Business News Releases

Housing supply pipeline shrinks in June

THE Reserve Bank of Australia’s decision to hold interest rates is a welcome reprieve to households as ABS data released today shows more bad news for Australia’s housing crisis with new home building approvals falling by 7.7 percent in June, said Master Builders Australia CEO Denita Wawn.

“We can already see the impact of interest rate rises exacerbating the housing crisis," Ms Wawn said.

“Attention needs to be turned to addressing the structural undersupply challenges of the housing market. The rental market is feeling the brunt of this pressure with higher-density home building approvals sinking by 21 percent in June.

“New apartment and unit building is a key source of new supply for Australia’s rental market. These results come on top of last week’s figures showing that rental inflation has shot to its highest rate in 14 years.

“Sadly, the uptick in higher density approvals in May was short-lived with approvals returning to low levels since before the pandemic. Right now, many new home building projects are failing to get off the ground due to the combination of high costs and a declining investment appetite, inflamed by rising interest rates.

“We need to see governments working to make it easier for new projects to get the green light by kickstarting private investment and reducing development costs and delays," she said.

“Taxes, regulations and the industrial relations environment all have an impact on the cost of construction.

“The building and construction industry continues to implore the Opposition and crossbench to pass the Housing Australia Future Fund legislation,” Ms Wawn said.

www.masterbuilders.com.au

 

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Treaties Committee considered WTO Fisheries Subsidies Agreement

THE Joint Standing Committee on Treaties (JSCOT) held a public hearing yesterday into the Protocol Amending the Marrakesh Agreement Establishing the World Trade Organization: Fisheries Subsidies Agreement.

Committee Chair, Josh Wilson MP said, “The proposed Agreement is important in ensuring global food security and protecting livelihoods. The Agreement contributes to ocean sustainability and addresses the decline of global marine capture fisheries resources.”

The Agreement prohibits the granting or maintaining of subsidies for vessels engaged in Illegal Unreported and Unregulated fishing, subsidies for fishing or fishing related activities regarding an overfished stock, and subsidies for fishing or fishing related activities in the unregulated high seas.

Mr Wilson said, “The Agreement provides for targeted technical assistance and capacity building for developing country members which is important in ensuring that all members can meet the requirements of the Agreement.”

The committee heard from officials from the Department of Foreign Affairs and Trade (DFAT) and other stakeholders.

The hearing was able to be accessed online and details are available on the Committee website, along with further information about the inquiry.

 

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Promising results of new Alzheimer’s drug published – early diagnosis is key says Dementia Australia

DEMENTIA AUSTRALIA has welcomed the publication of the results of a trial showing that a new drug, donanemab, has been able to slow the progression of symptoms of early Alzheimer’s disease.

Dementia Australia CEO Maree McCabe AM said this drug was an exciting new development and another step forward in expanding the number of treatments for dementia. 

“These results provide much needed hope for people who are developing symptoms, have mild cognitive impairment or who are in the early stages of Alzheimer’s disease,” Ms McCabe said. 

“With dementia the second leading cause of death of Australians, and the leading cause of death of Australian women, we welcome any steps taken towards improving the lives of people living with dementia, their families and carers. 

“This research also highlights the importance of early diagnosis so people can access treatment and support as soon as possible,” Ms McCabe said.

“We need to raise awareness and understanding of dementia to reduce discrimination and stigma so we can ensure people with concerns about their cognition are seeking information and support as early as possible.

“We know the earlier people access support and services the better their health, care and lifestyle outcomes.

“Donanemab will need to be approved by the Therapeutic Goods Administration (TGA) for use in Australia. It also comes with possible side effects that need to be carefully monitored by health professionals,” Ms McCabe said.

The drug, developed by pharmaceutical company Eli Lilly, works by inducing antibodies designed to attach to and remove amyloid plaques from the brain. 

Chair of Dementia Curtin University and Dementia Australia, Blossom Stephan said the results of the trial were encouraging.

“The trial found that for participants with mild cognitive impairment and mild dementia, donanemab slowed cognitive decline by up to 35 percent which is very promising,” Professor Stephan said. 

“This research also highlights the need to ensure that healthcare services are equipped to deliver the intervention as well as make sure that access to treatment is equitable and available to everyone.” 

Dementia Australia dementia advocate, Bill Yeates, who was diagnosed with younger-onset-dementia in 2019, said the results were remarkable. 

“This demonstrates that it is possible to significantly slow down the rate of cognitive decline through the removal of amyloid beta (plaques) from the brain,” Mr Yeates said. 

“For me it’s that ‘ray of hope’ that I believed would happen one day, where people living with dementia can have a future. One where you can lead a better life, one that you value.” 

The results were published in a leading international journal and presented the Alzheimer's Association International Conference in Amsterdam. 

 

About Dementia Australia

Dementia Australia is the source of trusted information, education and services for the estimated more than 400,000 Australians living with dementia, and the more than 1.5 million people involved in their care. The organisation advocates for positive change and support vital research. It supports people impacted by dementia, and to enable them to live as well as possible. For support, contact the National Dementia Helpline on 1800 100 500. An interpreter service is available. The National Dementia Helpline is funded by the Australian Government. People looking for information can also visit dementia.org.au

 

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PJCIS satisfied with operation of intelligence agencies in a changing security environment

THE Parliamentary Joint Committee on Intelligence and Security (PJCIS) has tabled its annual review of six Australian intelligence agencies. The review, covering the 2020-2021 period, found that amidst a changing strategic environment and facing the significant impact of COVID-19, Australia’s intelligence agencies largely worked in an effective, and increasingly collaborative, manner.

"The committee found that, on the whole, agencies performed their roles well, particularly considering the challenging operational environment faced over the reporting period," Committee Chair, Peter Khalil MP said.

The committee made four recommendations.

Noting the increasing phenomenon of harmful disinformation during 2020 and 2021, the committee recommended that the Director-General of Security consider opportunities to report to Australians on the prevalence of disinformation, misinformation and harmful propaganda that threaten Australia’s national security.

Two further recommendations focused on improving the sharing of information with the committee by intelligence agencies as well as the Auditor-General. The remaining recommendation addressed staffing within the National Intelligence Community (NIC), and recommended that the Office of National Intelligence work with the NIC to develop consistent data collection on staff movements, with a focus on attraction and retention of staff to the NIC.

Mr Khalil said, "The people who work in Australia’s intelligence agencies are our greatest asset. By developing a whole-of-NIC recruitment and retention strategy, Australia will be better positioned to deliver on its intelligence priorities.

"This includes securing a recruitment pipeline through effective security clearance processes as well as maintaining the ‘value-proposition’ agencies offer, to remain market competitive," Mr Khalil said.

The committee’s report can be found at this link.

 

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Planners, builders and insurers unite to call for urgent planning reform

STATE GOVERNMENTS must urgently overhaul their approach to land use planning to ensure no more homes are built without regard to risk on flood plains, organisations representing planners, builders and insurers said today.

In response to the flood emergency of recent years, the Insurance Council of Australia (ICA), Master Builders Australia (MBA) and the Planning Institute of Australia (PIA) today, supported by the Australian Local Government Association (ALGA), convened the inaugural National Industry Roundtable: Land Use Planning and Resilience.

Around 60 experts from government, financial services, property, and community joined the discussion, which called on state and territory governments when thinking about future housing challenges, to urgently rethink planning rules so no more homes are built in high-risk flood-prone locations.

communique from the three sponsoring organisations outlining recommendations for reform has been released and will be sent to planning ministers, who also met today to discuss this issue.

The roundtable heard that all Australians are bearing the costs of worsening extreme weather events, and these costs are increasing because of historic planning decisions.

Attendees agreed that without reform, population pressures and inadequate planning laws will see further development of flood-prone land putting lives at risk, costing taxpayers billions of dollars in recovery and remediation, and adding to an already strained insurance sector.

Andrew Hall, Insurance Council of Australia CEO said, "The flood events of 2022, with almost 300,000 disaster-related claims costing around $7 billion, has driven up premiums and has resulted in affordability constraints for those at highest risk. Without insurance, homeowners likely can’t access a mortgage, and that is the wrong direction for our country.

"Today’s roundtable set out the actions governments must take to ensure future financial losses to homeowners, businesses and the community are avoided, and better government planning and investment is taken seriously."

Master Builders Australia CEO Denita Wawn said, "With a housing crisis at the forefront for many communities and a growing population, we must ensure that our planning laws are fit for the future and take an appropriate risk-management approach. Governments are encouraged to take a balanced approach to development and resist a default of building out with alternative considerations such as building up to take the pressure off the housing system and supported with infrastructure that is more resilient and adaptable to extreme weather events.

"Without fit for purpose planning laws technical building regulation will always fail. The housing industry needs clear and concise rules, that allow the industry to function and the community to have confidence."

Comment attributable to , CEO Planning Institute of Australia CEO Matt Collins said, "Planning is a critical tool for influencing the level of future disaster risk, and our changing climate means we need to act now to limit the impact of extreme weather on our communities. By adopting new risk-based policies and investing in better mapping and data, we can ensure development avoids or minimises exposure to flood hazards.

"Australia’s town planners support governments taking clear action to ensure more climate-conscious planning systems, and this roundtable is an important step towards this goal."

Australia Local Government Association president Linda Scott said, "Australia’s 537 councils play a vital role in building resilient communities, assisting in every corner of the nation to ensure our communities can better prepare for, respond to and recover from increasing natural disasters.

"It’s crucial we rebuild damaged local infrastructure to a more resilient standard. Councils will continue to strongly advocate for ‘building back better’ to be a core value and overriding principle of joint state/federal Disaster Recovery Funding Arrangements. On behalf of local governments, I look forward to attending the Planning Ministers’ meeting."

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