Can lessons from COVID productivity rollercoaster boost Australia's productivity now?
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AU Financial Review
19 minutes ago
- AU Financial Review
Gen Z will be richer than their parents. But here's the catch
At 2.30pm on Tuesday, as Reserve Bank of Australia governor Michele Bullock shocked markets by keeping interest rates unchanged, a few blocks away Productivity Commission boss Danielle Wood delivered an urgent call to kickstart growth to revive living standards. The messages from two of the nation's economic leaders – that something must be done to lift productivity – were a reality check for millions of Australians.
The Australian
20 minutes ago
- The Australian
Albanese confirms status quo posture over Taiwan war
Anthony Albanese has been asked point blank what Australia would do if the US and China 'went to war over Taiwan'. Washington has reportedly been pressing Canberra on the matter as the Trump administration turns its attention to an 'imminent' China threat in the Indo Pacific. A Chinese invasion of Taiwan, which is democratically self-governing, would cause mayhem for global shipping lines and disrupt the supply of semiconductors — crucial tech components. Speaking to reporters in Shanghai on Sunday, the Prime Minister struck a cautious tone as Chinese officials watched from the sidelines. 'Our aim of investing in our capability, and as well investing in our relationships, is about advancing peace and security in our region,' he said. Mr Albanese said he had no plans of changing Australia's 'consistent position' on Taiwan's future. 'We support the status quo when it comes to Taiwan,' he said. 'We don't support any unilateral action there. We have a clear position, and we have been consistent about that.' Prime Minister Anthony Albanese gives a press conference in Shanghai, China, on July 13, 2025. Picture: Joseph Olbrycht-Palmer / NewsWire In somewhat of a veiled shot at the Trump administration, he went on to say it was 'important' in international relationships to 'have a stable, orderly, coherent position going forward'. 'Australia does … want peace and security in our region,' Mr Albanese said. 'We don't want any change to the status quo – that's Australia's position today, that was Australia's position last week, that's been a bipartisan position for a long period of time.' He was pressed on whether the US had sought assurances that any nuclear-powered submarines acquired under AUKUS would be deployed in a conflict over Taiwan. Mr Albanese kept tight-lipped, only saying that 'through the AUKUS agreement' all stakeholder countries had 'very clear understandings of what AUKUS is for'. 'We want peace and security in our region,' he said. 'We don't change our position on a day-to-day basis – that is what the world needs and that is what we'll continue to do.' Chinese Ambassador to Australia Xiao Qian was among the stone-faced officials watching intently. In the lead up to Mr Albanese's visit, Mr Xiao was busy setting the tone for the lengthy six-day stay. Much like the Albanese government, he sought to move the conversation away from its defence and security framing and toward areas of common interest, such as trade and tourism. But even as Canberra and Beijing spruik people-to-people and economic ties, the spectre of an increasingly militaristic regional rivalry has loomed large over the trip. The endeavour has not been helped by comments overnight from Donald Trump's Pentagon chief. Elbridge Colby, an AUKUS sceptic and China hawk, said the US Department of Defense was 'focused on implementing' Donald Trump's 'America First, common sense agenda of restoring deterrence and achieving peace through strength'. 'That includes by urging allies to step up their defense spending and other efforts related to our collective defense,' Mr Colby posted on social media. 'This has been a hallmark of President Trump's strategy – in Asia as in Europe where it has already been tremendously successful.' He added that 'some among our allies might not welcome frank conversations'. Mr Albanese walks the Bund waterfront in Shanghai with Socceroos great turned Shanghai Port FC coach Kevin Muscat and some of his team. The prime minister is on a six-day visit to China. Picture: Supplied/PMO It echoed similar remarks made by White House Press Secretary Karoline Leavitt last month. Responding to an Australian journalist, she said if US allies in Europe could hike defence spending, 'I think our allies and our friends in the Asia-Pacific region can do it as well'. In turn, Ms Leavitt sounded similar to US Defence Secretary Pete Hegseth, who asked the Albanese government directly to hike military spending to 3.5 per cent of GDP, warning China could invade Taiwan by 2027. In his Sunday press conference, Mr Albanese was also pressed on any private conversation with the Americans on Taiwan. 'Private by definition, that's in private,' he shot back. 'You don't take private comments at a media conference,' he said. 'We engage in a mature way. That's the way that we do with our relationships.' Duncan Evans Reporter Duncan Evans is a reporter for News Corp's NewsWire service, based in Adelaide. Before NewsWire, he worked as a resources and politics reporter for The Daily Mercury in Mackay, Queensland and as a reporter at CQ Today, an independent newspaper based in Rockhampton. He was raised in Emerald and Brisbane and studied English Literature and American Studies at the University of Sydney. He began his career in journalism working for the Jakarta Post in Indonesia for over two years as an editor, translator and writer. He is fluent in Indonesian. @Duncanevans01 Duncan Evans
ABC News
an hour ago
- ABC News
Algal bloom 'disaster' prompts royal commission call as impact spreads to mussel farms
A royal commission is needed to tackle the long-term effects of the devastating algal bloom off South Australia's coast that has killed countless sea creatures and is damaging industries, the state's opposition says. The call comes as the impact of the bloom continues to spread, with mussel farming sites around Port Lincoln shut down after shellfish toxins were detected in the area. The "precautionary closure", which came into effect on Wednesday, has suspended mussel harvesting at the Boston Bay, Bickers Island, Lower Eyre and Proper Bay sites, according to the Department of Primary Industries and Regions (PIRSA). The opposition said a royal commission would allow thorough examination of the causes and consequences of the Karenia mikimotoi bloom — as well as the responses so far, potential health impacts, and steps to prevent a repeat of the current crisis. "What we're calling for is for a royal commission to investigate in an independent way what exactly has caused this algal bloom, and what could we better do to make sure that it is managed and to ensure it doesn't happen again." Mr Tarzia said the estimated cost of "a few million dollars" was a "small price to pay". Attorney-General Kyam Maher poured scorn on the proposal, suggesting it was a waste of money to investigate what was "almost universally accepted by scientists to be caused by climate change". "We've already announced half a million dollars in fee relief for the fishing industry and we've said we're looking at doing more," he said. Last week, the government announced what it described as an "initial investment" of $500,000 to support the state's commercial fishing sector. Commercial fisher Andrew Pisani, from Stansbury on Yorke Peninsula, said what had been announced so far was "just not going to be enough". "Stansbury is ground zero. We're 70 days in now — 70 days — and we need some help, help now," he said. "We're not making any income there at all. Opposition primary industries spokesperson Nicola Centofanti called on the government to waive fishing licence fees "from July onwards". "We've got commercial fishermen, aquaculture businesses, tourism businesses that are literally on their knees," she said. "[They] need not just short-term support but they need a medium-to-long-term plan. "This is an ecological and economic disaster." Port Wakefield fisher Justin Cicolella said the impact at the northern end of Gulf St Vincent had, until now, not been as bad — but there were signs that was changing. "Ongoing support's probably going to have to be there. We've all got young families and rely on a certain amount of money coming in each week," he said. Fellow Port Wakefield fisher Bart Butson said he was "not sure" if a royal commission was the answer, but that securing a sustainable fishery was of "foremost" importance. "I wake up at night thinking, 'How long can we catch some fish for?'" he said. "It's just beginning to bite now. We've seen the squid in our area disappear … and that makes up 30 per cent of our wage, of our catch." The push for a royal commission comes after the Greens called for a state-based inquiry and urged the federal government to declare the bloom a national disaster. The state government said it had already established a working group made up of government agencies including PIRSA to better understand the bloom. "We're keen to make sure we're having the best scientists look at what's happening and … not going to lawyers for a royal commission," Mr Maher said. The government last week shut down several Lower Eyre Peninsula mussel farming sites, on a temporary basis, because of shellfish toxins linked to the bloom. The site closures prevent the sale and movement of bivalve molluscan shellfish from the area. PIRSA said the closures impacted two producers: Yumbah Mussels Holdings and Deedah Oysters. The former employs about 75 people, with its parent company saying the closures have caused "uncertainty for our staff, suppliers and our customers". Both Yumbah Aquaculture and PIRSA said there was no public health risk and mussels already on the market were safe to eat. The closures come after PIRSA's regular testing of shellfish harvesting sites detected brevetoxins — neurotoxic shellfish poisons that can affect oysters, mussels and scallops, according to SA Health. If consumed, they can cause symptoms including vomiting, diarrhoea and stomach cramps. "They have detected brevetoxin which is a neurotoxin that is associated with the Karenia species and therefore they cannot allow the sales of the mussels," Environment Minister Susan Close said. "This is obviously very serious. "What's likely is that we've got a dominant Karenia mikimotoi algal bloom but some other varieties of Karenia in there, and we've seen a couple of instances now where that's shown up." Ms Close said she was "hopeful" that the affected businesses would be "able to survive at least a short period without lay-offs". Asked how long the shutdown would last, Ms Close said PIRSA would rely on "clear test results" to determine when products could be sold again. "They will be frequently testing in order to get mussels back on the shelf once they are safe," she said. Yumbah Aquaculture chief executive David Wood said the harvesting suspension was expected to last "at least four weeks". He said local brevetoxin levels remained within the relevant safety threshold, but added: "Yumbah takes no risks with food safety." "While current levels pose no threat to consumers, further assessment is required due to this testing feedback timing, and the suspension is expected to last at least four weeks," he said in a statement. The shellfish shutdown is the latest in a series of economic disruptions caused by SA's algal bloom. In May, PIRSA also suspended shellfish harvesting operations around Stansbury and Port Vincent on Yorke Peninsula due to increased brevetoxin levels, forcing the quarantine of up to 10 million oysters. Mr Wood said the impact on fisheries was "unprecedented". "This situation brings uncertainty for our staff, suppliers and our customers. "We're working closely with our teams to understand the implications and provide support, continuing to back each other through this challenging time."
