Power prices are set to go up again even though renewables now account for 40% of the electricity in Australia’s main grid – close to quadruple the clean power we had just 15 years ago. How can that be, given renewables are the cheapest form of newly built power generation?
This is a fair question. As Australia heads for a federal election campaign likely to focus on the rising cost of living, many of us are wondering when, exactly, cheap renewables will bring cheap power.
The simple answer is – not yet. While solar and wind farms produce power at remarkably low cost, they need to be built where it’s sunny or windy. Our existing transmission lines link gas and coal power stations to cities. Connecting renewables to the grid requires expensive new transmission lines, as well as storage for when the wind isn’t blowing or the sun isn’t shining.
Notably, Victoria’s mooted price increase of 0.7% was much lower than other states, which would be as high as 8.9% in parts of New South Wales. This is due to Victoria’s influx of renewables – and good connections to other states. Because Victoria can draw cheap wind from South Australia, hydroelectricity from Tasmania or coal power from New South Wales through a good transmission line network, it has kept wholesale prices the lowest in the national energy market since 2020.
While it was foolish for the Albanese government to promise more renewables would lower power bills by a specific amount, the path we are on is still the right one.
That’s because most of our coal plants are near the end of their life. Breakdowns are more common and reliability is dropping. Building new coal plants would be expensive too. New gas would be pricier still. And the Coalition’s nuclear plan would be both very expensive and arrive sometime in the 2040s, far too late to help.
Renewables are cheap, building a better grid is not
The reason solar is so cheap and wind not too far behind is because there is no fuel. There’s no need to keep pipelines of gas flowing or trainloads of coal arriving to be burned.
But sun and wind are intermittent. During clear sunny days, the National Energy Market can get so much solar that power prices actually turn negative. Similarly, long windy periods can drive down power prices. But when the sun goes down and the wind stops, we still need power.
This is why grid planners want to be able to draw on renewable sources from a wide range of locations. If it’s not windy on land, there will always be wind at sea. To connect these new sources to the grid, though, requires another 10,000 kilometres of high voltage transmission lines to add to our existing 40,000 km. These are expensive and cost blowouts have become common. In some areas, strong objections from rural residents are adding years of delay and extra cost.
So while the cost of generating power from renewables is very low, we have underestimated the cost of getting this power to markets as well as ensuring the power can be “firmed”. Firming is when electricity from variable renewable sources is turned into a commodity able to be turned on or off as needed and is generally done by storing power in pumped hydro schemes or in grid-scale batteries.
In fact, the cost of transmission and firming is broadly offsetting the lower input costs from renewables.
Transmission lines are essential – but building them is sometimes fraught. Naohisa goto/Shutterstock
Does this mean the renewable path was wrong?
At both federal and state levels, Labor ministers have made an error in claiming renewables would directly translate to lower power prices.
But consider the counterpoint. Let’s say the Coalition gets in, rips up plans for offshore wind zones and puts the renewable transition on ice. What happens then?
Our coal plants would continue to age, leading to more frequent breakdowns and unreliable power, especially during summer peak demand. Gas is so expensive as to be a last resort. Nuclear would be far in the future. What would be left? Quite likely, expensive retrofits of existing coal plants.
If we stick to the path of the green energy transition, we should expect power price rises to moderate. With more interconnections and transmission lines, we can accommodate more clean power from more sources, reducing the chance of price spikes and adding vital resilience to the grid. If an extreme weather event takes out one transmission line, power can still flow from others.
Storing electricity will be a game-changer
Until now, storing electricity at scale for later use hasn’t been possible. That means grid operators have to constantly match supply and demand. To cope with peak demand, such as a heatwave over summer, we have very expensive gas peaking plants which sit idle nearly all the time.
Solar has only made the challenge harder, as we get floods of solar at peak times and nothing in the evening when we use most of our power. Our coal plants do not deal well with being turned off and on to accommodate solar floods.
The good news is, storage is solving most of these problems. Being able to keep hours or even days of power stored in batteries or in elevated reservoirs at hydroelectric plants gives authorities much more flexibility in how they match supply and demand.
We will never see power “too cheap to meter”, as advocates once said of the nuclear industry. But over time, we should see price rises ease.
For our leaders and energy authorities, this is a tricky time. They must ensure our large-scale transmission line interconnectors actually get built, juggle the flood of renewables, ensure storage comes online, manage the exit of coal plants and try not to affect power prices. Pretty straightforward.
Tony Wood’s superannuation fund may have shares in companies positively or negatively affected by the issues covered in this article.
Headline: Minns Government seeks energy bill relief for cyclone region
Published: 18 March 2025
Released by: Minister for Energy and Climate Change, Minister for the North Coast, Minister for Small Business
The Minns Labor Government has written to energy companies asking them to defer electricity bills and waive a fee for NSW households and businesses hit by ex-Tropical Cyclone Alfred, to further ease the pressure on those recovering from the natural disaster.
Residents and business owners in northern NSW have experienced substantial disruptions to their power supply due to ex-Tropical Cyclone Alfred. It delivered heavy rain and severe winds to large areas of Northern NSW, causing extensive damage to the area’s electricity distribution network.
A total of 84,000 homes and businesses experienced power outages across various communities from Tweed Heads to Grafton, and west to Armidale. Some lost power multiple times.
Essential Energy will waive the daily access charge for customers for the period they were without power.
While energy retailers have not played a role in relation to the power disruptions, Minister for Energy Penny Sharpe has written to 22 companies requesting their cooperation in supporting customers who live in local government areas included in the natural disaster declaration. The Minister has asked them to:
waive the daily power supply charge for customers for the period they were not supplied electricity (by passing on the waiver being provided to retailers by Essential Energy)
defer any electricity bills that are due to be sent to customers for 14 days
defer any disconnections or repayment requirements for 14 days for affected customers in debt or with any amount owing on their account
provide additional information about payment plan options and NSW Government financial support if customers find they are unable to pay their bill as a result of the cyclone impacts.
The NSW Government along with the Australian Government is working together to provide support to the affected area. A personal hardship grant with payments of $180 for individuals and up to $900 per family is available through Service NSW for essential costs such as food, clothing, medicine and emergency accommodation. To be eligible, individuals must have been subject to an evacuation order or have experienced a power outage of more than 48 hours.
Customers whose ability to repay their energy bills has been impacted by Ex-Tropical Cyclone Alfred can also apply for NSW Government Energy Accounts Payment Assistance (EAPA) support to help pay their energy bills. EAPA helps people experiencing difficulty paying their electricity and/or gas bill due to a short-term financial hardship, crisis or emergency to stay connected to essential services. EAPA can only be applied to current, unpaid energy bills.
Minister for Energy, Penny Sharpe said:
“It is important we provide as much support as possible to households and business owners who are recovering from ex-Tropical Cyclone Alfred.
“I have written to energy retailers asking them to join Essential Energy in providing relief to customers in the natural disaster zone, and thank them in advance for any assistance they can offer.”
Minister for Recovery, Small Business and the North Coast, Janelle Saffin said:
“Every bit of support counts for families, households and businesses doing it tough in the wake of this natural disaster.
“Thank you for your consideration of this request during this difficult time for the residents and businesses of the Northern Rivers and North Coast.”
Further information:
Essential Energy is one of three distribution network operators in NSW. Essential Energy, Ausgrid and Endeavour Energy are responsible for the distribution lines in a specified region:
Essential Energy – Riverina, South Eastern region, Northern NSW and Central Tablelands
Ausgrid – Sydney’s north, Central Coast and Newcastle
Endeavour Energy – Blue Mountains, Western Sydney, Illawarra and South Coast
Energy retailers such as Origin Energy, AGL, Red Energy and EnergyAustralia buy electricity from the market pool and contract with generators to manage prices.
Retailers then sell electricity to households and businesses. Most customers only ever interact with their retailer, which sends them their quarterly bill.
There are 22 energy retailers with customers in the region affected by the natural disaster from 3 March 2025.
To assist customer recovery from the impacts of ex-cyclone Alfred and the extended periods of time without power, Essential Energy is offering financial and non-financial support. For more information visit the Essential Energy website.
Source: United States Senator Alex Padilla (D-Calif.)
Padilla, Schiff Push VA to Bolster Emergency Services for Veterans Affected by LA Fires
Senators: “While the fires have been extinguished, veterans will have ongoing needs for months if not years ahead”
WASHINGTON, D.C. — Today, U.S. Senators Alex Padilla and Adam Schiff (both D-Calif.) urged Department of Veterans Affairs (VA) Secretary Doug Collins to provide emergency health care and housing for veterans affected by the Los Angeles fires. Many veterans in these areas are at risk of losing access to vital health care services, including medications and power for medical equipment.
Fueled by wind gusts of up to 100 miles per hour, the Los Angeles County fires burned more than 40,000 acres and forced tens of thousands of residents to evacuate, including many veterans whose health and well-being depend on local resources and Department of Veterans Affairs (VA) services.
“Los Angeles County is home to the most veterans in the nation, and many of them will struggle to navigate the fires’ aftermath,” wrote the Senators. “As a Navy veteran yourself, you know that veterans often face complex challenges that make the recovery from natural disasters even more complicated, including access to health care, housing, and mental health services.”
“Our offices stand ready to assist in any way possible to facilitate these efforts and ensure that our veterans receive the care and support they have earned. We would welcome the opportunity to help the VA coordinate its assistance to these needs in close partnership with state and local authorities and organizations to maximize the impact of recovery efforts for veterans,” continued the Senators.
Padilla and Schiff urged the VA to prioritize the following actions to support veterans recovering from the Los Angeles fires:
Expedite access to emergency care and services to make sure veterans affected by the fires can quickly access medical care, including mental health services, through VA facilities and community providers.
Provide housing assistance, collaborating with state and local agencies to quickly identify and support affected veterans participating in the HUD-VASH, Supportive Services for Veteran Families, and other Homeless Program Office programs, as well as to provide additional housing resources and emergency financial support for displaced veterans and their families.
Offer outreach and benefits by ensuring that impacted veterans are aware of available resources and relief options and have easy access to VA staff who can assist them in navigating the recovery process.
Offer additional mental health resources, including counseling and crisis support, to help veterans cope with the emotional and psychological toll of the fires and their disastrous impacts.
Develop long-term recovery plans, coordinating with local, state, and federal agencies to help veterans whose homes and livelihoods were severely impacted recover and rebuild.
Senators Padilla and Schiff have fought relentlessly to secure and protect Southern Californians’ access to desperately needed disaster relief aid. In the immediate aftermath of the Los Angeles fires, Padilla and Schiff led 47 bipartisan members of the California Congressional delegation in successfully urging President Biden to grant Governor Gavin Newsom’s request for a major disaster declaration to expedite timely relief to Los Angeles County residents impacted by these disasters. Padilla recently blasted the Republican’s spending bill, emphasizing that it did not include the disaster relief funding California needs.
Last month, Padilla, Schiff, and Representatives Ken Calvert (R-Calif.-41) and Zoe Lofgren (D-Calif.-18) led the entire bipartisan California Congressional delegation in urging Senior Congressional leadership to provide additional disaster relief funding and resources to help Los Angeles County communities rebuild. Padilla, Schiff, Calvert, and Lofgren also successfully pushed FEMA to extend the application deadline for federal disaster assistance for victims of the Los Angeles fires. Padilla previously delivered remarks on the Senate floor urging his Republican colleagues and President Trump to provide essential disaster recovery aid to California without conditioning it on the passage of partisan legislation.
Full text of the letter is available here and below:
Dear Secretary Collins,
We write today regarding the continuing effects of the Los Angeles wildfires on our veterans and their families. As you are aware, the wildfires caused widespread destruction, forcing tens of thousands of individuals from their homes, including a significant number of veterans who rely on local resources and Department of Veterans Affairs (VA) services for their health and well-being. We appreciate the rapid assistance the VA provided to this community in the immediate response to the wildfires. Unfortunately, while the fires have been extinguished, veterans will have ongoing needs for months if not years ahead.
Los Angeles County is home to the most veterans in the nation, and many of them will struggle to navigate the fires’ aftermath. As a Navy veteran yourself, you know that veterans often face complex challenges that make the recovery from natural disasters even more complicated, including access to health care, housing, and mental health services. We write to urge the VA to prioritize the following actions as it continues to support veterans during this time of need:
1. Expedited Access to Emergency Care and Services: Ensuring veterans affected by the fires can quickly access medical care, including mental health services, through VA facilities and community providers. We ask that the VA consider re-deploying a mobile Vet Center to the region to provide counseling, crisis intervention, and other necessary services for veterans impacted by this disaster if needed. In addition, for veterans who lost access to their means of transportation, we ask the VA to explore collaborating with Disabled American Veterans (DAV) to see if DAV vans could again be utilized to help provide emergency transportation to affected veterans and their families.
2. Housing Assistance: Collaborating with state and local agencies to quickly identify and support affected HUD-VASH, Supportive Services for Veteran Families, and other Homeless Program Office programs’ participants and to provide additional housing resources and emergency financial support for displaced veterans and their families. And please ensure that veterans who were already or are newly unhoused have easy access to outreach services to begin the process of becoming rehoused.
3. Outreach and Benefits: Ensuring that veterans in the affected areas are aware of available resources and have easy access to VA staff who can assist them in navigating the recovery process. We also urge the Veterans Benefits Administration (VBA) to continue to identify relief options for veterans affected by the fires. This could include the expedited processing of claims, suspending deadlines for response, or extending flexibility for disability medical examinations and other appointments.
4. Mental Health Support: Offering additional mental health resources, including counseling and crisis support, to help veterans cope with the emotional and psychological toll of the disaster.
5. Long-Term Recovery Plans: Coordinating with local, state, and federal agencies to provide long-term recovery assistance and rebuilding efforts, particularly for veterans whose homes and livelihoods were severely impacted.
Our offices stand ready to assist in any way possible to facilitate these efforts and ensure that our veterans receive the care and support they have earned. We would welcome the opportunity to help the VA coordinate its assistance to these needs in close partnership with state and local authorities and organizations to maximize the impact of recovery efforts for veterans.
We commend the VA for its timely, ongoing, and continued support to our veterans and their families following the devasting fires and look forward to working with you to ensure that our veterans have the resources they need to recover and rebuild their lives.
Sincerely,
On April 2 the United States is set to implement a new wave of tariffs under its Fair and Reciprocal Trade Plan. Details of the plan that will impact all US trading partners are not yet known, but the US administration has suggested these tariffs will target any rules it considers “unfair”.
This means the April 2 tariffs may take aim at a range of Australian domestic policies, such as biosecurity rules that govern food imports, and the government’s Pharmaceutical Benefits Scheme (PBS).
The size of the hit is uncertain. One report indicates a relatively modest tariff between 2% and 8% is being considered, below the 25% rate imposed on steel and aluminium on March 12. But it will apply to a much larger set of exports.
Australia and the US have been allies for over a century. The two nations celebrated a “century of mateship” in 2018. More formally, the two countries have a current free trade agreement, Australia-United States Free Trade Agreement (AUSFTA).
The agreement was negotiated in good faith, and entered into force on January 1, 2005. It called for the elimination of tariffs between the two nations over time, and until now both parties have upheld their respective bargains. The so-called “reciprocal” tariff plan would breach that agreement.
What sectors are likely to be targeted?
The Trump reference to non-tariff barriers raises two main concerns for Australian products: meat and pharmaceuticals.
In Australia, domestic beef products are subject to strict traceability rules. Similarly, imported beef has rigid biosecurity requirements as it is classified as a high-risk food.
This is because of the potential risk of mad cow disease (Bovine Spongiform Encephalopathy). This disease was detected in the US in 2002 and triggered an Australian ban on US beef products.
The ban was partially lifted in 2018, but some restrictions remain, which the US says are a barrier to trade. This was also raised by the Biden administration in a 2024 report on trade barriers.
The US cannot force Australia to change its laws on the basis of tariffs – but they can make products coming from Australian suppliers more expensive and therefore restrict market access to the US, which many Australian producers rely on.
A tariff on Australian-sourced beef products would also push up prices for American consumers. Trade Minister Don Farrell has warned the price of a McDonald’s burger may increase.
If tariffs are placed on Australian beef, the government has warned that McDonalds burgers in the US will become more expensive. Shutterstock
Medicines are also in the line of fire
Turning to pharmaceuticals, the Australian PBS has been a sticking point between US and Australian trade negotiators for the past 20 years.
The PBS, which has been in place since 1948, ensures Australians have affordable access to essential medicines. It formed part of discussions during the free-trade negotiations and has been raised as a potential barrier to trade.
The US argues innovation and unfettered market access for American drug companies should be prioritised over Australia’s reference pricing arrangements. Reference pricing means medicines with similar outcomes should have similar pricing.
The reason the US has a problem with this scheme is because some of their companies are not able to charge higher prices for medicines.
Although these are the categories of most concern, there is no assurance the “Fair and Reciprocal Plan” will be limited to beef and pharmaceuticals.
For instance, there are no barriers imposed on the import of wine into Australia. But there has been some concern tariffs could be introduced regardless.
Wine is often the target of trade wars and President Donald Trump has threatened the European Union with a 200% tariff on all wine and spirits entering the US. As Australian wine makers have only recently recovered from Chinese and Canadian tariffs, any US tariffs would deal a harsh blow to the industry.
An old clip of the former Republican President Ronald Reagan went viral this week, highlighting his quite different view:
Is there any avenue for appeal?
There is one thing that is clear about these tariffs. Their imposition will be in violation of both the WTO rules and the free-trade agreement.
Both have provisions to settle disputes and Australia does have options for filing complaints. However, the rule of law and existing norms of the international order do not appear to be persuasive to the Trump administration.
Despite this, it is important to note the US cannot force Australia to change its longstanding laws that protect consumers and ensure accessibility to medicines. This remains the choice of the Australian government.
If the tariffs are introduced in the range of 2% to 8%, there may not be a significant direct economic impact. But they will have other consequences. Trade negotiations, and international agreements, are largely based on goodwill. These acts of the US will erode much of what has been built up over the past century.
The downturn we are seeing in financial markets has so far been dismissed by the Trump administration as necessary. But if the correction turns into a crash, it may give President Trump pause. Given his lack of interest in negotiating, this may be the only thing that could change his mind.
Felicity Deane does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Headline: Builder appointed for Moree Hospital Redevelopment
Published: 18 March 2025
Released by: Minister for Regional Health
The Moree Hospital Redevelopment is a step closer, with the main works contractor appointed and the next stage of work on track to begin in the coming months.
The NSW Government is investing $105 million in the hospital redevelopment to deliver new health facilities and upgraded health services for Moree and the surrounding communities to ensure their health needs continue to be met well into the future.
Hutchinson Builders has been awarded the contract following a competitive tender process.
The $105 million Moree Hospital Redevelopment will include construction of a new Acute Services Building on the existing hospital campus, which will house:
An emergency department
Operating theatres
Medical imaging
A birthing and inpatient unit
Pathology
A new main entry for the new hospital building.
The appointment of a builder follows the recent statutory planning approval for the project. Construction is expected to begin in the coming months.
The Moree Hospital will continue to operate during construction as a District Hospital, providing care for the Moree and surrounding communities, and will remain networked to Tamworth Hospital for access to specialist services.
Extensive consultation with staff and the community has been carried out throughout planning for the redevelopment to ensure the new hospital building creates a welcoming environment that reflects the heritage and culture of the region.
A Language Reference Group is working to inform the inclusion of Aboriginal language and storytelling into signage and wayfinding into the redevelopment, while planning is underway for Arts projects which will be included in the new acute services building.
Quotes attributable to Minister for Regional Health Ryan Park:
“We’ve reached a significant milestone in the delivery of the redevelopment which will deliver enhanced healthcare facilities for Moree and surrounding communities.
“The Moree Hospital Redevelopment will provide staff, patients, families and carers with a modern facility to support the health needs of the community now and into the future.
“All hospital services will continue to operate during construction, which follows significant planning and design work in collaboration with staff, stakeholders and the community.”
Quotes attributable to Government Spokesperson for Northern Tablelands, Peter Primrose:
“The $105 million Moree Hospital Redevelopment is estimated to support approximately 150 direct jobs, with the potential to support hundreds of indirect jobs over the life of the project.
“This will provide a huge boost to the local economy, and I look forward to seeing work progress in the coming months.”
The Australian Taxation Office (ATO) has released a new set of updated financial benchmarks to help small business owners take the pulse of their business.
Updated annually, the ATO’s benchmarks act as a health check, allowing small business owners to compare their performance including average expenses against other businesses in the same industry.
Quotes attributable to ATO Assistant Commissioner Tony Goding:
‘The benchmarks are a valuable tool for small businesses wanting to stay in good financial health.’
‘Think of our benchmarks like a routine test you take with your GP each year. These can help small businesses diagnose their strengths or spot the early warning signs.’
‘Whether you’re running a pizza shop, pet store or a plumbing business, the benchmarks can help you see how your business stacks up.’
‘If your numbers are outside of the benchmark range compared to others in your industry it may be time for a closer look at your business plan.’
‘Businesses that remain within industry benchmarks are generally less likely to attract the ATO’s attention.’
‘While we never use the benchmarks in isolation, small businesses who fall outside the ATO’s benchmarks are more likely to trigger a closer examination from us to identify if they are making mistakes or deliberately doing the wrong thing.’
The ATO takes non-compliance with tax seriously. Small businesses avoiding their tax obligations are participating in the shadow economy which puts pressure on Australians who are doing the right thing.
Deliberate shadow economy behaviours contribute nearly 60% of the gross small business income tax gap or around $11.2 billion per annum in missing tax. Approximately $8.9 billion of this is associated with under reporting of income and over claiming of deductions.
‘The benchmarks are just one of the tools we use to tackle the shadow economy, along with community tip-offs and data matching.’
‘It’s all about levelling the playing field for honest businesses who are being undercut by their dishonest competitors that aren’t paying the tax they’re supposed to,’ Mr Goding added.
The benchmarks cover 100 industries and over 2 million small businesses around the country. The industries include:
Accommodation and food
Building and construction trade services
Education, training, recreation and support services
Health care and personal services
Manufacturing
Other services
Professional, scientific and technical services
Retail trade
Transport, postal and warehousing.
Small business owners who need help understanding how to improve their business performance can consult a business adviser or registered tax professional. The ATO’s online learning platform Essentials to strengthen your small businessExternal Link can support small business owners to prepare for these conversations, as well as further understand their tax and super obligations.
The benchmarks are accessible on the ATO website and via the ATO app business performance check tool. The key benchmark ratios can also be downloaded from data.gov.au.
Example
The below example shows a small business using the ATO benchmarks to compare its performance to similar businesses in the same industry.
Anna’s pizza shop
Anna operates a pizza shop as a sole trader. Anna wants to know how her business compares to her competitors and how she can improve her business.
Anna searches online for ‘pizza shop benchmarks’ and finds the ATO small business benchmarks. She follows the instructions to download the ATO app. Then, she goes to the business performance check tool.
Anna enters her details into the business performance check tool. She learns the key ratio of cost of sales to turnover for her shop is 44%.
While this is within the range for businesses in her industry with a turnover of $550,300, Anna sees that the range for cost of sales starts at 37%. She realises some of her competitors have lower cost of sales.
Anna looked at other suppliers in the market and got a better deal to reduce her business’s expenses and improve profits.
A vacancy fee return is an online form that you lodge using Online services for foreign investors once a year while you own the residential property.
The information required includes how many days in a vacancy year your property was occupied, that is:
occupied by the owner living in the property
rented by a tenant
made genuinely available for rent.
You or your representative must lodge the vacancy fee return within 30 days from the end of each vacancy year using Online services for foreign investors.
How a vacancy fee applies to you
A vacancy fee is a fee that you pay when your residential property is vacant for 183 days (6 months) or more in one vacancy year. By living in the dwelling or making it available for rent, you may not need to pay the fee.
Note: Established dwellings purchased as a principal place of residence cannot be rented or leased. The property needs to be genuinely occupied by foreign owners or their family members.
You may need to pay a vacancy fee if your residential dwelling is not:
residentially occupied
genuinely available on the rental market
rented out for 183 or more days (6 months) in a 12-month period.
A vacancy fee may also apply if the vacancy fee return is not lodged by the due date.
When you lodge your vacancy fee return, the confirmation page will tell you if you are liable to pay a vacancy fee and the amount you need to pay. You can pay the fee when lodging the return or within 30 days of lodging the vacancy fee return.
The vacancy fee is based on the fee amount you paid when you submitted the foreign investment application.
After you’ve lodged we will email you a notice of liability of the vacancy fee payable that includes the following:
information on the reason we are charging you this fee
the fee amount payable
payment details
the due date.
It is important you use the correct payment reference number (PRN) when making a payment.
Changes to legislation mean that for vacancy years that start from 9 April 2024, the vacancy fee will be double the foreign investment application fee. This applies for all residential properties that are within scope of vacancy fee.
Example: calculating the vacancy fee
Myeong purchased a newly developed townhouse for $850,000 as an investment property in Geelong. Myeong paid a foreign investment application fee $13,200 and settlement occurred on 1 August 2022. Each year in August, Myeong is required to lodge a vacancy fee return.
If Myeong is liable for a vacancy fee, for:
the vacancy years 1 August 2022 to 31 July 2023 and 1 August 2023 to 31 July 2024, the fee would be the same as the foreign investment application fee of $13,200
the vacancy year 1 August 2024 to 31 July 2025, the vacancy fee will be double the foreign investment application fee. The vacancy fee will therefore be $26,400
End of example
If you acquired the dwelling under a New or near-new dwelling exemption certificate held by a developer, the vacancy fee payable will be based on what the foreign investment application fee would have been for the dwelling had the exemption certificate not been in place.
If the application fee was waived, the vacancy fee is based on the lowest foreign investment application fee that would have been payable.
In the case of joint tenants, only one vacancy fee will be payable. For tenants in common, the fee payable will be based on the foreign investment application fee that was payable by each individual tenant.
The vacancy fee may also apply where a foreign person failed to submit a foreign investment application but purchased a residential property before 9 May 2017.
Joint owners or multiple dwellings
If the dwelling is owned by 2 or more people as joint tenants, you only need to lodge one vacancy fee return.
If you own a share of a dwelling as a tenant in common, you must each lodge a vacancy fee return.
When multiple dwellings are constructed on the land, you must lodge a vacancy fee return for each new dwelling constructed.
When you are not required to lodge a vacancy fee return
You are not required to lodge a vacancy fee return but are required to update your details if any of the following occur during a vacancy year:
the dwelling is sold or otherwise legally transferred (including if the owner dies)
you are no longer a foreign investor.
You do not have to lodge a vacancy fee return if you own vacant land and a dwelling has not yet been constructed on the land. You must lodge a vacancy fee return once a dwelling has been constructed and for each new dwelling constructed.
If any other changes occur, such as changes to your foreign person status or property, you can update your details.
More information about conveyancers, real estate agents and other persons charging a fee for services is available the Tax Practitioners BoardExternal Link website.
In applying the vacancy fee rules, a vacancy year is each successive period of 12 months starting on the occupation day for the dwelling during which you have continuously held an interest in the dwelling.
A vacancy year is unique to each dwelling held by you. It is not a calendar year or a financial year.
What is occupation day
The occupation day is the first day you have the right to occupy the dwelling. This will typically be the:
settlement day for an established dwelling
day on which a fitness for occupancy certificate for a new dwelling was issued.
Edmond is a foreign person who purchased an apartment that settled on 5 October 2022. As this was the date the apartment could be lived in, the occupancy date for the apartment is 5 October 2022.
As long as Edmond is the owner of the property and is a foreign person, he is required to lodge a vacancy fee return for each vacancy year.
The vacancy year starts from the occupancy date for the apartment. For Edmond, the first vacancy year is 5 October 2022 to 4 October 2023.
Edmond must lodge his first vacancy fee return by 3 November 2023. This is the date that is 30 days after his vacancy fee year ended on 4 October 2023.
His vacancy year for each subsequent year is 5 October to 4 October.
End of example
When is a dwelling residentially occupied
A dwelling is considered residentially occupied if any of these situations last for at least 183 days in a vacancy year:
The owner or a relative of the owner genuinely occupied the dwelling as a residence.
The dwelling was genuinely occupied as a residence subject to lease or license for minimum terms of 30 days.
The dwelling was made genuinely available as a residence on the rental market (with minimum terms of 30 days).
Residential occupancy of at least 183 days does not need to be one continuous block of time. Residential occupancy can be made up of multiple continuous periods of at least 30 days throughout the vacancy year.
If a dwelling is made available for a short-term lease of less than 30 days (including via web-based stay sites) it is not residentially occupied. These dwellings are liable for a vacancy fee.
We consider a dwelling genuinely available for occupation as a residence (with a term of 30 days or more) if it is:
made available on the rental market
advertised publicly
available at a market rent.
You may need to provide supporting evidence to prove a dwelling was residentially occupied during a vacancy year. For example, if you are requesting a fee waiver on the basis that the dwelling was occupied.
How to lodge a vacancy fee return
You should lodge a vacancy fee return using Online services for foreign investors. Select either:
From July 2023 when you register a residential dwelling, you will receive an asset identification number (asset ID), previously known as a land registration number.
If you:
received a vacancy fee reminder from us, the number will be in the email
have not received a vacancy fee reminder, you may need to register your asset first in Online services for foreign investors to receive an asset ID.
Vacancy fee exemptions
You do not pay a vacancy fee if you can show that your dwelling was incapable of being occupied as a residence for at least 183 days in a vacancy year. You must still lodge a vacancy fee return to claim this exemption.
Your dwelling may be considered incapable of being occupied as a residence if any of the following apply:
The dwelling is damaged, unsafe or is otherwise unsuitable to be occupied as a residence.
The dwelling is undergoing substantial repairs or renovations.
Occupation of the dwelling as a residence is prohibited or legally restricted by an order of a court or tribunal or a law of the Commonwealth, state or territory.
A person (who may or may not be the foreign person) who ordinarily occupies the dwelling was absent from the dwelling due to receiving long-term, in-patient, medical or residential care.
You may be required to provide acceptable supporting evidence to prove the dwelling was incapable of being occupied.
Vacancy fee waivers
We only waive or remit fees in limited circumstances.
The vacancy fee waiver form is not available in Online services for foreign investors.
If you do not lodge your vacancy fee return by the due date, you may be liable to pay a vacancy fee. This is regardless of the number of days the dwelling was residentially occupied during the vacancy year.
If you are directed to pay the vacancy fee for failing to lodge, you will receive an email from us. The email notice will provide the following information:
reason we are charging the fee
amount of the fee you have to pay
payment details
due date.
You may be liable for an infringement notice or a civil penalty if you do not:
lodge a vacancy fee return on time
keep records that are relevant to your liability for vacancy fees.
You are required to keep these records for at least 5 years after the end of each vacancy year.
The Government is continuing its damaging campaign to hollow out the public service with 133 roles (69 being fixed term) proposed to go from the Department of Internal Affairs (DIA).
Staff were told today of the latest proposed job cuts which could result in the net loss of 64 permanent roles, plus 69 fixed term roles which are not being renewed beyond 1 September, for a total reduction of 133 roles. These are spread across all five branches of DIA.
The latest cuts aim to save approximately $8 million a year. They follow a wave of restructuring last year which saw, among many changes, the loss of key staff keeping children safe from online harm, and those stopping scams and international crime syndicates engaging in money laundering.
“Once again, we see the Government hell bent on downsizing the public service, regardless of the consequences,” said Fleur Fitzsimons, National Secretary for the Public Service Association for Te Pūkenga Here Tikanga Mahi.
“The Government is blind to the fact that the public service is right sized for our population and economy and should in fact be expanding to meet our many challenges from a growing and ageing population through to climate change and the infrastructure deficit.
“It’s all about ideology and doing more with less. But the reality as we have seen with cuts across the public service, the Government will be doing less with less – there will be fewer workers at DIA able to support the needs of New Zealanders.
“For example, the disbanding of the Ministerial and Monitoring Group, which has already had roles cut, will slow down decision making, impacting the provision of timely and quality advice to Ministers.
“The proposal to cut back on Personal Assistants is a false economy that will see senior managers spending more time doing administrative tasks.
“The proposed downsizing of the Digital Services branch, which has faced constant restructuring since 2019 will see among other things a loss of product testing roles. These roles are vital to ensuring a smooth introduction and upgrading of technology that New Zealanders rely on to do things such as apply for, or renew, their passports.
“The proposed disbanding of the Workplace Services and moving some staff into other teams means there will no longer be a proper focus on ensuring maintenance is carried out for government buildings and equipment. This will affect productivity and will raise health and safety issues over time. Workplace Services is also responsible for security of Government property.
“Internal Affairs purpose is to serve and connect ‘people, communities and government to build a safe, prosperous and respected nation’. These cuts coming on top of the damaging cuts from last year will make achieving that purpose all the more difficult and the PSA will be opposing them.”
The Public Service Association Te Pūkenga Here Tikanga Mahiis Aotearoa New Zealand’s largest trade union, representing and supporting more than 95,000 workers across central government, state-owned enterprises, local councils, health boards and community groups.
The Chinese economy has maintained good growth momentum, starting the year on a steady note with sound industrial performances and impactful macro policies, official data revealed on Monday.
During January and February 2025, most key indicators saw solid increases, employment remained generally stable, and new quality productive forces continued to grow, according to the National Bureau of Statistics (NBS).
Given the economy’s sound performance in the first two months, China has more favorable conditions to achieve its full-year growth target of around 5 percent for 2025, NBS spokesperson Fu Linghui said at a press conference.
A good start
In the first two months of 2025, China’s value-added industrial output, an important economic indicator, increased 5.9 percent year on year. In February, industrial output grew 0.51 percent from January.
The country’s fixed-asset investment totaled 5.2619 trillion yuan (about 734 billion U.S. dollars) during the January-February period. It increased 4.1 percent year on year and was 0.9 percentage points higher than the full-year growth rate of 2024.
Investment in infrastructure construction rose 5.6 percent from a year ago during the two months, and manufacturing investment increased 9 percent.
An aerial drone photo shows a view of Yangpu International Container Port in the Yangpu Economic Development Zone in Danzhou, south China’s Hainan Province, Jan. 11, 2025. [Photo/Xinhua]
The services sector also registered accelerated growth in the period, with its official production index growing 5.6 percent year on year at a rate 0.4 percentage points faster than the 2024 whole-year growth rate.
Retail sales of consumer goods, a major indicator of a country’s consumption strength, climbed 4 percent year on year in the first two months of 2025 to over 8.37 trillion yuan, according to the NBS data.
The country’s overall employment landscape has remained stable, with the average surveyed urban unemployment rate standing at 5.3 percent, level with the January-February period of last year.
Fu attributed the upbeat momentum to the synergistic effects of existing and incremental policies, highlighting the implementation of a more proactive fiscal policy and a moderately loose monetary policy this year.
Job seekers attend a job fair held in Huaibei, east China’s Anhui Province, Jan. 22, 2025. [Photo/Xinhua]
Favorable growth conditions
The country’s sound economic performance in the first two months has laid a good foundation for success in meeting its annual growth target, given that the synergistic effects of macro policies have gained momentum, that reform and opening up have been deepened comprehensively, and that confidence has strengthened, Fu said.
Looking ahead, China possesses multiple favorable conditions to maintain stable, healthy economic development, the spokesperson added.
Highlighting its solid industrial foundations and strengthened new growth drivers, Fu said that China is the only country in the world with all industrial categories listed in the United Nations Industrial Classification, and its manufacturing scale has led globally for 15 consecutive years, with “Made in China” products meeting both domestic and global demand.
China’s integration of advanced manufacturing and production services is progressing rapidly, and policies focusing on the improvement of livelihoods have created favorable conditions for consumer services, Fu noted.
Breakthroughs in the field of artificial intelligence have amplified opportunities for industrial upgrading, the spokesperson said.
This photo taken on March 6, 2025 shows an automated production site at the final assembly workshop of Chang’an Auto Digital Intelligence Factory, in Yubei District of southwest China’s Chongqing. [Photo/Xinhua]
In terms of the market and consumption, Fu said that China’s market offers immense growth potential, with a population of over 1.4 billion and a per capita GDP exceeding 13,000 U.S. dollars. The expansion of new types of consumption such as spending in the green and digital sectors, as well as services consumption in areas such as elderly care and childcare will become a significant driving force for consumption growth.
Reform and opening up remain the lifeblood of China’s progress, according to the spokesperson. Over 300 reform initiatives put forward at the third plenary session of the 20th Central Committee of the Communist Party of China in July last year will stimulate productivity further and inject vitality into the economy.
The incremental policy packages that China unveiled last year have revitalized market confidence and spurred market vitality, Fu said, adding that 2025 marks the final year of China’s 14th Five-Year Plan (2021-2025), and that work to achieve the national growth target of around 5 percent requires arduous efforts.
Fu stressed the importance of seizing the current opportunities in economic recovery, enhancing the implementation of various macroeconomic policies, and deepening comprehensive reform further, among other efforts, to achieve the country’s economic and social development goals.
The State Council Information Office holds a press conference on boosting consumption in Beijing, capital of China, March 17, 2025. [Photo/Xinhua]
A new plan to expand consumer spending unveiled on Sunday is expected to encourage consumption and drive economic growth in China. The country has maintained its position as the world’s second-largest consumer market and largest e-commerce market for over a decade.
Data released on Monday shows that retail sales of consumer goods — a major indicator of the country’s consumption strength — climbed 4 percent year on year in the first two months of 2025, 0.5 percentage points higher than the same period in 2024.
Despite the positive data, consumer confidence remains weak due to multiple factors, and it remains imperative that consumption is boosted and domestic demand is expanded, Li Chunlin, deputy director of the National Development and Reform Commission (NDRC), said at a press conference on Monday.
The plan is composed of 30 policies across eight sections, the first seven of which outline specific actions for implementation, including demand-side initiatives such as income enhancement for urban and rural residents, and measures to support consumption capacities.
On the supply side, actions are aimed at improving the quality of services consumption, upgrading bulk consumption and enhancing consumption quality.
The eighth section emphasizes the need to enhance supportive policies related to investment, finance, credit and statistics.
Stock, real estate market stability
For the first time, the consumption support plan emphasizes the need to stabilize the stock and real estate markets.
Previous consumption policies focused primarily on the supply side, emphasizing that supply drives demand creation. However, the latest policies also prioritize the demand side, aiming to boost household incomes and ease financial burdens, Li noted.
He cited measures such as those related to reasonable wage growth and scientifically adjusted minimum wages, both of which are highlighted in the consumption support plan.
To enhance property incomes, the plan calls for a multifaceted approach, including the stabilization of the stock market, strengthened strategic reserves and market stabilization mechanisms, and the accelerated removal of barriers preventing long-term funds — such as commercial insurance funds, the national social security fund and the basic pension insurance fund — from entering the market.
To meet housing consumption needs in an improved manner, efforts will focus on curbing the downturn and restoring the stability of the real estate market, according to the plan.
Financial authorities have been encouraging medium and long-term funds to enter the capital market to stabilize stock performance further.
Since last year, Chinese policymakers have introduced a range of measures, including financial stimuli and regulatory adjustments, to bolster the property sector. These include mortgage rate cuts, decreased down payment requirements, eased purchasing restrictions and financing coordination mechanisms to enhance funding support for developers.
Better consumption, well-being
By connecting consumer spending to broader social goals like elderly care improvement, child care support and work-life balance, the plan embeds consumption growth within China’s broader development objectives, signaling that consumption is being positioned not just as an economic goal but as a means to enhancing quality of life.
Solid investments will continue to be made. For example, ultra-long special treasury bonds totaling 300 billion yuan (41.67 billion U.S. dollars) will be issued to support consumer goods trade-in programs in 2025, doubling the 2024 figure.
The programs, which kicked off last March, drove equipment purchases and investment up by 15.7 percent in 2024, contributing 67.6 percent of overall investment growth, and boosted sales of bulk durable consumer goods by over 1.3 trillion yuan, according to the NDRC.
Following its “employment first” policy, the central government plans to allocate 66.74 billion yuan in employment subsidies in 2025 to support local employment and startup assistance programs, said Fu Jinling, an official of the Ministry of Finance.
China will consider establishing a child care subsidy system. It will guide eligible regions to include rural migrant workers, individuals engaged in flexible employment, and individuals engaged in new forms of employment who are covered by the basic medical insurance for employees, in the country’s childbirth insurance program, according to the plan.
Regarding elderly care, the country will increase fiscal subsidies for basic old-age benefits and basic medical insurance for rural and non-working urban residents in 2025. Additionally, basic pension benefits for retirees will be raised appropriately.
The country will work to implement its paid annual leave system, ensuring that workers’ rights to rest and vacation are legally protected. It will also prohibit the unlawful extension of working hours, according to the plan.
Source: People’s Republic of China – State Council News
China has introduced a new policy granting significant discounts on railway travel for senior passengers as part of efforts to tap into the market potential of its rapidly growing elderly population, China State Railway Group announced on Monday.
On April 1, the railway operator will expand its loyalty program to offer increased reward points for passengers age 60 and older. While regular members earn points equal to five times the ticket price, senior members will now receive 15 times the fare amount in reward points. The accumulated points can be redeemed for train tickets, effectively providing substantial discounts.
For example, a senior member of the program who spends 1,000 yuan ($138) on train tickets will receive 15,000 points, which can be redeemed for tickets worth 150 yuan. In comparison, regular members will receive 5,000 points, equivalent to 50 yuan for ticket redemption.
The program is open to elderly passengers from the Chinese mainland, Hong Kong, Macao and Taiwan, as well as foreigners with permanent residency in China. The benefits do not extend to international or special tourist trains, but the policy is expected to encourage more elderly individuals to take domestic rail trips.
The initiative is part of China’s broader strategy to expand its “silver economy”, recognizing the aging population as an economic opportunity rather than solely a social challenge. China had more than 310 million people age 60 and older at the end of last year, accounting for about 22 percent of the total population.
Growing demand for senior-friendly tourism services prompted the government to introduce an action plan for “silver-haired train service” last month. The plan was jointly released by nine government departments, including the Ministry of Commerce and China State Railway Group.
Features of new policy
The initiative aims to stimulate the senior tourism market, boost the silver economy and improve the quality of life for elderly residents. The railway operator has developed a three-year plan to establish more than 100 premium railway tourism routes and 160 tailored trains for senior passengers by 2028. The plan also calls for operating more than 2,500 tourism train services annually by then.
China’s railway sector is also making hardware improvements to accommodate elderly travelers. Tailored trains will feature larger seats, wheelchair-friendly layouts and additional safety features such as handrails and emergency call buttons.
Onboard services will be enhanced with trained staff, medical support and tailored activities, including chess, reading and music events, to create a more engaging travel experience.
On Saturday, a tourism train for seniors departed from Tianjin, picking up travelers from Beijing and Hebei province before heading south toward Jiangxi, Hunan and Guangdong provinces. A total of 452 passengers embarked on a 12-day cross-region journey, visiting several top-tier tourist sites along the route.
“We offer healthy meals onboard, managing salt, sugar and oil intake. High-fiber and high-protein options ensure a balanced diet for passengers with conditions such as hypertension and diabetes,” said Zhao Huaying, a business manager at China Railway Travel Group’s tourism train division. “Dedicated medical support is also provided.”
Onboard medical aid
Each train is staffed with medical personnel capable of handling common health emergencies such as cardiac events or injuries. Medical kits and emergency call buttons are installed for added safety, train conductor Zhang Wenquan said.
The initiative has received widespread praise from elderly travelers who appreciate the added convenience.
“I have used the silver-haired train services three times now, and it makes traveling so much easier,” said a 63-year-old passenger surnamed He, who began her trip on Saturday from Beijing.
“We get off the train for one or two nights during the trip and stay at local hotels. I only need to pack basic toiletries and a few clothes since I can leave my heavy luggage on the train. This saves us elderly travelers a lot of effort,” she said.
“I don’t have to carry my heavy luggage everywhere, and I feel safe knowing medical staff are on board,” she added.
SINGAPORE, March 18, 2025 (GLOBE NEWSWIRE) — ACT Group welcomes seasoned sustainability professional John Davis as Managing Director for the Asia-Pacific (APAC) region to accelerate their growth and deliver measurable climate impact across this rapidly expanding market.
With a career in sustainability solutions spanning 20 years, Davis recently led South Pole as their Interim CEO through a critical restructuring and funding round. Throughout his 10-year tenure there he held various leadership roles, including Global Commercial and Director for APAC, where he successfully expanded the company’s regional operations and drove strategic growth initiatives.
“We are delighted to welcome John to ACT in this crucial role to accelerate the growth of our business in APAC,” said Colin Crooks, CEO of ACT. “His extensive experience, including leadership positions at South Pole, has equipped him with a profound understanding of the sustainability landscape. John has years of experience in carbon finance and emissions trading and is a superb leader. His vision aligns perfectly with ACT’s mission to provide innovative environmental solutions and empower our clients to achieve their sustainability goals efficiently and transparently.”
Prior to South Pole, Davis held senior trading and origination roles at CF Partners and Spectron Group, executing high-value carbon and energy market transactions.
Expressing his enthusiasm about joining ACT, Davis shared, “I am incredibly excited to be joining ACT, and moving with my family from Sydney to Singapore, a city we love. The Asia-Pacific region is central to global energy sector decarbonization and the world’s transition to Net Zero, and Singapore is a key player in this movement, continually pushing the boundaries of innovation. I am eager to collaborate with the exceptional team at ACT across the region to make a meaningful impact in the various jurisdictions that are striving to decarbonize their economies over the next five years and beyond.”
Reflecting on his decision to leave South Pole, Davis said, “It was tough, but it was the natural end of an entrepreneurial cycle that I was incredibly proud to be part of. After some time out of the market to reflect, it was clear that the journey ACT is embarking on, in its next global growth chapter under Colin’s leadership, is an incredible opportunity.”
Davis succeeds Federico Di Credico, who established ACT’s Singapore office in 2022 as Managing Director. Di Credico now serves as ACT’s Global Chief Sustainability and Innovation Officer.
Davis’s hiring comes as ACT continues to enhance its ability to serve clients as the global one-stop-shop for decarbonization and environmental solutions. In 2024, ACT opened a seventh global office in Tokyo, joining locations in Amsterdam, New York, Paris, London, Shanghai, and Singapore, as it continues to enhance its capabilities through strategic acquisitions and bolster its position as a global leader in environmental solutions.
Source: The Conversation (Au and NZ) – By Ilan Noy, Chair in the Economics of Disasters and Climate Change, Te Herenga Waka — Victoria University of Wellington
Following the Trump administration’s abrupt cuts to USAID funding last month, the online international disaster database EM-DAT (normally funded by USAID) went dark for a week.
EM-DAT collates data on the occurrence and impacts of thousands of mass disasters worldwide and records both human and economic losses in a publicly available dataset. It relies on various sources, including United Nations agencies and non-governmental organisations, but also news reports.
The vulnerability of this database to the Trump administration’s cuts highlights the need for New Zealand to take charge of its own data on the damage caused by extreme events.
Currently, New Zealand has no dedicated disaster loss database. This means we don’t know how much extreme weather events and other types of disasters are costing us.
Two events in 2023 – Cyclone Gabrielle and the Auckland floods – illustrate this problem. They were by far the costliest weather disasters in New Zealand’s modern history and we know they were exceptionally damaging.
But we don’t know the aggregate financial losses they caused, and the different sources shown in the table below provide conflicting numbers, none of them comprehensive.
Without understanding the magnitude of the problem, our ability to prevent damage or recover from extreme weather is diminished. It is indeed difficult to manage what we don’t measure.
In the face of these unknowns, most other countries, including Australia, are investing in the collection, collation and analysis of their own data to make informed decisions about disaster risk management. It is high time New Zealand did the same.
The limits of New Zealand’s data on loss and damage
Currently, data on extreme weather costs have come primarily from the Insurance Council of New Zealand (ICNZ) or from EM-DAT, whose data sometimes come from less reliable sources. New Zealand’s reliance on a private source and an international organisation leaves us with data that could charitably be described as fragmented, incomplete and unreliable.
ICNZ figures showing insurance payouts for disasters are commonly used by the government and media as a proxy for total cost. But private insurance accounts for only a small share of the losses resulting from some extreme weather. Roads, bridges and many other parts of public infrastructure are not insured; many private assets are not insured either.
Furthermore, wealthier communities tend to be better insured and hence receive higher payouts. The ICNZ data imply they experience more damages than poorer, less insured communities, even when that is not the case.
As climate change brings more extreme weather, more homes will likely be under-insured. Phil Walter/Getty Images
Globally, insurance tends to retreat when the risks become too high to be covered affordably. We expect that in the future a higher number of homes and businesses will be under-insured. Relying solely on data on insured damages will hence provide us with an increasingly partial picture of damages caused by extreme weather.
The second main source of disaster loss data is EM-DAT. In principle, it aims to include all damage costs (not just insured ones), but the approach does not necessarily result in more accurate numbers.
As the graph below shows, ICNZ can be counted on to provide reliable data for all large events, but there are frequent gaps in EM-DAT’s data for New Zealand. It is also clear that the difference between ICNZ private insurance payouts and total cost estimates from EM-DAT is too small to accurately reflect uninsured losses.
In previous research (co-authored with Rebecca Newman) we identified other gaps in the EM-DAT international estimates of extreme-weather costs, most notably for wildfires, droughts and heatwaves.
Damages from these events are largely uninsured and so are not included in the ICNZ data either. Yet their likelihood is increasing because of dramatic changes in our climate.
We only have a partial picture, and a potentially very misleading one at that – both in terms of the size of the problem and how the problem is changing.
Nevertheless, the data from the ICNZ and EM-DAT are still the best we have for understanding what is happening.
When EM-DAT temporarily went offline last month following the termination of its funding from USAID, we received a crude reminder of how critical this resource is in the global context. How can we talk about disaster risk management and risk reduction when we have no idea what is going on?
Effective policy relies on accurate data
There are myriad ways in which a disaster-loss database for New Zealand could be used effectively by central and local government, insurance and banking companies, weather-exposed industries such as agriculture, community organisations and by individuals.
Policies about flood protection, planned relocation (managed retreat), climate adaptation, insurance pricing, banking regulation, home loans and infrastructure maintenance should all be informed by knowledge of the risks from extreme-weather events and other hazards.
A concrete example of how useful this data would be is for planned relocations. We need a clear perspective of the history of flood events in different communities and comprehensive assessments of past damages in order to quantify the future costs of relocations. Without these data, how can we decide which financial arrangements for relocation are fiscally sound?
A comprehensive New Zealand disaster-loss database is possible. As a nation we have the datasets we need, but these are held within different government agencies and other organisations, with no centralised collection or reporting.
Hidden there is everything we need to understand the current situation and plan better for the future. We just have to make the decision to invest in collecting and curating this data.
Stats NZ would be the data’s logical host, given the agency’s extensive experience in collecting and posting data to help us organise our society. Cyclone Gabrielle and the Auckland floods should have convinced us we need this. Maybe EM-DAT going dark, and thus obscuring a worldwide risk, should convince us even more.
I am grateful for the contribution of Jo-Anne Hazel (writing) and Tom Uher (data collection).
Ilan Noy is a member of the scientific committee of EM-DAT (pro bono).
Journeys around the Hunter will soon be made easier, with construction to start earlier on the Muswellbrook Bypass and planning to begin on a new Cessnock Bypass.
The Albanese Labor Government has brought forward its $304.8 million investment in the Muswellbrook Bypass which means construction can commence ahead of schedule.
Critical utility relocation work will start this year and the tender for major construction is expected to be in late 2026, with construction to commence the following year.
The bypass will move the New England Highway out of the Muswellbrook town centre, onto an alternate route to the town’s east.
The new route will allow highway traffic to avoid traffic lights and flow freely at highway speeds, saving time for motorists and truck drivers who are travelling through the Hunter toward Aberdeen in the north, or the Liddell region in the south.
With the 13,000-20,000 cars that pass through Muswellbrook’s town centre every day, residents will benefit from a less congested main street and reduced wear-and-tear on local roads, with 13 per cent being heavy vehicles.
The Muswellbrook Bypass is just one project within the suite of New England Highway Corridor upgrades, with the Australian Government investing nearly $1.1 billion in improving the highway between Tenterfield and Newcastle.
The bypass is funded in partnership with the NSW Government, which is contributing $76.2 million.
The Albanese Labor Government is also announcing $5 million today to kick-start the planning process for a future Cessnock bypass.
The project will identify an alternative safe route to connect new housing developments at Bellbird in Cessnock’s south west to Nulkaba in the north and then onwards to the Hunter Expressway.
This would bypass Cessnock’s city centre, reducing traffic congestion on Wollombi Road and supporting safer, more efficient journeys for road users.
These transformative packages of works will better connect residents of the Hunter region with jobs and services, and will fast-track goods to markets and consumers.
Quotes attributable to Federal Minister for Infrastructure, Transport, Regional Development and Local Government Catherine King:
“Fast tracking this work in Muswellbrook is a big win for motorists and truck drivers in the Hunter, but also for resdients who will see a significant reduction of vehicles through their local roads.
“We’re accelerating this funding so construction can start a ahead of schedule. Alongside our planning work for a future Cessnock Bypass, the Albanese Government’s investment will mean trips across the Hunter will be quicker and safer, sooner.”
Quotes attributable to Federal Member for Hunter Dan Repacholi:
“The Muswellbrook Bypass is a game-changer for our community. Not only will it ease congestion and improve travel times, but the construction phase will bring hundreds of jobs to the region, supporting local businesses and boosting our economy.
“When the bypass is complete, Muswellbrook will see less heavy traffic through its main streets, making it a more inviting place for locals and visitors to stop, shop, and enjoy everything our town has to offer.
“The $5 million investment from the Australian Government to kickstart planning for the Cessnock Bypass is another critical step in improving connectivity in the Hunter. Cessnock’s roads are under significant pressure, and this project will provide much-needed relief to residents and businesses alike.
“The Cessnock Bypass will work hand-in-hand with existing road infrastructure to significantly reduce traffic and congestion on Wollombi Road. By easing pressure on this critical route, we can ensure safer and more efficient journeys for locals and visitors while supporting the continued growth and prosperity of the region.”
The BusinessNZ Planning Forecast for the March quarter shows signs of economic improvement – even as New Zealand continues to face significant issues at home and abroad.
BusinessNZ Director of Advocacy Catherine Beard says New Zealand is not immune to the economic uncertainty rising around the world.
“As trade wars continue between the United States and other nations, the world remains in a state of economic flux. As a trading nation, New Zealand cannot expect to come out of these renegotiations unscathed.
“On the bright side, inflationary pressures continue to fall, and recent cuts to the official cash rate have taken some financial pressure off homeowners refixing their mortgage. World commodity prices are solid which is welcome news for our meat and dairy exporters.”
“For the first time in almost two years, the manufacturing sector saw growth in 2025 – this is welcome news and a positive sign of recovery.”
The BusinessNZ Economic Conditions Index (ECI) is a measure of NZ’s major economic indicators. It sits at 17 for the March 2025 quarter, an improvement of 7 on the previous quarter, and an improvement of 14 on a year ago.
An ECI reading above 0 indicates that economic conditions are generally improving overall; below 0 means economic conditions are generally declining.
The BusinessNZ Network including BusinessNZ, EMA, Business Central, Business Canterbury and Business South, represents and provides services to thousands of businesses, small and large, throughout New Zealand.
I would like to start by acknowledging the traditional owners of the land on which we meet, the Bundjalung people, and pay my respects to their elders past, present and future.
I would also like to acknowledge Jenni Beetson-Mortimer, CEO of Northern Rivers Community Gateway and Chair of the NSW Financial Inclusion Network – thank you for inviting me, Jenni.
Thank you to all the wonderful presenters, panel members and attendees who join us – there are so many wonderful representatives here today from organisations that provide critical support for our communities.
Well thank you very much to Northern Rivers Community Gateway for inviting me to speak with you all at the 5th Financial Inclusion Conference.
As the Federal Assistant Minister for Social Services and the Assistant Minister for the Prevention of Family Violence, as well as your local Federal Member for Richmond – it’s wonderful that this important conference could be held right here in beautiful Kingscliff.
I am very much looking forward to the wonderful insights that will be shared over the next two days.
This conference is in fact extremely timely – as many people in our area are now relying on much-needed financial help and support, in the wake of severe weather here on the North Coast.
The severe weather associated with ex-Tropical Cyclone Alfred has seriously impacted us here on the North Coast – with much devastation to people, their homes, their livelihoods and their communities.
My office has been one of the main points of contact during this time, fielding calls for help; assisting with disaster payments, insurance claims, grants, emergency housing and getting people to safety.
Recovery is a long process, and the Albanese Government is standing by the people of NSW throughout their journey to rebuild.
That’s why we swiftly activated timely support for the community, through Personal Hardship Assistance, jointly funded with the State Government – the Disaster Recovery Allowance and Australian Government Disaster Recovery Payment (AGDRP), to support those impacted.
We know this is particularly important for our most vulnerable and for those on a low-income, who are needing to replace lost or damaged essentials, repair their homes, and of course rebuild their lives.
This support is just part of a suite of comprehensive aid that people will require to get back on their feet, and I will go through some of those other measures shortly.
We know too that this weather event has come at a time where many Australians are already feeling financial pressures.
That’s why there’s never been a more important time to work together – and through the help of organisations and volunteers, such as many of yourselves here today – provide the frontline support that vulnerable Australians need.
The Albanese Government is committed to improving financial wellbeing.
Under the Financial Wellbeing and Capability Activity, which includes Emergency Relief, financial counselling and financial resilience services, we have increased our investment to around $150 million per year.
This funds a range of community organisations across our nation, including many organisations represented here today, to deliver a wide range of supports and services to vulnerable people in need, helping them navigate financial crises, manage financial stress and hardship, and overall, improve financial wellbeing.
Thankfully, through working with over 190 community organisations across the country, we can provide around 430,000 vulnerable Australians with Emergency Relief annually.
And while we are very proud to be providing this funding, it is thanks to the organisations and their volunteers on the ground that so many people receive the support they need, when they need it.
Now, Emergency Relief is not just providing food and water, clothing, fuel and medicine vouchers – but also budgeting assistance and referrals to other services to address underlying causes of financial strain.
We cannot underestimate the negative effects that financial pressures can have on an individual or a family.
Mounting financial pressure puts an extreme strain on a relationship and a family unit.
Sometimes this stress can contribute to higher rates of domestic and family violence, which is particularly compounded in the aftermath of a natural disaster.
That is why financial stability and resilience is so vital.
From 1 July 2025, our government has proudly committed $27.4 million over five years to the National Debt Helpline so any person seeking financial counselling has access to support.
Through the Helpline, which you can call on 1800 007 007, anyone can access a financial counsellor either over the phone or through the web chat.
They can also remain anonymous, should they wish to.
This allows people to access the support they need in a way that best suits them.
As many of you know, financial counsellors support people to build the knowledge and confidence to make informed financial decisions and to advocate for themselves, where it is safe and appropriate to do so.
And this support, support with respect, is so critical.
Because we know the consequences of when people are ill-advised – that sometimes the most vulnerable can fall into a cycle of predatory debt.
That’s why I’m so proud of the No Interest Loan Scheme (NILS), and the role that plays in assisting at-risk individuals to access help through fair and safe loans.
Car repairs, registration, medical and dental costs, and education costs – these are all things that can creep up on a person without warning and send costs spiralling.
Through NILS, people can access loans of up to $3,000 that can be paid over two years with no interest, fees or charges.
We know this can make a world of difference when someone is struggling.
Our government is also investing $51.5 million over 5 years from 1 July 2025 to continue the Saver Plus program, which helps families receive matched savings of up to $500 for education costs for themselves or their children.
This important program, led by the Brotherhood of St Laurence in partnership with ANZ, has helped more than 64,000 Australians save more than $30 million since 2003 – and I understand you will hear more about this successful program throughout this conference.
By supporting people with techniques to manage finances, providing them with incentives to save, and by giving better options to those in need – we are helping to improve lives and helping to build overall financial resilience.
The support that the Northern Rivers Community Gateway, and all other community organisations represented here today provides is incredibly important, and I would like to take a moment to thank you for the great work you have done and will continue to do.
Your support lets people know that they are not alone and that they are valued – at what can often be the most isolating, stressful and daunting time in a person’s life.
As we all navigate financial pressures as well as extreme weather events, let’s keep working together to make our country stronger, and help people become more financially resilient and economically independent.
I ask all of you here today to make use of this conference, to listen and to share your thoughts and ideas on ways forward and next steps.
Today, the Prime Minister, Mark Carney, met with the Prime Minister of the United Kingdom (UK), Sir Keir Starmer, as part of his visit to strengthen ties with steadfast and reliable partners for our economy and security.
Prime Minister Carney and Prime Minister Starmer emphasized the importance of building a stronger Canada-UK relationship. The leaders highlighted transatlantic security and the trade and investment relationship between Canada and the UK. To that end, they discussed opportunities to expand the Canada-UK trade corridor and responsibly leverage technologies such as artificial intelligence and quantum to benefit workers and economies in both countries.
The prime ministers reiterated their steadfast support for Ukraine as it continues to defend itself against Russia’s unjustifiable war of aggression. Prime Minister Carney expressed Canada’s support for an immediate ceasefire in Ukraine, highlighted support for Ukraine as a key part of Canada’s G7 Presidency, and commended the UK’s leadership efforts toward a lasting and sustainable peace.
Anchored in long-standing alliances, shared histories, and enduring ties, the leaders agreed that the partnership between Canada and the UK will only get stronger.
Jefferson City — Following the devastating storms that struck Missouri on March 14, 2025, Governor Mike Kehoe and the Department of Elementary and Secondary Education (DESE) took immediate action to support impacted school districts and ensure students can safely return to the classroom as soon as possible.
Early assessments show the storm impacted nearly two dozen school districts, with many sustaining damage to buildings, including:
Significant power loss
Major structural damage
Temporary or potential long-term displacement of students and educators
“While I am disheartened to see the damage that a number of Missouri schools faced from Friday night’s storm, I am incredibly grateful that these storms did not hit while school was in session,” said Governor Kehoe. “Now that the storms have passed and we are turning our attention to recovery, we must prioritize ensuring our children can safely return to school to continue their education and prevent any academic delays.”
As part of this response, DESE is working closely with impacted school districts as they identify alternative education sites and work to secure transportation for students. The department is also working to ensure impacted districts are not financially penalized under the state education foundation formula for days they are unable to operate.
“We began working on this issue early Saturday morning and have been in close contact with Governor Kehoe since the very beginning,” said Commissioner Karla Eslinger. “Our top priority is ensuring students and educators can safely return to learning environments. I am speaking directly to impacted school leaders to ensure we’re making rapid progress to help schools recover. We appreciate Governor Kehoe’s leadership and support during these challenges.”
School districts are encouraged to contact their DESE Area Supervisor of Instruction to report needs or request assistance.
Headline: NSW Government to crack down on practice of ‘claim farming’
Published: 18 March 2025
Released by: Attorney General
The NSW Government will crack down on the predatory practice of ‘claim farming’ where vulnerable people are pressured to lodge compensation claims.
Claim farmers often use unethical and high-pressure tactics to target those such as child abuse victim-survivors.
The NSW Government is introducing the Claim Farming Practices Prohibition Bill 2025, to:
prohibit a person from contacting another person to solicit them to make a relevant claim
prohibit a person from buying or selling a relevant claim referral
prevent lawyers who are convicted of these offences from charging legal costs in relation to the claim, and to require them to refund any costs already received.
Claim farmers may obtain someone’s personal information without consent to make unsolicited contact and use high-pressure tactics such as harassment and intimidation.
The practices used by claim farmers can cause distress to victim-survivors who are pressured to lodge civil compensation claims.
Claim farmers charge referral fees to ‘sell’ the claim to a legal practice or another claim farming organisation.
They often make promises about legal entitlements that may not be correct or in the claimant’s best interests.
The bill will prohibit claim farming for personal injury claims under the Civil Liability Act 2002 and arising from intentional torts (intentional acts that result in injury or death).
The Civil Liability Act 2002 applies to many types of claims, including serious injury, medical negligence, and public and product liability.
Intentional torts cover acts such as child abuse, assault and deprivation of liberty.
Existing offences such as fraud will still apply in addition to the claim farming bill. Dishonestly obtaining financial advantage by deception currently carries a maximum penalty of 10 years’ imprisonment.
Prohibiting claim farming will not prevent abuse victims from bringing a claim for compensation, which can be done by contacting a lawyer directly.
Attorney General Michael Daley said:
“It’s abhorrent that individuals and organisations are seeking to profit off vulnerable people such as victim-survivors of child sexual abuse.
“The NSW Government is listening to advocates who have called for a ban on this predatory and exploitative practice that worsens the trauma experienced by victim-survivors.
“We have carefully consulted with the community and are moving to stop the harm inflicted by this egregious behaviour.”
Source: United States Senator for South Carolina Tim Scott
The Senate concludes a historic commencement of the 119th Congress following ten consecutive weeks of voting, representing the longest continuous stretch in more than 15 years.
WASHINGTON — Today, U.S. Senator Tim Scott (R-S.C.) marked the completion of the Senate’s historic ten-week voting streak, the longest continuous stretch in over 15 years. The productive and intense work period has set a tone for the 119th Congress, with Senate Republicans working hard to advance President Trump’s agenda. Senator Scott reaffirmed his commitment to building on this progress and continuing to advocate for South Carolinians and the American people.
“This work period has been dynamic, exciting, and extremely productive. I have loved seeing so many South Carolinians in DC over the last three months,”said Senator Scott.“Senate Republicans have taken monumental steps in getting President Trump the cabinet he deserves, passing critical legislation and rolling back burdensome regulations. While the work is far from over, I remain committed to building on these efforts and delivering results for folks back home and across the country! America will be the shining city on a hill once again!”
Since January, Senator Scott has introduced 16 pieces of legislation and resolutions including his Alan T. Shao II Fentanyl Public Health Emergency and Overdose Prevention Act, Antisemitism Awareness Act of 2025, Protect Small Businesses from Excessive Paperwork Act of 2025, Securing our Border Act, Unlocking Domestic LNG Potential Act, and the Families’ Rights and Responsibilities Act.
On the Senate’s duty of advice and consent…
President Trump has selected various nominees to serve in critical positions throughout this new administration. Senator Scott has met with and voted to confirm the following nominees, now Cabinet-level positions, Treasury, Health and Human Services, Defense, Homeland Security, Education, Labor, Housing and Urban Development, SBA Administrator, and the Directors of the FBI, USTR, National Intelligence, and National Institutes of Health. Each cabinet appointee is critical to delivering on the promise to secure our borders, unleash American energy, and promote economic freedom. Senate Republicans are working hard to swiftly confirm President Trump’s nominees and bring safety and prosperity back to the American people!
On creating greater access to educational opportunities…
Senator Scott celebrated the impact education freedom has on the lives of so many students and families during National School Choice Week. He also highlighted a quality education is still out of reach to countless children who desperately need it during Secretary McMahon’s confirmation hearing.
As co-chair of the Congressional School Choice Caucus and member of the Senate Health, Education, Labor and Pensions (HELP) Committee, Senator Scott led his colleagues in introducing a Senate resolution recognizing January 26 – February 1 as National School Choice Week. The Senator continues to champion parental rights so families can choose the education that best fits their child’s individual talents and needs.
On disaster recovery and SBA reform efforts…
After hearing from hundreds of South Carolina businesses in the wake of Hurricane Helene, Senator Scott introduced the SBA Disaster Transparency Act, which requires the Small Business Administration to make its monthly reporting requirements for the Disaster Loan Account available to the public. During the 10-week work period, the bill successfully moved out of the Senate Small Business and Entrepreneurship Committee, marking a significant step forward in providing essential resources to communities in need. By introducing this legislation, Senator Scott is committed to ensuring that those affected by natural disasters have the tools they need to rebuild their lives.
On unlocking economic freedom…
Senator Scott has been actively laying the groundwork to advance pro-growth tax policies that strengthen the economy and protect hard working Americans. That includes preventing a $5 trillion tax hike on the middle-class by pushing to extend theTax Cuts and Jobs Act that would ensure small businesses and families aren’t burdened with higher taxes.
As the Chairman of the Senate Committee on Banking, Housing, and Urban Affairs and as a senior member of the Senate Finance Committee, Senator Scott is focused on advancing solutions to support pro-growth policies and economic opportunity across the country – with the goal of unlocking up to $1 trillion in investments for underserved communities. Senator Scott’s effort is about building a future where every American has access to the tools and resources they need to succeed. To that end, Senator Scott joined Walter Davis, founding member of Peachtree Providence partners, for an important conversation as part of Senator Scott’s Opportunity Summit series. The Opportunity Summit is designed to establish an ecosystem that drives economic growth in underserved communities, building on the success of his Opportunity Zones from the 2017 Tax Cuts and Jobs Act. Senator Scott’s goal is to create lasting economic opportunities that will continue to empower communities for generations to come, ensuring that all Americans have the chance to thrive and achieve their fullest potential.
On the Senate Banking Committee, Senator Scott is leading Senate Republican efforts to address the un-American practice of debanking, holding hearings, meeting with industry leaders, and introducing legislation. In his committee’s first legislative markup of the 119th Congress, Senator Scott successfully advanced his debanking legislation, as well as a bipartisan bill that establishes a clear regulatory framework for payment stablecoins. Senator Scott will continue using his position as Chairman to prioritize serious solutions to support hardworking Americans and rein in burdensome regulations.
March 17, 2025 Statement by Governor Bowman For release at 8:00 p.m. EDT
Statement by Governor Michelle W. Bowman: I would like to express my thanks to President Trump for nominating me as the Vice Chair for Supervision. I am grateful for the continued faith and confidence he has placed in me to fulfill this vital role. If confirmed, I will promote a safe and sound banking system through a pragmatic approach to supervision and regulation with a transparent and tailored bank regulatory framework that encourages innovation. I will leverage my hands-on experience as a banker, a bank regulator, and a Board Member to address the challenges ahead. I look forward to working with my counterparts in the other agencies and my Board colleagues to support a growing U.S. economy and prosperity for all Americans.
A programme to identify broken sewer pipes on private and public property is playing its part to improve Porirua Harbour’s health, with hundreds of repairs being carried out since the initiative began.
Porirua City councillors were briefed on the Knowing Your Pipes programme at a workshop last Thursday. The project, led by Wellington Water Ltd (WWL), began four years ago to identify and fix problem areas causing pollution in Te Awarua-o-Porirua Harbour.
To locate faults, a WWL drainage investigation crew identify and trace pollution caused by broken pipes. Where pipes are privately owned, property owners are required to take action to repair them.
Since 2021, a total of 571 private wastewater and stormwater faults have been identified in Porirua. Of these, only 38 major faults are yet to be fixed, with almost half of these being in Kāinga Ora properties and scheduled for works.
While most private property owners will voluntarily fix faulty pipes, from time to time there can be a delay in owners taking action. When a fault is found, the programme follows a structured process to notify and remind owners of repairs that are needed.
At the workshop, officers outlined those steps, as well as the enforcement process and a financial assistance programme, where a repair can be paid for over time.
Porirua Mayor Anita Baker says it is pleasing to see that there has been a high fix rate, with most property owners playing their part in restoring the health of our harbour.
“The recent signing of the Porirua Harbour Accord underscores how important this issue is.
“We all have a role to play – on both private and public land.”
Faults found on the public network are fixed as part of the infrastructure maintenance programme. Since Knowing Your Pipes began, 41 major public faults have been found. All but 10 of these have been fixed, with the rest in train.
The newly minted Porirua Harbour Accord, signed in February between Te Rūnanga o Toa Rangatira, Porirua City Council, Greater Wellington Regional Council, Wellington City Council, and WWL, alongside stakeholders, community groups, and organisations dedicated to improving the harbour’s health, sets the strategic context for Knowing Your Pipes, the workshop briefing noted.
Source: United States Senator for Wyoming Cynthia Lummis
March 17, 2025
Washington, D.C.— U.S. Senator Cynthia Lummis (R-WY) released the following statement applauding President Trump’s nomination of Michelle “Miki” Bowman to serve as Vice Chair of Supervision of the Federal Reserve Board:
“Miki Bowman’s nomination to serve as Vice Chair of Supervision of the Federal Reserve is a welcome shift toward restoring regulatory fairness, transparency and staff accountability at the Fed,” said Lummis. “She understands that regulation rooted in objective and sound policy rather than arbitrary or ideological priorities will foster a stronger financial future for this nation. She also understands the critical role of State banks and responsible financial innovation, and I congratulate her on her well-deserved nomination.”
Source: United States Small Business Administration
SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) has opened a third Disaster Loan Outreach Center (DLOC) in Los Angeles County to assist small businesses, private nonprofit (PNP) organizations, and residents affected by the wildfires and straight‑line winds occurring Jan. 7-31.
The new center, located in Pacific Palisades, provides a one-stop resource where SBA customer service representatives are available to meet individually with business owners and residents to answer questions and assist with the disaster loan application process. No appointment is necessary, but walk-ins are welcome. Those who prefer to schedule an in-person appointment in advance can do so at appointment.sba.gov.
The center’s hours of operation are as follows:
LOS ANGELES COUNTY Disaster Loan Outreach Center Ronald Reagan Palisades Post 283 15247 La Cruz Dr. Pacific Palisades, CA 90272
Monday – Saturday, 8:30 a.m. – 5:00 p.m.
Opened at 8:30 a.m., Monday, March 17
“When disasters strike, SBA’s Disaster Loan Outreach Centers perform an important role by assisting small businesses and their communities,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the U.S. Small Business Administration. “At these centers, our SBA specialists help business owners and residents apply for disaster loans and learn about the full range of programs available to support their recovery.”
Businesses and nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.
Applicants may be eligible for a loan increase of up to 20% of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements include insulating pipes, walls and attics, weather stripping doors and windows, and installing storm windows to help protect property and occupants from future disasters.
The SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and private nonprofit organizations impacted by financial losses directly related to these disasters. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.
EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.
Interest rates are as low as 4% for small businesses, 3.625% for nonprofits, and 2.563% for homeowners and renters, with terms up to 30 years. Interest does not begin to accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA determines eligibility and sets loan amounts and terms based on each applicant’s financial condition.
The SBA encourages applicants to submit their loan applications promptly. Applications will be prioritized in the order they are received, and the SBA remains committed to processing them as efficiently as possible.
To apply online visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
The filing deadline to return applications for physical property damage is March 31. The deadline to return economic injury applications is Oct. 8.
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About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
BANGLADESH
The Secretary-General wrapped up his visit to Bangladesh on Saturday by talking to the press and saying that, as Bangladesh undergoes a significant transition under the leadership of Chief Adviser Muhammad Yunus, he recognizes the people’s hopes for a future of greater democracy, justice, and prosperity. He said that the UN stands ready to assist in fostering peace, national dialogue, trust and healing.
The Secretary-General warned that with the announced cuts in financial assistance, we are facing the dramatic risk of having only 40 per cent in 2025 of the resources available for humanitarian aid in 2024. This would have terrible consequences, starting with the drastic reduction of food rations.
That would be an unmitigated disaster, he said. People would suffer and people would die. More funding is absolutely essential to guarantee the minimum support to the Rohingya population in Bangladesh.
YEMEN
The UN has expressed its concern on Sunday at the launching of multiple strikes on Houthi-controlled areas in Yemen by the United States in recent days. According to the Houthis, the airstrikes resulted in 53 deaths and 101 injuries, reported from Sana’a City, Sa’ada and Al Baydah governorates, including reports of civilian casualties, and led to disruptions in the power supply in nearby localities.
The UN is also concerned about the continued threats by the Houthis to resume their attacks targeting merchant and commercial vessels in the Red Sea, as well as about their reported attacks against military vessels in the area.
The UN calls for utmost restraint and a cessation of all military activities. Any additional escalation could exacerbate regional tensions, fuel cycles of retaliation that may further destabilize Yemen and the region and pose grave risks to the already dire humanitarian situation in the country.
The UN emphasizes that international law, including international humanitarian law as applicable, must be respected by all parties at all times.
The UN underscores that UN Security Council resolution 2768 (2025) related to Houthi attacks against merchant and commercial vessels, must be fully respected.
YEMEN – HUMANITARIAN
Over the last couple of days, the UN Special Envoy, Hans Grundberg, has been in close contact with Yemeni, regional and international stakeholders. He has called for utmost restraint and adherence to international humanitarian law, and he has pushed for a refocus on diplomacy to avoid uncontrollable destabilization in Yemen and in the region. Further contacts are held by his office on numerous levels.
The Envoy further called for support from the international community so that the UN-led mediation efforts can deliver results despite the complexity of the regional dimension of this situation, including the situation in the Red Sea.
Full Highlights: https://www.un.org/sg/en/content/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=17%20March%202025
I would first like to pay respect to the traditional and original owners of this land, the Gadigal people of the Eora Nation, to pay respect to those who have passed before us and to acknowledge today’s custodians of this land. I also extend that respect to any First Nations people joining us here today.
Introduction
Three weeks ago, the Reserve Bank Board cut interest rates for the first time since 2020. Naturally there is a lot of interest in what lies behind the Board’s decision-making process. Today I want to shine a light on three key inputs to the process, how they interact with one another and how they fit together to support the Board in its decision making.
The first is our view of how changes in the cash rate affect the economy. The impact of policy changes takes time to flow through the economy; looking at the response of banking credit flows to interest rate changes, which many here today know intimately, clearly highlights this. So policy decisions today shape inflation and employment outcomes in the future.
This necessitates a forward-looking approach to meeting our mandate. Policy decisions require both a view of the outlook for the economy and an understanding of how policy is likely to affect that outlook. That helps the Board set the cash rate to give the best chance of achieving the RBA’s objectives over time.
The second is how we form our view of the outlook – our baseline forecast – and how it responds to incoming data. When we talk about being ‘data dependent’, we are referring to the way we update our view of where the economy is and the outlook. The implication of continuously updating our view on the outlook means we also continuously update our policy advice to the Board; the future pathway for the cash rate is not predefined.
Finally, I will say a bit about the Board’s approach to setting policy under uncertainty. In practice we are uncertain about both the outlook for the economy, and the effect of monetary policy, and this complicates policy decisions. Under uncertainty, policy depends on more than just the central forecast – judgements about the risks and uncertainties matter too. That’s why, as we have discussed on a number of occasions recently, it’s important to consider alternative possible pathways for the economy and how policy would have to respond.
Monetary policy is forward looking …
Central bankers and macroeconomists often say that monetary policy impacts the economy with a lag.
So, if inflation moves away from our target, or employment falls below full employment, monetary policy cannot immediately offset those moves. Instead, central banks have to look ahead. Ideally we would know when and by how much the economy is going to move away from our targets in the future. Knowing this, we would calibrate policy today to prevent this from happening, and the economy would stay at full employment and inflation at target.
In practice of course, this isn’t what happens. We can’t foresee shocks, and even in times of relative calm outcomes are rarely (if ever) exactly as we expect. The economy and our understanding of it is always evolving and our models, analysis and judgements aren’t perfect; we don’t have a crystal ball and even if we did it would be very cloudy.
Despite this, given the lags in monetary policy transmission, we always have to forecast how we think the economy will evolve, and set policy now so that we expect to achieve our mandate once any policy change has had time to have its effect. In practice, as I will explain later, policy decisions also take account of uncertainties about the outlook. We put significant effort into identifying and understanding the risks around the baseline forecast, and the Board explicitly considers such risks in its decision-making.
… because there are lags in transmission
It is important, then, to understand how policy changes affect the economy. In a speech in 2023 my colleague Christopher Kent set out the RBA’s view of how monetary policy works, and how the sequence of increases in the cash rate up to that point had affected the Australian economy. I plan to use the same framework to explore the lags in transmission, so let me briefly summarise it here.
Figure 1: How Changes in the Cash Rate Flow through the Economy
When the cash rate changes, the first step in transmission is that other short and longer term market interest rates and other asset prices (including the exchange rate) adjust, more or less straightaway. Then these changes affect economic activity and ultimately inflation through a number of ‘channels’:
Cash flow: lower interest rates flow into households’ disposable income; borrowers pay less to service their debt, and savers earn less on their deposits.
Savings and investment: a decrease in saving and borrowing rates typically encourages people and businesses to borrow, invest and consume more, and save less.
Asset prices: A cut in interest rates typically encourages investment in assets, resulting in higher house, equity and other asset prices. Higher household wealth tends to increase household consumption.
Credit: Lower interest rates can increase the flow of loans to households and the availability of external funding to businesses.
Exchange rate: a decrease in interest rates can contribute to a depreciation of the exchange rate, making imports less competitive and exports more competitive, leading to stronger growth. Higher import prices also directly increase inflation.
Macroeconomists often talk about expectations, and whether or not an interest rate change is partially or fully anticipated by financial markets, households and businesses is an important determinant of the size of each transmission channel. If the change is fully anticipated by financial markets then we may see little if any change in asset prices and the exchange rate, which limits the size of the exchange rate and asset price channels after the decision. Households and businesses may also start to adapt their spending and investment decisions ahead of a change in the cash rate, but they typically respond less than financial markets prior to the policy decision.
Overall, then, the size and timing of the impact of policy changes through these channels varies.
Take the cash flow channel as an example. Some variable loan and savings rates change quickly, as we saw following the Board’s latest decision. Households in aggregate have more interest-sensitive loans than deposits, so lower interest rates increase household disposable income. That prompts higher spending by borrowers, though households typically adjust their spending by less than the changes in their incomes in the short run. For those with fixed-rate mortgages, cash flows remain unchanged until loans roll over, though they might start adjusting their spending in anticipation (Graph 1).
Or consider the exchange rate channel. All else equal, an interest rate cut in Australia lowers the relative rate of return on Australian assets compared with overseas. This typically leads to a depreciation of the dollar, making exports cheaper and imports more expensive. However, while the exchange rate adjusts immediately, the volume of traded goods responds more gradually. Domestic businesses will have existing contracts to purchase goods from overseas, while foreign buyers are similarly committed to purchasing Australian products at previously agreed prices. If there is a trade deficit this price effect may exacerbate it. But as these contracts come up for renewal, and as firms and consumers adjust their purchasing behaviour, there will be a gradual increase in the volume of exports and a decline in imports, leading to an increase in net trade over time.
So far I’ve been discussing the direct channels through which cash rate changes impact the economy; these start working immediately, though they take time to fully play out. But there are also indirect spillovers, such as the impact of spending decisions by businesses, households, and importers on employment and income. For example, a business might hire new workers for an investment project that is made viable by a rate cut, boosting household income and spending. This ripple effect can amplify the direct impact of policy and may occur quickly or over time. Recent research suggests these indirect effects could be a major part of the transmission mechanism.
While identifying these channels helps us think through how monetary policy operates, in practice they operate at the same time and there is no precise way to isolate or quantify the contribution of each one. Nevertheless, one simple way to build intuition about their relative roles is to look at how the components of GDP evolve after a change in monetary policy.
To do this we can use a model of the economy – here I will use MARTIN, the RBA’s main macroeconomic model, to illustrate the transmission of a reduction in interest rates.
There are a number of helpful insights from the decomposition shown in Graph 2:
The immediate GDP response to lower interest rates is relatively limited – it takes time for everyone to adjust
In MARTIN it takes 9–12 months for a loosening in monetary policy to have its peak effect on economic output.
The effect from total investment is an important channel over the first year, with dwelling investment in particular responding relatively quickly compared with business investment, whose response builds fairly gradually. Intuitively this makes sense – businesses might immediately be encouraged to invest more by higher valuations and cheaper credit, but it takes time to get projects off the ground, and some businesses will wait to respond once they see an increase in the demand for their goods and services from consumers.
Changes in imports and exports also play an important role in driving the initial response of GDP, at least according to this particular model. This highlights that the exchange rate channel is important and operates relatively quickly compared with other channels; if overseas holidays become expensive, households tend to quickly switch to vacationing at home and vice versa.
The response of household consumption to lower interest rates is initially small but grows over time. This suggests the ‘cash flow channel’ – which should start working quickly – plays a minor role in the overall transmission mechanism, as the boost from lower debt payments is offset by reduced interest income on deposits. The slow response likely reflects the indirect effects of transmission channels and households’ tendency to smooth their spending changes.
While it takes about nine months for the cash rate to have its biggest impact on GDP, the peak effect on inflation is estimated to take nearly twice as long (Graph 3). This could be because it takes time for an increase in demand to affect the hiring decisions of firms and the job search decisions of households, which then ultimately feed into price setting. Or it may simply reflect some ‘stickiness’ in prices.
This tells us that – according to MARTIN at least – the decisions we make today will have their largest effect on economic output at the end of 2025, and on inflation in mid-2026.
Monetary policy is always data dependent …
So to set policy we need an estimate of how changes in the cash rate affect the economy and a view of the outlook for the economy – a forecast.
As forecasters, we essentially try to do two things. First, we try to understand the state of the economy now. Second, we use models based on economic theory and capturing historical patterns in the data combined with our judgement, to extrapolate from the current state of the economy into the future.
In both cases this comes down to our understanding of the data – both quantitative information such as official ABS data, surveys and financial market data, and qualitative information such as liaison. Extracting reliable signals from noisy data and forming a coherent economic picture is challenging. New or revised data can alter our view of the starting point or how the economy might evolve. As things constantly change, we continuously update our views with new information.
In recent years many central banks have described their policy setting as ‘data dependent’. Rather than meaning that policy responds mechanically to particular pieces of data, we are data dependent in the sense that incoming data affects our view of where the economy is today and the outlook, and this in turn influences the path for policy. At times of heightened uncertainty about how the economy is responding to shocks – for example, during the pandemic and the immediate aftermath –central banks may put a higher weight on real time data relative to baseline forecasts and models. But these weights change over time, as conditions evolve and we learn more about how the economy is responding; policymakers must always take a forward-looking view on the outlook. So, how does this work in practice?
… because data informs our view of the outlook
To give a sense of how we draw this information together into a forecast, I am going to use the example of our household consumption forecasts.
In our most recent Statement on Monetary Policy (SMP), one of our key judgments was that household consumption growth had started to recover in line with the pick-up in real household incomes. This judgement was informed by analysis of a range of timely indicators – such as the ABS Household Spending Indicator, and credit and debit card spending indices – which suggested that consumption growth had picked up in the December quarter.
But was this just a temporary pick-up as financially squeezed households concentrated their spending around Black Friday and other sales? Digging further into the data suggested there was more to it than that (Graph 4). Not surprisingly, spending on the types of goods that tend to have significant sales, such as household goods and clothing, did grow strongly in the quarter. However, we had also seen a modest lift in household disposable income from the middle of 2024, and discretionary spending not impacted by sales (e.g. eating out) also showed signs of picking up, which suggested a genuine improvement in underlying momentum. Information from our liaison contacts also supported this assessment.
Our read of the data is a crucial input to our forecasts. In fact, one way to think about the forecast is that it captures and projects forward what we think is signal from the latest data, while disregarding what we think is mostly noise.
The outlook for consumption is only one part of the forecast, and we spend considerable time thinking about how different assumptions impact different sectors, and how these interactions might magnify or offset one another. But underneath it all, the links between data, forecast and policy sits at the heart of us saying that policy is ‘data-dependent’.
Policy under uncertainty
As I set out earlier, the link between our forecast and the Board’s policy decision is not mechanical. It is not as simple as constructing our central forecasts, then working out what the Board needs to do with the cash rate to meet its objectives.
The main reason for this is that there are always risks and uncertainties around the central forecast; the baseline pathway is just one of a vast number of possible outcomes. Board decisions are always made in an uncertain environment, which means thinking about the distribution of risks around the central forecast. One of the things we are focused on right now is US policy settings, the impact of these on the global economy and how this flows through to activity and inflation here in Australia; we have been using scenarios, analysis and judgement to assess the policy implications.
As the Governor and Deputy Governor have both indicated recently, the February decision reflected a judgement by the Board that it was the right time to take some restrictiveness away, but the Board were more cautious than the market about prospects for further easing.
In all of this, the RBA uses a range of timely indicators to form its economic forecasts. These data help to distinguish between temporary fluctuations and more sustained trends, informing policy decisions. The RBA’s policy decisions are made in the context of various risks and uncertainties. The Board considers a wide range of possible outcomes and uses scenarios, analysis and judgment to assess the implications of different policy paths, ensuring a balanced and forward-looking approach. This is why being forward looking is not in tension with being data dependent.
Source: United States Senator for Washington Maria Cantwell
03.17.25
In Seattle, Cantwell Draws Contrast Between PNW’s Innovation Strategy and Trump’s Trade War
Cantwell joins Washington Council on International Trade for Q&A with former USTR head on how the current admin’s tariffs harm the Pacific Northwest In WA state, 2 out of every 5 jobs are tied to trade-related industries; Trump’s actions are “a threat to our ethos,” Cantwell says
WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation and senior member of the Senate Finance Committee, joined the Washington Council of International Trade (WCIT) for a Q&A session on the whiplash caused by the administration’s chaotic tariff policies – and how they particularly harm the Pacific Northwest, which is among the most trade-dependent regions in the country.
The Q&A was moderated by WCIT President Lori Otto Punke and joined by former U.S. Trade Representative and current National Foreign Trade Council President Demetrios Marantis. Sen. Cantwell said that the current administration’s approach to trade – with a focus on punitive tariffs, even with America’s largest trading partners and closest allies, as opposed to innovation and alliance-building– is fundamentally at odds with how the Pacific Northwest has historically built its trade economy.
“The consequences to us in the Pacific Northwest is really a threat to our ethos. We are one of the most trade-dependent states in the country, and we just see the world differently. We believe that innovation matters more than the tariffs in a fight [on] who’s going to win in aerospace or agriculture or software or any of these issues. It is like we are in this horse race, but the President wants to put 25 pounds on our horse and make it harder.
“And what do we want to do in the Northwest? We like opening markets. We like building alliances. We like innovating our way to success.
“So make no mistake about it — one of the states that could see the biggest economic impacts from this is ours. And we have to be very loud about how foregoing an alliance approach of building more opportunities is really what we should be doing, if we want to win in an economy that changes in the blink of an eye,” Sen. Cantwell said.
WCIT is the Northwest’s premier organization advocating for trade and investment policies that increase the competitiveness of Northwest workers, farmers, and businesses. In addition to Sen. Cantwell, speakers at the Summit included U.S. Representatives Suzan DelBene (D,WA-01), Rick Larsen (D, WA-02), Dan Newhouse (R, WA-04), Kim Schrier (D, WA-08), Adam Smith (D, WA-09), and Emily Randall (D, WA-06).
In Washington state, two out of every five jobs are tied to trade and trade-related industries. More information on how President Trump’s tariffs on goods from Mexico, Canada, and China will affect consumers and businesses in the State of Washington can be found HERE. Nationwide:
A 25% tariff on Canada and Mexico would add an estimated $144 billion a year to the cost of manufacturing in the United States.
Tariffs on Canada and Mexico could increase U.S. car prices by as much as $12,000.
According to the Yale Budget Lab, Trump’s proposed tariffs would result in the highest U.S. effective tariff rate in more than 80 years, and depending on the level of retaliation by other trading partners, will result in increased costs of between $1,600 and $2,000 per household. According to their analysis, food, clothing, cars, and electronics will all see above-average price increases.
Sen. Cantwell has remained a steadfast supporter of increased trade to grow the economy and keep prices in check in the State of Washington and nationwide. Sen. Cantwell was the leading voice in negotiations to end India’s 20% retaliatory tariff on American apples, which was imposed in response to tariffs on steel and aluminum and devastated Washington state’s apple exports. India had once been the second-largest export market for American apples, but after President Trump imposed tariffs on steel and aluminum in his first term, India imposed retaliatory tariffs in response and U.S. apple exports plummeted. The impact on Washington apple growers was severe: Apple exports from the state dropped from $120 million in 2017 to less than $1 million by 2023. In September 2023, following several years of Sen. Cantwell’s advocacy, India ended its retaliatory tariffs on apples and pulse crops which was welcome news to the state’s more than 1,400 apple growers and the 68,000-plus workers they support.
For the past six weeks, President Trump has been sowing economic chaos across the country with unpredictable and ever-changing tariff announcements. His back-and-forth announcements and actions, which have whipsawed American businesses and consumers, as well as close neighbors and allies, include:
On January 31 — citing punishment for failing to crack down on fentanyl trafficking — the Trump administration announced plans to impose a 25% tax on many goods imported into the U.S. from Canada and Mexico and a 10% tax on goods imported from China, then abruptly postponed those tariffs.
Last month, he doubled down, announcing an additional 25% tax on all steel and aluminum imports.
At 12:01 a.m. ET on March 4, President Trump’s long-promised 25% tariffs on goods from Mexico and Canada and 10% tariff increase on goods from China took effect, causing stock prices in the United States to plummet.
Then, on March 5, he announced that automobiles from Canada and Mexico would be exempt from his tariffs for one month.
The morning of March 6, he announced that he would suspend the tariffs for some products from Mexico. Then, later that same afternoon, he announced he was suspending most new tariffs on products from both Mexico and Canada until April 2.
On March 11, Trump threatened to double tariffs on Canadian steel and aluminum – increasing them to 50% – before reversing himself later the same day.
On March 13, he threatened 200% tariffs on alcoholic products from the European Union, including all wine and Champagne.
Video of Sen. Cantwell’s Q&A today is HERE; audio is HERE; photos are HERE; and a transcript is HERE.
Sacramento, California – Governor Gavin Newsom today issued a proclamation declaring March 17, 2025 through March 23, 2025, as United States Navy Week.
The text of the proclamation and a copy can be found below:
PROCLAMATION
California proudly plays a crucial role in our nation’s defense. We host Naval Base San Diego, the primary homeport for the Pacific Fleet, and are home to more than 48,321 active-duty Sailors, more than 7,385 Navy Reservists, and more than 64,538 retirees.
This year, we celebrate the Navy’s 250th anniversary, marking a quarter-millennium of excellence and security. Ninety percent of global trade moves by sea – and the United States Navy is instrumental in ensuring the safety and security of critical resources and goods, including $158.7 billion in annual exports from California.
California is honored to have Sacramento selected as one of 15 cities to host a Navy Week. During this week, I encourage all Californians to reflect on the important role the U.S. Navy plays to both California and the world.
NOW THEREFORE I, GAVIN NEWSOM, Governor of the State of California, do hereby proclaim March 17-23, 2025, as “United States Navy Week.”
IN WITNESS WHEREOF I have hereunto set my hand and caused the Great Seal of the State of California to be affixed this 16th day of March 2025.
GAVIN NEWSOM Governor of California
ATTEST: SHIRLEY N. WEBER, Ph.D. Secretary of State
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Office of the Governor — News Release — Gov. Green Secures Federal Support for University and Restoration of 442nd Regimental Combat Team Webpage
Posted on Mar 17, 2025 in Latest Department News, Newsroom, Office of the Governor Press Releases
STATE OF HAWAIʻI KA MOKU ʻĀINA O HAWAIʻI JOSH GREEN, M.D. GOVERNOR KE KIAʻĀINA
GOVERNOR GREEN SECURES FEDERAL SUPPORT FOR UNIVERSITY OF HAWAI‘I AND RESTORATION OF 442ND REGIMENTAL COMBAT TEAM WEBPAGE
FOR IMMEDIATE RELEASE March 17, 2025
HONOLULU — Governor Josh Green, M.D., has successfully secured key federal actions through direct engagement with the White House, advocating for Hawai‘i on critical issues affecting our communities. In two significant resolutions, Governor Green ensured continued federal funding for the University of Hawai‘i amid a Title VI investigation and championed the restoration of the U.S. Army’s webpage honoring the legendary 442nd Regimental Combat Team.
Protecting the Future of Higher Education in Hawai‘i
The University of Hawai‘i was among 60 institutions under investigation by the U.S. Department of Education Office for Civil Rights (OCR) for potential antisemitic harassment and discrimination. While UH has fully cooperated with the investigation and remains committed to fostering an inclusive learning environment, there were growing concerns that the federal administration would use these investigations as a pretext to pull critical federal funding.
Governor Green took decisive action, engaging directly with senior White House officials to protect UH students and ensure the institution would not face unwarranted financial penalties. Speaking on his efforts, Governor Green stated:
“I was on the phone to the White House dealing with UH funding at about 4:30 a.m. on March 11. I spoke with high-level administration officials including the Deputy Chief of Staff for the White House and a Director of Intergovernmental Affairs. I explained that while there was a little on-campus conflict during the recent war in Gaza, it paled in comparison to what’s gone on at other universities. We are not an institution that is antisemitic. We’re giving them a letter to fortify our position, but they assured me the University of Hawai‘i is not on the chopping block for antisemitism.”
Through these efforts, the federal administration reaffirmed its commitment to upholding civil rights while maintaining funding streams that support research, education, and student services at UH.
“I couldn’t stand by and allow a misunderstanding from the government to use civil rights investigations as a tool to undermine our students’ future,” said Governor Green. “The University of Hawai‘i is a pillar of opportunity for our local students, and I will always fight to protect access to higher education.”
Restoring the Legacy of the 442nd Regimental Combat Team
In response to the recent removal of the U.S. Army’s webpage honoring the 442nd Regimental Combat Team—a unit renowned as the most decorated for its size and length of service in U.S. military history—Governor Josh Green, M.D. has actively engaged with senior White House officials to address the issue.The webpage has since been restored, reaffirming the commitment to preserving the legacy of these courageous soldiers.
During the 73rd Cherry Blossom Festival, Governor Green shared with local Japanese leaders, including Consul General of Japan, Yoshinori Kodama, that he was reaching out to the administration to ensure the 442nd’s legacy remained intact.
“The story of the 442nd is a testament to the resilience and patriotism of Japanese-American soldiers who fought bravely for a country that once questioned their loyalty,” said Governor Green. “We must never allow their sacrifices to be erased from history.”
This outcome highlights Hawaiʻi’s shared commitment to preserving and honoring the rich heritage of its communities, reflecting the state’s dedication to safeguarding the narratives that define our collective identity.
# # #
Media Contacts: Erika Engle Press Secretary Office of the Governor, State of Hawai‘i Office: 808-586-0120 Email: [email protected]
Makana McClellan Director of Communications Office of the Governor, State of Hawaiʻi Cell: 808-265-0083 Email: [email protected]
In case you missed it, the Federal Home Loan Bank of San Francisco announced a new $10 million investment in affordable housing in Nevada today.
“Attainable homeownership for all Nevadans is one of my highest priorities and we can’t do this alone,” said Governor Lombardo. “The partnership and commitment of FHLBank San Francisco through this investment will give stability to many of Nevada’s essential workers.”
The full press release from the Federal Home Loan Bank of San Francisco is below:
The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) is deepening its commitment to increasing access to affordable housing and homeownership by investing in Nevada Housing Division Mortgage Revenue Bonds. Nevada Governor Joe Lombardo celebrates FHLBank San Francisco’s investment in the state.
“Attainable homeownership for all Nevadans is one of my highest priorities and we can’t do this alone,” said Governor Lombardo. “The partnership and commitment of FHLBank San Francisco through this investment will give stability to many of Nevada’s essential workers.”
This $10 million investment strengthens FHLBank San Francisco’s efforts to support low- and moderate-income homebuyers in the state of Nevada, which include down payment assistance grant programs to support homebuyers.
“Our investment in Nevada Housing Division Mortgage Revenue Bonds allows us to reinforce our commitment to safe, affordable homes in Nevada while also delivering on our mission to provide reliable, low-cost liquidity and community investment resources to our member financial institutions,” said Joe Amato, interim president and CEO of FHLBank San Francisco. “By working together with the Nevada Housing Division, we can strengthen communities in Nevada, foster economic growth and create a more vibrant and resilient future for all.”
Supporting Home Affordability in Nevada
Nevada has a severe shortage of affordable homes. The demand for more housing supply in the state has made it more difficult for Nevada residents to keep up with the housing market – both in buying and renting. The Nevada Housing Division Mortgage Revenue Bonds are highly rated investment securities (AA+ rating from S&P) backed by single-family mortgage-backed securities (MBS) that facilitate homeownership by supporting loans designed specifically for Nevada households aspiring to own a home.
“The Federal Home Loan Bank of San Francisco is uniquely positioned to address affordability issues for homebuyers in Nevada,” said Stephen Aichroth, Administrator of the Nevada Housing Division. “We thank the Bank for their confidence in the Nevada Housing Division and their commitment to affordable homeownership for Nevadans.”
FHLBank San Francisco is dedicated to supporting housing initiatives throughout its three-state region of Arizona, California, and Nevada. Since the Affordable Housing Program (AHP) was created in 1990, FHLBank San Francisco has awarded over $1.38 billion in affordable housing and community program grants to support the construction, rehabilitation, or purchase of over 155,000 homes affordable to lower-income households, including $61.8 million AHP grants in 2024 alone. Together, the 11 regional FHLBanks that make up the Federal Home Loan Bank System are one of the largest privately capitalized sources of grant funding for affordable housing in the United States.
About the Nevada Housing Division
The Nevada Housing Division, a division of the Department of Business and Industry, was created by the Nevada Legislature in 1975, with a mission to provide affordable housing opportunities and improve the quality of life for Nevada residents. They connect Nevadans with homes by providing financing to developers to build affordable housing, innovative mortgage solutions and down payment assistance programs and making homes more energy efficient, thereby lowering utility expenses. To learn more, visit http://housing.nv.gov.
