Tackling Australia's productivity problem
All parties agree that business investment needs to increase, but what does business get in return?
Productivity Commission chair Danielle Wood says look to AI.
7.30's Sarah Ferguson interviews Danielle Wood.
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News.com.au
13 minutes ago
- News.com.au
Defence, Foreign Ministers sign new 50-year UK-Australia ‘Geelong Treaty' military pact
Defence and Foreign Ministers from the United Kingdom and Australia have signed a new 50-year military pact designed to underpin Australia's acquisition of nuclear-powered submarines. The deal was signed in Geelong on Saturday, the hometown of Australia's Defence Minister, and dubbed 'The Geelong Treaty'. Officials from Australia and the UK have been forced to voice renewed enthusiasm for the AUKUS agreement, amid a US review of the deal. America's defence and foreign minister-equivalents have not been part of AUKUS meetings in Australia this week. Donald Trump and UK Prime Minster Keir Starmer and expected to meet in Scotland this week. At Geelong on Saturday, Australian Defence Minister Richard Marles said the new pact meant jobs and military security. 'It's a treaty which will last for 50 years,' Mr Marles said during a signing ceremony with his UK counterpart. 'It is a bilateral treaty which sits under the trilateral AUKUS framework, itself embodied in a trilateral treaty that was signed that I signed in Washington, DC., in August of last year. 'In doing this, AUKUS will see 20,000 jobs in Australia. It will see, in building submarines in this country, the biggest industrial endeavour in our nation's history, bigger even than the Snowy Hydro scheme,' Mr Marles said. 'In military terms, what it will deliver is the biggest leap in Australia's military capability, really, since the formation of the navy back in 1913.' Alongside Mr Marles, UK Secretary of State for Defence John Healey dubbed the Geelong Treaty a powerful agreement. 'It is a treaty that will support tens of thousands of jobs in both Australia and the UK,' Mr Healey said. 'It is a treaty to build the most advanced, most powerful attack submarines either of our nations have ever had. It is a treaty that will fortify the Indo-Pacific. 'It will strengthen NATO and we're the politicians signing it today; But this is a treaty that will define the relationship between our two nations and safeguard the security of our country for our children and our children's children to come. 'So this is a historic day.' The two ministers have been joined in a series of meetings by Foreign Minster Penny Wong and UK Foreign Secretary David Lammy this week. The treaty signing also comes as the largest British flotilla in 30 years arrives in Darwin, with the HMS Prince of Wales aircraft carrier docking in Darwin on Wednesday. It was the first time a British aircraft carrier visited Australia since 1997, and brought troops to take part in the massive Talisman Sabre exercises, which run annually across northern Queensland and PNG.
ABC News
43 minutes ago
- ABC News
Benalla workers worried about job losses as ForestOne scales back operations
A north-east Victorian community has raised concerns about the partial closure of a wood supplier's local manufacturing site with "significant" job losses flagged. ForestOne, a major employer in the area, announced on Friday it would close its dry sawmill and particleboard manufacturing operations in Benalla. Local media reported an employee had said there would be 140 job losses, but the company told the ABC there would be "much, much less than that". The company would not say how many jobs were expected to be lost because it was confidential information and they were still "working through that". The company has not said when the closure would occur at the site, which has 150 employees. Bakery manager Andrew Bertallis said the partial closure would have flow-on effects for local businesses. "It is huge dollars out of the community each week," he said. "It is going to affect everyone in Benalla." Local butcher Paul Rettke said it was a tough development for the community. "There is going to be people that you know that are out of work," he said. "Family people with mortgages with kids to feed. "We have got a few customers that work out there. [They] have been there for a long time, a lot of them. You are talking 20-plus years." ForestOne managing director Ian Fankhanel said in a statement that increased manufacturing and external costs had "made it unviable at the present time to continue making particleboard and drying timber". "Additionally, we face ever-increasing governmental and compliance costs to do business," he said. The company said it would continue to run its green sawmill manufacturing and lamination line. "We continue to face weak market conditions and, unfortunately, the outlook is still very poor," Mr Fankhanel said. "The prices being sold at in the market are some of the lowest we have seen in 20 years, with no significant lift in demand on the horizon." The company said 80 per cent of Benalla products were sold into Victoria due to high freight costs to transport interstate. "We hope that, in the future, if and when demand returns, we can recommence full production again." The ABC has contacted the CFMEU's Manufacturing Division, which represents the facility's workers, for comment. Nationals Member for Euroa Annabelle Cleeland said it was a tough time for the Benalla community. "I think it is just heartbreaking what we are hearing ... of so many jobs being made redundant and axed during a cost-of-living crisis," she said. Ms Cleeland said the number one issue she would raise in parliament next week was how to support regional businesses in Victoria. A Victorian government spokesperson said the government knew it was a difficult time for workers, their families and the broader community. "Regional Development Victoria is working with ForestOne, Benalla Rural City Council and Workforce Australia to support the transition of impacted workers and to understand the broader economic and social impacts arising from this decision," the spokesperson said. "We continue to support businesses across Victoria. "We have cut or abolished taxes 65 times and we are continuing to remove the red tape that holds many businesses back." The Victorian Forest Products Association is the peak body for the state's wood fibre industry. Chief executive Andrew White said the state's timber industry was feeling the effects of a depressed housing market. "We are seeing build times for houses have blown out from around six months to 10 months," he said. "Whilst there might be more homes being started, they are not being completed as quickly. "It means there is an impact on those suppliers."
News.com.au
43 minutes ago
- News.com.au
Luckiest suburbs revealed ahead of $30m Saturday Megadraw
Australia's luckiest suburbs for winning the lottery have been revealed ahead of the $30m Saturday Megadraw. More than 533 winners won a collective $1.69bn in the 24-25 financial year, with the most player wins (152) and most prize money ($532.3m) being shared between Victoria and NSW respectively, according to The Lott. Victoria also recorded the highest number of 'millionaires created' with 81, followed by Queensland with 81 and NSW with 76. The biggest individual prize won last year was $100m, which happened three times. Up to a third of Aussie adults are expected to participate in this weekend's draw. The Lott spokesman Matt Hart said winning the lottery was an 'indescribable thrill'. 'While lotteries are games of chance where wins can land any time, we did see some pockets across the country welcome more prizes than others,' he said. These were the luckiest postcodes in each state, according to The Lott data: Queensland: 4870 for Cairns/Earnville - four division one winning entries sold NSW: 2000 in Sydney - four division one winning entries sold Victoria: 3064 for Craigieburn, 3205 for South Melbourne, 3000 for Melbourne, 3105 for Bulleen, 3250 for Colac - two division one winning entries each Tasmania: 7270 for Beaconsfield, 7248 for Mowbray - two winning entries sold South Australia: 5168 for Noarlunga Centre, 5108 for Salisbury/Salisbury Downs, 5000 for Adelaide - two division one winning entries sold Northern Territory: 0812 for Karama sold the biggest winning ticket in the Territory Western Australia: 6062 for Morley - four winning entries sold Mr Hartt said Saturday Megadraws had a reputation for 'creating more millionaires in a single draw than any other game'. 'The big question is whether last financial year's lottery hotspots will continue to live up their reputation this weekend,' he said. 'Some players tell us they deliberately pick lottery outlets that have recently sold a major lottery prize in the hope of continuing the winning streak, while other players choose different outlets believing lightning won't strike twice.' 'As many lottery winners tell us, you've got to be in it for the chance to win it.' Entries into Saturday's $30m megadraw closes at 7.30pm on Saturday night.
