Local communities can help to identify potential locations for the next round ofMobile Black Spot Program(MBSP) funding through a Project Noticeboard opened by the Albanese Government today. The Albanese Government’s MBSP invests in telecommunications infrastructure to deliver new and improved mobile coverage and competition across Australia. Round 8 of the MBSP – which will open for applications from industry later this year – will provide $55 million in Government co-funding, targeted at natural disaster-prone locations in regional and rural Australia to better assist local communities during and after emergencies. The online Project Noticeboard allows local Councillors and State, Territory and Federal Parliamentarians to identify potential projects. Telco industry applicants are encouraged to review these submissions when preparing their applications. The Project Noticeboard will close three weeks after the MBSP Round 8 opens for applications. Funding for the MBSP was confirmed in the October 2022–23 Federal Budget as part of the Albanese Government’s $1.1 billionBetter Connectivity Plan for Regional and Rural Australia. In total, the Albanese Government is investing $2.2 billion in regional communications – the most significant investment since the inception of the National Broadband Network. Under the MBSP to date (Rounds 1 to 7), Commonwealth funding has generated a total investment of more than $1 billion, to deliver up to 1,400 new mobile base stations across Australia. To view the Project Noticeboard, or to make a submission, please visit:https://www.infrastructure.gov.au/media-communications-arts/phone/mobile-services-and-coverage/mobile-black-spot-program/register-your-project-proposal-mobile-black-spot-program-round-8 For more information on theBetter Connectivity Plan for Regional and Rural Australia, visit:infrastructure.gov.au/bcp For more information on theMobile Black Spot Program, visit:http://www.infrastructure.gov.au/mbsp Quotes attributable to Minister for Communications, the Hon Michelle Rowland MP: “Reliable, resilient mobile coverage is absolutely essential. The Albanese Government is working with industry and communities around Australia to deliver new and improved mobile coverage. “Round 8 of the Mobile Blackspot Funding Program will focus on regional and rural locations that are prone to natural disasters to better protect communities during their greatest time of need. “I welcome input from local communities through the online Project Noticeboard on how to best target the up-coming funding round which will open later this year. “I encourage people to speak with their local Councillors or State, Territory and Federal Parliamentarians to make their voice heard.”
Headline: NSW Government takes action after customers unlawfully charged for merchant fees
Published: 23 October 2024
Released by: Minister for Customer Service and Digital Government, Minister for Finance
Merchant fee surcharges were levied on tens of millions of customer card transactions, despite repeated legal advice during the term of the former Liberal-National government that the government agency surcharges were unlawful.
The issue was identified by the NSW Auditor-General during settlement of the Department of Customer Service (DCS) financial statements for 2023-24 and brought to the attention of the current Government.
The current Secretary of DCS, Graeme Head, sought further information from his Department which revealed that Service NSW’s practice of charging merchant fees had been flagged as unlawful in legal advice received from the Crown Solicitor’s Office between February 2016 and December 2022. Despite this, merchant fees continued to be passed onto customers.
Merchant fee surcharges are levied to recoup transaction fees charged by payment providers including banks. Recouping the cost of merchant fees was directed by NSW Treasury in 2012.
Typical surcharges on Service NSW transactions include 30 cents for a 1-year licence renewal, 29 cents for a marriage certificate and $1.92 to renew registration for a small car (like a Toyota Corolla). The average surcharge on a Revenue NSW payment in 2023-24 was $0.92.
It’s currently estimated that 92 million transactions unlawfully incurred about $144 million in merchant fees from 2016 across Service NSW and Revenue NSW.
The Minns Labor Government has established an incident management taskforce and is progressing urgent work to shut down the unlawful charging of merchant fees.
The Treasurer, Minister for Customer Service and Digital Government, and Minister for Finance have written to the NSW Ombudsman requesting an investigation into possible serious maladministration.
The Secretary of DCS has also referred the matter to the Ombudsman and the Independent Commission Against Corruption, noting the apparent failure to act on the 2016 Crown Solicitor’s advice.
The taskforce led by DCS has switched off fees being charged directly by Revenue NSW and the Rental Bond Board, and stopped fees on more than 80 per cent of Service NSW transactions.
Merchant fee surcharges have been switched off for more than 90 per cent of online payments, including the top 12 Service NSW transactions such as renewing a driver licence or vehicle registration or paying a fine.
Service NSW is urgently continuing work to switch off fees on all remaining transactions, including thousands of credit card terminals in Service NSW Service Centres. These transactions span several technology platforms and are conducted on behalf of multiple agencies.
While this work is being completed, alternate payment methods are available which do not incur a surcharge, such as paying in a Service Centre by cash or online with over-the-counter support from Service NSW staff.
The majority of Government transactions take place through Service NSW, but as a result of this information being uncovered, all departments have been instructed to report to NSW Treasury by 30 November on whether they charge merchant fees for services and to confirm they have the legal authority to do so.
Quotes attributable to Minister for Customer Service and Digital Government Jihad Dib:
“Our most immediate priority has been to stop these charges as quickly as possible.”
“It is deeply concerning that this practice has been ongoing, despite legal concerns being raised.”
“While the individual amounts typically charged may appear to be small, they have been charged unlawfully.”
“The community rightfully deserves an explanation about how this was allowed to continue for so long under the previous government.”
Quotes attributable to Minister for Finance Courtney Houssos:
“We have acted swiftly to establish a taskforce to deal with this issue. Our immediate efforts are focused on switching off the payment methods that charge these merchant fees as quickly as possible.
“We will get to the bottom of what happened and why millions of people were unlawfully charged merchant fees.
“Families, households and businesses expect governments to conduct themselves lawfully. That’s why all agencies have been instructed to examine their own processes.”
Source: People’s Republic of China – State Council News
Xi highlights BRICS’ role in driving multipolarity, globalization ahead of Kazan Summit
Chinese President Xi Jinping meets with Russian President Vladimir Putin in Kazan, Russia, Oct. 22, 2024. [Photo/Xinhua]
KAZAN, Russia, Oct. 22 — Chinese President Xi Jinping on Tuesday underscored the role of BRICS as “a pillar” in promoting a multipolar world and fostering an inclusive economic globalization ahead of leaders’ formal meetings at the 2024 BRICS summit in Kazan, Russia.
The BRICS mechanism is the world’s most important platform for solidarity and cooperation between emerging markets and developing countries, Xi said during a meeting with Russian President Vladimir Putin on the sidelines of the summit.
The Kazan Summit marks the first in-person BRICS gathering since the group expanded its membership last year in Johannesburg, South Africa. More than 30 countries attend this year’s summit which runs until Thursday.
Xi told Putin, who chairs the summit, that he expected to have an in-depth discussion with Putin and other world leaders on the future development of the BRICS cooperation mechanism, so as to secure more opportunities for the Global South.
One of the key priorities of Russia’s BRICS chairmanship is integrating the new members into the BRICS framework, according to the official website. Other areas of practical cooperation include boosting trade and direct investment, as well as fostering a balanced and equitable transition to a low-carbon economy.
BRICS countries are expected to deepen consensus on strategic communication and practical cooperation for the group’s future development, said Wang Lei, director of the BRICS Cooperation Research Center at Beijing Normal University.
Wang also expressed hope for productive engagement between BRICS and the broader Global South at the summit to promote shared global development and uphold the effectiveness of multilateral governance systems.
Kazan, the capital of Tatarstan and the fifth-largest city in Russia, holds historical and cultural significance. During their meeting, Xi told Putin that around 400 years ago, the Great Tea Road that connected the two countries went past Kazan, through which tea leaves from China’s Wuyi Mountain region found their way into many Russian households.
The city is also home to Kazan Federal University, where notable figures like the Russian writer Leo Tolstoy and Russian revolutionary leader Vladimir Lenin studied.
Around noon on Tuesday, Xi arrived at Kazan International Airport, greeted by Russian officials. Kazan Mayor Ilsur Metshin told Xinhua that the city is honored to host the Chinese leader.
Guards of honor lined both sides of a red carpet to salute the Chinese leader, while Russian youths in traditional attire offered a warm welcome. Russian fighter jets escorted Xi’s plane before its landing.
“It is very important that, at the moment, we have such a good leader who can introduce new initiatives,” said Timirkhan Alishev, vice rector for International Affairs, Kazan Federal University, speaking of Xi’s role in international affairs.
Alishev told Xinhua that all initiatives introduced by China are rooted in multilateralism, fostering communication and dialogue on multiple levels.
“We see China puts a lot of efforts to develop BRICS,” said Alishev. “There are no preconditions for BRICS cooperation … You can start dialogue on equal basis with everybody.”
The term BRIC was initially coined in 2001 by Jim O’Neill, former chief economist at Goldman Sachs, as an investment concept referring to emerging market economies of Brazil, Russia, India and China. With South Africa’s inclusion in 2010, BRICS officially took shape.
After last year’s expansion, BRICS grouping now accounts for about 30 percent of the global GDP, nearly half of the global population and one-fifth of global trade. “Measured by GDP, the BRICS countries have already surpassed the G7 in importance,” said Dilma Rousseff, president of the New Development Bank (NDB), in a recent interview with Xinhua.
“I think this BRICS meeting is very important … At the moment, the countries of the Global South are in great need of funding. And the conditions for obtaining it are quite complicated,” Rousseff said during a meeting with Putin in Kazan on Tuesday.
Observers see the BRICS Summit as an opportunity for Global South countries to voice their needs. Victoria Fedosova, deputy director of the Institute for Strategic Research and Forecasts of the Russian Peoples’ Friendship University, said the very dynamic development of BRICS and the growth in membership reflect a demand for a platform for addressing global issues.
“The BRICS mechanism has enormous potential in adjusting the imbalances in global development accumulated over the last 80 years,” said Fedosova.
Other than the countries that became new full members on Jan. 1, 2024, over 30 countries like Thailand, Malaysia, Türkiye and Azerbaijan have either formally applied for or expressed interest in its membership, while many other developing countries are seeking deeper cooperation with the group.
As its influence expands, BRICS has gained appeal among many countries, particularly in the Global South, by offering them concrete advantages, said Zukiswa Roboji, a researcher at Walter Sisulu University in South Africa.
“BRICS has undoubtedly made notable strides in recent years,” said Roboji. It offers emerging economies easier access to financial resources and better opportunities for trade, investment and development, the expert added.
I acknowledge the Traditional Owners of the land on which the Summit is taking place today, and I pay my respects to elders, past and present.
I also acknowledge:
• John Stanhope AO and all the members of the Organising Committee, including • Terry Moran AC • Peter Varghese AO • John Brumby AO • John Pollaers OAM • And all the other university leaders in the room
I’m sorry I can’t be there with you. I wish I was.
Universities are future makers.
They help build the future that we’re all going to live in.
Build the workforce we’re going to need.
But not just that.
The research that our universities do grapple with the problems of today.
And the upshot of that is a different world tomorrow.
Look around and you can see the fingerprints of universities everywhere.
From environmental and industrial innovations to the medicine we take or the technology we hold in our hands.
It’s just another way of saying how important our universities are and the work they do.
Then there’s the change that’s coming at us. That we have to adapt to. Respond to. That we have to be ready for.
This conference is talking about that.
And AI is a classic example of it.
The Accord itself is all about getting us ready for that future. That change that is coming at us.
A future where more people have a university degree than today.
Where more people have a university qualification than ever before.
Where by 2050, 80 per cent of the entire workforce would have a TAFE qualification or a university degree.
That’s a big change.
In the 1980s and 1990s, under Bob Hawke and Paul Keating, the number of Australians finishing high school jumped from around 40 per cent to almost 80 per cent.
In the next 25 years it won’t just be 80 per cent of the workforce who have finished high school, 80 per cent will have gone to TAFE or university as well.
That’s a big economic and social shift.
Some of it will happen organically. Think about it.
The fastest growing jobs in the future will be in areas like health care, teaching, ICT and engineering.
And it’s often those professions that require university qualifications.
But that alone is not enough to hit that 80 per cent target.
We have also got to change.
What the Accord says is we’ve got to break down that invisible barrier that stops a lot of people from getting a chance to go to university.
Unless more people from poor backgrounds, more people from the outer suburbs, more people in the regions get a crack at university, then we won’t hit that target.
That’s obvious just by looking at the raw statistics.
About one in two young people in their 20s and 30s have a university degree, but not everywhere.
Not in the outer suburbs and not in the regions.
At its core, the Universities Accord is about changing that.
The first Accord bill is in the Parliament right now.
It wipes about $3 billion of HECS debt, it creates paid prac, and it massively expands those FEE-FREE courses that act as a bridge between school and uni.
That’s passed the House and it’s in the Senate.
It’s just the start.
The Accord is massive. Implementing it will take more than one budget or one government, but have bitten off a big chunk in this year’s budget.
29 of the Accord’s 47 recommendations in full or in part.
That includes a new funding system, needs-based funding and a new Australian Tertiary Education Commission to steer reform over multiple governments.
And I hope to provide you with more detail on all of that before the end of the year.
There is also another Accord Bill in the Parliament.
That’s the one that sets up a National Student Ombudsman.
An independent body to investigate and resolve disputes and give students a stronger voice when the worst happens.
It is a necessary response to the terrible and appalling evidence of sexual violence and harassment on campus.
But it’s not just about that. Its scope will be broad.
That includes complaints about antisemitism and Islamophobia or any type of racism or discrimination.
That builds on the work that TEQSA is doing with universities right now.
The Accord also had a fair bit to say about governance more broadly.
That’s why Education Ministers have agreed to set up the Expert Council on University Governance.
It is based on a proposal from the University Chancellors Council.
It is not intended to be a representative body or a stakeholder forum.
Its job will really be to provide Ministers with expert and technical governance advice about how to improve university performance.
There are three areas this Council will focus on:
1. Ensuring that universities are good employers providing a supportive workplace—and, importantly, a workplace where staff can have confidence that they will not be underpaid for the important work they do. 2. Making sure governing bodies have the right expertise, including in the business of running universities; and, of critical importance, 3. Making sure our universities are safe for our students and staff.
My department is also engaging with the TEQSA to issue new guidance and requirements on workplace obligations for higher education providers.
The department has also engaged an independent expert to support the National Tertiary Education Union (NTEU), Universities Australia (UA) and the Australian Higher Education Industrial Association (AHEIA) to assist in identification and resolution of priority issues to ensure universities are exemplary employers.
And we will require universities to provide additional data to the Australian Government on casual staff numbers to increase transparency and understanding of workforce patterns and issues.
All of these reforms are important to me.
They are about making our universities as good as they possibly can be.
Making them better.
Making them fairer.
And if we do that our country will be better and fairer too.
Because the doors of opportunity, that the Prime Minister talks about and you hold in your hands, are opened just a bit wider.
Spring warmth is building over large parts of Australia this week with above average temperatures on Tuesday.
Heatwave warnings remain current across northern Australia and high to extreme Fire Danger Ratings are affecting parts of the country.
Senior Meteorologist Jonathan How said the heat will peak in Victoria, Tasmania, southern NSW and eastern South Australia on Tuesday. Maximum temperatures will be 6-12°C above the October average with strengthening northerly winds.
“High fire dangers are forecast for north-west Victoria, western Tasmania and eastern SA from Tuesday,” he said.
“Melbourne is forecast to reach 32°C on Tuesday, which would make it the warmest October day in 5 years (since 33.8°C on 24 Oct 2019), and the warmest day of this year since March.”
“Maximum temperatures will reach the low-to-mid 30s across northern Victoria and southern NSW today, and the mid-20s for Tasmania. Hobart is forecast to reach 25°C – also its warmest day this year since March.”
The warmest forecast temperatures in south-east Australia on Tuesday include Mildura, Victoria (36°C), Renmark, SA (36°C) and Broken Hill, NSW (35°C).
But the heat will be short-lived in south-east Australia as a surface trough will move through on Tuesday, bringing cooler southerly winds.
“Cooler winds will move through South Australia and south-west Victoria by the early afternoon, and then push into remaining parts of Victoria, Tasmania and southern NSW into the evening. Temperatures will fall by 5-10°C following the change,” he said.
Cool to cold conditions will continue over South Australia, Victoria and Tasmania on Wednesday, with showers for Tasmania and southern Victoria. Snow flurries are possible in elevated areas from Wednesday night.
While it will remain cool over the south-east on Wednesday, the focus of the heat will shift into northern and eastern NSW, and southern inland Qld. Maximum temperatures in these areas will be 4-8°C above average. Sydney is forecast to reach 27°C on Wednesday, but it will be warmer inland. Forecast maximums for Wednesday include 31°C at Dubbo, 33°C at Toowoomba and 38°C at Charleville.
The cool change will move over the rest of NSW and southern Qld from late Wednesday and into Thursday. Thunderstorms are possible for eastern NSW and south-east/central Qld on Thursday with severe thunderstorms also possible.
In contrast, Thursday will see heat build over western inland parts of Western Australia. Maximum temperatures will be 6-12°C above average away from the coast, reaching the mid-30s through the Wheatbelt.
In northern Australia, the build-up continues with hot and humid conditions expected along the Northern Territory, Kimberley and Cape York coasts, with showers and storms possible most days this week.
Jonathan How said the combination of heat and humidity is driving current heatwave warnings across the Kimberley, Top End and Cape York.
“Storms could extend to inland parts of the north at times this week as well, although these will bring little to no rain to interior areas. Dry storms can bring a risk of new bushfire ignitions,” he said.
Stay up to date with the latest forecasts and warnings: http://www.bom.gov.au or the BOM Weather app.
Police are investigating reports of a naked man in the Anstey Hill Recreation Park, Tea Tree Gully yesterday.
About midday on Tuesday 22 October, a mountain biker saw a naked man on a trail off Range Road South, via Gate 18, in the northeast corner of the park.
The man ran and hid in bushes.
About 45 minutes later, a walker spotted the naked man from a distance near the junction of the Newman’s Track and Range Road South Track, south of the initial sighting.
Police searched the area but were unable to locate the man.
The man is described as of Caucasian appearance, aged in his late 40s, with a slim build and neatly cut mousy coloured hair.
Anyone with information that may help police to identify and locate the man is urged to contact Crime Stoppers on 1800 333 000 or http://www.crimestopperssa.com.au
Police are urging walkers in the area to be vigilant of their surroundings and carry their mobile phone with them.
Report any suspicious behaviour at the time on the police assistance line on 131 444 or Triple Zero in an emergency.
Source: Australian Government – Minister of Foreign Affairs
Today I announce the appointment of Ms Lynette Wood as Australia’s next Ambassador to France.
Australia and France have a strong, enduring and forward-looking partnership underpinned by shared values and interests, particularly in the Indo-Pacific region.
We are enhancing our cooperation through the ambitious Australia-France Roadmap and its three pillars – defence and security, resilience and climate action, and education and culture – which are delivering practical outcomes.
The Ambassador to France is also accredited to the People’s Democratic Republic of Algeria, the Islamic Republic of Mauritania and the Principality of Monaco.
Ms Wood is a senior career officer with the Department of Foreign Affairs and Trade. She was most recently First Assistant Secretary in the Strategic Planning and Coordination Group.
She has previously served overseas as Ambassador to Germany and Acting High Commissioner to the United Kingdom. She has had earlier postings to Canada and Germany.
I thank outgoing Ambassador Gillian Bird PSM for her contributions to advancing Australia’s interests in France since 2020.
Source: Australian Government – Minister of Foreign Affairs
Today I announce the appointment of Ms Kate Logan as Australia’s next High Commissioner to Canada.
Australia and Canada have a close and enduring relationship, underpinned by shared values and institutional ties.
Our two countries work closely together in a range of international forums, including the United Nations, G20, APEC, WTO, OECD, CPTPP and the Commonwealth. We are also close partners in the Five Eyes group.
We cooperate across a range of shared priorities, including upholding the multilateral system, taking greater action on climate change, advancing gender equality, and achieving meaningful reconciliation with Indigenous peoples.
Australia welcomes Canada’s increased engagement in the Indo-Pacific through its Indo-Pacific Strategy, and is committed to working together to shape a region that is peaceful, stable and prosperous.
Ms Logan is a senior career officer with the Department of Foreign Affairs and Trade and was most recently First Assistant Secretary, Pacific Strategy Division.
She has previously served overseas as Australia’s Ambassador to Greece, and on postings to Australia’s missions in Paris and Colombo.
I thank outgoing High Commissioner, the Hon Scott Ryan, for his contributions to advancing Australia’s interests in Canada since 2021.
Source: Australian Government – Minister of Foreign Affairs
Today I announce the appointment of Mr David Charlton as Australia’s next High Commissioner to Tuvalu.
Australia and Tuvalu are longstanding partners with shared interests in a peaceful, safe and prosperous Pacific.
The historic entry into force of the Australia-Tuvalu Falepili Union Treaty in August 2024 demonstrates a momentous step in the elevated partnership between our two countries.
Mr Charlton is currently working in the Pacific region as Executive Director of the Australia – Pacific Partnerships for Aviation Program (P4A).
In the Department of Foreign Affairs and Trade, Mr Charlton was most recently Director, Pacific Aviation Section. He also served as Acting Head of Mission at the Australian High Commission in Kiribati in early 2023.
I thank outgoing High Commissioner Brenton Garlick for his contributions to advancing Australia’s interests in Tuvalu since August 2023.
Source: Australia Government Ministerial Statements
EVAN WALLACE: Against the political backdrop of the state government’s bungled delivery of the new Spirit of Tasmania ferries, Federal Minister for Infrastructure, Transport and Regional Development, Catherine King, has been in Burnie to check out a number of projects that are set to benefit Tasmania’s north west. The Burnie shiploader, which is now complete and will assist in shipping materials off for export, and sections of the Burnie Cultural Precinct, which are now open to the public. Minister, good morning.
CATHERINE KING: Good morning, Evan. It’s lovely to be with you.
EVAN WALLACE: Now, before we talk infrastructure, you’re a mum. We just heard some lovely reflections for National Children’s Week. Do you have a favourite nursery rhyme?
CATHERINE KING: Oh gosh. Isn’t that funny? I had this little – there was a little Italian one called Sleep My Baby that I used to sing to my little boy, which I – [indistinct], I think it was called. And I used to sing that to him, so that was my favourite one, but hasn’t rubbed off. My son is now six foot five and 16, knows everything and towers over me and doesn’t sing or speak any Italian.
EVAN WALLACE: Oh, shame, shame. Now, look, you’ve been in Burnie, checking out some major infrastructure projects, including the new Port of Burnie shiploader. What sort of difference will the new shiploader make to communities and businesses who call north and north west Tasmania home?
CATHERINE KING: Well, what it does is – I actually had a chance to look at the old shiploader back in 2022. It was one of the first projects I visited after we came to government with Senator Anne Urquhart. It was a pretty rainy old day then, and you could tell this 1968 facility, whilst it had done Burnie proud and the people of the community proud, she was a bit tired and wasn’t working and functioning in the way that it should do. In particular, what you could see was that it didn’t meet OH&S standards. Workers really were stringing it together and trying to make it work. So this new shiploader meets all the new OH&S standards, the new cabin’s really comfortable, but it also loads more. It’s loaded already over 40,000 tonnes in freight. But what it also does is it’s very much part of the entire freight system here in Tasmania, getting those minerals to export, getting trucks off the road. So making sure that you’ve got those facilities. We’ve also- there’s also the bulk minerals export facility. There’s further money to go in that project. So really it’s about making sure Tasmania and the north west continues to have great facilities to export its products.
EVAN WALLACE: But if you are in the north and north west and you’re scratching your head and think, oh, it might just be a bit of a politician ease there, just what sort of tangible difference will it make if you’re a business or a community member?
CATHERINE KING: Well, it means that you can load more of your products onto the ships and more quickly, and that’s more efficient for the way in which you go about doing business. It means, potentially, that there can be more investment in some of the mines, more minerals coming out of Tasmania, and that means jobs.
EVAN WALLACE: Succinctly put. Now, your government is contributing to a number of major infrastructure projects in Tasmania. In Launceston, you’ve allocated $65 million for the UTAS Stadium; in Hobart, $240 million for the Macquarie Point Precinct. On the mines, wherever you go in Launceston, where I am, people are talking about the state government’s bungled handling of the new Spirit of Tasmania ferries. Do you still have faith in the state government as an infrastructure partner after its bungled handling of the new Spirits, Minister?
CATHERINE KING: Well, obviously, in terms of TasPorts and the Spirit of Tasmania as a government business enterprise, it has to work in the best interests of Tasmanians and I’m sure it’s under a fair bit of scrutiny at the moment and the government will need to deal with that. I’m really confident we’ve been delivering really big projects with the Tasmanian government for a long time. The Bridgeport Bridge is probably the largest of those at the moment. But I just drove over in Burnie, the upgrades to the bridge there, the walking tracks and the shiploader obviously is something I think Tasmanians can be very proud of.
It has been delivered largely- it’s been delivered by TasRail, but it has been delivered by contracts with Tasmanian companies, built for Tasmania by Tasmanians, as we heard yesterday. The steel manufacturer from Haywards, I think also the builder. You’ve got some terrific companies here, and the- really, the issue with mega projects and these sorts of things is that, you know, really making sure that we’ve got good scrutiny on those is part of what my department is involved in, and also why I’ve stepped Infrastructure Australia up much more into the space of evaluation, learning from projects as we go. So we build a lot of things with the Tasmanian government, so I’m sure the Tasmanian Government will be looking at what’s gone wrong in terms of TasPorts and the ships as well, and learning lessons from that.
EVAN WALLACE: But you still have full faith in the Tasmanian Government as an infrastructure partner?
CATHERINE KING: Yeah. Well the projects we’re delivering with them, they have done well at and we continue to work really closely with them in terms of that. And I look forward to continuing to do that as well as delivering with the local councils along this coast.
EVAN WALLACE: So you’re confident that with the likes of the UTAS Stadium, the Macquarie Point precinct, that these projects will be delivered on time and on budget?
CATHERINE KING: Well, my department works really closely with the Tasmanian Government. We get project status reports, we make milestone payments, we’re all over it. And so we have a lot of confidence in working with the Tasmanian Government. They’ve been a proven delivery partner for many, years on projects that we co-invest with them on.
EVAN WALLCE: You’ve talked about some of the steps that you might be taking with respect to oversight, and there are probably a lot of listeners wondering whether your government is going to take any extra steps, given what we’ve seen with the bungled handling of the Spirit of Tasmania ferries to ensure these projects stay on track. So speaking directly to those individuals who are feeling a bit dubious, or feeling- questioning just how well and how effectively these projects could get off the ground, what are those steps that your government is going to take to ensure that they do remain on track and on budget?
CATHERINE KING: So every project requires a report to me before we release any money. And then there are milestone payments that happen across that. I’ve got department officials looking through that all the time and basically making decisions about where projects are ready. We do a lot of planning work before we start projects, before we commit any money to them, to make sure we actually have a really good handle on what the costs are going to be. Obviously, there are always things that happen from supply chain issues to labour, conditions. Obviously COVID added costs as well. And we factor those in when we’re doing some of the planning work and we’ve got much better at doing that. So that always happens. Milestone payments are through. And then the other thing I’ve done is introduced with Infrastructure Australia some post-evaluation work, so we learn. But mega projects, really- those ones we call them over 250 million, are always really difficult and they do require extra level of scrutiny. And that’s what we do when we’re co-investing with the Tasmanian government.
EVAN WALLACE: So does that mean if that those projects fall off track, that they’re behind schedule, that you’ll just withhold payment from the Tasmanian Government?
CATHERINE KING: We can do that. Or there can be other mitigation measures put in place. So certainly the first thing we ask is what’s happening. But really the way in which it works between the Commonwealth and the Tasmanian Government is we are in constant contact about where projects are up to, where milestones are up to, and that work is constant. So really our expectation is that- we don’t- there’s no surprises. We don’t suddenly hear that there is something going wrong with the project. We know if something’s happening and we can work out what mitigation needs to be put in place for that. But of course, ultimately under the deeds that we have, the agreements we have with- we can withhold payments and we don’t make final payments until quite some time after a project has actually been finished.
EVAN WALLACE: And very quickly Catherine King, in 30 seconds or so, there is an election around the corner. You are in Tasmania’s north west today. If you’re someone listening in the north west and you’re struggling to keep a roof above your family’s head and put food on the table, what’s the one thing that your government has done that’s made the biggest difference to make their lives easier?
CATHERINE KING: Well, the biggest thing that we’ve done is absolutely tackle inflation We’ve halved inflation since we came to office at the same time as providing cost of living relief, to take the sting out of this cost of living crisis where we can. So obviously the tax breaks, cheaper medicines, really concentrating on getting childcare fees down and investing in that, is an investment into our futures.
EVAN WALLACE: More than one thing there, Minister. But before I let you go…
CATHERINE KING: [Interrupts] There’s never one.
EVAN WALLACE: … your favourite TV variety show?
CATHERINE KING: Oh gosh, I knew you were going to ask me that, and it’s funny, I don’t watch a lot of TV, what I have been watching on, I think, Apple TV, isSlow Horses. If everyone hasn’t seen it, it’s not really a variety TV show, but that’s the one thing. And I think last Christmas my favourite thing I did over summer, was I lay on the couch, and I watched the entire series ofTed Lasso.
EVAN WALLACE: Always good to have a laugh. Minister Catherine King, thanks for joining us on Northern TasmaniaBreakfast.
Source: Australian Government – Minister of Foreign Affairs
Today I announce the appointment of Ms Olivia Phongkham as Australia’s next High Commissioner to Niue.
Australia and Niue have over 50 years of friendship. We work closely together to advance regional priorities on climate change and the environment, and acknowledge Niue’s leadership on ocean preservation and conservation.
Australia will continue to work in partnership with Niue to support its development goals and economic resilience, and strengthen climate-resilient critical infrastructure, including through our new water and sanitation program.
Australia is one of only two countries with a permanent diplomatic presence in Niue, demonstrating the strength of our relationship.
Ms Phongkham is a career officer with the Department of Foreign Affairs and Trade and was most recently posted as an adviser to the PACER Plus Implementation Unit in Samoa.
I thank outgoing High Commissioner Katy Stuart for her contributions to advancing Australia’s interests in Niue since 2023.
Source: Australian Government – Minister of Foreign Affairs
Today I announce appointments of five highly qualified individuals to lead Australian posts in Alofi, Funafuti, Ottawa, Paris and Rome.
Australia’s engagement with the world is driven by our diplomats. Their ability to build influence and advocate for Australia is critical to promoting our national interests abroad.
I am pleased to announce the following appointments:
I thank the outgoing high commissioners and ambassadors for their contributions to advancing Australia’s national interests.
FIRST Union is proud to be supporting Maranga Ake, today’s nationwide hui of the union movement of Aotearoa, and says that the current National-ACT-NZ First Government poses a significant threat to hard-won workplace rights and threatens the future prosperity and employment protections of workers in all industries.
Dennis Maga, FIRST Union General Secretary, says that while the union has opposed several of the Government’s “regressive” policies like the reintroduction of 90-day trial legislation and the cancellation of Fair Pay Agreements, the greatest threat to workers’ wellbeing at present comes from Workplace Relations Minister Brooke Van Velden’s planned changes to contracting law.
“We’re joining the movement today because our country’s sovereignty and working freedoms are being compromised by politicians selling out our lawmaking to overseas companies like Uber,” said Mr Maga.
“The union movement has not undergone decades of struggle and strife only to have the freedoms we won cast aside in one term of Government.”
Mr Maga pointed torecent revelationsthat Minister Brooke Van Velden’s planned principles for “reform” of contracting law appear to have been written largely by Uber lobbyists.Her proposed changes to the Employment Relations Actwould weaken employment rights, increase contractor misclassification and sanction continued tax avoidance by companies like Uber, Mr Maga said.
“It’s not just existing contractors who should be concerned about the Minister’s weakening of employment law – permanent employment could become precarious if contracting misclassification by employers becomes widespread and accepted.”
Mr Maga said that historically, unions were the answer to problems created by Parliament.
“The union movement is made up of hundreds of thousands of diverse and unique groups of people and workforces, and an attack on any industry is an attack on all of us,” said Mr Maga.
“We deserve to be proud of country and proud of the significant victories won by workers, like the forty-hour working week, sick leave, holiday pay and collective bargaining.”
“This is the time to stand up and fight back together against a brazen assault on workers’ rights while we still can.”
Fakaalofa lahi atu – and my very warmest Pacific greetings.
I’d like to specifically acknowledge: Prime Minister Tagelagi; Prime Minister Mark Brown of the Cook Islands; Alapati Tavite, Ulu of Tokelau; President Williame Katonivere of Fiji; Ministers and Members of Parliament of Niue; and Members of the Diplomatic Corps.
Thank you, Prime Minister Tagelagi for inviting Richard and me to join leaders of our ‘Realm family’ and members of the Diplomatic Corps in celebrating this year’s Constitution Day, marking the 50th year of self-government and enduring freedom of association with New Zealand.
I am honoured to represent His Majesty King Charles III, our Head of State of the Realm of New Zealand, and affirm his best wishes to you all on this very special day for Niue.
I also wish to convey warmest congratulations from the nearly 31,000 New Zealanders who regard Niue as home. You will be aware of the great pride they take in their distinctive culture, language and traditions, and the strength of their connections to Niue.
I’m sure those who witnessed that historic moment fifty years ago, on the 19th of October 1974, would be delighted to see what has been achieved in the intervening years: the upgraded roads and airport, the growth of tourism with Matavai Resort and other outstanding new accommodation options, the sea tracks, Niue Development Bank, new government buildings, a supermarket complex, and Millenium Hall.
Similarly, I hope they would applaud the emphasis on sustainability and the protection of biodiversity, the establishment of a maritime protection area, and modernised waste management systems.
I hope they would also be pleased to see Niue’s connections to the world, enabled by jet travel and internet access. I’m sure they would be astonished and delighted to see the growth of media and educational opportunities, solar power, electronic banking, an emergency operations centre, and the facilities of a truly modern hospital.
I was pleased to learn how closely Niue and New Zealand worked to minimise the impact of COVID-19, and I wish to congratulate Prime Minister Tagelagi and everyone involved in keeping the people of Niue safe.
Nationhood is necessarily an ongoing project, based on a shared understanding of identity, values, and culture.
All Niueans contribute to this vision, whether they be Assembly Members, Ministers of Cabinet, the Speakers of the Fale Fono, the Public Service Commissioners, Secretaries of Government, the Judges and Judiciary, Niue’s High Commissioners in New Zealand, the Public Service, educators, the keepers of traditional knowledge and crafts, or artists, composers and cultural performers. So too do those Niueans engaged in fishing, growing crops, joining in community and church activities, and hosting tourists – as well as tupuna and spiritual leaders providing wise guidance and counsel across communities.
I commend the people of Niue for working to sustain and transfer their cultural heritage and traditions. Showdays and Taoga Festivals have brought villages together with the Niuean diaspora to celebrate community, tradition and whanaungatanga. It must be gratifying to see Niueans born in New Zealand choosing to live here, and renew their ties with their culture and history.
Since 1974, New Zealand has been proud to be Niue’s Constitutional partner, with responsibilities to provide necessary administrative support. The bonds between our two nations have flourished, nurtured by our shared history, language, culture and citizenship.
The people-to-people links, forged through family ties, friendships, and shared experiences, have created a tapestry of interwoven lives between Niue and New Zealand, and Niue and the Pacific.
Today, we are joined by Niueans who have travelled from New Zealand, Australia and beyond to be part of these celebrations.
Over these past fifty years, Niue has developed its own network of diplomatic, political, trade and economic relationships – and I acknowledge the support and collaboration of such partners and friends who are with us in celebration today. As Niue continues its journey of growth and development, I pay tribute to those partners who have supported those development aspirations, and your vision of a connected and prosperous Niue.
All of us share in the challenges of our times – particularly climate change – and it is in the absolute interests of all of us to do what is right and what is necessary to build greater resilience and wellbeing for the people of the Pacific.
This special Aho Pulefakamotu is a time for Niueans to celebrate the legacy of your forebears, and to look forward to how you might shape the destiny of your nation.
I wish the people of Niue every success with the challenges and opportunities that lie ahead – strengthened by the executive, legislative and judicial processes established by your Constitution – and secure in the knowledge that you will be supported, as always, by your friends in New Zealand.
Kia moui olaola a Niue. Kia tumau a Niue. Niue ke Monuina. Niue ko Kaina. Niue ki Mua.
Now, onwards to the next 50 glorious years. May God Bless Niue. May God Bless you all. Kia fakamonuina mai he Atua a Niue Fekai.
Fakaalofa lahi atu kia mutolu oti – and my very warmest Pacific greetings to you all.
I’d like to specifically knowledge: Prime Minister Tagelagi and Tanya Tagelagi; Members of the Niue Assembly; Your Excellency Mr Mark Gibb, New Zealand High Commissioner to Niue; Your Excellency Ms Katy Stuart, Australian High Commissioner to Niue; and Members of the Diplomatic Corps.
Tēnā koutou katoa.
As Governor-General of the Realm of New Zealand, representing His Majesty King Charles III, as well as the Government and people of New Zealand, it has been an honour to be here in Niue for this historic occasion – marking fifty years of Niue’s self-government and free association with New Zealand.
Dr Davies and I have welcomed this opportunity be a part of this proud moment in Niuean history, and to reaffirm the depth and special meaning of the relationship between our two countries.
On a fundamental level, of course, ours is a relationship underpinned by those constitutional arrangements decided upon and inaugurated 50 years ago, on the 19th of October 1974.
Of course, in fact, the relationship between our two nations extends back much further than that. We are bound by our whakapapa – our common ancestors – who, hundreds of years ago, guided by the stars, the winds and the currents, navigated their way across Te Moana-nui-a-kiwa with immense courage and skill.
New Zealand and Niue share Polynesian histories and stories with their origins in those great voyages, as well as the many precious ties of whānau – of family – strengthened over successive generations.
As I come to the end of my time here, in this beautiful place – the ‘Rock of the Pacific’ – and reflect upon how it has touched my understanding of the bond between our countries, I find myself returning to ‘whanaungatanga’ – a term in te reo Māori which refers to a sense of sacred ties; of kinship; and of deep and abiding family connections.
As the passing of time naturally alters the relationships within a family, so too the relationship between New Zealand and Niue has naturally evolved over these past fifty years. As one part of that evolution, Niue has developed and nurtured its own diplomatic relationships with countries across the Pacific and around the world.
I’m delighted to see many of those relationships present here this evening, in friendship and support – bringing to mind, as it does, the whakataukī, or proverb: ‘Ehara tāku toa i te toa takitahi, engari takimano, nō āku tīpuna. My strength is not individual it is collective.’
Such kotahitanga, such unity of action, is more important than ever in facing some of the most pressing global issues of our time: climate change, economic security, achieving equitable health and education outcomes. I am confident we will find solutions, but it requires that we do the work, and that we continue to share our knowledge, resources, and wisdom.
I wish to take this opportunity to commend Niue for the work that you’ve done to encourage such collaboration, and the innovation that you’ve shown across areas as broad as food production, renewable energy, and sustainable tourism.
The Niue and Ocean-Wide Trust is a perfect example of your commitment to initiatives whose ethos extends far beyond self-interest, which encourages collective action, and which seeks the greatest possible benefit to our planet and to broader humanity.
As Governor-General, I once again reinforce New Zealand’s commitment to be a friend and partner to Niue in facing the challenges and seizing the opportunities of these coming years.
I finish today by returning to the extraordinary image of those great Polynesian explorers charting their course across the Pacific Ocean. As we leave here, I hope we may all be inspired by the example of those early pathfinders – to be courageous in our actions as in our words, to live with deep care and respect for the natural world, and to work together, in the abiding spirit of whanaungatanga and kotahitanga, to seek a positive future for all.
Scurvy is is often considered a historical ailment, conjuring images of sailors on long sea voyages suffering from a lack of fresh fruit and vegetables.
Yet doctors in developed countries have recently reported treating cases of scurvy, including Australian doctors who reported their findings today in the journal BMJ Case Reports.
What is scurvy?
Scurvy is a disease caused by a severe deficiency of vitamin C (ascorbic acid), which is essential for the production of collagen. This protein helps maintain the health of skin, blood vessels, bones and connective tissue.
Without enough vitamin C, the body cannot properly repair tissues, heal wounds, or fight infections. This can lead to a range of symptoms including:
fatigue and weakness
swollen, bleeding gums or loose teeth
joint and muscle pain and tenderness
bruising easily
dry, rough or discoloured skin (reddish or purple spots due to bleeding under the skin)
cuts and sores take longer to heal
anaemia (a shortage of red blood cells, leading to further fatigue and weakness)
increased susceptibility to infections.
It historically affected sailors
Scurvy was common from the 15th to 18th centuries, when naval sailors and other explorers lived on rations or went without fresh food for long periods. You might have heard some of these milestones in the history of the disease:
in 1497-1499, Vasco da Gama’s crew suffered severely from scurvy during their expedition to India, with a large portion of the crew dying from it
from the 16th to 18th centuries, scurvy was rampant among European navies and explorers, affecting notable figures such as Ferdinand Magellan and Sir Francis Drake. It was considered one of the greatest threats to sailors’ health during long voyages
in 1747, British naval surgeon James Lind is thought to have conducted one of the first clinical trials, demonstrating that citrus fruit could prevent and cure scurvy. However, it took several decades for his findings to be widely implemented
In the new case report, doctors in Western Australia reported treating a middle-aged man with the condition. In a separate case report, doctors in Canada reported treating a 65-year old woman.
There’s an abundance of vitamin C in our food supply, but some people still aren’t getting enough. Rebecca Kate/Pexels
Both patients presented with leg weakness and compromised skin, yet the doctors didn’t initially consider scurvy. This was based on the premise that there is abundant vitamin C in our modern food supply, so deficiency should not occur.
On both occasions, treatment with high doses of vitamin C (1,000mg per day for at least seven days) resulted in improvements in symptoms and eventually a full recovery.
The authors of both case reports are concerned that if scurvy is left untreated, it could lead to inflamed blood vessels (vasculitis) and potentially cause fatal bleeding.
Last year, a major New South Wales hospital undertook a chart review, where patient records are reviewed to answer research questions.
This found vitamin C deficiency was common. More than 50% of patients who had their vitamin C levels tested had either a modest deficiency (29.9%) or significant deficiency (24.5%). Deficiencies were more common among patients from rural and lower socioeconomic areas.
Now clinicians are urged to consider vitamin C deficiency and scurvy as a potential diagnosis and involve the support of a dietitian.
Why might scurvy be re-emerging?
Sourcing and consuming nutritious foods with sufficient vitamin C is unfortunately still an issue for some people. Factors that increase the risk of vitamin C deficiency include:
poor diet. People with restricted diets – due to poverty, food insecurity or dietary choices – may not get enough vitamin C. This includes those who rely heavily on processed, nutrient-poor foods rather than fresh produce
food deserts. In areas where access to fresh, affordable fruits and vegetables is limited (often referred to as food deserts), people may unintentionally suffer from a vitamin C deficiency. In some parts of developing countries such as India, lack of access to fresh food is recognised as a risk for scurvy
the cost-of-living crisis. With greater numbers of people unable to pay for fresh produce, people who limit their intake of fruits and vegetables may develop nutrient deficiencies, including scurvy
Capsicums are a good source of vitamin D but they’re not cheap. Pexels/Jack Sparrow
weight loss procedures and medications. Restricted dietary intake due to weight loss surgery or weight loss medications may lead to nutrient deficiencies, such as in this case report of scurvy from Denmark
mental illness and eating disorders. Conditions such as depression and anorexia nervosa can lead to severely restricted diets, increasing the risk of scurvy, such as in this case report from 2020 in Canada
isolation. Older adults, especially those who live alone or in nursing homes, may have difficulty preparing balanced meals with sufficient vitamin C
certain medical conditions. People with digestive disorders, malabsorption issues, or those on restrictive medical diets (due to severe allergies or intolerances) can develop scurvy if they are unable to absorb or consume enough vitamin C.
How much vitamin C do we need?
Australia’s dietary guidelines recommend adults consume 45mg of vitamin C (higher if pregnant or breastfeeding) each day. This is roughly the amount found in half an orange or half a cup of strawberries.
When more vitamin C is consumed than required, excess amounts leave the body through urine.
Signs of scurvy can appear as early as a month after a daily intake of less than 10 mg of vitamin C.
Eating vitamin C-rich foods – such as oranges, strawberries, kiwifruit, plums, pineapple, mango, capsicum, broccoli and Brussels sprouts – can resolve symptoms within a few weeks.
Vitamin C is also readily available as a supplement if there are reasons why intake through food may be compromised. Typically, the supplements contain 1,000mg per tablet, and the recommended upper limit for daily Vitamin C intake is 2,000mg.
Lauren Ball receives funding from the National Health and Medical Research Council, Queensland Health and Mater Misericordia. She is a Director of Dietitians Australia, a Director of Food Standards Australia and New Zealand, a Director of the Darling Downs and West Moreton Primary Health Network and an Associate Member of the Australian Academy of Health and Medical Sciences.
This year’s Victorian fire season is set to officially begin with fire restrictions commencing in parts of the state next week.
CFA declared the first Fire Danger Period (FDP) for the 2024-25 fire season, commencing on Monday, 28 October for the following municipalities in the west and northwest of the state:
Mildura Rural City Council
YarriambiackShire Council
Hindmarsh Shire Council
West Wimmera Shire Council
Horsham Rural City Council
Victorians can expect a hotter and drier summer and communities should be preparing their properties and creating a Bushfire Survival Plan.
CFA will be introducing further FDPs for Victorian municipalities in the coming weeks and months based on assessments of the amount of rain, grassland curing rate and local conditions.
CFA Chief Officer Jason Heffernan said with an increased fire risk expected in the west and southwest of the state, now is the time to take action and be ready for what’s ahead.
“Fire safety is a shared responsibility and we ask Victorians to be prepared and stay informed,” Jason said.
“Take this opportunity ahead of the FDP to clean up your property but also be cautious when burning off and ensure it’s properly extinguished.
“Now is also the time to sit down with your household and prepare your bushfire plan.”
CFA West Region Acting Deputy Chief Officer Mark Gunning said as a result of reduced rainfall this year, we’re concerned about the dry conditions we’re already seeing in the far west of the state.
“Following from a devastating fire season in the Wimmera earlier this year, we saw many people who had prepared their properties for fire, survive the passage of the bushfires in the Grampians and southern Wimmera.”
Those conducting burn-offs must notify authorities online at the Fire Permits Victoria website (http://www.firepermits.vic.gov.au), or by calling 1800 668 511.
By registering your burn-off online, you allow emergency call takers to allocate more of their time taking calls from people who need emergency assistance immediately.
No burning off is permitted during the FDP without a Permit to Burn, which can be applied for through the Fire Permits Victoria website.
Fire Danger Period information:
A written permit is required to burn off grass, undergrowth, weeds or other vegetation during the FDP. You can apply for a permit at firepermits.vic.gov.au.
Lighting fires in the open without a permit can bring a penalty of more than $21,800 and/or 12 months imprisonment. For a full list of conditions, visit cfa.vic.gov.au/can
Source: New South Wales Department of Primary Industries
Minister for Agriculture and Western NSW – Media Release
18 Oct 2024
The Minns Labor Government today passed legislation in the Parliament to establish an independent statutory Agriculture Commissioner, delivering the Government’s election commitment in full.
The Commissioner’s role will be to provide independent advice, conduct reviews and make recommendations to the NSW Government on agricultural matters, including productivity, land use conflict and food security.
The Government has made significant progress in delivering its election commitments supporting our farmers – including the delivery of NSW’s first independent Biosecurity Commissioner and Agriculture Workforce Strategy Roundtables, plus record funding for Biosecurity, Local Land Services and Landcare.
The Agriculture Commissioner Act 2024 was developed following extensive engagement with primary industry organisations, NSW Farmers and local councils.
The recruitment process for engaging a Commissioner has begun and will be announced in due course.
The Commissioner’s workplan will be responsive to emerging agricultural priorities, and at the direction of the Minister for Agriculture.
The initial workplan and priorities for the Commissioner have been directed by the NSW Minister for Agriculture, Tara Moriarty, to be as follows:
Advise the NSW Government on the development of a rural land use policy to guide on managing competing demands for land use and access from food and fibre producers
Assist the NSW Government in progressing the development of an ongoing system for defining, identifying, and mapping agricultural lands and its use throughout the State
To progress the pilot of the Farm Practices Panel aimed at reducing conflict between agricultural producers and neighbours on a broader scale
Provide input and advice about addressing ongoing challenges related to critical renewable energy infrastructure to support our energy transition and the impact it can have on landholders, and in particular, farmers.
The Bill specifically requires the Commissioner to promote a coordinated and collaborative approach to supporting the agriculture industry.
Under the new legislation the Commissioner can engage experts and stakeholders, plus consult broadly with Government and non-government stakeholders to inform its reviews and advice.
The Act introduces a requirement for a statutory review every five years.
NSW Minister for Agriculture, Tara Moriarty said:
“Our Government has delivered on another election commitment, passing legislation to establish NSW’s first statutory Agriculture Commissioner with the required powers to assist our primary industries to be the best, safest and most productive they can be.
“The former government failed to deliver a statutory role and that is why we went to the election promising to set this role up and deliver what farmers had for years been calling for.
“Our Government is moving quickly to protect and enhance farming productivity to ensure our farmers can keep on providing food and fibre to our communities.
“I look forward to announcing the Commissioner in due course.”
MEDIA: Alastair Walton | Minister Moriarty | 0418 251 229
Source: New South Wales Department of Primary Industries
23 Oct 2024
In a world-first development for biosecurity management, the NSW Department of Primary Industries and Regional Development (DPIRD) has used a new rapid DNA sequencing technology which can speed up data analysis of pests, weeds and diseases.
The technique could change how we monitor and manage diseases and pests at national and international levels to ensure the safety of our food supplies and the protection of our environment.
NSW DPIRD scientists first used the innovative approach to accelerate species identification rates during the NSW varroa mite emergency response.
NSW DPIRD biosecurity molecular epidemiologist, Daniel Bogema, said rapid and accurate identification of the species as Varroa destructor was critical.
“The technology delivered sharper insights for surveillance and tracking during the early stages of the biosecurity operation and streamlined the process by isolating longer fragments of varroa DNA using an advanced gene editing technique called CRISPR,” Dr Bogema said.
“Our team at the Elizabeth Macarthur Agricultural Institute (EMAI) was able to sequence DNA in a Nanopore sequencer, a portable device which can be used in the field.
“Time is critical in an emergency response and the new technique delivered 12 times more data in a 24-hour period compared with conventional PCR methods.”
This valuable investment in research and new technology allows NSW DPIRD to continue to deliver state-of-the-art diagnostic services to support primary industries.
The rapid genetic diagnostic methods developed by the team can be used to monitor and identify any number of pests, weeds or diseases.
NSW DPIRD scientist, Gus McFarlane, said the EMAI team sees broad applications for the technique in the ongoing management and surveillance of biosecurity and food safety threats.
“This technique is simpler and quicker to design and validate than current multiplexed PCR tests and is now being used to study cattle diseases,” Dr McFarlane said.
“NSW DPIRD’s findings contribute valuable insights to the future development of CRISPR-targeted Nanopore sequencing.”
Australia now has a government and parliament wanting timely transition to net zero. We have a government and parliament wanting to build Australia as the renewable energy superpower of the zero-carbon world economy. For the time being, we have favourable international settings for using our opportunity.
The government of Australia has embraced this superpower narrative, taken some big steps towards supporting its emergence, and articulated sound principles for guiding further policy development.
But Australians in business and the community wanting to make large efforts to turn opportunity into reality find themselves in a tangle of policy uncertainty and contradiction.
The source of the problem is the abolition of carbon pricing in 2014. Since then, the Commonwealth government has worked within constraints that rule out success.
We can make a start towards net zero and becoming a renewable energy superpower without moving the constraints, but we can’t get far. This is a problem for any government of Australia, and not only for the current Labor government. We will not rise sustainably out of the post-pandemic dog days until we get energy policy right.
Striking the right balance
Striking the right balance between state intervention and market exchange is always essential for successful economic development, in all places.
The market generally delivers goods and services more cost-effectively than the state where there is genuine competition among suppliers and purchasers of goods and services.
The difference is especially large and important at a time of structural change and uncertainty. State decisions inevitably tend towards continuation on established paths and slow response to new opportunities.
Australia will not make use of more than a small fraction of the superpower opportunities available to it without immense contributions from an innovative, competitive private business sector.
So we have to design energy and related markets that provide the widest possible scope for competition among enterprises within clear rules understood in advance of investment decisions by all market participants.
The state has to do well the things that only the state can do. Because government capacity is a finite resource, it is much more likely that it will do the essential things well if it doesn’t try to do the things that markets do well.
The state must define the boundaries between the services that it delivers and those to be delivered by the market.
In the electricity sector, government must take responsibility for design of the market rules and compliance with them. It must provide the natural monopoly services of electricity transmission and hydrogen transportation and storage. It must take ultimate responsibility for system security and reliability.
For any market to work, individual market participants must be blocked by regulation from damaging others through their business decisions, or subject to a tax equal to the costs they impose on others. And they must be rewarded for large benefits that they confer on others.
This is essential economics. Its understatement in Productivity Commission and financial media commentary on energy and climate policy discussion over the past decade reveals the debasement of Australian political culture that gave us the dog days.
It has been politically incorrect to tell the truth out loud.
It’s time for carbon pricing
A crucial element of post-2030 market design is introduction of a green premium for zero-carbon energy.
It is obviously necessary for low-cost decarbonisation and expansion of the electricity sector and building Australia as a renewable energy superpower. The green premium is crucial for securing international market access for the zero-carbon export industries.
One of the dog days constraints on policy is that there should be no mandatory demands on private investors. Those constraints must be broken for the green premium to reflect the social cost of carbon, as it must if we are to achieve net zero by 2050 and build Australia as the renewable energy superpower.
The economically efficient way of achieving the premium is carbon pricing. It would be most efficient within an economy-wide system, although it could be introduced initially for the electricity sector and extended to other industries later.
Investors now need to know soon that there will be a premium reasonably related to the social cost of carbon after the Renewable Energy Target ends in 2030.
What matters for the superpower industries is the green premiums for which they are eligible in other countries. Pending the emergence of appropriate premiums, the Commonwealth is proposing payments from the budget.
That is appropriate. It can get the early movers started. It would be expensive if it continued for long. The superpower industries will grow rapidly if they have access to premiums corresponding to the social cost of carbon. Over time, payments from the Australian budget will be replaced by market premiums in destination countries.
There are several possible forms of carbon pricing. The system operating in Australia from 2012 to 2014 was economically and environmentally efficient.
It would have been linked to the EU Emissions Trading System from July 1 2014 if it had not been abolished the day before. The Australian carbon price would be equal to the European price. We would be introducing a European-type Carbon Border Adjustment Mechanism to ensure that Australian producers were not disadvantaged by competition in the domestic market from suppliers who were not subject to similar carbon constraints. The ETS (emissions trading scheme) would be contributing around 2% of GDP to public revenues – going a substantial part of the way to answering the daunting budget challenge to restoration of Australian prosperity.
Part of that increased revenue could support payments to power users to ensure there was no increase in power prices to users until expansion of renewable generation and storage had brought costs down – along the lines of the A$300 per household introduced in the 2024 budget, but larger.
The arrangements would provide automatic access for zero-carbon Australian goods to the high-priced European market. There would be no need to provide for a green premium for sales to Europe from the Australian market. The green premiums in other markets would at first need to be covered, as they are now, from the Australian public revenue.
A carbon solutions levy
Rod Sims (former chair of the Australian Competition and Consumer Commission) and I have suggested a carbon solutions levy. It is administratively simpler than the ETS. It would initially raise much more revenue.
We propose exemption for coal and gas exports to countries in which Australian zero-carbon exports attract a premium comparable to the EU carbon price, even if it is not generated through an ETS.
We would hope that if the carbon solutions levy were to be introduced from 2030, our major trading partners would by that time have introduced green premiums that justify exemption from the levy for coal and gas exports to those countries.
The European Union would be exempt from the beginning. The Northeast Asian economies are moving towards eventual justification of exemption. China now has a country-wide emissions trading system.
The carbon price in July 2024 is about A$21 per tonne, having increased by 50% since early in the year. The price is expected to continue rising until it is playing a major role in transformation of Chinese industry.
Incidentally, China undertook to the United Nations Framework Convention on Climate Change that its emissions would peak by 2030, but its rapid expansion of renewable energy generation, electric vehicles and zero-carbon industrial technologies suggest that the peak may have come in 2023.
Japan is working on direct budgetary support for importers of zero-carbon products which could pass through into a premium for zero-carbon exports from Australia.
During a visit in April 2024, I was advised that the Japanese government is working towards issue of “green bonds” to pay for the premium. A carbon tax from 2035 would meet the cost of servicing and retiring the bonds.
Korea and Taiwan are introducing their own mechanisms for supporting premiums for zero-carbon imports.
One initial criticism of the carbon solutions levy is that it would cause leakage of Australian exports to competing suppliers of gas and coal. There would be some leakage, alongside substantial transfers from rents to the public revenues, and for metallurgical coal in particular, some increase in export prices.
The price increase would introduce an element of green premium for Australian green iron exports. The Superpower Institute (a non-profit research organisation founded by Sims and I) has commissioned the Centre of Policy Studies at Victoria University to quantify the extent of leakage, transfers from rent and higher export prices. The results will be available for public discussion early in 2025. The study will also calculate the effect of the levy on Australian public finances, real incomes and real consumption.
Regional considerations
Australia’s main competitor in regional coal markets is Indonesia. Its main competitors in gas markets are Papua New Guinea, East Timor, Indonesia, Brunei and the Middle East petroleum producers.
No informed person would suggest that there could be an economic problem with leakage to the Middle East: Saudi Arabia and the small Gulf states extract revenue from petroleum exports at much higher rates per dollar than Australia would after imposition of the levy.
There is a case in the Australian national interest for not seeing expansion of export sales from Papua New Guinea and East Timor as being entirely a waste.
But in their national interest and ours, I suggest that we seek to negotiate a four-way agreement on climate and energy with Indonesia, East Timor and Papua New Guinea.
We would all impose carbon solutions levy-type levies at similar rates. This would be a major source of revenue for all of us.
Participation of Indonesia removes leakage of coal exports. Indonesia already has an emissions trading scheme, although it generates a carbon price of only a few dollars per tonne.
It may choose to remove other imposts on fossil carbon exports at the time of introduction of new carbon-related measures – such as the requirement to make 35% of coal exports available at prices well below international prices for domestic power generation.
Participation of the four countries removes the leakage issue for gas. The four neighbours would cooperate in major development programs based on expansion of zero-carbon energy supply and goods production.
There is active discussion in Indonesia of archipelago-wide electricity transmission infrastructure to allow the superior renewable energy resources of the outer islands – Papua, Nusa Tenggara, Sulawesi, Kalimantan, Sumatra – to contribute to decarbonisation and growth of zero-carbon industry everywhere, including in the Java heartland.
The Indonesian grid would run close to neighbouring Australia, Papua New Guinea, East Timor, East and West Malaysia and the Philippines. It would be the geopolitically practical means of linking Australia and Singapore, as envisaged in the SunCable project in the Northern Territory.
The Indonesian national grid could link to the Australian Sungrid discussed in my book The Superpower Transformation in Darwin and the Pilbara.
The alternatives to carbon pricing are weak
The alternatives to economy-wide carbon pricing are likely to turn out to be short-lived expedients that lead sooner rather than later to the return of today’s incoherence and underperformance in energy and climate policy and performance.
The state must provide reliability of power supply to the general population.
The Commonwealth government can do this without distorting competitive electricity markets by establishing an energy reserve I have proposed in my book The Superpower Transformation.
The superpower industries depend on electricity and hydrogen markets operating efficiently and embodying carbon prices. Otherwise the market design issues relevant to their development are similar to those for electricity.
Negative carbon externalities need to be corrected by taxation or alternative carbon pricing mechanisms. Positive externalities from innovation should be rewarded.
Positive innovation externalities are important in the introduction of new industries, technologies and business models for the zero-carbon economy.
Economy-wide carbon pricing at the social cost of carbon is essential to getting the balance right between state intervention and market exchange.
Once it is in place with fiscal rewards for innovation, the government can let businesses decide which new industries and technologies warrant investment.
Once carbon pricing is known to be coming into place reasonably soon, there is no further need for government underwriting of investment in power generation.
There is no need to include a climate trigger in assessment of a project of any kind: if it emits carbon, it will pay for the climate damage it does.
There is no need for government to take a view on climate grounds about the merits of nuclear power generation. It is zero-emissions generation and, like renewable energy, not subject to the carbon price. If it can compete with other forms of generation, it will find a place in private investment decisions on the energy mix.
There is no need for government investment in nuclear power generation. Private investors will have the same incentives to invest in nuclear as in other zero-carbon generation technologies.
There will be no need for the government to take a view on incentives for carbon capture and storage. If it is effective and emissions are actually reduced, carbon payments will be correspondingly reduced.
The carbon price will allow private investors to get on with the job of expanding renewable energy supply at a rapid pace and decarbonising the economy more generally.
Ross Garnaut is a Director and shareholder of Zen Energy. Together with Rod Sims, Ross is a co-founder and Director of The Superpower Institute, a not for profit think tank.
National Children’s Week marks an important opportunity for the Albanese Labor Government to reiterate its commitment to a brighter future for Australia’s children.
This year, National Children’s Week’s theme is based on UNCRC Article 24: Children have the right to a clean and safe environment, a concept that underscores multiple policies, programs, and initiatives delivered by the Government.
National Children’s Week builds on the Government’s work and investments to ensure all children can grow up safe and supported, and have the opportunity to thrive.
“At the heart of our policies and commitments are the lives of children across Australia. This week is a time to reflect on what we are doing to ensure our children, wherever they live, are able to engage in play and recreational activities appropriate to their age and to participate freely in their community,” Minister Rishworth said.
“Our Government is committed to providing $12.4 million of funding over four years to improve the development and wellbeing of children, provide social and parenting support for parents and carer, and increase feelings of belonging and connection in families with their communities.
“This funding is already making a positive difference for children and their families with increased numbers of playgroups operating, some within regional and remote areas, and others for specific priority groups such as culturally and linguistically diverse communities.
“Additionally in February this year, the Government committed a further $150,000 to Toy Libraries Australia to establish 10 new toy libraries in areas of growth or disadvantage, and to support up to 50 toy libraries to purchase evidence-based resources and toys for families and children with additional support needs.”
Minister Rishworth said playgroups and toy libraries were a “key entry point” to early childhood education for vulnerable families, improving the early development and wellbeing of children, improving parent-child relationships and increasing feelings of belonging and connection in families with their communities.
Along with delivering playgroups and toy libraries – including an investment in a pilot for First Nations playgroups – the Government is continuing to deliver a variety of policy frameworks to ensure children are offered the best childhood possible.
The Early Years Strategy 2024-2034, released in May, outlines the Government’s vision to best support Australia’s children and their families in the early years.
This is underscored by the national leadership provided under Safe and Supported: The National Framework for Protecting Australia’s Children 2021-2031, which aims to reduce child abuse and neglect and its intergenerational impacts.
“Frameworks like the Early Years Strategy and Safe and Supported are essential to ensure the Government is providing national leadership that draws on the direct needs of children. It is an informed approach with a long-term vision to build a better future for Australia’s children,” Minister Rishworth said.
“Through our work on these frameworks, we have made sure to listen to the voice of the child, leading to the announcement of the legislated, independent and empowered National Commissioner for Aboriginal and Torres Strait Islander Children and Young People.
“This year has been a big year for children and family policy, and we hope to continue to deliver on our new, integrated, holistic, whole-of-Commonwealth approach to the early years.”
CEO of Toy Libraries Australia Debbie Williams highlighted that the Government’s investment in Toy Libraries has supported 6000 more families to join a local Toy Library, saving them $1.75m this year alone.
“Many thousands of families will enjoy borrowing from these new toy libraries for decades to come,” Ms Williams said.
“Toy libraries not only build strong families and communities through play, they also introduce environmental sustainability principles to young children and save millions of toys from going into waste each year.”
Ms Williams emphasised that with cost of living pressures really impacting families with young children, an increasing number of families are joining toy libraries to support their children’s learning while saving money.
“Five of the new toy libraries supported by the Australian Government are Toy Well Toy Libraries. These free toy libraries are located in schools with high migrant and refugee populations and run by local migrant women, creating new friendships and connections for the families,” she said.
National Children’s Week runs until 27 October.
More information on the Government’s work to improve outcomes for children is available on the Department of Social Services website:
This undated file photo shows an array of China’s Tianlai Experiment, a project aimed to test key technologies for detecting dark energy, in the Kazak Autonomous County of Barkol in northwest China’s Xinjiang Uygur Autonomous Region. [Photo/National Astronomical Observatories of the Chinese Academy of Sciences] China’s Tianlai Experiment, a scientific project aimed at detecting dark energy using a radio telescope array, has been officially granted “pathfinder” status by the Square Kilometre Array (SKA) Observatory, according to the National Astronomical Observatories (NAOC) of the Chinese Academy of Sciences. The SKA is a next-generation giant radio telescope array that is under construction. Once completed, it will be the world’s largest radio telescope array. China, South Africa, the United Kingdom, Australia and six other nations make up the project’s official membership. Facilities involved in SKA-related science and technology studies are called SKA pathfinders or SKA precursors. Several radio telescopes around the world have been certified as SKA pathfinders, said Chen Xuelei, chief scientist of the Tianlai Experiment and a researcher at the NAOC, which operates the project. The latest discoveries from these pathfinders can provide new scientific exploration opportunities for the SKA, and their related technologies may be applied to the construction of the SKA and future radio telescopes, Chen said. Located in the Kazak Autonomous County of Barkol in northwest China’s Xinjiang Uygur Autonomous Region, the Tianlai Experiment consists of two arrays: the Tianlai cylinder array, which has three adjacent cylindrical reflectors with a total of 96 receivers, and the Tianlai dish array, which consists of 16 dishes, each six meters in diameter. The project aims to test key technologies for detecting dark energy, which is thought to make up about 70 percent of the cosmos and drive the acceleration of its expansion. Dark energy cannot be detected directly, but its abundance and properties can be analyzed by observing how the expansion rate of the universe changes over time. The “sound” of the Big Bang left an imprint on the matter distribution in the early universe that has now grown into large-scale structures. By studying the large-scale matter distribution, astronomers can derive these “baryon acoustic oscillations” and determine the cosmic expansion rate over time. Tianlai, which literally means “heavenly sounds,” aims to detect these acoustic oscillations. It will search for the 21-centimeter signals emitted by hydrogen atoms, with hydrogen being the most abundant element in the universe. As the universe is expanding, these 21-centimeter signals have gradually shifted to longer wavelengths in a process referred to as “redshift.” The Tianlai Experiment will cover a range of radio wavelengths — thereby also covering redshifted signals — to generate a map of the three-dimensional distribution of matter in the universe, Chen said. The Tianlai research team is composed of scholars and graduate students at the NAOC and other Chinese universities, as well as experts and scholars from foreign research institutions.
Old National Bancorp (NASDAQ: ONB) reports 3Q24 net income applicable to common shares of $139.8 million, diluted EPS of $0.44; $147.2 million and $0.46 on an adjusted1basis, respectively.
CEO COMMENTARY:
“Old National’s strong 3rd quarter was driven by a focus on our fundamentals: continuing to grow deposits and loans, effectively managing both credit and capital, and creating positive operating leverage through disciplined expense management,” said Chairman and CEO Jim Ryan. “As a result of our ability to execute on this fundamental strategy, we find ourselves well positioned to continue to invest in new markets while attracting exceptional talent to our franchise.”
THIRDQUARTER HIGHLIGHTS2:
Net Income
Net income applicable to common shares of $139.8 million; adjusted net income applicable to common shares1 of $147.2 million
Earnings per diluted common share (“EPS”) of $0.44; adjusted EPS1 of $0.46
Net Interest Income/NIM
Net interest income on a fully taxable equivalent basis1 of $397.9 million
Net interest margin on a fully taxable equivalent basis1 (“NIM”) of 3.32%, down 1 basis point (“bp”)
Operating Performance
Pre-provision net revenue1 (“PPNR”) of $219.7 million; adjusted PPNR1 of $229.3 million
Noninterest expense of $272.3 million; adjusted noninterest expense1 of $262.8 million
Efficiency ratio1 of 53.8%; adjusted efficiency ratio1 of 51.2%
Deposits and Funding
Period-end total deposits of $40.8 billion, up $0.8 billion; core deposits up $1.0 billion
Granular low-cost deposit franchise; total deposit costs of 225 bps
Loans and Credit Quality
End-of-period total loans3 of $36.5 billion, up 2.7% annualized
Provision for credit losses4 (“provision”) of $28.5 million
Net charge-offs of $17.5 million, or 19 bps of average loans; 16 bps excluding purchased credit deteriorated (“PCD”) loans that had an allowance at acquisition
30+ day delinquencies of 0.26% and non-performing loans of 1.22% of total loans
Return Profile & Capital
Return on average tangible common equity1 of 16.0%; adjusted return on average tangible common equity1 of 16.8%
Tangible common equity to tangible assets1 of 7.4%, up 7.2%
Notable Items
$6.9 million of pre-tax merger-related charges
$2.6 million of pre-tax separation expense5
1 Non-GAAP financial measure that management believes is useful in evaluating the financial results of the Company – refer to the Non-GAAP reconciliations contained in this release2 Comparisons are on a linked-quarter basis, unless otherwise noted3 Includes loans held-for-sale4 Includes the provision for unfunded commitments5 Expense associated with a mutual separation agreement with a former Old National executive
RESULTS OFOPERATIONS2 Old National Bancorp (“Old National”) reported third quarter 2024 net income applicable to common shares of $139.8 million, or $0.44 per diluted common share.
Included in third quarter results were pre-tax charges of $6.9 million primarily related to the April 1, 2024 acquisition of CapStar Financial Holdings, Inc. (“CapStar”) and $2.6 million of pre-tax separation expense5. Excluding these transactions and realized debt securities gains from the current quarter, adjusted net income1 was $147.2 million, or $0.46 per diluted common share.
DEPOSITS AND FUNDING Growth in deposits driven by increases in commercial and community deposits and normal seasonal patterns in public funds, partially offset by lower brokered deposits.
Period-end total deposits were $40.8 billion, up 8.5% annualized; core deposits up 10.1% annualized.
On average, total deposits for the third quarter were $40.6 billion, up 4.8% annualized.
Granular low-cost deposit franchise; total deposit costs of 225 bps.
A loan to deposit ratio of 89%, combined with existing funding sources, provides strong liquidity.
Period-end total loans3 were $36.5 billion, up 2.7% annualized.
Total commercial loan production in the third quarter was $1.7 billion; period-end commercial pipeline totaled $2.8 billion.
Average total loans in the third quarter were $36.3 billion, an increase of $235.9 million.
CREDIT QUALITY Resilient credit quality continues to be a hallmark of Old National.
Provision4 expense was $28.5 million compared to $36.2 million, or $20.9 million excluding $15.3 million of current expected credit loss (“CECL”) Day 1 non-PCD provision expense related to the allowance for credit losses established on acquired non-PCD loans in the CapStar transaction in the second quarter of 2024.
Net charge-offs were $17.5 million, or 19 bps of average loans compared to net charge-offs of 16 bps of average loans.
Excluding PCD loans that had an allowance for credit losses established at acquisition, net charge-offs to average loans were 16 bps.
30+ day delinquencies as a percentage of loans were 0.26% compared to 0.16%.
Nonaccrual loans as a percentage of total loans were 1.22% compared to 0.94%.
Loans acquired from previous acquisitions were recorded at fair value at the acquisition date. The remaining discount on these acquired loans was $174.0 million.
The allowance for credit losses, including the allowance for credit losses on unfunded commitments, stood at $405.9 million, or 1.12% of total loans, compared to $392.1 million, or 1.08% of total loans.
NET INTEREST INCOME AND MARGIN Higher net interest income and stable margin reflective of the rate environment.
Net interest income on a fully taxable equivalent basis1 increased to $397.9 million compared to $394.8 million, driven by loan growth as well as higher asset yields and accretion, partly offset by higher funding costs.
Net interest margin on a fully taxable equivalent basis1 modestly decreased 1 bps to 3.32%.
Accretion income on loans and borrowings was $15.6 million, or 13 bps of net interest margin1, compared to $11.6 million, or 10 bps of net interest margin1.
Cost of total deposits was 2.25%, increasing 9 bps and the cost of total interest-bearing deposits increased 9 bps to 2.93%.
NONINTEREST INCOME Increase driven by higher service charges, mortgage fees, capital markets income, and other income.
Total noninterest income was $94.1 million compared to $87.3 million.
Noninterest income was up 7.9% driven by higher service charges, mortgage fees, capital markets income, and other income.
Noninterest expense was $272.3 million and included $6.9 million of merger-related charges and $2.6 million of pre-tax separation expense5.
Excluding these items, adjusted noninterest expense1 was $262.8 million, compared to $263.6 million.
The efficiency ratio1 was 53.8%, while the adjusted efficiency ratio1 was 51.2% compared to 57.2% and 52.6%, respectively.
INCOME TAXES
Income tax expense was $41.3 million, resulting in an effective tax rate of 22.3% compared to 22.5%. On an adjusted fully taxable equivalent (“FTE”) basis, the effective tax rate was 24.8% compared to 25.5%.
Income tax expense included $4.0 million of tax credit benefit compared to $3.5 million.
CAPITAL Capital ratios remain strong.
Preliminary total risk-based capital up 23 bps to 12.94% and preliminary regulatory Tier 1 capital up 27 bps to 11.60%, as strong retained earnings drive capital.
Tangible common equity to tangible assets was 7.44% compared to 6.94%.
CONFERENCE CALL AND WEBCAST Old National will host a conference call and live webcast at 9:00 a.m. Central Time on Tuesday, October 22, 2024, to review third quarter financial results. The live audio webcast link and corresponding presentation slides will be available on the Company’s Investor Relations website at oldnational.com and will be archived there for 12 months. To listen to the live conference call, dial U.S. (800) 715-9871 or International (646) 307-1963, access code 1586600. A replay of the call will also be available from approximately noon Central Time on October 22, 2024 through November 5, 2024. To access the replay, dial U.S. (800) 770-2030 or International (647) 362-9199; Access code 1586600.
ABOUT OLD NATIONAL Old National Bancorp (NASDAQ: ONB) is the holding company of Old National Bank. As the sixth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately $54 billion of assets and $31 billion of assets under management, Old National ranks among the top 30 banking companies headquartered in the United States. Tracing our roots to 1834, Old National focuses on building long-term, highly valued partnerships with clients while also strengthening and supporting the communities we serve. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services. For more information and financial data, please visit Investor Relations at oldnational.com. In 2024, Points of Light named Old National one of “The Civic 50” – an honor reserved for the 50 most community-minded companies in the United States.
USE OF NON-GAAP FINANCIAL MEASURES The Company’s accounting and reporting policies conform to U.S. generally accepted accounting principles (“GAAP”) and general practices within the banking industry. As a supplement to GAAP, the Company provides non-GAAP performance results, which the Company believes are useful because they assist investors in assessing the Company’s operating performance. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables at the end of this release.
The Company presents EPS, the efficiency ratio, return on average common equity, return on average tangible common equity, and net income applicable to common shares, all adjusted for certain notable items. These items include merger-related charges associated with completed and pending acquisitions, separation expense, debt securities gains/losses, CECL Day 1 non-PCD provision expense, distribution of excess pension assets expense, FDIC special assessment expense, gain on sale of Visa Class B restricted shares, contract termination charges, expenses related to the tragic April 10, 2023 event at our downtown Louisville location (“Louisville expenses”), and property optimization charges. Management believes excluding these items from EPS, the efficiency ratio, return on average common equity, and return on average tangible common equity may be useful in assessing the Company’s underlying operational performance since these items do not pertain to its core business operations and their exclusion may facilitate better comparability between periods. Management believes that excluding merger-related charges from these metrics may be useful to the Company, as well as analysts and investors, since these expenses can vary significantly based on the size, type, and structure of each acquisition. Additionally, management believes excluding these items from these metrics may enhance comparability for peer comparison purposes.
Income tax expense, provision for credit losses, and the certain notable items listed above are excluded from the calculation of pre-provision net revenues, adjusted due to the fluctuation in income before income tax and the level of provision for credit losses required. Management believes adjusted pre-provision net revenues may be useful in assessing the Company’s underlying operating performance and their exclusion may facilitate better comparability between periods and for peer comparison purposes.
The Company presents adjusted noninterest expense, which excludes merger-related charges associated with completed and pending acquisitions, separation expense, distribution of excess pension assets expense, FDIC special assessment expense, contract termination charges, Louisville expenses, and property optimization charges, as well as adjusted noninterest income, which excludes debt securities gains/losses and the gain on sale of Visa Class B restricted shares. Management believes that excluding these items from noninterest expense and noninterest income may be useful in assessing the Company’s underlying operational performance as these items either do not pertain to its core business operations or their exclusion may facilitate better comparability between periods and for peer comparison purposes.
The tax-equivalent adjustment to net interest income and net interest margin recognizes the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax-exempt securities and loans are presented using the current federal income tax rate of 21%. Management believes that it is standard practice in the banking industry to present net interest income and net interest margin on a fully tax-equivalent basis and that it may enhance comparability for peer comparison purposes.
In management’s view, tangible common equity measures are capital adequacy metrics that may be meaningful to the Company, as well as analysts and investors, in assessing the Company’s use of equity and in facilitating comparisons with peers. These non-GAAP measures are valuable indicators of a financial institution’s capital strength since they eliminate intangible assets from stockholders’ equity and retain the effect of accumulated other comprehensive loss in stockholders’ equity.
Although intended to enhance investors’ understanding of the Company’s business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. In addition, these non-GAAP financial measures may differ from those used by other financial institutions to assess their business and performance. See the following reconciliations in the “Non-GAAP Reconciliations” section for details on the calculation of these measures to the extent presented herein.
FORWARD-LOOKING STATEMENTS This communication contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”), notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the Securities and Exchange Commission (“SEC”), in press releases, and in oral and written statements made by us that are not statements of historical fact and constitute forward‐looking statements within the meaning of the Act. These statements include, but are not limited to, descriptions of Old National’s financial condition, results of operations, asset and credit quality trends, profitability and business plans or opportunities. Forward-looking statements can be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “should,” “would,” and “will,” and other words of similar meaning. These forward-looking statements express management’s current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those in such statements, including, but not limited to: competition; government legislation, regulations and policies; the ability of Old National to execute its business plan; unanticipated changes in our liquidity position, including but not limited to changes in our access to sources of liquidity and capital to address our liquidity needs; changes in economic conditions and economic and business uncertainty which could materially impact credit quality trends and the ability to generate loans and gather deposits; inflation and governmental responses to inflation, including increasing interest rates; market, economic, operational, liquidity, credit, and interest rate risks associated with our business; our ability to successfully manage our credit risk and the sufficiency of our allowance for credit losses; the expected cost savings, synergies and other financial benefits from the merger (the “Merger”) between Old National and CapStar Financial Holdings, Inc. not being realized within the expected time frames and costs or difficulties relating to integration matters being greater than expected; potential adverse reactions or changes to business or employee relationships, including those resulting from the completion of the Merger; the potential impact of future business combinations on our performance and financial condition, including our ability to successfully integrate the businesses and the success of revenue-generating and cost reduction initiatives; failure or circumvention of our internal controls; operational risks or risk management failures by us or critical third parties, including without limitation with respect to data processing, information systems, cybersecurity, technological changes, vendor issues, business interruption, and fraud risks; significant changes in accounting, tax or regulatory practices or requirements; new legal obligations or liabilities; disruptive technologies in payment systems and other services traditionally provided by banks; failure or disruption of our information systems; computer hacking and other cybersecurity threats; the effects of climate change on Old National and its customers, borrowers, or service providers; political and economic uncertainty and instability; the impacts of pandemics, epidemics and other infectious disease outbreaks; other matters discussed in this communication; and other factors identified in our Annual Report on Form 10-K for the year ended December 31, 2023 and other filings with the SEC. These forward-looking statements are made only as of the date of this communication and are not guarantees of future results, performance or outcomes, and Old National does not undertake an obligation to update these forward-looking statements to reflect events or conditions after the date of this communication.
($ and shares in thousands, except per share data)
Three Months Ended
Nine Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
September 30,
September 30,
2024
2024
2024
2023
2023
2024
2023
Income Statement
Net interest income
$
391,724
$
388,421
$
356,458
$
364,408
$
375,086
$
1,136,603
$
1,138,745
FTE adjustment1,3
6,144
6,340
6,253
6,100
5,837
18,737
17,328
Net interest income – tax equivalent basis3
397,868
394,761
362,711
370,508
380,923
1,155,340
1,156,073
Provision for credit losses
28,497
36,214
18,891
11,595
19,068
83,602
47,292
Noninterest income
94,138
87,271
77,522
100,094
80,938
258,931
233,248
Noninterest expense
272,283
282,999
262,317
284,235
244,776
817,599
742,071
Net income available to common shareholders
$
139,768
$
117,196
$
116,250
$
128,446
$
143,842
$
373,214
$
437,411
Per Common Share Data
Weighted average diluted shares
317,331
316,461
292,207
292,029
291,717
308,605
291,809
EPS, diluted
$
0.44
$
0.37
$
0.40
$
0.44
$
0.49
$
1.21
$
1.50
Cash dividends
0.14
0.14
0.14
0.14
0.14
0.42
0.42
Dividend payout ratio2
32
%
38
%
35
%
32
%
29
%
35
%
28
%
Book value
$
19.20
$
18.28
$
18.24
$
18.18
$
17.07
$
19.20
$
17.07
Stock price
18.66
17.19
17.41
16.89
14.54
18.66
14.54
Tangible book value3
11.97
11.05
11.10
11.00
9.87
11.97
9.87
Performance Ratios
ROAA
1.08
%
0.92
%
0.98
%
1.09
%
1.22
%
0.99
%
1.25
%
ROAE
9.4
%
8.2
%
8.7
%
10.2
%
11.4
%
8.8
%
11.7
%
ROATCE3
16.0
%
14.1
%
14.9
%
18.1
%
20.2
%
15.0
%
20.8
%
NIM (FTE)
3.32
%
3.33
%
3.28
%
3.39
%
3.49
%
3.31
%
3.59
%
Efficiency ratio3
53.8
%
57.2
%
58.3
%
59.0
%
51.7
%
56.4
%
51.9
%
NCOs to average loans
0.19
%
0.16
%
0.14
%
0.12
%
0.24
%
0.16
%
0.19
%
ACL on loans to EOP loans
1.05
%
1.01
%
0.95
%
0.93
%
0.93
%
1.05
%
0.93
%
ACL4 to EOP loans
1.12
%
1.08
%
1.03
%
1.03
%
1.03
%
1.12
%
1.03
%
NPLs to EOP loans
1.22
%
0.94
%
0.98
%
0.83
%
0.80
%
1.22
%
0.80
%
Balance Sheet (EOP)
Total loans
$
36,400,643
$
36,150,513
$
33,623,319
$
32,991,927
$
32,577,834
$
36,400,643
$
32,577,834
Total assets
53,602,293
53,119,645
49,534,918
49,089,836
49,059,448
53,602,293
49,059,448
Total deposits
40,845,746
39,999,228
37,699,418
37,235,180
37,252,676
40,845,746
37,252,676
Total borrowed funds
5,449,096
6,085,204
5,331,161
5,331,147
5,556,010
5,449,096
5,556,010
Total shareholders’ equity
6,367,298
6,075,072
5,595,408
5,562,900
5,239,537
6,367,298
5,239,537
Capital Ratios
Risk-based capital ratios (EOP):
Tier 1 common equity
11.00
%
10.73
%
10.76
%
10.70
%
10.41
%
11.00
%
10.41
%
Tier 1 capital
11.60
%
11.33
%
11.40
%
11.35
%
11.06
%
11.60
%
11.06
%
Total capital
12.94
%
12.71
%
12.74
%
12.64
%
12.32
%
12.94
%
12.32
%
Leverage ratio (average assets)
9.05
%
8.90
%
8.96
%
8.83
%
8.70
%
9.05
%
8.70
%
Equity to assets (averages)3
11.60
%
11.31
%
11.32
%
10.81
%
10.88
%
11.41
%
10.95
%
TCE to TA3
7.44
%
6.94
%
6.86
%
6.85
%
6.15
%
7.44
%
6.15
%
Nonfinancial Data
Full-time equivalent employees
4,105
4,267
3,955
3,940
3,981
4,105
3,981
Banking centers
280
280
258
258
257
280
257
1 Calculated using the federal statutory tax rate in effect of 21% for all periods.
2 Cash dividends per common share divided by net income per common share (basic).
3 Represents a non-GAAP financial measure. Refer to the “Non-GAAP Measures” table for reconciliations to GAAP financial measures. September 30, 2024 capital ratios are preliminary.
4 Includes the allowance for credit losses on loans and unfunded loan commitments.
FTE – Fully taxable equivalent basis ROAA – Return on average assets ROAE – Return on average equity ROATCE – Return on average tangible common equity
NCOs – Net Charge-offs ACL – Allowance for Credit Losses EOP – End of period actual balances NPLs – Non-performing Loans TCE – Tangible common equity TA – Tangible assets
Income Statement (unaudited)
($ and shares in thousands, except per share data)
Three Months Ended
Nine Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
September 30,
September 30,
2024
2024
2024
2023
2023
2024
2023
Interest income
$
679,925
$
663,663
$
595,981
$
589,751
$
576,519
$
1,939,569
$
1,617,070
Less: interest expense
288,201
275,242
239,523
225,343
201,433
802,966
478,325
Net interest income
391,724
388,421
356,458
364,408
375,086
1,136,603
1,138,745
Provision for credit losses
28,497
36,214
18,891
11,595
19,068
83,602
47,292
Net interest income after provision for credit losses
363,227
352,207
337,567
352,813
356,018
1,053,001
1,091,453
Wealth and investment services fees
29,117
29,358
28,304
27,656
26,687
86,779
80,128
Service charges on deposit accounts
20,350
19,350
17,898
18,667
18,524
57,598
53,278
Debit card and ATM fees
11,362
10,993
10,054
10,700
10,818
32,409
31,453
Mortgage banking revenue
7,669
7,064
4,478
3,691
5,063
19,211
12,628
Capital markets income
7,426
4,729
2,900
5,416
5,891
15,055
19,003
Company-owned life insurance
5,315
5,739
3,434
3,773
3,740
14,488
11,624
Gain on sale of Visa Class B restricted shares
—
—
—
21,635
—
—
—
Other income
12,975
10,036
10,470
9,381
10,456
33,481
30,574
Debt securities gains (losses), net
(76
)
2
(16
)
(825
)
(241
)
(90
)
(5,440
)
Total noninterest income
94,138
87,271
77,522
100,094
80,938
258,931
233,248
Salaries and employee benefits
147,494
159,193
149,803
141,649
131,541
456,490
404,715
Occupancy
27,130
26,547
27,019
26,514
25,795
80,696
80,162
Equipment
9,888
8,704
8,671
8,769
8,284
27,263
23,394
Marketing
11,036
11,284
10,634
10,813
9,448
32,954
28,698
Technology
23,343
24,002
20,023
20,493
20,592
67,368
59,850
Communication
4,681
4,480
4,000
4,212
4,075
13,161
12,768
Professional fees
7,278
10,552
6,406
8,250
5,956
24,236
19,085
FDIC assessment
11,722
9,676
11,313
27,702
9,000
32,711
29,028
Amortization of intangibles
7,411
7,425
5,455
5,869
6,040
20,291
18,286
Amortization of tax credit investments
3,277
2,747
2,749
7,200
2,644
8,773
8,167
Other expense
19,023
18,389
16,244
22,764
21,401
53,656
57,918
Total noninterest expense
272,283
282,999
262,317
284,235
244,776
817,599
742,071
Income before income taxes
185,082
156,479
152,772
168,672
192,180
494,333
582,630
Income tax expense
41,280
35,250
32,488
36,192
44,304
109,018
133,118
Net income
$
143,802
$
121,229
$
120,284
$
132,480
$
147,876
$
385,315
$
449,512
Preferred dividends
(4,034
)
(4,033
)
(4,034
)
(4,034
)
(4,034
)
(12,101
)
(12,101
)
Net income applicable to common shares
$
139,768
$
117,196
$
116,250
$
128,446
$
143,842
$
373,214
$
437,411
EPS, diluted
$
0.44
$
0.37
$
0.40
$
0.44
$
0.49
$
1.21
$
1.50
Weighted Average Common Shares Outstanding
Basic
315,622
315,585
290,980
290,701
290,648
307,426
290,763
Diluted
317,331
316,461
292,207
292,029
291,717
308,605
291,809
Common shares outstanding (EOP)
318,955
318,969
293,330
292,655
292,586
318,955
292,586
End of Period Balance Sheet (unaudited)
($ in thousands)
September 30,
June 30,
March 31,
December 31,
September 30,
2024
2024
2024
2023
2023
Assets
Cash and due from banks
$
498,120
$
428,665
$
350,990
$
430,866
$
381,343
Money market and other interest-earning investments
693,450
804,381
588,509
744,192
1,282,087
Investments:
Treasury and government-sponsored agencies
2,335,716
2,207,004
2,243,754
2,453,950
2,515,249
Mortgage-backed securities
6,085,826
5,890,371
5,566,881
5,245,691
4,906,290
States and political subdivisions
1,665,128
1,678,597
1,672,061
1,693,819
1,705,200
Other securities
783,079
775,623
760,847
779,048
751,404
Total investments
10,869,749
10,551,595
10,243,543
10,172,508
9,878,143
Loans held-for-sale, at fair value
62,376
66,126
19,418
32,006
122,033
Loans:
Commercial
10,408,095
10,332,631
9,648,269
9,512,230
9,333,448
Commercial and agriculture real estate
16,356,216
16,016,958
14,653,958
14,140,629
13,916,221
Residential real estate
6,757,896
6,894,957
6,661,379
6,699,443
6,696,288
Consumer
2,878,436
2,905,967
2,659,713
2,639,625
2,631,877
Total loans
36,400,643
36,150,513
33,623,319
32,991,927
32,577,834
Allowance for credit losses on loans
(380,840
)
(366,335
)
(319,713
)
(307,610
)
(303,982
)
Premises and equipment, net
599,528
601,945
564,007
565,396
565,607
Goodwill and other intangible assets
2,305,084
2,306,204
2,095,511
2,100,966
2,106,835
Company-owned life insurance
863,723
862,032
767,423
767,902
774,517
Accrued interest receivable and other assets
1,690,460
1,714,519
1,601,911
1,591,683
1,675,031
Total assets
$
53,602,293
$
53,119,645
$
49,534,918
$
49,089,836
$
49,059,448
Liabilities and Equity
Noninterest-bearing demand deposits
$
9,429,285
$
9,336,042
$
9,257,709
$
9,664,247
$
10,091,352
Interest-bearing:
Checking and NOW accounts
7,314,245
7,680,865
7,236,667
7,331,487
7,495,417
Savings accounts
4,781,447
4,983,811
5,020,095
5,099,186
5,296,985
Money market accounts
11,601,461
10,485,491
10,234,113
9,561,116
8,793,218
Other time deposits
6,010,070
5,688,432
4,760,659
4,565,137
4,398,182
Total core deposits
39,136,508
38,174,641
36,509,243
36,221,173
36,075,154
Brokered deposits
1,709,238
1,824,587
1,190,175
1,014,007
1,177,522
Total deposits
40,845,746
39,999,228
37,699,418
37,235,180
37,252,676
Federal funds purchased and interbank borrowings
135,263
250,154
50,416
390
918
Securities sold under agreements to repurchase
244,626
240,713
274,493
285,206
279,061
Federal Home Loan Bank advances
4,471,153
4,744,560
4,193,039
4,280,681
4,412,576
Other borrowings
598,054
849,777
813,213
764,870
863,455
Total borrowed funds
5,449,096
6,085,204
5,331,161
5,331,147
5,556,010
Accrued expenses and other liabilities
940,153
960,141
908,931
960,609
1,011,225
Total liabilities
47,234,995
47,044,573
43,939,510
43,526,936
43,819,911
Preferred stock, common stock, surplus, and retained earnings
6,971,054
6,866,480
6,375,036
6,301,709
6,208,352
Accumulated other comprehensive income (loss), net of tax
(603,756
)
(791,408
)
(779,628
)
(738,809
)
(968,815
)
Total shareholders’ equity
6,367,298
6,075,072
5,595,408
5,562,900
5,239,537
Total liabilities and shareholders’ equity
$
53,602,293
$
53,119,645
$
49,534,918
$
49,089,836
$
49,059,448
Average Balance Sheet and Interest Rates (unaudited)
($ in thousands)
Three Months Ended
Three Months Ended
Three Months Ended
September 30, 2024
June 30, 2024
September 30, 2023
Average
Income1/
Yield/
Average
Income1/
Yield/
Average
Income1/
Yield/
Earning Assets:
Balance
Expense
Rate
Balance
Expense
Rate
Balance
Expense
Rate
Money market and other interest-earning investments
$
904,176
$
11,696
5.15
%
$
814,944
$
11,311
5.58
%
$
980,813
$
13,194
5.34
%
Investments:
Treasury and government-sponsored agencies
2,255,629
21,851
3.87
%
2,208,935
21,531
3.90
%
2,376,864
23,037
3.88
%
Mortgage-backed securities
5,977,058
48,425
3.24
%
5,828,225
47,904
3.29
%
5,079,091
33,237
2.62
%
States and political subdivisions
1,668,454
14,042
3.37
%
1,686,994
14,290
3.39
%
1,737,037
14,220
3.27
%
Other securities
785,107
12,547
6.39
%
788,571
12,583
6.38
%
793,196
10,127
5.11
%
Total investments
10,686,248
96,865
3.63
%
10,512,725
96,308
3.66
%
9,986,188
80,621
3.23
%
Loans:2
Commercial
10,373,340
183,878
7.09
%
10,345,098
183,425
7.09
%
9,612,102
163,869
6.82
%
Commercial and agriculture real estate
16,216,842
274,832
6.78
%
15,870,809
260,407
6.56
%
13,711,156
219,575
6.41
%
Residential real estate loans
6,833,597
67,084
3.93
%
6,952,942
67,683
3.89
%
6,712,269
62,775
3.74
%
Consumer
2,891,260
51,714
7.12
%
2,910,331
50,869
7.03
%
2,614,928
42,322
6.42
%
Total loans
36,315,039
577,508
6.36
%
36,079,180
562,384
6.24
%
32,650,455
488,541
5.98
%
Total earning assets
$
47,905,463
$
686,069
5.73
%
$
47,406,849
$
670,003
5.66
%
$
43,617,456
$
582,356
5.34
%
Less: Allowance for credit losses on loans
(366,667
)
(331,043
)
(300,071
)
Non-earning Assets:
Cash and due from banks
$
413,583
$
430,256
$
382,755
Other assets
5,394,032
5,341,022
4,960,383
Total assets
$
53,346,411
$
52,847,084
$
48,660,523
Interest-Bearing Liabilities:
Checking and NOW accounts
$
7,551,264
$
29,344
1.55
%
$
8,189,454
$
34,398
1.69
%
$
7,515,439
$
25,531
1.35
%
Savings accounts
4,860,161
5,184
0.42
%
5,044,800
5,254
0.42
%
5,414,775
4,268
0.31
%
Money market accounts
11,064,433
106,148
3.82
%
10,728,156
102,560
3.84
%
7,979,999
65,549
3.26
%
Other time deposits
5,928,241
64,435
4.32
%
5,358,103
56,586
4.25
%
4,229,692
37,110
3.48
%
Total interest-bearing core deposits
29,404,099
205,111
2.78
%
29,320,513
198,798
2.73
%
25,139,905
132,458
2.09
%
Brokered deposits
1,829,218
24,616
5.35
%
1,244,237
17,008
5.50
%
1,183,228
14,970
5.02
%
Total interest-bearing deposits
31,233,317
229,727
2.93
%
30,564,750
215,806
2.84
%
26,323,133
147,428
2.22
%
Federal funds purchased and interbank borrowings
14,549
292
7.98
%
148,835
1,986
5.37
%
62,921
910
5.74
%
Securities sold under agreements to repurchase
239,524
612
1.02
%
249,939
639
1.03
%
302,305
710
0.93
%
Federal Home Loan Bank advances
4,572,046
47,719
4.15
%
4,473,978
44,643
4.01
%
4,537,250
40,382
3.53
%
Other borrowings
754,544
9,851
5.19
%
891,609
12,168
5.49
%
841,307
12,003
5.66
%
Total borrowed funds
5,580,663
58,474
4.17
%
5,764,361
59,436
4.15
%
5,743,783
54,005
3.73
%
Total interest-bearing liabilities
$
36,813,980
$
288,201
3.11
%
$
36,329,111
$
275,242
3.05
%
$
32,066,916
$
201,433
2.49
%
Noninterest-Bearing Liabilities and Shareholders’ Equity
Demand deposits
$
9,371,698
$
9,558,675
$
10,338,267
Other liabilities
970,662
980,322
961,268
Shareholders’ equity
6,190,071
5,978,976
5,294,072
Total liabilities and shareholders’ equity
$
53,346,411
$
52,847,084
$
48,660,523
Net interest rate spread
2.62
%
2.61
%
2.85
%
Net interest margin (GAAP)
3.27
%
3.28
%
3.44
%
Net interest margin (FTE)3
3.32
%
3.33
%
3.49
%
FTE adjustment
$
6,144
$
6,340
$
5,837
1 Interest income is reflected on a FTE basis.
2 Includes loans held-for-sale.
3 Represents a non-GAAP financial measure. Refer to the “Non-GAAP Measures” table for reconciliations to GAAP financial measures.
Average Balance Sheet and Interest Rates (unaudited)
($ in thousands)
Nine Months Ended
Nine Months Ended
September 30, 2024
September 30, 2023
Average
Income1/
Yield/
Average
Income1/
Yield/
Earning Assets:
Balance
Expense
Rate
Balance
Expense
Rate
Money market and other interest-earning investments
$
825,743
$
32,992
5.34
%
$
736,225
$
25,258
4.59
%
Investments:
Treasury and government-sponsored agencies
2,275,607
66,648
3.91
%
2,266,177
58,923
3.47
%
Mortgage-backed securities
5,721,725
135,217
3.15
%
5,268,509
102,618
2.60
%
States and political subdivisions
1,678,504
42,308
3.36
%
1,771,155
43,306
3.26
%
Other securities
781,385
37,303
6.37
%
785,474
28,726
4.88
%
Total investments
$
10,457,221
$
281,476
3.59
%
$
10,091,315
$
233,573
3.09
%
Loans:2
Commercial
10,087,322
534,566
7.07
%
9,644,541
475,210
6.57
%
Commercial and agriculture real estate
15,488,010
765,325
6.59
%
13,180,509
598,337
6.05
%
Residential real estate loans
6,826,809
197,770
3.86
%
6,626,551
181,592
3.65
%
Consumer
2,815,837
146,177
6.93
%
2,612,519
120,428
6.16
%
Total loans
35,217,978
1,643,838
6.22
%
32,064,120
1,375,567
5.72
%
Total earning assets
$
46,500,942
$
1,958,306
5.62
%
$
42,891,660
$
1,634,398
5.08
%
Less: Allowance for credit losses on loans
(337,168
)
(301,909
)
Non-earning Assets:
Cash and due from banks
$
402,213
$
412,998
Other assets
5,232,807
4,917,592
Total assets
$
51,798,794
$
47,920,341
Interest-Bearing Liabilities:
Checking and NOW accounts
$
7,627,029
$
88,994
1.56
%
$
7,793,561
$
69,248
1.19
%
Savings accounts
4,976,361
15,455
0.41
%
5,791,780
9,745
0.22
%
Money market accounts
10,571,821
302,921
3.83
%
6,577,317
120,917
2.46
%
Other time deposits
5,327,361
168,453
4.22
%
3,660,156
79,032
2.89
%
Total interest-bearing core deposits
28,502,572
575,823
2.70
%
23,822,814
278,942
1.57
%
Brokered deposits
1,375,231
55,149
5.36
%
879,886
32,053
4.87
%
Total interest-bearing deposits
29,877,803
630,972
2.82
%
24,702,700
310,995
1.68
%
Federal funds purchased and interbank borrowings
77,262
3,239
5.60
%
306,480
11,404
4.97
%
Securities sold under agreements to repurchase
261,818
2,168
1.11
%
351,362
2,389
0.91
%
Federal Home Loan Bank advances
4,477,851
133,529
3.98
%
4,699,074
123,466
3.51
%
Other borrowings
823,746
33,058
5.36
%
806,575
30,071
4.98
%
Total borrowed funds
5,640,677
171,994
4.07
%
6,163,491
167,330
3.63
%
Total interest-bearing liabilities
35,518,480
802,966
3.02
%
30,866,191
478,325
2.07
%
Noninterest-Bearing Liabilities and Shareholders’ Equity
Demand deposits
$
9,396,081
$
10,864,375
Other liabilities
971,687
944,619
Shareholders’ equity
5,912,546
5,245,156
Total liabilities and shareholders’ equity
$
51,798,794
$
47,920,341
Net interest rate spread
2.60
%
3.01
%
Net interest margin (GAAP)
3.26
%
3.54
%
Net interest margin (FTE)3
3.31
%
3.59
%
FTE adjustment
$
18,737
$
17,328
1 Interest income is reflected on a FTE.
2 Includes loans held-for-sale.
3 Represents a non-GAAP financial measure. Refer to the “Non-GAAP Measures” table for reconciliations to GAAP financial measures.
Asset Quality (EOP) (unaudited)
($ in thousands)
Three Months Ended
Nine Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
September 30,
September 30,
2024
2024
2024
2023
2023
2024
2023
Allowance for credit losses:
Beginning allowance for credit losses on loans
$
366,335
$
319,713
$
307,610
$
303,982
$
300,555
$
307,610
$
303,671
Allowance established for acquired PCD loans
2,803
23,922
—
—
—
26,725
—
Provision for credit losses on loans
29,176
36,745
23,853
13,329
23,115
89,774
46,520
Gross charge-offs
(18,965
)
(17,041
)
(14,020
)
(13,202
)
(22,750
)
(50,026
)
(55,261
)
Gross recoveries
1,491
2,996
2,270
3,501
3,062
6,757
9,052
NCOs
(17,474
)
(14,045
)
(11,750
)
(9,701
)
(19,688
)
(43,269
)
(46,209
)
Ending allowance for credit losses on loans
$
380,840
$
366,335
$
319,713
$
307,610
$
303,982
$
380,840
$
303,982
Beginning allowance for credit losses on unfunded commitments
$
25,733
$
26,264
$
31,226
$
32,960
$
37,007
$
31,226
$
32,188
Provision (release) for credit losses on unfunded commitments
(679
)
(531
)
(4,962
)
(1,734
)
(4,047
)
(6,172
)
772
Ending allowance for credit losses on unfunded commitments
$
25,054
$
25,733
$
26,264
$
31,226
$
32,960
$
25,054
$
32,960
Allowance for credit losses
$
405,894
$
392,068
$
345,977
$
338,836
$
336,942
$
405,894
$
336,942
Provision for credit losses on loans
$
29,176
$
36,745
$
23,853
$
13,329
$
23,115
$
89,774
$
46,520
Provision (release) for credit losses on unfunded commitments
(679
)
(531
)
(4,962
)
(1,734
)
(4,047
)
(6,172
)
772
Provision for credit losses
$
28,497
$
36,214
$
18,891
$
11,595
$
19,068
$
83,602
$
47,292
NCOs / average loans1
0.19
%
0.16
%
0.14
%
0.12
%
0.24
%
0.16
%
0.19
%
Average loans1
$
36,299,544
$
36,053,845
$
33,242,739
$
32,752,406
$
32,639,812
$
35,202,727
$
32,057,989
EOP loans1
36,400,643
36,150,513
33,623,319
32,991,927
32,577,834
36,400,643
32,577,834
ACL on loans / EOP loans1
1.05
%
1.01
%
0.95
%
0.93
%
0.93
%
1.05
%
0.93
%
ACL / EOP loans1
1.12
%
1.08
%
1.03
%
1.03
%
1.03
%
1.12
%
1.03
%
Underperforming Assets:
Loans 90 days and over (still accruing)
$
1,177
$
5,251
$
2,172
$
961
$
1,192
$
1,177
$
1,192
Nonaccrual loans
443,597
340,181
328,645
274,821
261,346
443,597
261,346
Foreclosed assets
4,077
8,290
9,344
9,434
9,761
4,077
9,761
Total underperforming assets
$
448,851
$
353,722
$
340,161
$
285,216
$
272,299
$
448,851
$
272,299
Classified and Criticized Assets:
Nonaccrual loans
$
443,597
$
340,181
$
328,645
$
274,821
$
261,346
$
443,597
$
261,346
Substandard loans (still accruing)
1,074,243
841,087
626,157
599,358
563,427
1,074,243
563,427
Loans 90 days and over (still accruing)
1,177
5,251
2,172
961
1,192
1,177
1,192
Total classified loans – “problem loans”
1,519,017
1,186,519
956,974
875,140
825,965
1,519,017
825,965
Other classified assets
59,485
60,772
54,392
48,930
48,998
59,485
48,998
Special Mention
837,543
967,655
827,419
843,920
775,526
837,543
775,526
Total classified and criticized assets
$
2,416,045
$
2,214,946
$
1,838,785
$
1,767,990
$
1,650,489
$
2,416,045
$
1,650,489
Loans 30-89 days past due (still accruing)
$
91,750
$
51,712
$
53,112
$
71,868
$
56,772
$
91,750
$
56,772
Nonaccrual loans / EOP loans1
1.22
%
0.94
%
0.98
%
0.83
%
0.80
%
1.22
%
0.80
%
ACL / nonaccrual loans
92
%
115
%
105
%
123
%
129
%
92
%
129
%
Under-performing assets/EOP loans1
1.23
%
0.98
%
1.01
%
0.86
%
0.84
%
1.23
%
0.84
%
Under-performing assets/EOP assets
0.84
%
0.67
%
0.69
%
0.58
%
0.56
%
0.84
%
0.56
%
30+ day delinquencies/EOP loans1
0.26
%
0.16
%
0.16
%
0.22
%
0.18
%
0.26
%
0.18
%
1 Excludes loans held-for-sale.
Non-GAAP Measures (unaudited)
($ and shares in thousands, except per share data)
Three Months Ended
Nine Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
September 30,
September 30,
2024
2024
2024
2023
2023
2024
2023
Earnings Per Share:
Net income applicable to common shares
$
139,768
$
117,196
$
116,250
$
128,446
$
143,842
$
373,214
$
437,411
Adjustments:
Merger-related charges
6,860
19,440
2,908
5,529
6,257
29,208
23,187
Tax effect1
(1,528
)
(4,413
)
(710
)
(1,343
)
(1,042
)
(6,651
)
(4,491
)
Merger-related charges, net
5,332
15,027
2,198
4,186
5,215
22,557
18,696
Separation expense
2,646
—
—
—
—
2,646
—
Tax effect1
(589
)
—
—
—
—
(589
)
—
Separation expense, net
2,057
—
—
—
—
2,057
—
Debt securities (gains) losses
76
(2
)
16
825
241
90
5,440
Tax effect1
(17
)
1
(4
)
(200
)
(40
)
(20
)
(1,175
)
Debt securities (gains) losses, net
59
(1
)
12
625
201
70
4,265
CECL Day 1 non-PCD provision expense
—
15,312
—
—
—
15,312
—
Tax effect1
—
(3,476
)
—
—
—
(3,476
)
—
CECL Day 1 non-PCD provision expense, net
—
11,836
—
—
—
11,836
—
Distribution of excess pension assets
—
—
13,318
—
—
—
13,318
—
Tax effect1
—
—
(3,250
)
—
—
—
(3,250
)
—
Distribution excess pension assets, net
—
—
10,068
—
—
10,068
—
FDIC special assessment
—
—
2,994
19,052
—
2,994
—
Tax effect1
—
—
(731
)
(4,628
)
—
(731
)
—
FDIC special assessment, net
—
—
2,263
14,424
—
2,263
—
Gain on sale of Visa Class B restricted shares
—
—
—
(21,635
)
—
—
—
Tax effect1
—
—
—
5,255
—
—
—
Gain on sale of Visa Class B restricted shares, net
—
—
—
(16,380
)
—
—
—
Contract termination charge
—
—
—
4,413
—
—
—
Tax effect1
—
—
—
(1,072
)
—
—
—
Contract termination charge, net
—
—
—
3,341
—
—
—
Louisville expenses
—
—
—
—
—
—
3,361
Tax effect1
—
—
—
—
—
—
(392
)
Louisville expenses, net
—
—
—
—
—
—
2,969
Property optimization charges
—
—
—
—
—
—
1,559
Tax effect1
—
—
—
—
—
—
(315
)
Property optimization charges, net
—
—
—
—
—
—
1,244
Total adjustments, net
7,448
26,862
14,541
6,196
5,416
48,851
27,174
Net income applicable to common shares, adjusted
$
147,216
$
144,058
$
130,791
$
134,642
$
149,258
$
422,065
$
464,585
Weighted average diluted common shares outstanding
317,331
316,461
292,207
292,029
291,717
308,605
291,809
EPS, diluted
$
0.44
$
0.37
$
0.40
$
0.44
$
0.49
$
1.21
$
1.50
Adjusted EPS, diluted
$
0.46
$
0.46
$
0.45
$
0.46
$
0.51
$
1.37
$
1.59
NIM:
Net interest income
$
391,724
$
388,421
$
356,458
$
364,408
$
375,086
$
1,136,603
$
1,138,745
Add: FTE adjustment2
6,144
6,340
6,253
6,100
5,837
18,737
17,328
Net interest income (FTE)
$
397,868
$
394,761
$
362,711
$
370,508
$
380,923
$
1,155,340
$
1,156,073
Average earning assets
$
47,905,463
$
47,406,849
$
44,175,079
$
43,701,283
$
43,617,456
$
46,500,942
$
42,891,660
NIM (GAAP)
3.27
%
3.28
%
3.23
%
3.34
%
3.44
%
3.26
%
3.54
%
NIM (FTE)
3.32
%
3.33
%
3.28
%
3.39
%
3.49
%
3.31
%
3.59
%
Refer to last page of Non-GAAP reconciliations for footnotes.
Non-GAAP Measures (unaudited)
($ in thousands)
Three Months Ended
Nine Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
September 30,
September 30,
2024
2024
2024
2023
2023
2024
2023
PPNR:
Net interest income (FTE)2
$
397,868
$
394,761
$
362,711
$
370,508
$
380,923
$
1,155,340
$
1,156,073
Add: Noninterest income
94,138
87,271
77,522
100,094
80,938
258,931
233,248
Total revenue (FTE)
492,006
482,032
440,233
470,602
461,861
1,414,271
1,389,321
Less: Noninterest expense
(272,283
)
(282,999
)
(262,317
)
(284,235
)
(244,776
)
(817,599
)
(742,071
)
PPNR
$
219,723
$
199,033
$
177,916
$
186,367
$
217,085
$
596,672
$
647,250
Adjustments:
Gain on sale of Visa Class B restricted shares
$
—
$
—
$
—
$
(21,635
)
$
—
$
—
$
—
Debt securities (gains) losses
76
(2
)
16
825
241
90
5,440
Noninterest income adjustments
76
(2
)
16
(20,810
)
241
90
5,440
Adjusted noninterest income
94,214
87,269
77,538
79,284
81,179
259,021
238,688
Adjusted revenue
$
492,082
$
482,030
$
440,249
$
449,792
$
462,102
$
1,414,361
$
1,394,761
Adjustments:
Merger-related charges
$
6,860
$
19,440
$
2,908
$
5,529
$
6,257
$
29,208
$
23,187
Separation expense
2,646
—
—
—
—
2,646
—
Distribution of excess pension assets
—
—
13,318
—
—
13,318
—
FDIC Special Assessment
—
—
2,994
19,052
—
2,994
—
Contract termination charges
—
—
—
4,413
—
—
—
Louisville expenses
—
—
—
—
—
—
3,361
Property optimization charges
—
—
—
—
—
—
1,559
Noninterest expense adjustments
9,506
19,440
19,220
28,994
6,257
48,166
28,107
Adjusted total noninterest expense
(262,777
)
(263,559
)
(243,097
)
(255,241
)
(238,519
)
(769,433
)
(713,964
)
Adjusted PPNR
$
229,305
$
218,471
$
197,152
$
194,551
$
223,583
$
644,928
$
680,797
Efficiency Ratio:
Noninterest expense
$
272,283
$
282,999
$
262,317
$
284,235
$
244,776
$
817,599
$
742,071
Less: Amortization of intangibles
(7,411
)
(7,425
)
(5,455
)
(5,869
)
(6,040
)
(20,291
)
(18,286
)
Noninterest expense, excl. amortization of intangibles
In the Oval Office, I sit surrounded by portraits of exceptional American Presidents and busts of inspiring American leaders. They remind me each and every day that we are a Nation of dreamers and doers, of promise and possibilities, and of ordinary Americans doing extraordinary things. Above all, we are a Nation of good people, who show our kindness and character through small acts every single day. This National Character Counts Week, we celebrate the core values of decency, honesty, dignity, and equality that have long defined the character of America.
Our Nation is strong, and our future is bright — in large part because of the upstanding character that resides within all Americans. I have witnessed it up close in educators like the First Lady, who inspire our Nation’s youth to reach for every possibility; mothers, fathers, and parental figures who raise their children with care, courage, and grit; first responders, who run toward danger to protect others; union workers, who are building America; and brave service members, who stand on the frontlines of freedom to defend our democracy. Across the country, American workers are writing the greatest comeback story we have ever known — restoring pride in our hometowns, pride in America, and pride in knowing we can get big things done when we work together.
Since I came into office, my Administration has taken large strides toward building an America that lives up to those values. The American Rescue Plan helped keep child care programs open, families in their homes, and small businesses on their feet. We set a record for Federal contract spending on small businesses. Our historic investments across the clean energy economy are helping to combat climate change and create good-paying jobs. Through the American Rescue Plan and Bipartisan Safer Communities Act, we have made significant investments in reducing crime, preventing gun violence, and saving lives, and last year, we saw one of the lowest rates of violent crime in more than 50 years. We are also ensuring that America is a Nation where everyone is respected and where we give hate no safe harbor. That is why I signed the COVID-19 Hate Crimes Act, making it easier to report hate crimes, and hosted the United We Stand Summit to counter the corrosive effects of hate-fueled violence. My Administration continues to work to counter antisemitism, Islamophobia, and hate in all its forms and ensure that everyone is treated with dignity and respect.
Under my Unity Agenda, we are tackling the opioid epidemic and mental health crisis, holding Big Tech accountable, supporting our veterans and their families, and ending cancer as we know it. We are investing more than $1 billion to help schools across the country train and hire new mental health counselors through the Bipartisan Safer Communities Act, we have granted new disability benefits to over one million veterans and their families under the PACT Act, and we launched the Advanced Research Projects Agency for Health to fast-track progress on how we prevent, detect, and treat cancer and other diseases.
My father taught me that our character is not measured by how many times or how hard we get knocked down but by how quickly we get back up. Even in the face of challenges ahead and obstacles in our way, Americans always get back up. It is what drives our great country forward and what makes our Nation strong. This week and every week, let us recommit to upholding our most essential values and remember that the sacred task of perfecting our Union is not just about any one of us but about “We the People.”
NOW, THEREFORE, I, JOSEPH R. BIDEN JR., President of the United States of America, by virtue of the authority vested in me by the Constitution and the laws of the United States, do hereby proclaim October 20 through October 26, 2024, as National Character Counts Week. Now and throughout the year, I encourage all Americans to engage in efforts that honor and express the best attributes of our character, extend a hand of fellowship to their neighbors, and unite in service to their communities.
IN WITNESS WHEREOF, I have hereunto set my hand this eighteenth day of October, in the year of our Lord two thousand twenty-four, and of the Independence of the United States of America the two hundred and forty-ninth.
Headline: Hunter and New England regions welcome new overseas nurses
Published: 22 October 2024
Released by: Minister for the Hunter, Minister for Regional Health
Communities across the Hunter and New England are experiencing a welcome boost of new nurses, with more than 140 registered nurses recruited from the United Kingdom (UK) and Ireland.
Hunter New England Local Health District has welcomed the first of these new skilled nurses, who are now settling into the District’s hospitals and towns, following an international recruitment drive to attract staff and boost the capacity of local healthcare teams.
The incoming nurses are qualified and experienced in emergency, surgical care, intensive care, and paediatrics, with many honing their skills at specialist hospitals in the UK.
Nurses are being placed across the District’s hospitals and facilities, including 41 at Tamworth, 37 at Manning and 28 at Maitland hospitals, with dozens having already transitioned into their new roles.
As part of their welcome, the new nurses and their families are greeted at the airport by District staff, before being escorted to local accommodation.
Ongoing training and personal support are provided, including an orientation and buddy-up system to ensure the nurses feel comfortable and supported in their new environment.
The District is currently assisting the remaining overseas nurses through the visa and immigration process, and anticipates their arrival in the coming months.
The international recruitment drive is one of a range of initiatives currently underway to attract and retain nurses to HNELHD’s facilities, with other measures including the employment of more than 250 graduate nurses and midwives, the implementation of the NSW Government’s Rural Health Workforce Incentive Scheme, school-based trainee program, and tertiary study subsidies.
Quotes attributable to Minister for Regional Health Ryan Park:
“I warmly welcome these much needed and valued nurses to our Hunter and New England regions, who are bringing a wealth of experience to our facilities and communities.
“Health worker shortages in our regions is one of the biggest challenges confronting our health system.
“International recruitment drives are just one way we are helping to attract and retain health workers in our regional and rural areas. We want to ensure everyone can access high quality healthcare no matter where they live.”
Quotes attributable to Minister for the Hunter Yasmin Catley:
“It’s fantastic to welcome so many new nurses who have chosen to make the Hunter home.
“These workers will make a real difference to peoples’ lives and help deliver better outcomes for patients and their families.
“The NSW Labor Government is working hard to rebuild our public health system and the recruitment of these overseas nurses plays an important role in boosting the current workforce.”
Quotes attributable to Elizabeth Grist, Executive Director, Nursing and Midwifery, Hunter New England Local Health District:
“I am thrilled to see over 140 overseas nurses continue their healthcare careers in NSW and I want to pass on my thanks for choosing our District.”
“No two days are the same in our hospitals, and we are committed to providing these nurses with continuous opportunities for career-enhancing experiences and learning development across a variety of areas.”
Quotes attributable to Michelle Keir, Director of Nursing and Midwifery, Tamworth Hospital:
“We’ve welcomed over two dozen overseas nurses to our hospital so far, who are all settling well into the community and enjoying their new lifestyle and nursing roles.”
“The overseas recruitment drive has been an extremely rewarding initiative, which has boosted morale and wellbeing among our existing staff as well as benefiting our patients.”
“I look forward to welcoming and supporting more nurses over the coming weeks and months, as we continue to receive applications from highly-skilled nurses from across the world.”
Quotes attributable to Bindhya Thomas, Registered Nurse, Tamworth Hospital:
“I have 12 years’ experience in nursing, and I’m currently working in the acute surgical ward at Tamworth Hospital, taking care of post-surgical patients.”
“It was my dream to migrate to Australia and I’m so happy to be here, the sun is shining every day and that makes it so enjoyable.”
“My colleagues are so supportive. I feel like I’ve been here for many years and that’s a wonderful feeling.”
Pair charged with drug trafficking extradited to face court in Tasmania
Tuesday, 22 October 2024 – 2:36 pm.
Tasmania Police is today extraditing a man and a woman from New South Wales to Hobart, after they failed to appear in the Supreme Court last Monday, 14 October. The 48-year-old woman and 49-year-old man are on trial for trafficking in a controlled substance, where it is alleged they were involved in the importing of approximately $700,000 worth of illicit drugs into Tasmania in 2019. At the time, the man was reportedly the national vice president of the Bandidos Outlaw Motorcycle Gang (OMCG). The investigation into the drug trafficking formed part of Operation Advance which was a joint operation between Tasmania Police and the Australian Federal Police (AFP). Tasmania Police and AFP would like to recognise the assistance provided by NSW Police in the extradition, after officers arrested the pair on Sunday.
Five men have been arrested this morning after a series of searches in the Metropolitan area as part of Operation Eclipse.
Just after 8am, Tuesday 22 October, Detectives from Serious and Organised Crime Branch attended and searched six residential and business premises located at Blair Athol, Walkley Heights, Dudley Park, Sheidow Park and Morphett Vale.
Detectives were supported by 45 police from specialist areas including STAR Operations, Metropolitan Districts, Digital Evidence Section and Confiscations Section officers.
As a result of these searches, Detectives have seized numerous items of interest including tobacco products, approximately $114,500 in cash and two vehicles including a black Range Rover (pictured).
The five men were arrested for offences that police will allege relate to the ongoing conflict, associated with the illicit tobacco sales in SA and the standover and intimidation tactics that are being used by these syndicates.
A 34-year-old man from Blair Athol was charged with aggravated affray and aggravated assault
A 31-year-old man from Blair Athol was charged with aggravated affray, attempt cause serious harm and money laundering
A 23-year-old man from Blair Athol was charged with aggravated affray, aggravated attempt cause serious harm and money laundering
A 33-year-old man from Walkley Heights was charged with aggravated affray and aggravated attempt cause harm
A 23-year-old man from Dudley Park was charged with aggravated affray and aggravated assault.
All five men were refused police bail and are expected to appear in the Adelaide Magistrates Court later today.
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.
South Australia Police will continue to investigate offences of violence and extortion and aim to disrupt this type of offending to ensure public safety.
Anyone who has any information in relation to any suspicious activity around business premises, specifically in the hours of darkness, is asked to contact Crime Stoppers on 1800 33 000 or online at http://www.crimestopperssa.com.au – you can remain anonymous.
TASRAIL CEO, STEVEN DIETRICH: … I would like to begin the formalities with an acknowledgement of country. In recognition of the deep history and culture of this island of Lutruwita Tasmania, we would like to acknowledge the traditional owners of the land upon which we gather today, and pay our respects to elders past and present, for they hold the memories, the knowledge, and the culture and hopes of Aboriginal Tasmania.
First up today, it is my pleasure – real pleasure to introduce a great supporter of TasRail. It’s not her first visit to the site, and I’m sure she can see a vast difference to when she was last here. The old shiploader was still here that had served us well for the last 50 years, and now with our new state of the art asset in place. So I’d like to introduce the Federal Minister for Infrastructure, Transport, Regional Development and Local Government, the Honourable Catherine King.
[Applause]
CATHERINE KING: Thanks very much, Steve, and it is terrific to be here in Burnie today. Can I too acknowledge the traditional custodians of the lands on which we gather, and pay my respects to elders past, present and emerging? To Premier Jeremy Rockliff, a great friend who’s been terrific to work with. And it’s lovely to see you back in the Infrastructure portfolio, and we’re doing lots of great work and great things in Tasmania together. Also to Senator Anne Urquhart, again, my friend and colleague, and to the mayor of Burnie, who’s also here with us today, and the many TasRail and TasPorts workers, staff who are here with us today as well.
Look, this is a terrific day. As Steven mentioned, I was back here in 2022 with Anne. It was pouring with rain. I managed to score myself a pair of Tassie boots that have been to every single corner of the country, from the Tanami to all sorts of projects. So it’s terrific to be here again and to see the shiploader now, this – from 1968, it has served this community incredibly well.
But this next generation now of a shiploader that really is part of the export story of Tasmania. This really is about not just the shiploader, it is about the bulk export minerals facility, which we’ll see work commencing on that – very happy as part of the $82 million to provide some extra money to ensure that that project is delivered as well. But really, this is about rail freight. It’s about- alongside this and the hubs further down, getting trucks off roads here in Tasmania, getting more freight onto rail, making sure you’ve got that connected freight routes out of our port into our export markets. It is about the economic story of Tasmania, and we’re very delighted to have been part of that story. And can I commend very much the work that has been done here, to come back in 2022, to wander on with our umbrellas under the shiploader, to understand the complexity of the engineering task, to be able to continue on a functioning port, to be able to develop and deliver this project really was quite a feat. And so I do want to say congratulations to that. And now the old shiploader, I think you’ve got most of the scrap metals now off site.
So on behalf of the Albanese Labor Government, we’re really delighted to have funded the project- been part of the delivery of the project. But really, this is about the life of the next economic story for Tasmania. Very important to not just this state but the rest of the country, the work that you do here. I’m really delighted to be here today to, I think we call commission the ship loader formally. It is important to celebrate these occasions. I think when you’re working on these projects, it’s important to mark the occasion, important to celebrate that, and delighted to be here on behalf of the Albanese Labor Government, alongside Senator Urquhart, to do that today. Thank you for having me.
[Applause]
STEVEN DIETRICH: Thank you very much, Minister King. Really appreciate your kind words there. And we appreciate your support, and we also appreciate the Prime Minister’s support. The Prime Minister was here a couple of months ago and took the opportunity to climb right to the top. We thought he’d only stop halfway, but he wanted to go all the way to the top, so it was fantastic to provide him an opportunity and firsthand experience with our shiploader. So without further ado, please welcome the Premier of Tasmania, the Honourable Jeremy Rockliff.
[Applause]
JEREMY ROCKLIFF: Well, thanks very much, Steve, for the introduction. It’s fantastic to be here to celebrate new enabling infrastructure for the North West Coast of Tasmania, and more particularly, of course, our highly valuable mining industry in which I’ll come to in just a moment. Thanks Mayor Teeny for having us in your city. It’s great- always great to be in the powerhouse of the North West Coast, and indeed Tasmania, when it comes to the diverse region that we have. And we’re very lucky to have such diverse opportunities when it comes to our economic development here. Our forestry and mining industry, agriculture, aquaculture – we’ve got it all and we’re very, very fortunate, which is why it’s so important to have this investment in such key enabling infrastructure.
Catherine, thanks very much for you as Minister, being here alongside Anne as well, another very strong advocate for the North West Coast and Tasmania. It has been a pleasure to work alongside your government in recent times when it comes to putting on the agenda health infrastructure in Launceston. The Prime Minister and I were working together just last week when it comes to berth six at Macquarie Wharf – enabling, of course, a 30-year extension of Tasmania being the home to the Antarctic Gateway.
But this is cause for celebration. We very much appreciate the significant investment that the Federal Government has made into what is enabling infrastructure. And along with it, acknowledging the key players and all players here today from TasRail, TasPorts, but also the Tasmanian Minerals and Energy Council here today represented by Vanessa and others. Mining is so crucial when it comes to our economy. It is a huge part of our GDP here in Tasmania. And to have this inter-generational infrastructure, if you like, much needed.
I was infrastructure minister around 2018, and Steve and I were reflecting on that just yesterday, where we started the process going in terms of the need for a new shiploader. And here it is, with the work of TasRail and the cooperation with TasPorts. Thank you, Anthony Donald, for you being here as well, which we very much appreciate that cooperative arrangement between TasRail and TasPorts. But also, ensuring that we have not only new enabling infrastructure but infrastructure that is more efficient, infrastructure that is quicker, and infrastructure environmentally sound and also safer. And that’s why this key investment is welcomed by the State Government. Thank you again, Catherine. Thank you, TasRail, for what has been some journey. And if you’ll also indulge me as well, I’d like to commend our outgoing Member for Braddon, Gavin Pearce, for being on the journey as well alongside Anne Urquhart as well, which is fantastic.
So, thank you for enabling me to be part of the event today. Very much appreciated. And all the very best to all those that work within such a critical sector and all those employees in TasRail, TasPorts and others that work so hard as we export out of Tasmania, which creates wealth and opportunity for Tasmanians and allows us to fund those essential services that Tasmanians all care about – health, housing, and addressing the challenges of the cost of living. Thank you very much.
[Applause]
STEVEN DIETRICH: Thank you very much, Premier. We’ve got a great relationship with government, and it’s your government’s support that’s been invaluable to see a very complex, sophisticated project like this delivered on time, on budget. So we really appreciate the support. Finally, I’d like to invite the Chairman of the TasRail board, Stephen Cantwell, to come up and say a few words. Thank you, Stephen.
[Applause]
STEPHEN CANTWELL: Thanks, Steve. Minister King, Premier Rockliff, Senator Urquhart, Mayor Brumby, other important guests. Let me say it’s really good to get to this point in the delivery of a project like this when you’re in the wheelhouse and have accountability for delivery. So thank you, Minister King, and thank you, Premier Rockliff, for supporting us and trusting us in the delivery of this asset, which is such an important component of the Tasmanian resources sector supply chain. Thank you also to our customers, many of whom are represented here today, for trusting us at TasRail day in, day out, with an important part and- by integrating us into and being an important part of your business.
It’s also a great source of satisfaction and sort of worthy of comment that we were delighted at the end of a global tendering process to be in a position to award this contract to the local firm, COVA, and in doing that, opened the way for many other local businesses to participate in the delivery of this project. This asset is as good as it gets. It is state-of-the-art. By any measure, it is a world-leading piece of infrastructure. Going local and being drama-free in the delivery of a project such as this is a great demonstration of the depth of capability that we not only have here in Tasmania, but we have in the manufacturing sector in Australia. And it also reflects the value that can be had by keeping things local, so we particularly wanted to acknowledge the pride with which we’re able to say that we can do all of this locally.
Now this project, by any measure, and nowadays, projects are described both in terms of their complexity and their – how complicated and how complex they are, and this is right up there. It wasn’t easy to deliver. There were many challenges along the way. And the extent to which TasRail has been able to deliver it within the agreed budget envelope and in the timeframe promised is largely a reflection of the quality of the people inside the organisation.
As a mainlander, I’m continually amazed and inspired by the extent to which TasRail people and Tasmanians in general – I don’t know what it is, maybe it’s some sort of inferiority complex – but they always punch above their weight. And I think that’s held us in good stead in the delivery of this project. And so, I want to pay particular tribute to the quiet achievers who’ve just stepped up to the plate and got the job done. You see the product of their efforts here today. Thank you to you all indeed. This common use and asset you have created now will stand for decades for the benefit of all Tasmanians, and indeed all Australians, as we confirm to the world the credentials of our resources sector. Thank you.
[Applause]
STEVEN DIETRICH: Thank you, Chairman. Thank you for those words. And I would just like to acknowledge the Chairman and the whole TasRail board of directors for their support and trust in this project. I remember putting this Board paper up, one, first putting in the shovel ready justification to the Federal Government to enable a project, knowing that we had an old shiploader that needed to be replaced to provide certainty for decades to come through the North West and the mining industry. But putting a business case up, working it through with the Board and them putting their trust in myself, our Key Project Director Stephen Kerrison, and the entire Shiploader project team was really, really appreciated, and we delivered.
So, this machine takes us to 2,000 tonnes per hour. the original machine probably operated at 1,000 tonnes per hour, so more efficient, more productive- the latest safety and environmental features. It also will facilitate future expansion of larger vessels. Most of our vessels at the moment are what you classify as Handymax type style vessels, and we’ll be able to accommodate Panamax vessels into the future. It’s a great asset built by Tasmanians. Can you believe an asset like this was built in Tasmania by Tasmanians?
CATHERINE KING: Absolutely.
STEVEN DIETRICH: It’s fantastic. The Haywoods engineering, the engineering company at Somerset, the SAGE Automation people, IF&S – the technology that’s gone into this unit is just amazing. I won’t lie, there was a couple of nervous moments when we put the first tonne of dirt on and there was a couple of teething problems, and to be expected, but what a wonderful asset. We’ve got a couple of things to work through. COVA Haywood’s have been a fantastic contractor and we’ve got an asset here that will deliver for decades to come, enabling the industry a fully integrated supply chain that will take industry forward.
And once we expand the bulk minerals bulk minerals export facility, currently we can hold 130,000 tonnes and we’ll be able to go to 150,000, enabling more mines to be able to grow in Tasmania and get their product out efficiently.
So, I’m getting the wind up now, I’m conscious of time. Now, we do have some gifts for our political visitors which Kirsten and Samantha, I think they’re almost sure that we give those once the medias had some opportunity for questions. And we’re going to go and do some photography – we’re allowed to go for a walk out onto the berth and right up to the shiploader to platform one and have a look at the cabin, and we’d like to get a group photo up at platform one.
So, thank you again. Really appreciate you coming here today and investing the time. It’s a momentous occasion for us, but it’s a momentous occasion for all Tasmanians and it’s an asset all Tasmanian’s can be proud of. Thank you very much.
UNIDENTIFIED SPEAKER: Thank you.
[Applause]
CATHERINE KING: Questions if you want, but over here with Anne.
JOURNALIST: I guess the last [indistinct] lasted 50 years. Do you know how long this one’s meant to last?
CATHERINE KING: Well, let’s hope- it certainly is expected to last another 50 years. What an extraordinary investment. A 1968 facility now being replaced by a state-of-the-art shiploader which is much more efficient, will be able to load much more quickly. And also, it’s much quieter which is terrific, obviously, for the people of the Burnie, and we’ve obviously got ships often loading late at night.
But, as I said, it’s not just about the shiploader. We’re about to see the project commence for the bulk mineral export facility. So, this old shed, again it is pre-1960s, to be replaced with the, again, a state of the art export facility here. But of course, we’ve also got the hub, which is a rail hub, an [indistinct] intermodal hub where we can also transport goods from there, which is really about getting more of our commodities, more of our minerals onto rail so we’re not seeing so many trucks onto the roads here.
So this is a great freight story, but it’s also a great story for the economy here. I’m so delighted to hear just how many local companies have been involved in building this project – built by Tasmanians, for Tasmanians – really showing the complex engineering capability of the companies here in this community, and it’s something we should be incredibly proud of.
JOURNALIST: Why is it important that we do keep jobs within the state?
CATHERINE KING: Well, of course, because Tasmania is important not just to the state but to the economy of the whole country. You produce some beautiful products from here in your agriculture and aquaculture sector that are showcases to the rest of the world. Your minerals are exported all over the world as well. You’ve got an incredibly important economy here. I love coming down here. I love hearing the innovation and the – all of the new things people are doing. And really what this common user infrastructure, this shiploader here is doing, is providing that opportunity to continue to provide those mineral exports to the world.
JOURNALIST: Apologies if this is, you know, common knowledge, but I guess I was reading the release from your office a couple- an old one, and it was saying the operational- it was meant to be operational by mid-2023. Why was there a delay?
CATHERINE KING: Well, these are complex projects to build. As you know, trying to make sure that we’ve- a, we’ve got supply chain issues, but also trying to make sure the port continues to be operational so that there’s limited downtime to continue to be able to do that. So it’s complex to build, and so that’s really what happens with these facilities. So it started in May 2022 and here we are in 2024, finally commissioned, operational, loading ships today.
Any other questions? Yeah.
JOURNALIST: Do you agree with Lidia Thorpe’s actions yesterday? Is she exercising free speech?
CATHERINE KING: Look, I think it was disappointing to see what happened yesterday. We were all there. You know, it’s important that, regardless of your views about a whole range of issues, to show respect to our institutions and our traditions. And I do think it was disappointing yesterday, but it was a very small, small part of what has been a really successful visit by Their Majesties, the King and the Queen, over the last couple of days. And I know that they were really delighted to be received and warmly welcomed by the Australian people.
JOURNALIST: Sprit of Tasmania are part of the Federal and National Highway 1 essentially. From a Federal perspective, what is your view then of the debacle that’s been engulfing Tasmania in recent months?
CATHERINE KING: Well look, really that’s a matter for the Tasmanian Government, and I don’t think it’s appropriate for me to comment there. TasPorts comes under the State Government, and I’m sure Premier Rockliff will be happy to answer questions there. We’re obviously, as part of the Federal Government, really proud to partner with the Tasmanian Government to deliver infrastructure such as the shiploader that you’re seeing here today.
JOURNALIST: How can the Federal Government have confidence Tasmania will deliver projects on time and on budget, when that’s not what’s happened here?
CATHERINE KING: Well, we’ve seen, with the shiploader, the incredible, great work that TasRail and TasPorts have done together to deliver this project. Our expectation of all our co delivery partners, whether it’s here in Tasmania or it’s on the mainland, is that they do work very closely with my department about the delivery of those. And this project, where we’ve been funding it, is been an important- it’s important to see that delivered and important that all levels of government, particularly when we’re working on mega projects, projects that are big and complex, that we do those gateway reviews, that we do keep an eye on the progress of those. That’s all?
JOURNALIST: Just one more, sorry, if you [indistinct]…
CATHERINE KING: Yes, of course.
JOURNALIST: Should Lidia Thorpe resign from the Senate given she’s pledged allegiance to the King?
CATHERINE KING: Can I just say really clearly, I think that what happened yesterday was disappointing and I think that it shouldn’t overshadow what has been a fantastic visit by Their Majesties. I think we saw them warmly welcomed all across the places that they visited, other than the alpaca sneezing on them – but I’m sure that will be memorable as well. I understand, from alpaca’s that’s a sign of affection. So really, I don’t think that that should overshadow it, and, really, what Lidia does is a matter for her.
The Minister for Communications has appointed Mr Richard Eccles to lead the first statutory review of BetStop – the National Self-Exclusion Register. Implemented by the Australian Communications and Media Authority, BetStop covers all Australian licensed interactive wagering service providers, prohibiting them from opening a new account or accepting bets from self‑excluded individuals, or sending them marketing material. Wagering providers are also required to close existing betting accounts for registered individuals. Wagering has been identified to cause financial harm and impacts to relationships, physical health, mental health, and work performance. Registering for BetStop, and ceasing wagering, can assist in reducing the extent of these harms to individuals and their community. Since its commencement in August 2023, more than 30,000 Australians have registered. Notably, 79% of registrants are aged 40 and under and 39% have registered for a lifetime ban. Some 23,000 people have active exclusions. Based on BetStop registrations to date, and evidence from similar programs, lifetime registrations for BetStop could have achieved a total cost saving of between $80-$135 million in the first year. The review will add to the evidence base on the impacts of BetStop in Australia and voluntary exclusion programs to help inform future policy. TheInteractive Gambling Act 2001requires a review of BetStop after 12 months of operation to ensure it is working effectively as a measure to protect vulnerable Australians from gambling harm. An experienced senior public sector leader, Mr Eccles brings a strong mix of governance, executive management and advisory expertise to the role, along with relevant experience in the areas of public health, online safety and technology. The review will consider the effectiveness of BetStop’s underpinning regulatory framework and whether regulatory arrangements under the theInteractive Gambling (National Self-Exclusion Register) Register Rules 2022and theNational Self-exclusion Register (Cost Recovery Levy) Act 2019are fit for purpose. A consultation process will open later in 2024 which will enable feedback to be provided that can be considered to inform any future changes. Mr Eccles will deliver his final review report and findings to the Minister for Communications within 18 months, and this report will be tabled in Parliament. Further details about the review, including public consultation mechanisms, are expected to be published on the Department of Infrastructure, Transport, Regional Development, Communications and the ArtsHave your saywebpage in late November 2024.
Quotes attributable to Minister for Communications, the Hon Michelle Rowland MP: “There has been a massive take-up of BetStop in its first 12 months, making a meaningful difference and changing the lives of thousands of Australians and their families. “We want to make sure BetStop is working as effectively as possible to protect vulnerable Australians from gambling harms – which is why my department is undertaking this review. “I encourage people who’ve registered or interacted with BetStop to participate in our upcoming public consultation so we can take on your feedback to inform any future changes.” Quotes attributable to Minister for Social Services, the Hon Amanda Rishworth MP: “Preventing and reducing online gambling harms is a priority for this government, and we’ve taken a number of strong actions to this end. “This review is an opportunity to ensure that BetStop – a key measure – is operating effectively. “Protecting vulnerable Australians from online gambling harms is not a set and forget proposition – and we’ll continue to work closely with stakeholders across government, industry and community to address this pervasive issue.”