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Category: Banking

  • MIL-OSI USA: Twelve Additional North Carolina Counties Eligible for FEMA Individual Assistance

    Source: US Federal Emergency Management Agency 2

    strong>RALEIGH, N.C. – Homeowners and renters in Cabarrus, Cherokee, Forsyth, Graham, Iredell, Lee, Nash, Rowan, Stanly, Surry, Union and Yadkin counties who had uninsured damage or losses caused by Tropical Storm Helene are now eligible to apply for FEMA disaster assistance.

    FEMA may be able to help with serious needs, displacement, temporary lodging, basic home repair costs, personal property loss or other disaster-caused needs. Previously, Alexander, Alleghany, Ashe, Avery, Buncombe, Burke, Caldwell, Catawba, Clay, Cleveland, Gaston, Haywood, Henderson, Jackson, Lincoln, Macon, Madison, McDowell, Mecklenburg, Mitchell, Polk, Rutherford, Swain, Transylvania, Watauga, Wilkes and Yancey counties and the Eastern Band of Cherokee Indians were authorized for assistance to households.

    The quickest way to apply is to go online to DisasterAssistance.gov. You can also apply using the FEMA App for mobile devices or calling toll-free 800-621-3362. The telephone line is open every day and help is available in most languages. If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA your number for that service. To view an accessible video on how to apply visit Three Ways to Apply for FEMA Disaster Assistance – YouTube. 

    What You’ll Need When You Apply

    • A current phone number where you can be contacted.
    • Your address at the time of the disaster and the address where you are now staying.
    • Your Social Security number.
    • A general list of damage and losses.
    • Banking information if you choose direct deposit.
    • If insured, the policy number or the agent and/or the company name.

    If you have homeowners, renters’ or flood insurance, you should file a claim as soon as possible. FEMA cannot duplicate benefits for losses covered by insurance. If your policy does not cover all your disaster expenses, you may be eligible for federal assistance.

    For the latest information about North Carolina recovery, visit Hurricane Helene | NC DPS or fema.gov/disaster/4827. Follow FEMA on X at x.com/femaregion4 or on Facebook at facebook.com/fema.

    MIL OSI USA News –

    January 23, 2025
  • MIL-OSI New Zealand: Business Central – Outstanding contributions to Wellington honoured at the 2024 Wellington Address

    Source: Business Central

    The contributions of some of Wellington’s most prominent businesspeople were celebrated last night at the 2024 Wellington Address, hosted at Pipitea Marae.
    The event recognised the mahi and relentless energy of three individuals and one business who have made outstanding contributions to our city. They are people who inspire others and help Wellington’s business community prosper and thrive.
    The Address was jointly hosted Wellington Chamber of Commerce, Te Awe Māori Business Network and the Wellington Pasifika Business Network, together known as the Power of Three.
    More than 240 people attended last night’s sold-out event, where Prime Minister Christopher Luxon and Deputy Prime Minister Winston Peters addressed honourees and guests.
    The gala dinner was headlined by the Wellington Address, an ode to the city and a vision for its future. This year’s Address was delivered by John-Daniel Trask of tech company Raygun, who highlighted the importance of innovation, contribution and the role of business in the city’s success.
    The event was made possible with the help of our sponsors and partners, including Mercury IT, Pōneke Bakery and principal sponsor 2degrees.
    “These awards are a celebration of the very best of our business community – hard work, dedication, innovation and a commitment to improving our city,” said Wellington Chamber of Commerce CEO Simon Arcus.
    “This year’s honourees all embody that spirit. We all better off for their work, and I extend my thanks to all the honourees. At times like these, it’s a powerful reminder of Wellington’s character and its potential in years to come,” he said.
    The honourees for the 2024 Wellington Address were:
    Nominated by the Wellington Chamber of Commerce, sponsored by Mercury IT
    Brian McGuinness
    Nominated by Te Awe Māori Business Network, sponsored by Pōneke Bakery
    Doug Hauraki
    Nominated by the Wellington Pasifika Business Network
    Adrian Orr
    Company award, sponsored by 2degrees
    The Wellington Company – Erskine Restoration
    “The Wellington Chamber is delighted to recognise Brian McGuinness as an honouree of the 2024 Wellington Address,” said Simon Arcus.
    “With over 50 years of commitment to the family business, LT McGuinness, Brian has shown exceptional leadership and made enduring contributions to the Wellington urban landscape. An award for Brian is, in a very real sense, a recognition of the contribution of the McGuiness family.
    “The Wellington Address serves to recognise those who serve us beyond the call of their professional duty. We are humbled to be recognising such an outstanding contribution from more than 50 years of dedication to the capital; nobody else has literally built a legacy on Wellington’s footprint quite like Brian McGuinness,” Arcus said.
    More information on the outstanding contributions of last night’s honourees is available below.
    Brian McGuinness: With over 50 years of commitment to the family-founded construction company, LT McGuinness, Brian has shown exceptional leadership and made enduring contributions to the Wellington urban landscape.
    Brian’s dedication to building excellence, his ability to develop long-standing local relationships, and his commitment to his word have contributed to the success of many of Wellington’s iconic buildings.
    Doug Hauraki: Generations of Māori students, public servants and business owners will be delighted to know Doug Hauraki is this year’s Te Awe Wellington Māori Business Network honouree.
    In bestowing this honour on Doug, Te Awe acknowledges his more than 55 years of service to Māori in both the private and public sectors and his lifelong devotion to better education and employment opportunities for Māori and Pasifika people.
    Adrian Orr: The Wellington Pasifika Business Network us proud to recognise Adrian Orr as the Pasifika honouree for this year’s Wellington Address. The award celebrates Adrian’s 40 years of outstanding service to the banking and financial services sector, most recently as Governor of the Reserve Bank of New Zealand and its role of ensuring the stability of our financial system.
    Of Cook Island and Irish descent, Adrian has been a trailblazer in his chosen profession, with a strong intergenerational view of economic and social issues and solutions.
    The Wellington Company – Erskine Restoration:
    After undertaking a painstaking 23-year journey to develop a hilly, heritage-listed site in Island Bay, The Wellington Company delivered a premium medium-density housing development which restored and retained a unique part of our architectural history.
    Many others would have shied away from the challenge of restoring the Category-1 listed Erskine Chapel. The 1929 landmark had been neglected, vandalised and red-stickered for many years, as well as being subject to a lengthy legal challenge, despite the desire to protect it. But rather than walking away from the project, The Wellington Company took the step many would not, privately funding the vast bulk of the $7 million restoration and strengthening project to preserve it for generations to come.
    Note:
    The Power of Three is a joint agreement between the Wellington Chamber of Commerce, the Wellington Pasifika Business Network, and Te Awe Māori Business Network. The three business membership organisations share knowledge, services and cultural expertise to help grow businesses in the Wellington region.

    MIL OSI New Zealand News –

    January 23, 2025
  • MIL-OSI New Zealand: Finance – ASB adjusts mortgage rates

    Source: ASB

    ASB has today announced adjustments to its mortgage rates, following the bank’s reductions across fixed and floating mortgage rates last week. ASB’s latest changes include a 36-basis point reduction to its 6-month term, down to a market-leading rate of 6.39%.  

    ASB’s Executive General Manager Personal Banking Adam Boyd says “We know there’s strong appetite for shorter-term mortgages at the moment. Our drops to 6-month, one year and 18-month terms in response to movement in wholesale rates should appeal to our customers refixing, as well as those looking to buy a property.”

    ASB has also reduced some of its shorter-term term deposit rates by between 10 and 35 basis points, and increased its 4-and-5 year term deposits by 10 basis points each.

    All rate adjustments are effective immediately for new and current customers.

     

    Fixed home lending term

    Previous rate

    New rate

    Rate decrease

    6-month

    6.75%

    6.39%

    -0.36%

    1-year

    6.19%

    5.99%

    -0.20%

    18-month

    5.89%

    5.79%

    -0.10%

    4-year

    5.69%

    5.79%

    +0.10%

    5-year

    5.69%

    5.79%

    +0.10%

     

    MIL OSI New Zealand News –

    January 23, 2025
  • MIL-OSI New Zealand: Reserve Bank of NZ releases its inaugural Climate-related Disclosure

    Source: Reserve Bank of New Zealand

    17 October 2024 – The Reserve Bank of New Zealand – Te Pūtea Matua (RBNZ) has released its first voluntary Climate-related Disclosure – Ngā Whakapuaki e Pā ana ki te Āhuarangi for FY2023/24, outlining our progress in understanding, monitoring, and managing climate-related risks.

    Assistant Governor Simone Robbers says climate change has the potential to present significant risks to both the financial system and the real economy, particularly during downturns.

    “This disclosure details the steps we are taking to enhance RBNZ’s resilience to risks while supporting the transition to a climate-resilient, low-emissions economy,” Ms Robbers says.

    Disclosing climate-related risks and opportunities is becoming a mainstream practice among private and public sector organisations globally, and we are committed to keep pace with industry best practice.

    “We are kaitiaki (guardians) of New Zealand’s financial ecosystem,” says Ms Robbers.

    “Anything that challenges the stability of the financial system and our economy, such as climate-related risks, is our core business. We will continue to demonstrate transparency in future disclosures, playing our part in building a climate resilient financial system.”

    Our disclosures are guided by the Network for Greening the Financial System (NGFS), which provides a framework tailored to meet the needs of central banks and supervisors. While the Aotearoa New Zealand Climate Standards (NZ CS) are well-suited for private sector entities, the NGFS approach allows us to address the distinct challenges we face.

    Ms Robbers has co-chaired the NGFS workstream ‘Net Zero for Central Banks’ alongside Paolo Angelini, Deputy Director General for Financial Supervision and Regulation for Banca D’Italia since 2022, which includes the subgroup on disclosures for central banks that we now co-lead alongside the Bank of England.

    Our inaugural disclosure is focused primarily on ‘baseline’ disclosures — the foundational information that the NGFS recommend central banks should provide. Going forward, we aim to incorporate more of the NGFS ‘building block’ disclosures, which relate to advanced components of central bank climate-related risk identification and management.

    More information:

    Climate-related Disclosure 2023/24 – Reserve Bank of New Zealand – Te Pūtea Matua (rbnz.govt.nz): https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=33628c4ca7&e=f3c68946f8
    The Network of Central Banks and Supervisors for Greening the Financial System (NGFS): https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=7def36dcdd&e=f3c68946f8

    MIL OSI New Zealand News –

    January 23, 2025
  • MIL-OSI New Zealand: RBNZ releases its inaugural Climate-related Disclosure

    Source: Reserve Bank of New Zealand

    The Reserve Bank of New Zealand – Te Pūtea Matua (RBNZ) has released its first voluntary Climate-related Disclosure – Ngā Whakapuaki e Pā ana ki te Āhuarangi for FY2023/24, outlining our progress in understanding, monitoring, and managing climate-related risks.

    MIL OSI New Zealand News –

    January 23, 2025
  • MIL-OSI: Logansport Financial Corp. Reports Net Earnings for the Quarter Ended September 30, 2024

    Source: GlobeNewswire (MIL-OSI)

    LOGANSPORT, Ind., Oct. 16, 2024 (GLOBE NEWSWIRE) — Logansport Financial Corp., (OTCQB, LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended September 30, 2024 of $192,000 or $0.31 per diluted share, compared to earnings in 2023 of $371,000 or $0.61 per diluted share. Year to date the company reported net earnings of $808,000 for 2024 compared to $1,501,000 for 2023. Diluted earnings per share for the nine months ended September 30, 2024 were $1.32 compared to $2.46 for the nine months ended September 30, 2023. Total assets at September 30, 2024 were $256.9 million compared to total assets at September 30, 2023 of $244.3 million. Total Deposits at September 30, 2024 were $216.6 million compared to total deposits of $219.4 million at September 30, 2023. The company paid a total of $1.35 per share in dividends in the first nine months of 2024 compared to $3.85 in 2023. This included a special dividend of $2.50 per share in 2023.

    The statements contained in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involves a number of risks and uncertainties. A number of factors could cause results to differ materially from the objectives and estimates expressed in such forward-looking statements. These factors include, but are not limited to, changes in the financial condition of issuers of the Company’s investments and borrowers, changes in economic conditions in the Company’s market area, changes in policies of regulatory agencies, fluctuations in interest rates, demand for loans in the Company’s market area, changes in the position of banking regulators on the adequacy of our allowance for loan losses, and competition, all or some of which could cause actual results to differ materially from historical earnings and those presently anticipated or projected. These factors should be considered in evaluation of any forward-looking statements, and undue reliance should not be placed on such statements. The Company does not undertake and specifically disclaims any obligation to update any forward-looking statements to reflect occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

    LOGANSPORT FINANCIAL CORP.
    SELECTED FINANCIAL DATA (Unaudited)
    (Dollars in thousands, except for share data)
     
              9/30/2024   9/30/2023
                   
    Total assets         $256,930   $244,277
                   
    Loans receivable, net         172,097   168,710
    Allowance for loan losses         2,859   2,941
    Cash and cash equivalents         11,384   4,749
    Securities available for sale         26,783   28,524
    Investment in Logansport Investments, Inc.         29,859   27,237
    Federal Home Loan Bank stock         3,150   3,150
    Equity Investment                    –               –
    Deposits         216,600   219,371
    FHLB Borrowings and note payable         15,000   5,000
    Shareholders’ equity         21,918   17,678
    Unrealized gain (loss) on securities         (5,756)   (9,914)
    Shares O/S end of period         611,597   611,334
    Non-accrual loans         3,288   572
    Real Estate Owned                    –               –
      Quarter ended 9/30
    Nine months ended 9/30 
       2024    2023    2024    2023
                   
    Interest income $2,852   $2,814   $8,894   $8,058
    Interest expense 1,570   1,420   4,657   3,343
    Net interest income 1,282   1,394   4,237   4,715
    Provision for loan losses -30   –   -79   –
    Net interest income after provision 1,312   1,394   4,316   4,715
    Gain on sale of Investments –   –   –   –
    Gain on sale of loans 99   87   260   135
    Gain on sale of REO –   –   –   –
    Total other income 257   293   889   840
    Gain (loss) on Logansport Investments, Inc. 175   172   527   658
    Gain on BOLI Settlement   –   –   –   –
    Total general, admin. & other expense 1,732   1,537   5,171   4,667
    Earnings before income taxes 111   409   721   1,681
    Income tax expense -81   38   -87   180
    Net earnings $192   $371   $808   $1,501
    Basic earnings per share $0.31   $0.61   $1.32   $2.46
    Diluted earnings per share $0.31   $0.61   $1.32   $2.46
    Weighted average shares o/s diluted 611,597   611,334   611,597   611,334
                   

    Contact: Kristie Richey
    Chief Financial Officer
    Phone-574-722-3855
    Fax-574-722-3857

    The MIL Network –

    January 23, 2025
  • MIL-OSI United Kingdom: Action to boost jobs and investment for clean energy in Scotland

    Source: United Kingdom – Executive Government & Departments 2

    UK government accelerates “skills passport” and with Scottish Government strikes deal for Great British Energy to work with Scottish public bodies.

    • Energy Secretary visits Aberdeen as UK and Scottish Governments partner to make billions available in funding across the UK including for Scotland’s clean energy industry

    • UK and Scottish Governments strike new deal for Great British Energy to work with Scottish public bodies to support clean energy supply chains

    • UK Government also confirms the speeding up of delivery of a ‘skills passport’ to support oil and gas workers to move into offshore wind

    The UK Government will take decisive action to help make available billions of pounds in funding across the UK including for Scotland’s clean energy industry, the Energy Secretary has pledged ahead of a visit to Aberdeen.  

    The Energy Secretary will visit Aberdeen with Great British Energy Chair Juergen Maier for the first time since the city was announced as the headquarters for the UK’s new publicly-owned energy company. 

    Following the visit, the UK Government is set to sign a new agreement with the Scottish Government today (Thursday 17 October) to boost Great British Energy’s ambitions to support clean energy supply chains and infrastructure.  

    By developing partnerships with Scottish public bodies in the clean energy sector – including Crown Estate Scotland, the Enterprise Agencies and the Scottish National Investment Bank – Great British Energy can deliver quickly and effectively, avoid duplication, and deliver maximum impact and value for money from Scottish projects. 

    Scotland has a strong pipeline of opportunities and is at the forefront of floating offshore wind development, and Great British Energy is in prime position to help accelerate this work by harnessing expertise in project development, investment and work with local communities. 

    Great British Energy has £8.3 billion of funding over this Parliament, and work is underway with the energy industry in Scotland to use this for public investment to create new private sector jobs and drive projects in Scotland.  

    Energy Secretary Ed Miliband said:  

    Scottish energy workers will power the United Kingdom’s clean energy future- including in carbon capture and storage, in hydrogen, in wind, and with oil and gas for decades to come as part of a fair transition in the North Sea.  

    Unlike in the past we’re also working closely with the Scottish Government with a new agreement to ensure our publicly owned company Great British Energy is primed to accelerate clean energy investment in Scotland.

    This follows the announcement in the summer of a partnership between Great British Energy and The Crown Estate, covering England, Wales and Northern Ireland, which could support the leveraging of up to £30-60 billion of private investment. 

    Ahead of the visit, the UK Government has also confirmed that oil and gas workers will be supported to move more easily into careers in the renewable sector, including offshore wind, as the UK government accelerates delivery of a ‘skills passport’.  

    The passport is an industry led initiative overseen by RenewableUK and Offshore Energies UK and supported by the UK and Scottish Governments which will align standards, recognise transferable skills and qualifications and map out career pathways for suitable roles. A digital tool for workers is set to be piloted by January 2025.   

    The UK Government’s Office for Clean Energy Jobs is working closely with Skills England to support other British workers on the energy transition, which by 2030 could create hundreds of thousands of new jobs across the UK.  

    Many of the skills required for the transition already exist, with research from Offshore Energies UK showing that 90% of oil and gas workers have transferable skills for offshore renewable jobs.  

    Acting Cabinet Secretary for Net Zero and Energy Gillian Martin said:  

    I welcome this collaborative agreement committing Great British Energy to work with our public bodies to maximise investment into Scotland.  Scotland already has a strong pipeline of clean energy and supply chain opportunities, is at the forefront of floating offshore wind development, and has a depth of knowledge and experience on community & local energy. We look forward to working with Great British Energy to ensure it delivers real benefits for the people of Scotland and a just energy transition.  

    To make sure that no offshore energy workers are left behind, the Scottish Government provided initial funding of £3.7 million between 2022 – 2024 for the development of the industry-led Skills Passport.

    Secretary of State for Scotland Ian Murray said:  

    The UK government will support our world class, world leading offshore workforce with the recognition they deserve and support the transition to renewable jobs in the future.  

    This is an area the UK Government and Scottish Government can and should work in partnership to deliver for Scotland and harness the potential we have to truly lead the world in renewables jobs. That’s why we have set out to reset the relationship between Scotland’s two governments to deliver better outcomes for Scots.  

    It should be easier to switch between oil and gas and renewables work offshore. The present situation, where training in one industry isn’t recognised in the other, cuts off opportunities for oil and gas workers. The fact some workers are paying out of their own pockets is scandalous. 

    We need to cut that red tape and deliver a skills passport that allows offshore workers to move flexibly back and forth between both industries in the years and decades to come.

    Great British Energy Chair Juergen Maier said: 

    The clean energy transition is a huge opportunity for Scotland, which is already at the cutting edge of technology like floating offshore wind, and Great British Energy is well positioned to help accelerate the development of key supply chains and infrastructure. 

    By working closely with the Scottish Government, alongside The Crown Estate in England, Wales and Northern Ireland, we can help to drive forward investment and create jobs across the country.

    RenewableUK’s Executive Director of Offshore Wind Jane Cooper said:  

    The upsurge in offshore wind jobs over the course of this decade and beyond creates excellent opportunities for highly-skilled oil and gas workers to bring their valuable experience to the clean energy sector. We’re working closely with our colleagues at Offshore Energies UK, and the UK and Scottish Governments, to make that transition as smooth as possible across all parts of the energy industry. The Energy Skills Passport is a great example of what we can achieve together and we’ll continue to look for other potential areas of work that can further support the transition of workers between sectors.

    David Whitehouse, Chief Executive Officer, Offshore Energies UK comments: 

    This package of announcements contains significant measures for firms, their workers and their supply chains across the UK. The skills passport is an important part of the toolkit industry is assembling in recognition of the integrated nature of the energy landscape. Those working in our domestic oil and gas sector have powered the country for the last fifty years and will play a critical role in our energy future. The sector is committed to working in partnership with government to leverage our industrial strengths to deliver a managed transition that creates opportunities for people and communities around the country.

    In Wales, the UK Government is already discussing how Great British Energy could work in partnership with their publicly-owned renewable energy developer, Trydan Gwyrdd Cymru, and other public bodies to deliver on shared priorities with the Welsh Government.  

    The UK Government is also working closely with the Northern Ireland Executive on opportunities for Northern Ireland, to help accelerate the clean energy transition across the United Kingdom. 

    Yesterday (Wednesday 16 October) the Energy Secretary also confirmed that Liz Ditchburn has been appointed as Chair of the North Sea Transition Authority, which regulates and influences the oil, gas, carbon storage and offshore hydrogen industries. Liz is a highly experienced public sector leader and will help to deliver the UK Government’s plans for a phased, responsible and prosperous energy transition in the North Sea. 

    Notes to editors

    The skills passport will show how these offshore workers’ skills and qualifications can be recognised by employers across various sectors, facilitating their smooth transition into the renewable energy sector. It will identify where oil and gas health and safety standards will be recognised in the offshore wind sector and map out different career pathways into the wind industry.   

    See figures on clean energy jobs.

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    Updates to this page

    Published 17 October 2024

    MIL OSI United Kingdom –

    January 23, 2025
  • MIL-OSI Australia: Joint press conference, Bendigo

    Source: Australian Treasurer

    LISA CHESTERS:

    It’s also an important milestone in Bendigo here, particularly in this particular precinct to officially open the Medicare Urgent Care Clinic and I’m so proud to have the Treasurer of Australia, a good friend of mine, Jim Chalmers here to do that official opening. I acknowledge also too all of our amazing health professionals that are here, our doctors, our nurses, our administrators, people who do bookings, we’ve got [indistinct] here. Thank you very much for joining us the CEO of Bendigo Health, the Primary Healthcare Network they’ve also joined us here today. And I know that we are having a press conference in the middle of what is a very busy day here at Bendigo Primary Care. Thank you for hosting us.

    This has been a long time coming for us here in Bendigo. As I was telling the Treasurer, it was the former Treasurer, Wayne Swan, who actually funded the initial funding for this building to be built. It was built under the former Labor government’s GP Super Clinic funding model and the idea back then, and I’m telling the former federal Member for Bendigo’s story Steve Gibbons, and [indistinct] who also served on the board for a while with the Primary Healthcare Network. The vision was for always for this to be a Medicare‑funded Urgent Care Clinic. The ability to do that after‑hours care, the ability to bulk bill where it wasn’t about your credit card, it was about your Medicare card, making sure that everybody in our postcode could have access to that primary care that they needed after‑hours.

    So, it took us a long time to get here. There was a period when we were in Opposition where we had funding cuts to Medicare, it made it very hard for doctors to bulk bill and very hard for clinics to stay open. But the investment that we’ve seen in Medicare has really turned that around and has brought us to where we are today. So, it’s a proud moment for us in Bendigo. It’s a proud moment for our health precinct, but it’s a really proud moment for us in federal Labor. We’re committed to Medicare and we’re reinvesting and strengthening Medicare each and every day, which is why I’m really proud to introduce the Treasurer of Australia here to officially open the Medicare Urgent Care part of this clinic. So welcome back to Bendigo, Jim.

    JIM CHALMERS:

    Thanks, Lisa. It’s very kind of you, Lisa, to invite me here and to introduce me to all of these healthcare super stars at the Urgent Care Clinic here in Bendigo for a very, very proud day for your wonderful local community, and for all of the people who are providing just first‑class healthcare for people of this community and the surrounding areas as well. It’s a real honour to be here as Treasurer. It’s a real honour to have funded so many of these Urgent Care Clinics around Australia. In our 3 Budgets we found $720 million to fund Urgent Care Clinics – 76 of them so far – including this one that we open today.

    One of the things that is really terrific about Urgent Care Clinics is the way that they help healthcare providers in communities like this one work as a team, take pressure off the local hospital, work with each other to provide the best standard of care that we can for the families and pensioners and people of communities like this one here in Bendigo.

    This one’s got a terrific vibe to it, a really amazing vibe to it, because you can tell the teamwork that makes it all work here in Bendigo. As I understand it, more than 800 presentations already. It’s only been open for a month or so, taking the pressure off Bendigo Hospital and providing a bit of peace of mind too for local families and local pensioners and others, knowing that they’ve got another option that they can come to when they’re looking for Healthcare and where they can stay out of the emergency department if that’s possible.

    Most importantly a massive thank you to all of you. It’s a really proud day, a really exciting day. Before we unveil the plaque, I just have to make some broader points as well. We’ve also got a national announcement that’s happening today and so I just wanted to touch on that.

    One of our motivations when it comes to the billions of dollars we’re investing in strengthening Medicare, and the $720 million we’re investing as part of that in Urgent Care Clinics is helping people with the cost of living. Out‑of‑pocket health costs are one of the big pressures on household budgets, and so what we’re trying to do as an Albanese Labor government is to try and take some of the sting out of these cost‑of‑living pressures that we know people are feeling right around Australia in communities like this one.

    So out‑of‑pocket health costs, but also the tax cuts for every taxpayer, energy bill relief for every household, cheaper medicines, cheaper early childhood education, which is a real passion of Lisa’s, more rent assistance, getting wages moving again, fee‑free TAFE, strengthening Medicare, all of these things are about easing cost‑of‑living pressures. Easing cost‑of‑living pressures are the number one priority of the Albanese Labor government. That’s why we’re investing so substantially in easing out‑of‑pocket health costs, and that’s one of the reasons why Urgent Care Clinics are so important.

    But today we’re taking another step as well. Today we are announcing the next steps in banning unfair trade practices. A lot of businesses in our community do the right thing and they’ve got nothing to worry about, but we’re also seeing the troubling escalation in dodgy trading practices, whether it’s the way that people find it hard to get out of subscriptions, the way prices increase while people are making a transaction, the farming of people’s information, dodgy marketing practices like pretending that there’s a limited time that people can buy something online.

    There are a whole bunch of practices that we are worried about, which put additional pressure on people when it comes to the cost of living. So, we want to ban unfair trading practices. We’ve put in train the steps to do that today. Yesterday we talked about our intention, our willingness to ban surcharges on the use of debit cards. People shouldn’t have to pay huge fees to use their own money. Yesterday’s announcement was about debit cards, today we’re talking about banning unfair trading practices. This is all part of our efforts to deal with or address these cost‑of‑living pressures that people are under.

    From time‑to‑time people will say to us: how big a difference can you make in Medicare out‑of‑pocket health costs? How big a difference can you make with all of this competition policy, empowering the ACCC, banning surcharges on debit cards, cracking down on dodgy trading practices? The truth is we are coming at this cost‑of‑living challenge from every conceivable angle. Not with one or 2 policies, but the highest priority of this Albanese government dealing with cost‑of‑living pressures that we know people are facing in housing, in out‑of‑pocket health costs and in other areas as well. The highest priority for our government, and that’s why these Urgent Care Clinics are so important as well, as part of our efforts.

    Okay, tricky questions to Lisa, easy questions to me. I’m in your hands.

    JOURNALIST:

    I was just wondering if I start on just why – or if there is any particular urgent need that you’ve seen for this place [indistinct] prior to this opening? Was there an urgent need?

    CHESTERS:

    Yeah, definitely. This is one of the clinics that was funded for a short period by the state Labor government, and then our Health Minister – Mark Butler – let me know that negotiations were on that the federal government would take it over as part of its Medicare Urgent Care Clinic. We know that there had been pressure on EDs. Any parent that’s had to go up there with an urgent issue knows the wait times. Locally we knew it anecdotally, we also knew it through the data coming through that there was a lot of pressure on EDs. We also knew because the previous government cut so much money out of Medicare – and froze the Medicare rebate and froze the Medicare incentive – that doctors weren’t doing after‑hours services any more. So, the need was there, the data was there and that’s why I’m really proud that our government has prioritised this clinic, coming on board with the federal fund and becoming a federally funded Medicare Urgent Care Clinic.

    CHALMERS:

    I really want to pay tribute to Lisa Chesters here. Strengthening Medicare is one of Lisa’s reasons for being and one of our government’s reasons for being, and we know from Lisa’s advocacy for this local community just how important it is to build an Urgent Care Clinic here to take some of the pressure off the hospital. There’s an urgent need in a lot of communities around Australia for more bulk billing options and more Medicare‑supported doctors, and that’s why we’re building 76 of these and providing $720 million to keep them running. It’s obvious in communities like these the need, and we’re delighted to see the way that all the different parts of the health system are working together to make it a success already. It’s only been open for a month, but already hundreds of people who would otherwise be in the ED at the hospital are coming here to get first‑class treatment and that’s a great thing.

    JOURNALIST:

    Just on another local health issue, and then we can go to other matters. We got word earlier this month that Bendigo Health has flagged job cuts at some of the hospitals, 5,000‑odd staff. The Australian Nursing Midwifery Federation says there’s a major restructure but they understand 9 full‑time clinical nursing jobs will be lost. What do you say to those staff who believe there isn’t any investment into expanding the health workforce by the federal government?

    CHESTERS:

    It’s one of those ones we’ll have to take on notice. It really is a state government matter but what I will say is that I know that the state and federal government are constantly in discussions about how can we better fund our health and hospitals sector. It is something that I know that they’re working through methodically. They’ve engaged the unions in doing this in a fair and transparent process. It’s not new, but it really is one that the state government is working closely with the Bendigo Health on.

    JOURNALIST:

    What’s the difference between a federal Urgent Care Clinic and the state‑run Priority Care Clinic?

    CHESTERS:

    The federal government pays the bills for a Medicare Urgent Care Clinic. That’s essentially the big difference. Which is our role, it’s primary healthcare and it fits within the broader GP, Medicare scope of practice.

    JOURNALIST:

    And how – what does it work when a patient comes in? How do they present? What’s the process?

    CHESTERS:

    You can call, the majority of patients are encouraged to make a phone call to book themselves in. They first are triaged by the nurse or the team that answers the call. If it’s considered to be emergency, they’re encouraged to call an ambulance, 000, or go straight to EDs. But if it’s more an urgency care matter they make an appointment for them. They don’t have to be sitting here; they’re sent a reminder message and then just encouraged to be here about 20 minutes prior to the appointment and I’m hoping I got that right. Not that I’ve had to use the service yet. It’s because we use online, because we’re all used to using the phones and the booking system, it’s well organised. On the busier days it’s 10 til 10. Critical being that after‑hours after‑school opportunity, over the weekends. And it’s a service that’s proving to be very popular because it is where you can get a bulk‑billed GP appointment within 24 hours of needing one.

    JOURNALIST:

    Just on the announcement today, regarding putting an end to hidden in‑ticket purchases, like you promised to consider debit card surcharges, this is a promise that will mean there’ll be consultation down the road. When it’s possible your government may not be in power next year, why not just act now rather than push [indistinct] down the track?

    CHALMERS:

    Consultation is a good thing. We want to make sure that as we crack down on excessive fees and we crack down on dodgy trade practices that we’re doing that in a way that looks after the interests of consumers and small businesses, and makes sure that there aren’t unintended consequences. We’ve shown a real enthusiasm, a real willingness, a real commitment to crack down on the sorts of fees and practices which risk ripping people off. We have empowered and funded the ACCC to do their really important work and we’ve flagged the next steps that we’re taking when it comes to this. But I don’t think we should see consultation as a bad thing, consultation’s a good thing. We’re a government that works through issues in a considered and a methodical but ultimately in an impactful way. We know that people are at risk here when it comes to anti‑competitive behaviour and dodgy behaviour, and fees that they increasingly can’t afford, and so we’re acting on their interests and we’re making sure that we get it right.

    JOURNALIST:

    Look, I just want to confirm which industries the government are wanting to focus on in this crackdown. Are you looking at live music? There’s been some discussion about gym subscriptions.

    CHALMERS:

    We’re talking about a wide range of practices but including subscription traps – where it’s really hard to get out of a subscription, that happens across a number of different sectors. Drip pricing where there are hidden fees throughout the stages of a purchase. There are manipulative online practices, including where there’s a sense of urgency like a countdown timer to make people make rash decisions about what they want to buy. We’re worried about dynamic pricing which is where, during the actual course of the transaction the price keeps escalating. We’re worried about businesses which ask customers for too much information, in some cases much more than is necessary to buy the good or the service. We’re also worried about those instances where it’s hard to contact a business if you haven’t got the product that you were looking for or you had some other question after sale. These are the sorts of issues that we’re looking at. That obviously has relevance to a whole range of sectors – particularly those available for online purchasing. We’re not taking a very specific sector‑specific approach here. We’re looking at all of these potentially dodgy practices and making sure we can rub them out where we can.

    JOURNALIST:

    Given lock‑in subscriptions are a fundamental part of some business models, like gyms, how will you stop them, those businesses from being shuttered down completely?

    CHALMERS:

    We obviously want to see a healthy, profitable business sector but those profitable businesses can’t be making profits on the back of dodgy practices. Again, as a huge supporter of the business community in this country – and particularly the small business community, we want to make sure that there aren’t unintended consequences for the vast majority of businesses who do the right thing. But when some are tempted to do the wrong thing, we need to crack down on that. We need to make sure, when it comes to subscriptions, it can’t be incredibly easy to sign up to a subscription and incredibly difficult to get out of it. We get a lot of feedback about that. We want to work with the ACCC to crack down on that too.

    JOURNALIST:

    Look, do you think the timing of the PM’s decision to buy a new home is poor given an election is coming up? Many Australians are struggling to pay their mortgage or rent. I mean, look, I understand that the PM – people can buy property wherever they want, but I mean here, and particularly in Bendigo, we have a huge homelessness problem. The list of people waiting for social housing are at a 1,000 in this local area. I mean, what do you say especially to those who are sleeping rough and may see coverage of the PM buying such an expensive house on the Central Coast and, you know, wondering what this government’s on about?

    CHALMERS:

    I understand. The government’s highest priority is easing the cost of living and a big part of that is our housing agenda. Too many people are sleeping rough. Too few people can find an affordable place to rent or buy. It is becoming too hard for young people in particular to get a toehold in the housing market, and these are the motivations behind the $32 billion that we have invested through 3 Budgets in building more homes, to make it easier for more Australians to find a place to rent or find a place to buy. This is our highest priority, cost of living, and housing is an important part of that.

    When it comes to the decisions that the Prime Minister has made about his own personal arrangements, I do understand that there’s a lot of interest in it. We do understand, I think collectively, that Prime Ministers decisions like this are scrutinised. I would say a couple of things about that. First of all, I work incredibly closely with the Prime Minister. I work as closely, if not more closely than anybody else. I have seen first‑hand for myself his 100 per cent focus on easing the cost of living and building more homes for Australians and making the right economic decisions for the right economic reasons. I cannot fault for one second his commitment to easing the cost‑of‑living pressures that people confront and building more homes as the important part of that.

    He has made a decision with Jodie that they want to have a place which is closer to Jodie’s family. I think a lot of Australians would understand that aspect of it. Certainly, I understand that aspect of it. But his focus is on easing cost‑of‑living pressures for the whole country, I’ve seen that laser‑like focus for myself up close.

    JOURNALIST:

    In terms of the Urgent Clinics here Bendigo and other areas, is it going to help the healthcare system or is it just going to shuffle everything around and not take the pressure off?

    CHALMERS:

    It’s already taking pressure off the emergency department at Bendigo Hospital. One of the heartening things just meeting some of the professionals who have joined us today, some of them on their day off – we appreciate that – one of the things that really strikes you about this Urgent Care Clinic, and I’ve seen it in others, is the way that the whole health system, the whole local health ecosystem, works together to deliver great outcomes for people, often at the most stressful times.

    Lisa and I know, as parents, it’s so stressful when your kid is sick or your mum, and you want to make sure that there are options and the heartening thing, the inspiring thing frankly, about the work in clinics like this one and emergency departments is the way that the place is working together. I just heard really quite a remarkable thing about where, if one place is quieter than the other, there are calls between different parts of the health system to make sure that we’re getting people through. That’s exactly as we want it. That means that every single cent of these hundreds of millions of dollars we’re investing in Urgent Care Clinics is money well spent.

    JOURNALIST:

    Those that don’t have access to these Urgent Care Clinics, as such, what do you say to them if they’re struggling to get into their GPs, their EDs are full, you know, what do they do?

    CHALMERS:

    We’re building as many as we can afford to build. There are 76 of these now, that’s what $720 million is buying. Every community would like one and we are doing our best to put one in as many communities as we can – here in Bendigo, in my hometown, right around Australia. We know that there’ll always be a need for more investment in health. We’re enthusiastic about that, billions and billions of dollars of investment in strengthening Medicare to help ease out‑of‑pocket costs to give people peace of mind when they’re sick or when their loved ones are sick, and people should expect that to continue for as long as there’s a federal Labor government working closely with state governments like this one.

    JOURNALIST:

    Australian birth rates declined once again. Is this becoming a problem for our economy?

    CHALMERS:

    That has been a long‑term trend and there are reasons for that, including good reasons for it. As I’ve said before, it can be expensive to have kids, and people make their own decisions for their own reasons. My job, working closely with Lisa and other colleagues, is to make sure that people can have the choice of whether to have more kids or not. Our investment in early childhood education, our investment in healthcare, paying superannuation on paid parental leave, all of these decisions that we’ve taken as a government working closely with Katy Gallagher, the Women’s Minister and others, is about making it easier for people to have more kids if they want to. But we know that affordability is a big part of that challenge and that’s why our cost‑of‑living help is so important as well.

    JOURNALIST:

    Is the government talking to Westpac about the repeated outages that we’ve been seeing this week, affecting mobile and online banking? I believe there’s been 3 already this week for customers of Westpac and St George, BankSA.

    CHALMERS:

    We have been speaking with Westpac about these really concerning developments. They have had a number of outages in recent days, and when something like that happens it enlivens the cybersecurity part of our government. In the last couple of years we’ve gotten much better at working with private sector entities like Westpac and others who are the subject of various – whether it’s denial of service or other kinds of interruptions. But we do work closely, whether it’s with the banks or the other businesses and organisations, to make sure that when something happens like this, as unwelcome as it is, that we’re responding when we can and that also we’re keeping each other informed as things develop.

    JOURNALIST:

    Does more need to be done to secure crucial services for bank customers? I mean this is not unusual.

    CHALMERS:

    Unfortunately, this is a sign of the times. We are seeing more of these sorts of interruptions in an economy which is becoming increasingly digital and where the technological changes so fast we are at risk of some of these sorts of interruptions. We’ve got a colleague now, Andrew Charlton, who’s been appointed to oversee cybersecurity in particular, working closely with Tony Burke. Our whole government sees it as an important part of our responsibilities to make sure that we catch up and keep up with developments in this space because we don’t want to see people inconvenienced by these kinds of interruptions.

    JOURNALIST:

    I have just one more question, sorry. Just on the economy and from a business perspective, here in Bendigo, there’s been significant issues in the CBD for some time: for‑lease signs on shop fronts, particularly in the Hargreaves Mall. We hear from businesses and ABC Central Vic, that your government is not doing enough for small businesses. What do you say to people in regional communities like Bendigo who despair in the fact that they may not be able to sustain businesses or even keep shop fronts open until the end of the year?

    CHESTERS:

    The problem with the Bendigo Mall is a perpetual problem that we’ve had for decades, and anybody who says otherwise hasn’t lived in Bendigo for a long time. It’s long been identified that the challenges sometimes relate to the landlords and who they’re trying to attract into the businesses in the mall. We’ve also had some other issues in the mall. There’s quite a bit of construction going on. But this is one of those ones which local chambers of commerce, Be.Bendigo has worked with the City of Greater Bendigo to bring them all together to talk about ‘what’s the vibe? What do we want? Who do we want to prioritise to be our businesses?’ It really starts with the landlords, it starts with Be.Bendigo and it starts with local government. In terms of the federal government support that we have with small business, we’re doing what we can, whether it be the instant asset write‑off, whether it be helping people with their payroll, whether it be investing where we can, supporting people with skills, helping with apprentices, making sure that we’ve got the skilled workers that we need coming through our TAFE. This is the federal government making sure that we stay in our lane and our responsibility. This issue comes up every federal election, every state election, every local government election. But the answer is the same. It comes back to what are the landlords, what’s the vision, how are they working with our local chambers of commerce about who we want to attract in businesses in the CBD.

    JOURNALIST:

    I mean, Bendigo itself are driving hard the tourism dollar here. We’ve seen major events here. We are seeing a comedy festival here. People are travelling to this town in particular and wanting to come to Bendigo to see the lovely, you know, Bloom Festival and a couple of days ago it was beautiful. But seeing – walking a couple of shops – blocks down the street, it’s not such a great story. I mean, I think that there obviously needs to be a whole – is there not a whole – isn’t there more – shouldn’t there be more approach to ensure that the city is at least pleasurable for people to visit?

    CHESTERS:

    It is and people love coming to Rosalind Park. What the state government has done in reducing train fares to get people into town’s been fantastic. Any day on the weekend I love getting stopped and people asking me for directions because it means they’re not local. It means we’ve got people coming in. Last weekend was a big example of that. This weekend coming. The town is abuzz on the weekend and that’s what you want to have happen. I’m sure the landlords will get together with Be.Bendigo and City of Greater Bendigo to work it out. We are seeing a revival and a change of shops coming into the mall. This is one of those issues where if you get too many people involved in the discussion, it takes longer.

    MIL OSI News –

    January 23, 2025
  • MIL-OSI Banking: Gartner Says Enterprise Risk Management Leaders are Challenged With a Lack of Pricing Transparency in GRC Tools

    Source: Gartner – IT Research

    Headline: Gartner Says Enterprise Risk Management Leaders are Challenged With a Lack of Pricing Transparency in GRC Tools

    Due to widely varying government, risk, and compliance (GRC) tool pricing, enterprise risk management (ERM) leaders must understand four different pricing-tier categories of GRC solutions and apply a scoping framework to further estimate likely costs ahead of vendor selection, according to Gartner Inc.

    “There are no shortcuts to avoiding demos and time-intensive sales processes,” said Joel Backaler, Director Analyst in the Gartner Audit & Risk Practice. “However, understanding four pricing categories that vendors generally fall into, and applying a scoping framework accordingly, can save time and narrow the focus of an RFP to vendors that are likely to fit within budget constraints.”

    Gartner experts advise ERM leaders should address several key questions to understand what tier of GRC solution will meet their needs (see Figure 1).

    MIL OSI Global Banks –

    January 23, 2025
  • MIL-OSI Australia: Interview with Nick Bryant, RN Drive, ABC Radio

    Source: Australian Treasurer

    NICK BRYANT:

    So, with the cost of living biting and a national election looming, the federal government is threatening to ban debit card surcharges from the start of 2026, a plan which has been slammed on the other side of politics. Stephen Jones is the Assistant Treasurer. Stephen, welcome back to Radio National Drive.

    STEPHEN JONES:

    Good to be with you, Nick.

    BRYANT:

    The RBA reckons Australians are losing about a billion dollars a year to surcharges. Take me through what the government is proposing and what it would look like in practice?

    JONES:

    Well, this is understandably in response to consumers saying, ‘why am I having to pay money to access my own money to pay for a cup of coffee or a grocery – a basket?’ That’s a pretty reasonable concern by Australians. The plan, we want to ensure that we remove those surcharges, but we want to do it in a way that doesn’t lump the cost of that on small businesses, a simple ban on its own would mean that small businesses are picking up the tab. So, we’ve got to go upstream to look at that whole network of charges that is leading or ending in a small business and their customers. So, it’s the banks, it’s the card service providers, Visa, Mastercard, EFTPOS, but it’s also the payment systems operators. So, we’ve got to look at all of that, untangle it, work out what a reasonable cost for providing those services is, and ensuring that Australians aren’t being slugged by these unreasonable surcharges just to access their own money.

    BRYANT:

    This would only apply to debit cards, but a lot of people use their credit cards to pay for things. Why not have those surcharges go as well?

    JONES:

    Good point. Around about 90 per cent of the exchanges that we’re talking about are done on a debit card, particularly for younger Australians who are more likely not to have a credit card. They might have a buy now, pay later account and a debit card, but more and more people are using debit cards for their day‑to‑day retail transactions. So, the case is cut and dried in this area. Credit products are a little bit different and are treated differently, always have been. So, the biggest part of the big problem is the debit cards, where people are being slugged a surcharge to use their own money, many times in instances where they can’t get the cash out or they can’t use it.

    BRYANT:

    Now, the Head of the Commonwealth Bank basically said during parliamentary proceedings or in this parliamentary committee, that this issue was being infused with populist politics, that the bank’s payment operations are actually making a loss. So, is this performative politics? Is this a bit of bank‑bashing?

    JONES:

    Absolutely not. And as I said in response to your earlier question, it’s not just the banks, it’s the card providers, the system providers such as Visa, Mastercard, EFTPOS, they’ve got charges in the system. It’s the payment network systems who run the rails around which our payments run throughout the country. Most of them not known to everyday consumers, but they’ve got charges in the system as well. So, it’s about untangling all of that. We’ve got the Reserve Bank looking at what it actually costs to run those rails, to run those charge systems, and what is being passed on to the consumer and where the excessive charging is. Job of work between now and Christmas. We’ll get the results of that, we’ll move on that early in the year – new year – and giving the whole system clear signal from the 1 January 2026. If they haven’t moved on it, we will.

    BRYANT:

    Now, the Opposition has been critical of your proposals. Here’s what the Opposition Leader, Peter Dutton, had to say today.

    [Excerpt]

    PETER DUTTON:

    This is actually a plan for a plan. I mean, this Prime Minister always promises but never delivers. And we’re very happy to look at anything the government’s going to propose. It’s not an announcement, it’s just that they’re looking at it and it could come in, in 2026. Australian families need help now from this government. And instead of making good decisions, the government’s made bad decisions.

    [End of excerpt]

    BRYANT:

    I mean, he’s got a point, hasn’t he? This is a plan for a plan. It’s what Donald Trump had in that debate, a concept for a plan.

    JONES:

    Peter Dutton’s got no plan for the economy and no economic policies. He had 9 years to do something about this. It wasn’t a priority for him then. It wasn’t a priority for any of the 3 years when he had my job. It wasn’t a priority for any of the 9 years when he sat around the cabinet table. And now he’s criticising the government for wanting to do something which needs to be done. We’ve got a clear process for dealing with it. It’s not populist; it’s about ensuring we do the right thing, which is about ensuring we take all the evidence. We ensure that we don’t have any unintended consequences, such as having small business pick up the costs for a ban on surcharging. So, we’ll do it in the right way. We’d expect Peter Dutton to support it because it’s in the interests of consumers. But we remember that he’s voted against every single measure that we’ve put in place to provide cost‑of‑living relief for Australians. Whether it’s energy bill relief, whether it’s provisions which enable workers to get better pay rises, whether it’s medicines relief. In every opportunity Peter Dutton has had to vote in favour of cost‑of‑living relief for Australians, he’s done the opposite.

    BRYANT:

    If you just join me here on Radio National Drive, I’m speaking with the Assistant Treasurer, Stephen Jones, about the government’s promise to crack down on debit card surcharges. There is a process underway. You’re waiting for the Reserve Bank to finish its review into retail payments regulation. They’ve been waiting for you to pass legislation to provide them with more powers, which is now stuck in parliament. You’re saying this change won’t happen until 2026. People are hurting now. Why can’t this be expedited?

    JONES:

    Well, it can be expedited if the Opposition votes for the bill, which is before the Senate right now. That’s available for them to do that. They’ve said they’ll oppose it. They can vote in favour of the bill, the payment systems reform bill, which is in the Senate now, and that would give the government the additional powers. At the moment, those powers sit solely with the Reserve Bank of Australia. We’ve given a pretty good indication about what we’ll do as a government. Of course, the bloke who wants to be the alternative Prime Minister for Australia could announce his policy, but he hasn’t.

    BRYANT:

    And let’s talk about the man who is the Prime Minister at the moment. There has been a lot of talk today about the PM’s new luxury ocean view home he’s bought on the Central Coast in NSW. Isn’t this a bit tone‑deaf at the time of a cost‑of‑living crisis ahead of what will surely be a cost‑of‑living election and in the middle of the housing crisis? The optics of this just aren’t very good.

    JONES:

    Look, the PM and his fiancée Jodie are planning to get married next year. They wanted to buy a place in the area where Jodie grew up and 3 generations of her family live, and I think they’re entitled to do so. The housing that we’re focused on is our housing program, our plan to build new homes to ensure that we have a roof over the head of every Australian. We’ve got legislation before the parliament which is being blocked by the Coalition and the Greens. They should get out of the way and enable that to occur so we can help everyday Australians, through our Help to Buy Scheme, get access to the housing market. This is the housing issue that everyday Australians are focused on and it’s the focus of our government.

    BRYANT:

    Assistant Treasurer Stephen Jones, thank you for joining me on Radio National Drive.

    JONES:

    Good to be with you.

    MIL OSI News –

    January 23, 2025
  • MIL-OSI New Zealand: Economy – Transmission of monetary policy to financial conditions: A speech by RBNZ Assistant Governor Karen Silk

    Source: Reserve Bank of New Zealand

    16 October 2024 – A speech will be delivered by Assistant Governor Karen Silk at the Citi Australia and New Zealand Investment Conference in Sydney, Australia.

    Financial conditions are significantly influenced by monetary policy settings and are therefore something that we monitor closely. The banking system is a key channel through which monetary policy settings influence financial conditions in New Zealand.

    Specifically, monetary policy affects bank funding costs and, in turn, the lending rates banks offer. This impacts the amount of money that households and businesses have to spend and shapes their inclination to save and invest.

    During the post-COVID period, tight monetary policy settings implemented to reduce inflation have made financial conditions more restrictive. This has contributed to a weakening of aggregate demand in the economy and increased our confidence that consumer price inflation is moving sustainably back to its target mid-point of 2%.

    However, the ongoing effects from the monetary and fiscal policy response to the COVID-19 pandemic, which significantly increased liquidity in the banking system, have supported lower bank funding costs. This has impacted the extent to which banks have increased their lending rates.

    The upshot of this is that financial conditions were less restrictive during the recent tightening cycle for the same level of the Official Cash Rate (OCR) when compared with previous cycles. However, through ongoing monitoring we have been able to identify and factor this into our decision-making to ensure that financial conditions have been where we needed them to be to achieve our monetary policy objectives.  

    As liquidity is being drained from the banking system, bank funding conditions have been normalising towards their pre-COVID state. Over time, this is likely to influence the amount of decline in bank lending rates, even as wholesale rates fall, as banks seek to maintain their net interest margins.

    The factors discussed in this speech are important for understanding the effectiveness of monetary policy transmission, but there are many others that are considered in monetary policy decision-making. While we remain confident that inflation will converge back to the 2% target midpoint in the medium term, we will continue to assess and respond to the risks arising from broader economic conditions to manage inflation back to this level.
     
    More information

    Read the related Bulletin here: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=b1b3bdc72d&e=f3c68946f8

    MIL OSI New Zealand News –

    January 23, 2025
  • MIL-OSI Australia: Joint doorstop interview, Brisbane

    Source: Australian Treasurer

    JIM CHALMERS:

    Welcome to the most important electorate in Australia, the People’s Republic of Rankin. Welcome to the PM, Clare, Meaghan, this is our home patch. Cameron Dick and I and Shannon Fentiman, we’re really proud to represent this part of South East Queensland. We’ve got really 2 fantastic announcements to be making today.

    The first one which Clare will elaborate on is that we are announcing more money for this part of the world for more housing. More housing for Meadowbrook, more housing for South East Queensland, more housing for middle Australia, and most importantly, more housing for essential workers and social housing tenants near where the jobs and essential services are being provided. The wonderful thing about this part of South East Queensland – we’ve got a university there, a hospital and a TAFE there, a retail centre there, 2 motorways, a train station – and this is all about making sure that we build more homes for Australians where the jobs and essential services are. And so it’s a really important day to be making this announcement. This kind of funding is at risk with the worst combination of David Crisafulli and Peter Dutton and we make that clear as well today.

    More homes for our local community. Our highest priorities are housing and the cost of living and the Albanese Labor government, the Miles Labor government, we work together really closely to do whatever we can to build more homes and to ease the cost of living for more people. And a really important part of what we’re announcing today are our efforts to crack down on excessive charges when it comes to using credit cards and debit cards and tapping your phone. Too many Australians are paying too much when they tap their phone or use their credit cards. Too many Australians are paying too much when it comes to excessive fees on debit cards, in particular. We are cracking down on excessive fees for debit cards and we are funding the ACCC to do their important work in this regard as well. We are prepared to ban surcharges on debit cards subject to the important work that the RBA is doing, and also making sure that there aren’t unintended consequences for small businesses and for consumers. This is all about a better deal for consumers and small businesses. People are paying surcharges which are too high just to use their own money, and we want to see what we can do to crack down on that. We are prepared to ban the surcharges on debit cards subject to making sure that consumers and small businesses are the beneficiaries of any change. This is a really complex system. There are a number of fees at play in this system. It’s why the RBA’s work is so important, and it’s why it’s so important that this Albanese Labor government is taking action to crack down on excessive fees. While this work is being undertaken, we will provide $2.1 million to the ACCC for their education and monitoring and to make sure that businesses are doing the right thing when it comes to the charging of these fees and surcharges. We are making it really clear today. This Albanese Labor government is about easing the cost of living and building more homes. Whether it’s excessive surcharges using debit cards, whether it’s building more homes in communities, just like the Miles government, we are focused on the main game for middle Australia and that’s why we’re here today. I’ll throw you over to the Deputy Premier and Treasurer of Queensland, Cameron Dick.

    CAMERON DICK:

    Well, thanks, Jim. It is terrific to have the Prime Minister, Jim, Clare and Meaghan in Logan here today to announce more homes for Queenslanders. And this is what happens when you have a State Labor government and a Federal Labor government working together to deliver for the people of Queensland. This isn’t something you get from the Greens and it is certainly something you would never get from the LNP. It’s also great to have 2 Queensland based institutions, the Australian Retirement Fund and the Brisbane Housing Company, collaborating together to deliver on this project. We’ve already got homes through that collaboration coming out of the ground in Redcliffe, Chermside and Southport and now we will see more homes right here in Logan for hardworking Queenslanders. And so we very much welcome this announcement today and we thank the Prime Minister and his federal team for supporting Queensland.

    I just wanted to say something briefly before I hand over to the Prime Minister on David Crisafulli and the LNP’s election commitments, their costings and of course, their plan for cuts. Yesterday, David Crisafulli said he wouldn’t borrow for the operational costs of government. That would mean David would have to cut $3 billion as soon as he took office in October. It means David Crisafulli would have to cut $10 million a day, each and every day until the 30th of June next year to deliver on his promise. That means there are 17,000 Queenslanders whose jobs are now on the line under David Crisafulli and the LNP. And that is before he even finds one cent to pay for the $18 billion in election commitments that are unfunded and that he has already announced in this campaign. David Crisafulli won’t even tell Queenslanders the total of the election commitments he’s made in this campaign so far. That’s because he would have to tell Queenslanders what he would have to cut to deliver on those promises.

    I’ll hand over to the Prime Minister and thank him again for coming to Queensland and making this important announcement for the people of our state.

    ANTHONY ALBANESE:

    Well, thanks very much, Treasurer. And it’s great to be here with 2 treasurers and 2 housing ministers and I think 3 local members here in Logan. It’s fantastic to be, particularly to be in my friend, the Treasurer’s electorate of Rankin, and to show what happens when good Labor governments work together. This is about 1,100 new homes for Queenslanders – 1,100 new homes that will be built, including right here on this site, but throughout South East Queensland as well. It comes on top of, just a couple of weeks ago, the announcement we made in Cairns with about 500 new affordable and social homes being built there. This is about increasing housing supply, which is what our commitment is to do.

    It’s also about easing the cost of living and the measures that the Treasurer spoke about before in outlawing debit card surcharges, having a real crack at making sure that people, when they use their own money, there shouldn’t be surcharges on them using their money. And that’s why we are providing additional funds – $2.1 million for the ACCC – but also the Reserve Bank doing their inquiry to make sure that the details of this are got right, that small businesses looked after on the way through. This is my government’s priority, looking after the cost of living whilst also delivering on housing supply in partnership with state and territory governments. And it stands in stark contrast to our opponents. Be it David Crisafulli, who doesn’t seem to have too many policies I’ve got to say, at the Queensland election, and certainly no costed ones, and the Federal Opposition that today Michael Sukkar was out there once again just being opposed to our investment in new housing. They said they’ll get rid of the Housing Australia Future Fund. They’ve said they’re against the targets that we’ve set in partnership with state and territory governments, with those financial incentives for better planning for state and territory governments to make sure that we increase the supply. This project here as well is about our support for infrastructure in order so that homes can be built. It’s one of the missing pieces in the puzzle of housing supply that we are addressing. Making sure that energy, sewerage, water can all be connected so that new homes can be built. Something that we are providing that was never provided under the former government that didn’t for a while even bother to have a Housing Minister. I’ll turn to Clare and then we’re happy to take questions.

    CLARE O’NEIL:

    Thank you, PM and Treasurer, can I thank you for welcoming us to your beautiful electorate. We all know a bit about Jim Chalmers and one way to get the guy talking is to ask him about his community here in Rankin and you won’t hear the end of it. He is a huge advocate for this local area, he’s very proud of where he comes from, and it’s fantastic to be here. This is a really big and important announcement for South East Queensland where the Albanese government and the Miles Labor government here are announcing 1,100 new homes for Queenslanders. Five hundred will be constructed on this site here in Meadowbrook and 600 others will be scattered around some of the nearby suburbs. This is a reflection of what gets done when state and federal governments identify something that matters hugely to our constituents and that’s housing, and then works together to make a difference to that problem. We are, without question, one of the boldest and most ambitious Commonwealth governments on housing that we have seen for a generation in this country. We came from a standing start. The Prime Minister here mentioned that for most of the time the Coalition were in power, they didn’t even have a Housing Minister. Didn’t even have a Housing Minister. That’s how tapped out they were on this critical problem. Well, we have changed all that. Our country, led as it is by a Prime Minister whose access to housing in his childhood totally transformed the rest of his life. So, what are we doing? We’re building more homes. An ambitious target to build 1.2 million homes around the country over the coming 5 years. We’re helping renters through the work we’re doing with National Cabinet and lifts to the Commonwealth Rent Assistance payment. And we’re making sure that more Australians can own their own homes. We’ve helped 120,000 citizens get into home ownership in the time we’ve been in government. And we would be able to do more if other parties in the Parliament would come together and work with us. Now, we’ve got boldness and we’ve got ambition. But what do I see when I look at other parties in the Parliament? Well, I see the Greens who say some of the right things about housing. But when it comes time to make real progress for real people, instead of helping childcare workers and aged care workers get into housing, they instead try to play politics and stand in their path. And then I see the Liberals who have not a shred of credibility when it comes to housing. We heard this morning the Shadow Housing Minister, Michael Sukkar, make extraordinary admissions in a radio interview where, firstly, he said that the government is being too ambitious about housing. He says that if the Liberals are elected federally, they will scrap having a housing target altogether. Well, it’s that kind of low ambition that got us to where we are right now. And that is in a housing crisis where this is affecting the lives of millions of people in our country and the Liberals want us to lower our ambitions. The second thing he told us is that they want to make more cuts to states and territories in the funding that we’re giving them to make housing possible. Well, this is where we are right here. 1,100 new homes that’s made through that partnership that we’ve worked through with National Cabinet and we know with the Liberals we’ll get what we always get. That is cuts, cuts, cuts that hurt real people.

    ALBANESE:

    Happy to take questions.

    JOURNALIST:

    PM, on the banking surcharge, it’s been welcomed by some, but others are saying that a few cents here and there might not save people that much in a cost living crisis. I guess, how do you expect it to assist people if they’re only saving small amounts on these surcharges?

    ALBANESE:

    We think it’ll make a difference. And when people go and they see a price up on the board at the business where they’re making a purchase – that should be the purchase price. There shouldn’t be hidden charges and surcharges there when people are using their own money. Bear this in mind – a debit card is taking money directly from people’s accounts. It is their money and there shouldn’t be surcharges on it.

    JOURNALIST:

    Prime Minister, this is a housing announcement, do you think it’s a good look to be buying a $4.2 million home during a cost‑of‑living crisis?

    ALBANESE:

    Well, Jodie and I are getting married, as is known, and I’m pleased about that. And Jodie’s a Coastie. She’s a proud Coastie. She’s as proud of being a Coastie as Jim is here, of being a Logan lifelong resident. There are 3 generations of Haydons on the coast there. And when your relationship changes, your life changes and you make decisions. But what I’m focused on is making sure that everyone can get a roof over their head. I’m focused on increased public housing and social housing investment. That’s why we have our Housing Australia Future Fund. We’re focused on increased rentals, which is why we have our Build to Rent scheme. And we’re focused, in addition to that, in getting more housing supply, such as the 1,100 homes for Queenslanders that we’re announcing right here.

    JOURNALIST:

    PM, buying a $4 million dollar home is very different to buying a modest family home or living on a block like this. Do you think it’s a good look?

    ALBANESE:

    I have – of course, I am much better off as Prime Minister. I earn a good income. I understand that. I understand that I’ve been fortunate, but I also know what it’s like to struggle. My mum lived in the one public housing that she was born in for all of her 65 years. And I know what it’s like, which is why I want to help all Australians into a home, whether it be public homes or private rentals or home ownership.

    JOURNALIST:

    PM, it’s been reported that Australia is seeking an assurance from PNG it won’t sign new security agreements with China in return for the $600 million assistance package for its NRL bid. Can you confirm if there is a security element in this agreement and what exactly it says?

    ALBANESE:

    This is a relationship between friends and what we don’t do is have our security arrangements out there in public. What we do is to work with our friends and partners. Papua New Guinea has made it very clear that Australia is their security partner of choice.

    JOURNALIST:

    PM, do you plan to retire at that house on the New South Wales Central Coast?

    ALBANESE:

    Sorry?

    JOURNALIST:

    Are you planning to retire there?

    ALBANESE:

    I’m planning to be in my current job for a very long period of time.

    JOURNALIST:

    Are you going to rent it out in the meantime?

    ALBANESE:

    I’m planning to be in my current – I haven’t bought it yet. To be clear, it hasn’t settled yet, these arrangements, I’m very transparent. I declare everything. I’ve declared, some time ago, if you followed the story that I was selling a house in the Inner West that will make a contribution towards this.

    JOURNALIST:

    There’s been a lot of commentary around the hope from Federal Labor that some of the frustration may be taken out on October 26 and then maybe go easy at the federal election. What do you make of this and are you concerned about support for Labor in Queensland?

    ALBANESE:

    I want people to vote Labor in Queensland and to return Steven Miles as the Premier and this bloke here as the Deputy Premier, because I want a government that actually cares about Queenslanders. It’s a government that’s committed to increasing housing supply, that’s committed to dealing with cost‑of‑living pressures, including the 50 cent fares. I had the privilege of going on Gold Coast Light Rail yesterday. It’s committed to the free school lunches to make sure that people are looked after. This is a government that is getting things done and is worthy of re‑election and I’m very pleased to campaign with them.

    JOURNALIST:

    PM, Canada has expelled 6 Indian diplomats, accusing them of being part of a criminal network targeting the Sikh diaspora. Have you spoken, or do you plan to speak with Canada’s Prime Minister, Justin Trudeau about this?

    ALBANESE:

    I speak with the Prime Minister of Canada all the time.

    JOURNALIST:

    Does Australia –

    ALBANESE:

    I speak with the Prime Minister of Canada all the time. And what I do in my relationships with international leaders is I have proper discussions with them and that’s how we get things done. And that’s why – one of the reasons why my government has been so effective in international diplomacy.

    JOURNALIST:

    On the Bruce Highway, why won’t you match Peter Dutton’s commitment for an 80/20 split.

    ALBANESE:

    He hasn’t done anything. His commitment? He was part of a government that didn’t fund things, that was good at media releases. I’ll give you the big clue. You can’t drive on a media release. What you can drive on is a road. And to build a road, you need money. So, Rockhampton Ring Road, for example, was $700 million short in terms of its funding. The former government made announcements with $0 attached to it, from time to time. When we came into government last time, we put record funding into the Bruce Highway. $1.3 billion under the Howard government, $7.6 billion under us, and we have $10 billion in our plan for the Bruce Highway, including additional money that we put in in the last Budget.

    JOURNALIST:

    So, those accusations are credible that we were talking about just before?

    ALBANESE:

    I’ve answered your question.

    JOURNALIST:

    Queensland has – you took a 50 cent fare yesterday. Obviously it’s a fair bit more expensive in Sydney, Melbourne, Canberra, to take a light rail, in Canberra. Should it not be? I mean, it’s increased our patronage in Queensland and would not do the same thing elsewhere?

    ALBANESE:

    Well, it’s a matter for state and territory governments. But I say this, that the Queensland government – and Cameron or Meaghan might want to comment on this as well – it’s been a huge success. Increasing patronage gets cars off the road, saves people money and also it’s good for people’s health. It’s good for a range of reasons to increase public transport patronage and from a Commonwealth government perspective, I make this point, when it comes to infrastructure. Gold Coast Light Rail, $365 million in the 2009 budget from the government when I was the Infrastructure Minister and now stage 3 underway, will be completed next year. It was opposed by the LNP – state and federal. You had federal LNP members like Steve Ciobo collecting petitions against Gold Coast Light Rail. Cross River Rail, major project to increase the whole capacity of the network was funded $715 million from the Commonwealth with an availability payment going forward each year in partnership with what was the Queensland LNP government then, originally started under the Labor government. Tony Abbott got elected, the whole thing crashed, and then they came up with this ridiculous plan that didn’t go anywhere. Cross River Rail would be open today if Labor governments had kept being elected. That’s why we believe in this. That’s why we’re funding Sunshine Coast Rail as well.

    JOURNALIST:

    Question for Mr Dick, please.

    ALBANESE:

    Sure.

    JOURNALIST:

    Credit rating agency S&P Global has warned Queensland’s AA+ credit rating is in danger of being downgraded due to your spending. How concerning is that?

    DICK:

    Well, S&P Global and Moody’s went through the Queensland Budget books top to bottom, left to right, up and down after our Budget, and they reaffirmed our AA+ credit rating. And when you look at our competitor states, our comparative states in New South Wales and Victoria, we are streets ahead of them when it comes to budget management and fiscal management in this state. Just a week ago, I announced the unaudited financial results for Queensland. Our net debt for last financial year has been halved from $12 billion to just under $6 billion. Our surplus went up from $600 million to $1.7 billion. And let’s put that in comparison to New South Wales and Victoria. So, our net debt at the end of last financial year was $5.7 billion. In New South Wales , it was $97 billion. In Victoria it was $136 billion. So, that means New South Wales debt is 16 times higher than Queensland and Victoria’s debt is 22 times higher. And so we are in a really strong position to make commitments and deliver on them because our commitments are fully funded. And the question for David Crisafulli and David Janetzki, who did 2 train wreck interviews today, the Shadow Treasurer who’s been in an LNP witness protection program, has not been seen with the Leader on the campaign trail for 2 weeks. And that is disrespectful to train wrecks because a train needs momentum and forward movement before it can run off the rails. We haven’t seen or heard from that bloke. And when he came out today, he didn’t say to Queenslanders – he couldn’t even tell Queenslanders what the total cost of their commitments would be, nor how they would pay for them. Now, their election commitments in this campaign are twice as high as ours. The LNP election commitments in this campaign now total $18 billion, twice as high as Labor. We’ve been upfront about how we’re paying for that. The only way that David Crisafulli can deliver on his promise of not borrowing for operational costs of government, by spending more, reducing taxation, lowering debt, delivering balanced budgets, not having a fiscal deficit, having a fiscal surplus. He has promised all of those things in this campaign. The only way he can deliver that is by cutting and that is what he is going to do. And that should put a shiver down the spine of every Queenslander, because the last LNP leader who offered to the community that he would look after the money of the people of Queensland, the last LNP leader who said that he would deliver a fiscal surplus was Campbell Newman. And 14,000 Queenslanders paid for that promise with their jobs. They built nothing for 3 years. So, they cut operating expenditure and they cut infrastructure expenditure. And the hide of David Crisafulli to say to Queenslanders that he respects money. The hide of David Crisafulli. David Crisafulli doesn’t respect public or private money. This is a man who was responsible for a training company that collapsed under $3 million of debt and owed the Australian Taxation Office $750,000. That’s not a man who respects money. That’s a man who disregards every single creditor of that company, including creditors that came from this community. And so we are fighting hard for the future of Queensland. Fully costed, fully funded plans, our promises will be delivered within the budget envelope and the funding envelope we’ve set aside. You cannot say the same for David Crisafulli.

    JOURNALIST:

    He wouldn’t have said what they’d said if they didn’t have concerns, though, surely?

    DICK:

    Well, let’s see what happens when I do – if I have that privilege – when I do the Budget update in December and when I do the Budget next year. Because there are 2 aspects to budgets, one’s expenditure and one’s revenue. And so you have to look at the budget position in total before we go to the ratings agencies and before they look at us. And so we’ll continue to deliver as we’ve delivered for every budget, except my first one, we’ve beaten our debt projections in every budget that I’ve delivered as Treasurer and we’ll continue to work hard to maintain that AA+ credit rating. We are the only state of the big 3 states that didn’t have a credit rating downgrade during or subsequent to COVID. That was because of our effective and appropriate financial and budgetary management and we’re going to continue on that path and people can trust us to deliver on our promises. The only thing you can trust David Crisafulli to do if he’s elected Premier is to cut. Anything else?

    JOURNALIST:

    Mr Janetzki was on radio this morning that he would release his costings once they make their final announcement. Is that the typical convention? Are you aware of that? And do you think it’s good enough considering voters already going to the polls?

    DICK:

    Look, this is all just a smokescreen for David Crisafulli to hide his plan for cuts. Our Party, Queensland Labor, has been the most transparent of any political party in any election in history. We put our costings live 2 weeks ago. We said upfront what we would do and how we would pay for it. And I released a budget economic and tax plan 2 weeks ago. Two years ago, David Crisafulli promised to release a tax and debt plan for Queensland. It is now 11 days until the election. David Crisafulli has been the Leader of the LNP now for more than 1,200 days and he still won’t be honest with the people of Queensland. And look, it’s just obvious the reason they won’t tell Queenslanders the total of their election commitments is because they would have to reveal to Queenslanders what they need to cut to deliver those election commitments. Which is why they’re hiding their costings, hiding their funding sources, because their single biggest funding source is to cut. And that’s why they’re not being honest with you.

    JOURNALIST:

    Amy McMahon from the Greens reckons you’re a hypocrite for recommending a preference for the Katter Australia Party in North Queensland. Are you not assisting an anti‑abortion party here by putting them above the Liberal Party?

    DICK:

    I don’t take political advice from the Queensland Greens Political Party. I never have and I never will. Anything else?

    JOURNALIST:

    What have you made of voter sentiment on the ground?

    CHALMERS:

    I don’t like being called the other Treasurer, but sure, you go ahead.

    JOURNALIST:

    What have you made of voter sentiment around the area? How closely will you be watching the result, particularly around this area?

    CHALMERS:

    Oh, look, Queenslanders right around our state desperately need a re‑elected Miles Labor government. You know, I was listening to Cameron and to the PM a moment ago. You know, Cameron is running one of the strongest budgets in the Commonwealth and that’s because we have a couple of things in common. You know, we are all about responsible economic management so that we can afford to provide cost‑of‑living relief for people who really need it, whether it’s in our community right around Queensland or indeed right around Australia. So, we have that in common and we want to work with the Miles Labor government after the election in a couple of weeks’ time. Now, as Cameron rightfully pointed out a moment ago, David Crisafulli and Peter Dutton have got something in common as well. Neither of them will come clean on their secret cuts. And those cuts that Peter Dutton and David Crisafulli won’t tell us about will make Queenslanders and Australians personally financially worse off. They’ll come after wages, they’ll come after housing, they’ll come after health. They will absolutely gut the joint. And we know this because Peter Dutton did that last time with Medicare when he was the Health Minister. And we know this because David Crisafulli is essentially Campbell Newman 2.0. And that was devastating for our local community. That has been a real low point for this part of the world seeing the way that Campbell Newman slashed and hacked at the essential services that local people desperately need. You asked a moment ago about our surcharging change and what it will mean for the cost of living. Now, that’s an important step that we are taking to help ease the cost of living, but it’s not the only step. Tax cuts for every taxpayer, Energy Bill Relief for every household, cheaper medicines, Rent Assistance, cheaper early childhood education, getting wages moving again. And here we have an enthusiastic and willing partner in the Miles Labor government. Cheaper fares for these communities in the outer suburbs are absolutely transformational. I’ve lost count of the amount of times that people have come up to me and said, ‘if you run into Cameron, or if you run into Steven, can you tell him how much we value those 50 cent fares?’ So, I’ll do that in front of all of our friends now, Cam. People appreciate the Energy Bill Relief that we’re working together with Steven and Cameron and Meaghan to provide. And so we desperately need a Miles Labor government re‑elected. We love working with these guys, not because we always have an identical view about every single issue, but because we’ve got a heart for local people. And that shows when it comes to housing, when it comes to health, and when it comes to cost of living.

    JOURNALIST:

    Sorry, just on the sentiment, you pick up anything on the ground around you?

    CHALMERS:

    Yeah, well, in our communities, people are desperately relying on the cost‑of‑living help that the Miles government and the Albanese government are providing. Now, we know that people are under pressure. You know, we know that people are doing it tough, but more than acknowledge that, we’re doing something about it. In all of the ways that I ran through a moment ago. And today, in addition, when it comes to surcharging on people’s debit cards, people shouldn’t be paying huge fees to use their own money. The Prime Minister has made that clear and we’ve made that clear today. So, in these local communities, we take no votes for granted. We don’t take any outcome for granted in this election. But I know I’ve seen what it’s like to have mostly state LNP members around here. I’ve seen what it’s like to have mostly Labor state members around here. We desperately need Labor members in this part of the world to look after the interests of the people and to work with Albo and I to make sure we’re rolling out that cost‑of‑living help.

    JOURNALIST:

    So, Queensland has – the Liberal National Party in Queensland has 21 of the federal seats in Queensland. Do you think that a plebiscite on nuclear power might change that?

    CHALMERS:

    Oh, we need to do better federally in Queensland. We’ve made that clear. You know, Anthony is an honorary Queenslander. You know, he spends a lot of time here in Queensland and I think Queenslanders understand because he is a practical, pragmatic leader and we are practical and pragmatic people in Queensland. And so, we need to do better, we’ve acknowledged that. Queensland is front and centre when it comes to our efforts as a Federal Labor government, including in the upcoming federal campaign. But first, we’ve got to re‑elect these guys because 2 Labor governments working together are better for local communities like this one.

    JOURNALIST:

    Queensland Labor has announced help for GP clinics that bulk bill. Isn’t that a tacit admission that Federal Labor hasn’t done enough to stop the gap, the Medicare gap, which has led to this?

    CHALMERS:

    No, I think it’s a tacit admission that both Labor governments are investing, in our case, billions and billions of dollars in strengthening Medicare. Now, there’s an Urgent Care Clinic down the road in Browns Plains which is making a major difference, taking the pressure off Logan Hospital, which is just next door. These are the investments that Labor governments make in local communities in getting out of pocket health costs down. And we welcome the contribution that the Miles Labor government comes to the table with when it comes to providing more money for health, so that we can get out of pocket costs down, so we can get the waiting times down, so that we can take pressure off local hospitals. But most importantly, make sure that we’re providing the healthcare that local families and pensioners need.

    JOURNALIST:

    When you were in Opposition, how many days before the election did you announce your costings?

    CHALMERS:

    Well, we did, unfortunately, we had a couple of goes at it when we were in Opposition and the timing of that varied. The difference was, you know, we didn’t have a big agenda for secret cuts like David Crisafulli does, and like Peter Dutton has. You know, Peter Dutton and Angus Taylor say that there’s $315 billion of spending in the Commonwealth Budget that they don’t support. That includes pension indexation, that includes Medicare funding, that includes funding for veterans, it includes funding for housing. And David Crisafulli and Peter Dutton are joined at the hip when it comes to their secret plans for cuts. I don’t think Queenslanders are asking too much when they say to David Crisafulli, ‘come clean in time for us to make an informed decision.’ And when they do, and if they do, they will understand that the Miles Labor government is providing cost‑of‑living relief, investing in housing and health, and David Crisafulli will cut all of those things as sure as night follows day.

    JOURNALIST:

    Why upgrade the travel advice to Israel and the Occupied Palestinian Territories?

    ALBANESE:

    It’s a dangerous place at the moment. We know that that’s the case. So, what we do is we take advice from our security agencies and the government then implements that advice. We know that travelling into an area where there is conflict is a dangerous thing to do and it’s appropriate that the federal government make announcements in accordance with that advice from the security agencies. Can I just make one further point before we wrap up, which is that I was noticing – Clare probably noticed as well this morning – Michael Sukkar actually speak about the delay in implementing the Housing Australia Future Fund roll out and Help to Buy scheme that’s stuck in the Senate. Well, Labor are the builders, they’re the blockers. Between the LNP and the Greens, they blocked the Housing Australia Future Fund and now they’re still blocking the Help to Buy scheme. They could vote for it tomorrow or the next day that Parliament sits, but they don’t. So, they vote against it, block it and then complain that there’s a delay in its implementation. That says it all about how hopeless the Opposition are when it comes to policies that will actually deliver more housing supply. Thanks very much.

    MIL OSI News –

    January 23, 2025
  • MIL-OSI Australia: Allens advises TPG Telecom on $5.25bn sale of fibre network and Enterprise, Government and Wholesale fixed line business to Vocus

    Source: Allens Insights

    Allens has advised TPG Telecom on an agreement to sell its fibre network infrastructure and its enterprise, government and wholesale (EGW) fixed line business to Vocus Group Limited for an enterprise value of $5.25 billion.

    The sale will include all of TPG Telecom’s fibre and fixed line network infrastructure, its EGW fixed line business, its PPC-1 international submarine cable system and its wholesale broadband business, Vision Network.

    The sale price is inclusive of a potential $250 million contingent value payment related to subscriber targets for the Vision Network business.

    TPG will retain its mobile and radiocommunications network infrastructure, consumer and EGW mobile business and its consumer and small office/home office fixed retail business, including fixed wireless.

    The deal also includes a long-term strategic partnership between TPG and Vocus, with Vocus to provide TPG with ongoing access to its fibre infrastructure.

    Allens acted for TPG Telecom on the strategic review of its Vision Network business in 2022. The firm then advised TPG Telecom on negotiations with Vocus and its owners, Macquarie Asset Management and Aware Super, when the parties decided to explore a larger transaction.

    ‘This transaction demonstrates that telecommunications infrastructure continues to be a highly attractive asset class for financial investors,’ said co-lead Partner and Head of Allens’ Technology, Media & Telecommunications group, Gavin Smith.

    ‘The pace of digitisation, and the continued growth in requirements for data transmission and storage, means that the physical infrastructure underpinning that trend is highly valued.

    ‘Allens has had a long-standing relationship with TPG Telecom. We are delighted to advise it on this transformational transaction which allows it to unlock the value of its fixed line networks.’

    Co-lead Partner Julian Donnan said: ‘This deal will allow TPG Telecom to focus on its mobile and its consumer and small office/home office fixed retail business, including fixed wireless. We congratulate the teams at TPG Telecom and its financial adviser, Bank of America, with which we worked closely. We also congratulate the Vocus, Macquarie Asset Management and Aware Super teams’.

    The deal cements Allens’ position as the leading advisor on telecommunications M&A activity in Australia.

    The firm advised on all major Australian and New Zealand telecommunications tower transactions between 2021 and 2024, including: the Morrison and Future Fund investment into Amplitel (Telstra towers); the sale by TPG Telecom of its towers portfolio to OMERS/Waveconn; AustralianSuper on its acquisition of a majority stake in ATN (Optus towers) and the acquisition by ATN of Axicom; Ontario Teachers’ Pension Plan’s acquisition of a majority stake in Connexa, the Spark New Zealand tower company; Connexa’s acquisition of the 2degrees NZ tower portfolio; and NorthLeaf Capital Partners and InfraRed Capital Partnerson their acquisition of Fortysouth, the Vodafone New Zealand towers business. Allens also advised Morrison and Brookfield on its acquisition of Uniti Group.

    Allens legal team

    Lead partners

    Gavin Smith, Julian Donnan

    M&A and Capital Markets

    Tom Story (Partner), Kimberley Lowrie (Managing Associate), Stephanie Rowan (Senior Associate), Harry Martin (Associate), Will Brown (Senior Associate), Sophie Stitch (Lawyer)

    Technology, Media & Telecommunications

    Jessica Mottau (Partner), Isabelle Guyot (Managing Associate), David Liao (Senior Overseas Practitioner), Alexandra Martin (Senior Associate), Isaac Nankavill (Associate), Isabelle Orazio (Lawyer), Tasnim Ahsan (Lawyer), Matilda Winnell (Lawyer)

    Competition, Consumer and Regulatory

    Rosannah Healy (Partner), Robert Walker (Partner), John Yiannakou (Managing Associate), Edison Wang (Senior Associate), Tom Hodgson (Lawyer)

    Real Estate & Development

    Victoria Holthouse (Partner), Tom Wilson (Senior Associate), Jayne Williams (Senior Associate), Alex Jeffares (Associate)

    Banking & Finance

    Alan Maxton (Partner), Sarah Denton (Senior Overseas Practitioner), Robert Lau (Senior Associate)

    Intellectual Property

    Tommy Chen (Managing Associate), Max Jones (Senior Associate)

    Employment & Safety

    Veronica Siow (Partner), Sikeli Ratu (Partner), Eden Sweeney (Associate)

    Contact for further information

    Public Relations & Social Media Manager

    MIL OSI News –

    January 23, 2025
  • MIL-OSI New Zealand: Release: Sluggish economy means struggles ahead for Kiwis

    Source: New Zealand Labour Party

    While today’s inflation numbers are good news for Kiwis, there are still struggles ahead with rising rents, rates, insurance and high unemployment.

    “Inflation is at 2.2 percent, but the rest of the economy is sluggish,” Labour finance spokesperson Barbara Edmonds said.

    “The Reserve Bank was already on track to get inflation back into the target band. However, non-tradable inflation is still high. Rents are up 4.5 percent, local authority rates and payments are up 12.2 percent. 

    “Skilled workers are leaving the country in droves, and with cuts to the apprenticeship boost, the workers to fill the gaps simply won’t exist.

    “New Zealand continues to grapple with a growing infrastructure deficit that has been generations in the making. If the Government was truly serious about tackling it, you would think having a skilled workforce would be critical.

    “Nicola Willis wants to take credit for getting inflation down. She should take responsibility for these statistics as well:

    • Net New Zealand citizen migration has never been higher at 56,100
    • There are 10,000 fewer people working in construction than when this Government took over
    • 22,000 more people are on Job Seeker Benefit

    “This Government’s decisions have led to a stagnant economy with fewer jobs,” Barbara Edmonds said.


    Stay in the loop by signing up to our mailing list and following us on Facebook, Instagram, and X.

    MIL OSI New Zealand News –

    January 23, 2025
  • MIL-OSI New Zealand: More good news for Kiwis

    Source: New Zealand Government

    Today’s inflation figures are more good news for New Zealanders, Finance Minister Nicola Willis says. 

    Stats NZ reported today that the inflation rate had dropped from 3.3 per cent in the year to June to 2.2 per cent in the year to September. That is down from 5.6 per cent just a year ago and over 7 per cent in 2022. 

    “At 2.2 per cent inflation, it is also the first time the rate has been back within the Reserve Bank’s target range of 1 to 3 per cent since March 2021. 

    “The era of crushing price rises is now over. 

    “Kiwis can look forward to mortgage rate reductions and businesses will find it easier to invest and innovate with a lower cost of borrowing. 

    “The steps the Government is taking to reduce inflationary pressures by restoring discipline to public spending, reducing the red tape that is stifling innovation and development, and rebuilding business confidence are working.  

    “Together with the tax relief that took effect on 31 July, and the FamilyBoost childcare payments that many families are now receiving, falling inflation and interest rates mean large numbers of families are now better off than they were a year ago.  

    “There is more work to be done to get the economy growing, but New Zealanders can be confident we are headed in the right direction.” 

    MIL OSI New Zealand News –

    January 23, 2025
  • MIL-OSI Economics: ADB to Support Green and Low-Carbon Urban Development in Chongqing, PRC

    Source: Asia Development Bank

    MANILA, PHILIPPINES (16 October 2024) — The Asian Development Bank (ADB) has approved a $200 million equivalent loan to help build and implement green, low-carbon, climate-resilient, and cross-sector urban development measures in Chongqing Gaoxin District in Chongqing Municipality, the People’s Republic of China (PRC).

    “Chongqing has ambitious climate change targets, as well as a strong commitment to evolving Chongqing Gaoxin District into a low-carbon, nature-based, and climate-resilient city. But a holistic and integrated approach is critical to long-term success,” said ADB Country Director for the PRC Safdar Parvez. “This results-based lending program will foster collaboration among stakeholders and benefit almost a million residents.”

    Chongqing experiences severe climate events, such as high temperatures, mountain fires, heavy rain, and droughts. The city’s rapid urban and industrial development has also degraded environmental quality, with Chongqing Gaoxin District facing frequent flooding, subpar infrastructure, and poor river water quality.

    The Chongqing Gaoxin District Green and Low-Carbon Urban Development Program will support green and low-carbon infrastructure and services, including improved domestic wastewater management, green buildings, and renewable-energy-powered district heating and cooling supply. It will also support the development of a green eco-district—which applies sustainable urban practices like efficient resource usage and lowered carbon emissions into design and operation—and application of nature-based solutions, including enhanced flood mitigation capacity and urban green spaces.

    The program will also strengthen institutional capacity and human capital to build and implement green and low-carbon initiatives, as well as train students, especially females, for roles toward climate-resilient urban development.

    ADB’s climate finance for the program is $124 million, with an estimated $72.75 million in mitigation costs and $51.25 million in adaptation costs. The total program cost is $841.9 million equivalent. It is expected to be completed in 2030.

    ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.

    MIL OSI Economics –

    January 23, 2025
  • MIL-OSI Australia: Interview with Paul Taylor, 3BA 102.3FM, Ballarat

    Source: Australian Treasurer

    PAUL TAYLOR:

    It’s nice to have in studio in person the federal Treasurer of Australia Jim Chalmers. Good morning to you, my friend.

    JIM CHALMERS:

    Good morning to you Paul, thanks for having me.

    TAYLOR:

    Well, we’ve only met once but I feel like I’m –

    CHALMERS:

    We’re old mates.

    TAYLOR:

    Well we have met, we’re old mates, aren’t we?

    CHALMERS:

    That’s how Australia works.

    TAYLOR:

    Once upon a time I got to speak to a Prime Minister, he of the budgie smuggler fame, and now I get to speak to the federal Treasurer. How are you?

    CHALMERS:

    There you go. I’m really good thanks, and I wanted to shout out from the outset the wonderful people at the George Hotel for one of the best coffees I have ever had. Thank you so much.

    TAYLOR:

    I’ll have to go and get one now, now you’ve put that in my head. We only have Nescafe downstairs. But see the thing is, Jim, it’s free and I’m a bit of a tight person.

    CHALMERS:

    Oh, right. Yeah, the moths fly out of your wallet when you open it kind of guy.

    TAYLOR:

    Yeah, they do. I’m rather rapt that you joined us here today because today’s is a special day and, Jim Chalmers, it’s World Banana Day. So I went to our local fruit and veg, Wilsons Fruit and Veggies just up the road in Mair Street and I got you a banana.

    CHALMERS:

    You got me a nana.

    TAYLOR:

    I got you a banana for World Banana Day. Can I just say I probably, if I were you, would start to eat that because to get through this interview you’re going to need all the energy you can muster.

    CHALMERS:

    Oh, I see. You’re buttering me up at the start with a nana.

    TAYLOR:

    I’m trying to.

    CHALMERS:

    You know I saw that banana in front of me and I thought, ‘I wonder if Paul’s going to tuck into that while we’re talking’.

    TAYLOR:

    I’ve got one for me, don’t worry. There we go, we’ve got one each.

    Where do we start? Well you and the Prime Minister, Mr Albo, must be, I don’t know, shaking in your boots at the moment. Coalition are ahead two‑party preferred basis, 2 points, 51 per cent. Behind in the primary vote as well, 38 to 31. It seems that Albo’s setting himself up for retirement, just bought himself a $4.3 million on the beach pad. What’s happening here, Jim?

    CHALMERS:

    Well I think when it comes to the opinion polls what I try and do, and I think what we try and do collectively, is we don’t get too carried away when they’re really good, we don’t get too carried away when they’re really tight. The truth is, when you’re in my line of work, you learn not to take anyone’s vote for granted, and particularly when people are doing it tough. There’s a lot going on around the world and around the country. we don’t take any outcome for granted. I think the polls are reflecting the fact that people are under pressure, and we understand that.

    When it comes to the other part of your question, I work as closely if not more closely than anyone with the PM, with Anthony, and I’ve seen for myself his total focus is on how we roll out this cost‑of‑living help, how do we build more houses for people to rent and buy, how do we take some of this pressure off people where we can? And I understand there’s interest in the place that he bought. I do understand that, and I think we all understand that when you’re in our line of work, people will have an interest in those sorts of private decisions that you take. In this case, he and Jodie wanted somewhere a bit closer to Jodie’s family in that beautiful part of Australia on the Central Coast. But I want to assure your listeners and anyone who checks out our interview, I see how focused he is on the cost of living, on housing for more Australians because those are the main issues that are putting pressure on people right now, and I think that’s reflected in our politics.

    TAYLOR:

    Would you agree it’s bad timing on the Prime Minister’s behalf?

    CHALMERS:

    I’m not going to give him free advice or kind of second‑guess –

    TAYLOR:

    You are a money man though. Surely you can give him free monetary advice?

    CHALMERS:

    I don’t give him free advice about these sorts of things. He’s very fortunate that he has Jodie and Jodie’s very fortunate that she has that loving family on the Central Coast and they want to be nearer to them. I’m not pretending that people don’t have a legitimate interest in the sorts of things that Prime Ministers do.

    TAYLOR:

    This is the talk of Australia at the moment.

    CHALMERS:

    I understand that. I think he understands that too. I spent yesterday with him in my own community just south of Brisbane around Logan City. He understands that too. But really the assurance that I can give your listeners and the country beyond is, he is extremely focused on all of the things that we’re doing to try and ease some of these cost‑of‑living pressures that people are confronting. That’s his focus.

    TAYLOR:

    There’s a couple of things out of that answer that you’ve given me. You’ve mentioned cost‑of‑living crisis, you’ve mentioned the housing crisis. Jim Chalmers, are we still the lucky country or are we not the lucky country any more?

    CHALMERS:

    Well I believe you make your own luck. I’m not the first one to say that but I really believe that this country has not just an amazing history, and being in Ballarat is really to be struck by the incredible history of our country, but our future is even brighter, and when Donald Horn wrote that book about Australia being a lucky country it was tongue‑in‑cheek. He was saying we were lucky despite the leadership that was being shown at the time. And so how I think about the future of this place is I think we’ve got enormous potential, we’ve got almost limitless opportunity. It matters how we share that opportunity. And the decisions we take now about the energy transformation and how we adapt and adopt technology and how we provide good services to people and how we make sure regions like this one are part of our story of economic success, these are the big challenges that we confront. We can be more than lucky. We can be successful not by accident but by design.

    TAYLOR:

    I’ve got some stats that I want to give to you and throw your way which make it extremely difficult to see the brighter light here in Australia that you speak of going forward. Eighty‑five per cent of Australians, 85 per cent, are now convinced, convinced, they’ll never be able to buy their own home except maybe through the bank of mum and dad. Eighty‑five per cent.

    CHALMERS:

    There’s a real intergenerational element to this. I’m off to Ballarat High shortly and I anticipate that one of the questions I’ll get will be about housing because there’s a real sense in Australia, and not an unwarranted one, that it’s harder to get a toe hold in the housing market and that’s why probably the biggest, if not the biggest, and certainly one of the biggest investments we’ve been making as a government is the $32 billion we found in 3 budgets to try and build more homes. Because the best thing we can do to make it easier for people to find somewhere to rent or somewhere to buy, somewhere to raise a family, is to build more homes. We don’t have enough homes in this country. We’re starting from a long way back. We’ve got a lot of investment flowing right now and that’s really important because we need to turn this ship around.

    TAYLOR:

    Housing Accord, 1.2 million homes by 2029. The HIA have come out today and said we need 22,000 carpenters, 17,000 sparkies, 1,200 plumbers. Now we’re going to import a heap of doctors into the country. Should we be doing the same with our plumbers and our carpenters and our sparkies? I don’t know. Is immigration the way to go? Because once they get here they’re not going to be living in swags, they need homes to live in, don’t they, Jim?

    CHALMERS:

    The first priority, the most important thing we can do is train more tradies. The housing pipeline is nowhere near what we want it to be. We agree with some of the analysis from the industry and from others that says we’re starting from a long way back but that doesn’t mean you kind of throw your hands in the air and say, it’s all too hard. We’re investing a bunch of money, but we do need the tradies. We need the carpenters and the plumbers and the sparkies to be able to build these homes. And so it’s not talking out of school to say that a big part of the conversations we’ve been having with the new Housing Minister, Clare O’Neil, a proud Victorian, is how we actually build the capacity to build all these homes and the most important part of that is skills. There will be a role for migration in that but the primary role is for TAFE and training, making sure that we can get the skills that we need to build the homes that we need.

    TAYLOR:

    Yeah, there’s a lot of work ahead for the Albanese government, the Prime Minister saying he wants to be there for a long time to come. Is that the charter of this government, to dig in, to show Australia that we can find the light at the end of the tunnel?

    CHALMERS:

    That’s our objective because we want to bed down the changes that we’re making. We want to build the homes, build the skills base, all of these important things that you’ve been asking me about this morning and that sometimes takes time, takes more than one term.

    If you think about the story of this government, we have done a lot, we’ve got a lot more to do, and the country has a lot to lose if we go back to the worst aspects of the government that preceded us.

    We don’t pretend that we have every issue fixed in this country, but if you think about – in my part of the shop – the progress that we’ve made together, and I don’t claim 100 per cent of the credit for this, this is to Australia’s credit – we’ve halved inflation, we’ve got real wages growing again, we’ve created a million jobs in a soft economy, we’ve got tax cuts flowing to everyone, and yet we’ve still delivered a couple of surpluses and we’ve avoided $150 billion in debt which means we pay less interest on it. So we’ve made a heap of progress as a country together, working together, but we know that there is more to do and that’s why we need another term to do it.

    TAYLOR:

    Just quickly, direct you to a feature in our local paper, the Ballarat Courier this morning, a story that says growing numbers of Ballarat families are facing ‘relentless poverty’, quote unquote, with parents being forced to choose between buying food and paying for other essentials, including medication, bills and school costs because times are tough out there and it’s not easy. Families are suffering. I see it first‑hand. I volunteer for an organisation called the Soup Bus and the Soup Bus goes out and helps the homeless, those in need, and now it’s families in crisis who are showing up. We’ve now got a community house that I do a lot for up in Wendouree West and we are seeing more and more families come in for a feed because they simply can’t afford to put food on the table.

    CHALMERS:

    Yes. I don’t disagree that there are a lot of people doing it really tough, and if you think about those 3 budgets that we’ve handed down, really the most important part of those budgets, really the government’s reason for being, is in the near‑term to try and take pressure off people and in the longer term to build more opportunities for people.

    If you think about the things that we’re doing which are motivated by what you’re raising with me, I don’t dispute what you’re raising with me, I see it in my own community and around Australia that people are doing it tough, so that’s why the tax cuts are so important, the energy bill relief for every household, cheaper medicines, rent assistance, cheaper early childhood education, fee‑free TAFE, getting wages moving again. All of those things are motivated by what we see with our own eyes around Australia, which is people doing it tougher than we would like them to do.

    We have to get on top of this inflation and cost‑of‑living challenge and we are. We’re rolling out a bunch of help in the most responsible way that we can, but we acknowledge that even with that help that we’re rolling out, billions of dollars of assistance for people who are doing it tough, we know that that the pressures are still there and as a Labor government, we take our responsibilities to the people that you’re referencing very seriously.

    TAYLOR:

    I know you can’t tell the RBA what to do but in your mind how soon before we see interest rates drop?

    CHALMERS:

    Well the first part of your question’s right. I try not to pre‑empt or predict or second‑guess the decisions that are taken rightly and independently by the Reserve Bank. They do their job, and I do mine. My job is to help them in the fight against inflation and we made a heap of progress as a country in the fight against inflation, and they’ll weigh that up. They’ve got a meeting in November, another one in December, and then not ‘til February. I know there’s a lot of interest in that and the decisions that they might take, but I try and mind my own business and focus on what I can control and leave them to do their job.

    TAYLOR:

    All right, great to see the government backing the ACCC where price gouging is concerned with the supermarkets, the big 2, Woolies and Coles. How much, is it talk, is it rhetoric, that the government are now going to take the big banks to task about fees where credit and debit cards are concerned? Is it really going to happen? Are we going to see the end of that gouging when it comes to the big banks?

    CHALMERS:

    We don’t want to see people charged these big fees just to use their own money, that’s why our primary focus is on debit cards. Debit cards are now actually most of the payment system. I think it’s just edged over 50 per cent of payments are from debit cards, so that’s people using their own money, and you shouldn’t get slugged just to use your own money, so we do want to crack down on that.

    We’ve got some work to do with the Reserve Bank and others to make sure that we do it the right way and one of the things we want to be really careful about there is the impact on small business and consumers. We want to make sure consumers and small businesses are beneficiaries of any change that we make but we are prepared to ban surcharges on debit cards subject to that work.

    TAYLOR:

    Jim Chalmers, it’s been an absolute pleasure to have you here in person. Great to see you getting out and about and into the regional areas given you’re the federal Treasurer. I want to thank you for your time, for your candid answers and enjoy your banana on World Banana Day.

    CHALMERS:

    Well thanks for having me on your show, Paul, and thanks for the nana as well. I’ll eat that shortly, it looks terrific.

    TAYLOR:

    Thank you very much. The federal Treasurer Jim Chalmers.

    MIL OSI News –

    January 23, 2025
  • MIL-OSI Economics: African Development Bank supports BIASHARA Africa 2024 Business Forum

    Source: African Development Bank Group

    The African Development Bank has lent support to the Biashara Africa 2024 Business Forum or AfCFTA Business Forum, held from 9-11 October 2024 in Kigali, Rwanda.

    The meeting, organized by the African Continental Free Trade Area (AfCFTA), brought together industry leaders, policymakers and government representatives to promote African trade and foster economic growth on the continent. This year’s forum was themed “Dare to Invent the Future of the AfCFTA.”

    As part of ongoing institutional support to the AfCFTA Secretariat, an African Development Bank delegation to the forum included Acting Director for the Bank’s Industrial and Trade Development department Ousmane Fall, Trade Policy Officer Abou Fall and Trade Facilitation Officer Rachael Nsubuga.

    During the opening ceremony President Paul Kagame of Rwanda and AfCFTA champion emphasized connectivity across the continent in his remarks.

    “How well we adapt as Africa to crisis depends on how strongly connected, we are,” Kagame said, urging governments to strengthen governance and institutions to prioritize implementation of AfCFTA protocols on trade in goods, services and movement of people for efficient trade.

    Fall delivered a statement underscoring the Bank’s commitment to support African member countries through a comprehensive strategy to address investments tacking policy and regulation, corridors infrastructure, technology and connectivity constraints.

    He noted that the African Development Bank has been very active in addressing access to trade finance as a major impediment to productivity. So far, the Bank has facilitated more than 3,000 trade transactions involving 170 financial institutions in all regional member countries for a cumulative trade value of over $12 billion since the inception of The Bank Trade Finance Program.

    Africa accounts for only two percent of global production, although it is most integrated in global value chains, but in the less profitable segments of value chains, Fall said.  

    The Biashara 2024 Business Forum held business exhibitions and side events on diverse topics such as unlocking the trade potential of Africa; trade finance; value chains; partnerships for Africa’s trade; and business to business events.

    The AfCFTA is the world’s largest free trade area bringing together the 55 countries of the African Union (AU) and eight regional economic communities. The overall mandate of the AfCFTA is to create a single continental market with a population of about 1.3 billion people and a combined GDP of approximately US$ 3.4 trillion.

    MIL OSI Economics –

    January 23, 2025
  • MIL-OSI Economics: Money Market Operations as on October 15, 2024

    Source: Reserve Bank of India


    (Amount in ₹ crore, Rate in Per cent)

      Volume
    (One Leg)
    Weighted
    Average Rate
    Range
    A. Overnight Segment (I+II+III+IV) 532,197.56 6.29 4.50-6.50
         I. Call Money 10,248.04 6.42 5.00-6.50
         II. Triparty Repo 369,769.45 6.27 6.20-6.37
         III. Market Repo 151,167.07 6.31 4.50-6.50
         IV. Repo in Corporate Bond 1,013.00 6.40 6.40-6.45
    B. Term Segment      
         I. Notice Money** 436.00 6.38 5.75-6.50
         II. Term Money@@ 255.50 – 6.55-6.90
         III. Triparty Repo 429.00 6.27 6.24-6.40
         IV. Market Repo 395.33 6.49 6.49-6.49
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo Tue, 15/10/2024 2 Thu, 17/10/2024 26,060.00 6.49
    3. MSF# Tue, 15/10/2024 1 Wed, 16/10/2024 1,528.00 6.75
    4. SDFΔ# Tue, 15/10/2024 1 Wed, 16/10/2024 76,656.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -101,188.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo Fri, 04/10/2024 14 Fri, 18/10/2024 44,275.00 6.49
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo Mon, 14/10/2024 4 Fri, 18/10/2024 24,070.00 6.49
    3. MSF#          
    4. SDFΔ#          
    5. On Tap Targeted Long Term Repo Operations€ Mon, 15/11/2021 1095 Thu, 14/11/2024 250.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 2,275.00 4.00
    6. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 15/11/2021 1095 Thu, 14/11/2024 105.00 4.00
    Mon, 22/11/2021 1095 Thu, 21/11/2024 100.00 4.00
    Mon, 29/11/2021 1095 Thu, 28/11/2024 305.00 4.00
    Mon, 13/12/2021 1095 Thu, 12/12/2024 150.00 4.00
    Mon, 20/12/2021 1095 Thu, 19/12/2024 100.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 255.00 4.00
    D. Standing Liquidity Facility (SLF) Availed from RBI$       6,242.78  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -58,562.22  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -159,750.22  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on October 15, 2024 996,914.69  
         (ii) Average daily cash reserve requirement for the fortnight ending October 18, 2024 1,001,756.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ October 15, 2024 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on September 20, 2024 418,318.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    € As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    £ As per the Press Release No. 2021-2022/181 dated May 07, 2021 and Press Release No. 2021-2022/1023 dated October 11, 2021.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad            
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/1301

    MIL OSI Economics –

    January 23, 2025
  • MIL-OSI Asia-Pac: CE’s speech in delivering “The Chief Executive’s 2024 Policy Address” to LegCo (3)

    Source: Hong Kong Government special administrative region

    III. Consolidate and Enhance Our Status as an International Financial, Shipping and Trade Centre

    29. The development of international financial, shipping and trading centres are closely intertwined. Besides expanding and strengthening our existing businesses, we will also explore new growth areas, specifically by creating a commodity trading ecosystem to attract relevant enterprises to establish presence in Hong Kong, turning our city into an operation centre for international commodity trading, storage and delivery, shipping and logistics, risk management, and more. This will help develop the markets in international gold, non‑ferrous metal, green transportation, and others, further promoting the integrated development of Hong Kong as an international financial, shipping and trade centre.

    30. Hong Kong ranks among the world’s largest import and export markets for gold by volume. The current complexity in geopolitics underscores our city’s edge in security and stability, and hence an attractive location for investors for gold storage, spurring relevant activities such as gold trading, settlement, and delivery. We will capitalise on our strengths as an international financial centre to build Hong Kong into an international gold trading centre.

    31. The Government will facilitate an international commodity exchange to set up accredited warehouses in Hong Kong. We will also introduce measures such as a preferential tax regime to attract enterprises to expand their business in Hong Kong, and to increase storage and trade volume of commodities.

    32. Green shipping and aviation is a global trend. The Government will nurture industrial development of sustainable aviation fuel and green maritime fuel, and establish a fuel bunkering centre, leveraging the development opportunities in finance, trading and maritime sectors stemming from new energy.

    (A) International Financial Centre

    33. Hong Kong is an international financial centre, ranking third globally and first in investment environment. The Government will continue with reforms to reinforce and enhance our status as an international financial centre.

    Deepen Mutual Market Access and Enrich Offshore Renminbi Business

    34. We will continue to enhance the mutual market access regime and reinforce our status as the world’s largest offshore Renminbi (RMB) business hub, contributing to the internationalisation of RMB. Key measures include continuously improving our infrastructure and upgrading the Central Moneymarkets Unit to facilitate the settlement of various assets in different currencies by international investors. We will also develop the fixed income market infrastructure by, for instance, setting up a central clearing system for RMB‑denominated bond repurchase (repo) transactions, making RMB sovereign bonds issued in Hong Kong a more popular choice of collateral in offshore markets. We will look to enhance the Cross‑boundary Wealth Management Connect Scheme as well.

    35. We will also strive to bolster offshore RMB liquidity and make good use of the currency swap agreement between the HKSAR and our country, enabling the Hong Kong Monetary Authority (HKMA) to better support Hong Kong’s economic and trade development; expand the night‑time, cross‑boundary service capability of Hong Kong’s RMB Real Time Gross Settlement System to facilitate global settlement in offshore RMB markets; and explore the provision of more diversified channels for obtaining offshore RMB financing.

    36. We will provide more RMB‑denominated investment products –

    (i) the Hong Kong Exchanges and Clearing Limited (HKEX) to encourage more listed companies to have shares listed in the RMB stock trading counter, and expand the scope of RMB equities;

    (ii) to increase issuance of RMB bonds and support issuance of more green and sustainable offshore RMB bonds in Hong Kong;

    (iii) to seek support from the Ministry of Finance for boosting the size and frequency of issuing RMB sovereign bonds, and launching offshore RMB sovereign bond futures as soon as possible, in Hong Kong; and

    (iv) to actively liaise with the Mainland authorities to expand the Bond Connect (Southbound Trading) as appropriate, including expanding the scope of eligible Mainland investors to non‑bank financial institutions such as securities firms and insurance companies; and enriching liquidity management tools that facilitate offshore investors’ investment in onshore bonds by actively exploring and introducing, at appropriate juncture, various bond repo and collateral products and arrangements using onshore RMB bonds.

    Further Enhance Our Status as an International Risk Management Centre

    37. Hong Kong has the highest concentration of insurance companies and the highest insurance density in Asia. To further strengthen Hong Kong’s position as a global risk management centre, the Insurance Authority will initiate a review next year. We will examine capital requirements for infrastructure investment, enriching insurance companies’ asset allocation for risk diversification and driving investment in infrastructure such as the Northern Metropolis. We will also continue to invite Mainland and overseas enterprises, including large state‑owned enterprises in the Mainland, to establish captive insurers in Hong Kong.

    Further Enhance Our Status as an International Asset and Wealth Management Centre

    38. There are 2 700 single‑family offices in Hong Kong, and the industry has predicted that Hong Kong will become the world’s largest cross‑boundary wealth management centre by 2028. We will make every effort to attract more global capital to be managed in Hong Kong, including facilitating the opening of new distribution channels for private equity funds through HKEX’s listing, and:

    (i) collaborating with sovereign wealth funds in regions along the Belt and Road (B&R) – We will strive to collaborate with large‑scale sovereign wealth funds in regions such as the Middle East, in financing the setting up of funds to invest in assets in the Mainland and other regions;

    (ii) enhancing the New Capital Investment Entrant Scheme – Effective today, investment in residential properties is allowed provided that the transaction price of the residential property concerned is no less than $50 million, with the amount of real estate investment to be counted towards the total capital investment capped at $10 million. In addition, investments made through an eligible private company wholly owned by an applicant will be counted towards the applicant’s eligible investment with effect from 1 March 2025; and

    (iii) expanding the scope of tax concessions – The Government will consult the industry on the proposal to add qualifying transactions eligible for tax concessions for funds and single‑family offices.

    Proactively Expand Markets and Deepen Overseas Networks

    39. We will continue to actively expand and deepen our overseas networks, including forging financial co‑operation with the Middle East and the region of the Association of South East Asian Nations (ASEAN), organising more international financial mega events, and exploring further collaboration with Islamic markets in the area of finance.

    Further Enhance the Securities Market

    40. Relevant measures include:

    (i) opening up new sources of capital overseas – Exchange Traded Funds (ETF) tracking Hong Kong stock indices will be launched in the Middle East, seeking to attract allocation of capital in the market to Hong Kong stocks;

    (ii) striving for more listing of enterprises in Hong Kong – We will leverage the advantages brought about by our mutual access with the Mainland’s financial markets to attract international enterprises to list in Hong Kong. We will also encourage large‑scale Mainland enterprises to list here, particularly aiming to have more prominent initial public offerings in the near term;

    (iii) optimising vetting of listing applications – The Securities and Futures Commission (SFC) and the HKEX will announce specific measures for further optimising relevant procedures to provide greater certainty regarding the time required for vetting of listing applications; and

    (iv) boosting market efficiency – The SFC and the HKEX will boost market efficiency and lower transaction costs, including reviewing the arrangement for deposit of margin, and refining the requirements on placement of margin and collateral.

    Provide Convenient Cross-boundary Financial Services Arrangement

    41. To promote financial inclusion, we will facilitate members of the public in making cross‑boundary transactions and payments.  The HKMA and the People’s Bank of China are pushing forward the linkage of fast payment systems in the two places, i.e. the Faster Payment System (FPS) in Hong Kong and the Internet Banking Payment System (IBPS) in the Mainland, to facilitate real‑time, cross‑boundary small‑value payments by residents on both sides; and they will implement the arrangement enabling issuance of bank cards by Mainland branches of Hong Kong‑incorporated banks in the Mainland.

    Build an International Gold Trading Market

    42. Hong Kong ranks among the world’s largest import and export markets for gold by volume. Amidst the increasingly complicated geopolitics, our city’s security and stability gives us a clear edge as an attractive place for physical gold storage, driving more gold trading, settlement and delivery activities, and potentially propelling Hong Kong into a gold trading centre. This will spur development of the related industry chain, ranging from investment transactions, derivatives, insurance, storage, to trading and logistic services.

    43. The Government will promote the development of world‑class gold storage facilities, facilitating the storage and delivery of spot gold by users and investors in Hong Kong, and driving demand for related services such as collateral and loan businesses, opening up new growth areas of the financial sector.

    44. The Financial Services and the Treasury Bureau (FSTB) will set up a working group to take forward the establishment of an international gold trading centre. This will include, among other things, strengthening the trading mechanism and regulatory framework, promoting application of cutting‑edge financial technology, and actively exploring with the Mainland authorities on the inclusion of gold‑related products in the mutual market access programme.

    Enhance the Green Finance Ecosystem

    45. Hong Kong is a leading sustainable finance hub in Asia. The international carbon market (Core Climate) launched by the HKEX is the world’s only carbon market to offer Hong Kong dollar (HKD) and RMB settlement for trading of international voluntary carbon credits.

    46. The HKMA will roll out the Sustainable Finance Action Agenda. In addition, the FSTB will launch a roadmap on the full adoption of the International Financial Reporting Standards – Sustainability Disclosure Standards (ISSB Standards) this year, leading Hong Kong to be among the first jurisdictions to align its local requirements with ISSB Standards.

    (B) International Shipping Centre

    47. Hong Kong is one of the world’s busiest and most efficient ports, and ranks fourth in the International Shipping Centre Development Index (ISCDI). The average length of stay of container vessels in the Hong Kong port is 0.95 days, about half the average of 1.85 days for the world’s top 20 container ports, earning our city the reputation as a “catch‑up port” for vessels to make up for delays in other ports.

    48. The shipping business is composed of the port sector and maritime services, in which maritime services (including professional services such as ship broking, financing and leasing, maritime insurance, maritime law and arbitration) are the high‑value‑added segment of shipping business and the source of growth, having grown by nearly 40% over the past three years (from 2019 to 2022) in terms of economic contribution. We will step up our efforts in fostering Hong Kong’s maritime industry while taking a multi‑pronged approach to consolidate our status as an international shipping centre.

    Establish the Hong Kong Maritime and Port Development Board

    49. The existing Hong Kong Maritime and Port Board will be reconstituted into the “Hong Kong Maritime and Port Development Board”, a high‑level advisory body to assist the Government in formulating policies and long‑term development strategies. To be chaired by a non‑official member, with other members largely from the maritime sector, the new body will be underpinned by dedicated staff to undertake research and publicity work. Additional funding will be provided to enhance its research capabilities, strengthen its Mainland and overseas promotional work and step up manpower training, supporting the Government in policy implementation more effectively and promoting the sustainable development of Hong Kong’s maritime industry.

    Promote Development of High Value-added Maritime Services

    50. We will strive to promote the development of high value‑added maritime and professional services. Indeed, the Government has been encouraging more shipping commercial principals and maritime service enterprises to establish presence in Hong Kong by providing tax exemptions for ship leasing business and offering half‑rate tax concessions for marine insurance, ship management, ship agency and ship broking. We will continue to boost Hong Kong’s maritime strengths. Relevant measures include:

    (i) enhancing and promoting tax concessions – To strengthen the local maritime ecosystem, we will step up promotion of existing tax concessionary measures for maritime services and enhance the preferential tax regime (including introducing new tax deduction arrangements for ship lessors pursuant to international tax rules);

    (ii) attracting maritime service enterprises to establish presence in Hong Kong – We will encourage leading or high‑potential marine insurance business operators to establish presence in our city to broaden the range of marine insurance products; and

    (iii) developing maritime services talents – We will strengthen collaboration with international marine insurance organisations to promote the training of marine insurance talents, and expand the scope of the Maritime and Aviation Training Fund to cover more green energy courses, marine insurance examinations, and others.

    Advance Development of Green Maritime Centre

    51. We will develop Hong Kong into a green maritime centre through:

    (i) promoting the green transformation of registered ships – The Marine Department earlier this year began offering cash incentives to ships meeting relevant international standards on decarbonisation, and it will step up promotion of this initiative;

    (ii) developing a green maritime fuel bunkering centre – We will promulgate the Action Plan on Green Maritime Fuel Bunkering by the end of this year. We will take forward the related infrastructural development such as green maritime fuel bunker terminals, promote port emissions reduction, offer incentives to encourage green maritime fuel usage, co‑operate with ports in the GBA, and construct a green shipping corridor with major trading partners; and

    (iii) offering green fuel bunkering facilities – We will provide green ships with smart information concerning navigational safety, and enhance the ship monitoring systems to ensure safety during fuel bunkering.

    Create a Commodity Trading Ecosystem

    52. Commodities including metals and minerals account for more than half of the global shipping trade volume. Shipowners and commodity traders are the key users of shipping routes and maritime services. Their presence and operation in Hong Kong can drive the maritime services industry, and boost demand for related financial and professional services such as hedging activities of related futures products, conducive to consolidating and enhancing Hong Kong’s status as an international financial, shipping and trade centre. We will explore the introduction of tax concessions and support measures to attract relevant enterprises in the Mainland and overseas to set up businesses in Hong Kong, building a commodity trading ecosystem in our city.

    53. There has been an international commodity exchange expressing its intention to establish accredited warehouses in Hong Kong for storage and delivery of commodities, including non‑ferrous metal products. We will capitalise on this opportunity to establish relevant supporting facilities so as to attract Mainland enterprises to engage in commodity trade, especially of non‑ferrous metal, in Hong Kong, further expanding the demand for our maritime and trade services.

    Develop the Smart Port and Conduct International Promotions

    54. The Government will complete installation of a port community system next year. It will be equipped with functions such as shipment tracking, real‑time transport information, electronic information and document retrieval, and port data analysis, enabling the flow and sharing of data among stakeholders in the maritime, port and logistics industries.

    55. The Government will also organise more major events with international maritime organisations and enterprises to showcase to the world Hong Kong’s maritime strengths.

    Expand High Value-added Logistics Services

    56. We are taking forward the Action Plan on Modern Logistics Development, and will release four quality logistics sites for industry to develop modern, high‑end, multi‑storey logistics facilities. The findings of the planning study on the development of modern logistics clusters in the Hung Shui Kiu/Ha Tsuen New Development Area (NDA) will be published next year.

    57. The Government will continue to strengthen co‑operation in the logistics sector with the western part of Guangdong and other neighbouring areas, making good use of the Hong Kong‑Zhuhai‑Macao Bridge (HZMB) to expand the catchment area of our cargo services and facilitate more goods to go through Hong Kong.

    (To be continued.)

    MIL OSI Asia Pacific News –

    January 23, 2025
  • MIL-OSI Asia-Pac: CE’s speech in delivering “The Chief Executive’s 2024 Policy Address” to LegCo (5)

    Source: Hong Kong Government special administrative region

    IV. Develop New Quality Productive Forces Tailored to Local Conditions

    75. The core element of new quality productive forces is to achieve high‑quality economic development through technological empowerment. Hong Kong is striving to become an international innovation and technology (I&T) centre by promoting the upgrading and transformation of traditional industries while actively nurturing emerging ones. We will spare no effort in developing new quality productive forces tailored to local conditions.

    (A) International I&T Centre

    Optimise the Strategy and Institutional Set-up for the Development of New Industrialisation

    76. We will draw up a medium to long‑term development plan for new industrialisation in Hong Kong. We will also press ahead with the establishment of the Hong Kong New Industrialisation Development Alliance to promote closer collaboration among the Government and the industry, academia, research and investment sectors, building a co‑operative platform for new industrialisation in Hong Kong. This includes providing more financing opportunities and fostering I&T co‑operation between newly‑listed companies in Hong Kong and local universities.

    Establish the Third InnoHK Research Cluster

    77. The InnoHK research clusters have become home to about 2 500 research and development (R&D) personnel from Hong Kong and around the world. The Government has already started preparatory work to establish the third InnoHK research cluster, which will focus on advanced manufacturing, materials, energy and sustainable development. The target is to attract world‑class R&D teams to collaborate with local institutions, promoting R&D and bringing in talents.

    Increase Research Funding

    78. The Government will launch a new round of Research Matching Grant Scheme totalling $1.5 billion to attract more organisations to support research endeavours of institutions.

    Increase Investment for I&T Industries

    79. We will increase investment and guide more market capital to invest in I&T industries, reflecting a revamped approach of Government in this. Relevant measures include:

    (i) setting up a $10 billion I&T Industry‑Oriented Fund – We will set up a fund‑of‑funds to channel more market capital to invest in specified emerging and future industries of strategic importance, including life and health technology, AI and robotics, semi‑conductors and smart devices, advanced materials and new energy. The goal is to systematically build an I&T ecosystem;

    (ii) optimising the Innovation and Technology Venture Fund – We will redeploy $1.5 billion to set up funds jointly with the market, on a matching basis, investing in start‑ups of strategic industries, to further enhance Hong Kong’s start‑up ecosystem; and

    (iii) maximising the impact of the HKIC as “patient capital” – The HKIC will continue to attract I&T enterprises to establish their presence and settle in Hong Kong by channelling and leveraging market capital.

    Attract International Start-up Accelerators to Establish a Presence in Hong Kong

    80. The Government will launch the I&T Accelerator Pilot Scheme with a funding allocation of $180 million at a one‑to‑two matching ratio between the Government and the institution, up to a subsidy ceiling of $30 million. The Scheme aims to attract professional start‑up service providers with proven track records in and beyond Hong Kong to set up accelerator bases in Hong Kong, fostering the robust growth of start‑ups.

    Develop the Low-altitude Economy

    81. Low‑altitude economy, which refers to economic activities in airspace below 1 000 metres, presents a wide array of application scenarios including rescues, surveys and delivery of goods and passengers. Formulating a management system for low‑altitude economy will help drive development in areas such as telecommunication technologies, AI and the digital industry, unlocking the low‑altitude airspace as a new production factor for our economy.

    82. The Government will establish the Working Group on Developing Low‑altitude Economy. Led by the Deputy Financial Secretary, it will formulate development strategies and inter‑departmental action plans, starting with projects on low‑altitude applications. It will designate specific venues for such purposes, draw up regulations and design the institutional set-up, and study and map out plans to develop the required infrastructure and networks. Relevant measures include:

    (i) exploring low‑altitude flying application scenarios – We will press ahead with pilot projects and designate venues to explore deploying drones for delivery, surveys, building maintenance, aerial photography, performances, search and rescue, and other possibilities;

    (ii) amending relevant regulations – This includes relaxing restrictions on beyond‑line‑of‑sight flying activities, as well as those on weight and loading of drones, encouraging market research and investment, facilitating technology tests and developing aerial tours;

    (iii) promoting interface with the Mainland – We will explore with the Mainland authorities the joint establishment of low‑altitude cross‑boundary air routes, immigration and customs clearance arrangements and supporting infrastructure; and

    (iv) studying and planning for low‑altitude infrastructure – In the long run, we need a highly effective, intelligent and digitalised low‑altitude infrastructure system for the real‑time management on networks of low‑altitude activities. It will strategise solutions for complex management and safety issues arising from such activities. The working group will embark on technical studies and planning of support facilities for low‑altitude activities (such as vertiports and charging stations), communications network, air route network, management of low‑altitude flying activities and so on to lay the foundation for the low altitude economy.

    Promote Development of Communications Technology

    83. Low Earth Orbit (LEO) satellites are less costly than traditional ones. The Government will conduct a study on streamlining the vetting procedures of licence applications for operating LEO satellites. The Government will also make available more suitable radio spectrum to the market in a timely manner.

    Advance R&D of Aerospace Science and Technology

    84. Hong Kong’s research teams have been actively engaged in R&D of aerospace science and technology. This year, a Hong Kong resident was selected as a preparatory astronaut. We are very grateful for our country’s support for Hong Kong in developing aerospace‑related technologies. The Government will set up a research centre under the InnoHK research cluster to participate in the Chang’E‑8 mission, contributing to national aerospace development.

    Promote Development of New Energy

    85. The Government will earmark around $750 million under the New Energy Transport Fund to subsidise the taxi trade and franchised bus companies to purchase electric vehicles, and launch the Subsidy Scheme for Trials of Hydrogen Fuel Cell Electric Heavy Vehicles.

    86. We will further promote the development of new energy by:

    (i) setting a target for sustainable aviation fuel (SAF) consumption – We will speed up the reduction of carbon emissions by the aviation industry and cater to the increasing demand of international airlines for SAF;

    (ii) developing SAF and green maritime fuel supply chains – We will formulate the long‑term plan for industry development in respect of fuel supply and demand, storage and bunkering; and

    (iii) promoting green and low carbon hydrogen energy – We will actively support the industry to establish a solar‑to‑hydrogen facility for demonstration, introduce a bill next year to ensure the safe use of hydrogen fuel, and formulate the approach of hydrogen standard certification suitable to Hong Kong.

    (B) Regional Intellectual Property Trading Centre

    87. Hong Kong’s intellectual property (IP)‑intensive industries accounted for about 30% of our Gross Domestic Product and of total employment respectively. We will strengthen our position as a regional IP trading centre by expanding the IP trading ecosystem of the I&T sector and creative industries.

    Enhance the Legislative Framework for IP

    88. The Government will strengthen protection for the products of innovation and creativity yielded by R&D efforts. Measures include putting forward a proposal next year to enhance the Copyright Ordinance regarding the protection for AI technology development, launching a consultation in 2025 on the registered designs regime currently under review, and proposing legislative amendments to streamline IP litigation processes for the High Court to manage and hear these cases more effectively.

    89. Next year, the Trade Marks Registry under the Intellectual Property Department (IPD) will launch a new AI‑assisted image search service to facilitate the public’s search of the trademark database.

    90. With the Central Government’s support, Hong Kong will participate in the World Intellectual Property Organization Lex‑Judgments Database next year, sharing important IP case precedents of local courts, to showcase to the international community the quality of our IP‑related judicial judgments.

    Strengthen Training of IP Talents

    91. The Government will continue to discuss with the patent agent sector and stakeholders to plan for the introduction of regulatory arrangements for local patent agent services, covering qualification, registration, and other areas, aiming to nurture professional talents and enhance service quality.

    92. The IPD will collaborate with the Qualifications Framework Secretariat to develop practical teaching materials for deployment by training providers, benefitting personnel across 23 different industries.

    (C) International Health and Medical Innovation Hub

    93. To expedite patients’ access to advanced diagnostic and treatment services, and to foster new quality productive forces in biomedical technology, the Government will complement technological innovation with institutional innovation, developing Hong Kong into an international health and medical innovation hub.

    Reform the Approval Mechanism for Drugs and Medical Devices

    94. The Government will expedite the reform of the approval mechanism for drugs and medical devices, including:

    (i) extending the “1+” mechanism to all new drugs, including vaccines and advanced therapy products, and improving the approval mechanism to speed up registration, facilitating good drugs for use in Hong Kong;

    (ii) devising the timetable for the Hong Kong Centre for Medical Products Regulation and the roadmap towards adoption of “primary evaluation”, as well as formulating strategies and measures to facilitate R&D of drugs and medical devices; and

    (iii) taking forward preparatory work for legislating for the statutory regulation of medical devices.

    Strengthen Biomedical Technology R&D and Translation

    95. The Government will enhance Hong Kong’s clinical trial capability on all fronts and facilitate the translation of innovative biomedical research results into clinical applications by:

    (i) joining hands with Shenzhen to establish the GBA Clinical Trial Collaboration Platform, extending the R&D network and expediting clinical trials;

    (ii) establishing the Real‑World Study and Application Centre to open up local health and medical databases and promote co‑operation between Hong Kong and Shenzhen to integrate data generated from the “special measure of using Hong Kong‑registered drugs and medical devices used in Hong Kong public hospitals in GBA”. This will accelerate approval for registration of new drugs in Hong Kong, the Mainland and overseas; and

    (iii) supporting R&D, clinical trials and application of advanced biomedical technology in Hong Kong, attracting global top‑notch innovative enterprises and research organisations to set up operations in Hong Kong.

    (D) Promote Integrated Development of Digital Economy and Real Economy

    96. A robust system to promote integration of real economy and digital economy is one of the key drivers of new quality productive forces. The Government will expedite the development of digital economy, which includes accelerating the digital transformation of industries, strengthening digital infrastructure, exploring development of a data‑trading ecosystem, and exploring on a pilot basis facilitation arrangements for cross‑boundary data flow within the GBA.

    Accelerate Development of Digital Trade

    97. The Government will push forward reforms in the digitalisation of enterprises and trade. Measures include fostering participation in discussions among the international community about the development of digital economy and exploring the inclusion of relevant provisions in bilateral trade agreements during the negotiation process, with a view to promoting digital trade and cross‑boundary e‑commerce.

    98. The Commerce and Economic Development Bureau is developing the Trade Single Window to provide a one‑stop electronic platform. It will help the industry lodge import and export trade documents for trade declaration and customs clearance. Separately, the HKMA has established a working group to conduct an in‑depth study into the changes in future supply chains and make recommendations. The scope of study covers promoting the digitalisation of trade through areas such as talents and financial infrastructure, as well as the technology and legal framework, with the goal to lower trade cost and upgrade the trade ecosystem.

    Establish a New Fintech Innovation Ecosystem

    99. The Government will continue to promote the development of innovative financial services including Central Bank Digital Currencies (CBDCs), mobile payment, virtual banks, virtual insurance and virtual asset (VA) transactions. The FSTB will shortly issue a policy statement, setting out its policy stance regarding the application of AI in the financial market. Other measures include:

    (i) promoting the use of CBDCs for cross‑boundary payment – The HKMA is actively testing and exploring more add‑on technology solutions and use cases related to cross‑boundary trade settlement on the mBridge platform, and will further widen the participation of both the public and private sectors;

    (ii) enhancing the regulation of VA trading – The FSTB will complete the second round public consultation on the regulatory proposals for over‑the‑counter trading of VA and put forward a proposed licensing regime for VA custodian service providers;

    (iii) promoting real‑world asset tokenisation and developing a digital money ecosystem – The HKMA is taking forward Project Ensemble, a financial market infrastructure project, to explore the application of real‑world asset tokenisation and the use of digital money for interbank settlement, facilitating the development of the relevant asset trading. Separately, the HKMA also allows potential stablecoin issuers to test business plans and use‑cases through the stablecoin issuer sandbox, and will work with the FSTB to introduce a bill on the regulation of fiat‑referenced stablecoin issuers later this year; and

    (iv) promoting the development of the digital securities market – The HKMA will soon launch the Digital Bond Grant Scheme to encourage more financial institutions and issuers to adopt tokenisation technology in capital market transactions.

    Facilitate Cross-boundary E-commerce Logistics Services

    100. To develop Hong Kong into a cross‑boundary e‑commerce logistics and distribution centre, the Government will review existing procedures to enhance the efficiency of cross‑boundary goods’ distribution, strengthening the competitiveness of our city.

    Promote Smart Construction and Management of Public Rental Housing Estates

    101. The Hong Kong Housing Authority (HKHA) has selected 10 Public Rental Housing (PRH) estates as pilot sites for smart estate management. Next year, it will establish a central platform for property management and introduce digital technologies in daily estate management work, enhancing management effectiveness and service quality. The HKHA will also progressively apply the Project Information Management and Analytics Platform in new public housing projects starting next year, enhancing works efficiency by project management digitalisation and adopting three‑dimensional digital maps and virtual digital models, etc.

    Promote LawTech

    102. The DoJ will set up the Advisory Group on Promoting the Development of LawTech to formulate policies and measures on LawTech and promote its application in relevant sectors.

    (To be continued.)

    MIL OSI Asia Pacific News –

    January 23, 2025
  • MIL-OSI Asia-Pac: HK hones its financial edge

    Source: Hong Kong Information Services

    Chief Executive John Lee unveiled bold plans in his 2024 Policy Address for consolidating and enhancing Hong Kong’s status as an international financial centre.

    Upon highlighting the fact that Hong Kong is an international financial centre, ranking third globally and first in investment environment, he stated that the Government will continue with reforms to reinforce and enhance the city’s status.

    The Chief Executive explained that Hong Kong is an attractive location for investors for gold storage, spurring relevant activities such as gold trading, settlement, and delivery.  

    As such, his administration will capitalise on Hong Kong’s strengths as an international financial centre to build the city into an international gold trading centre.

    The Chief Executive provided details of the objective of building an international gold trading market given the city ranks among the world’s largest import and export markets for gold by volume.

    “The Government will promote the development of world-class gold storage facilities, facilitating the storage and delivery of spot gold by users and investors in Hong Kong, and driving demand for related services such as collateral and loan businesses, opening up new growth areas of the financial sector.”

    He added that the Financial Services & the Treasury Bureau (FSTB) will set up a working group to take forward the establishment of an international gold trading centre.

    “This will include, among other things, strengthening the trading mechanism and regulatory framework, promoting application of cutting-edge financial technology, and actively exploring with the Mainland authorities on the inclusion of gold-related products in the mutual market access programme.”

    Mr Lee also outlined his plan to deepen market access and enriching offshore renminbi business.

    “We will continue to enhance the mutual market access regime and reinforce our status as the world’s largest offshore renminbi business hub, contributing to the internationalisation of RMB. Key measures include continuously improving our infrastructure and upgrading the Central Moneymarkets Unit to facilitate the settlement of various assets in different currencies by international investors.

    “We will also develop the fixed income market infrastructure by, for instance, setting up a central clearing system for RMB-denominated bond repurchase (repo) transactions, making RMB sovereign bonds issued in Hong Kong a more popular choice of collateral in offshore markets. We will look to enhance the Cross-boundary Wealth Management Connect Scheme as well.”

    The Chief Executive indicated that the Government will strive to make better use of the currency swap agreement between the Hong Kong Special Administrative Region with our country to enhance offshore RMB liquidity.

    In doing so, it will provide more RMB-denominated investment products.

    Part of that plan calls for the Hong Kong Exchanges & Clearing (HKEX) to encourage more listed companies to have shares listed in the RMB stock trading counter. 

    Apart from increasing the issuance of RMB bonds and supporting issuance of more green and sustainable offshore RMB bonds in Hong Kong, it will also seek support from the Ministry of Finance for boosting the size and frequency of issuing RMB sovereign bonds, and launching offshore RMB sovereign bond futures as soon as possible, in Hong Kong.

    Additionally, the Government will actively liaise with Mainland authorities to expand the Bond Connect (Southbound Trading) as appropriate, including expanding the scope of eligible Mainland investors to non-bank financial institutions, and enriching liquidity management tools that facilitate offshore investors’ investment in onshore bonds by actively exploring and introducing various bond repo and collateral products and arrangements using onshore RMB bonds.

    Mr Lee shared the Government’s plans to enhance Hong Kong’s status as an international risk management centre and an international asset and wealth management centre.

    “Hong Kong has the highest concentration of insurance companies and the highest insurance density in Asia. To further strengthen Hong Kong’s position as a global risk management centre, the Insurance Authority will initiate a review next year. 

    “We will examine capital requirements for infrastructure investment, to enriching insurance companies’ asset allocation for risk diversification and driving investment in infrastructure such as the Northern Metropolis. We will also continue to invite Mainland and overseas enterprises, including large state-owned enterprises in the Mainland, to establish captive insurers in Hong Kong.”

    He added that there are 2,700 single-family offices in Hong Kong, and the industry has predicted that Hong Kong will become the world’s largest cross-boundary wealth management centre by 2028.  

    “We will make every effort to attract more global capital to be managed in Hong Kong, including facilitating the opening of new distribution channels for private equity funds through HKEX’s listing.”

    On top of that, he stressed that the Government will collaborate with sovereign wealth funds in regions along the Belt & Road.

    “We will strive to collaborate with large-scale sovereign wealth funds in regions such as the Middle East, in financing the setting up of funds to invest in assets in the Mainland and other regions.”

    Mr Lee also explained the measures to enhance the New Capital Investment Entrant Scheme, effective today. This means that investment in residential properties is allowed provided that the transaction price of the residential property concerned is no less than $50 million, with the amount of real estate investment to be counted towards the total capital investment capped at $10 million.

    Additionally, by expanding the scope of tax concessions, the Government will consult the industry on the proposal to add qualifying transactions eligible for tax concessions for funds and single-family offices.

    The Government is committed to proactively expanding markets and deepening overseas networks, Mr Lee said, as he conveyed its strategy to accomplish such a goal.

    “We will continue to actively expand and deepen our overseas networks, including forging financial co-operation with the Middle East and the region of the Association of South East Asian Nations, organising more international financial mega events, and exploring further collaboration with Islamic markets in the area of finance.”

    Mr Lee expounded on how the Government will accomplish its aim of further enhancing the securities market.

    Relevant measures include opening up new sources of capital overseas, striving for more listing of enterprises in Hong Kong, optimising vetting of listing applications and boosting market efficiency.

    He also noted the Government’s proposal for providing convenient cross-boundary financial services arrangement.

    “To promote financial inclusion, we will facilitate members of the public in making cross-boundary transactions and payments. 

    “The Hong Kong Monetary Authority and the People’s Bank of China are pushing forward the linkage of fast payment systems in the two places, ie the Faster Payment System in Hong Kong and the Internet Banking Payment System in the Mainland, to facilitate real-time, cross-boundary small-value payments by residents on both sides; and they will implement the arrangement enabling issuance of bank cards by Mainland branches of Hong Kong-incorporated banks in the Mainland.”

    Mr Lee revealed that his Policy Address embraces measure to enhance Hong Kong’s green finance ecosystem, due to the fact that the city is a leading sustainable finance hub in Asia.

    “The international carbon market (Core Climate) launched by the HKEX is the world’s only carbon market to offer Hong Kong dollar and RMB settlement for trading of international voluntary carbon credits.

    “The Hong Kong Monetary Authority will roll out the Sustainable Finance Action Agenda. In addition, the FSTB will launch a roadmap on the full adoption of the International Financial Reporting Standards – Sustainability Disclosure Standards this year, leading Hong Kong to be among the first jurisdictions to align its local requirements with the standards of the International Sustainability Standards Board.”

    MIL OSI Asia Pacific News –

    January 23, 2025
  • MIL-OSI Economics: Challenges and Opportunities for Adopting Alternative Dispute Resolution in Developing Asia

    Source: Asia Development Bank

    Kasumigaseki Building 8F, 3-2-5, Kasumigaseki, Chiyoda-ku, Tokyo 100-6008, Japan

    About ADBI

    The Asian Development Bank Institute was established in 1997 in Tokyo, Japan, to help build capacity, skills, and knowledge related to poverty reduction and other areas that support long-term growth and competitiveness in developing economies in Asia and the Pacific.

    ADBI News

    Subscribe to our newsletter to get the latest news and find out about our upcoming events and job openings.

    MIL OSI Economics –

    January 23, 2025
  • MIL-OSI Banking: RBI to conduct Overnight Variable Rate Reverse Repo (VRRR) auction under LAF on October 16, 2024

    Source: Reserve Bank of India

    On a review of the current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Reverse Repo (VRRR) auction on October 16, 2024, Wednesday, as under:

    Sl. No. Notified Amount
    (₹ crore)
    Tenor
    (day)
    Window Timing Date of Reversal
    1 50,000 1 11:30 AM to 12:00 Noon October 17, 2024
    (Thursday)

    2. The operational guidelines for the auction as given in the Reserve Bank’s Press Release 2019-2020/1947 dated February 13, 2020 will remain the same.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1302

    MIL OSI Global Banks –

    January 23, 2025
  • MIL-OSI Australia: Interview with Steve Martin, Ballarat Breakfast, ABC Radio

    Source: Australian Treasurer

    STEVE MARTIN:

    It’s not often that I get to talk to the federal Treasurer, and it’s almost never that the federal Treasurer is sitting across from me in the studio. Jim Chalmers, good morning.

    JIM CHALMERS:

    Thanks for having me on your show, Steve.

    MARTIN:

    Why are you here?

    CHALMERS:

    I’m here because Catherine King invited me, and I go where Catherine King tells me to go. She’s a wonderful local member and Cabinet colleague. But more seriously, I wanted to be here to engage with some of the business leaders but also to spend some time at Ballarat High, which I’ll be doing later on this morning.

    But what we try and do as Cabinet Ministers is make sure that we govern for the whole place, and that means spending time in the wonderful regions of this country, including this beautiful region of yours in Ballarat and the South West.

    MARTIN:

    All right. What are you doing at Ballarat High School?

    CHALMERS:

    I’m going to speak to some of the students about the economy. This is one of the most enjoyable things I get to do as Treasurer. I’ve done a lot of it lately actually, because I like the sense that there’s a lot of intergenerational interest in what’s happening in the world. The world’s a difficult place right now. We’ve got a lot of important decisions to make about the future of our own country in that context, and I find knocking around with young people and taking some really often difficult, always smart, intelligent, well‑motivated questions is a really good thing to do when you’re in communities like this one.

    MARTIN:

    Okay. I want to stick with students at the moment, Jim Chalmers. What do they ask you? What do young people want to know about the economy, and are they, broadly speaking, engaged in that sort of part of the political debate?

    CHALMERS:

    More than they get credit for as a generation. People are incredibly engaged at that level. The main questions I get is what’s happening in the world – Russia, Ukraine, the Middle East – what’s happening closer to home in our own region – China and the US – so a lot of really top shelf questions about what’s happening in the world and where we fit.

    But from an economic point of view, like a lot of Australians, they want to know how are we going to get on top of these cost‑of‑living challenges that people are confronting right around the country, every generation, and in particular, housing. They are a big motivation for the tens of billions of dollars that we’re investing as a government in building more homes so that they can find it easier to find somewhere to rent or buy when the time comes.

    MARTIN:

    Is it right that you’re also going to be having a look at some of the properties involved in the First Home Guarantee while you’re in Ballarat? Is that part of your visit?

    CHALMERS:

    That was in prospect, but not on this occasion. I’m looking forward to doing that, but not on this occasion.

    MARTIN:

    Okay. Cost of living does come up endlessly at the moment because things are tough. Do you think that you have made a difference?

    CHALMERS:

    Definitely –

    MARTIN:

    – in what way –

    CHALMERS:

    – but in saying that, I don’t pretend that the fight against inflation is over. I know that people are still doing it tough even at the same time as inflation by some measures has more than halved since we came to office. But I do understand that for people who are under the pump, they don’t want to be told necessarily that everything is fine when it’s not.

    People are still doing it tough. That’s why the tax cuts are so important, the energy bill relief, cheaper early childhood education, cheaper medicines, rent assistance, getting wages moving again. Really our highest priority as a government has been to try and provide that cost‑of‑living help in the most substantial and meaningful way that we can, but also in the most responsible way that we can, which means doing that as well as, not instead of, delivering those couple of surpluses that we’ve been able to deliver at the same time.

    MARTIN:

    I wonder, with the surplus, I recall when that was announced, and generally that would be considered to be good news politically, but to quote Twitter –

    CHALMERS:

    That’s a dangerous practice, Steve.

    MARTIN:

    I know. I realise that, but the most common response it seems on Twitter is, ‘You can’t eat a surplus.’ So while people think that’s great at one end things are happening, but at the business end for most of us it’s not filtering through.

    CHALMERS:

    I’m really grateful you raised that, because we don’t see a surplus as an end in itself either. The fact that we’ve been able to deliver back‑to‑back surpluses for the first time in almost 2 decades in this country is not an end in itself, it’s how we make room to provide all of that cost‑of‑living relief that I just ran through. It’s how we make sure we avoid paying too much interest on all that debt we inherited from our predecessors.

    Also in the context where the global economy is really uncertain, we want to get the budget in much better nick as a bit of a buffer against that global economic uncertainty, because if things do turn down then we want to have more room to respond if we need to. So those are the reasons for the surplus.

    I say to those people who raise that issue that you’ve raised from social media, but I get it out and about in communities like this one, if we were choosing between a surplus or cost‑of‑living help, I would understand that. But we’ve found a way, because of our responsible economic management, to deliver surpluses and cost‑of‑living help, and we think that’s a good thing.

    MARTIN:

    All right. On the SMS Bea has sent this through. As I say, ‘Morning, Steve. Would you ask Jim Chalmers, please, how can we justify $360 billion on a few submarines and $600 million on a PNG rugby league team but struggle to find money to increase mental health services to adequately address demand?’

    CHALMERS:

    Thank you, Bea, for the question and for listening. I think in every budget you’ve got to find room for all of those things. There is mental health funding, of course, in the Budget. There is national security and defence funding. We are interested in investing in our region, particularly when you’ve got all of this global uncertainty, conflict around the world and economic uncertainty around the world, including closer to home. Some of those investments I know, Bea, can be contentious but we think we’ve broadly struck the right balance – huge investments in health at the same time as we invest in our national defence and national security.

    MARTIN:

    All right. I want to ask you about an item in the news today, Treasurer, and that is a crackdown on subscription traps and hidden fees. What’s happening there? What’s the plan from the government?

    CHALMERS:

    We want to crack down on dodgy deals so that we can save Australians money if we can and where we can. Most businesses do the right thing and they’ve got nothing to worry about, but there are these traps which we’re seeing more and more of, whether it’s making it hard to cancel a subscription, different fees at different stages of a purchase, when the price goes up while you’re actually making the transaction, requiring consumers to provide more information than is necessary to buy something, when it’s hard for you to contact the person or the business that’s selling you a good or a service.

    There are a bunch of dodgy practices that we are worried about and we want to crack down on them and so we are looking to ban unfair trading practices, and that’s the announcement that we’re making today.

    MARTIN:

    Okay. So that is with Australian Consumer Law?

    CHALMERS:

    Absolutely. We’ll do some consultation, as we always do, but look to bed it down at the beginning or the first half of next year. We get a lot of feedback about this, Steve. I’m sure you do as well on your SMS line and out and about. A lot of people, for good reason they do a lot of shopping online or in other ways, and there’s just been these practices which have sprung up which we think go too far. We don’t want people to be taken for mugs. We don’t want to see these dodgy business practices, and so we’re going to crack down on them.

    MARTIN:

    So that will come into effect next year, after the next federal election effectively?

    CHALMERS:

    We’ve said the first half of 2025, and we’ll do it as soon as we can. But what we’d like to do is we want to make sure there are no unintended consequences and the like, and so we’ll do a little bit of consultation, but we’ve said today that we’re going to ban unfair trading practices, and we’ll spend the next month or 2 consulting on the best way to go about it.

    MARTIN:

    Twelve minutes to the next news at 8. We’re talking with federal Treasurer Jim Chalmers. I did say earlier this morning, I had a text from Jamie Vogels, who’s a Corangamite Shire Councillor, and this is in relation to the transition of dairy country to blue gum timber land and the practices of the Foreign Investment Review Board when they look at this.

    Now, Jamie Vogels’ question to you directly, Treasurer, is: why aren’t we allowed to know the conditions placed by the Foreign Investment Review Board on the $200 million foreign investment by Munich RE into blue gum plantations that’s replacing that dairy country in Simpson and the Heytesbury? It’s causing economic and job losses, from Jamie Vogels. So why can’t a community know what the Foreign Investment Review Board has and does look at, or is that information publicly available? Because that group sounds like they can’t find out why the decision was made to allow this to happen?

    CHALMERS:

    First of all, thanks to Councillor Vogels for raising it. I know this is an issue, and in that very important part of our national economy there’s a lot of economic opportunity. The dairy industry is important to us and the timber industry is important to us as well, and we’ve got to strike the right balance.

    When it comes to the Foreign Investment Review Board process, we try and be as transparent as we can about the process. But often the fine details for – whether it’s commercial in confidence or other kinds of reasons – often those are kept confidential. So I’ll have another look at that case, I’m confident that we would have provided all of the information that we can. I’m not anticipating that we can provide additional information, but if we can after I have another look, then I’ll do that.

    MARTIN:

    The community concern, though, Treasurer, is that you’ve got prime agricultural land, not just for dairy; it could be used for other things. You have farm workers, you have houses, you have all sorts of activity going on. And when the trees come in, as much as they are needed, in this sort of land where smaller holdings are more common, you’re losing a community because the trees go in and there’s not nearly as many people moving around. Is that social effect on an area looked at by the FIRB?

    CHALMERS:

    It looks at the broader national interest and to be up front with you, typically the focus is more on, national security concerns or concerns around concentration or concerns about one company or another dominating a certain market, and so there are a range of considerations, including the ones that you raise. But primarily, typically, the advice that comes to me, including in this case, the Department of Agriculture was consulted and didn’t raise any issues with this particular transaction, we cast a pretty broad net, but typically the advice is more about managing risks in areas like critical minerals, critical infrastructure, critical data.

    MARTIN:

    Just finally on this, the member for Wannon did ask for a moratorium on additional land being purchased for expansion of the timber industry until some of the concerns raised in the petition he tabled are addressed. Will you consider that, or is the government even looking at that for a moment?

    CHALMERS:

    I think the Agriculture Minister, Julie Collins, is a wonderful colleague of ours. She looks at these sorts of issues all of the time. We know that there are contentious issues in farming communities and we know as our economy changes and demand for different goods change over time that often difficult issues like this pop up. So Julie Collins, being the diligent minister that she is, would have these sorts of considerations in front of her from time to time.

    MARTIN:

    All right. Just on other more general things, I notice that a number of banks are factoring in a rate cut for December. What’s your take on that?

    CHALMERS:

    I try not to pre‑empt decisions taken independently by the independent Reserve Bank. Treasurers of both political persuasions don’t get into the guessing game about future movements in rates.

    My job is to focus on being helpful in the fight against inflation and we have been. Australia’s made really quite considerable progress when it comes to getting on top of the inflation challenge in our economy, less than half what we inherited on the monthly gauge and that’s a good thing.

    But the Reserve Bank will weigh that up, they’ll weigh up what’s happening in the labour market, what’s happening around the world, and they’ll come to a decision independently in due course.

    MARTIN:

    In Queensland, right. I do wonder, just finally, Treasurer, we’ve been through 30‑odd years of pretty good economic times. It started with Hawke and Keating, continued with Howard and Costello, and then, I guess, governments that have followed haven’t been able or as willing to do as much as those 2 governments did all those years ago. That set us up pretty well. There are older people who say we are back to normal, that the current settings we have are more normal. The long‑term interest rate is 7.4 per cent over – I looked this up yesterday, between ’69 and 2004, that’s the long‑term average interest rate in Australia. So has the community got their expectations too high?

    CHALMERS:

    I wouldn’t say that. I wouldn’t blame the community for that. If you think about that longer sweep of history, yes, Hawke and Keating did a remarkable job setting this place up for 3 decades of economic expansion, absolutely outstanding contribution, history‑making contribution.

    If you think about really since the global financial crisis, we’ve had about 15 years of economic upheaval. The global financial crisis in ’08–09, obviously we had COVID, the war in Ukraine sent supply chains basically haywire around the world, and so we’ve had these 3 shocks in 15 years. And so governments of both persuasions, including this one, have been doing their best to manage the here and now – in our case inflation – at the same time as we invest in the future and that’s why our Future Made in Australia agenda, our housing agenda, energy transformation, skills and human capital are so important.

    But what we need to do and what we are doing is working out what does the next generation of prosperity look like. And it won’t be the same as the one that Bob and Paul set up so skilfully in the 1980s. It’s possible to admire their contribution and recognise ours will be different.

    For us the big thing that we’ll be judged on is nailing this energy transformation. That’s the big economic reform opportunity for our generation. And that’s why we call the 2020s the defining decade in the way that the 1980s were, because the situation calls for a new economy, leveraging all of those traditional strengths that we’ve had and will continue to have into the future, but building new strengths in energy, human capital, technology, services and the like.

    MARTIN:

    All right. I was going to let you go, but since you’ve mentioned the energy transformation, one last quick topic: what do you say to communities in this part of the world that are bearing the brunt of that energy transformation, with transmission lines, with wind farms, with very large‑scale change over a very short period of time to communities that are feeling completely and utterly overwhelmed by circumstances beyond their control?

    CHALMERS:

    We are listening to you. We know that the best version of this energy transformation, which is the opportunity of a lifetime for Australia, including for the regions, requires us to take communities along with us. We understand that.

    MARTIN:

    Well, you’re failing at that, because they’re not coming along with those that are pushing this through.

    CHALMERS:

    We can always do better. And even in the most recent Budget I funded, I think $20 million from memory, for better consultation with local communities because we see this as an opportunity for local communities, including regional communities. We need to make sure that we are listening and bringing people along with us. If we can do a better job of that, we will.

    MARTIN:

    Jim Chalmers, thanks for your time.

    CHALMERS:

    Thanks so much, Steve.

    MIL OSI News –

    January 23, 2025
  • MIL-OSI Australia: Allens advises Spark Infrastructure on $1.8 billion refinancing

    Source: Allens Insights

    Allens has advised Spark Infrastructure, owned by a consortium of Ontario Teachers’ Pension Plan Board, Public Sector Pension Investment Board and funds and/or investment vehicles managed and/or advised by Kohlberg Kravis Roberts & Co. L.P. and/or its affiliates, on a $1.8 billion refinancing along with new hedging strategies related to the expanded debt facility.

    The refinancing brings in funds from a large syndicate of investment banks, commercial banks, and private credit funds throughout the Asia-Pacific region.

    ‘We are pleased to have advised the consortium on the initial acquisition of Spark back in 2021 and now on this significant refinancing. It is yet another example of Australia’s growing attractiveness as an investment destination among Asia-Pacific banks and private credit funds,’ said lead partner Tim Stewart.

    This transaction reinforces Allens’ position as a leader in complex financial advisory, with extensive experience in the regulated utilities sector. 

    Allens legal team

    Banking & Finance

    Tim Stewart (Partner), Brian Kirkup (Senior Associate), Sam Guzman (Lawyer), Cora Fabbri (Lawyer)

    Mergers & Acquisitions 

    Charles Ashton (Partner), Alex Knights (Senior Associate)

    Contact for further information

    Communications & Corporate Affairs Manager

    MIL OSI News –

    January 23, 2025
  • MIL-OSI Banking: Secretary-General of ASEAN meets with the Minister of Digital of Malaysia

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today met with H.E. Gobind Singh Deo, Minister of Digital of Malaysia, on the sidelines of the 9th ASEAN Ministerial Conference on Cybersecurity. During their bilateral meeting, they discussed key digital priorities agenda during Malaysia’s upcoming Chairmanship of ASEAN in 2025.

    The post Secretary-General of ASEAN meets with the Minister of Digital of Malaysia appeared first on ASEAN Main Portal.

    MIL OSI Global Banks –

    January 23, 2025
  • MIL-OSI Banking: Result of the Overnight Variable Rate Reverse Repo (VRRR) auction held on October 16, 2024

    Source: Reserve Bank of India

    Tenor 1-day
    Notified Amount (in ₹ crore) 50,000
    Total amount of offers received (in ₹ crore) 38,133
    Amount accepted (in ₹ crore) 38,133
    Cut off Rate (%) 6.49
    Weighted Average Rate (%) 6.49
    Partial Acceptance Percentage of offers received at cut off rate NA

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/1303

    MIL OSI Global Banks –

    January 23, 2025
  • MIL-OSI Banking: Panasonic in Numbers: World Food Day 2024 Donation

    Source: Panasonic

    Headline: Panasonic in Numbers: World Food Day 2024 Donation

    Panasonic wants to create a “Caring World” by enabling people to enjoy and share food and cooking. Motivated by a desire to eliminate hunger and deliver health and the joy of cooking to people worldwide, Panasonic has been cooperating with the global TABLE FOR TWO (TFT)* initiative for more than a decade.To commemorate World Food Day 2024, Panasonic in Europe has announced two initiatives. First, the company will donate 100,000 school meals** to TABLE FOR TWO. Second, it will introduce a new program under which 5 school meals will be donated for every kitchen appliance purchased through the Panasonic online shop***.
    * TABLE FOR TWO (TFT) is a global initiative to eliminate food imbalance through a unique program of sharing meals between developed countries and children in developing countries.** 100,000 school meals based on a donation of €20,000 for World Food Day 2024.*** For each kitchen appliance purchased through the Panasonic online shop, Panasonic will donate €1, covering the cost of five school meals.

    MIL OSI Global Banks –

    January 23, 2025
  • MIL-OSI Economics: Build Back Better Sector Guides—Volume 3: Water, Sanitation, and Hygiene (WASH)

    Source: Asia Development Bank

    The Asian Development Bank (ADB) is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. It assists its members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development.

    Headquarters

    6 ADB Avenue, Mandaluyong City 1550, Metro Manila, Philippines

    MIL OSI Economics –

    January 23, 2025
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