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☆ Australia's Indigenous recognition bill passes first hurdle
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, May 31 (Reuters) - Legislation to hold a referendum to recognise Australia's Indigenous people in the constitution cleared its first parliamentary hurdle on Wednesday as it was passed in the House of Representatives. Aboriginal people, making up about 3.2% of Australia's near 26 million population, track below national averages on most socio-economic measures and are not mentioned in the 122-year-old constitution. "We're one step closer to holding a referendum on constitutional recognition through the Voice in 2023," Linda Burney, the Minister for Indigenous Australians said in a tweet after the outcome of the vote was announced. The bill will still need to go through the senate next month, after which the government will set a date for the polls. A successful referendum would finally give constitutional recognition to Australia's Indigenous people, who are one of the most incarcerated people in the world.

Persons: Linda Burney, Praveen Menon, Christopher Cushing Organizations: SYDNEY, Representatives, National Party, Liberal, Indigenous, Thomson Locations: Torres, Australia's

☆ Australia says PwC leak of government tax documents may be referred to police
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, May 22 (Reuters) - Australia said on Monday the government will take further steps in response to the leak of government tax plans by accounting firm PricewaterhouseCoopers (PwC) and that the matter could be referred to the Australian Federal Police. PwC Australia's CEO stepped down this month and the firm has said it is "committed to learning for our mistakes". "I think the PwC experience has been deeply, deeply troubling and we've already taken some steps but we will be taking further steps," Treasurer Jim Chalmers also told ABC Radio in an interview on Monday. "I will have more to say about how we crack down on this behaviour, which is inexcusable, frankly," he said. PwC said this month that former Telstra and Optus CEO Ziggy Switkowski will lead an independent review into the leak and will report his findings and recommendations in September.

In a full page statement published in The Sydney Morning Herald, Rugby Australia (RA) said the proposed referendum is "too important a contest to watch in silence". "Provision for an Indigenous Voice to Parliament in our Constitution is long overdue," it added. RA and the AFL join the National Rugby league (NRL), several AFL clubs, and other sports governing bodies like soccer's Football Australia, Tennis Australia and the Australian Olympic Committee in formalising support for Indigenous recognition through a referendum. Prime Minister Anthony Albanese, who has staked significant political capital on the referendum, has been keen to get the support of leading sports bodies and players. Some of Australia's top athletes are Indigenous, like NBA star Patty Mills, former Olympic sprinter Cathy Freeman and former woman's tennis world number one Ash Barty.

Electric vehicles sales are already trending up, accounting for 8% of all car sales in April, up from 1.1% a year earlier. DEMAND UNCERTAINTYDespite the government's EV push, uncertainty remains over how tough its vehicle emission standards will be. The challenge is the expansion of public chargers, especially in regional areas, where the power infrastructure to support fast chargers is often scarce or absent. The country's public chargers tend to be underpowered, with 0.5 kilowatts of public charging per EV versus an average 2.4 kw worldwide. Reuters Graphics Reuters GraphicsExpansion of public chargers is slow as operators face long delays connecting to the grid.

☆ Amazon, Embracer strike deal to make 'Lord of the Rings' video game
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +1 min

[1/2] The Hobbiton Movie Set, a location for The Lord of the Rings and The Hobbit film trilogy, is pictured in Matamata, New Zealand, December 27, 2020. REUTERS/Praveen MenonMay 15 (Reuters) - Amazon.com Inc (AMZN.O) and Swedish game developer Embracer Group have agreed to develop and publish a massively multiplayer online (MMO) game based on fantasy series "The Lord of the Rings", the companies said on Monday. The game, which is in the early stages of development, will be set in Middle-earth, featuring stories of "The Hobbit" and "The Lord of the Rings" literary trilogy written by J.R.R. Video game publisher Electronic Arts also launched its mobile game "The Lord of the Rings: Heroes of Middle-earth" earlier this month. Earlier in 2021, Amazon had canceled an online role-playing game based on "The Lord of the Rings", which was announced in 2019.

Companies National Indigenous Australians Agency FollowSYDNEY, May 11 (Reuters) - Two key Australian Indigenous leaders opposed to a proposal to constitutionally recognise the country's Aboriginal and Torres Island people joined forces on Thursday in an effort to strengthen their campaign ahead of a referendum later this year. A YouGov poll out last month showed 83% of Indigenous Australians support the referendum, while a wider poll by the Guardian said 60% of Australians will vote for it. Any constitutional alterations in Australia require a national referendum. To succeed, a referendum requires a national majority of votes as well as a majority of votes in at least four of the six states. The conservative Liberal-National opposition coalition will oppose the national vote.

"The Albanese Government is delivering a transformational package of support to the Pacific, to respond to Pacific priorities and ensure our shared interests in a peaceful, prosperous and resilient region," the government said in a statement. Canberra has looked to build its defence capabilities amid concerns about rising global geopolitical tensions and China's growing influence among Pacific island nations. Defence spending as a proportion of GDP will lift above its current trajectory to be 0.2% higher by 2032-33, the budget showed. Over the next four years, the government will invest more than A$19 billion to implement the priorities identified in a defence strategic review released last month, the budget statement said. "Ultimately, defence spending will grow over the medium term, which is in line with the strategic circumstances," defence minister Richard Marles said in a statement.

☆ Macquarie commodities and markets boss earns $39 million, trumping CEO
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, May 5 (Reuters) - Macquarie Group's (MQG.AX) commodities and global markets (CGM) division head earned about A$57.6 million ($39 million) for the year ending March 31, topping the CEO's A$32.8 million compensation, according to the Australian bank's annual report. Nick O'Kane's 59% pay bump - he earned A$36.2 million in the last financial year - came after CGM contributed 57% of the Sydney-based firm's net profit, more than double the second-best asset management division. Macquarie posted another record annual profit on Friday, primarily driven by a strong performance from the CGM division, as more customers hedged against volatile energy markets. "Inventory management and trading increased substantially, driven by trading income from regional supply and demand imbalances primarily in North American gas and power markets." ($1 = 1.4901 Australian dollars)Reporting by Praveen Menon; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Hudson will be one of the few female executives leading a major company in Australia, although rival carrier Virgin Australia also has a woman as its CEO, Jayne Hrdlicka. "I come with an understanding of this organization that is very deep," Hudson told reporters in her first news conference as CEO designate. "Vanessa has been market-facing as CFO since October 2019, which will have prepared her well for the very public role as Qantas CEO," RBC Capital Markets analyst Owen Birrell said in a note. Though men still account for far more top executive roles in Australian-listed companies, a growing number of high-profile CEO roles are occupied by women, including at the No. Qantas said Hudson would continue in her current role until taking over as Qantas' 13th CEO at the 2023 annual general meeting.

SYDNEY, May 2 (Reuters) - Australia's flagship carrier, Qantas Airways Ltd (QAN.AX), said on Tuesday that long-serving CEO Alan Joyce would step aside in November, and named Vanessa Hudson as its next chief executive officer. * November 2008 - Irish-born Alan Joyce is appointed as Qantas chief executive. * April 2009 - Joyce cuts 1,750 jobs, the first major cull under his leadership, as the airline feels the full impact of the global financial crisis. * October 2016 - Joyce orchestrates a turnaround and delivers record profits and the first dividend to shareholders since 2009. * February 2023 - The airline swings to a record first-half profit on a strong demand recovery and high ticket prices.

SummarySummary Companies Hudson is the first female CEO to lead the airlineNew CEO to take over from Alan Joyce in NovemberMay 2 (Reuters) - Australia's flagship carrier, Qantas Airways Ltd (QAN.AX), on Tuesday named its finance chief Vanessa Hudson as its new chief executive officer, making her the first woman to lead the century-old airline. Hudson's appointment makes her one of the few female executives leading an airline, including Virgin Australia CEO Jayne Hrdlicka. "Vanessa has been market-facing as CFO since October 2019, which will have prepared her well for the very public role as Qantas CEO," RBC Capital Markets analyst Owen Birrell said in a note. SUCCESSION PLANSJoyce, 56, served as Qantas CEO for more than 14 years and helped navigate the airline through the COVID-19 pandemic, fluctuating fuel prices, and competition. Qantas said Hudson would continue in her current role until taking over as Qantas' 13th CEO at the 2023 annual general meeting.

☆ Australian 7-Eleven franchise puts 700-store chain up for sale
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, May 1 (Reuters) - The operator of 7-Eleven convenience stores in Australia said on Monday that its board has kickstarted the process to sell its entire business. Australia's largest convenience and fuel retailer, with more than 700 stores, said the board of 7-Eleven Holdings had commenced a process to sell the business. The process was at an early stage and was expected to take a number of months, it said in a statement on its website. Australia's 7-Eleven Stores, which is licensed by U.S.-based 7-Eleven Inc, is owned by the Withers and Barlow families. In 1976, they signed the area licence agreement to bring the 7-Eleven brand to Australia, opening the first store in Oakleigh, Victoria in 1977.

☆ Australia to prioritise long-range strike capability in defence shakeup
▼ + stars: | 2023-04-24 | by ( Kirsty Needham | ) www.reuters.com time to read: +5 min

[1/6] Australian Prime Minister Anthony Albanese, Australian Deputy Prime Minister Richard Marles, Australian Defence Industry Minister Pat Conroy and Chief of the Australian Defence Force (ADF) Angus Campbell speak to the media at a news conference after the release of the Defence Strategic Review at Parliament House in Canberra, Australia April 24, 2023. AAP/Lukas Coch/via REUTERSCANBERRA, April 24 (Reuters) - Australia's government will prioritise long-range precision strike, domestic production of guided weapons, and diplomacy - key points of a review released Monday recommending the country's biggest defence shakeup since World War Two. Australia must also strengthen defence cooperation with Japan, India, Pacific and South East Asian nations, the review said. The review found Australia's defence force was "not fit for purpose", he said. The navy needs more smaller vessels with long-range strike weapons, with details decided after an independent analysis this year, the report said.

SYDNEY, April 19 (Reuters) - Australia said on Wednesday it would introduce new standards targeting vehicle emissions to boost the uptake of electric cars, as it looks to catch up with other developed economies. "Fuel-efficient and electric vehicles are cleaner and cheaper to run - today's announcement is a win-win for motorists," Bowen said in a statement. "Fuel efficiency standards would require more affordable electric vehicles to be sent to Australia," he said. Transport is the third largest source of carbon emissions in Australia - one of the world's biggest emitters on a per capita basis. Australia's centre-left Labor government last year flagged it had plans to introduce new regulations targeting vehicle carbon emissions to increase sales of electric cars.

☆ 'Judas betrayal': Indigenous Australians denounce opposition for rejecting referendum
▼ + stars: | 2023-04-06 | by ( Praveen Menon | ) www.reuters.com time to read: +3 min

REUTERS/Loren Elliott/File PhotoSYDNEY, April 6 (Reuters) - Senior Indigenous leaders on Thursday criticised Australia's main opposition party's "Judas betrayal" for declaring it would campaign against a proposal to constitutionally recognise the country's Aboriginal and Torres Island people. Noel Pearson, an Indigenous leader and a key campaigner for the community, said he had a sleepless night after hearing the decision of the Liberal Party. "I was troubled by dreams and the spectre of the Dutton Liberal party's Judas betrayal of our country,” he told ABC radio. Uluru Dialogue spokeswoman and Indigenous leader Pat Anderson said the Liberal decision was a vote for “business as usual”. Prime Minister Anthony Albanese's government has staked significant political capital on the referendum, but no referendum has succeeded in Australia without bipartisan support.

☆ Australia opposition says opposed to Indigenous body in parliament
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, April 5 (Reuters) - Australia's main opposition Liberal party said on Wednesday it would oppose setting up a consultative body in parliament that could advise lawmakers on matters affecting the country's Indigenous people. The move comes after the centre-left Labor government moved a bill last week to hold a national referendum, the first step towards enshrining an independent advisory body for Indigenous people in the constitution by setting up an Indigenous "Voice to Parliament". He said regional and local committees in Indigenous communities could be more effective than having a national body. Any constitutional alterations in Australia require a national referendum and to succeed, it requires a double majority. That means it requires a national majority of votes as well as a majority of votes in at least four of the six states.

☆ Australia may inadvertently fuel cyber crime, says data theft victim service
▼ + stars: | 2023-04-05 | by ( Byron Kaye | ) www.reuters.com time to read: +4 min

SYDNEY, April 5 (Reuters) - An Australian government-backed service for victims of identity theft blasted a plan to toughen privacy laws amid an explosion of online data theft, saying it would spur compromised companies to pay ransom and invite more hacking. IDCare, a non-profit that helps internet crime victims, said by making it easier for regulators to fine companies for poor data security and failing to criminalise ransom payment, Australia may inadvertently fuel a cyber-crimewave. Canberra raised the maximum fine to A$50 million ($34 million) from A$2.2 million for companies that fail to stop data theft after the first major attack in October, when some 10 million customer accounts at No. DEMAND SPIKESince Australia made it compulsory for companies to report data breaches in 2018, IDCare's submission said community demand for its services had rocketed. ($1 = 1.4806 Australian dollars)Reporting by Byron Kaye; Editing by Praveen Menon and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Origin, Australia's top energy retailer, on Monday agreed to the long-running takeover offer from the consortium, nearing the conclusion of one of the country's biggest private equity-backed buyouts. Once the deal is completed, EIG's MidOcean Energy will take control of Origin's integrated gas business. Thomas said government policy swings world over are a by-product of the volatility associated with the tension between energy security and the transition to cleaner energy. Origin, Australia's No. Brookfield said it plans to invest a further A$20 billion of capital to fully replace Origin's power generation and its power purchases with green power over a decade.

Heading into a state election on Saturday, the conservative coalition has promised to rein in the powerful "pokies" industry in a jurisdiction with nearly one-tenth of the world's million machines, second only to Las Vegas. "This is the first time in our state's history ... that poker machine reform is actually an election issue," said Stu Cameron, CEO of Wesley Mission, a charity that supports the homeless, addicts and others. Reuters Graphics Reuters Graphics"We are the epicenter of pokie machine addiction not just in Australia but across the world. McMillan, the air conditioning repairman, said cashless machines alone could not stop problem gambling, but "I would promote any change that could help people". Since then, a quarter of its 400 groups have taken grants from slot machine interests, Reuters' analysis of publicly available documents showed, in a sign of the industry's grassroots hold.

The agreement will also see U.S. and British submarines deployed in Western Australia to help train Australian crews and bolster deterrence. This first phase of the plan is already underway with the U.S. Virginia-class nuclear-powered attack submarine Asheville visiting Perth in Western Australia, officials said. Briefing a small group of reporters on Friday, Sullivan dismissed China's concerns and pointed to Beijing's own military buildup, including nuclear-powered submarines. 'DOUBLE DIGIT BILLION' INVESTMENTAustralia had agreed to contribute funds to boost U.S. and British submarine production and maintenance capacity, the official said. Australia's nuclear-powered submarine program with the United States and Britain will cost Australia up to A$368 billion ($245 billion) by 2055, a defense official said.

☆ Australia's nuclear submarine plan to cost up to $245 billion by 2055 -defence official
▼ + stars: | 2023-03-13 | by ( Lewis Jackson | ) www.reuters.com time to read: +4 min

CANBERRA, March 14 (Reuters) - Australia's nuclear-powered submarine programme with the United States and Britain will cost up to A$368 billion ($245 billion) over the next three decades, a defence official said on Tuesday, the country's biggest single defence project in history. Albanese said the programme would start with a A$6 billion ($4 billion) investment over the next four years to expand a major submarine base and the country's submarine shipyards, as well as train skilled workers. The total cost of the submarine program is estimated to be A$268 billion to A$368 billion by 2055, or roughly 0.15% of gross domestic product per year, a defence official told Reuters. U.S. nuclear-powered submarines will visit Western Australia more frequently this year, with British submarines making port visits starting in 2026. From 2027 the Perth base, HMAS Stirling, will be host to a rotational presence of British and U.S. nuclear-powered submarines to build Australia's experience.

☆ Australian tech firms say they don't have material exposure to SVB
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, March 13 (Reuters) - Several Australian and New Zealand tech firms said on Monday they did not have material exposure to Silicon Valley Bank following the failure of the U.S. startup-focused lender SVB Financial Group (SIVB.O) last week. Australian Treasurer Jim Chalmers said the government was aware some Australian firms have been impacted but added the country's "institutions are solid (and) our banking sector is well-capitalised." Australian design technology firm Canva said the majority of its cash was outside SVB and that it had "safety nets in place" to ensure its operations were not compromised. Friday's failure of SVB Financial Group, which focuses on technology startups, was the biggest bank collapse in the United States since the 2008 financial crisis. On Sunday, state regulators closed New York-based Signature Bank (SBNY.O), the second bank failure in two days, as the U.S. Treasury and Federal Reserve unveiled a range of measures to stabilise the banking system.

Australia's second largest airline is in talks with banks including Goldman Sachs (GS.N) and UBS (UBSG.S) about the loan, said the sources, although no decision has been made yet and the size of the debt has not been finalised. The sources did not wish to be identified as the discussions were private. The airline's owner Bain Capital and Goldman Sachs declined to comment. Bain said in January it would explore re-listing Virgin, which it bought for A$3.5 billion ($2.45 billion) including liabilities in 2020 after it was placed in voluntary administration, the closest Australian equivalent to Chapter 11 bankruptcy. It hired Goldman, UBS and Barrenjoey last month as lead managers for the potential initial public offering (IPO).

☆ GQG Partners likely to increase Adani investment, says founder
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, March 8 (Reuters) - GQG Partners would likely expand its investment in the Adani group, the fund firm's founder Rajiv Jain said on Wednesday, a week after its $1.9 billion infusion into the embattled Indian conglomerate. GQG Partners, co-founded by Jain in 2016, bought shares worth $1.87 billion in four Adani group companies, marking the first major investment in the Indian conglomerate since a short-seller's critical report in January sparked a stock rout. Last week, pension fund investor Cbus Super, with A$71 billion ($46.82 billion) under management, told Reuters they had queried GQG about the Adani purchase. A GQG spokesperson said Jain's trip had been planned for some time and the discussions included topics other than Adani. Jain said he has not had a conversation with the Adani group since the transaction.

SYDNEY, March 7 (Reuters) - GQG Partners Inc founder Rajiv Jain will meet clients and investors in Australia this week, the company said in a statement on Tuesday, and will explain its investment into embattled Indian Adani group. GQG Partners bought shares worth $1.87 billion in four Adani group companies, marking the first major investment in the Indian conglomerate since a short-seller's critical report sparked a stock rout. "Rajiv Jain is visiting Australia this week to meet with investors. "It's also an opportunity to respond to any questions they have about the business including the Adani investment." It purchased the stock from the Adani family trust, according to the Indian firm's filings.

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