Here is a look at what is making news around the country today.
Today’s national news includes RBA seen to hold rates steady until February, Australia participates in Japan’s Exercise Yama Sakura, Australia’s Woodside Energy signs 20-year LNG deal with Mexico Pacific, and Director-General of National Intelligence Andrew Shearer reveals the development of a “top secret” intelligence cloud network.
Economy
RBA to hold rates steady until February next year
The Reserve Bank of Australia (RBA) held interest rates steady buying it more time to assess the state of the economy and decide whether to tighten further next year even as the U.S. and Europe are seen as almost certain to ease, the Hellenic Shipping News reported. The RBA saw the monthly inflation report for October, which fell by more than expected, as insufficient to provide an update on services. It expects wages, which rose at a record pace last quarter, to ease from here, and the labour market remains tight despite signs of easing. Rates have now risen by 425 basis points since May last year, which is the most aggressive cycle on record.
Defence
Australia joins Exercise Yama Sakura
Australia is participating in Exercise Yama Sakura 85 (YS85), a large-scale Command Post Training Exercise involving the Japan Ground Self-Defense Force (JGSDF) and United States Army Pacific, for the first time. YS85 will involve around 230 members of the Australian Army, 1500 US Army personnel and 5300 JGSDF in locations across Japan and Washington State in the USA, and will be the largest ever iteration of this annual command post exercise, Australian Defence Magazine reported.
https://www.australiandefence.com.au/news/news/australia-participates-in-exercise-yama-sakura
Business
Woodside Energy signs 20-year LNG deal with Mexico Pacific
Australia’s Woodside Energy has signed a deal with energy company Mexico Pacific to purchase 1.3 million tonnes of liquefied natural gas (LNG) per annum for two decades to beef up production and optimise operations, Reuters has reported. Under the deal, the Australian oil and gas producer will buy the LNG from Mexico Pacific’s Saguaro Energia LNG project, located in Sonora, Mexico on a free-on-board basis with pricing linked to U.S. gas indices. Commercial operations at the project are targeted to start in 2029.
Technology
“Top secret” intelligence cloud revealed
Australia’s Director-General of National Intelligence Andrew Shearer has revealed the development of a “top secret” intelligence cloud that is planned to be interoperable with US and UK spy networks and enable all 10 of the lucky country’s intel agencies to better detect national security threats, Breaking Defence.com has reported. Australia, the US and the UK already closely share intelligence as three members of the Five Eyes intel-sharing arrangement, alongside New Zealand and Canada. Shearer also referenced a “lively debate” over whether Japan will join the Five Eyes group as a sixth member but did not hint one way or the other which way partner nations are leaning on the issue.
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