Here is a look at what is making news around the country today.
Today’s national news includes 3.7 million households facing food insecurity, PM Albanese flying off to Washington for security alliance meetings, Microsoft spending $3.2 billion as AI regulation comes out, and the Red meat industry posts a $7.7 billion lift in annual turnover.
Nation
3.7 million households face food insecurity
In the last 12 months, 3.7 million households in Australia have faced food insecurity, which is equivalent to more than the number of households in Sydney and Melbourne combined, according to the Foodbank Australia Hunger Report 2023. Foodbank Australia has claimed that the rising cost of living has been “tipping people over the edge” and found that this is the most common reason for food insecurity in the country in 2023. A total of 79 per cent of those in Australia suffering from food insecurity were found to be impacted by increased/ high living expenses, New Food Magazine has reported.
https://www.newfoodmagazine.com/news/195609/3-7-million-australian-households-face-food-insecurity/
Politics
PM Albanese off to Washington for security alliance meetings
Prime Minister Anthony Albanese travels Monday to the United States for a four-day visit, hoping to make progress on the AUKUS nuclear submarine deal, the VoA has reported. His official visit to the U.S. will include Albanese’s ninth meeting with President Joe Biden in the past 16 months. PM Albanese will hold talks with members of the U.S. Congress about the legislation that’s needed to ensure the progress of the AUKUS alliance. Australia’s formal security ties with the United States date to the early 1950s.
Business
Microsoft spending $3.2 billion as AI regulation comes out
Microsoft will spend $5 billion (US$3.2 billion) expanding its artificial intelligence (AI) and cloud computing abilities in Australia over two years as part of a wide-ranging effort that includes skills training and cyber security, Reuters reported. The company said it would raise its computing capacity in Australia by 250 per cent, enabling the world’s No. 13 economy to meet the demand for cloud computing— the practice of storing data on a separate network—that was expected to double from 2022 to 2026 as AI became more prevalent.
https://www.reuters.com/technology/microsoft-spend-32b-australia-ai-regulation-looms-2023-10-23/
Industries
Red meat industry posts $7.7 billion lift in annual turnover
Australia’s red meat industry has posted a whopping $7.7 billion lift in annual turnover after a 4 per cent drop the previous financial year, as domestic consumption and exports surge, Countryman has reported. Meat and Livestock Australia’s 2023 State of the Industry report, released on October 18, included new figures that showed the sector posted a $75.4b turnover nationwide in 2021-22. New South Wales accounted for 28 per cent of total turnover, followed by Victoria (24 per cent), Queensland (21 per cent), WA (13.7 per cent), South Australia (8.5 per cent), Tasmania (3 per cent) and the Northern Territory (one per cent).
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