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All changes compared to 7am yesterday.

Australia rises to second spot in world balanced budget Olyimpics:

Australia’s overall budget balance is the second strongest among G20 nations, behind only Canada, according to the International Monetary Fund’s latest fiscal monitoring results.

The IMF’s half-yearly update, released on Wednesday night, found Australia’s overall budget balance came in at -0.9% of gross domestic product in 2023, with only Canada’s budget position (-0.6%) faring better.

Australia has shot up the rankings in the latest data, having placed equal 14th in 2021 and seventh in 2022, when it fared worse than countries such as Korea, Russia and Saudi Arabia.

The treasurer, Jim Chalmers (Above left), and the finance minister, Katy Gallagher (Above center), hailed what they described as a “Remarkable achievement” in Australia’s budget management since they took office.

The balance includes the budgets of the states and the commonwealth.

“Our responsible management is ensuring that fiscal policy is taking the pressure off inflation when it is at its highest,” the ministers said in a statement.

“The Albanese government delivered Australia’s first surplus in 15 years in 2022-23, achieving a $100bn turnaround in the forecast inherited from the former government. A second surplus in next month’s budget remains within reach.”

House speaker Mike Johnson moving forward with Ukraine aid bill:

House speaker Mike Johnson (Above right) announced Wednesday he is sticking with his plan to put a series of foreign aid bills on the floor, including funding for Ukraine, after facing significant pressure from hardliners.

“After significant Member feedback and discussion, the House Rules Committee will be posting soon today the text of three bills that will fund America’s national security interests and allies in Israel, the Indo-Pacific, and Ukraine, including a loan structure for aid, and enhanced strategy and accountability,” Johnson said in the note.

The three-part supplemental package looks strikingly similar to the Senate’s bill in several key ways including that the package includes a little more than $9 billion in humanitarian aid for Gaza and other conflict zones around the world, which had been a red line for Democrats.

The bills, taken together, also add up to about $95 billion in aid – the same amount the Senate bill included – with an adjustment that $10 billion in Ukraine economic assistance is in the form of a repayable loan. This specific assistance is the kind of direct payment that helps Ukraine’s government continue to function during a war.

China's aggressive behaviour triggers strengthened stance

The Australian - Page 5 : 18 April 2024 - Original article by Cameron Stewart - Portmac.News Summary

The federal government released its new national defence strategy on Wednesday.

The document notes that Australia's strategic environment has worsened since the Defence Strategic Review was released in 2023.

The national defence strategy also notes China's growing use of "coercive" tactics to change the strategic power balance in the Pacific region in its favour.

In addition, it notes that the risk of a crisis or conflict in the Taiwan Strait is increasing, amid expectations that China will eventually invade Taiwan.

Regional focus will alarm allies

The Australian - Page 5 : 18 April 2024 - Original article by Sarah Ison - Portmac.News Summary

Defence Minister Richard Marles says the focus of Australia's defence policy must shift to the Indo-Pacific region and the strategic challenges that the nation faces close to home.

Marles also says that Australia must adopt a "Strategy of denial", whereby conflicts in the region are prevented before they are allowed to start. He adds that Australia must have the defence capability to resist coercion and "Maintain our way of life" in a much less certain region and world.

Defence Strategic Review co-lead Peter Dean says focusing on the Pacific region is in Australia's national interest, but former Department of Defence bureaucrat Peter Jennings says this policy shift may concern allies such as the US.

'Future Made in Australia' plan a 'fool's errand'

The Australian - Page 1 & 2 : 18 April 2024 - Original article by Joe Kelly - Portmac.News Summary

The federal government is continuing to attract scrutiny over its Future Made in Australia policy.

Former Productivity Commission chairman Gary Banks has told a conference in Fremantle that spending billions of dollars on subsiding uncompetitive local manufacturing firms is a "Fool's errand" that risks repeating the mistakes of the past.

Amongst other things, Professor Banks expressed concern that the subsidies could see companies that are not internationally competitive become dependent on taxpayers' support.

He also criticised other federal government policies, including the National Disability Insurance Scheme, industrial relations reforms and its productivity agenda.

Economists offer mixed opinions on what the budget promises

The Australian Financial Review - Page 25 : 18 April 2024 - Original article by Cecile Lefort - Portmac.News Summary

The consensus of economists polled by the Australian Financial Review is that the federal government will deliver a second consecutive budget surplus on 14 May.

However, the downturn in the price of iron ore means the surplus is expected to be smaller than last year.

Some economists have also cautioned against implementing stimulatory measures that may boost inflation.

Jo Masters from Barrenjoey expects the budget to provide "Targeted and temporary" cost-of-living relief, while Diana Mousina from AMP anticipates that the government will expand the pharmaceutical benefits scheme amid rising medical expenses.

Student visa slowdown 'Could push us towards a recession'

The Australian - Page 6 : 18 April 2024 - Original article by Tim Dodd - Portmac.News Summary

The value of Australia's education exports reached a record $48bn in 2023, and spending by international students accounted for 0.8% of the nation's GDP growth of 1.5%.

Universities Australia is among eight peak bodies in the international education sector that have written a joint letter to Home Affairs Minister Clare O'Neil.

They have warned that the federal government's move to reduce migration by slowing the processing of student visas risks creating unintended consequences, including job losses, damage to Australia's reputation as a host country for students, and potentially a recession.

However, they have backed O'Neill's focus on student quality rather than quantity.

'Dangerous falsehoods' : Social media faces big fines under revamped laws

The Age - Page Online : 18 April 2024 - Original article by Paul Sakkal - Portmac.News Summary

Communications Minister Michelle Rowland has indicated that a revised bill targeting misinformation and disinformation on digital platforms will be tabled in parliament this year.

The misinformation bill was put on hold in 2023, but Rowlands says action is needed in the wake of the falsehoods that were spread on social media in the wake of the recent knife attacks at Westfield Bondi Junction and an Assyrian Christian church.

Rowland contends that the recent events in Sydney highlight the need for technology companies to have systems and processes in place to address seriously harmful misinformation and disinformation on their platforms.

Dutton's seat on Climate 200's 20-strong hit list

The Australian Financial Review - Page 4 : 18 April 2024 - Original article by Phillip Coorey - Portmac.News Summary

The Climate 200 organisation has launched a Community Accelerator Fund, with the aim of raising $1m to help finance the federal election campaigns of 'Community candidates'.

Climate 200 has identified up to 20 seats that it will target at the next election, having helped to finance the campaigns of six successful 'Teal' candidates in 2022.

Climate 200 intends to target at least 11 seats that are currently held by the Liberal Party, including those of Opposition leader Peter Dutton and senior Liberals such as Sussan Ley and Paul Fletcher.

However, only two Labor seats are being targeted by Climate 200 at present.

Qenos collapse puts hundreds of jobs at risk

The Australian - Page 13 & 16 : 18 April 2024 - Original article by Nick Evans - Portmac.News Summary

Chemicals and plastics manufacturer Qenos has been placed in the hands of voluntary administrators from McGrathNicol.

The company employs about 700 people at two plants in Victoria and NSW; its Botany plant in Sydney is already slated for closure and has not been operating since early 2023.

Meanwhile the Altona plant in Melbourne is also widely tipped to be shut down.

ChemChina recently sold Qenos to property developer Logos, which is likely to incur large costs in remediating the Botany and Altona sites before they can be redeveloped for other uses.

Rio seeks timely approvals after iron ore production dips

The Australian Financial Review - Page 17 : 18 April 2024 - Original article by Brad Thompson - Portmac.News Summary

Rio Tinto has advised that its Pilbara iron ore shipments totalled 78 million tonnes in the first three months of 2024.

This is 5% lower year-on-year and 10% lower than the three months to December 2023.

The resources group has attributed the fall in shipments for the March quarter to factors such as lower production and disruptions at its Pilbara ports due to cyclone activity.

However, Rio Tinto has maintained its full-year production guidance of between 328 and 338 million tonnes.

It has also emphasised that achieving this guidance will depend on receiving environmental and Indigenous heritage approvals in a timely manner.

Fortescue compensation should include land and ore, court told

The New Daily - Page Online : 18 April 2024 - Original article by Rudi Maxwell - Portmac.News Summary

Fortescue has shipped about $50bn worth of iron ore from its Solomon hub in the Pilbara since 2013, although it has not paid any royalties to the traditional owners.

The Yindjibarndi people are seeking compensation for the loss of economic benefits and the destruction of cultural sites due to mining on their land.

PwC Australia valuer Campbell Jaski has told the Federal Court that any compensation should be based solely on the value of the land, rather than the iron ore that is extracted from it.

However, independent expert Murray Meaton has contended that any valuation of the land must take into account the estimated 2,800 million tonnes of iron ore that it contains.

Housing's double whammy

The Australian - Page 21 : 18 April 2024 - Original article by Robert Gottliebsen - Portmac.News Summary

The Australian housing market is being severely hit on two fronts.

Construction has slumped in large segments of the housing market, while the rising number of established dwellings that are being listed for sale is hurting this segment of the market.

The twin downturns will soon impact wider areas of the economy, and confirm that government policies aimed at boosting housing supply are not realistic.

To begin progress towards increasing dwelling construction will require dramatic changes in the policies of both state and federal governments.

ASX continues rout

The Australian Financial Review - Page 24 : 18 April 2024 - Original article by Sarah Jones - Portmac.News Summary

The Australian sharemarket edged lower on Wednesday, with the S&P/ASX 200 easing 0.1% to close at 7,605.6 points.

However, gold stocks rallied as demand for the 'Safe haven' metal remained high, with Evolution Mining rising 7.5% to $4.16 and De Grey Mining up 5.5% at $1.36.

Renascor Resources advanced 26.5% to $0.105 and Alpha HPA ended the session 6.9% higher at $1.09; both companies will receive federal government loans to support their critical minerals projects.