Friday, 29 April 2016 Sydney

Invest In Australia News::

  • World economic outlook: New IMF forecasts

    The IMF released its latest outlook for the world economy this week. Back in January, the Fund was predicting a fairly modest improvement in the global economic outlook in 2016, with growth forecast to pick up slightly from an estimated 3.1 per cent in 2015 to 3.4 per cent this year and 3.6 per cent in 2017. This despite the fact that the same January update had also seen the IMF trim its October 2015 World Economic Outlook (WEO) growth forecasts for both 2016 and 2017 by 0.2 percentage points.

  • Contractor for Roper Highway truck bay upgrades announced

    A safer and more productive road network in the Northern Territory's Gulf region is a step closer with local Katherine company Woodhill and Sons Pty Ltd awarded the contract to upgrade three truck parking bays on the Roper Highway.

    Federal Minister for Infrastructure and Transport Darren Chester said the $1.5 million project would be jointly funded by the Australian and Northern Territory governments.

    “The project will upgrade the parking bays from unsealed to sealed standard, providing a higher standard of rest stop for truck drivers,” Mr Chester said.

  • Contractor for Roper Highway truck bay upgrades announced

    A safer and more productive road network in the Northern Territory's Gulf region is a step closer with local Katherine company Woodhill and Sons Pty Ltd awarded the contract to upgrade three truck parking bays on the Roper Highway.

    Federal Minister for Infrastructure and Transport Darren Chester said the $1.5 million project would be jointly funded by the Australian and Northern Territory governments.

    “The project will upgrade the parking bays from unsealed to sealed standard, providing a higher standard of rest stop for truck drivers,” Mr Chester said.

  • Developing fintech collaborations with Malaysia

    Australia’s growing financial technology (fintech) capabilities were highlighted during a major industry conference in Kuala Lumpur in late March.

    ‘Malaysia: The Rise of Fintech Innovation and Disruption’ – a two-day event organised by the Australian Trade and Investment Commission (Austrade) in collaboration with the New South Wales Government – outlined how Australia’s fintech capability aligns with Malaysia’s financial services sector ambitions.

    Discussions centred on how fintech collaborations can be forged between the two nations.

  • Gateway WA Doorstop Western Australia

    Senator the Hon Mathias Cormann
    Minister for Finance
    Deputy Leader of the Government in the Senate

    The Hon. Darren Chester MP 
    Minister for Infrastructure and Transport

    The Hon. Dean Nalder MLA
    West Australian Minister for Transport






    Perth Freight Link

    PRIME MINISTER: Ladies and gentlemen, this is such a great day for improving Perth's infrastructure - its connectivity to the world and its connectivity within the city - very important for Western Australia and Australia to seize those great opportunities of the 21st century.

  • School compliance with the Education Act

    “In May 2015 my department initiated a formal review into six school authorities affiliated with the Australian Federation of Islamic Councils (AFIC) following ongoing concerns about their independence, financial management and governance arrangements.

    “As a result of this review, on 13 November 2015, my department issued a Notice of proposed decision to each of the six school authorities as required under Commonwealth legislation. These notices detailed the department’s concerns about their independence, financial management and governance arrangements and invited each authority to ‘show cause’ why its approval to receive Federal Government funding should not be revoked.

  • "Australia offers a diversified economy for investors

    Australia offers a much more diversified economy for investors than is generally perceived, Steven Ciobo, Australia’s Minister for Trade and Investment, said in Hong Kong recently.

    The Minister was speaking to prominent international political, economic, financial and academic delegates at the Credit Suisse 19th Annual Asian Investment Conference, which was held in the days leading up to Australia’s largest-ever trade mission – Australia Week in China (AWIC)*.

    Mr Ciobo said that over the past decade or so Australians had witnessed a great mining investment boom, but that ‘we are now witnessing something else of equal significance – the successful transition of Australia’s economy to a prosperous, post-mining boom era’.

  • Albany to host key regional development meetings

    Albany will be on show in October when it hosts two premier conferences about economic prosperity and development in regional Australia.

    Minister for Regional Development Fiona Nash has today announced that the 2016 Regional Development Australia (RDA) National Forum will be held in the Western Australian city to coincide with the Sustainable Economic Growth for Regional Australia (SEGRA).

    Minister Nash said she is pleased to see these two important regional conferences meeting this year together in Albany, the cultural hub of the Great Southern Region of Western Australia.

    “Aligning the two events provides a unique opportunity for RDA Committee members to explore key issues affecting regional Australia,” Minister Nash said.

  • "Australian LNG Lessons in creating a success story "

    11 April 2016: The good, the bad and the occasionally ugly…the decade-long development of Australia’s globally significant liquefied natural gas (LNG) industry has presented a raft of success stories, issues and challenges that have tested the best local and global players.

    But according to a new Deloitte report, innovation and collaboration remain at the core of the sector’s success as Australia, with over AU$200 billion in new and existing projects, emerges as the world’s largest LNG exporting nation.

  • US food company investing US7.49 million in Melbourne research hub

    The US snack food giant, Mondelēz International, is investing US$7.49 million in a food research hub in Melbourne in collaboration with Melbourne University.

    Part-funded by the Australian Research Council, the hub focuses on learning about consumer behaviour in ASEAN markets, as well as analysing market levers, innovative ingredient use, consumer experience, product design and packaging.

    Research from the hub is helping to make the most of Australia’s high-quality food exports, and assist Australian businesses in producing the types of products that will appeal to consumers in South East Asia.

  • Monash upgrade the centrepiece of Turnbull Government's Victorian infrastructure package

    The Turnbull Government has committed to an additional $1.5 billion to get on with essential infrastructure to support Victoria's regions and ensure Melbourne retains its mantle as one of the most liveable cities in the world.

    The centrepiece of our new commitment is a billion-dollar upgrade of the congested Monash Freeway serving the communities of South Eastern Melbourne.

    Other elements of the package include the final upgrades of the M80 Western Ring Road, improved freight rail connections from regional Victoria to export markets, planning work on the Melbourne Metro project and an allocation for regional roads and urban congestion projects to be mutually agreed between the two governments.

  • Statement regarding the review of taxation arrangements for Working Holiday Makers

    • Minister for Tourism and International Education, Senator the Hon Richard Colbeck
    • Assistant Minister for Agriculture and Water Resources, Senator the Hon Anne Ruston
    • Assistant Minister to the Deputy Prime Minister, The Hon Keith Pitt MP

    8 April 2016

    On 16 March 2016 the Government announced that it would conduct a review of the 2015 Budget measure on tax arrangements for visitors on Working Holiday Maker (WHM) visas due to significant industry concerns about the impact of the measure.

  • Trade Winds

    This week’s readings include analysis of demographic opportunities, and a think piece on why the modern economy should be measured differently.

  • "Topic(s): Banks, Higher education, Budget"

    DAVID KOCH: A series of corruption scandals in the finance sector have led PM Malcolm Turnbull to rebuke the banks over their treatment of customers. 

    PRIME MINISTER [EXCERPT]: The truth is that despite the public support offered at their time of need, our bankers have not always treated their customers as they should. 

    DAVID KOCH: Those comments were made after ASIC, the corporate watchdog, accused Westpac of interest rate rigging and the comments were made at a Westpac function yesterday. Similar allegations were made against the ANZ last month. Finance Minister Mathias Cormann is with us this morning. Minister, good morning to you. 

  • Australia Climbs Three Places in KPMG’s Business Competiveness Index

    KPMG has released its Competitive Alternatives 2016 report. The study, which is conducted biennially, looks at ten countries and 111 cities around the world, examining 26 significant business cost elements, including labour, facilities, transportation, utilities and taxes. The survey is based on information collected mainly between July 2015 and January 2016. A lower index indicates a more competitive business cost environment (which is benchmarked relative to the United States).

  • New Nanoscience Hub at Sydney University

    The Australian Institute for Nanoscale Science and Technology at Sydney University will open a new Nanoscience Hub*on April 20.

    The new Hub brings together expertise in physics, chemistry, engineering and medical sciences in a purpose-built facility to devise, fabricate, test and deploy new nanoscale science and technology.

    The Australian Government has provided A$40 million in funding.

    Most advanced

  • The increasing costs of higher education

    As the PBO acknowledges and as official Government figures show, the costs to taxpayers of higher education have, over recent years, grown dramatically.

    Since 2009, with the demand driven system, taxpayer funding for Commonwealth supported places in higher education has increased by 59 per cent as compared to 29 per cent growth in nominal GDP over the same period of time. Funding of university students has, essentially, grown at twice the rate of the economy.

  • Austrade Bangladesh launches alumni business forum on LinkedIn

    The Australia – Bangladesh Business Forum has been launched on LinkedIn. The forum is for Australian alumni to facilitate networking and business opportunities with other Australian alumni.

    Austrade aims to use the forum to:

  • SurveyMonkey opens Asia-Pacific headquarters in Sydney

    The world’s largest survey platform, the US$2 billion tech start-up SurveyMonkey, has opened its Asia-Pacific headquarters in Sydney.

    SurveyMonkeys’s web-based survey services enable users to create polls, customise survey questions, distribute questionnaires online, and collect responses in real time.

    The Sydney office is SurveyMonkey’s largest investment outside the United States and Europe. The move into Australia was driven not only by considerable in-country demand, with more than 50,000 businesses now using the service, but also because Sydney will now serve as the hub for the company’s Asian strategy.

  • Boosting trade opportunities for Tasmanian horticulture sector

    Today’s announcement of $130,000 to establish the Tasmanian Horticulture Market Growth Project will help boost trade opportunities for Tasmania’s fruit and vegetable industries.

    Senator Richard Colbeck, Minister Assisting the Minister for Trade and Investment, welcomed the announcement and said it delivers on an election commitment to help grow the horticulture industry and improve returns to farmers.

    “I was pleased to oversee the Tasmanian Fruit and Vegetable Taskforce in my role as Parliamentary Secretary for Agriculture,” Senator Colbeck said.

  • Australia's trade by state and territory

    Demand for Australian goods and services was strong in 2014-15, with export volumes increasing in Western Australia (up 8.3 per cent), Queensland (up 5.5 per cent), Victoria (up 3.2 per cent) and the Australian Capital Territory (up 3 per cent), according to Australia's Trade by State and Territory 2014-15 report released today. 

    The report, by Department of Foreign Affairs and Trade, is the latest in the series of DFAT’s annual analysis of international trade and provides a complete statistical guide to goods and services imports and exports for each state and territory.

  • Australia’s services exports by state

    Over the past year services customers have shown a growing appetite for Australia’s services exports.

    Recent export data shows that services exports grew faster than goods exports in 2014-15, growing at a rate of 9.4 per cent over the year.

    While measurement issues mean that we understate the importance of services in our export profile, recent data confirms a strong export performance at a national level.

  • Nationwide VET FEE-HELP consultations start today

    Minister for Vocational Education and Skills Senator the Hon Scott Ryan will today be convening the first in a series of national consultations, to work towards the Coalition Government's promised redesign of Labor's flawed VET FEE-HELP scheme.


    The consultations, which begin today in Perth and will travel to Adelaide, Melbourne, Sydney, Brisbane and Cairns, will inform a discussion paper to be released into the redesign of the VET FEE-HELP scheme.


    Minister Ryan will host the consultation series which will be attended by VET FEE-HELP training providers, representatives from peak training bodies and industry and community stakeholders.