		387	3	%
Data processing		27,742		25,241		2,501	10	%
Other real estate owned and foreclosed assets		187		41		146	356	%
Regulatory assessments and insurance		18,304		16,277		2,027	12	%
Core deposit intangibles amortization		9,144		7,304		1,840	25	%
Other expenses		78,947		63,606		15,341	24	%
Total non-interest expense	$	437,503	$	395,162	$	42,341	11	%

Total non-interest expense of $438 million for the first nine months of 2024 increased $42.3 million, or 11 percent, over the same period in the prior year. Compensation and employee benefits expense of $255 million in the first nine months of 2024 increased $17.7 million, or 7 percent, over the same period in the prior year and was driven by annual salary increases and the acquisitions of Wheatland and RMB. Data processing expenses of $27.7 million for the first nine months of 2024 increased $2.5 million, or 10 percent, from the same period in the prior year. Regulatory assessments and insurance expense of $18.3 million for the first nine months of 2024 increased $2.0 million, or 12 percent, over the same period in the prior year which was principally due to the accrual adjustment for the FDIC special assessment. Other expenses of $78.9 million for the first nine months of 2024 increased $15.3 million, or 24 percent, from the first nine months of the prior year and was primarily driven by an increase of $8.6 million of acquisition-related expenses, which was partially offset by gains of $3.1 million from the sale of former branch facilities and disposal of fixed assets.

Provision for Credit Losses
The provision for credit loss expense was $19.8 million for the first nine months of 2024, an increase of $8.0 million, or 68 percent, over the same period in the prior year and was primarily attributable to $9.7 million from the acquisitions of Wheatland and RMB. Net charge-offs for the first nine months of 2024 were $8.7 million compared to $6.6 million in the first nine months of 2023.

Federal and State Income Tax Expense
Tax expense of $24.4 million for the first nine months of 2024 decreased $12.5 million, or 34 percent, over the prior year. The effective tax rate for the first nine months of 2024 was 16.0 percent compared to 17.9 percent for the same period in the prior year. The decrease in tax expense and the resulting effective tax rate was the result of a combination of increased federal tax credits and a decrease in the pre-tax income.

Efficiency Ratio
The efficiency ratio was 68.98 percent for the first nine months of 2024 compared to 62.10 percent for the same period of 2023. The increase from the prior year was primarily attributable to the increase in interest expense in the current year that outpaced the increase in interest income and increased non-interest expense.

Forward-Looking Statements
This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about the Company’s plans, objectives, expectations and intentions that are not historical facts, and other statements identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “should,” “projects,” “seeks,” “estimates” or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s control. In addition, these forward-looking statements are based on assumptions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results (express or implied) or other expectations in the forward-looking statements, including those made in this news release:

risks associated with lending and potential adverse changes in the credit quality of the Company’s loan portfolio;
changes in monetary and fiscal policies, including interest rate policies of the Federal Reserve Board, which could adversely affect the Company’s net interest income and margin, the fair value of its financial instruments, profitability, and stockholders’ equity;
legislative or regulatory changes, including increased FDIC insurance rates and assessments, changes in the review and regulation of bank mergers, or increased banking and consumer protection regulations, that may adversely affect the Company’s business and strategies;
risks related to overall economic conditions, including the impact on the economy of an uncertain interest rate environment, inflationary pressures, and geopolitical instability, including the wars in Ukraine and the Middle East;
risks associated with the Company’s ability to negotiate, complete, and successfully integrate any future acquisitions;
costs or difficulties related to the completion and integration of pending or future acquisitions;
impairment of the goodwill recorded by the Company in connection with acquisitions, which may have an adverse impact on earnings and capital;
reduction in demand for banking products and services, whether as a result of changes in customer behavior, economic conditions, banking environment, or competition;
deterioration of the reputation of banks and the financial services industry, which could adversely affect the Company’s ability to obtain and maintain customers;
changes in the competitive landscape, including as may result from new market entrants or further consolidation in the financial services industry, resulting in the creation of larger competitors with greater financial resources;
risks presented by public stock market volatility, which could adversely affect the market price of the Company’s common stock and the ability to raise additional capital or grow through acquisitions;
risks associated with dependence on the Chief Executive Officer, the senior management team and the Presidents of Glacier Bank’s divisions;
material failure, potential interruption or breach in security of the Company’s systems or changes in technological which could expose the Company to cybersecurity risks, fraud, system failures, or direct liabilities;
risks related to natural disasters, including droughts, fires, floods, earthquakes, pandemics, and other unexpected events;
success in managing risks involved in the foregoing; and
effects of any reputational damage to the Company resulting from any of the foregoing.

The Company does not undertake any obligation to publicly correct or update any forward-looking statement if it later becomes aware that actual results are likely to differ materially from those expressed in such forward-looking statement.

Conference Call Information
A conference call for investors is scheduled for 11:00 a.m. Eastern Time on Friday, October 25, 2024. Please note that our conference call host no longer offers a general dial-in number. Investors who would like to join the call may now register by following this link to obtain dial-in instructions: https://register.vevent.com/register/BI32ee03ea65c34bd794e0027768d383d4. To participate via the webcast, log on to: https://edge.media-server.com/mmc/p/9bh88vfv.

About Glacier Bancorp, Inc.
Glacier Bancorp, Inc. (NYSE: GBCI), a member of the Russell 2000® and the S&P MidCap 400® indices, is the parent company for Glacier Bank and its Bank divisions located across its eight state Western U.S. footprint: Altabank (American Fork, UT), Bank of the San Juans (Durango, CO), Citizens Community Bank (Pocatello, ID), Collegiate Peaks Bank (Buena Vista, CO), First Bank of Montana (Lewistown, MT), First Bank of Wyoming (Powell, WY), First Community Bank Utah (Layton, UT), First Security Bank (Bozeman, MT), First Security Bank of Missoula (Missoula, MT), First State Bank (Wheatland, WY), Glacier Bank (Kalispell, MT), Heritage Bank of Nevada (Reno, NV), Mountain West Bank (Coeur d’Alene, ID), The Foothills Bank (Yuma, AZ), Valley Bank of Helena (Helena, MT), Western Security Bank (Billings, MT), and Wheatland Bank (Spokane, WA).

Glacier Bancorp, Inc. Unaudited Condensed Consolidated Statements of Financial Condition

(Dollars in thousands, except per share data)	Sep 30, 2024			Jun 30, 2024		Dec 31, 2023		Sep 30, 2023
Assets
Cash on hand and in banks	$	342,105		271,107		246,525		264,067
Interest bearing cash deposits		645,728		529,672		1,107,817		1,408,027
Cash and cash equivalents		987,833		800,779		1,354,342		1,672,094
Debt securities, available-for-sale		4,436,578		4,499,541		4,785,719		4,741,738
Debt securities, held-to-maturity		3,348,698		3,400,403		3,502,411		3,553,805
Total debt securities		7,785,276		7,899,944		8,288,130		8,295,543
Loans held for sale, at fair value		46,126		39,745		15,691		29,027
Loans receivable		17,181,187		16,851,991		16,198,082		16,135,046
Allowance for credit losses		(205,170	)	(200,955	)	(192,757	)	(192,271	)
Loans receivable, net		16,976,017		16,651,036		16,005,325		15,942,775
Premises and equipment, net		466,977		451,515		421,791		415,343
Other real estate owned and foreclosed assets		633		630		1,503		48
Accrued interest receivable		114,121		102,279		94,526		104,476
Deferred tax asset		125,432		155,834		159,070		203,745
Intangibles, net		52,780		43,028		31,870		34,297
Goodwill		1,053,556		1,023,762		985,393		985,393
Non-marketable equity securities		98,285		121,810		12,755		11,330
Bank-owned life insurance		188,971		187,793		171,101		170,175
Other assets		309,762		327,185		201,132		199,315
Total assets	$	28,205,769		27,805,340		27,742,629		28,063,561
Liabilities
Non-interest bearing deposits	$	6,407,728		6,093,430		6,022,980		6,465,353
Interest bearing deposits		14,307,036		14,008,329		13,906,187		13,929,811
Securities sold under agreements to repurchase		1,831,501		1,629,504		1,486,850		1,499,696
FHLB advances		1,800,000		2,350,000		—		—
FRB Bank Term Funding		—		—		2,740,000		2,740,000
Other borrowed funds		84,168		88,149		81,695		73,752
Subordinated debentures		133,065		133,024		132,943		132,903
Accrued interest payable		35,382		31,000		125,907		91,874
Other liabilities		361,839		334,459		225,786		255,578
Total liabilities		24,960,719		24,667,895		24,722,348		25,188,967
Commitments and Contingent Liabilities		—		—		—		—
Stockholders’ Equity
Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding		—		—		—		—
Common stock, $0.01 par value per share, 234,000,000 shares authorized		1,134		1,134		1,109		1,109
Paid-in capital		2,447,200		2,445,479		2,350,104		2,348,305
Retained earnings – substantially restricted		1,059,022		1,045,483		1,043,181		1,025,547
Accumulated other comprehensive loss		(262,306	)	(354,651	)	(374,113	)	(500,367	)
Total stockholders’ equity		3,245,050		3,137,445		3,020,281		2,874,594
Total liabilities and stockholders’ equity	$	28,205,769		27,805,340		27,742,629		28,063,561

Glacier Bancorp, Inc. Unaudited Condensed Consolidated Statements of Operations

	Three Months ended							Nine months ended
(Dollars in thousands, except per share data)	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024	Sep 30, 2023		Sep 30, 2024	Sep 30, 2023
Interest Income
Investment securities	$	46,371	42,165		56,218	53,397		144,754	144,697
Residential real estate loans		23,118	21,754		20,764	18,594		65,636	51,508
Commercial loans		196,901	188,326		181,472	173,437		566,699	493,706
Consumer and other loans		23,188	21,589		20,948	19,478		65,725	54,248
Total interest income		289,578	273,834		279,402	264,906		842,814	744,159
Interest Expense
Deposits		70,607	67,852		67,196	54,697		205,655	98,942
Securities sold under agreements to repurchase		14,737	13,566		12,598	10,972		40,901	24,185
Federal Home Loan Bank advances		22,344	24,179		4,249	—		50,772	26,910
FRB Bank Term Funding		—	—		27,097	30,229		27,097	63,160
Other borrowed funds		252	353		344	489		949	1,428
Subordinated debentures		1,407	1,406		1,438	1,465		4,251	4,308
Total interest expense		109,347	107,356		112,922	97,852		329,625	218,933
Net Interest Income		180,231	166,478		166,480	167,054		513,189	525,226
Provision for credit losses		8,005	3,518		8,249	3,539		19,772	11,782
Net interest income after provision for credit losses		172,226	162,960		158,231	163,515		493,417	513,444
Non-Interest Income
Service charges and other fees		20,587	19,422		18,563	19,304		58,572	56,042
Miscellaneous loan fees and charges		4,970	4,821		4,362	4,322		14,153	12,451
Gain on sale of loans		4,898	4,669		3,362	4,046		12,929	9,974
Gain (loss) on sale of securities		26	(12	)	16	(65	)	30	(202	)
Other income		4,223	3,304		3,686	2,633		11,213	8,949
Total non-interest income		34,704	32,204		29,989	30,240		96,897	87,214
Non-Interest Expense
Compensation and employee benefits		85,083	84,434		85,789	77,387		255,306	237,628
Occupancy and equipment		11,989	11,594		11,883	10,553		35,466	33,045
Advertising and promotions		4,062	4,362		3,983	4,052		12,407	12,020
Data processing		9,196	9,387		9,159	8,730		27,742	25,241
Other real estate owned and foreclosed assets		13	149		25	15		187	41
Regulatory assessments and insurance		5,150	5,393		7,761	6,060		18,304	16,277
Intangibles amortization		3,367	3,017		2,760	2,428		9,144	7,304
Other expenses		25,848	22,616		30,483	20,351		78,947	63,606
Total non-interest expense		144,708	140,952		151,843	129,576		437,503	395,162
Income Before Income Taxes		62,222	54,212		36,377	64,179		152,811	205,496
Federal and state income tax expense		11,167	9,504		3,750	11,734		24,421	36,885
Net Income	$	51,055	44,708		32,627	52,445		128,390	168,611

Glacier Bancorp, Inc. Average Balance Sheets

	Three Months ended
	September 30, 2024						June 30, 2024
(Dollars in thousands)	Average Balance		Interest & Dividends		Average Yield/ Rate		Average Balance		Interest & Dividends		Average Yield/ Rate
Assets
Residential real estate loans	$	1,850,066	$	23,118	5.00	%	$	1,796,787	$	21,754	4.84	%
Commercial loans ¹		13,957,304		198,556	5.66	%		13,740,455		189,939	5.56	%
Consumer and other loans		1,324,142		23,188	6.97	%		1,290,587		21,589	6.73	%
Total loans ²		17,131,512		244,862	5.69	%		16,827,829		233,282	5.58	%
Tax-exempt debt securities ³		1,660,643		14,710	3.54	%		1,707,269		15,111	3.54	%
Taxable debt securities ^{4, 5}		7,073,967		34,001	1.92	%		7,042,885		29,461	1.67	%
Total earning assets		25,866,122		293,573	4.52	%		25,577,983		277,854	4.37	%
Goodwill and intangibles		1,092,632						1,068,250
Non-earning assets		836,878						754,491
Total assets	$	27,795,632					$	27,400,724
Liabilities
Non-interest bearing deposits	$	6,237,166	$	—	—	%	$	6,026,709	$	—	—	%
NOW and DDA accounts		5,314,459		16,221	1.21	%		5,221,883		15,728	1.21	%
Savings accounts		2,829,203		5,699	0.80	%		2,914,538		6,014	0.83	%
Money market deposit accounts		2,887,173		15,048	2.07	%		2,904,438		14,467	2.00	%
Certificate accounts		3,211,842		33,597	4.16	%		3,037,638		31,593	4.18	%
Total core deposits		20,479,843		70,565	1.37	%		20,105,206		67,802	1.36	%
Wholesale deposits ⁶		3,122		42	5.47	%		3,726		50	5.50	%
Repurchase agreements		1,723,553		14,738	3.40	%		1,597,887		13,566	3.41	%
FHLB advances		1,828,533		22,344	4.78	%		2,007,747		24,179	4.76	%
Subordinated debentures and other borrowed funds		219,472		1,658	3.01	%		224,778		1,759	3.15	%
Total funding liabilities		24,254,523		109,347	1.79	%		23,939,344		107,356	1.80	%
Other liabilities		336,906						344,105
Total liabilities		24,591,429						24,283,449
Stockholders’ Equity
Stockholders’ equity		3,204,203						3,117,275
Total liabilities and stockholders’ equity	$	27,795,632					$	27,400,724
Net interest income (tax-equivalent)			$	184,226					$	170,498
Net interest spread (tax-equivalent)					2.73	%					2.57	%
Net interest margin (tax-equivalent)					2.83	%					2.68	%

______________________________

¹	Includes tax effect of $1.7 million and $1.6 million on tax-exempt municipal loan and lease income for the three months ended September 30, 2024 and June 30, 2024, respectively.
²	Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
³	Includes tax effect of $2.1 million and $2.2 million on tax-exempt debt securities income for the three months ended September 30, 2024 and June 30, 2024, respectively.
⁴	Includes interest income of $4.8 million and $1.9 million on average interest-bearing cash balances of $357.0 million and $0.14 billion for the three months ended September 30, 2024 and June 30, 2024, respectively.
⁵	Includes tax effect of $203 thousand and $211 thousand on federal income tax credits for the three months ended September 30, 2024 and June 30, 2024, respectively.
⁶	Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

Glacier Bancorp, Inc. Average Balance Sheets (continued)

	Three Months ended
	September 30, 2024						September 30, 2023
(Dollars in thousands)	Average Balance		Interest & Dividends		Average Yield/ Rate		Average Balance		Interest & Dividends		Average Yield/ Rate
Assets
Residential real estate loans	$	1,850,066	$	23,118	5.00	%	$	1,649,947	$	18,594	4.51	%
Commercial loans ¹		13,957,304		198,556	5.66	%		13,120,479		174,822	5.29	%
Consumer and other loans		1,324,142		23,188	6.97	%		1,263,775		19,478	6.11	%
Total loans ²		17,131,512		244,862	5.69	%		16,034,201		212,894	5.27	%
Tax-exempt debt securities ³		1,660,643		14,710	3.54	%		1,732,227		14,486	3.34	%
Taxable debt securities ^{4, 5}		7,073,967		34,001	1.92	%		8,485,157		41,052	1.94	%
Total earning assets		25,866,122		293,573	4.52	%		26,251,585		268,432	4.06	%
Goodwill and intangibles		1,092,632						1,020,868
Non-earning assets		836,878						528,145
Total assets	$	27,795,632					$	27,800,598
Liabilities
Non-interest bearing deposits	$	6,237,166	$	—	—	%	$	6,461,350	$	—	—	%
NOW and DDA accounts		5,314,459		16,221	1.21	%		5,231,741		12,906	0.98	%
Savings accounts		2,829,203		5,699	0.80	%		2,840,620		3,492	0.49	%
Money market deposit accounts		2,887,173		15,048	2.07	%		3,039,177		12,646	1.65	%
Certificate accounts		3,211,842		33,597	4.16	%		2,462,266		23,151	3.73	%
Total core deposits		20,479,843		70,565	1.37	%		20,035,154		52,195	1.03	%
Wholesale deposits ⁶		3,122		42	5.47	%		188,523		2,502	5.27	%
Repurchase agreements		1,723,553		14,738	3.40	%		1,401,765		10,972	3.11	%
FHLB advances		1,828,533		22,344	4.78	%		—		—	—	%
FRB Bank Term Funding		—		—	—	%		2,740,000		30,229	4.38	%
Subordinated debentures and other borrowed funds		219,472		1,658	3.01	%		208,336		1,954	3.72	%
Total funding liabilities		24,254,523		109,347	1.79	%		24,573,778		97,852	1.58	%
Other liabilities		336,906						302,564
Total liabilities		24,591,429						24,876,342
Stockholders’ Equity
Stockholders’ equity		3,204,203						2,924,256
Total liabilities and stockholders’ equity	$	27,795,632					$	27,800,598
Net interest income (tax-equivalent)			$	184,226					$	170,580
Net interest spread (tax-equivalent)					2.73	%					2.48	%
Net interest margin (tax-equivalent)					2.83	%					2.58	%

______________________________

¹	Includes tax effect of $1.7 million and $1.4 million on tax-exempt municipal loan and lease income for the three months ended September 30, 2024 and 2023, respectively.
²	Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
³	Includes tax effect of $2.1 million and $1.9 million on tax-exempt debt securities income for the three months ended September 30, 2024 and 2023, respectively.
⁴	Includes interest income of $4.8 million and $15.1 million on average interest-bearing cash balances of $357.0 million and $1,106.1 million for the three months ended September 30, 2024 and 2023, respectively.
⁵	Includes tax effect of $203 thousand and $215 thousand on federal income tax credits for the three months ended September 30, 2024 and 2023, respectively.
⁶	Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

Glacier Bancorp, Inc. Average Balance Sheets (continued)

	Nine Months ended
	September 30, 2024						September 30, 2023
(Dollars in thousands)	Average Balance		Interest & Dividends		Average Yield/ Rate		Average Balance		Interest & Dividends		Average Yield/ Rate
Assets
Residential real estate loans	$	1,798,202	$	65,636	4.87	%	$	1,570,911	$	51,508	4.37	%
Commercial loans ¹		13,737,866		571,540	5.56	%		12,910,691		498,152	5.16	%
Consumer and other loans		1,299,463		65,725	6.76	%		1,236,158		54,248	5.87	%
Total loans ²		16,835,531		702,901	5.58	%		15,717,760		603,908	5.14	%
Tax-exempt debt securities ³		1,695,965		44,978	3.54	%		1,745,764		44,978	3.44	%
Taxable debt securities ^{4, 5}		7,429,971		106,939	1.92	%		8,240,041		107,338	1.74	%
Total earning assets		25,961,467		854,818	4.40	%		25,703,565		756,224	3.93	%
Goodwill and intangibles		1,071,024						1,023,274
Non-earning assets		734,681						510,332
Total assets	$	27,767,172					$	27,237,171
Liabilities
Non-interest bearing deposits	$	6,077,392	$	—	—	%	$	6,770,242	$	—	—	%
NOW and DDA accounts		5,270,842		47,866	1.21	%		5,140,668		22,606	0.59	%
Savings accounts		2,881,273		17,368	0.81	%		2,930,420		5,070	0.23	%
Money market deposit accounts		2,913,206		43,907	2.01	%		3,253,138		28,654	1.18	%
Certificate accounts		3,083,866		96,365	4.17	%		1,638,163		34,613	2.82	%
Total core deposits		20,226,579		205,506	1.36	%		19,732,631		90,943	0.62	%
Wholesale deposits ⁶		3,603		149	5.49	%		213,465		7,999	5.01	%
Repurchase agreements		1,612,021		40,901	3.39	%		1,238,139		24,185	2.61	%
FHLB advances		1,397,258		50,772	4.77	%		738,004		26,910	4.81	%
FRB Bank Term Funding		824,672		27,097	4.39	%		1,929,322		63,160	4.38	%
Subordinated debentures and other borrowed funds		220,835		5,200	3.15	%		208,891		5,737	3.67	%
Total funding liabilities		24,284,968		329,625	1.81	%		24,060,452		218,934	1.22	%
Other liabilities		345,822						256,022
Total liabilities		24,630,790						24,316,474
Stockholders’ Equity
Stockholders’ equity		3,136,382						2,920,697
Total liabilities and stockholders’ equity	$	27,767,172					$	27,237,171
Net interest income (tax-equivalent)			$	525,193					$	537,290
Net interest spread (tax-equivalent)					2.59	%					2.71	%
Net interest margin (tax-equivalent)					2.70	%					2.79	%

______________________________

¹	Includes tax effect of $4.8 million and $4.4 million on tax-exempt municipal loan and lease income for the nine months ended September 30, 2024 and 2023, respectively.
²	Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
³	Includes tax effect of $6.5 million and $7.0 million on tax-exempt debt securities income for the nine months ended September 30, 2024 and 2023, respectively.
⁴	Includes interest income of $17.2 million and $24.5 million on average interest-bearing cash balances of $631.7 million and $624.0 million for the nine months ended September 30, 2024 and 2023, respectively.
⁵	Includes tax effect of $629 thousand and $644 thousand on federal income tax credits for the nine months ended September 30, 2024 and 2023, respectively.
⁶	Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

Glacier Bancorp, Inc. Loan Portfolio by Regulatory Classification

	Loans Receivable, by Loan Type												% Change from
(Dollars in thousands)	Sep 30, 2024			Jun 30, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2024		Dec 31, 2023		Sep 30, 2023
Custom and owner occupied construction	$	235,915		$	233,978		$	290,572		$	306,106		1	%	(19)	%	(23)	%
Pre-sold and spec construction		203,610			198,219			236,596			287,048		3	%	(14)	%	(29)	%
Total residential construction		439,525			432,197			527,168			593,154		2	%	(17)	%	(26)	%
Land development		205,704			209,794			232,966			234,995		(2)	%	(12)	%	(12)	%
Consumer land or lots		189,705			190,781			187,545			184,685		(1)	%	1	%	3	%
Unimproved land		109,237			108,763			87,739			87,089		—	%	25	%	25	%
Developed lots for operative builders		67,140			57,140			56,142			62,485		18	%	20	%	7	%
Commercial lots		98,644			99,036			87,185			84,194		—	%	13	%	17	%
Other construction		689,638			810,536			900,547			982,384		(15)	%	(23)	%	(30)	%
Total land, lot, and other construction		1,360,068			1,476,050			1,552,124			1,635,832		(8)	%	(12)	%	(17)	%
Owner occupied		3,121,900			3,087,814			3,035,768			2,976,821		1	%	3	%	5	%
Non-owner occupied		4,001,430			3,941,786			3,742,916			3,765,266		2	%	7	%	6	%
Total commercial real estate		7,123,330			7,029,600			6,778,684			6,742,087		1	%	5	%	6	%
Commercial and industrial		1,387,538			1,400,896			1,363,479			1,363,198		(1)	%	2	%	2	%
Agriculture		1,047,320			962,384			772,458			785,208		9	%	36	%	33	%
1st lien		2,462,885			2,353,912			2,127,989			2,054,497		5	%	16	%	20	%
Junior lien		77,029			56,049			47,230			47,490		37	%	63	%	62	%
Total 1-4 family		2,539,914			2,409,961			2,175,219			2,101,987		5	%	17	%	21	%
Multifamily residential		921,138			1,027,962			796,538			714,822		(10)	%	16	%	29	%
Home equity lines of credit		1,004,300			974,000			979,891			950,204		3	%	2	%	6	%
Other consumer		221,517			220,755			229,154			233,980		—	%	(3)	%	(5)	%
Total consumer		1,225,817			1,194,755			1,209,045			1,184,184		3	%	1	%	4	%
States and political subdivisions		993,871			777,426			834,947			833,618		28	%	19	%	19	%
Other		188,792			180,505			204,111			209,983		5	%	(8)	%	(10)	%
Total loans receivable, including loans held for sale		17,227,313			16,891,736			16,213,773			16,164,073		2	%	6	%	7	%
Less loans held for sale ¹		(46,126	)		(39,745	)		(15,691	)		(29,027	)	16	%	194	%	59	%
Total loans receivable	$	17,181,187		$	16,851,991		$	16,198,082		$	16,135,046		2	%	6	%	6	%

______________________________

¹	Loans held for sale are primarily 1st lien 1-4 family loans.

Glacier Bancorp, Inc. Credit Quality Summary by Regulatory Classification

	Non-performing Assets, by Loan Type					Non- Accrual Loans	Accruing Loans 90 Days or More Past Due	Other real estate owned and foreclosed assets
(Dollars in thousands)	Sep 30, 2024		Jun 30, 2024	Dec 31, 2023	Sep 30, 2023	Sep 30, 2024	Sep 30, 2024	Sep 30, 2024
Custom and owner occupied construction	$	202	206	214	219	202	—	—
Pre-sold and spec construction		3,705	2,908	763	763	2,942	763	—
Total residential construction		3,907	3,114	977	982	3,144	763	—
Land development		583	—	35	80	22	561	—
Consumer land or lots		458	429	96	314	241	217	—
Unimproved land		—	—	—	36	—	—	—
Developed lots for operative builders		531	608	608	608	—	531	—
Commercial lots		47	47	47	188	—	47	—
Other construction		—	25	—	12,884	—	—	—
Total land, lot and other construction		1,619	1,109	786	14,110	263	1,356	—
Owner occupied		1,903	1,992	1,838	1,445	662	809	432
Non-owner occupied		1,335	257	11,016	15,105	1,335	—	—
Total commercial real estate		3,238	2,249	12,854	16,550	1,997	809	432
Commercial and Industrial		2,455	2,044	1,971	1,367	1,408	1,047	—
Agriculture		6,040	2,442	2,558	2,450	2,164	3,876	—
1st lien		6,065	2,923	2,664	2,766	3,724	2,341	—
Junior lien		279	492	180	363	279	—	—
Total 1-4 family		6,344	3,415	2,844	3,129	4,003	2,341	—
Multifamily residential		392	385	395	—	392	—	—
Home equity lines of credit		2,867	2,145	2,043	1,612	1,903	964	—
Other consumer		1,111	1,089	1,187	942	663	247	201
Total consumer		3,978	3,234	3,230	2,554	2,566	1,211	201
Other		148	16	16	1,141	—	148	—
Total	$	28,121	18,008	25,631	42,283	15,937	11,551	633

Glacier Bancorp, Inc. Credit Quality Summary by Regulatory Classification (continued)

	Accruing 30-89 Days Delinquent Loans, by Loan Type								% Change from
(Dollars in thousands)	Sep 30, 2024		Jun 30, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2024		Dec 31, 2023		Sep 30, 2023
Custom and owner occupied construction	$	13	$	1,323	$	2,549	$	—	(99)	%	(99)	%	n/m
Pre-sold and spec construction		1,250		816		1,219		599	53	%	3	%	109	%
Total residential construction		1,263		2,139		3,768		599	(41)	%	(66)	%	111	%
Land development		157		—		163		44	n/m		(4)	%	257	%
Consumer land or lots		747		411		624		528	82	%	20	%	41	%
Unimproved land		39		158		—		87	(75)	%	n/m		(55)	%
Commercial lots		—		—		2,159		1,245	n/m		(100)	%	(100)	%
Other construction		—		21		—		—	(100)	%	n/m		n/m
Total land, lot and other construction		943		590		2,946		1,904	60	%	(68)	%	(50)	%
Owner occupied		5,641		4,326		2,222		652	30	%	154	%	765	%
Non-owner occupied		13,785		8,119		14,471		213	70	%	(5)	%	6,372	%
Total commercial real estate		19,426		12,445		16,693		865	56	%	16	%	2,146	%
Commercial and industrial		3,125		17,591		12,905		2,946	(82)	%	(76)	%	6	%
Agriculture		16,932		5,288		594		604	220	%	2,751	%	2,703	%
1st lien		6,275		2,637		3,768		1,006	138	%	67	%	524	%
Junior lien		13		17		1		355	(24)	%	1,200	%	(96)	%
Total 1-4 family		6,288		2,654		3,769		1,361	137	%	67	%	362	%
Home equity lines of credit		4,567		5,432		4,518		3,638	(16)	%	1	%	26	%
Other consumer		2,227		2,192		3,264		1,821	2	%	(32)	%	22	%
Total consumer		6,794		7,624		7,782		5,459	(11)	%	(13)	%	24	%
Other		1,442		1,347		1,510		1,515	7	%	(5)	%	(5)	%
Total	$	56,213	$	49,678	$	49,967	$	15,253	13	%	13	%	269	%

______________________________

n/m – not measurable

Glacier Bancorp, Inc. Credit Quality Summary by Regulatory Classification (continued)

	Net Charge-Offs (Recoveries), Year-to-Date Period Ending, By Loan Type									Charge-Offs	Recoveries
(Dollars in thousands)	Sep 30, 2024			Jun 30, 2024		Dec 31, 2023		Sep 30, 2023		Sep 30, 2024	Sep 30, 2024
Pre-sold and spec construction	$	(4	)	(4	)	(15	)	(12	)	—	4
Land development		(21	)	(1	)	(135	)	(134	)	—	21
Consumer land or lots		(21	)	(22	)	(19	)	(14	)	—	21
Unimproved land		5		5		—		—		5	—
Commercial lots		319		319		—		—		319	—
Other construction		—		—		889		—		—	—
Total land, lot and other construction		282		301		735		(148	)	324	42
Owner occupied		(73	)	(73	)	(59	)	(104	)	—	73
Non-owner occupied		(3	)	(2	)	799		500		—	3
Total commercial real estate		(76	)	(75	)	740		396		—	76
Commercial and industrial		1,272		644		364		(11	)	1,839	567
Agriculture		65		68		—		—		68	3
1st lien		(34	)	(22	)	66		98		—	34
Junior lien		(60	)	(55	)	24		32		10	70
Total 1-4 family		(94	)	(77	)	90		130		10	104
Multifamily residential		—		—		(136	)	—		—	—
Home equity lines of credit		(31	)	1		(6	)	20		35	66
Other consumer		753		493		1,097		816		1,056	303
Total consumer		722		494		1,091		836		1,091	369
Other		6,561		4,611		7,447		5,430		9,074	2,513
Total	$	8,728		5,962		10,316		6,621		12,406	3,678

Visit our website at www.glacierbancorp.com

CONTACT: Randall M. Chesler, CEO
(406) 751-4722
Ron J. Copher, CFO
(406) 751-7706

The MIL Network –

January 25, 2025

MIL-OSI: Midland States Bancorp, Inc. Announces 2024 Third Quarter Results

Source: GlobeNewswire (MIL-OSI)

Third Quarter 2024 Highlights:

Net income available to common shareholders of $16.2 million, or $0.74 per diluted share
Adjusted pre-tax, pre-provision earnings of $27.5 million
Tangible book value per share increased to $24.90, compared to $23.36 at June 30, 2024
Common equity tier 1 capital ratio improved to 9.00%, compared to 8.64% at June 30, 2024
Net interest margin of 3.10%, compared to 3.12% in prior quarter
Efficiency ratio of 62.8%, compared to 65.2% in prior quarter

EFFINGHAM, Ill., Oct. 24, 2024 (GLOBE NEWSWIRE) — Midland States Bancorp, Inc. (Nasdaq: MSBI) (the “Company”) today reported net income available to common shareholders of $16.2 million, or $0.74 per diluted share, for the third quarter of 2024, compared to $4.5 million, or $0.20 per diluted share, for the second quarter of 2024. This also compares to net income available to common shareholders of $9.2 million, or $0.41 per diluted share, for the third quarter of 2023.

Provision expense was $5.0 million in the third quarter of 2024 compared to $16.8 million and $5.2 million in the second quarter of 2024 and the third quarter of 2023, respectively. The elevated provision expense in the second quarter of 2024 was primarily due to credit deterioration and servicing issues involving one of our fintech partners, LendingPoint, subsequent to their system conversion in late 2023.

Jeffrey G. Ludwig, President and Chief Executive Officer of the Company, said, “We executed well in the third quarter and delivered a higher level of profitability while making continued progress on our balance sheet management strategies, which resulted in further increases in all of our capital ratios, an increase in our tangible book value per share, and an increase in our level of liquidity with a reduction in our loan-to-deposit ratio. We continue to utilize the payoffs resulting from the intentional reduction of our equipment finance and consumer portfolios to fund high quality loans generated in our community bank and the purchase of investment securities. We are also seeing good results from the investments we have made in the business, such as increasing our presence and business development efforts in the St. Louis market, where our loan balances increased at an annualized rate of 12% during the third quarter, and growth in our Wealth Management revenues due to an increase in assets under administration, partially driven by the new wealth advisors we have added in recent quarters.

Improving our credit quality is a priority and we are taking proactive steps to resolve problem loans in order to reduce our level of non-performing and classified loans going forward. We continue to closely monitor the health of our borrowers and be conservative in downgrading loans where we see the potential for weakness. We also recently added a new Chief Credit Officer whose background and experience is consistent with our increased focus on in-market relationship lending in our community bank, which will continue to result in a higher quality, lower risk loan portfolio.

“While we will remain conservative in new loan production while economic conditions remain uncertain, we are well positioned to benefit from lower interest rates and we expect positive trends in our net interest margin and revenue generated from our Wealth Management business. While maintaining disciplined expense control, we are continuing to make investments in talent and technology that will further enhance our ability to increase our market share, add attractive new client relationships in our community bank, and generate profitable growth. With the stronger balance sheet we are building, including a Total Capital Ratio of approximately 14%, we believe we are well positioned to support the continued growth of our franchise as economic conditions improve in the future and create additional value for our shareholders in the process,” said Mr. Ludwig.

Balance Sheet Highlights

Total assets were $7.75 billion at September 30, 2024, compared to $7.76 billion at June 30, 2024, and $7.97 billion at September 30, 2023. At September 30, 2024, portfolio loans were $5.75 billion, compared to $5.85 billion at June 30, 2024, and $6.28 billion at September 30, 2023.

Loans

During the third quarter of 2024, outstanding loans declined by $103.2 million, or 1.8%, from June 30, 2024, as the Company continued to shrink its equipment financing and consumer loan portfolios, and focus on commercial loan opportunities in our community banking regions.

Equipment finance loan and lease balances decreased $30.0 million during the third quarter of 2024 as the Company continued to reduce its concentration of this product within the overall loan portfolio. Consumer loans decreased $82.8 million due to loan payoffs and a cessation in loans originated through GreenSky. Our Greensky-originated loan balances decreased $63.0 million during the third quarter to $475.3 million at September 30, 2024. In addition, as previously disclosed, during the fourth quarter of 2023, the Company ceased originating loans through LendingPoint. As of September 30, 2024, the Company had $96.5 million in loans that were originated through and serviced by LendingPoint. Equipment financing and consumer loans comprised 15.0% and 11.5%, respectively, of the loan portfolio at September 30, 2024, compared to 15.2% and 12.7%, respectively, at June 30, 2024.

Increases in commercial FHA warehouse lines and commercial real estate loans of $50.2 million and $89.0 million, respectively, were offset by decreases in all other loan categories.

	As of
	September 30,		June 30,		March 31,		December 31,		September 30,
(in thousands)	2024		2024		2024		2023		2023
Loan Portfolio
Commercial loans	$	863,922	$	939,458	$	913,564	$	951,387	$	943,761
Equipment finance loans		442,552		461,409		494,068		531,143		578,931
Equipment finance leases		417,531		428,659		455,879		473,350		485,460
Commercial FHA warehouse lines		50,198		—		8,035		—		48,547
Total commercial loans and leases		1,774,203		1,829,526		1,871,546		1,955,880		2,056,699
Commercial real estate		2,510,472		2,421,505		2,397,113		2,406,845		2,412,164
Construction and land development		422,253		476,528		474,128		452,593		416,801
Residential real estate		378,657		378,393		378,583		380,583		375,211
Consumer		663,234		746,042		837,092		935,178		1,020,008
Total loans	$	5,748,819	$	5,851,994	$	5,958,462	$	6,131,079	$	6,280,883

Loan Quality

Overall, credit quality metrics remained consistent this quarter compared to the second quarter of 2024, albeit, nonperforming loans were still at elevated levels. Non-performing loans increased $2.4 million to $114.6 million at September 30, 2024, compared to $112.1 million as of June 30, 2024. Substandard loans increased $32.0 million to $167.5 million at September 30, 2024, as compared to June 30, 2024, primarily due to two multi-family projects that were downgraded this past quarter.

	As of and for the Three Months Ended
(in thousands)	September 30,			June 30,			March 31,			December 31,			September 30,
(in thousands)		2024			2024			2024			2023			2023
Asset Quality
Loans 30-89 days past due	$	55,329		$	54,045		$	58,854		$	82,778		$	46,608
Nonperforming loans		114,556			112,124			104,979			56,351			55,981
Nonperforming assets		126,771			123,774			116,721			67,701			58,677
Substandard loans		167,549			135,555			149,049			184,224			143,793
Net charge-offs		11,379			2,874			4,445			5,117			3,449
Loans 30-89 days past due to total loans		0.96	%		0.92	%		0.99	%		1.35	%		0.74	%
Nonperforming loans to total loans		1.99	%		1.92	%		1.76	%		0.92	%		0.89	%
Nonperforming assets to total assets		1.64	%		1.60	%		1.49	%		0.86	%		0.74	%
Allowance for credit losses to total loans		1.49	%		1.58	%		1.31	%		1.12	%		1.06	%
Allowance for credit losses to nonperforming loans		74.90	%		82.22	%		74.35	%		121.56	%		119.09	%
Net charge-offs to average loans		0.78	%		0.20	%		0.30	%		0.33	%		0.22	%

The allowance for credit losses on loans totaled $85.8 million at September 30, 2024, compared to $92.2 million at June 30, 2024, and $66.7 million at September 30, 2023. The allowance as a percentage of total loans was 1.49% at September 30, 2024, compared to 1.58% at June 30, 2024, and 1.06% at September 30, 2023.

Notably, the Company recognized provision expense of $14.0 million in the second quarter of 2024 related to the loans originated and serviced by LendingPoint, increasing the allowance to $14.6 million on this portfolio. Credit deterioration and servicing issues following their system conversion have resulted in increased losses within this portfolio. In the third quarter of 2024, loans totaling $6.2 million were charged off. At September 30, 2024, the Company had an allowance of $8.3 million on the $96.5 million of loans serviced by LendingPoint.

Deposits

Total deposits were $6.26 billion at September 30, 2024, compared with $6.12 billion at June 30, 2024. Noninterest-bearing deposits decreased $57.9 million to $1.05 billion at September 30, 2024, while interest-bearing deposits increased $196.7 million to $5.21 billion at September 30, 2024. Brokered time deposits increased $138.0 million to $269.4 million, and represented 4.31% of total deposits at September 30, 2024.

	As of
	September 30,		June 30,		March 31,		December 31,		September 30,
(in thousands)	2024		2024		2024		2023		2023
Deposit Portfolio
Noninterest-bearing demand	$	1,050,617	$	1,108,521	$	1,212,382	$	1,145,395	$	1,154,515
Interest-bearing:
Checking		2,389,970		2,343,533		2,394,163		2,511,840		2,572,224
Money market		1,187,139		1,143,668		1,128,463		1,135,629		1,090,962
Savings		510,260		538,462		555,552		559,267		582,359
Time		849,413		852,415		845,190		862,865		885,858
Brokered time		269,437		131,424		188,234		94,533		119,084
Total deposits	$	6,256,836	$	6,118,023	$	6,323,984	$	6,309,529	$	6,405,002

Results of Operations Highlights

Net Interest Income and Margin

During the third quarter of 2024, net interest income and net interest margin, on a tax-equivalent basis, were $55.2 million and 3.10%, respectively, compared to $55.2 million and 3.12%, respectively, in the second quarter of 2024. Net interest income and net interest margin, on a tax-equivalent basis, were $58.8 million and 3.20%, respectively, in the third quarter of 2023.

Average interest-earning assets for the third quarter of 2024 were $7.07 billion, compared to $7.13 billion for the second quarter of 2024. The yield on interest-earning assets increased 7 basis points to 5.91% compared to the second quarter of 2024. Interest-earning assets averaged $7.28 billion for the third quarter of 2023.

Average loans were $5.78 billion for the third quarter of 2024, compared to $5.92 billion for the second quarter of 2024 and $6.30 billion for the third quarter of 2023. The yield on loans was 6.15% for the third quarter of 2024, up from 6.03% for the second quarter of 2024 and 5.93% for the third quarter of 2023.

Investment securities averaged $1.16 billion for the third quarter of 2024, and yielded 4.71%, compared to an average balance and yield of $1.10 billion and 4.69%, respectively, for the second quarter of 2024. The Company purchased additional higher-yielding investments resulting in the increased average balance and yield. Investment securities averaged $863.0 million for the third quarter of 2023.

Average interest-bearing liabilities for the third quarter of 2024 were $5.76 billion, compared to $5.78 billion for the second quarter of 2024. The cost of funds increased 9 basis points to 3.45% compared to the second quarter of 2024. Interest-bearing liabilities averaged $5.92 billion for the third quarter of 2023.

Average interest-bearing deposits were $5.13 billion for the third quarter of 2024, compared to $5.10 billion for the second quarter of 2024, and $5.35 billion for the third quarter of 2023. Cost of interest-bearing deposits was 3.25% in the third quarter of 2024, which represented a 14 basis point increase from the second quarter of 2024, due to increased competition.

	For the Three Months Ended
(dollars in thousands)	September 30, 2024						June 30, 2024						September 30, 2023
Interest-earning assets	Average Balance		Interest & Fees		Yield/Rate		Average Balance		Interest & Fees		Yield/Rate		Average Balance		Interest & Fees		Yield/Rate
Cash and cash equivalents	$	75,255	$	1,031	5.45	%	$	65,250	$	875	5.40	%	$	78,391	$	1,036	5.24	%
Investment securities⁽¹⁾		1,162,751		13,752	4.71			1,098,452		12,805	4.69			862,998		7,822	3.60
Loans⁽¹⁾⁽²⁾		5,783,408		89,344	6.15			5,915,523		88,738	6.03			6,297,568		94,118	5.93
Loans held for sale		7,505		124	6.57			4,910		84	6.84			6,078		104	6.80
Nonmarketable equity securities		41,137		788	7.62			44,216		963	8.76			39,347		710	7.16
Total interest-earning assets		7,070,056		105,039	5.91			7,128,351		103,465	5.84			7,284,382		103,790	5.65
Noninterest-earning assets		653,279						669,370						622,969
Total assets	$	7,723,335					$	7,797,721					$	7,907,351

Interest-Bearing Liabilities
Interest-bearing deposits	$	5,132,640	$	41,970	3.25	%	$	5,101,365	$	39,476	3.11	%	$	5,354,356	$	37,769	2.80	%
Short-term borrowings		53,577		602	4.47			30,449		308	4.07			20,127		14	0.28
FHLB advances & other borrowings		428,739		4,743	4.40			500,758		5,836	4.69			402,500		4,557	4.49
Subordinated debt		89,120		1,228	5.48			93,090		1,265	5.47			93,441		1,280	5.43
Trust preferred debentures		50,990		1,341	10.46			50,921		1,358	10.73			50,379		1,369	10.78
Total interest-bearing liabilities		5,755,066		49,884	3.45			5,776,583		48,243	3.36			5,920,803		44,989	3.01
Noninterest-bearing deposits		1,075,712						1,132,451						1,116,988
Other noninterest-bearing liabilities		97,235						104,841						97,935
Shareholders’ equity		795,322						783,846						771,625
Total liabilities and shareholder’s equity	$	7,723,335					$	7,797,721					$	7,907,351

Net Interest Margin			$	55,155	3.10	%			$	55,222	3.12	%			$	58,801	3.20	%

Cost of Deposits					2.69	%					2.55	%					2.32	%

(1) Interest income and average rates for tax-exempt loans and investment securities are presented on a tax-equivalent basis, assuming a federal income tax rate of 21%. Tax-equivalent adjustments totaled $0.2 million for each of the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively.
(2) Average loan balances include nonaccrual loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.

For the nine months ended September 30, 2024, net interest income, on a tax-equivalent basis, decreased to $166.5 million, with a tax-equivalent net interest margin of 3.13%, compared to net interest income, on a tax-equivalent basis, of $178.6 million, and a tax-equivalent net interest margin of 3.27% for the nine months ended September 30, 2023.

The yield on earning assets increased 34 basis points to 5.84% for the nine months ended September 30, 2024 compared to the prior year. However, the cost of interest-bearing liabilities increased at a faster rate during this period, increasing 57 basis points to 3.34% for the nine months ended September 30, 2024.

	For the Nine Months Ended
(dollars in thousands)	September 30, 2024						September 30, 2023
Interest-earning assets	Average Balance		Interest & Fees		Yield/Rate		Average Balance		Interest & Fees		Yield/Rate
Cash and cash equivalents	$	69,960	$	2,857	5.45	%	$	76,939	$	2,868	4.98	%
Investment securities⁽¹⁾		1,083,597		37,265	4.59			844,946		21,103	3.33
Loans⁽¹⁾⁽²⁾		5,903,216		267,570	6.05			6,324,578		274,005	5.79
Loans held for sale		5,281		263	6.65			3,900		179	6.14
Nonmarketable equity securities		40,429		2,438	8.06			44,034		2,104	6.39
Total interest-earning assets		7,102,483		310,393	5.84			7,294,397		300,259	5.50
Noninterest-earning assets		663,967						615,383
Total assets	$	7,766,450					$	7,909,780

Interest-Bearing Liabilities
Interest-bearing deposits	$	5,142,979	$	120,660	3.13	%	$	5,223,852	$	97,791	2.50	%
Short-term borrowings		49,750		1,746	4.69			26,865		53	0.26
FHLB advances & other borrowings		414,259		13,615	4.39			471,084		15,959	4.53
Subordinated debt		91,921		3,773	5.48			96,820		3,985	5.49
Trust preferred debentures		50,873		4,088	10.73			50,216		3,887	10.35
Total interest-bearing liabilities		5,749,782		143,882	3.34			5,868,837		121,675	2.77
Noninterest-bearing deposits		1,119,764						1,184,410
Other noninterest-bearing liabilities		107,192						84,650
Shareholders’ equity		789,712						771,883
Total liabilities and shareholders’ equity	$	7,766,450					$	7,909,780

Net Interest Margin			$	166,511	3.13	%			$	178,584	3.27	%

Cost of Deposits					2.57	%					2.04	%

(1) Interest income and average rates for tax-exempt loans and investment securities are presented on a tax-equivalent basis, assuming a federal income tax rate of 21%. Tax-equivalent adjustments totaled $0.6 million for each of the nine months ended September 30, 2024 and 2023, respectively.
(2) Average loan balances include nonaccrual loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.

Noninterest Income

Noninterest income was $19.3 million for the third quarter of 2024, compared to $17.7 million for the second quarter of 2024. Noninterest income for the second quarter of 2024 included a $0.2 million gain on the repurchase of subordinated debt, offset by $0.2 million of net losses on the sale of investment securities. The third quarter of 2023 included $5.0 million of losses on the sale of investment securities. Excluding these transactions, noninterest income for the third quarter of 2024, the second quarter of 2024, and the third quarter of 2023 was $19.3 million, $17.6 million, and $16.5 million, respectively.

	For the Three Months Ended									For the Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
(in thousands)		2024			2024			2023			2024			2023
Noninterest income
Wealth management revenue	$	7,104		$	6,801		$	6,288		$	21,037		$	18,968
Service charges on deposit accounts		3,411			3,121			3,149			9,648			8,744
Interchange revenue		3,506			3,563			3,609			10,427			10,717
Residential mortgage banking revenue		697			557			507			1,781			1,452
Income on company-owned life insurance		1,982			1,925			918			5,708			2,685
Loss on sales of investment securities, net		(44	)		(152	)		(4,961	)		(196	)		(6,478	)
Other income		2,683			1,841			2,035			9,777			9,989
Total noninterest income	$	19,339		$	17,656		$	11,545		$	58,182		$	46,077

Wealth management revenue totaled $7.1 million in the third quarter of 2024, an increase of $0.3 million, or 4.5%, as compared to the second quarter of 2024, due to increases in assets under administration and estate fees. Assets under administration increased to $4.27 billion at September 30, 2024 from $4.00 billion at June 30, 2024, primarily due to improved sales activity. Assets under administration totaled $3.50 billion at September 30, 2023.

Income on company-owned life insurance income totaled $2.0 million, $1.9 million and $0.9 million for the third quarter of 2024, the second quarter of 2024, and the third quarter of 2023, respectively. The Company surrendered certain low-yielding life insurance policies and purchased additional policies in the third quarter of 2023, resulting in the increase in revenue.

Other income totaled $2.7 million in the third quarter of 2024 compared to $1.8 million in the second quarter of 2024. Income from the sale of SBA loans in the third quarter of 2024 of $0.2 million and losses from the disposition of repossessed leased assets in the second quarter of 2024 of $0.6 million resulted in the quarter over quarter increase in other income.

Noninterest Expense

Noninterest expense was $46.7 million in the third quarter of 2024, compared to $47.5 million in the second quarter of 2024 and $42.0 million in the third quarter of 2023. Noninterest expense for the second quarter of 2024 included $4.1 million of aggregate expenses related to OREO impairment and property taxes, and accruals related to various legal proceedings. Excluding these items, noninterest expense for the third quarter of 2024, the second quarter of 2024, and the third quarter of 2023 was $46.7 million, $43.4 million, and $42.0 million, respectively. Costs related to increased staffing levels, upgrades to our ATM fleet, and loan collection and OREO expenses drove the increase in noninterest expense in the third quarter of 2024 compared to the prior quarter.

The efficiency ratio improved to 62.76% for the quarter ended September 30, 2024, compared to 65.16% for the quarter ended June 30, 2024. The efficiency ratio for the third quarter of 2023 was 55.82%.

	For the Three Months Ended						For the Nine Months Ended
	September 30,		June 30,		September 30,		September 30,		September 30,
(in thousands)	2024		2024		2023		2024		2023
Noninterest expense
Salaries and employee benefits	$	24,382	$	22,872	$	22,307	$	71,356	$	69,407
Occupancy and equipment		4,393		3,964		3,730		12,499		12,052
Data processing		6,955		7,205		6,468		20,882		19,323
Professional services		1,744		2,243		1,554		6,242		4,977
Amortization of intangible assets		951		1,016		1,129		3,056		3,628
FDIC insurance		1,402		1,219		1,107		3,895		3,632
Other expense		6,906		8,960		5,743		21,149		16,395
Total noninterest expense	$	46,733	$	47,479	$	42,038	$	139,079	$	129,414

Income Tax Expense

Income tax expense was $4.1 million for the third quarter of 2024, compared to $1.7 million for the second quarter of 2024 and $11.5 million for the third quarter of 2023. The resulting effective tax rates were 18.1%, 19.9% and 50.3%, respectively. Tax expense for the third quarter of 2023 included a $1.4 million return to provision adjustment and $4.5 million associated with the surrender of company-owned life insurance policies, as previously discussed.

Capital

At September 30, 2024, Midland States Bank and the Company exceeded all regulatory capital requirements under Basel III, and Midland States Bank met the qualifications to be a ‘‘well-capitalized’’ financial institution, as summarized in the following table:

	As of September 30, 2024
	Midland States Bank	Midland States Bancorp, Inc.	Minimum Regulatory Requirements⁽²⁾
Total capital to risk-weighted assets	13.34%	13.98%	10.50%
Tier 1 capital to risk-weighted assets	12.09%	11.65%	8.50%
Common equity Tier 1 capital to risk-weighted assets	12.09%	9.00%	7.00%
Tier 1 leverage ratio	10.47%	10.10%	4.00%
Tangible common equity to tangible assets⁽¹⁾	N/A	7.03%	N/A

(1) A non-GAAP financial measure. Refer to page 16 for a reconciliation to the comparable GAAP financial measure.
(2) Includes the capital conservation buffer of 2.5%, as applicable.

The impact of rising interest rates on the Company’s investment portfolio and cash flow hedges resulted in an accumulated other comprehensive loss of $60.6 million at September 30, 2024, which reduced tangible book value by $2.84 per share.

Stock Repurchase Program

As previously disclosed, on December 5, 2023, the Company’s board of directors authorized a new share repurchase program, pursuant to which the Company is authorized to repurchase up to $25.0 million of common stock through December 31, 2024. During the third quarter of 2024, the Company repurchased 23,113 shares of its common stock at a weighted average price of $22.54 under its stock repurchase program.

About Midland States Bancorp, Inc.

Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank. As of September 30, 2024, the Company had total assets of approximately $7.75 billion, and its Wealth Management Group had assets under administration of approximately $4.27 billion. The Company provides a full range of commercial and consumer banking products and services and business equipment financing, merchant credit card services, trust and investment management, insurance and financial planning services. For additional information, visit https://www.midlandsb.com/ or https://www.linkedin.com/company/midland-states-bank.

Non-GAAP Financial Measures

Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with GAAP.

These non-GAAP financial measures include “Adjusted Earnings,” “Adjusted Earnings Available to Common Shareholders,” “Adjusted Diluted Earnings Per Common Share,” “Adjusted Return on Average Assets,” “Adjusted Return on Average Shareholders’ Equity,” “Adjusted Return on Average Tangible Common Equity,” “Adjusted Pre-Tax, Pre-Provision Earnings,” “Adjusted Pre-Tax, Pre-Provision Return on Average Assets,” “Efficiency Ratio,” “Tangible Common Equity to Tangible Assets,” “Tangible Book Value Per Share,” “Tangible Book Value Per Share excluding Accumulated Other Comprehensive Income,” and “Return on Average Tangible Common Equity.” The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s funding profile and profitability. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures. Not all companies use the same calculation of these measures; therefore, the measures in this press release may not be comparable to other similarly titled measures as presented by other companies.

Forward-Looking Statements

Readers should note that in addition to the historical information contained herein, this press release includes “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including but not limited to statements about the Company’s plans, objectives, future performance, goals and future earnings levels. These statements are subject to many risks and uncertainties, including changes in interest rates and other general economic, business and political conditions, the impact of inflation, increased deposit volatility and potential regulatory developments; changes in the financial markets; changes in business plans as circumstances warrant; risks relating to acquisitions; changes to U.S. tax laws, regulations and guidance; and other risks detailed from time to time in filings made by the Company with the Securities and Exchange Commission. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “will,” “propose,” “may,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “continue,” or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

CONTACTS:
Jeffrey G. Ludwig, President and CEO, at jludwig@midlandsb.com or (217) 342-7321
Eric T. Lemke, Chief Financial Officer, at elemke@midlandsb.com or (217) 342-7321
Douglas J. Tucker, SVP and Corporate Counsel, at dtucker@midlandsb.com or (217) 342-7321

MIDLAND STATES BANCORP, INC.
CONSOLIDATED FINANCIAL SUMMARY (unaudited)

	As of and for the Three Months Ended									As of and for the Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
(dollars in thousands, except per share data)		2024			2024			2023			2024			2023
Earnings Summary
Net interest income	$	54,950		$	55,052		$	58,596		$	165,922		$	177,940
Provision for credit losses		5,000			16,800			5,168			35,800			14,182
Noninterest income		19,339			17,656			11,545			58,182			46,077
Noninterest expense		46,733			47,479			42,038			139,079			129,414
Income before income taxes		22,556			8,429			22,935			49,225			80,421
Income taxes		4,080			1,679			11,533			10,114			25,672
Net income		18,476			6,750			11,402			39,111			54,749
Preferred dividends		2,229			2,228			2,229			6,685			6,685
Net income available to common shareholders	$	16,247		$	4,522		$	9,173		$	32,426		$	48,064

Diluted earnings per common share	$	0.74		$	0.20		$	0.41		$	1.47		$	2.14
Weighted average common shares outstanding – diluted		21,678,242			21,734,849			21,977,196			21,732,093			22,223,986
Return on average assets		0.95	%		0.35	%		0.57	%		0.67	%		0.93	%
Return on average shareholders’ equity		9.24	%		3.46	%		5.86	%		6.62	%		9.48	%
Return on average tangible common equity⁽¹⁾		12.69	%		3.66	%		7.56	%		8.62	%		13.37	%
Net interest margin		3.10	%		3.12	%		3.20	%		3.13	%		3.27	%
Efficiency ratio⁽¹⁾		62.76	%		65.16	%		55.82	%		61.91	%		56.15	%

Adjusted Earnings Performance Summary⁽¹⁾
Adjusted earnings available to common shareholders	$	16,223		$	4,511		$	17,278		$	32,391		$	56,783
Adjusted diluted earnings per common share	$	0.74		$	0.20		$	0.78		$	1.47		$	2.53
Adjusted return on average assets		0.95	%		0.35	%		0.98	%		0.67	%		1.07	%
Adjusted return on average shareholders’ equity		9.23	%		3.46	%		10.03	%		6.61	%		10.99	%
Adjusted return on average tangible common equity		12.67	%		3.65	%		14.24	%		8.61	%		15.80	%
Adjusted pre-tax, pre-provision earnings	$	27,523		$	25,214		$	33,064		$	84,977		$	100,405
Adjusted pre-tax, pre-provision return on average assets		1.42	%		1.30	%		1.66	%		1.46	%		1.70	%

Market Data
Book value per share at period end	$	33.08		$	31.59		$	29.96
Tangible book value per share at period end⁽¹⁾	$	24.90		$	23.36		$	21.67
Tangible book value per share excluding accumulated other comprehensive income at period end⁽¹⁾	$	27.74		$	27.22		$	26.35
Market price at period end	$	22.38		$	22.65		$	20.54
Common shares outstanding at period end		21,393,905			21,377,215			21,594,546

Capital
Total capital to risk-weighted assets		13.98	%		13.83	%		12.76	%
Tier 1 capital to risk-weighted assets		11.65	%		11.23	%		10.53	%
Common equity tier 1capital to risk-weighted assets		9.00	%		8.64	%		8.07	%
Tier 1 leverage ratio		10.10	%		9.84	%		9.59	%
Tangible common equity to tangible assets⁽¹⁾		7.03	%		6.59	%		6.01	%

Wealth Management
Trust assets under administration	$	4,268,539		$	3,996,175		$	3,501,225

(1) Non-GAAP financial measures. Refer to pages 14 – 16 for a reconciliation to the comparable GAAP financial measures.

MIDLAND STATES BANCORP, INC.
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

	As of
	September 30,			June 30,			March 31,			December 31,			September 30,
(in thousands)		2024			2024			2024			2023			2023
Assets
Cash and cash equivalents	$	121,873		$	124,646		$	167,316		$	135,061		$	132,132
Investment securities		1,216,795			1,099,654			1,044,900			920,396			839,344
Loans		5,748,819			5,851,994			5,958,462			6,131,079			6,280,883
Allowance for credit losses on loans		(85,804	)		(92,183	)		(78,057	)		(68,502	)		(66,669	)
Total loans, net		5,663,015			5,759,811			5,880,405			6,062,577			6,214,214
Loans held for sale		8,001			5,555			5,043			3,811			6,089
Premises and equipment, net		84,672			83,040			81,831			82,814			82,741
Other real estate owned		8,646			8,304			8,920			9,112			480
Loan servicing rights, at lower of cost or fair value		18,400			18,902			19,577			20,253			20,933
Goodwill		161,904			161,904			161,904			161,904			161,904
Other intangible assets, net		13,052			14,003			15,019			16,108			17,238
Company-owned life insurance		209,193			207,211			205,286			203,485			201,750
Other assets		245,932			274,244			241,608			251,347			292,460
Total assets	$	7,751,483		$	7,757,274		$	7,831,809		$	7,866,868		$	7,969,285

Liabilities and Shareholders’ Equity
Noninterest-bearing demand deposits	$	1,050,617		$	1,108,521		$	1,212,382		$	1,145,395		$	1,154,515
Interest-bearing deposits		5,206,219			5,009,502			5,111,602			5,164,134			5,250,487
Total deposits		6,256,836			6,118,023			6,323,984			6,309,529			6,405,002
Short-term borrowings		13,849			7,208			214,446			34,865			17,998
FHLB advances and other borrowings		425,000			600,000			255,000			476,000			538,000
Subordinated debt		82,744			91,656			93,617			93,546			93,475
Trust preferred debentures		51,058			50,921			50,790			50,616			50,457
Other liabilities		103,737			103,694			102,966			110,459			106,743
Total liabilities		6,933,224			6,971,502			7,040,803			7,075,015			7,211,675
Total shareholders’ equity		818,259			785,772			791,006			791,853			757,610
Total liabilities and shareholders’ equity	$	7,751,483		$	7,757,274		$	7,831,809		$	7,866,868		$	7,969,285

MIDLAND STATES BANCORP, INC.
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

	For the Three Months Ended									For the Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
(in thousands, except per share data)		2024			2024			2023			2024			2023
Net interest income:
Interest income	$	104,834		$	103,295		$	103,585		$	309,804		$	299,615
Interest expense		49,884			48,243			44,989			143,882			121,675
Net interest income		54,950			55,052			58,596			165,922			177,940
Provision for credit losses on loans		5,000			17,000			5,168			36,000			14,182
Provision for credit losses on unfunded commitments		—			(200	)		—			(200	)		—
Total provision for credit losses		5,000			16,800			5,168			35,800			14,182
Net interest income after provision for credit losses		49,950			38,252			53,428			130,122			163,758
Noninterest income:
Wealth management revenue		7,104			6,801			6,288			21,037			18,968
Service charges on deposit accounts		3,411			3,121			3,149			9,648			8,744
Interchange revenue		3,506			3,563			3,609			10,427			10,717
Residential mortgage banking revenue		697			557			507			1,781			1,452
Income on company-owned life insurance		1,982			1,925			918			5,708			2,685
Loss on sales of investment securities, net		(44	)		(152	)		(4,961	)		(196	)		(6,478	)
Other income		2,683			1,841			2,035			9,777			9,989
Total noninterest income		19,339			17,656			11,545			58,182			46,077
Noninterest expense:
Salaries and employee benefits		24,382			22,872			22,307			71,356			69,407
Occupancy and equipment		4,393			3,964			3,730			12,499			12,052
Data processing		6,955			7,205			6,468			20,882			19,323
Professional services		1,744			2,243			1,554			6,242			4,977
Amortization of intangible assets		951			1,016			1,129			3,056			3,628
FDIC insurance		1,402			1,219			1,107			3,895			3,632
Other expense		6,906			8,960			5,743			21,149			16,395
Total noninterest expense		46,733			47,479			42,038			139,079			129,414
Income before income taxes		22,556			8,429			22,935			49,225			80,421
Income taxes		4,080			1,679			11,533			10,114			25,672
Net income		18,476			6,750			11,402			39,111			54,749
Preferred stock dividends		2,229			2,228			2,229			6,685			6,685
Net income available to common shareholders	$	16,247		$	4,522		$	9,173		$	32,426		$	48,064

Basic earnings per common share	$	0.74		$	0.20		$	0.41		$	1.47		$	2.14
Diluted earnings per common share	$	0.74		$	0.20		$	0.41		$	1.47		$	2.14

MIDLAND STATES BANCORP, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)

Adjusted Earnings Reconciliation

	For the Three Months Ended									For the Nine Months Ended
(dollars in thousands, except per share data)	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Income before income taxes – GAAP	$	22,556		$	8,429		$	22,935		$	49,225		$	80,421
Adjustments to noninterest income:
Loss on sales of investment securities, net		44			152			4,961			196			6,478
(Gain) on repurchase of subordinated debt		(77	)		(167	)		—			(244	)		(676	)
Total adjustments to noninterest income		(33	)		(15	)		4,961			(48	)		5,802
Adjusted earnings pre tax – non-GAAP		22,523			8,414			27,896			49,177			86,223
Adjusted earnings tax		4,071			1,675			8,389			10,101			22,755
Adjusted earnings – non-GAAP		18,452			6,739			19,507			39,076			63,468
Preferred stock dividends		2,229			2,228			2,229			6,685			6,685
Adjusted earnings available to common shareholders	$	16,223		$	4,511		$	17,278		$	32,391		$	56,783
Adjusted diluted earnings per common share	$	0.74		$	0.20		$	0.78		$	1.47		$	2.53
Adjusted return on average assets		0.95	%		0.35	%		0.98	%		0.67	%		1.07	%
Adjusted return on average shareholders’ equity		9.23	%		3.46	%		10.03	%		6.61	%		10.99	%
Adjusted return on average tangible common equity		12.67	%		3.65	%		14.24	%		8.61	%		15.80	%



Adjusted Pre-Tax, Pre-Provision Earnings Reconciliation

	For the Three Months Ended									For the Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
(dollars in thousands)		2024			2024			2023			2024			2023
Adjusted earnings pre tax – non-GAAP	$	22,523		$	8,414		$	27,896		$	49,177		$	86,223
Provision for credit losses		5,000			16,800			5,168			35,800			14,182
Adjusted pre-tax, pre-provision earnings – non-GAAP	$	27,523		$	25,214		$	33,064		$	84,977		$	100,405
Adjusted pre-tax, pre-provision return on average assets		1.42	%		1.30	%		1.66	%		1.46	%		1.70	%

MIDLAND STATES BANCORP, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited) (continued)

Efficiency Ratio Reconciliation

	For the Three Months Ended									For the Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
(dollars in thousands)		2024			2024			2023			2024			2023
Noninterest expense – GAAP	$	46,733		$	47,479		$	42,038		$	139,079		$	129,414

Net interest income – GAAP	$	54,950		$	55,052		$	58,596		$	165,922		$	177,940
Effect of tax-exempt income		205			170			205			589			644
Adjusted net interest income		55,155			55,222			58,801			166,511			178,584

Noninterest income – GAAP		19,339			17,656			11,545			58,182			46,077
Loss on sales of investment securities, net		44			152			4,961			196			6,478
(Gain) on repurchase of subordinated debt		(77	)		(167	)		—			(244	)		(676	)
Adjusted noninterest income		19,306			17,641			16,506			58,134			51,879

Adjusted total revenue	$	74,461		$	72,863		$	75,307		$	224,645		$	230,463

Efficiency ratio		62.76	%		65.16	%		55.82	%		61.91	%		56.15	%

Return on Average Tangible Common Equity (ROATCE)

	For the Three Months Ended									For the Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
(dollars in thousands)		2024			2024			2023			2024			2023
Net income available to common shareholders	$	16,247		$	4,522		$	9,173		$	32,426		$	48,064

Average total shareholders’ equity—GAAP	$	795,322		$	783,846		$	771,625		$	789,712		$	771,883
Adjustments:
Preferred Stock		(110,548	)		(110,548	)		(110,548	)		(110,548	)		(110,548	)
Goodwill		(161,904	)		(161,904	)		(161,904	)		(161,904	)		(161,904	)
Other intangible assets, net		(13,506	)		(14,483	)		(17,782	)		(14,501	)		(18,959	)
Average tangible common equity	$	509,364		$	496,911		$	481,391		$	502,759		$	480,472
ROATCE		12.69	%		3.66	%		7.56	%		8.62	%		13.37	%

MIDLAND STATES BANCORP, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited) (continued)

Tangible Common Equity to Tangible Assets Ratio and Tangible Book Value Per Share

	As of
(dollars in thousands, except per share data)	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Shareholders’ Equity to Tangible Common Equity
Total shareholders’ equity—GAAP	$	818,259		$	785,772		$	791,006		$	791,853		$	757,610
Adjustments:
Preferred Stock		(110,548	)		(110,548	)		(110,548	)		(110,548	)		(110,548	)
Goodwill		(161,904	)		(161,904	)		(161,904	)		(161,904	)		(161,904	)
Other intangible assets, net		(13,052	)		(14,003	)		(15,019	)		(16,108	)		(17,238	)
Tangible common equity		532,755			499,317			503,535			503,293			467,920

Less: Accumulated other comprehensive loss (AOCI)		(60,640	)		(82,581	)		(81,419	)		(76,753	)		(101,181	)
Tangible common equity excluding AOCI	$	593,395		$	581,898		$	584,954		$	580,046		$	569,101

Total Assets to Tangible Assets:
Total assets—GAAP	$	7,751,483		$	7,757,274		$	7,831,809		$	7,866,868		$	7,969,285
Adjustments:
Goodwill		(161,904	)		(161,904	)		(161,904	)		(161,904	)		(161,904	)
Other intangible assets, net		(13,052	)		(14,003	)		(15,019	)		(16,108	)		(17,238	)
Tangible assets	$	7,576,527		$	7,581,367		$	7,654,886		$	7,688,856		$	7,790,143

Common Shares Outstanding		21,393,905			21,377,215			21,485,231			21,551,402			21,594,546

Tangible Common Equity to Tangible Assets		7.03	%		6.59	%		6.58	%		6.55	%		6.01	%
Tangible Book Value Per Share	$	24.90		$	23.36		$	23.44		$	23.35		$	21.67
Tangible Book Value Per Share, excluding AOCI	$	27.74		$	27.22		$	27.23		$	26.91		$	26.35

The MIL Network –

January 25, 2025

MIL-OSI United Kingdom: Secretary of State for Northern Ireland speech at the British-Irish Chamber of Commerce

Source: United Kingdom – Executive Government & Departments

Speech by Rt Hon Hilary Benn MP, Secretary of State for Northern Ireland.

Location:: Dublin, Republic of Ireland
Delivered on:: 24 October 2024 (Speaker’s notes, may differ from delivered version)

Good afternoon. It’s a great pleasure to be with you all today.

Go raibh míle maith agaibh.

I would like to extend my thanks to John McGrane and Paul Lynam for your very kind invitation and sharing my congratulations to Marie Doyle on her recent appointment as President of this wonderful organisation.

Now, many people in Britain might assume that the British-Irish Chamber of Commerce has a long and distinguished history. It is certainly distinguished but it’s not very long, having been founded only in 2011. But it feels to me and I’m sure to you much older, such is the strength of the ties that bind our two countries together.

Two countries that share so much… in terms of history, culture, ideas, politics and friendships.

And it is a story that runs like a thread through these islands and through the lives of so many of our families, including my own: on my side, it was an Ulster Scot from Fermanagh who took that journey that millions made across the Atlantic to Ohio from where my mother came and, on my wife’s side, Irish Catholics from Mayo and Kilkenny and Cork, her grandfather was born in Monkstown.

And talking of families, you may be aware that I come from a family best known for politics. What you may be less aware of is that two of my great grandfathers were Victorian entrepreneurs.

One – Peter Eadie – designed and made ring travellers for the textile industry working out of the upstairs of a terraced house in Galashiels, in Scotland.

The other – John Benn – was very good at drawing and decided to found a furniture trade magazine which, with great prescience – given the posts that his son, grandson and great grandson – that’s me – all went on to hold, he decided to call it “ The Cabinet Maker.“ You couldn’t make it up.

Both of those grandfathers entered politics as elected councillors as they put their business minds, industriousness and civic virtues at the service of the public.

So, if I may say so, it is in that spirit of innovation and constructive endeavour that I address you today.

Now the history of these islands has not always been benign. Over the centuries there have been terrible wrongs, great violence, revolution, bitterness but in recent years – reconciliation and progress in ways that would have seemed impossible in the past.

It was a great pleasure last night to see the play Agreement at the Gate Theatre, which so powerfully depicts the events leading up to that miraculous Good Friday in 1998. That agreement eventually resulted in something – I must be frank – I never thought I would see in my lifetime. I grew up watching reporting of the Troubles on the television, reading about it in the papers, and to witness a unionist and a nationalist sitting side by side in government together – that truly was the impossible made possible. And today Northern Ireland is a very different place.

Why?

Because of the courageous political leadership shown in the play last night and many others showed.

We must never lose sight of how far we have come across these shared islands since then. I want to say very clearly and directly: The Government’s commitment to the Good Friday Agreement – in letter and in spirit – is absolute. And that our support for the European Convention on Human Rights, which underpins the Agreement, and to the rule of law is unwavering.

My priority as Secretary of State for Northern Ireland – above all else – is to support political stability and economic growth.

And critical to that stability and critical to that growth in Northern Ireland is a healthy and constructive relationship between the Irish and UK governments.

And from day one, this new Government has been absolutely determined to seize the opportunity to restore trust, friendship and collaboration between our two countries. And as Paul just set out, the Prime Minister and the Taoiseach have made their joint commitment to this reset, which will be underpinned by annual summits, in addition to the existing Strand 3 institutions.

You’ve heard about the visits the British ministers have made and colleagues from here over to Westminster, and all of those are practical expressions of that commitment to a new and better relationship.

And talking of new relationships, the restoration of the Executive and Assembly in February was a hugely important moment for Northern Ireland – after too many years in which devolved government was not functioning. And it is vital that we now do all we can to ensure that this stability endures.

Stable and devolved government and political representation at Stormont matters above all for the people of Northern Ireland – they need a government and an Assembly that work for them.

But it also matters enormously for businesses right across Ireland, the United Kingdom and beyond. What do businesses and potential investors say they want? Stability. Political stability.

I am really impressed by the partnership that Michelle O’Neill and Emma Little-Pengelly have forged and the Executive now has a Programme for Government and a Fiscal Sustainability Plan.

And Northern Ireland has a great opportunity to make the most of its unique access to both the British and the European markets to help the economy to grow and to create jobs.

And that is what you do as the British Irish Chamber in promoting trade, prosperity and progress across these islands.

Now we are still having to manage the consequences of the UK’s decision to leave the European Union, in a way that does not unnecessarily inhibit trade and commerce across the Irish Sea. That is why this Government is absolutely committed to fully implementing the Windsor Framework, pragmatically and in good faith.

It is not without its challenges – I think that is probably the understatement of the year – but it is necessary. And there is a much bigger prize in sight.

The Government is committed to improving the UK’s trading relationship with the EU, including through the negotiation of a sanitary and phyto-sanitary agreement which would have the potential to dramatically smooth the movement of food, animals and plants across the Irish Sea.

One of the joys of my job is that everywhere I go in Northern Ireland I see talent, ingenuity and enterprise.

I see world class businesses operating in the life sciences, high-tech engineering, making composite aircraft wings and building the buses of the future – electric and hydrogen – services and film and television, education.

I am really struck that all these firms have seen something in Northern Ireland and its people.

And my message to investors is simply this.

Come, look, see, believe, invest in Northern Ireland.

Just look at the opportunities for the UK and Irish Governments to work collaboratively on areas and projects to help improve growth in Northern Ireland, in the Republic of Ireland including in its border regions.

Areas which are summed up by the four pillars which will form the basis of the annual leaders’ summits.

We need this collaboration not only because it is in our mutual economic interest, but because in these very uncertain times, we face shared challenges which our shared values and our shared commitment to democracy and the rule of law, will help us to face up to.

What do we need to do?

We need to ensure stability in an unstable world.

We need to build economic growth.

We need to make sure we have the infrastructure to enable that growth and attract that investment.

We have got to invest in skills.

We’ve got to make the transition to net zero – what a fantastic opportunity for businesses if you just think about changing the way we heat our homes. There are a lot of heat pumps that will have to be built and installed, and we together on these islands should be making them.

Building new energy infrastructure which will be required to power those heat pumps and the electric buses, cooperating on energy resilience – not least given the huge potential across these islands for more wind power – and the investment in Northern Ireland from GB Energy, the UK’s new publicly owned, clean energy company, which in turn will support the Shared Electricity Market.

At the same time, we only have to look around us to see the risks from conflict, climate change and the loss of biodiversity. Biodiversity is not a like-to-have, it is the very stuff on which human existence is based.

If you pause for a moment and look around you, every single thing we see is a gift from what is on the surface of the earth and beneath it. The genius of the human mind is that we have taken those gifts and look at what we have built. Look at what we have created, look at what we have fashioned.

And given the increasingly uncertain geopolitics of the world, it also makes sense for the UK and Ireland to collaborate on confronting the threats we face, whether in relation to cyber security, terrorism, organised crime or the threat from Russia and other states.

And in doing all of this, the sense I get from the vast majority of people is they would like us to move forward and to try and build a better future that we can jointly embrace.

So let us be bold, let us get on with it and let us take inspiration from those who 26 years ago truly made the impossible possible.

Finally, why do the relationships that I have spoken about matter so much?

They are clearly important economically, but they are also about something else – it’s about building alliances so we can deal with the risks and take advantage of the opportunities.

All of these are powerful reasons why we should work together closely.

Ireland and the United Kingdom.

Two proud nations with everything to gain from a close partnership, for as the great W B Yeats reminded us:

“There are no strangers here. Only friends you haven’t yet met.”

Thank you.

Published 24 October 2024

MIL OSI United Kingdom –

January 25, 2025

MIL-OSI Australia: 1206 2CC Breakfast with Stephen Cenatiempo

Source: Australia Government Ministerial Statements

STEPHEN CENATIEMPO: All right. I want to talk federal politics a little bit further. We’re joined by Kristy McBain, the Minister for Regional Development, Territories and Local Government and the Member for Eden-Monaro. Kristy, good morning.

KRISTY MCBAIN: Good morning Stephen.

CENATIEMPO: Now I’m going to leave you out of the energy debate for the moment because it’s not your portfolio, but something in the time that you and I have been talking, you’ve been very critical of the previous government and what the current government likes to call rorts, whether it’s sports rorts, car park rorts, all of this. Well, it now turns out you guys are just as bad because the Housing Support Program is pouring money into Labor electorates and marginal electorates that you’re trying to pick up. Pot calling the kettle black, much?

MCBAIN: Our Housing Support Program Stream One has been announced, which is for a range of assistance to councils to help them with planning. Stream Two is not yet announced, which is the enabling infrastructure that will help build the water and sewer connections, the roads, kerbs and guttering to get more housing underway. It’s really important that enabling infrastructure is taken off councils that may have to do it themselves if they own the land. Developers are saying, if we did all of that, the blocks become too expensive and nothing will get built. We’re contributing in a number of ways to make sure that housing is more affordable for Australians out there, whether it’s through enabling infrastructure, whether it’s through the Housing Australia Future Fund.

CENATIEMPO: Kristy, that’s not the argument here. The argument is that it’s going into like key Labor electorates, and Coalition seats that you’re targeting, exactly like car park and sports rorts.

MCBAIN: I haven’t seen any of those reports. The decisions have been made by the department, not by Ministers. It is important that we deal with what’s in front of us, and that’s transparency. If it’s been made by the department, it’s been made by the department. We’ve gone through round one of the Growing Regions Fund, which was audited in real time. Those projects were found to stack up to the guidelines. They were across a range of electorates. We’ve been walking the talk and saying, this is what we’re going to be, as transparent as possible as the decisions are made by the department. That’s what they are.

CENATIEMPO: Except for the Housing Support Fund. All right, let’s talk housing while we’re at it. You’ve hit out a Bridget McKenzie for saying the Commonwealth shouldn’t fund housing. Well, the reality is, the Commonwealth’s not going to fund housing. You’re funding around the edges, which is exactly what the Opposition is saying we should do with their $5 billion package.

MCBAIN: What I found quite extraordinary about Bridget McKenzie’s comments was that she said we shouldn’t fund housing in regional areas. That we need to get out of the way and let developers get on with the job. If Bridget paid any attention to the debate that was happening in the Senate, she would know that’s exactly what we’re doing. The Commonwealth Government doesn’t have a construction arm. What we’re doing is making sure we make it easier for people to get on with developments. They say imitation is the best form of flattery. It’s nice to see the Coalition get on now and say we’re actually going to contribute to the housing debate and copy our Housing Support Program.

CENATIEMPO: Well, it’s not copying. Let’s be fair dinkum about it, it’s not copying.

MCBAIN: It is. It’s funding enabling infrastructure, which is exactly what we’re doing. I think that’s fantastic. It’s really important that we’ve got major parties interested in housing, and that’s a big change from the ten years that they were in government. What we would like them to do is not only talk with us about enabling infrastructure, but also talk with us about the Help to Buy program, or the Build to Rent program. We know we need to start helping in all different facets of home ownership, whether that’s renting, whether that’s buying, whether that’s trying to enable more blocks to get out on the market. It’s really important that we’re making a difference. The three levels of government need to be working together on this. That’s been the change over the last couple of years. There is a real focus now on housing from three levels of government.

CENATIEMPO: Now, I don’t think we’ve seen any results of that yet. Let’s talk about things closer to home in Bungendore. A flood mitigation program. Tell us about this?

MCBAIN: Right across the country we saw some catastrophic flooding in 2022. We provided $40 million towards the New South Wales Flood Recovery and Resilience Grant program. Under round two of this, more than $4.6 million is being invested across New South Wales, to deal with flood mitigation projects. $2.2 million is going to Queanbeyan-Palerang Regional Council to construct an overflow channel over Turallo Creek in Bungendore. It will allow the flood waters to bypass Tarago Road bridge instead of crossing that and flooding it, during times of heavy rain. I’m really proud to be able to deliver this, because the community has long called for this. We know we need to do more in making our communities more resilient come those heavy weather events. This is just another way that we’re helping New South Wales deliver those resilient programs. It builds on last year’s allocation of over $20 million, which went to 19 projects across New South Wales. Really proud that the community is finally getting a long called for a piece of infrastructure, that will allow them to still cross the road during heavy weather.

CENATIEMPO: Now local communities are going to be asked to help identify potential locations for the next round of the Mobile Black Spots Program. Why do we need to do this? Why aren’t local Members already aware of where their black spots are?

MCBAIN: We do this all the time with communities. Councils call for community input for black spots all the time, and are constantly updating the telcos with these. I ran a survey last time, which identified a range of different black spots, and we contribute to it as well as community members. It’s really important, particularly as we see the development of more housing blocks, that we make sure that connectivity is still front of mind, particularly when we’re developing more rural areas. It is really important that we continue to update that as we head towards round eight of the Mobile Black Spot Program, which will close later this year. It’s just another way you integrate with your community and understand what’s happening.

CENATIEMPO: All right. Again, I think if a local Member is doing their job well enough, they should know where the black spots are in their electorates. But Kristy, always good to talk to you. We’ll catch up in a couple of weeks’ time.

MCBAIN: Sounds great. Thanks.

MIL OSI News –

January 25, 2025

MIL-OSI: Transocean Ltd. Provides Quarterly Fleet Status Report

Source: GlobeNewswire (MIL-OSI)

STEINHAUSEN, Switzerland, Oct. 24, 2024 (GLOBE NEWSWIRE) — Transocean Ltd. (NYSE: RIG) today issued a quarterly Fleet Status Report that provides the current status of, and contract information for, the company’s fleet of offshore drilling rigs.

This quarter’s report includes the following updates:

Deepwater Atlas – Awarded a 365-day contract in the U.S. Gulf of Mexico at a dayrate of $635,000.
Deepwater Conqueror – Awarded a 365-day contract in the U.S. Gulf of Mexico at a dayrate of $530,000.
Deepwater Invictus – Awarded a 1095-day contract in the U.S. Gulf of Mexico at a dayrate of $485,000.
Deepwater Invictus – Awarded two one-well contract extensions in the U.S. Gulf of Mexico.
Dhirubhai Deepwater KG1 – Awarded a six-well contract in India at a dayrate of $410,000.
Transocean Spitsbergen – Customer exercised a three-well option in Norway at a dayrate of $483,000.
Transocean Endurance – Customer exercised a one-well option in Australia at a dayrate of $390,000.
Transocean Endurance – Customer exercised a five-well option in Australia at a dayrate of $390,000.

The aggregate incremental backlog associated with these fixtures is approximately $1.3 billion. As of October 24, 2024, the company’s total backlog is approximately $9.3 billion.

The report can be accessed on the company’s website: www.deepwater.com.

About Transocean

Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. Transocean specializes in technically demanding sectors of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services and operates the highest specification floating offshore drilling fleet in the world.

Transocean owns or has partial ownership interests in and operates a fleet of 34 mobile offshore drilling units, consisting of 26 ultra-deepwater floaters and eight harsh environment floaters.

Forward-Looking Statements

The statements described herein that are not historical facts are 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. These statements could contain words such as “possible,” “intend,” “will,” “if,” “expect,” or other similar expressions. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are beyond our control, and many cases, cannot be predicted. As a result, actual results could differ materially from those indicated by these forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations, planned shipyard projects and other out-of-service time, sales of drilling units, the cost and timing of mobilizations and reactivations, operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the fluctuation of current and future prices of oil and gas, the global and regional supply and demand for oil and gas, the intention to scrap certain drilling rigs, the effects of the spread of and mitigation efforts by governments, businesses and individuals related to contagious illnesses, and other factors, including those and other risks discussed in the company’s most recent Annual Report on Form 10-K for the year ended December 31, 2023, and in the company’s other filings with the SEC, which are available free of charge on the SEC’s website at: www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward looking statements. Each forward-looking statement speaks only as of the date of the particular statement. We expressly disclaim any obligations or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations or beliefs with regard to the statement or any change in events, conditions or circumstances on which any forward-looking statement is based, except as required by law. All non-GAAP financial measure reconciliations to the most comparative GAAP measure are displayed in quantitative schedules on the company’s website at: www.deepwater.com.

This press release, or referenced documents, do not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and do not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”) or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of Transocean and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of Transocean.

Analyst Contact:
Alison Johnson
+1 713-232-7214

Media Contact:
Pam Easton
+1 713-232-7647

The MIL Network –

January 25, 2025

MIL-OSI Australia: Robotics revolution: UniSA sparks STEM passion for future teachers

Source: University of South Australia

25 October 2024

[embedded content]Cheers of excitement, high-fives all around, and wide, beaming smiles – they’re all the signs of a team success. But this is not a sporting field – this is the camaraderie found among the next generation of teachers learning the very latest, world-class robotics programs so they can excite and inspire students about STEM.

And on World Teachers Day today, there’s no better time to highlight passionate, job-ready teachers who have the expertise needed to tackle STEM skills shortages across Australia.

Robotics and automation are in huge demand across multiple industries. Yet, despite the need, very few education initiatives are preparing students with these future skills.

As the only university in Australia and Southeast Asia to incorporate VEX Robotics as part of its digital electronics undergraduate course, UniSA’s pre-service teachers are ensuring the future workforce is not only skilled, but passionate about robotics and STEM.

UniSA Education Futures course developer and robotics expert, Emil Zankov, says it’s vital for universities and schools to embrace robotics as part of their students’ learning experience.

“Robotics is a fantastic way to introduce and get students excited about STEM and computer science. Yet many teachers struggle to embrace new technologies because they’re not familiar with them and didn’t learn about them at uni,” Zankov says.

“That’s where UniSA comes in. Through the VEX educational robotics program, our pre-service teachers graduate with the skills to teach robotics confidently and creatively in schools.

“It’s so important for universities to educate teachers with these sorts of technical skills; not only because we have a responsibility to deliver professional, job-ready graduates, but also because these teachers will be the ones to inspire students to consider STEM pathways as an exciting area to pursue.”

UniSA’s undergraduate Secondary Education students in their robotics class.

Globally there is a STEM talent shortage, with nearly half of businesses struggling to recruit people with the STEM skills they need. In Australia, school students’ interest and performance in STEM subjects is stagnating or declining, with the Australian government calling for a collective effort to initiate change.

Zankov says VEX is the program of choice because it can deliver robotics education across the school continuum, from Reception through to Year 12.

“This is a platform that we can use all the way from five-year-olds through to our high school and tertiary students. That’s what makes it so exciting – we have this resource rich environment, and very robust program that allows lots of different aspects of robotics any pre-service teacher to engage in,” Zankov says.

“Through the VEX program teachers support their students to plan, design, code and construct a working robot, with the option of entering it into a competition at the end of the module.

“But it’s not just about technical or engineering skills; the program also embraces strategy, teamwork, resilience, automation, documentation and report writing, problem solving and more. So, there are a lot of transferable skills that come into play.

“Ultimately, being involved in this program inspires students to want to go into STEM through an authentic, hands-on approach they’ve had at school.

“When you hear students audibly excited about what they’re doing in class, there’s no better satisfaction. Seeing students learning because they want to learn; seeing them passionate, high fiving each other, and saying, ‘Yes, it’s working!’ and their robot is doing what they wanted it to do after they’ve programmed it… that’s what really puts such a buzz in a teacher. That’s pure magic.”

Notes to editors:

The SA VEX State Championships will be held at UniSA’s Mawson Lakes campus on Monday 28 October. Run by DATTA (Design and Technology Teachers Association of SA) in collaboration with the University of South Australia, this competition will see more than 300 school students showcase and compete their robots in a series of graded competitions. To find out more, visit: https://datta.sa.edu.au/datta-sa-vex-tournament/

Photos available upon request

Video available here: https://www.youtube.com/watch?v=DWiPLcJLGp0

…………………………………………………………………………………………………………………………

Contact for interview: Emil Zankov E: Emil.Zankov@unisa.edu.au
Media contact: Annabel Mansfield M: +61 479 182 489 E: Annabel.Mansfield@unisa.edu.au

MIL-OSI Economics: Transcript of Press Briefing: Asia and Pacific Department Regional Economic Outlook October 24

Source: International Monetary Fund

October 24, 2024

Speakers:

KRISHNA SRINIVASAN, Director of the Asia and Pacific Department, International Monetary Fund

THOMAS HELBLING, Deputy Director, Asia and Pacific Department, International Monetary Fund

Moderator:

RANDA ELNAGAR, Senior Communications Officer, International Monetary Fund

* * * * *

MS. ELNAGAR: Good morning and welcome to our attendees here in the room and those joining us online and virtually. This is the Press Briefing on the Regional Economic Outlook for the Asia Pacific Department. I am Randa Elnagar of the IMF’s Communications Department. Joining me today is Krishna Srinivasan, Director of the Asia Pacific Department, and Thomas Helbling, Deputy Director of the Asia Pacific Department. To kickstart our briefing, Krishna is going to give some opening remarks and then we’re going to take your questions. Thank you.

MS. SRINIVASAN: Thank you, Randa. Good morning to everyone here in Washington, D.C. Good evening to everyone in Asia. Welcome to our Press Briefing for Asia and the Pacific. Allow me to make a few opening remarks.

Let me start with growth. In the first half of this year, Asia’s economies grew stronger than we had expected. As a result, we have upgraded our regional forecast to 4.6 percent in 2024 and to 4.4 percent in 2025. With this, Asia remains the world’s engine of growth. It generates 60 percent of global growth, far more than its share in global GDP of about 40 percent.

Going forward, we expect domestic demand to strengthen in advanced Asia as the impact of past monetary tightening fades. Growth in India and China would remain resilient, even though in both economies it would slow slightly in 2025. For emerging markets outside China and India, we expect robust and broad based growth.

Inflation. Asia has also brought inflation down to low and stable rates faster than other regions. In Emerging Asia, the disinflation process is essentially complete. There are a few exceptions in advanced Asia, notably Australia and New Zealand, where wage pressures have kept services inflation elevated. But we expect these pressures to fade as well within the next 12 months or so.

This means that most Asian central banks now have room to cut interest rates earlier in the year. Some central banks may have been reluctant to ease before the Federal Reserve, fearing that this could put their currencies under pressure. But as the Fed has now started its own easing cycle, such concerns should have dissipated.

Let me add a little bit more detail on the China outlook. As you can see on the left hand side, activity has decelerated since the first quarter. As a result, we have marked down growth to 4.8 percent in 2024 compared to 5 percent in our July WEO update. In particular, the property sector has continued to deteriorate and weigh on investment, while private consumption has also weakened amid low consumer confidence. This forecast incorporates the monetary and financial sector policies that were announced in September.

Weak Chinese demand is triggering into continued disinflationary pressures as shown on the right-hand side core inflation fell to 0.1 percent year-on-year in September. Several developments have taken place since we finalized our China forecast. Q3 data came out marginally weaker than we expected. At the same time, the authorities announced additional fiscal and housing measures which could provide some upside potential to our growth projection, especially in 2025 when the policy measures are likely to take effect.

The external environment remains tough. Going back to the broader region, the environment in which Asian policymakers act has become tougher. Risks to the outlook are now tilted to the downside. For example, there are tentative signs that global demand could weaken, including from the United States, which would be bad news for an export dependent region like Asia. China’s domestic demand weakness also continues to weigh on the wider region.

Moreover, countries across the globe continue to implement trade restrictions at a rapid pace. We see already how trade flows are adjusting: China, for example, exports relatively more to emerging markets and less to advanced economies than five years ago. The ASEAN economies export more to China and the U.S. as trade targeted by U.S. and Chinese startups get channeled through third countries. In economic terms, this is a costly detour. As we stressed before, no one really wins from trade fragmentation. We all pay for this with slower global growth. And Asia has more to lose than others given its tight integration into global supply chains.

Now, how should Asian policymakers navigate this environment? I talked already about monetary policy where welcome policy space has emerged. Unfortunately, the same is not true for fiscal policy. Public debt increased sharply during the Pandemic in Pacific Island countries. Debt ratios almost doubled, but debt has hardly come down since then. This drives up debt service costs and leaves governments with little spending power to address unforeseen events.

In some economies, weak private demand may justify somewhat larger fiscal deficits in the near-term. Again, the emphasis is on the near-term. But for most Asian countries, it’s time to start budget reconsolidation in earnest, both to build buffers against downside risks and to preserve spending power for addressing longer term challenges such as climate change and population aging.

Let me spend a few words on another long-term issue, structural transformation and the future of Asian growth. Asia’s traditional development model has been based on moving workers from agriculture into manufacturing and on selling the manufactured goods in the global market. The success has been spectacular. It unleashed the maybe greatest development success in story of human history. In recent decades, Asian economies have shifted more into services rather than manufacturing, however. This has been good for growth as modern services are often more productive than manufacturing. This trend is likely to continue as many Asian economies have reached income levels where the demand for manufactured goods typically declines and the demand for services tends to increase.

Moreover, digital technology is making some services, such as business and finance, tradable in global markets. A global market for services holds large growth opportunities, but harvesting them will require reforms. In particular, education and training will be important. It will need to equip workers with the skills to provide modern services. And Asia should open up its services sectors to trade and investment. They remain relatively closed now, different from manufacturing.

Finally, let me note, we will publish the Regional Economic Outlook November 1 in Tokyo, together with an analytical piece about the future of Asia’s growth model.

With this, Thomas and I will be happy to take your questions. Thank you.

MS. ELNAGAR: Thank you, Krishna. Please raise your hand and identify yourself and your news organization.

QUESTIONER: Thank you, Randa, for taking my question. I’m Maoling Xiong with Xinhua News Agency. So, Krishna, I talked about fragmentation in your opening remarks. I wonder whether you could elaborate a little bit on the economic impact of economic fragmentation on Asia, especially it’s so integrated into the global system. Thank you.

MS. SRINIVASAN: Thank you for the question, Maoling. As you know, there is evidence that global supply chains have been rewiring in recent years. Now this goes for the time before the Pandemic and into the context of U.S. China trade tensions. Now we have done some work in our Regional Economic Outlook which is forthcoming, which looks at the impact of the trade tension between U.S and China on Asian economies.

What we find is that many Asian economies, notably those in the ASEAN, have increased their market shares of both Chinese and U.S. imports in both gross and value added terms, in what we call as connected countries. Now we also find that these third-party Asian countries, exports of targeted goods, of the goods which are targeted for tariffs by U.S. and China, they’ve also increased. And what we find particularly the case is for some countries like Thailand, Korea and Singapore, these effects are particularly strong. In other words, the sectors which are targeted by tariffs have seen ASEAN countries exporting more.

Now again, I was talking about the targeted sectors. If you look at the aggregate growth, aggregate export growth, the question is whether these increase in targeted exports show up in the aggregate exports. And there the picture is mixed. Some countries have done better. For instance, Vietnam has done better both in terms of targeted exports and aggregate exports.

But the point I’d like to leave with you here is in the short run we see these trade patterns changing. The question, of course, is whether this is temporary, whether it’s permanent. It’s only time will tell. But our analysis, you know, has shown that in the long run everyone hurts from trade fragmentation, from fragmentation and that’s because global demand comes down. When global demand comes on, everyone hurts. So this is the message I would like to leave with that there have been shifting trade patterns because of fragmentation. But the point here is over the long run, everybody will lose. And so we all have to collectively fight against these forces of fragmentation.

MS. ELNAGAR: Thank you, Krishna. Lady in the pink jacket.

QUESTIONER: Hi, my name is Ray Zho, financial journalist at 21st Century Rui Zhou,China. So I have two questions. First is about Asia Pacific. The IMF report has indicated a somewhat positive growth outlook for Asia Pacific region, especially in emerging markets compared to other regions. So can you elaborate on the key factors contributing to this relative strength? And the second question is about China. So China’s recent economic stimulus measures could create potential opportunities for stronger growth in the future. So can you elaborate on these measures and the potential long-term benefits for China’s economic structure? Thank you.

MS. ELNAGAR: Thank you. Do we have any other questions on China? Okay, the lady here.

QUESTIONER: Thank you. My name is Xu Tao from China Central Television, and I have two questions. The first is how do you evaluate China’s role in the development of the world economy? And the second is about the trade tension between the U.S. and China. As you mentioned, the trade and the trade tension between U.S. and China will affect the Asian growth. So if more traverse, if more tariffs are imposed on the Chinas by an incoming U.S. administration, how will that affect Asian growth? Thank you.

MS. ELNAGAR: One more on China. The gentleman.

QUESTIONER: Hi, good morning. My question is for Krishna. Thank you so much. You said in your presentation that the growth in India and China will slow down in 2025. Can you please elaborate reasons as to why the growth will slow down. And also about the South Asian countries, the growth in like Nepal, Bangladesh, if you could elaborate as that as well. Thank you.

MS. SRINIVASAN: Okay, thank you for those questions on China. So let me – let me start by saying that we have revised on our growth forecast for China for 2024 to 4.8 percent, and that is coming down from 5 percent we had in the Article IV Consultations and during the July WEO update.

The question is why have we revised down? Now if you look at growth in China, domestic demand has been very weak since the first quarter. So numbers coming out from China since Q1 have been pretty weak. Now that is offset somewhat by the measures announced in September, the monetary and financial measures. Again, we have to break up these measures into two sets. One is the monetary and financial sector policies, which were announced in September, and the fiscal policy measures, which were announced in October. So the first set of measures were already internalized in our baseline forecast. And that — so you had Q1, activity since Q1 being very weak, offset by some support measures. So we mark it down to 4.8 percent. Now support since then could provide some upside potential.

The question you asked also is: how do we see the impact of these measures now? Most of these measures, which were announced in September on the monetary and financial sector side, were consistent with what we had elaborated on in our Article IV reports in July. So we welcome those measures. And on the fiscal measures, we’re still awaiting further details, including how big it is, how – how will it retarget? We know the broad areas of targeting. They’re trying to reduce the debt for local governments and trying to alleviate the problems in the property sector. But we still don’t know all the details.

Now, going beyond this, what are we saying is that to address the – the issue of weak domestic demand and to put the economy back on a more sustainable trajectory, there needs to be — more needs to be done to help rehabilitate the property sector. And we provided these numbers estimates. We think central government support both to, you know, finish these pre-sold housing is important. It’s important to resolve the unviable developers. So all that will take some fiscal costs. And we are very clear that in the near-term China could use some of the fiscal resources to address the problem in the property sector. But beyond the near-term, over the medium term, given rising debt levels, China will need to embark on consolidation.

We also talk about refocusing expenditures to boost social safety nets and do pension reform, which will allow China to save more going forward. So right now China saves a lot. So if you have these measures addressing Social Security and pensions, that will allow Chinese to save less, and that will also provide a boost to domestic demand, rebalance the economy, and also lead to lower imbalances going forward.

Now there are other questions on why Asia is doing better. Emerging markets in Asia doing well. See, in Asia you had a huge labor force, which is more — which is cheaper than other parts of the world. Productivity has been high in many parts of Asia, and this is a region which is really integrated well into global supply chains and the global economy, and so on. So that lends inherent dynamism to the region, and that we expect to continue going forward. However, you do see some problems going forward in terms of populations aging in some parts of the world, some parts of Asia, notably in China, Korea. It’s already happening in Japan and so on. So you have population aging, you have AI coming into play, you have climate change. All these are factors which could affect, you know, prospects going forward. But that’s where you need reforms which address these challenges going forward.

Now, there were some questions on –

MS. ELNAGAR: We can stick to China now and then go to other questions.

MS. SRINIVASAN: We’ll come back to other questions. So those are the questions. Response on China.

MS. ELNAGAR: Okay, next. Okay, we go to this side. Gentleman.

QUESTIONER: thank you very much. Thank you very much, Randa. Shu Tataoka from JiJi Press. I have a question on Japanese economy. In the latest WEO, you have revised up the BOJ neutral rate to 1.5 percent. And what is the implication of such drastically revised up, especially given Japanese high debt level? And another question is on Japanese yen. Japanese yen has depreciated recently again. And what is your view on that – that development? Can you describe it as excessive movement which we should pay attention? Thank you.

MS. ELNAGAR: Any other questions on Japan?

MS. SRINIVASAN: Okay. Thank you for the question. Let me, you have — you have a number of questions. One question — so let me answer one by one. We welcomed the Bank of Japan’s decision to increase the policy rate in July, which will help anchor inflation and inflation expectations at around the 2 percent target. Now, given balanced risks of inflation, further hikes in policy rates should proceed at a gradual pace. Now, nominal neutral rate estimates for Japan range from 1 to 2 percent based on different methodologies and we now expect the policy rate to reach 1.5 percent in 2027.

Now, in terms of what does – what do rising interest rates in Japan mean for the rest of the world? Now, from a very global perspective, an increase in interest rates in Japan could have output spillovers to other sovereign debt markets where Japanese investors hold large positions. But that said, so far we’ve seen these growth spillovers to be pretty muted because the BOJ decisions have been well communicated and they’ve been very gradual. So it’s been — markets have been given the time to both internalize these changes and what comes next. So in that sense, the spillovers have been limited.

Now you ask the question what does also mean for the rest of the world? I think rising interest rates gives support. Gives, I mean, it’s in line with, you know, improving prospects in Japan. Though when Japan’s economy grows, it’s good for both the region and – and for the global economy.

Now, in terms of the exchange rate. The Japanese authorities are fully committed to a flexible exchange rate regime. So we’ve seen exchange rate depreciation and appreciation over the past one year. So it’s been pretty flexible. Now that said, the yen has been used as a funding currency for carry trade. And that means that over the past year or so, sometimes the changes in the yen can be magnified because of the unwinding of carry trade. And we saw that on August 5th, not just because of what happened in terms of the BOJ increasing rates, but also because in response to how the labor market of this came out, the reaction was magnified because of the unwinding of carry trade. So that’s been an issue. But other than that, what we feel are the authorities are fully committed to the flexible exchange rate regime. Thank you.

MS. ELNAGAR: Thank you, Krishna. Can we move to the India question? And then I have another India question that came in online from Informist Media, Siddharth Upasani. The IMF sees India growth declining to 6.5 percent in FY26. This is lower than Reserve Bank of India forecast 7 percent. The RBI, in fact, is far more bullish about India’s growth in general, with Deputy Governor Michael Patra saying in New York on Monday that there is a strong possibility of India’s GDP growth returning to an 8 percent trend after FY26. Does the IMF share this view? If not, do you think Indian authorities are being overly optimistic?

Any other questions on India or you ready to discuss?

MS. SRINIVASAN: Yeah, thank you for those two questions. I’ll have my colleague Thomas answer the question.

MR. HELBLING: On India. So on India and on growth, I think it’s important with the general point, we see India as the strongest growing major emerging market economy this year, but also in the coming years. Point number one. Point number two, this year we have revised up growth for the current fiscal year in year 7 percent, reflecting stronger — the expectation of stronger private consumption after a favorable monsoon season that will strengthen in particular rural demand.

In terms of the growth trajectory, India had 8 percent last year. This year we project 7 and then to 6.5 percent. For us, it’s a return back to potential after the Pandemic, after government’s recent infrastructure push and after the rebound after some financial stresses. India has benefited from strong cyclical growth, and we now expect a return back to potential over the next two years, six and a half percent. I would note that potential growth for India had been revised upward last year, and there is scope for even higher potential with adequate more structural reforms. Our India team has noted in particular labor market reforms, some fiscal reforms, and maybe an increased infrastructure push, and also if there were reforms to education and skilling the labor force. So there is scope for even higher growth. But at the moment we see policies consistent or our current policies, we see six and a half percent potential growth which is high.

MS. SRINIVASAN: If I could just add, you know, we have in the REO chapter we have an analytical note on structural transformation where countries will move towards more services led growth. I think in that context there’s a lot of potential for India to benefit from that kind of growth. However, to benefit from that kind of growth, significant amount of investment has to take place in education and scaling of labor which as Thomas mentioned. So we want to look at that note when it comes out next week.

MS. ELNAGAR: Thank you. I think he also asked about Nepal so we can move because we have I think a Webex question on Nepal. So Sharad, if you can please put on your screen camera and turn on the audio. Sharad?

QUESTIONER: Good afternoon. Sorry, good evening. Am I audible?

MS. ELNAGAR: We can hear you. Yes.

QUESTIONER: Okay, I will ask two questions. One, IMF, has sent Nepal’s county rep between ECF agreement, why did the Fund send country representatives in between the agreements? And second, some individuals argue that Nepal have not carried out required fiscal and monetary reform as promised under ECF. How do you access Nepal’s progress regarding ECF commitments? Thank you.

MS. ELNAGAR: Thank you.

MR. HELBLING: On Nepal, we have regular changes in our staff, as you know, we have staff mobility, regular changes in assignments. So we have a transition in resident representatives as we also have in other countries. Point number two on the ECF. Nepal has an ECF. The arrangement started in 2022. So far we have completed four reviews under the program. Discussions for the fifth review are underway. There was a change in government in August, so the discussions are continuing with the new government. And as to my knowledge, performance on the quantitative performance criteria is strong. There is some discussion ongoing about whether some requirements on the structural benchmarks have been met and or whether there need be a recalibration of some of the structural benchmarks. These are ongoing discussions, and the Nepal team will soon go back into the field.

MS. ELNAGAR: Thank you, Thomas. Questions from the room. The lady in the third row.

QUESTIONER: Hello, my name is Sanghoon Lee. I’m from the Korea Economic Daily newspaper. I got a question for Krishna Srinivasan. Since after the United States presidential election, it is likely the economics conflict between the United States and China will escalate even further. So I believe this kind of a situation is highly likely to constrain the economic growth of countries like South Korea. So my question is, I’m curious to what extent this scenario is reflected to your outlook. And also, I would like to hear how much impact do you expect it to have on Korea’s economic growth afterwards. Thank you.

MS. SRINIVASAN: Thank you. You asked me that question, but Thomas could answer.

QUESTIONER: Yeah. And I will add one more question that came online from Korea from Ahn Taeho, Hankyoreh. She said, could you provide a brief evaluation of the current state and outlook of South Korean economy. Specifically, while exports seem to be recovering, domestic demand remains sluggish. What does the IMF see the main reasons behind the weak domestic consumption and what is the forecast for its recovery?

MR. HELBLING: So, for Korea, our forecast for this year is 2.5 percent and then growth will slow towards potential to 2 percent next year. As you mentioned, growth in first half of this year was stronger than expected. Very strong growth. In particular on the external side, domestic demand was weaker than in the external sector or the export sector. This weakness in domestic demand reflected in particular the loss or the erosion of purchasing power. With the rise, the surge inflation globally and then the monetary policy tightening which affected domestic demand in particular through the relatively high private debt burden, increasing debt service payments. This situation is about to change. As the Bank of Korea has started the monetary policy easing cycle, inflation has declined. So, with the similar nominal compensation and income increases, real purchasing power will increase, and we expect domestic demand to strengthen.

Indeed, in the Q3 release that was just released last night, Washington time, domestic demand in Korea has strengthened in Q3 as expected. As for trade tensions, these are not — our baseline does not incorporate a further increase in trade tensions. As noted in the release of the World Economic Outlook and as also noted or will be noted down in our Regional Economic Outlook, an increase in trade tensions is a major downside risk. Korea is very strongly integrated in global supply chains into global markets and exposed, strongly exposed both to China and the United States.

So as previous regional economics outlooks have highlighted, Korea will be relatively more affected negatively if there were a further increase in the trade tensions between the United States and China. I cannot say much more because if there were an increase in trade tensions, much would depend on details on measures, the extent of the increase in tensions so far. And so there’s no point in going further at this point. Thank you.

MS. ELNAGAR: Thank you. We can take question from the gentleman.

QUESTIONER: Hi. Thank you for the opportunity, I’m with Idika from Economy Next from Sri Lanka. I have two questions. Now that the debt restructuring process is largely completed, what are the key fiscal or structural benchmark does Sri Lanka need to meet in order to unlock the fourth transfer of funding? And how does the recent change in government impact the timeline or the likelihood of achieving these targets?

The second question is that there are talks that the new government is sort of contemplating dropping the imputed rental tax that is supposed to come next year. Has this been discussed with the IMF so far? Also, what’s IMF position on Sri Lanka continuing with the vehicle suspension?

MS. ELNAGAR: Any other question on Sri Lanka?

QUESTIONER: Hi, thank you for taking my question. My name is Magnus Sherman, I’m with Reorg. I wanted to touch on the Sri Lanka’s debt restructuring. We heard the Managing Director just an hour ago say that it’s important to help countries back on their feet as quickly as possible. The Macro link bonds Sri Lanka has this mechanism where the better they perform, the more debt they effectively have to pay back. So you could argue that does the exact opposite. What’s the IMF’s position on this? Is that something you would recommend future restructurings to include as well? I know it’s very popular among creditors, but it could backfire.

MS. ELNAGAR: Thank you. I think we have a Webex question on Sri Lanka too. Zuflik, if you can please put on your camera. Here we go. We cannot hear you.

QUESTIONER: This is from News First Sri Lanka. My question is to Mr. Srinivasan. Sri Lanka is currently on a IMF supported program for 48 months. Is IMF having any long-term support program for Sri Lanka given that the debt restructuring is also in its final stages? And just 48 hours ago at the G24 press briefing, we had the director of G24 saying that countries like Sri Lanka, the middle-income countries, should also have something similar to a common framework and there should be timely debt reduction measures also in place. What is the IMF’s position on these two aspects? Thank you.

MS. ELNAGAR: Any other questions on Sri Lanka? We have a few similar questions that came through the media center. So we’re going to answer them if we can please. Krishna and Thomas. Thank you. So there is a question from Ceylon Newspaper. How is the progress of Sri Lanka’s program and when is the third review expected? So it’s similar to what was asked. What are the expected dates of releasing the next change? How can Sri Lanka address post debt restructuring challenges, particularly within loan interest payments starting next year?

There is also the Daily Mirror. He’s asking has the change in the presidency and the likelihood of change of government at the upcoming parliament polls has an impact on the agreement already reached between Sri Lanka and the IMF. Has there been any move by the new Sri Lankan administration to renegotiate the agreement reached between Sri Lanka and the IMF? There is also similar questions from Hero News and from — that’s it.

MS. SRINIVASAN: Thank you. Quite a few questions. Let me try to answer all of them. So when the new government took office not too long ago, I led a high level team to Colombo to discuss the to engage with the authorities. And we had some very, very productive discussions with the new government and the team there. And the discussions are continuing this week during the Annual Meetings. Now, there was broad consensus, I would say unanimous consensus, that Sri Lanka, which was tearing at the abyss in 2022, has come a long way in terms of undertaking reforms which have led to some hard won gains, as you can know. You’ll note that growth has been positive the last four quarters. Inflation is coming down. So there is consensus that the new government, you know from the new government that it would like to safeguard and build on the hard won gains under the program.

Now, under the program we have elements which address some of the priorities of the new government, including in terms of social protection and so on. But the details on the program are continuing and they’ll be happening this week in Washington. And we are encouraged by what we have heard so far and hoping that, you know, we can move fast towards the third review which will come up soon. Now, in terms of there was a question on the debt restructuring. They have reached agreements with the official creditors, and they’ve reached an agreement in principle with the private creditors. The next step would be to reach a formal agreement with all creditors. And that’s a big step forward. And of course that’s not the end. There’s a lot more work to be done in terms of continuing with the reforms because a long way to go before you’re on the path of strong and sustainable recovery.

In terms of the macro linked bonds, this is something which is a negotiation between the country’s creditors, the country’s advisors and the creditors. We don’t get involved in the kind of instruments that they negotiate on and so on and so forth. What we are concerned about is whether these instruments and the restructuring they reach are one consistent with our program targets on debt and so on, and that there’s comparability of treatment across creditors. So that’s something which the country works on. Now you’re right that these macro linked bonds have become popular. And so, you know, it all depends, country to country, how the creditors and advisors go about it. So it’s not for me to say that this is going to be the future of all debt restructuring. It varies from country to country. We’ve seen plain vanilla bonds being exchanged and you have these kind of bonds in other countries.

Now there was one question on specific tax measures there. I mean that I don’t want to go to the detail because those are things being worked out in the context of discussions which are ongoing right now. Hopefully, you know, we’ll move along these negotiations over the next few weeks in a more targeted way. Thank you.

MS. ELNAGAR: Thank you. I know that there is someone online, but let’s have the lady here.

QUESTIONER: Given that you — I’m Natha Goonawarra from the Standard Thailand. Given that you mentioned a lot about trade fragmentation and trade tension, especially between the US and China, and I’m from Thailand and Southeast Asia. So what is your recommendation or your insight on how Southeast Asia and Thailand navigate this global economic challenge this year and what are the most influential factor in the coming years?

MS. SRINIVASAN: Thank you. I’ll have Thomas answer that question.

MR. HELBLING: So, the ASEAN countries like Thailand are very strongly integrated into the global economy. Rising trade integration has been an important engine for growth in the region. So what we have seen so far, as Krishna mentioned earlier, there’s two developments. One is the global picture of increasing trade tensions and increasing trade fragmentation. In a sense, it’s a strong negative for the global economy as a whole. Global growth will be relatively lower compared to a situation with no or fewer tensions. Real incomes and productivity will be lower. On the ASEAN side, a number of countries, including Thailand, have had some trade diversion benefits. It’s also true for Vietnam for example, or Malaysia. So that is some benefits. But our view has been that on net it’s still a negative also for the countries in the ASEAN.

So therefore we think the countries in the ASEAN should make a strong push for a continued, strong multilateral trading system for further trade integration. We also see scope for further regional trade integration. Obstacles to trade are still relatively higher in services. There’s scope there to move forward. Third, on other policies, we see scope for horizontal structural reforms to prepare the economies for a changing trade landscape, for a trendless landscape where services will be relatively more important. Krishna also mentioned already the importance of education and upskilling the labor force to prepare them for changes. And then thirdly, maintaining macroeconomic stability. In particular also having a flexible exchange rate regime that serves as a buffer to external shocks will be important.

MS. ELNAGAR: Thank you. Thank you, Thomas. We’re going to go online again because we have the gentleman. Saiful, can you please put on your camera? I have his question, but I think he cannot connect. He’s asking about Bangladesh. The IMF has lowered down GDP growth projection for Bangladesh to 4.5 percent for FY25 from April projections of 6.6 percent. What are the reasons behind the downgrading? Does the IMF have any plan to grant additional 3 billion budget support as sought by the interim government of Bangladesh? Any other questions on Bangladesh?

MS. SRINIVASAN: Thank you. Again. The reason for our revising down our growth forecast is in response to what we saw in the events in the recent past. So things have slowed down compared to what we saw previously in the April forecast. And so those developments give us a pause in terms of what’s happened to growth. There was a mission led by our mission chief, Chris Papadakis to Bangladesh, which looked at all aspects of what’s happening to the economy. Based on that, we revised on a growth forecast. In the case of Bangladesh, growth has slowed, inflation remains high, and they were making good progress. Bangladesh was making good progress under the program. So discussions are ongoing in terms of the next review. We had discussions in Bangladesh, in Dhaka, and discussions are continuing in Washington on how to move forward in terms of financing. All those will be part of the discussion which will take place this week and next. Thank you.

MS. ELNAGAR: Thank you. We have another online question from CNN Indonesia. What is Indonesia’s projected economic growth for the coming year and what are the key global risks that Indonesia should anticipate in 2025 to maintain its resilience amid shifting global economic dynamics? The second question is how are sustainability challenges and climate risks expected to shape the Asia Pacific regions economic performance in 2025? And what role will climate finance play in helping governments and businesses mitigate these risks while driving sustainable and long term growth?

MR. HELBLING: On Indonesia. Indonesia has enjoyed and is projected to continue enjoy strong robust growth around 5 percent. In terms of specific numbers, just for this year we have 5 percent and for next year we have 5.1 percent. In terms of risks, the external risk ask. I think they’re very similar for Indonesia as they are for other countries in the Asia Pacific region. An important concern is trade fragmentation or increasing trade fragmentation. What’s perhaps a bit different for Indonesia is this will play out relatively more through commodity market channels than just through manufacturing channels as elsewhere. But trade fragmentation is a big risk. And as for other emerging market regions in the Asia Pacific or elsewhere, possible shifts in monetary policy expectations, increased financial market volatility also pose some downside risks.

MS. ELNAGAR: Thank you. We have one last question online on the Pacific Islands Pacific region. It’s by Ben Westcott from Bloomberg. Given the increasing economic pressures and climate challenges facing Pacific Islands, Pacific Island nations, how does the IMF assess the current trajectory of debt burdens in the region? Are these debts shrinking or growing? And what factors are contributing to this trend?

MS. SRINIVASAN: Thank you, Randa. Now, with the deterioration of fiscal balances during the pandemic, public debt did increase on average in the Pacific island countries. In most countries, however, it has now stabilized or is falling relative to the size of the economies. Now, that said, seven out of 12 countries in the Pacific islands are considered to be at high risk of debt distress and only about 5 are considered to be at moderate risk of debt distress. So this goes to the issue of the fact that there needs to be growth friendly fiscal consolidation to bring down debt in these countries. Of course, these countries also face a challenge of the risks associated with climate change and so there is pressure on them to borrow to address these challenges. But again, we would emphasize that given where they are with their debt levels and so on, it’s prudent, it’s very important for them to access concessional financing or even grants to make sure that when they address these longer term challenges that they do that in a prudent way so that debt doesn’t become too much, doesn’t become more onerous than it is right now.

Now, on the issue of debt, this is not just limited to Pacific Island countries. What we have seen is since the global financial crisis, public debt has been rising across most countries in Asia. And so the issue of growth friendly consolidation is very important. And like I said in my opening remarks, consolidation, fiscal consolidation needs to begin in earnest in many of these countries. For some countries there could be, there may be a need to provide some support in the near term. But beyond that, all countries in Asia need to embark on fiscal consolidation, which is growth friendly.

MS. ELNAGAR: Thank you very much. Thank you Krishna and Thomas for giving us the time and answering all the questions. And we come now to the end of our press briefing. I just want to remind everyone that you can find all the briefing material and the transcript on IMF.org. I would also like to remind you that the full release of the Regional Economic Outlook of the Asia Pacific Department is going to be released in Tokyo on November 1st, as Krishna mentioned in his opening remarks. So we look forward to seeing you online or in person there. I also would like to remind you that we have regional briefings today in this room for MCD just after this and then after that for the European Department. Thank you very much and have a wonderful day.

* * * * *

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Randa Elnagar

Phone: +1 202 623-7100Email: MEDIA@IMF.org

@IMFSpokesperson

MIL OSI Economics –

January 25, 2025

MIL-Evening Report: Queensland election signals both major parties accept pumped hydro and the renewable energy transition as inevitable

Source: The Conversation (Au and NZ) – By Jamie Pittock, Professor, Fenner School of Environment & Society, Australian National University

Sirbatch/Wikimedia Commons, CC BY-SA

Solar and wind have won the global energy race. They accounted for 80% of new global power capacity installed in 2023. In Australia, 99% of new capacity is wind or solar.

The Queensland election campaign suggests both sides of politics have embraced the renewable energy transition. But solar and wind are variable and need energy storage. That is where pumped hydro energy storage and batteries come in.

Both are off-the-shelf technologies. And both are already being used on a vast scale.

Having promised 80% renewable energy by 2035, the incumbent Labor government is committed to large pumped hydro systems at Borumba, on the Sunshine Coast, and Pioneer-Burdekin, near Mackay. The A$14.2 billion Borumba project appears to have support from both major parties. However, the Liberal National Party (LNP) says it will scrap the $12 billion Pioneer Burdekin project and the renewables target if elected.

While Pioneer-Burdekin is a very good site, there are good alternatives. The LNP says it “will investigate opportunities for smaller, more manageable pumped hydro projects”. Regardless, in supporting more pumped hydro storage and rejecting the federal Coalition’s nuclear power plans, the state LNP is accepting the renewable energy transformation as inevitable.

What is pumped hydro energy storage?

Pumped hydro systems store surplus electricity from solar and wind on sunny and windy days. The electricity is used to pump water from a lower reservoir to an upper reservoir. This water can later be released downhill though turbines to generate power when it’s needed.

ARENA, CC BY

This proven technology has been used for over a century. It accounts for about 90% of global energy storage. Australia has three pumped hydro systems (Tumut 3, Kangaroo Valley, Wivenhoe) and two under construction (Snowy 2.0 and Kidston).

Snowy 2.0 will last for at least 100 years. Its capacity (350 gigawatt-hours, GWh) is equivalent to 6 million electric vehicle batteries. It’s enough to power 3 million homes for a week.

Due to start operating in 2028, Snowy 2.0 will cost about $12 billion. That’s roughly equivalent to $2,000 for a 100-year-lifetime EV battery. Pumped hydro energy storage is cheap!

ANU’s RE100 Group has published global atlases of about 800,000 potential pumped hydro sites. None require new dams on rivers. Some are new sites (greenfield). Others would use existing reservoirs (bluefield) or old mines (brownfield).

What about batteries?

Batteries are best for short-term storage (a few hours). Pumped hydro is better for overnight or several days – Snowy 2.0 will provide 150 hours of storage.

A combination of these storage systems is better than either alone.

As with any major infrastructure, pumped hydro development has costs and risks. It has high upfront capital costs but very low operating costs.

What are Queensland’s options?

In Queensland, solar and wind electricity rose from 2% to 26% of total generation over the past decade. It’s heading for about 75% in 2030 as part of Australia’s 82% renewables target.

Queensland needs roughly 150 GWh of extra storage for full decarbonisation. After accounting for Borumba (50 GWh), batteries and other storage, Pioneer-Burdekin (120 GWh) would meet that need.

A similarly sized system or several smaller systems would also suffice. The latter approach has advantages of decentralisation but would cost more and have environmental impacts in more places.

The state has thousands of potential sites that are “off-river” (do not require new dams on rivers). The table below shows 15 premium sites, most with capacities of 50–150 GWh. Some larger sizes are included for interest – 5,000 GWh would store enough energy for 100 million people.

The key technical parameters are:

head: the altitude difference between the two reservoirs – bigger is better
slope: the ratio of the head to the distance between the reservoirs – larger slope means shorter tunnel
W/R: the volume of stored water (W) divided by the volume of rock (R) needed for the reservoir walls. Large W/R means low-cost reservoirs.

Clicking on each name takes you to a view of the site with more details.

Site	Size (GWh)	Type	Head (m)	Slope (%)	W/R
Mackay	50	Green	800	13	8
Townsville	50	Green	490	8	19
Pentland	50	Green	340	6	10
Boyne	50	Green	390	8	14
Beechmont	50	Blue	427	6	8
Tully	50	Blue	726	10	9
Tully	150	Blue	726	11	5
Townsville	150	Green	440	8	14
Mackay	150	Green	412	6	17
Mackay	150	Green	680	9	7
Yeppoon	150	Green	390	8	17
Proserpine	500	Green	600	12	7
Townsville	500	Green	490	18	6
Ingham	1,500	Green	650	6	8
Ingham	5,000	Green	650	7	3

Pumped storage in far north Queensland is valuable because it can absorb solar and wind energy from the Copperstring transmission extension to Mt Isa. It can then send it down the transmission line to Brisbane at off-peak times. This will ensure the line mostly operates close to full capacity.

Two potential premium 150 GWh bluefield pumped hydro energy storage systems near Tully.
Author provided/RE100

What about the rest of Australia?

Pumped storage and batteries keep the lights on during solar and wind energy droughts that occasionally occur in winter in southern Australia. They also meet evening peak demand.

The fossil fuel lobby argues gas is needed in the energy transition. But pumped hydro and battery storage eliminate the need for gas generators and their greenhouse gas emissions.

In the past decade, solar and wind generation in Australia’s National Electricity Market increased from 6% to 35%. Gas fell from 12% to 5%.

Most pumped hydro projects can be built off rivers. The same water is repeatedly transferred between the reservoirs. This means the system keeps running during droughts and avoids the impacts of new dams blocking rivers and flooding valleys.

The environmental and social impacts of off-river pumped hydro projects are much lower than for conventional hydropower or fossil fuel projects.

The system uses very common materials, primarily water, rock, concrete and steel. Very little land is flooded for off-river pumped hydro to support a 100% renewable energy system: about 3 square metres per person. Only about 3 litres of water per person per day is needed for the initial fill and to replace evaporation.

Sometimes, safely disposing of tunnel spoil is a challenge – as with mining (including for coal and battery metals). Any major new generation facility and its transmission lines may involve clearing and disturbing bushland. Local communities sometimes oppose pumped hydro developments.

In Australia, ANU identified 5,500 potential sites. Only one to two dozen are needed to enable the nation to be fully powered by renewables.

About a dozen pumped hydro projects are in detailed planning. Hydro Tasmania’s Battery of the Nation is proposed for Cethana. Other prominent projects include Oven Mountain, Central West, Upper Hunter Hydro and Burragorang in New South Wales.

You can expect to see more pumped hydro systems in a state near you.

Jamie Pittock receives funding from the Australian Department of Foreign Affairs and Trade to provide technical assistance for the development of pumped storage hydropower to aid the transition to renewable energy for governments and others in Asia. He holds governance and advisory roles with a number of non-government environmental organisations.

Andrew Blakers receives funding from the Department of Foreign Affairs and Trade

– ref. Queensland election signals both major parties accept pumped hydro and the renewable energy transition as inevitable – https://theconversation.com/queensland-election-signals-both-major-parties-accept-pumped-hydro-and-the-renewable-energy-transition-as-inevitable-229611

MIL OSI Analysis – EveningReport.nz –

January 25, 2025

MIL-Evening Report: Why do I get so anxious after drinking? Here’s the science behind ‘hangxiety’

Source: The Conversation (Au and NZ) – By Blair Aitken, Postdoctoral Research Fellow in Psychopharmacology, Swinburne University of Technology

You had a great night out, but the next morning, anxiety hits: your heart races, and you replay every conversation from the night before in your head. This feeling, known as hangover anxiety or “hangxiety”, affects around 22% of social drinkers.

While for some people, it’s mild nerves, for others, it’s a wave of anxiety that feels impossible to ride out. The “Sunday scaries” may make you feel panicked, filled with dread and unable to relax.

Hangover anxiety can make even simple tasks feel overwhelming. Here’s why it happens, and what you can do about it.

What does alcohol do to our brains?

A hangover is the body’s way of recovering after drinking alcohol, bringing with it a range of symptoms.

Dehydration and disrupted sleep play a large part in the pounding headaches and nausea many of us know too well after a big night out. But hangovers aren’t just physical – there’s a strong mental side too.

Alcohol is a nervous system depressant, meaning it alters how certain chemical messengers (or neurotransmitters) behave in the brain. Alcohol relaxes you by increasing gamma-aminobutyric acid (GABA), the neurotransmitter that makes you feel calm and lowers inhibitions. It decreases glutamate and this also slows down your thoughts and helps ease you into a more relaxed state.

Together, this interaction affects your mood, emotions and alertness. This is why when we drink, we often feel more sociable, carefree and willing to let our guard down.

As the effects of the alcohol wear off, your brain works to rebalance these chemicals by reducing GABA and increasing glutamate. This shift has the opposite effect of the night before, causing your brain to become more excitable and overstimulated, which can lead to feelings of anxiety.

So why do some people get hangxiety, while others don’t? There isn’t one clear answer to this question, as several factors can play a role in whether someone experiences hangover-related anxiety.

Genes play a role

For some, a hangover is simply a matter of how much they drank or how hydrated they are. But genetics may also play a significant role. Research shows your genes can explain almost half the reason why you wake up feeling hungover, while your friend might not.

Because genes influence how your body processes alcohol, some people may experience more intense hangover symptoms, such as headaches or dehydration. These stronger physical effects can, in turn, trigger anxiety during a hangover, making you more susceptible to “hangxiety.”

Do you remember what you said last night?

But one of the most common culprits for feeling anxious the next day is often what you do while drinking.

Let’s say you’ve had a big night out and you can’t quite recall a conversation you had or something you did. Maybe you acted in ways that you now regret or feel embarrassed about. You might fixate on these thoughts and get trapped in a cycle of worrying and rumination. This cycle can be hard to break and can make you feel more anxious.

Research suggests people who already struggle with feelings of anxiety in their day-to-day lives are especially vulnerable to hangxiety.

Some people drink alcohol to unwind after a stressful day or to make themselves feel more comfortable at social events. This often leads to heavier consumption, which can make hangover symptoms more severe. It can also begin a cycle of drinking to feel better, making hangxiety even harder to escape.

Preventing hangover anxiety

The best way to prevent hangxiety is to limit your alcohol consumption. The Australian guidelines recommend having no more than ten standard drinks per week and no more than four standard drinks on any one day.

Generally, the more you drink, the more intense your hangover symptoms might be, and the worse you are likely to feel.

Some people may drink more alcohol to feel more comfortable in social situations.
LADO/Shutterstock

Mixing other drugs with alcohol can also increase the risk of hangxiety. This is especially true for party drugs, such as ecstasy or MDMA, that give you a temporary high but can lead to anxiety as they wear off and you are coming down.

If you do wake up feeling anxious:

focus on the physical recovery to help ease the mental strain
drink plenty of water, eat a light meal and allow yourself time to rest
try mindfulness meditation or deep breathing exercises, especially if anxiety keeps you awake or your mind races
consider journalling. This can help re-frame anxious thoughts, put your feelings into perspective and encourage self-compassion
talk to a close friend. This can provide a safe space to express concerns and feel less isolated.

Hangxiety is an unwelcome guest after a night out. Understanding why hangxiety happens – and how you can manage it – can make the morning after a little less daunting, and help keep those anxious thoughts at bay.

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. Why do I get so anxious after drinking? Here’s the science behind ‘hangxiety’ – https://theconversation.com/why-do-i-get-so-anxious-after-drinking-heres-the-science-behind-hangxiety-240991

MIL OSI Analysis – EveningReport.nz –

January 25, 2025

MIL-OSI Submissions: Australia – Young Aussies helping drive hybrid and EV adoption

Source: Commonwealth Bank of Australia (CBA)

CommBank loans for these types of vehicles have soared 117 per cent for drivers under 35.

New CommBank loan data reveals that young Australians are rapidly making the shift towards more sustainable vehicles, as supply increases and prices drop.

During the first six months of this year, the number of hybrid and EV new car loans more than quadrupled for those aged 18 to 24, compared to the same time last year.1

Australians between 25 and 34 saw the second largest jump, up 111 per cent, followed by 35 – 49-year-olds with a 30 per cent increase.1

The second-hand market also showed a similar trend, with used car loans up an average of 52 per cent across the three age groups.1

CommBank General Manager of Personal Lending, Joel Larsen, said: “We are now seeing more and more manufacturers enter the low emissions vehicle market in Australia and this additional supply is really driving down the price point.

“During the second half of FY24, the average price of electric vehicles dropped by more than 7 per cent to just over $63,000 when compared to the same period last year.

“It’s good to see the price point on hybrid and electric vehicles tracking lower, as we know cost is a major concern among people on the hunt for their next car.”

But the price of a vehicle isn’t the only concern for consumers. New research commissioned by CommBank’s ‘Buy & own a car’ service reveals that at least 60 per cent of Australians have concerns when it comes to financing their next vehicle purchase.2

To help remove some of the worry and make purchasing a car easier for Australians, CommBank recently launched the ‘Buy & own a car’ service which allows customers to search for their next vehicle, gain conditional approval for finance, and determine their loan repayment amounts all in the one place.

“We also know that negotiating on price with car dealers is one of the most stressful parts of the whole process, so we’ve included unique deals and discounts through CommBank’s ‘Buy & own a car’ feature to help ensure our customers get a great price on their next vehicle purchase,” Mr Larsen said.

Since its launch in July, CommBank data shows thousands of customers have sought to take advantage of the bank’s ‘Buy & own a car’ feature to start their car buying journey. In total, 54 brands are available on the platform, including Hyundai, Toyota, Mazda, BMW, Mini, Tesla, BYD and Polestar.

With many Aussies opting for EV and hybrid vehicles, the Toyota Camry and Corolla, Tesla Model 3, GWM Haval Jolion, Hyundai Kona as well as the BYD Seal are among the most popular makes purchased through the ‘Buy & own a car’ service.

1CBA customer data between 1 January and 30 June 2024, compared to the same period in 2023. Data represents secured car loan customers who purchased a low emissions vehicle during this time period.

2About the research: This research was conducted online by YouGov, between 16/09/2024-18/09/2024, among a sample of 1029 Australians 18 years and older. The data was weighted by age, gender and region to reflect the latest ABS population estimates.

MIL OSI – Submitted News –

January 25, 2025

MIL-OSI Australia: Interview with Leon Delaney, Canberra Live, 2CC

Source: Australian Treasurer

LEON DELANEY:

The federal government is encouraging businesses that supply stock to major supermarkets to submit feedback to the 2024 annual Food and Grocery Code Independent Reviewer Survey. To tell us what’s going on, Assistant Minister for Competition, Charities and Treasury and Employment, and of course, our local member here in the seat of Fenner, Dr Andrew Leigh. Good afternoon.

ANDREW LEIGH:

Good afternoon, Leon. Great to be with you.

DELANEY:

Well, thanks for joining us today. So, what’s going on with this independent survey?

LEIGH:

The Food and Grocery Code of Conduct governs the relationship between the big supermarkets and their suppliers. We’ve known that big supermarkets can squeeze their consumers, but also that suppliers can be put on the hook. When there’s only a couple of supermarkets and a lot of suppliers, then there’s a significant power imbalance. So, Labor has announced that the Food and Grocery Code of Conduct will be made mandatory, with significant penalties for breaching it. As part of that, we’re now reaching out to suppliers and saying, give us your feedback on how your relationship has been with the supermarkets in order to feed into the process.

DELANEY:

This question about suppliers being squeezed by the big supermarkets was one of the things that emerged from the Emerson inquiry, wasn’t it?

LEIGH:

That’s right. So, we asked Craig Emerson, the former competition minister, to have a careful look as to whether the voluntary code of conduct, the way it was set up by the Liberals, was good enough. He came back to us and said, no, voluntary isn’t good enough, it needs to be mandatory. So, we’re getting on with the job. The new code will have multimillion dollar penalties for the serious breaches, and it’ll also make sure the competition watchdog has powers to issue infringement notices. So, that’ll take effect from 1 April next year. What we’re doing alongside that is encouraging businesses to share their views with the independent code reviewer.

DELANEY:

It has been reported previously that some suppliers have been reluctant to speak up in the past for fear of reprisals. Is there any risk that businesses that submit to this particular survey might become targets for some sort of backlash?

LEIGH:

Not at all. The survey is fully anonymous and people will be able to raise complaints without any concerns about reprisals. And in terms of the code itself, we’ve listened to that feedback from farmers and we’ve now ensured that there is an anonymous complaints process that will work as part of that code, because no code is effective if the people who are being hurt are too scared to speak up.

DELANEY:

Now, of course, I know that the authorities are still looking into the question about supermarkets and so called fake discounts, but I’ve heard one of the arguments put forward by the supermarkets is that they’ve been pushed around by suppliers and the increase in costs of the goods that they’ve had to purchase, they’ve attempted to shift the blame. Is there some truth to that? Because obviously we’ve all experienced increasing prices. The cost‑of‑living crisis seems to be something that’s impacting across the board, isn’t it?

LEIGH:

Well, I need to be fairly careful about this because it’s a dispute that’s playing out in the courts at the moment, and the last thing I’d want to do is imperil that trial. But as I understand it, the claims that are being made have to do with what labelling was put on the shelf by the supermarkets. So, I guess it’ll be up to the supermarkets to explain whether or not the labelling that they put out was consistent with the consumer law.

DELANEY:

Okay. And we’ll have to wait and see what the court ultimately decides there this week. Also, we’ve heard from your colleague, the Assistant Treasurer Stephen Jones, that the government is pushing ahead with its plans to improve protections from scams, including funding for the creation of a single pathway for those who have been victims to seek some sort of compensation. How will that work?

LEIGH:

We’re going to make Australia the hardest target for scammers, making life better for consumers and worse for scammers. We know there are plenty of Australians who fall victim to scams every year. There’s about 11,000 scam related complaints made to the Australian Financial Complaints Authority, but people often aren’t sure who to go to. So, if there’s a scam on social media and you transfer money out of your bank, do you go to the bank or the social media platform or someone else? The single pathway, funded by almost $15 million in new money, will ensure that people have a one‑stop‑shop to go to if they do fall victim to these sorts of scams.

DELANEY:

Okay, so it’s one thing to have somewhere to go, somebody to call and say, look, I’ve got a problem here, but do we need to also increase the responsibilities of financial institutions such as banks? Because the regulation here in Australia is considerably less rigorous than it is in some other jurisdictions, for example, in the UK, where banks have no choice but to refund the victims of scams.

LEIGH:

The UK is unique in that regard. It’s the only jurisdiction that’s requiring that payback and it’s only just come into effect. We and the rest of the world are watching to see how that pans out. The concern that has been raised by some people is that you don’t want to let off other players, such as a social media platform that carried a misleading advertisement that sucked someone in. You don’t want to let them off the hook. So, we’re making sure that the banks are doing the right thing, but also ensuring that we’ve got a sender ID register. And so if there’s a name that’s appearing in the place of the mobile phone number that’s coming in, that that can can’t be somehow used in order to dupe people. We were doing everything we can. And Stephen Jones has been doing a lot of work in this area to make Australia a harder target for scammers, so the scammers go somewhere else.

DELANEY:

Yeah, you’re right about the social media platforms. If you have a problem with one of the big social media platforms, you don’t really have anybody you can pick up the phone and call. With the banks, at least they have a phone number you can ring and mechanisms in place to deal with people’s inquiries. But if you have a problem with Facebook, you might as well just give.

LEIGH:

Yeah, I mean, the social media platforms are very poor in terms of their dispute resolution mechanisms. Stephen Jones argues that redress from them is close to impossible. So, that’s why we’re giving this new resources to the Australian Financial Complaints Authority, allowing them to have a single pathway and also putting more pressure on the social media platforms to do the right thing. I mean, let’s face it, they’re making billions of dollars out of their operations. The very least they can do is to ensure that they’re not funnelling Australians’ hard‑earned money into the pockets of scammers.

DELANEY:

Indeed, the big tech platforms do seem to be making plenty of hay while the sun is shining, but they’re doing so without any kind of sense of social responsibility. Before we run out of time, there’s a couple of other things. We’ve just seen the King’s visit over the last few days, which overall went remarkably well. We haven’t turned on fantastically spectacular weather for the King and the Queen, which was good to see. I’m assuming that you had the opportunity to shake hands and say hello.

LEIGH:

I was involved in something else. Just next to me was Danny and Leila Abdallah, who lost 3 children to a driver who was under the influence and then extraordinarily set up a charity called ‘I4Give’ calling on people to be able to give back. So, myself and other Labor colleagues saw our only job has been to make sure that Danny and Leila had a chance to meet the King and to talk about the work their charity does. So, I didn’t get to shake his hand and that was all perfectly fine.

DELANEY:

Okay, content to sit back in the background, unlike a certain Senator who made a hell of a song and dance at the official reception at the Parliament House. A lot of people are asking if Lidia Thorpe can be removed from the senate because she appears to have broken her oath, which she now says she didn’t really properly swear in the first place.

LEIGH:

Well, I think that’ll be for others to judge. It’s for Senator Thorpe to account for her actions. It did seem somewhat strange to me that somebody who had argued against a voice for First Nations people was so keen on shouting in the Great Hall. But she can account for that to her voters.

DELANEY:

And finally, of course, I presume you’re pleased with the outcome of the ACT election, with Labor appearing now set to be returned with a reduced representation for the Greens, but we’re still not sure exactly how many seats they’re going to have in the new assembly. But the success of the independents, do you think that has a message for federal politics as we head into the election early next year bearing in mind that we’ve seen in Pittwater in NSW, another independent also be successful at the by‑election there, what do you think of this increased support for independents?

LEIGH:

Well, the Teal movement is real and it’s clearly not going away. And I think in this instance, as the Greens became more extreme and were focusing a bit more on foreign policy than local issues, then they made themselves pretty unattractive to many of their voters. And those voters naturally turned to independent voices. It’s pretty remarkable that Andrew Barr is able to again lead the Labor party to re‑election. This is a renewed government. It’s terrific to see people like Caitlin Tough and Taimus Werner‑Gibbings going into the Assembly. People who’ll be fresh voices for their communities.

DELANEY:

Any words of sympathy for Mick Gentleman?

LEIGH:

Oh, look, you certainly feel for everyone who misses out, particularly Mick, who’s been a stalwart of the Labor party, somebody who has worked so hard for so long for the values that we care about. I don’t think it’s completely over. I understand the counting there is still on the knife edge, but regardless of which way it goes, Mick has had an extraordinary career, a great contributor to Canberra.

DELANEY:

Andrew, thanks very much for your time today.

LEIGH:

Thanks so much, Leon.

MIL OSI News –

January 25, 2025

MIL-OSI Australia: Accolade’s proposed acquisition of Pernod Ricard’s BrandCo wine business not opposed

Source: Australian Competition and Consumer Commission

The ACCC will not oppose the proposed acquisition of Pernod Ricard Winemakers by Australian Wine HoldCo Limited, through its subsidiary Accolade.

Accolade’s acquisition relates to Pernod Ricard Winemakers’ BrandCo division, which owns and manages a portfolio of Australian, New Zealand and Spanish wines including Campo Viejo, St Hugo, Church Road, Stoneleigh, and Jacob’s Creek.

Accolade owns wine brands including Berri Estates, Grant Burge, Petaluma, Hardys and St Hallett.

“Based on our investigation, we consider the proposed acquisition is unlikely to substantially lessen competition in wine processing and packaging services, and similarly is unlikely to substantially impact competition in the wholesale supply of wine,” Dr Philip Williams said.

“We considered that if the acquisition went ahead, a number of other businesses will continue to offer competing processing services and also wine,” Dr Williams said.

Information and feedback gathered during the ACCC’s investigation also indicated that the acquisition is unlikely to substantially lessen competition in the market for the purchase of wine grapes.

“We found that the acquisition would not materially alter competition in grape acquisition markets where Accolade and Pernod Ricard currently overlap,” Dr Williams said.

Concerns relating to whether Accolade, following the acquisition, could disadvantage rival winemakers’ access to processing or packaging services were also examined by the ACCC.

The ACCC concluded that Accolade is unlikely to have the incentive or ability to engage in this conduct, and that even if such conduct occurred it would be unlikely to substantially lessen competition in the wholesale supply of wine.

The ACCC heard from a range of market participants, including grape growers, competing winemakers, wine retailers, and industry bodies during its investigation.

Notes to editors

In considering the proposed acquisition, the ACCC applies the legal test set out in section 50 of the Competition and Consumer Act.

In general terms, section 50 prohibits acquisitions that would have the effect, or be likely to have the effect, of substantially lessening competition in any market.

Background

Accolade

Australian Wine Holdco seeks to acquire Pernod Ricard Winemakers Pty Ltd, through its subsidiary Accolade Wines Australia Limited (Accolade).

Australian Wine Holdco Limited is owned by a consortium of institutional investors, led by Bain Capital Special Situations.

Accolade is one of the largest acquirers of wine grapes in South Australia. Accolade owns large wine brands including Berri Estates, Grant Burge, Petaluma, Hardys and St Hallett. It also owns wine processing and packaging facilities in South Australia.

Pernod Ricard

Pernod Ricard is an international wine and spirits producer and wholesaler that owns wine brands through its subsidiaries, including Pernod Ricard Winemakers in Australia.

Pernod Ricard Winemakers supplies prominent wine brands including Campo Viejo, St Hugo, Church Road, Stoneleigh, and Jacob’s Creek. Pernod Ricard also supplies wine processing and packaging services in South Australia.

Grape acquisition regions

In assessing this acquisition, the ACCC examined the regions in which both parties have historically acquired grapes in South Australia. This included warm climate regions such as the Riverland, Murray Valley, and Riverina as well as cool climate regions such as the Adelaide Hills, Barossa Valley, and Langhorne Creek.

MIL OSI News –

January 25, 2025

MIL-OSI Australia: More Government services under one roof on the Gold Coast

Source: Ministers for Social Services

25 October 2024

Joint with:

THE HON BILL SHORTEN MP
MINISTER FOR THE NATIONAL DISABILITY INSURANCE SCHEME
MINISTER FOR GOVERNMENT SERVICES

THE HON JULIAN HILL MP
ASSISTANT MINISTER FOR CITIZENSHIP AND MULTICULTURAL AFFAIRS

Government services are now more accessible for people on the Gold Coast, with citizenship testing now available at Services Australia’s Biggera Waters Service Centre.

Biggera Waters is the first citizenship testing site for the Gold Coast, and the first Services Australia service centre to deliver such large-scale testing – offering up to 100 tests a week.

The service is now available at 44 service centres across the country, with Services Australia delivering more than 2,800 tests every month.

Citizenship testing at the Biggera Waters Service Centre is a partnership between Services Australia and the Department of Home Affairs.

The test consists of 20 multiple choice questions to demonstrate an applicants’ knowledge of Australia, the English language, understanding of what it means to become an Australian citizen and their commitment to Australian values.

Biggera Waters Service Centre is located at 97-99 Brisbane Road Biggera Waters, and is open from 8:30am – 4:30pm, Monday to Friday.

The Department of Home Affairs allocates the date, time and place of appointments, which can be rescheduled through the Department online.

More information on citizenship testing can be found at the Department of Home Affairs website, and more information on Biggera Waters Service Centre can be found at the Services Australia website.

Quotes attributable to Minister for Government Services the Hon. Bill Shorten MP

“Bringing multiple services together under one roof is the kind of sensible approach to government services people expect, and we’re delivering on that.”

“Thanks to this fantastic partnership between Services Australia and the Department of Home Affairs, more than 2,800 citizenship tests are happening at Services Australia service centres nationally every month.”

“Before the Biggera Waters Service Centre offered citizenship testing, people living on the Gold Coast or Logan had to travel up the M1 to the Brisbane CBD, or to Tweed Heads, to sit a test.”

“Not only are we saving South East Queenslanders time, we’re ensuring they have easily accessible, face-to-face government services when they need it.”

“This is just one of the many ways we’re making face-to-face government services easier to access for all Australians.”

Quotes attributable to Assistant Minister for Citizenship and Multicultural Affairs, the Hon. Julian Hill MP

“Citizenship is the common legal bond that binds, protects and empowers Australians as a people.”

“Citizenship testing is an integral part of the Citizenship process, and this partnership with Services Australia makes it more accessible for people on the Gold Coast.”

“More than 150,000 people complete a Citizenship test nationally each year, with Services Australia facilitating almost 20 per cent of those tests last financial year.”

“These numbers demonstrate Services Australia’s critical role in the citizenship process, with thousands expected to benefit from this new service at Biggera Waters.”

MIL OSI News –

January 25, 2025

MIL-OSI Australia: Reduce crime – new laws introduced

Source: Australia – Northern Territory Government

25 October 2024

The Territory Government has introduced new laws to reduce crime and improve safety.

They include:

stronger bail laws
mandatory minimum sentences for assaulting workers
offences for ram raids and posting and boasting online
lowering the age of criminal responsibility from 12 to 10
additional powers to tackle nuisance public drinking and knife crime.

The laws aim to target people doing the wrong thing without negatively impacting everyday Territorians.

Reduced crime means improved safety, a better lifestyle and stronger economy for all Territorians and visitors.

What happens now

Now the bills have passed in the October parliamentary sittings, they will progress to the Administrator of the Northern Territory (NT) for assent. Once law, the following will commence:

new nuisance public drinking offence
the age of criminal responsibility is lowered to 10 (meaning youths are 10 to 17 year olds)
new ram raid offence
new posting and boasting offence
mandatory sentencing for assaulting workers
more police powers to detect knife crime.

The remaining changes to bail reform (Declan’s Law) will commence by January 2025. This allows adequate time for the necessary operational changes in the justice system and corrections.

Declan’s Law is named after Declan Laverty, who was killed on 19 March 2023, after being attacked while at work.

For more information on the crime reduction laws, go to the Chief Minister and Cabinet website.

MIL OSI News –

January 25, 2025

MIL-OSI Australia: Additional humanitarian assistance to Lebanon

Source: Australian Government – Minister of Foreign Affairs

Australia will provide a further $10 million in humanitarian assistance to conflict-affected civilians in Lebanon.

Around 800,000 people have been displaced in Lebanon by the conflict between Israel and Hizballah. Emergency shelters have been overwhelmed and humanitarian workers killed.

Australia’s humanitarian assistance will be delivered through United Nations partners to address immediate and emerging needs, including access to food, shelter, healthcare and other critical services.

This will support international efforts, including through the International Conference in Support of Lebanon’s People and Sovereignty, convened in Paris overnight.

Since 7 October 2023, we have committed $94.5 million in humanitarian assistance to support civilians impacted by conflicts in Gaza and Lebanon and to respond to the refugee crisis in the region worsened by those conflicts.

Australia has been clear in its call for ceasefires in both Lebanon and in Gaza. We continue to call for all parties to uphold international law and protect civilians and humanitarian workers.

We continue to advise Australians not to travel to Lebanon. Australians in Lebanon should leave. Australians in Lebanon can register on DFAT’s Crisis Portal or by calling the Australian Government’s 24-hour Consular Emergency Centre on +61 2 6261 3305.

Quotes attributable to Minister for Foreign Affairs, Senator the Hon Penny Wong:

“The conflict in Lebanon is taking a heavy toll on civilians, including women and children, with around 800,000 people having now been displaced.

“Australia and our partners continue to press for ceasefires in Lebanon and in Gaza. This additional contribution will help those in urgent need, through access to food, shelter and healthcare.”

Quotes attributable to Minister for International Development and The Pacific, the Hon Pat Conroy MP:

“Civilians and humanitarian workers must be protected, and humanitarian personnel must be able to access all individuals in need of assistance.”

“Australia’s humanitarian funding will provide critical services for people displaced or affected by these conflicts and help protect the most vulnerable.”

MIL OSI News –

January 25, 2025

MIL-Evening Report: At $300m, Jules Verne-inspired Nautilus is the most expensive Australian-made show. But Disney+ was right to dump it

Source: The Conversation (Au and NZ) – By Ari Mattes, Lecturer in Communications and Media, University of Notre Dame Australia

Stan

Investing in film and TV productions is a risky venture. Even the best directors and producers are just a flop away from ruining their careers.

So if a company owns the intellectual property to a popular material, or if that material enters the public domain, these companies – risk-averse entities, to be sure – will hastily retread their tyres for another lap of the track. This is partly why you’ll see well-worn stories from your childhood told over and over onscreen, even now.

But if the new version is too similar to the old, people will cynically roll their eyes. Enter Disney, which has perfected the strategy over the past few decades of retelling the same stories from different characters’ perspectives – a gambit that seems to strike people as inherently interesting.

Maleficent, for example, is Sleeping Beauty from the perspective of the evil queen. Although this kind of fairytale revisionism goes back to Angela Carter’s best-selling feminist fiction, Disney has, more than any other corporation, become an expert at co-opting social movements in pursuit of profits.

The latest revisionist work set to be distributed by Disney+ was Nautilus. The series filters the story of Jules Verne’s inimitable maritime adventure novel 20,000 Leagues Under the Sea through the lens of Captain Nemo, framed as a prequel to the original.

The fact that Disney+ dropped Nautilus before its release (it has been picked up by Prime in the UK and Ireland and Stan in Australia) immediately stoked my interest. This is particularly notable because, with a budget of A$300 million, it’s the most expensive series ever made in Australia (filmed mainly on the Gold Coast).

Alas, after restlessly sitting through all ten episodes, I understand Disney’s decision.

Diluting a powerful message

Where Verne’s novel (and to a lesser extent, the 1954 Disney live action film) effortlessly creates an authentic world, which is absolutely critical to the effectiveness of any fantasy work, Nautilus seems painfully contrived from its opening.

It’s the kind of show where all the British soldiers and East India Company men speak in toffee accents and spout horrifically ruthless commands between sips of tea.

The show is a $300 million wreck.
Stan

The Nautilus’ crew is made up of a miscellany of virtuous victims of the company (and thus of the British empire): a wealthy British woman being forced into an arranged marriage, an old Chinese worker, a Māori cook, a trader from Zanzibar and ex‑slave Indians.

The characters frequently pontificate about the value of freedom, the evils of slavery and the glory of the environment. In one particularly ludicrous scene early on, Nemo jumps onto a whale’s back to remove a harpoon.

In the novel, Nemo’s romantic alienation perfectly complements his maniacal drive, interspersed with Verne’s faux-scientific descriptions of the submarine, giant squid and other objects.

Similarly, here, Nemo is presented as being far from mercenary; hounded to the north seas by the British, he’s seeking treasure in order to bring the company down. But lead Shazad Latif’s delivery is monotonous and strained, as though even he doesn’t buy it.

British actor Shazad Latif’s performance as Captain Nemo is far from convincing.
Stan

The idea that this is some kind of “fresh” (read “politically correct”) re‑imagining of the world of the novel is strange in the first place, given the original story (although narrated by Professor Aronnax) is already closely anchored to Nemo’s point of view.

Verne clearly presents Nemo as a kind of eco-warrior responding to the brutalities of colonialism. If anything, the original message is diluted in this adaptation as it implies Nemo’s quest is mainly personal – that he simply wants vengeance for what the company did to his family – rather than political.

At the same time, I sense the creators are going for some kind of psychological realism by painfully spelling out that Nemo had bad things done to him by the British. But this didacticism causes the spirit of adventure to suffer, so we’re left with something both silly and not particularly exciting.

The British soldiers and company men speak in ridiculous accents.
Stan

A big fish isn’t always a good fish

The show’s production design and cinematography (some of the most important components in this kind of adventure epic) seem flat, too. The sets, though colourful, look decidedly artificial. The synthesis of CGI elements with filmed footage is far from smooth.

And the odd colour grade makes the characters’ skin look hyper-artificial. This was surely the intention, but why? It is distracting in every closeup.

Not to single out any particular department, every aspect of the production seems dialled in, including the score, which sounds like something hastily composed using AI software.

Of course, one could talk about the production’s benefits to the Australian industry, but this seems like a hapless argument if the work is no good. How many low-budget films could have been made with $300 million? 100? 150? Those would have also invested money in the industry, while developing local talent.

The impact of a big-budget production on local industries isn’t clear when the production in question isn’t very compelling.
Stan

Not camp enough, yet not careful enough

If it were camper, Nautilus could have acquired the cult value of a great cinematic fiasco such as Renny Harlin’s 1995 film Cutthroat Island. All the actors seem to be trying hard, and the writers clearly laboured away at the story.

Perhaps this is the problem. Like so many new commercial works, Nautilus tries so hard to please everyone it ends up pleasing no one. The wider the appeal, the greater the risk mitigation, apparently.

But given it actually tries to embed the story in a sense of history, its sins seem greater than mere televisual boredom for the viewer. The series presents a monolithic and simplistic image of the way colonialism and capitalism are intertwined.

At best, this is naïve – one could argue, “who cares, it’s just a silly fantasy series”. At worst, however, it is actively destructive of historical consciousness. And that’s not smooth sailing.

Ari Mattes 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. At $300m, Jules Verne-inspired Nautilus is the most expensive Australian-made show. But Disney+ was right to dump it – https://theconversation.com/at-300m-jules-verne-inspired-nautilus-is-the-most-expensive-australian-made-show-but-disney-was-right-to-dump-it-241583

MIL OSI Analysis – EveningReport.nz –

January 25, 2025

MIL-OSI Australia: UPDATE: Call for information – Hit and runs – Darwin

Source: Northern Territory Police and Fire Services

Northern Territory Police are continuing to call for information after suspicious hit and runs in Darwin yesterday morning.

Investigators from Serious Crime have confirmed the vehicle was a stolen Silver Toyota Corolla Hatchback with Northern Territory Registration “HARYANV”.

The vehicle was allegedly involved in 2 intentional hit and run incidents on McMinn Street and Illife Street, along with property offences in Woolner.

Police urge anyone with information on the vehicle, or who has dash cam or CCTV footage, to contact police and quote reference number P24293700.

Anonymous reports can also be made through Crime Stoppers on 1800 333 000 or via https://crimestoppersnt.com.au/.

MIL OSI News –

January 25, 2025

MIL-OSI Australia: Community thanks Broadford for a century of service

Source: Victoria Country Fire Authority

It was a weekend of festivities (Saturday, 19 October) for Broadford Fire Brigade and the broader community, as they were recognised for 100 years of service.

The start date for the brigade has been in question for some time, with 1934 being the one documented until Broadford’s amateur historian, Sally Wearmouth, did a great deal of ground work to discover the Broadford Bush Fire League was actually first formed on 8 January 1902, when a well-attended gathering of landholders took place at the State School to decide what could be done to prevent and control bushfires in the district.

It was discussed that the disposal of cigarette butts was the cause of many fires and great damage, as was the lack of diligence around campfires and education around fire breaks.

However, to align with changes in state legislation, the Broadford Bushfire Brigade was officially registered in 1934, led by Captain Constable John Pattison. Following this, the needs of the township evolved, and the Urban Brigade was registered in 1947 before the two merged in 1989.

Captain Luke Crampton said the evening featured the unveiling of the mounted historic bell that once topped the station tower, with members ringing it for the first time since it was removed.

“The event was part of our bi-annual awards dinner, but this year we surprised our members with a greater spectacle to acknowledge the 100-year milestone,” Luke said.

“It was a great night to come together and recognise over a century of service.”

With a current membership of 67, and 38 of those operational, the brigade provides a vital fire and emergency service to the Broadford community and surrounding district.

With near 30 years of CFA experience, with 12 at Broadford and seven months as Captain, Luke said the brigade has recently recruited and are presenting with a strong, young membership.

“Our Brigade Management Team are almost all under 50, with a few in their twenties,” Luke said.

“We’ve recently reinvigorated our juniors program, with 11 very keen youngsters coming through the ranks.

“We’re really looking forward to increasing the skills and our support to the community over the next number of years.”

In 1942 the brigade received a motorised firefighting unit purchased for 175 pounds that was housed at a local garage until land was acquired for 25 pounds for a fire station. An electric siren and bell were purchased from 1951, while the Ladies Auxiliary was formed in 1957.

Works began on the new fire station in 1958 with twin-engine bays, a meeting room and toilets. While the brigade moved to their new and current station on Hamilton Street in April 2019 which now sees a 3 Bay drive through motor room, turnout areas for women and men, a brigade office, amenities for those with a disability, a workshop, multi-purpose room and sheds.

Luke said the brigade has learned many lessons through their active response, including large truck fires, flood support, and their extensive involvement in the 2009 February bushfires.

“The Kinglake Complex Fire significantly impacted the southern edges of the township, with fire reaching into the residential areas neighbouring the Hume Freeway,” Luke said.

“We also provided operational members and Incident Management Team personnel interstate during the 2019/2020 Black Summer fire season.”

So far this year, the brigade has responded to over 170 incidents including structure fires, bushfires, fires and other explosions and motor vehicle accidents.

Luke said this year also saw the brigade proudly receive a Breathing Apparatus (BA) Support vehicle to better assist beyond their community in CFA’s District 12 and surrounding areas.

“We regularly support response in Kilmore, Glenaroua, Strath Creek- Reedy Creek, Tallarook, Clonbinane and elsewhere as required on top of our primary support area,” Luke said.

“Within our facilities we now have a BA Compressor Room and recharge station to charge the BA cylinders. We’ve all been quite excited about this addition and what it allows us to do.”

Submitted by	CFA media

MIL OSI News –

January 25, 2025

MIL-Evening Report: Wrongly convicted of a crime? Your ability to clear your name can come down to your postcode

Source: The Conversation (Au and NZ) – By Kylie Lingard, Senior lecturer, University of Wollongong

Shutterstock

If you’re found guilty of a crime, it’s a basic principle of Australian law that you have a right to appeal.

But having a right and being able to exercise it are two different things, especially when it comes to fresh evidence casting doubt on your conviction.

In Australia, your ability to challenge a conviction with fresh evidence depends on where you live, because each state and territory has different rules. Too often, it also depends on the resources someone can access, including money and knowledge of the legal system.

Everyone should have the same opportunities to clear their name, so how can we make accessing appeals more equitable?

State by state

Direct pathways to appeal differ between the states and territories.

In all postcodes, it’s difficult to get appeal courts to consider fresh evidence in the first instance.

South Australia, Tasmania, Victoria, Western Australia, Queensland and the ACT allow multiple appeal applications if “fresh and compelling” evidence emerges after your first appeal. Since 2013, six convictions have been quashed this way, including Henry Keogh’s in SA after the state coroner recanted trial evidence.

Tasmania and WA allow subsequent appeals only for serious offences, while SA has no such restriction.

New South Wales and the Northern Territory don’t allow subsequent appeals, so people there have less direct access to the courts if wrongly convicted.

There are, however, indirect ways people can seek an appeal with fresh evidence.

In all states, you can ask the government to refer your case back to an appeal court. For example, the Victorian Attorney-General referred Faruk Orman’s case after evidence emerged about his lawyer’s misconduct. Referral decisions are made in secret and not reviewable.

In the ACT, you can ask the Supreme Court for a judicial inquiry into your conviction. If you get an inquiry, the inquiry officer can refer your case back to the appeal court if they find reasonable doubt. This led to David Eastman’s conviction being quashed.

These inquiries are only available if the issue can’t be properly addressed in an appeal, for example because the time for filing an appeal has lapsed. But, the ACT introduced subsequent appeals in 2024 which have no time limit, so it is unclear whether this pathway is still usable.

In NSW, you can ask the government for an inquiry, but decisions are made in secret and open to political and media influence. This pathway led to Kathleen Folbigg’s acquittal.

You can also ask the NSW Supreme Court for an inquiry or direct referral of your case back to the appeal court. This path is available for all offences and sentences and decisions are public. Since 2014, 59 conviction review applications to the NSW Supreme Court have resulted in one inquiry order and six referrals, with three successful appeals.

The inquiry (currently underway) involves the Croatian Six, convicted in 1981 for conspiracy to bomb sites in Sydney. After many failed attempts, they finally secured an inquiry with fresh evidence casting doubt on police and witnesses’ trial evidence.

These different pathways across the country create an uneven playing field, where some wrongfully convicted people may have more opportunities to clear their name than others.

The right resources

Access to appeals doesn’t just depend on location. It’s also about resources.

To succeed in getting an appeal via any of the above pathways, you need the power to obtain documents and the resources to gather other evidence. You also need the ability to prepare a strong case. That’s before you even get to court.

Judicial inquiries have investigatory powers and resources, but are expensive. For example, the Eastman inquiry cost the ACT government $12 million.

The United Kingdom and New Zealand have independent bodies called Criminal Cases Review Commissions. Scotland has its own version.

These commissions have the power to compel evidence and resources to investigate claims of wrongful conviction at no cost to applicants. They also have the power to refer cases back to the courts. While these commissions don’t refer many cases overall, about 70% of of cases referred in the UK are successful on appeal.

But, even for commissions, a strong initial application is important. In the UK, the Cardiff University Innocence Project engages law students to investigate claims of innocence and prepare applications for claims with merit.

Canada and the United States don’t have criminal case review commissions. Innocence Projects there review claims of innocence and help prepare applications for government or court review.

This is similar to the work of the few innocence clinics in Australia, such as those at RMIT and Griffith universities.

Innocence initiatives around the world work with limited investigatory resources and powers compared with those of a review commission. In the absence of a such a commission in Australia, second appeals are useful, but they are expensive to run, hard to access and don’t address the resource issue.

The free NSW Supreme Court pathway doesn’t address the resource issue either. But it can lead to an inquiry or referral, is open and accountable, and comes with guiding criteria and discretion to make short shrift of baseless applications.

My research suggests free pathways to appeal are important justice mechanisms for the wrongly convicted, but they work best when applicants have legal help to prepare a clear and concise application. Involving law students to help edit applications could make it easier for decision-makers to review cases and help applicants without lawyers get a fairer chance to be heard.

Kylie Lingard 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. Wrongly convicted of a crime? Your ability to clear your name can come down to your postcode – https://theconversation.com/wrongly-convicted-of-a-crime-your-ability-to-clear-your-name-can-come-down-to-your-postcode-240310

MIL OSI Analysis – EveningReport.nz –

January 25, 2025

MIL-OSI Australia: Cranbourne estate agent facing VCAT over alleged failure to audit trust accounts

Source: Government of Victoria 2

A Cranbourne estate agent is facing disciplinary action for failing to have his company’s trust accounts audited for 4 years.

We allege that Carmelo Sottile, 50, the principal agent at Builders Property Direct, was repeatedly reminded and sent follow-ups to have the agency accounts annually audited for the period of 2020 to 2023.

We’re further arguing that in allegedly failing to comply with their obligations, Sotille:

failed to act fairly and honestly at all times
engaged in conduct that was unprofessional or detrimental to the industry’s interests and reputation.

The matter is one of several similar legal actions we are pursuing to crack down on trust account audit failures.

Trust account audits are not only an administrative requirement, but a key responsibility for agents to meet their legal obligations. Failing to lodge a trust account audit report can be a sign of potential deeper problems. We treat breaches seriously and will take appropriate action.

The matter is listed for an administrative mention at VCAT on 29 October.

MIL OSI News –

January 25, 2025

MIL-OSI Submissions: Australia – All energy, no waste showcased at MCEC

Source: Melbourne Convention and Exhibition Centre (MCEC)

25 October 2024 – Melbourne Convention and Exhibition Centre (MCEC) was proud to host the Waste Expo and All-Energy Australia conference this week, showcasing the latest innovations in waste reduction and renewable energy, aligning with MCEC’s industry-leading sustainability practices.

MCEC Sustainability Manager, Kristen Gillespie said as a hub for collaboration and innovation, MCEC provides the perfect platform for progressive discussions and solutions to address pressing environmental challenges.

“We’re proud to host both the Waste Expo and All-Energy conference under one roof, highlighting the synergy between these important industries to create a brighter future for us all.”

The Waste Expo brought together the brightest minds in waste management and resource recovery to shape a cleaner, greener future.

During the expo, MCEC operated a Zero Waste Café, which featured 33% plant-based items, no plastic packaging and 100% reusable cutlery, crockery and glassware. Any leftover items were donated to food rescue organisation, OzHarvest.

To coincide with the expo and Sustainability Day, Goldfields Cafe served locally roasted speciality coffee, hot chocolate and certified organic and fair-trade tea, in edible cups, made from locally sourced oats and grains.

“The Waste Expo was the perfect opportunity to highlight the innovative solutions we’ve developed to reduce our impact on the environment, and challenge the industry to deliver greener events,” Kristen said.

At the All-Energy Australia conference, important discussions on renewable energy, energy management and sustainability took place.

A fully recyclable cardboard trade show stand, designed by Enphase and Opal, which is a leading sustainable packaging manufacturer, was unveiled. The stand featured a cardboard life-size house and is 100% recyclable, eliminating over 80% of waste that traditional expo stands generate.

“Our partnership with Opal represents one more way that Enphase supports and leads sustainable innovation. Enphase is transforming exhibitions and setting a new standard for environmental responsibility across industries,” said Patrick Matweew, General Manager at Enphase Energy ANZP.

“This life-size cardboard house shows what’s possible when innovation and sustainability join forces. It’s more than just reducing waste, it’s about creating a practical, reusable structure that can serve as a model for future events,” said Chris Daly, Executive General Manager Packaging at Opal.

“We’re excited to host such a forward-thinking project. This recyclable cardboard stand supports our own industry-leading sustainability practices, and we hope it will inspire others to think creatively about reducing their environmental impact,” Kristen added.

MCEC strives to be leaders in sustainability and we seek out everyday and innovative ways to be kind to the environment and our city.

Our Sustainability Strategy is underpinned by the principles of a low-carbon, circular economy that looks to reduce waste, mitigate and adapt to climate change and have a positive social impact.

In addition, MCEC’s Positive Impact Guide contains tips and resources to empower our customers to deliver more sustainable events. From sustainable event switches to First Nations engagement to accessible and inclusive events, explore ways to infuse positive impact into your events here: https://www.mcec.com.au/our-impact/positive-impact-guide

ABOUT MCEC
At Melbourne Convention and Exhibition Centre (MCEC), visionary ideas come to life, and the world’s thought leaders gather. The iconic venue hosts dynamic exhibitions, conferences, galas, and concerts—everyone who visits leaves inspired and excited.

MCEC loves all communities and interests, creating a space where everyone feels welcome. Blending trendy eats, sustainability, and cutting-edge tech, it creates mind-blowing, globally recognised events.

Thanks to its progressive sustainability practices, choosing MCEC means making a positive environmental impact. Feel Melbourne’s vibe, discover the next big thing, and be part of the conversation that shapes the future.

Acknowledgement of Country

Built on the banks of the Birrarung (Yarra River), Melbourne Convention and Exhibition Centre (MCEC) Acknowledges the Traditional Owners of Narrm, the Wurundjeri Woi Wurrung people of the Kulin Nation. We pay our respects to their Elders past and present, and to Elders of all First Nations communities that visit MCEC. We recognise the ongoing significance of the Birrarung to Traditional Owners as a life source and a meeting place for millennia and seek to honour this long-standing tradition of building community and exchanging ideas on these lands.

MIL OSI – Submitted News –

January 25, 2025

MIL-OSI Australia: Minns Labor Government passes most significant rental reforms in a decade

Source: New South Wales Ministerial News

Published: 25 October 2024

Released by: The Premier, Minister for Better Regulation and Fair Trading, Minister for Homelessness

The Minns Labor Government has passed the most significant rental reforms in over a decade in the NSW Parliament.

This historic legislative package follows through on Labor’s election commitment to improve rental laws and strikes the right balance between the interests of owners and renters.

These reforms will mean that more than 2.2 million renters across the state will soon enjoy the following benefits:

No grounds evictions will be banned;
Rent increases will now be limited to only one per year;
It will be easier to have pets in rentals;
Fee-free ways to pay rent; and
A ban on paying for background checks when applying for a property.

The banning of no grounds evictions will ensure housing security for renters, allowing them to make a house a home. The reforms will also give landlords more clarity on when they can end a fixed term or periodic lease based on clear, straightforward reasons.

Previous protections against multiple rent hikes did not apply to fixed term leases of less than two years, or when there is a change in the type of lease, such as from periodic to fixed term, so this new legislation now closes those legal loopholes.

The changes to make it easier to have pets in rentals will mean a tenant can apply to keep a pet, with landlords only able to decline on certain grounds.

Tenants will now have easy and free ways to pay their rent by requiring property owners and agents to offer zero-fee ways to pay such as bank transfer and Commonwealth Centrepay.

The new laws protecting renters from having to pay for background checks and limiting rent rises to one per year will take immediate effect upon the Bill’s assent.

The ban on no ground evictions and the rules making it easier to have pets in rentals will come into effect once the Residential Tenancies Regulation 2019 has been amended in early 2025.

The passing of these laws follows extensive and detailed discussions with renter advocates, industry stakeholders and tenancy experts, as well as a ‘Have Your Say’ public consultation process which received more than 16,000 submissions and survey responses.

The Residential Tenancies Amendment Bill 2024 also complements key initiatives already announced to rebalance the rental marketplace:

Portable bond scheme – Investing $6.6 million to develop and deliver the nation’s first Portable Rental Bonds Scheme. This means eligible renters can move homes and digitally transfer their existing bond with them.
Establishing Rent Check – A new, free tool renters can use to help check whether the rent they’re being asked to pay is fair.
Rental Taskforce within NSW Fair Trading – The Government will invest $8.4 million for a taskforce with investigators, inspectors and support teams to help renters and act on serious breaches of rental laws.

Premier Chris Minns said:

“Renters have been the forgotten people in NSW for too long, and that ends now.

“We have delivered major changes that make it fairer for the millions of renters across our state.

“Millions of people rent in NSW, and we know how anxious and challenging it can be.

“This brings the rental market into the 21st century.

“These are sensible reforms to get the balance right for renters and owners.

“Housing is the biggest cost people have, and renters are now getting a fairer deal.”

Minister for Better Regulation and Fair Trading Anoulack Chanthivong said:

“These landmark reforms are a huge leap forward and will create a fairer and more affordable rental system for the 2.2 million renters in this state.

“By limiting rent increases to only one a year, banning no grounds evictions, making it easier to have pets in rentals, and ensuring people can pay their rent without hidden fees, these historic reforms will make it easier for renters in NSW.

“We want a thriving rental market in NSW where landlords have certainty and tenants have security, and these reforms do just that.”

Minister for Homelessness Rose Jackson said:

“Renters deserve a fair go. We know how hard it can be for young people and families who are facing consecutive rent increases, unfair evictions and hidden fees.

“Today we are taking historic steps to ban unfair “no-grounds evictions”, ending hidden fees and allowing pets in rentals.

“We inherited a rental crisis and a housing crisis and since day one we’ve been committed to making renting fairer and more secure.

“This is a huge win for renters in our state – it was an election commitment and today we are making the system fairer and more compassionate for all.”

NSW Rental Commissioner Trina Jones said:

“The current rental market in NSW is the toughest that renters have seen for decades, with historically low vacancy rates, and median rent prices for houses increasing by around 7 per cent over the last 12 months.

“These reforms will provide tenants with practical and meaningful support, which will help ease the insecurity and vulnerability of renting in challenging city and regional rental markets.”

MIL OSI News –

January 25, 2025

MIL-OSI Australia: Liberals back profiteering private insurers over public hospitals

Source: New South Wales Ministerial News

Published: 25 October 2024

Released by: Treasurer, Minister for Health

The NSW Government has passed legislation addressing the refusal of private insurers to pay their bills in public hospitals.

The refusal of the country’s biggest private health funds to pay the correct single room rate has been robbing public hospitals of $140 million each year.

The bill passed the Legislative Council 21 to 17 with the support of the Greens, the Shooters, Fishers and Farmers, the Animal Justice Party and the Legalise Cannabis Party.

In the Legislative Assembly it passed 50 to 31 with the backing of six of the eight independents who voted, and the Greens.

The result means the Leader of the Opposition led a vote against the very same legislation he backed a decade ago.

In 2013, Liberal Leader Mark Speakman supported then-Treasurer Mike Baird’s bill to amend the Health Insurance Levy.

This achieved an agreement from the private insurers to pay their fair share.

However in 2019 the major funds began walking away from that agreement, and since then have doubled their profits.

Mr Baird’s 2013 legislation was supported by NSW Labor in a united effort to ensure the big private health insurers paid their bills.

But the Liberal Party’s opposition signals that under Mr Speakman’s leadership, private insurers can walk away from their bills with no recourse.

The Opposition Leader, the Shadow Treasurer and the Member for Vaucluse must explain why they believe wealthy private insurers don’t have to play by the same rules as hard-working families across NSW and pay their bills.

The NSW Government remains open to dialogue with major insurers to resolve the issue.

The Government applauds the majority of non-profit private health funds, including Teachers Health, Nurses and Midwives Health and Emergency Service Health, who continue to pay the correct rate.

Treasurer Daniel Mookhey said:

“Mike Baird was right in 2013 when he demanded insurers pay their fair share and a decade later, we are right to reinforce that agreement.

“Premiums didn’t go down when the big insurers stopped paying their bills. They shouldn’t threaten families with an increase now. The big insurers can still resolve this impasse by simply paying their bills.

“The Government thanks those on the cross benches in both houses who supported this bill.”

Minister for Health Ryan Park said:

“All we’re asking is that private health insurers pay their fair share of their use of public hospital beds.

“Every day they don’t, it’s costing the state over $338,000 – every single day.

“It is so emblematic of the current Liberal Opposition that they refuse to support the very same bill they proposed when they were confronted with this very same set of circumstances.

“It is so symptomatic of this Liberal Opposition which no longer knows what it stands for, completely devoid of conviction.”

MIL OSI News –

January 25, 2025

MIL-OSI Australia: New early intervention service to support Aboriginal victim-survivors of family violence and their children

Source: New South Wales Ministerial News

Preventing and eliminating domestic and family violence is a priority for the NSW Government.

Evidence shows that early intervention can improve the lives of children and young people, including those who have experienced family violence, building resilience as they recover.

Funded with $13 million under the National Partnership Agreement with the Commonwealth Government, Safe and Strong uses a dual model of early intervention support for both victim-survivors and their children who are experiencing, or at risk of experiencing, family violence.

Service providers will deliver specialist early supports such as counselling, family capacity building, and supported playgroups.

Case workers will help families to identify early indicators of violence in their homes, and deliver therapeutic, trauma-informed and culturally safe support focusing on the needs and experiences of victim-survivors and their children.

There are 11 Aboriginal Community Controlled Organisations (ACCOs) that will deliver Safe and Strong in 10 priority locations across NSW, and service delivery will commence in the remaining 22 priority locations in early 2025.

ACCOs are best placed to understand community need and deliver services to achieve better results for Aboriginal and Torres Strait Islander families and their children, and have been prioritised to deliver this service.

Aboriginal-led, trauma-informed and culturally safe strategies recognise the importance of culture, connection to Country and the role of men’s and women’s business in responding to and healing from family violence.

Locations for delivery of Safe and Strong were selected using domestic violence crime and child protection data, to identify areas of the highest need.

Safe and Strong demonstrates the NSW government’s ongoing commitment to addressing family violence within our communities and aligns with the objectives of the NSW Domestic and Family Violence Plan 2022-2027.

The early intervention service complements the range of domestic and family violence supports already in place in NSW, including the Specialist Workers for Children and Young People program, Staying Home Leaving Violence and Women’s Domestic Violence Court Advocacy Services.

This project is funded for 12 months and will be independently evaluated to measure its impact and effectiveness.

The NSW Government has committed $245.6 million in the 2024-25 Budget to improve support for domestic and family violence victim-survivors and expand programs that reduce the rate of violence, including in early intervention and primary prevention.

Federal Minister for Social Services Amanda Rishworth said:

“To achieve our goal of ending gender-based violence in one generation, we need to provide genuine support for our young men and boys now.

“That’s why the Albanese Labor Government has worked to elevate the voices of children in the National Plan to End Violence against Women and Children.

“We have invested $3.4 billion to deliver the National Plan over the past 3 budgets and a further $4.4 billion to harness opportunities to prevent violence and support legal services as announced at the 6 September National Cabinet meeting on gender-based violence. This includes work that will have a specific focus on supporting First Nations children and young people.

“Our Government is proud to invest in supports that will lead to long-term change and provide meaningful support to young men and boys to help them break the cycle of violence, as well as support victim-survivors.”

NSW Minister for Families and Communities Kate Washington said:

“Domestic and family violence can tear families apart; and the impact on children and young people can be lifelong.

“Many children who enter the child protection system have come from houses of violence and carry that trauma with them.

“The Safe and Strong program is designed to stop the cycle of abuse by identifying families at risk and offering timely support so more Aboriginal children can stay safely with their families.”

NSW Minister for Aboriginal Affairs and Treaty David Harris said:

“It is critical that we respond to the impacts of domestic and family violence on Aboriginal people.

“Early intervention is an important strategy and the services to help Aboriginal people and communities, including children, will be developed and delivered by and with Aboriginal people.

“We know the best way to close the gap is by Aboriginal people shaping and driving outcomes for Aboriginal people, in partnership with the NSW Government.”

NSW Minister for the Prevention of Domestic Violence and Sexual Assault Jodie Harrison said:

“The NSW Government is committed to keeping families safe from the harm and horror of domestic and family violence.

“To make sure our action in this space is meaningful and sustainable, we must address domestic and family violence from every angle – this includes genuine preventative and early intervention action.

“It’s important to treat children and young people as victim-survivors in their own right and ensure that child-focused early support is provided.

“Through Safe and Strong, we are making sure that victim survivors of domestic and family violence and their children have the support they need to recover, heal and rebuild their lives.

Dhungutti woman Ashlee Donohue CEO of Mudgin-Gal Aboriginal Women’s Centres said:

“Mudgin-Gal means ‘Women’s Place’, which reflects our mission to provide a safe space for Aboriginal women and families.

“We are committed to preventing domestic and family violence in our communities through the Safe and Strong program.

“Using a family approach through early intervention, we will continue to deliver culturally safe and trauma-informed support services to families.

“By identifying early indicators of violence, we can support families who are at risk of family violence and stop the violence before it starts.”

Support Services

If you or someone you know are in immediate danger, call the Police on Triple Zero / 000.

For confidential advice, support, and referrals, contact 1800 RESPECT or 13 YARN on 13 92 76.

MIL OSI News –

January 25, 2025

MIL-OSI Australia: NSW Grandparents Day perfect time to celebrate family

Source: New South Wales Ministerial News

Published: 25 October 2024

Released by: Minister for Seniors

This Sunday 27 October is NSW Grandparents Day – a day for families to come together to celebrate grandparents and those who play grandparent roles in our lives.

NSW Grandparents Day has been an initiative under the NSW Ageing Strategy since 2011 and is celebrated on the last Sunday of October.

Whether they’re nan and pop, grandad and grandma, nonna and nonno or mama and papa or simply a grand-friend, NSW Grandparents Day is an occasion to enjoy family fun, whether that’s a picnic, a trip to the park or simply reading a book together.

The NSW Government provides over $50,000 in funding to local libraries to deliver activities to help the community celebrate Grandparents Day this Friday through the weekend. Events include special storytime, digital programs and even musical performances. This year, 105 libraries across NSW will be running events for the whole family.

For more information and ways to celebrate, visit https://www.nsw.gov.au/family-and-relationships/grandparents-day/story-time-library-resources

Minister for Seniors Jodie Harrison said:

“NSW Grandparents Day recognises the diversity of grandparent relationships and the roles of older people in our community.

“It’s important to celebrate the contributions grandparents make to their families and communities.

“The bond between grandparents and grandchildren is special and should be celebrated year-round, but having a special day to recognise that connection and do an activity together is a great way of acknowledging their special and meaningful contributions to family and the community.

“If you can’t make it to a library for storytime, there are still plenty of other ways to thank grandparents such as having a morning tea together, sending them a hand-drawn card, or by calling them on the phone.”

MIL OSI News –

January 25, 2025

MIL-OSI Australia: Millions invested to roll out industry-led road safety projects

Source: Australian Ministers 1

The Albanese Government and National Heavy Vehicle Regulator (NHVR) are taking further action to reduce road trauma and save lives on Australia’s roads by funding 16 crucial industry-led projects through Round 9 of the Heavy Vehicle Safety Initiative (HVSI).

The ninth round will see $3.9 million invested into the 16 road safety projects to deliver safety improvements across Australia’s heavy vehicle industry and help protect all road users. Successful applicants include:

Deakin University’s Truckwise Roadshow which aims to increase awareness of safety practises when working with heavy vehicles through the use of virtual reality.
St John Ambulance’s Defibs in Trucks Program which will equip 50 heavy vehicles with new, high quality Automated External Defibrillators (AED’s) and provide First Aid training to drivers to reduce deaths in regional, rural, and remote communities.
GM Cartage and Contracting’s Accelerating Ambitions Program which aims to increase awareness among young drivers of career opportunities within the trucking industry and provide innovative solutions to increase diversity in the industry.

The new initiatives are set to provide tangible improvements for the transport and logistics sector, supporting productivity, and making the road network safer by developing much-needed training, educational campaigns and innovative new technologies.

The Australian Government has invested more than $41 million across 169 HVSI projects since the program commenced in 2016. A list of successful applicants and more information about the HVSI is available here.

Quotes attributable to Assistant Minister for Regional Development, Anthony Chisholm:

“The trucking industry is the backbone of our nation’s economy and that’s why our government is continuing to invest in road safety programs that will keep truckies safe and keep Australia’s economy moving.

“These 16 successful projects provide solutions to challenges that we’re currently seeing throughout the industry, such as removing barriers for young people entering the sector, increasing awareness of how to drive safely around heavy vehicles and boosting safety within the industry itself.

“This includes the excellent initiative by St John Ambulance to equip 50 trucks with new, high-quality Automated External Defibrillators, and training truck drivers to provide first aid, reducing roadside deaths in regional, rural, and remote communities in the process.”

Quotes attributable to NHVR CEO, Sal Petroccitto OAM:

“The NHVR’s HVSI program continues to support safety initiatives that benefit the heavy vehicle industry and the wider community.

“Through this game-changing program, we have seen projects across the country deliver lasting and transformative results.

“We look forward to continuing to engage with safety-focused groups towards a shared goal of safer roads for all – and utilise their extensive knowledge and existing work to deliver future improvements to heavy vehicle safety.

“There is still plenty of work to do to reduce road trauma in Australia, which is why I am looking forward to seeing these 16 new initiatives get underway, and the positive impact they are sure to have on heavy vehicle safety right across the country.”

MIL OSI News –

January 25, 2025

MIL-OSI Asia-Pac: Hongkong Post unveils new stamp issues for January to June 2025

Source: Hong Kong Government special administrative region

Hongkong Post unveils new stamp issues for January to June 2025
Hongkong Post unveils new stamp issues for January to June 2025
***************************************************************

Hongkong Post announced today (October 25) that a set of Hong Kong Definitive Stamps and five sets of special stamps on various themes will be issued from January to June 2025. Each stamp issue features its own ingenious design and distinctive style, making the stamps valuable collectables for philatelists and the public. To demonstrate the uniqueness and charm of Hong Kong as an international financial hub and an East-meets-West centre for international cultural exchange, Hongkong Post will issue a new set of definitive stamps themed “Hong Kong Landmarks” to introduce the city’s famous landmarks through a set of 16 stamps. The stamps showcase the stunning landscapes of Hong Kong and depict the city’s conservation achievements and important infrastructure developments. The new definitive stamps will be available in a full range of denominations, providing the public with convenience in combining the stamps for daily use when posting mail items. To support green initiatives and waste reduction, after the issue of the new definitive stamps, the 2014 Hong Kong Definitive Stamps themed “Hong Kong Global Geopark of China” will continue to be on sale while stocks last. To celebrate the Year of the Snake in 2025, Hongkong Post will release the second issue of the fifth Lunar New Year special stamp series. A set of four stamps and two stamp sheetlets feature various depictions of the Snake adorned with traditional Lunar New Year elements. The background is enhanced with festive colours and light gold plants, creating an atmosphere of celebration for the Year of the Snake. The $50 stamp sheetlet is a laser-cut paper art stamp sheetlet. The motif on the stamp sheetlet is laser-cut to create a delicate silhouette of a snake. The intricate design, combined with exquisite production techniques, makes this stamp sheetlet a perfect collectible for the Year of the Snake. In addition, Hongkong Post will also present the Lunar New Year Gold and Silver Stamp Sheetlet – Dragon/Snake at the same time, wishing everyone a blessed year ahead.This stamp sheetlet is the first issue in the third Lunar New Year Gold and Silver stamp issue series. The dragon and snake on the stamps are lavishly finished in silver foil and 22-carat gold foil respectively, adding to the festive ambience of the Lunar New Year. In addition, China Post, Hongkong Post and Macao Post and Telecommunications will jointly issue the “Year of the Snake” Joint Souvenir Pack. The Joint Souvenir Pack contains the souvenir sheet jointly issued by the three postal administrations, demonstrating that the three places share the same roots and cultural lineage. Relevant details and sales arrangements will be announced in due course. Public architecture is closely related to the daily lives of the people. With the completion of new public buildings one after another, it has witnessed the glorious history of the establishment and development of the Hong Kong Special Administrative Region while telling a living story to generations. Following the “Public Architecture in Hong Kong” special stamps issued in 2016, Hongkong Post will present a set of six stamps themed “Public Architecture in Hong Kong II”, featuring six distinctive public buildings. The Fuyun Xuan Collection is a private collection of Chinese snuff bottles established by late local collector Mr Christopher Sin. His wife, Mrs Josephine Sin, has donated 490 sets of snuff bottles to the Hong Kong Museum of Art, making these cultural gems accessible to a wider public. The small and delicate snuff bottles cover a wide range of craftsmanship, serving as miniature embodiments of Chinese art and craft history. Hongkong Post will release a set of six stamps and two stamp sheetlets themed “Hong Kong Museums Collection – Fuyun Xuan Collection of Chinese Snuff Bottles” to showcase some representative Chinese snuff bottles from the Fuyun Xuan Collection that manifest the exquisite craftsmanship and creativity of Chinese artisans despite their small size. Victoria Harbour is a world-famous natural harbour recognised as an icon of Hong Kong. Hongkong Post will issue a set of four stamps and a stamp sheetlet themed “Victoria Harbour Promenades”, which showcase enchanting views of Victoria Harbour by day and night, and highlight the achievements in harbourfront enhancement and public enjoyment of the harbourfront space, thereby deepening public appreciation for the Victoria Harbour Promenades. To enhance youth participation, the photo on the $10 stamp sheetlet was taken from the winning entry of the Student Group·Photo·Camera in the Victoria Harbourfront Photo and Short Video Competition. Inscribed on the first Representative List of the Intangible Cultural Heritage of Hong Kong in 2017, paper crafting technique is a folk art with a long history that embodies the history and culture of different ethnic groups and carries significant social and cultural values. Hongkong Post will launch a special stamp issue on “Intangible Cultural Heritage – Paper Crafting Technique” to promote this intangible cultural heritage of Hong Kong, in the hope that this traditional folk art can be passed down through generations. Customers may place advance orders for the above new stamp products from today on Hongkong Post’s online shopping mall ShopThruPost (shopthrupost.hongkongpost.hk). Customers may also visit the Facebook page “郵票．郵趣@Hongkong Post Stamps” (www.facebook.com/HKPStamps) for more details. Customers who place orders by November 11 (Monday) will receive attractive gifts and bonus points. Further information about placing orders can be obtained from the Hongkong Post Stamps website or by calling the Hongkong Post Philatelic Bureau hotline at 2785 5711.

Ends/Friday, October 25, 2024Issued at HKT 9:00

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MIL OSI Asia Pacific News –

January 25, 2025

MIL-Evening Report: Prabowo takes power as Indonesian military set up new battalions – what now for West Papuans?

ANALYSIS: By Ali Mirin

In the lead up to the inauguration of President Prabowo Subianto last Sunday, Indonesia established five “Vulnerable Area Buffer Infantry Battalions” in key regions across West Papua — a move described by Indonesian Army Chief-of-Staff Maruli Simanjuntak as a “strategic initiative” by the new leader.

The battalions are based in the Keerom, Sarmi, Boven Digoel, Merauke and Sorong regencies, and their aim is to “enhance security” in Papua, and also to strengthen Indonesia’s military presence in response to long-standing unrest and conflict, partly related to independence movements and local resistance.

According to Armed Forces chief General Agus Subiyanto, “the main goal of the new battalions is to assist the government in accelerating development and improving the prosperity of the Papuan people”.

However, this raises concerns about further militarisation and repression of a region already plagued by long-running violence and human rights abuses in the context of the movement for a free and independent West Papua.

Thousands of Indonesian soldiers have been stationed in areas impacted by violence, including Star Mountain, Nduga, Yahukimo, Maybrat, Intan Jaya, Puncak and Puncak Jaya.

As a result, the situation in West Papua is becoming increasingly difficult for indigenous people.

Extrajudicial killings in Papua go unreported or are only vaguely known about internationally. Those who are aware of these either disregard them or accept them as an “unavoidable consequence” of civil unrest in what Indonesia refers to as its most eastern provinces — the “troubled regions”.

Why do the United Nations, Pacific Islands Forum (PIF) and the international community stay silent?

While the Indonesian government frames this move as a strategy to enhance security and promote development, it risks exacerbating long-standing tensions in a region with deep-seated conflicts over autonomy and independence and the impacts of extractive industries and agribusiness on West Papuan people and their environment.

Exploitative land theft
The Centre for Climate Crime and Climate Justice, in collaboration with various international and Indonesian human and environmental rights organisations, presented testimony at the public hearings of the Permanent Peoples’ Tribunal (PPT) at Queen Mary University of London, in June.

The tribunal heard testimonies relating to a range of violations by Indonesia. A key issue, highlighted was the theft of indigenous Papuan land by the Indonesian government and foreign corporations in connection to extractive industries such as mining, logging and palm oil plantations.

The appropriation of traditional lands without the consent of the Papuan people violates their right to land and self-determination, leading to environmental degradation, loss of livelihood, and displacement of Indigenous communities.

The tribunal’s judgment underscores how the influx of non-Papuan settlers and the Indonesian government’s policies have led to the marginalisation of Papuan culture and identity. The demographic shift due to transmigration programmes has significantly reduced the proportion of Indigenous Papuans in their own land.

Moreover, a rise in militarisation in West Papua has often led to heightened repression, with potential human rights violations, forced displacement and further marginalisation of the indigenous communities.

The decision to station additional military forces in West Papua, especially in conflict-prone areas like Nduga, Yahukimo and Intan Jaya, reflects a continuation of Indonesia’s militarised approach to governance in the region.

Indonesian security forces . . . “the main goal of the new battalions is to assist the government in accelerating development and improving the prosperity of the Papuan people,” says Armed Forces chief General Agus Subiyanto. Image: Antara

Security pact
The Indonesia-Papua New Guinea Defence Cooperation Agreement (DCA) was signed by the two countries in 2010 but only came into effect this year after the PNG Parliament ratified it in late February.

Indonesia ratified the pact in 2012.

As reported by Asia Pacific Report, PNG’s Foreign Minister Justin Tkatchenko and Indonesia’s ambassador to PNG, Andriana Supandy, said the DCA enabled an enhancement of military operations between the two countries, with a specific focus on strengthening patrols along the PNG-West Papua border.

This will have a significant impact on civilian communities in the areas of conflict and along the border. Indigenous people in particular, are facing the threat of military takeovers of their lands and traditional border lines.

Under the DCA, the joint militaries plan to employ technology, including military drones, to monitor and manage local residents’ every move along the border.

Human rights
Prabowo, Defence Minister prior to being elected President, has a controversial track record on human rights — especially in the 1990s, during Indonesia’s occupation of East Timor.

His involvement in military operations in West Papua adds to fears that the new battalions may be used for oppressive measures, including crackdowns on dissent and pro-independence movements.

As indigenous communities continue to be marginalised, their calls for self-determination and independence may grow louder, risking further conflict in the region.

Without substantial changes in the Indonesian government’s approach to West Papua, including addressing human rights abuses and engaging in meaningful dialogue with indigenous leaders, the future of West Papuans remains uncertain and fraught with challenges.

With ongoing military operations often accused of targeting indigenous populations, the likelihood of further human rights violations, such as extrajudicial killings, arbitrary detentions, and forced displacement, remains high.

Displacement
Military operations in West Papua frequently result in the displacement of indigenous Papuans, as they flee conflict zones.

The presence of more battalions could drive more communities from their homes, deepening the humanitarian crisis in the region. Indigenous peoples, who rely on their land for survival, face disruption of their traditional livelihoods and rising poverty.

The Indonesian government launched the Damai Cartenz military operation on April 5, 2018, and it is still in place in the conflict zones of Yahukimo, Pegunungan Bintang, Nduga and Intan Jaya.

Since then, according to a September 24 Human Rights Monitor update, more than 79,867 West Papuans remain internally displaced.

The displacement, killings, shootings, abuses, tortures and deaths are merely the tip of the iceberg of what truly occurs within the tightly-controlled military operational zones across West Papua, according to Benny Wenda, a UK-based leader of the United Liberation Movement of West Papua (ULMWP).

The international community, particularly the United Nations and the Pacific Islands Forum have been criticised for remaining largely silent on the matter. Responding to the August 31 PIF communique reaffirming its 2019 call for the UN High Commissioner for Human Rights visit to West Papua, Wenda said:

“[N]ow is the time for Indonesia to finally let the world see what is happening in our land. They cannot hide their dirty secret any longer.”

Increased global attention and intervention is crucial in addressing the humanitarian crisis, preventing further escalations and supporting the rights and well-being of the West Papuans.

Without meaningful dialogue, the long-term consequences for the indigenous population may be severe, risking further violence and unrest in the region.

As Prabowo was sworn in, Wenda restated the ULMWP’s demand for an internationally-mediated referendum on independence, saying: “The continued violation of our self-determination is the root cause of the West Papua conflict.”

Ali Mirin is a West Papuan academic from the Kimyal tribe of the highlands bordering the Star Mountain region of Papua New Guinea. He is a contributor to Asia Pacific Report and Green Left in Australia.

MIL OSI Analysis – EveningReport.nz –

January 25, 2025

MIL-OSI Australia: Operation Eclipse Pooraka raid

Source: South Australia Police

Police have raided the suspected safehouse of one of the major syndicates involved in the sale of illicit tobacco in South Australia.

Operation Eclipse detectives converged on the Pooraka premises yesterday (Thursday 24 October) and discovered illicit tobacco including imported loose tobacco and more than 200 large boxes of imported cigarette cartons.

Besides the huge quantity of cigarettes, initial estimate indicates street value of up to $1M, detectives also found more than $10K US currency and $10K AUD currency concealed in walls of the premises.

A commercial cash counter was also found at the premises.

Operation Eclipse tactical commander Detective Chief Inspector Brett Featherby said police suspected the premises was one of several in the metropolitan area being used by the organised crime syndicates to facilitate their illegal activities.

He appealed to the neighbours of any industrial properties and warehouses who had noticed increased movements of vehicles or light trucks in recent months to contact police.

Similarly, any landlord who may have recently rented such a premises to any individual they may have suspicions around to contact police.

“We are aware that illicit tobacco is being transported from interstate in small trucks, such is the quantity being sold,’’ he said.

“I would ask any neighbour or landlord who has noticed this type of activity to contact police,’’ he said.

Members of the public who are purchasing illicit tobacco products are directly supporting the organised crime syndicates who are driving the current Operation Eclipse related crime series.

Anyone who has any information that may assist police in relation to Operation Eclipse offending including the sale and supply of illegal tobacco, is asked to contact Crime Stoppers on 1800 33 000 or online at www.crimestopperssa.com.au – you can remain anonymous.

MIL OSI News –

January 25, 2025

MIL-OSI Australia: 232-2024: New identity check process for cats and dogs on the UK travelling to Australia

Source: Australia Government Statements – Agriculture

25 October 2024

Who does this notice affect?

Stakeholders associated with the import of live cats and dogs (including assistance dogs) from the United Kingdom (UK) to Australian territory, including importers, pet transport agents, and official and government-approved veterinarians.

What has changed?

A…

MIL OSI News –

January 25, 2025

Category: Australia

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