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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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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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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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.