Month: September 2023

There has been scant reporting of the fact that the Australian economy has plunged into a per capita recession by Labor incompetence, as revealed in the most recent economic set of figures released by the RBA.

A per capita recession was summarised by one person on Senator Hanson’s X thread as: “This is an economic term where even if the economy grows slightly, its growth is overrun by inflation. So citizens buying power goes backward even if the economy grows.”

While the aggregate economy showed a modest growth a closer examination reveals a more complex story, with per capita terms registering a concerning second consecutive decline of 0.3%.

Per Capita GDP Decline:

The ‘per capita’ metric provides a more accurate reflection of the economic well-being of individual Australians because it emphasises the importance of sustainable growth for all citizens.

Investment and Consumption Trends:

At the aggregate level, investment emerged as a significant contributor to economic growth, adding 0.5 percentage points. This was propelled by a massive 8.2% increase in public spending, while private investment also saw a very slow rate of 0.6%. Consumption, particularly household consumption, remained positive, albeit with a slight slowdown in growth (+0.1%).

Immigration’s Influence:

A noteworthy factor affecting Australia’s GDP growth is the Albanese Government’s unprecedented immigration program. The country saw a record net influx of 502,000 visa holders (excluding tourists) in the year leading up to July. Of these arrivals, student visas accounted for 297,000. This immigration surge has undoubtedly impacted the economic landscape, and not in a positive way!

Economic Challenges:

Despite the growth, it is evident that the economy’s pace is not rapid enough to absorb the influx of newcomers. Because of Labor’s gross and outrageous mass immigration program, the Prime Minister has undermined the whole Australian economy.

This situation has serious repercussions, leading to a squeeze on living standards, the division of the economic pie, and a shortage of rental homes and infrastructure.

Conclusion:

The ABS’s latest report on Australia’s economic performance underscores the complexity of the nation’s economic landscape. While aggregate figures may suggest growth, a deeper analysis reveals the importance of addressing per capita GDP declines, managing immigration dynamics, and ensuring that economic growth is inclusive and sustainable for all Australians. As the nation navigates these challenges, informed policy decisions and public discourse will play a crucial role in shaping the future of Australia’s economy.

The Albanese Government is set to deliver the single biggest investment in social and affordable housing in more than a decade, with welcome new support today for the Housing Australia Future Fund meaning the legislation is set to pass the Senate later this week.

The passage of this legislation, along with the commitments made at last month’s National Cabinet, represents the most significant reforms to housing in a generation.

Delivering the Housing Australia Future Fund will ensure more Australians have a safe and affordable place to call home.

The $10 billion Housing Australia Future Fund will create a secure, ongoing pipeline of funding for social and affordable rental housing, fulfilling the commitment the Government made to the Australian people.

In addition, today the Government confirms an additional $1 billion will be invested in the National Housing Infrastructure Facility to support new homes.

The Government thanks the Crossbench in the House of Representatives and the Senate, including the Greens, for the constructive engagement over a number of months on this critical legislation. 

Returns from the Housing Australia Future Fund will help deliver the Government’s commitment of 30,000 new social and affordable rental homes in the fund’s first five years.

This includes 4,000 homes for women and children impacted by family and domestic violence or older women at risk of homelessness.

Fund returns will also deliver the Government’s commitments to help address acute housing needs, including:

• $200 million for the repair, maintenance and improvement of housing in remote Indigenous communities
• $100 million for crisis and transitional housing options for women and children impacted by family and domestic violence and older women at risk of homelessness; and
• $30 million to build housing for veterans who are experiencing homelessness or at-risk of homelessness.

This will mean more homes for key workers, more affordable homes for Australian renters, and more homes for those most in need.

The Housing Australia Future Fund is backed by numerous stakeholders, including housing experts, community housing providers, and every state and territory Housing Minister.

The package of housing legislation also includes the National Housing Supply and Affordability Council Bill 2023, which will establish the National Housing Supply and Affordability Council as an independent statutory advisory body.

The Treasury Laws Amendment (Housing Measures No. 1) Bill 2023 changes the name of the National Housing Finance and Investment Corporation to Housing Australia and streamlines its functions.

The Housing Australia Future Fund is one part of the Albanese Government’s ambitious housing reform agenda, which also includes:

• A $3 billion New Homes Bonus, and $500 million Housing Support Program
• A new $2 billion Social Housing Accelerator to deliver thousands of new social homes across Australia.
• A National Housing Accord which includes federal funding to deliver 10,000 affordable homes over five years from 2024 (to be matched by up to another 10,000 by the states and territories)
• Increasing the maximum rate of Commonwealth Rent Assistance by 15 per cent, the largest increase in more than 30 years
• Additional $2 billion in financing for more social and affordable rental housing through the National Housing Finance and Investment Corporation
• New incentives to boost the supply of rental housing by changing arrangements for investments in built-to-rent accommodation
• $1.7 billion one-year extension of the National Housing and Homelessness Agreement with States and Territories, including a $67.5 million boost to homelessness funding over the next year
• State and territories committing to A Better Deal for Renters
• States and territories supporting the national roll out of the Help to Buy program, which will reduce the cost of buying a home.

1. Since the establishment of diplomatic relations in 1946, the Republic of the Philippines and the Commonwealth of Australia have developed a strong and enduring partnership built on mutual respect, understanding and shared values.
2. We recall that the Comprehensive Partnership between the Philippines and Australia established in 2015 highlights the concerted efforts of our governments and peoples to advance bilateral relations.
3. Recognising the strength and dynamism of our long-standing bilateral ties and to mark a new chapter in our relations, the Philippines and Australia declare the elevation of our relationship from a Comprehensive Partnership to a Strategic Partnership.
4. Our Strategic Partnership is established in the spirit of friendship, and founded on shared democratic values and a common vision for the region where strategic agency is freely exercised and sovereignty is upheld. For the benefit of both countries, we are committed to strengthening our ties, deepening cooperation and enhancing capacity, striving for a region that is open, resilient and prosperous. The Strategic Partnership lays the foundation for our two countries to cultivate and nurture our productive potential, innovation, and creativity. We will explore new opportunities and address common challenges, recognising our collective agency and shared responsibility to respond to changing dynamics in the region.
5. In declaring this Strategic Partnership, we reaffirm our shared interests in building prosperity and preserving peace in the Indo-Pacific. We recognise that stability in the region is anchored on respect for national sovereignty and shaped by long-standing agreed rules and norms, based on international law. We will work in partnership to build strategic capability and demonstrate our shared commitment to maintaining an environment that guards against conflict. 
6. We remain committed to ASEAN centrality and recognise the importance of an inclusive ASEAN-led architecture for regional peace, stability and prosperity, characterised by the principles of openness, transparency, good governance, respect for sovereignty and adherence to international law and the rules-based international order. In recognition of the elevation of ASEAN-Australia relations to a Comprehensive Strategic Partnership in 2021, we commit to support and uphold the principles articulated in the ASEAN Outlook on the Indo-Pacific.
7. We welcome the Quad’s steadfast support for ASEAN centrality and the ASEAN Outlook on the Indo-Pacific, including through its positive and practical agenda to support regional partners’ priorities and needs and its ambition for an open, stable and prosperous Indo-Pacific region.
8. We will deepen and strengthen our ties based on adherence to the United Nations Charter.We uphold the principle of free and fair trade, open markets and resisting protectionism, the rules-based multilateral trading system, as well as mutually respected rules and norms that have shaped our relations for many decades.

Political and Strategic Cooperation

9. We commit to deepening political and strategic cooperation through frequent high-level bilateral exchanges and meetings, as well as through political dialogues and consultations in regional mechanisms.
10. In addition to the biennial foreign affairs and trade Philippines–Australia Ministerial Meeting (PAMM), under the Strategic Partnership we will establish an annual Defence Ministers’ Meeting. We commit to continue regular  high-level officials’ talks, including but not limited to, the Philippines–Australia Strategic Dialogue and the Philippines-Australia Maritime Dialogue. These will cover the breadth of our bilateral political and strategic relationship, including defence and security, maritime security cooperation, counter-terrorism and combating transnational and organised crime, critical infrastructure security, non-proliferation, arms and export controls, development cooperation, and consular and crisis management, including traditional and non-traditional crises.

Defence and Security Cooperation

11. We will enhance and strengthen our extensive and long-standing defence and security cooperation, supported by the Enhanced Defence Cooperation Program. Together, we make a meaningful contribution to regional and global security including by working with other regional partners. We will continue high-level defence consultations; cooperation in humanitarian and disaster response; education and training; cooperation and support on law enforcement, counter-terrorism, countering violent extremism, money laundering, human trafficking, illegal drug trafficking, supporting women and youth, peace and security, and maritime security; and participation in joint exercises and activities. We will solidify our cyber affairs and critical technology cooperation, including through information sharing, particularly in investigating cybercrime and cyber-enabled crimes.
12. Both countries underscore that all disputes should be resolved peacefully, without the threat or use of force or coercion, in accordance with international law, particularly the 1982 United Nations Convention on the Law of the Sea (UNCLOS), and that the South China Sea Arbitration Award of 12 July 2016 is final and legally binding on both parties, and call on both parties to abide by the award.
13. As maritime nations, we reaffirm the importance of maritime safety and security, freedom of navigation and overflight and other lawful uses of the seas in accordance with UNCLOS. To this end, we will strengthen bilateral and regional cooperation between maritime policy-making, administration, security and law enforcement agencies through dialogue and coordination, practical engagement and capacity-building activities. We will plan bilateral joint patrols in the South China Sea and in areas of mutual interest to support regional peace and stability.
14. Both countries recognise the importance of peace and stability across the Taiwan Strait.
15. We reaffirm our commitment to the preservation of regional peace and stability, and the rules-based international order. We look forward to the positive contribution the AUKUS security partnership will have to the collective security and stability of the region.
16. We reaffirm our shared ambition for a world without nuclear weapons and will work together to strengthen the global nuclear non-proliferation and disarmament regime.  We will continue to support the International Atomic Energy Agency’s essential role in facilitating peaceful uses of nuclear energy and technology while safeguarding against nuclear weapons proliferation. We affirm the international ban on the production and use of biological and chemical weapons.

Economic Relations

17. Through mechanisms such as the PAMM and the Philippines–Australia Trade, Investment and Industry Dialogue, we will bolster our economic security and   expand bilateral trade and investment. We will explore opportunities to broaden mutual economic cooperation, including developing resilient supply chains, supporting the climate and the clean energy transition, and in mining and minerals processing, education, food security, digital and creative economies, the Blue Economy across various sectors such as fisheries, aquaculture and maritime transport, and high-quality infrastructure development. We seek a region that is predictable and operates by agreed rules, standards and laws—where all countries are free from coercion. To this end, we will work together to strengthen and reform the rules-based multilateral trading system with the World Trade Organization (WTO) at its core, including having a fully and well-functioning WTO dispute settlement system, accessible to all members, by 2024.
18. Building on the complementary nature of our two economies, we will help business take advantage of meaningful market access opportunities to achieve balanced trade, eliminate unnecessary barriers to trade and investment, foster a level playing field, and pursue trade facilitation measures to achieve inclusive economic growth. We encourage positive business engagement and building an understanding of our respective trade and investment regimes and regulatory systems, including through two-way business and trade missions.
19. To sustain inclusive economic growth and mutual prosperity, we will continue to work closely to enhance the free trade agreements between our countries. These include implementing the upgraded Agreement Establishing the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA), implementing the Regional Comprehensive Economic Partnership (RCEP) Agreement, and pursuing high-standard commitments related to trade, supply chains, clean energy, and anti-corruption and tax through the Indo-Pacific Economic Framework (IPEF). We will continue to work together through Asia Pacific Economic Cooperation (APEC) to advance a free, fair and open trade and investment environment and support sustainable and inclusive economic growth.

Development Cooperation

20. The Philippines and Australia remain committed development partners, building mutually beneficial economic ties and reinforcing our cooperation for a more resilient, stable, and prosperous region. We will strengthen our longstanding development partnership by investing in inclusive programs that are responsive to the priority development needs of the Philippines.
21. We will further intensify our efforts to build a better future for our two countries and the broader region through cooperation informed by the Philippine Development Plan 2023–28, Australia’s new International Development Policy, and as set out in the Philippines–Australia Development Partnership Plan. We will continue to exchange knowledge and information, strengthen institutions, and empower local communities to be safer and more resilient against the impacts of climate change and disasters.

Environment and Climate Change

22. The Philippines and Australia will strengthen collaboration to accelerate action on climate change and address environmental concerns. Noting existing cooperation on climate change adaptation, community resilience and environmental protection, we will explore opportunities including in climate change mitigation and adaptation, renewable energy, electric vehicles and transport decarbonisation, regional connectivity, mineral resources development, biodiversity and wildlife conservation, and nature-based solutions for climate outcomes. We will seek further opportunities to work together on tackling climate change and driving the clean energy transition in regional and global forums.

People-to-People Links

23. We recognise that our people—including our diaspora communities—are central to every aspect of the bilateral relationship. We will work towards greater linkages and mobility including in labor, education, technical and vocational education and training, research, and building greater institution-to-institution partnerships and collaboration.
24. Recognising the contribution of tourism in both economies, the Philippines and Australia commit to enhancing tourism flows and supporting the exchanges of knowledge between both countries’ tourism administrators and tourism promotion agencies.
25. We will continue to facilitate extensive governmental, commercial, and cultural exchanges from all sectors and parts of society, including civil society and non-government organisations. We will also support parliamentary exchanges to advance mutual understanding between our political representatives.
26. Recognising the unique role of Indigenous Peoples in both countries, we will explore cooperation to elevate the voices and perspectives of our Indigenous Peoples, to support self-determination and empowerment, and to advance Indigenous rights.
27. We commit to promote the effective implementation of the Philippines-Australia ‘Work and Holiday’ program.
28. We recognise the importance of promoting respect for and protecting the rights and welfare of migrant workers in our respective communities. We will collaborate to raise awareness about their rights, advocate for policies that support their well-being, and strengthen our systems for monitoring and enforcing labor migration laws and standards.
29. To realise the Strategic Partnership, the President of the Republic of the Philippines and the Prime Minister of the Commonwealth of Australia will direct our foreign ministries to formulate and coordinate a whole-of-government Joint Plan of Action. The Joint Plan of Action will ensure the successful implementation of continuing programs drawn from the previous Plan of Action to elevate the Comprehensive Partnership to a Strategic Partnership, as well as to identify and take advantage of new initiatives and opportunities that accompany this elevation.

Signed in duplicate in Manila, Philippines on the 8th day of September 2023, in the English language.

Affordable access to the life-changing insulin Fiasp is set to be ripped away from more than 15,000 Australians with diabetes on 1 October 2023.

This follows the Albanese Labor Government’s decision to schedule this innovative drug for removal from the Pharmaceutical Benefits Scheme in March, without any consultation or warning for the Type 1 diabetes community.

Following significant advocacy from the sector, patients and the Coalition, the Minister was forced into providing a temporary 6-month extension to keep Fiasp on the PBS, which ends in a few weeks’ time.

As the end date to the extension looms over the diabetes community, the Minister for Health Mark Butler has been completely silent on whether users will still have affordable access to Fiasp from 1 October 2023.

This is creating an unacceptable level of uncertainty for 15,000 Australians and their families who rely on this fast-acting form of insulin that is literally life-changing.

This did not need to happen in the first place. The Minister has still not explained why he decided not to use his ministerial discretion to ensure Fiasp can remain permanently on the PBS, rather than pursing a band-aid response with this temporary extension.

He has even attempted to mislead the diabetes community by falsely indicating that the manufacturer was not willing to come to the table on a solution and that the Minister has no legal power to intervene.

The Shadow Minister for Health and Aged Care, Anne Ruston said that the Coalition understands how the fast-acting nature of Fiasp is life-changing for users compared to other available forms of insulin.

“I have heard from parents across the country who have told me how the fast-acting nature of Fiasp has changed the lives of their children. It has brought spontaneity back into their daily life and let them participate in sports and other activities in the same way as their peers.”

“The Minister must provide immediate certainty to the Type 1 diabetes community about the ongoing availability of this critical drug on the PBS and whether he has pursued a permanent solution.”

“It is unconscionable that Minister Butler continues to leave 15,000 families in the dark and has shirked any responsibility for the way this issue has been handled,” Senator Ruston said.

After more than a year of the Albanese Labor Government, the latest National Accounts show Australia is now in a per capita recession.

This means Australians are poorer per person than they were six months ago with the economy only growing off the back of record population growth.

Shadow Treasurer Angus Taylor said the latest National Accounts data sums up the pain Australian households are feeling.

“Under Labor, living standards are going backwards, the economy is shuddering to a halt and Australians are feeling poorer under this poor performing government,” Mr Taylor said.

“The economy is only growing because the population is growing. If wasn’t for record migration Australia would be in a technical recession.

“If this is the Treasurer’s economic strategy then we have huge problems ahead.

“Cost of living pressures are bearing down on household budgets. Australians are needing to work more hours to make ends meet but they’re working more hours for less.

“They’re being forced to spend significantly more for the critical items they need like groceries, fuel, insurance, energy and housing rather than the things they want.

“Inflation is still far too high and families are struggling with this reality every single day.”

Senator/Federal Member for [electorate] said instead of doing its bit to make life easier for struggling families, Labor is distracted.

“The cost of living should be priority one, two and three for this government but that’s far from what we’re seeing,” Mr/Ms/Senator [surname] said.

“Instead we have a Treasurer focused on reinventing capitalism, wasting money, raising taxes, reshaping the productivity commission to suit Labor’s big Australia agenda and prioritising airlines to drive up the cost of airfares then take its competition policy seriously.

“This government has proven it’s a walking talking economic disaster.

“Challenges on the horizon are not an excuse for a lack of an economic growth agenda. The Albanese Labor Government has an excuse for everything but takes responsibility for nothing.

“The government is distracted. It has the wrong priorities; it’s making the wrong calls and Australians are paying the price.”

What the June quarter National Accounts tell us:

• Australia has entered a per capita recession meaning the economy is only growing because the population is growing.
• Productivity has fallen for three consecutive quarters for the first time since 2005 and is experiencing its deepest three-quarter fall on record.
• Hardworking Australians with a mortgage are paying double the amount of interest compared to a year ago.
• Australians are paying more income tax – a whopping 15% more than they were a year ago.
• The household savings ratio has fallen to its lowest level since March 2008.
• Discretionary spending has dropped for the third quarter in a row meaning families are spending less of their hard-earned money on the things they want because they are struggling just to pay for the things they need.
• GDP grew just 0.4% with population growth the only thing propping up the economy.