Here is a look at what is making news around the country today.
Today’s national news includes Australia’s cafe industry facing a downturn amid inflation, a domestic gas code finalized to control prices, a $1 billion defence agreement with Germany seen to boost jobs and industry, and visas for Indonesian business travellers extended to five years.
National
$1 billion defence agreement to boost jobs and industry
The Albanese Government has agreed to a major defence export deal with Germany, signing an in-principle agreement for Australia to supply more than 100 Boxer Heavy Weapon Carrier vehicles, built in Brisbane, Mirage News has reported. Prime Minister Anthony Albanese witnessed the signing of the agreement during his visit to Berlin. The deal will be providing around 1,000 local Australian jobs and boost the country’s defence industry.
https://www.miragenews.com/1-billion-defence-agreement-supports-australian-1043675/
Economy
Domestic gas code finalized to control prices
Australia has finalised a package of regulations for the domestic gas market with aims to force down wholesale prices without choking off new investment in one of the world’s largest liquefied natural gas (LNG) exporters, Zawya.com reported. The mandatory code of conduct includes a A$12 ($7.98) per gigajoule cap on wholesale prices, first introduced in December, and mechanisms to make the quantity of gas produced more transparent and give gas buyers more leverage during negotiations. The rules put “government at the centre of the gas market” and make it responsible for any future shortfalls, the Australia Petroleum Production & Exploration Association (APPEA) said in a statement.
Industry Update
Cafe industry faces downturn amid inflation
Australia’s $10 billion café industry is shaping as an early casualty of rising utility bills, product costs, wages and rents plus a slowdown in discretionary spending brought on by interest rate hikes, Reuters has reported. An analysis of popular cafe orders found the cost to commercially produce a steak sandwich, including all overheads from electricity to cuts of beef, rose by one-sixth in the past two years, while discretionary spending flatlined, effectively wiping out the 10 per cent profit margin typical of the industry. About one-sixth of cafes advertised for sale now close down before finding a buyer.
Business
Visa for Indonesian business travellers extended to 5 years
The Australian government has extended the validity of Indonesian business visas from three to five years in a bid to boost mutual travel. The decision came following a recent meeting between Australia’s Prime Minister Anthony Albanese and his Indonesian counterpart Joko Widodo. Indonesians will also be able to access a frequent traveller visa with a validity period of up to 10 years that allows its holder to make multiple entries to Australia. In 2022, there were approximately 654,000 Australian visitors to Indonesia, VN Express reported.
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