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The Age
27 minutes ago
- The Age
Australia news LIVE: Albanese to introduce cheaper medication bill; European Union reach 15 per cent trade deal with Trump
Latest posts Latest posts 6.43am Britain warns on China, backs Australia By David Crowe Britain has vowed to 'fight together' with Australia if needed in flashpoints such as the Taiwan Strait, as it steps up its warnings about threats from China, including repression, espionage and hybrid attacks. UK Defence Minister John Healey said Britain and Australia would deter enemies together by being more ready to fight, in some of his most assertive remarks about the risks to global security. The declaration to the British media came days after Healey signed a $41 billion defence treaty with Australia to accelerate the construction of the AUKUS nuclear submarines, seen as essential to countering future trade and military threats. 6.37am Australians 'frosty' on Trump and want distance from US: new polling By Matthew Knott Australians are voicing a strong desire for the country to assert more independence from the United States amid Donald Trump's turbulent presidency, with most voters saying they do not blame Prime Minister Anthony Albanese for failing to secure a meeting with the US president. The latest Resolve Political Monitor survey of more than 2300 people, conducted for this masthead, found that most Australians continue to have strongly negative views of Trump six months after he re-entered the White House. Fewer than one in five Australian voters believe Trump's election was a good outcome for Australia. 6.33am What's making news today By Daniel Lo Surdo Hello and welcome to the national news live blog. My name is Daniel Lo Surdo, and I'll be helming our live coverage this morning. Here's what is making news today: The Albanese government will continue work to execute its election promises this week, with legislation to cap the cost of Pharmaceutical Benefits Scheme medicines at $25 on the agenda in the sitting second week of the new parliamentary term. Labor also plans to pass legislation to reduce student debts and enact childcare reform this week, after the respective draft laws were introduced in the first sitting week since the government's thumping election victory in May. The European Union have accepted a trade deal with US President Donald Trump that will impose a 15 per cent tariff on billions of dollars in exports, in an agreement that appears set to lift prices for American consumers and hurt sales for European exporters. The deal will also see the EU purchase $US750 billion worth of energy from US in the years ahead, in a move to reduce its reliance on Russian gas. Israel's military carried out airdrops of aid in Gaza on Sunday after Israel said it would establish humanitarian corridors for United Nations aid convoys amid international pressure over mounting reports of starvation-related deaths in Gaza. The Israeli Foreign Ministry said it would introduce 'tactical pauses' to allow for aid to be distributed, and halt activity in Muwasi, Deir al-Balah and Gaza City from 10am to 8pm every day until further notice. Australian Oscar Piastri has extended his F1 championship lead after winning the Belgian Grand Prix in a rain-interrupted race at Spa-Francorchamps overnight. Piastri started second on the grid but overtook McLaren teammate Lando Norris early in the race and held his nerve to finish atop the podium. Norris and Ferrari's Charles Leclerc joined Piastri on the dais in Belgium.

Sydney Morning Herald
27 minutes ago
- Sydney Morning Herald
Australia news LIVE: Albanese to introduce cheaper medication bill; European Union reach 15 per cent trade deal with Trump
Latest posts Latest posts 6.43am Britain warns on China, backs Australia By David Crowe Britain has vowed to 'fight together' with Australia if needed in flashpoints such as the Taiwan Strait, as it steps up its warnings about threats from China, including repression, espionage and hybrid attacks. UK Defence Minister John Healey said Britain and Australia would deter enemies together by being more ready to fight, in some of his most assertive remarks about the risks to global security. The declaration to the British media came days after Healey signed a $41 billion defence treaty with Australia to accelerate the construction of the AUKUS nuclear submarines, seen as essential to countering future trade and military threats. 6.37am Australians 'frosty' on Trump and want distance from US: new polling By Matthew Knott Australians are voicing a strong desire for the country to assert more independence from the United States amid Donald Trump's turbulent presidency, with most voters saying they do not blame Prime Minister Anthony Albanese for failing to secure a meeting with the US president. The latest Resolve Political Monitor survey of more than 2300 people, conducted for this masthead, found that most Australians continue to have strongly negative views of Trump six months after he re-entered the White House. Fewer than one in five Australian voters believe Trump's election was a good outcome for Australia. 6.33am What's making news today By Daniel Lo Surdo Hello and welcome to the national news live blog. My name is Daniel Lo Surdo, and I'll be helming our live coverage this morning. Here's what is making news today: The Albanese government will continue work to execute its election promises this week, with legislation to cap the cost of Pharmaceutical Benefits Scheme medicines at $25 on the agenda in the sitting second week of the new parliamentary term. Labor also plans to pass legislation to reduce student debts and enact childcare reform this week, after the respective draft laws were introduced in the first sitting week since the government's thumping election victory in May. The European Union have accepted a trade deal with US President Donald Trump that will impose a 15 per cent tariff on billions of dollars in exports, in an agreement that appears set to lift prices for American consumers and hurt sales for European exporters. The deal will also see the EU purchase $US750 billion worth of energy from US in the years ahead, in a move to reduce its reliance on Russian gas. Israel's military carried out airdrops of aid in Gaza on Sunday after Israel said it would establish humanitarian corridors for United Nations aid convoys amid international pressure over mounting reports of starvation-related deaths in Gaza. The Israeli Foreign Ministry said it would introduce 'tactical pauses' to allow for aid to be distributed, and halt activity in Muwasi, Deir al-Balah and Gaza City from 10am to 8pm every day until further notice. Australian Oscar Piastri has extended his F1 championship lead after winning the Belgian Grand Prix in a rain-interrupted race at Spa-Francorchamps overnight. Piastri started second on the grid but overtook McLaren teammate Lando Norris early in the race and held his nerve to finish atop the podium. Norris and Ferrari's Charles Leclerc joined Piastri on the dais in Belgium.


The Advertiser
an hour ago
- The Advertiser
Aussies missing out on payoff from research investment
Australia is missing out on a $7 billion per year economic boon because it has failed to keep pace in the international research and development stakes, according to a new report. Tax cuts and red tape have dominated discussions ahead of Treasurer Jim Chalmers's economic roundtable. But getting investment flowing back into technological innovation is critical to fixing productivity growth, said the Business Council of Australia, along with home-grown tech companies Cochlear and Atlassian, as they released a report by consulting firm Mandala on Monday. Just by fixing research and development (R&D) policies and without increasing the burden on the budget, an extra 0.1 per cent could be added to productivity growth each year, they claimed. "Empowering businesses to make R&D investments is critical to making our economy more productive and innovative, and for delivering greater prosperity for all Australians," said the organisation's chief executive Bran Black. But Australia has slid down the international rankings in the past decade, with large businesses' R&D investment falling 24 per cent in that time. The nation's total R&D expenditure has fallen to 1.7 per cent of GDP, compared to the average of 2.6 per cent across peer economies. The report highlights six tweaks that could once again make Australia a world leader in innovation and deliver $5 of value for every $1 spent by the government. They include simplifying the tax incentive premium for R&D to a flat rate of 18.5 per cent, removing the existing tax incentive cap of $150 million, taxing profits from Australian innovations at a concessional 10 per cent rate, and incentivising collaboration between industry and research institutions. The report also called for streamlined reporting and compliance requirements to access the R&D tax incentive, and simplifying R&D grants for businesses by consolidating the various existing grants into fewer nationally significant programs. Cochlear chief executive Dig Howitt said clear, well-funded strategies would capture the full value of local innovation and attract high-value global companies. "Given that R&D and intellectual property are mobile, there are constant efforts by other nations to attract elements of Australian business's value chain - particularly our innovation, IP development and manufacturing - offshore," he said. Atlassian chief of staff Amy Glancey said Australia has always been ideas rich but has fallen short in commercialising innovations and selling them to the world. Australia is missing out on a $7 billion per year economic boon because it has failed to keep pace in the international research and development stakes, according to a new report. Tax cuts and red tape have dominated discussions ahead of Treasurer Jim Chalmers's economic roundtable. But getting investment flowing back into technological innovation is critical to fixing productivity growth, said the Business Council of Australia, along with home-grown tech companies Cochlear and Atlassian, as they released a report by consulting firm Mandala on Monday. Just by fixing research and development (R&D) policies and without increasing the burden on the budget, an extra 0.1 per cent could be added to productivity growth each year, they claimed. "Empowering businesses to make R&D investments is critical to making our economy more productive and innovative, and for delivering greater prosperity for all Australians," said the organisation's chief executive Bran Black. But Australia has slid down the international rankings in the past decade, with large businesses' R&D investment falling 24 per cent in that time. The nation's total R&D expenditure has fallen to 1.7 per cent of GDP, compared to the average of 2.6 per cent across peer economies. The report highlights six tweaks that could once again make Australia a world leader in innovation and deliver $5 of value for every $1 spent by the government. They include simplifying the tax incentive premium for R&D to a flat rate of 18.5 per cent, removing the existing tax incentive cap of $150 million, taxing profits from Australian innovations at a concessional 10 per cent rate, and incentivising collaboration between industry and research institutions. The report also called for streamlined reporting and compliance requirements to access the R&D tax incentive, and simplifying R&D grants for businesses by consolidating the various existing grants into fewer nationally significant programs. Cochlear chief executive Dig Howitt said clear, well-funded strategies would capture the full value of local innovation and attract high-value global companies. "Given that R&D and intellectual property are mobile, there are constant efforts by other nations to attract elements of Australian business's value chain - particularly our innovation, IP development and manufacturing - offshore," he said. Atlassian chief of staff Amy Glancey said Australia has always been ideas rich but has fallen short in commercialising innovations and selling them to the world. Australia is missing out on a $7 billion per year economic boon because it has failed to keep pace in the international research and development stakes, according to a new report. Tax cuts and red tape have dominated discussions ahead of Treasurer Jim Chalmers's economic roundtable. But getting investment flowing back into technological innovation is critical to fixing productivity growth, said the Business Council of Australia, along with home-grown tech companies Cochlear and Atlassian, as they released a report by consulting firm Mandala on Monday. Just by fixing research and development (R&D) policies and without increasing the burden on the budget, an extra 0.1 per cent could be added to productivity growth each year, they claimed. "Empowering businesses to make R&D investments is critical to making our economy more productive and innovative, and for delivering greater prosperity for all Australians," said the organisation's chief executive Bran Black. But Australia has slid down the international rankings in the past decade, with large businesses' R&D investment falling 24 per cent in that time. The nation's total R&D expenditure has fallen to 1.7 per cent of GDP, compared to the average of 2.6 per cent across peer economies. The report highlights six tweaks that could once again make Australia a world leader in innovation and deliver $5 of value for every $1 spent by the government. They include simplifying the tax incentive premium for R&D to a flat rate of 18.5 per cent, removing the existing tax incentive cap of $150 million, taxing profits from Australian innovations at a concessional 10 per cent rate, and incentivising collaboration between industry and research institutions. The report also called for streamlined reporting and compliance requirements to access the R&D tax incentive, and simplifying R&D grants for businesses by consolidating the various existing grants into fewer nationally significant programs. Cochlear chief executive Dig Howitt said clear, well-funded strategies would capture the full value of local innovation and attract high-value global companies. "Given that R&D and intellectual property are mobile, there are constant efforts by other nations to attract elements of Australian business's value chain - particularly our innovation, IP development and manufacturing - offshore," he said. Atlassian chief of staff Amy Glancey said Australia has always been ideas rich but has fallen short in commercialising innovations and selling them to the world. Australia is missing out on a $7 billion per year economic boon because it has failed to keep pace in the international research and development stakes, according to a new report. Tax cuts and red tape have dominated discussions ahead of Treasurer Jim Chalmers's economic roundtable. But getting investment flowing back into technological innovation is critical to fixing productivity growth, said the Business Council of Australia, along with home-grown tech companies Cochlear and Atlassian, as they released a report by consulting firm Mandala on Monday. Just by fixing research and development (R&D) policies and without increasing the burden on the budget, an extra 0.1 per cent could be added to productivity growth each year, they claimed. "Empowering businesses to make R&D investments is critical to making our economy more productive and innovative, and for delivering greater prosperity for all Australians," said the organisation's chief executive Bran Black. But Australia has slid down the international rankings in the past decade, with large businesses' R&D investment falling 24 per cent in that time. The nation's total R&D expenditure has fallen to 1.7 per cent of GDP, compared to the average of 2.6 per cent across peer economies. The report highlights six tweaks that could once again make Australia a world leader in innovation and deliver $5 of value for every $1 spent by the government. They include simplifying the tax incentive premium for R&D to a flat rate of 18.5 per cent, removing the existing tax incentive cap of $150 million, taxing profits from Australian innovations at a concessional 10 per cent rate, and incentivising collaboration between industry and research institutions. The report also called for streamlined reporting and compliance requirements to access the R&D tax incentive, and simplifying R&D grants for businesses by consolidating the various existing grants into fewer nationally significant programs. Cochlear chief executive Dig Howitt said clear, well-funded strategies would capture the full value of local innovation and attract high-value global companies. "Given that R&D and intellectual property are mobile, there are constant efforts by other nations to attract elements of Australian business's value chain - particularly our innovation, IP development and manufacturing - offshore," he said. Atlassian chief of staff Amy Glancey said Australia has always been ideas rich but has fallen short in commercialising innovations and selling them to the world.