Here is a look at what is making news around the country today.
Today’s national news includes Australia’s exports to China hitting record highs, Australia’s budget trimming down the forecast for cost of servicing debt, Australia’s ‘Cyber offence’ can be its most effective weapon in deterring China, and more Honda Civic Type Rs coming to Australia as demand peaks.
Economy
Australia’s exports to China hit record highs
Australia’s exports to China surged to record highs in March as the Asian giant sucked in more iron for its steel industry and lowered barriers to thermal coal shipments amid thawing diplomatic relations, Aljazeera has reported. Data showed exports of Australian goods to China hit $19 billion in March, a rise of 31 per cent from a year earlier and pipping the previous peak from mid-2021. The jump helped lift Australia’s total trade surplus to its second-highest record at $15.3 billion, a boon to mining profits and tax receipts.
Budget to trim forecast for cost of servicing debt
Australia has lowered its forecast for the cost of servicing government debt over the next three years, though the government still sees annual repayments rising to a peak in fiscal 2025/26 before declining slightly, Reuters has reported. Interest payments on Australian government securities are forecast to total $85.8 billion between fiscal 2022/23 and 2025/26. Record prices for commodities, the lifeblood of the Australian economy, will help Treasurer Jim Chalmers pay for tax cuts, interest bills, and more spending on childcare and health when he presents a budget next Tuesday. The reduced forecast for debt servicing will provide additional breathing room in the budget.
Technology
‘Cyber offence’ might be its most potent weapon in deterring China
Australia can use its cyber forces to strike strategic targets inside China now, or for the sake of deterrence, to hold out that threat. Cyber forces are now an integral part of a country’s strike capability in wartime. The United States is planning wartime cyber attacks against China, should they be needed. Australia is aiming for world-class offensive options in cyberspace. The AUKUS allies coordinate closely together on cyber operations, and this area of activity is a prime focus for the new grouping. China is adept at cyber offences. But contrary to popular belief, cyber security isn’t a strong point for China, and this makes it particularly vulnerable to attack in wartime, the Asia Times reported.
https://asiatimes.com/2023/05/australia-taking-the-measure-of-chinas-cyber-vulnerability/
Motoring
Additional Honda Civic Type Rs coming
Potential Honda Civic Type R buyers and those who have already placed their orders would be happy to know that more stock will arrive in Australia. “Got a call today from dealer to advise Honda Aus has an additional 500 cars. My delivery date has been moved from Dec to June this year!” said one owner of the group based in New South Wales. Wait times for the Civic Type R, which went on sale earlier this year, had blown out too late in 2024 as Honda confirmed the vehicle had been sold out for 20 months. Honda Australia’s website still lists wait times of up to 24 months for the Type R, Car Expert has reported.
https://www.carexpert.com.au/car-news/more-honda-civic-type-rs-coming-to-australia
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