Here is a look at what is making news around the country today.
Today’s national news includes Australia welcoming a defence treaty between Papua New Guinea and the U.S. aimed at bolstering regional security, farmers to be granted $11 million to bolster agricultural credentials, and Australia wanting a more strengthened economic tie with the US. Also in the news is Aussie banks being warned of increased bad debts, and Netflix starts cracking down on password sharing.
Nation
US-PNG defence pact welcomed by Australia
The Australian government welcomed a defence cooperation agreement between Papua New Guinea (PNG) and the U.S. aimed at bolstering regional security amid China’s plans to increase influence in the Pacific, Reuters has reported. U.S. Secretary of State Antony Blinken and PNG Prime Minister James Marape have signed the defence pact. The United States and its ally Australia for decades have seen the Pacific as their sphere of influence, and are seeking to deter the island nations from forming security ties with China.
Economy
$11M grants to boost ag credentials
Australian farmers will be assisted to prove the premium quality, sustainability, and First Nations credentials of their produce through $11 million in grants from the Albanese Government. This funding is one part of the Government’s $100 million investment in enhancing Australia’s traceability systems. Minister for Agriculture, Fisheries and Forestry, Senator Murray Watt has announced a range of funding decisions designed to support farmers to prove the quality of their food and enjoy premium prices through traceability systems, Mirage News reported.
https://www.miragenews.com/11m-grants-to-enhance-premium-ag-credentials-1012300/
Trade minister Don Farrell wants strengthened economic ties with the US strengthened
Trade Minister Don Farrell is embarking on a four-day trip to the United States in a bid to boost economic ties after the nations agreed to the historic transfer of nuclear technology, The West Australian reported. The American, Australian and British defence supply chains and manufacturing sectors are set to be more closely intertwined as the three nations work under the AUKUS pact to build nuclear submarines. Senator Farrell will attend Asia-Pacific Economic Cooperation and Indo-Pacific Economic Framework meetings, where discussions will also span the transition to clean energy and a safe region amid anxiety over China.
https://thewest.com.au/business/trade/trade-minister-heads-to-us-to-boost-economic-ties-c-10748961
Finance
Aussie banks warned of increased bad debts
A top Australian banking analyst warned banks would soon see an increase in bad debts as the full impact of rate hikes begins to hit borrowers. Chris Haynes, head of Australian equities at Equity Trustees Asset Management, was cautious about the domestic banking sector. He said that while Australian lenders were not experiencing the same levels of stress as their US counterparts, the outlook was still bleak. He said that in the coming months, earlier positive gains made by banks would reverse and become headwinds, Money Management. com has reported.
https://www.moneymanagement.com.au/news/funds-management/things-are-going-get-worse-aussie-banks
Entertainment
Netflix is cracking down on password sharing in Australia
Popular streaming service Netflix has started its crackdown on password sharing in Australia, The Bendigo Advertiser has reported. Aussies who are sharing their account with people outside of their households can expect to start hearing from the streaming giant. “A Netflix account is for use by one household,” Netflix said. It will now cost people an extra $7.99 a month if they want to share their account with someone outside of their household.
https://www.bendigoadvertiser.com.au/story/8207187/streaming-giants-major-aussie-crackdown/
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