Inflation, low wage growth and little job creation have made life very tough in Papua New Guinea for the ordinary person. The PNG government has made some effort to respond to cost-of-living pressures. Depreciation of the kina, while painful for urban residents, helps rural producers earn more for their coffee exports and helps make their vegetable sales more competitive against imports. Increasing the tax-free income tax threshold and doing away with tuition fees helps the working poor and parents. But, with the 2025 budget due to be delivered next month (November 2024), PNG should look to Fiji to see what else it could do to help the country’s population.

Unlike PNG, Fiji has a multiple-rate GST, or VAT as Fiji calls its equivalent. Fiji introduced its VAT in 1992. In 1999, it introduced zero-rating – a zero VAT charge – for various food items. Since then, the number of items zero-rated has been expanded and currently stands at 22, including basic food items (such as flour and rice), basic household items (such as soap and kerosene) and essentials such as prescribed medicines and sanitary pads. Fiji thus currently has two VAT rates: 0 and 15%.

PNG by contrast has persisted with its uniform 10% rate since its introduction of the GST in 1999. More detailed modelling is needed, but some arrangement whereby basic goods were zero-rated and the main rate increased to, say, 15% (as in Fiji) would be much more equitable than PNG’s current system since it would shift more of the tax burden to the better-off consumers (via the 15% rate) away from the worse-off (whose consumption is focused more on basic goods, such as food, which would not be taxed).

Fiji also stands apart from PNG with respect to its social transfer system. Fiji’s Finance Minister Professor Biman Prasad stated in his 2024-25 budget, “We need to protect our vulnerable, the elderly and people with disabilities”. He went on to say that the budget would provide $F200 million (about K360 million) “for around 104,000 beneficiaries under the family assistance scheme, social pension scheme, care and protection allowance, disability allowance, rural pregnant mother food allowance and transport assistance scheme”.

That’s about 10% of the population, so about one million people in PNG. Social transfers tend to be dismissed in PNG as handouts and leading to a dependency mentality, but surely those in need for reasons of disability or age should be getting government support. And, in fact, international evidence shows that such support is empowering rather than debilitating. Certainly such transfers would be a better use of public funds than the massive MP slush funds.

Of course, a system of cash transfers presupposes an administrative capability to disburse funds to individuals. Looking at how PNG has fared with large public-facing projects such as the National Identity Card does not fill one with confidence. Nevertheless, a start could be made in this year’s budget, perhaps with the introduction of cash transfers to the disabled and the non-rich elderly poor. Not only are these groups clearly in need of help, but they are also ones with relatively straightforward eligibility criteria.

One way forward would be through outsourcing. Banks, other financial institutions and mobile phone operators could be invited to tender to distribute the new social transfers. International expertise should also be drawn on. Both the World Bank and Australia’s Partnerships for Social Protection have extensive expertise in this area. The next 12 months could be dedicated to planning, with the actual launch of the transfers in 2026.

The January riots should be a wake-up call. When it formulates its 2025 budget, the PNG government should look to Fiji to see what more can be done to prevent future riots, to make life easier for the ordinary Papua New Guinean, and to fulfil PNG’s constitutional directive “to achieve an equitable distribution of incomes”.

Disclosure: This research was undertaken with the support of the ANU-UPNG Partnership, an initiative of the PNG-Australia Partnership, funded by the Department of Foreign Affairs and Trade. The views are those of the authors only.

This article was first published in the Australian National University’s DevpolicyBlog and has been republished here with the kind permission of the editor(s). The Blog is run out of the Development Policy Centre housed in the Crawford School of Public Policy in the ANU College of Asia and the Pacific at The Australian National University.

Contributing Author(s): Andrew Anton Mako is a visiting lecturer and project coordinator for the ANU-UPNG Partnership. He has worked as a research officer at the Development Policy Centre and as a research fellow at the PNG National Research Institute. Stephen Howes is Director of the Development Policy Centre and Professor of Economics at the Crawford School of Public Policy at The Australian National University.

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The co-founders—Mayrah Sonter, Leesa Watego, and Dr Evans—recognised the collective achievements of Indigenous businesses over the past decade, emphasizing their commitment to sustainable and inclusive practices.

Dr Michelle Evans, co-founder of the Dilin Duwa Centre, praised the impact of Indigenous businesses:

“The sector employs over 116,795 people, demonstrating how Indigenous enterprises are committed to developing Indigenous talent.”

The gathering brought together Indigenous business professionals, past award winners, and this year’s honorees to celebrate the progress of First Nations businesses and strengthen networks in the community.

The co-founders highlighted that this milestone represents a significant moment for Indigenous enterprises and their allies to reflect and rejoice in their business practices.

Four outstanding Indigenous businesses were recognised with awards this year:

• Indigenous Ingenuity Award: Project Net Zero for using innovative business models to tackle community challenges.
• Indigenous Digital Inventiveness Award: Empower Digital for enhancing cultural creativity through digital enterprise.
• I2I Award: Riley Callie Resources Pty Ltd for fostering connections between Indigenous businesses.
• Regional Indigenous Business Award: Townsville CBD Electrical Pty Ltd for significant contributions to regional economies.

This year’s guest judge for the Indigenous Business Month Award Applications was Rory Chapman, a descendant of the Wiradjuri/Ngemba people and from the Beetson, Falk and Majick families and a well-known technology leader and owner of Embrace Tech, which supports Indigenous organisations through technology.

Chapman expressed admiration for the high quality of applicants and winners, highlighting their exceptional innovation and commitment to Indigenous excellence.

“I was incredibly impressed to see the calibre of the applicants and winners for the Indigenous Business Month awards this year. There were some truly exceptional businesses and business owners, showcasing remarkable innovation and blak excellence!”

Simone Kenmore, Head of Indigenous Banking at CommBank, congratulated all finalists and winners, expressing support for the growth of the Indigenous business sector.

“CommBank is a proud supporter of Indigenous Business Month and is committed to supporting thriving Indigenous Business Sector. Congratulations to the 2024 Award finalists and winners!“

Indigenous Business Month is a collective movement that celebrates and showcases the diversity and excellence of Aboriginal and Torres Strait Islander businesses across Australia in October. The event was generously supported by CommBank and the Dilin Duwa Centre for Indigenous Business Leadership.

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Dakuitoga’s initiative is aimed at reducing traffic congestion and pollution in Fiji’s capital with Qaqi Mai: Bike Share that has garnered support from the United Nations Development Programme (UNDP) and other global institutions.

This initiative is now supported through UNDP Small Grants Programme as it is aligned to one of United Nations’ key strategic initiatives focused on catalysing sustainable urban solutions.

Dakuitoga’s vision for Qaqi Mai was born during his daily bus commutes between Nausori and Suva, where he witnessed the struggles of fellow passengers.

Reflecting on his own humble beginnings, Dakuitoga was struck by the gruelling commutes and felt compelled to find an eco-friendly and accessible solution to ease the burden on Fiji’s commuters.

“One morning, you get those ‘light bulb’ moments… it hit me on one of those rides to work—something has to be done,” Dakuitoga shared with FBC News.

From this inspiration, he developed Qaqi Mai, a bike-sharing venture designed to offer Fijians a sustainable alternative to traditional forms of transport.

“Qaqi Mai” in Fijian means “to peddle” or “grind it,” and the company aims to give the phrase a new, deeper meaning through its mission to provide accessible green transportation.

The project has already received significant support through grants, including one from the Global Green Growth Institute’s (GGGI) Pacific Greenpreneur Programme.

After facing setbacks in his first attempt to secure funding, Dakuitoga remained determined, ultimately securing $10,000 in seed funding from GGGI. He plans to launch the pilot programme in Suva by 2025, offering bicycles for rent at universities and hotels, with an app-based registration and payment system.

Qaqi Mai aligns with Fiji’s national goals of reducing greenhouse gas emissions and achieving net-zero emissions by 2050 and also reflects a global shift towards greener urban transport solutions.

Dakuitoga says the bicycles feature cutting-edge technology, including GPS tracking, anti-theft mechanisms, and maintenance-free tyres, making them a practical and secure option for Fijian commuters.

While Dakuitoga recognises the financial challenges ahead, including shipment costs for the bicycles, he remains optimistic, buoyed by the Fijian government’s decision to waive import duties on bicycles.

Dakuitoga told Pacific Makete that he hopes to expand the scheme beyond Suva, eventually introducing electric bikes and scooters as part of Fiji’s green transportation future.

Dakuitoga is determined to make Qaqi Mai a leading name in Fiji’s green transport sector, contributing to a cleaner, more sustainable future for the island nation.

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The meeting, which took place in the Indian capital, Delhi, focused on critical global issues, reinforcing India’s growing presence on the international stage.

Dr Jaishankar shared details of the meeting on social media, stating, “Pleased to interact with MPs from Australia and Germany today in Delhi. We exchanged views on FDI, technology, supply chains, maritime security, the Indo-Pacific, and Ukraine.”

This dialogue underscores the shared commitment between India, Australia, and Germany towards promoting cooperation in these areas, with a special emphasis on Indo-Pacific security and economic stability.

The discussions come amid Dr Jaishankar’s ongoing engagement with international leaders, where topics such as Foreign Direct Investment (FDI), technological advancement, and securing global supply chains have taken precedence. The minister’s focus on maritime security and the Indo-Pacific is particularly relevant as the region faces growing geopolitical challenges.

Australia’s High Commissioner to India, Philip Green OAM, described the meeting between Australian and German MPs with India’s External Affairs Minister Dr S. Jaishankar as “a unique but valuable initiative.”

Green emphasised the collaborative efforts to promote Indo-Pacific ties, thanking Dr Jaishankar for “sharing your insights with this special group.”

Dr Jaishankar’s interaction with the MPs follows his recent address at the NDTV World Summit 2024, where he highlighted India’s economic ambitions.

Citing a Goldman Sachs study, he projected that India is poised to become the third-largest economy by 2030, with further growth to reach a USD 52.5 trillion economy by 2075.

“If one were to predict ahead… by 2075, we would be a USD 52.5 trillion economy, the second-largest at that point in the world. But, much nearer, short-term prediction is that by 2030, we would probably be the third-largest economy,” Dr Jaishankar stated.

He also touched on the increasing global demand for Indian talent, particularly in Europe and North America, where the movement of skilled professionals from India is seen as vital to addressing demographic challenges.

“India’s demography is disproportionately large, and this is driving international demand for smooth movement of talent and skills,” he noted.

Dr Jaishankar further stressed the importance of leadership and resilience in times of crisis, referencing the ongoing war in Ukraine and the potential impact of natural disasters in the Indian Ocean. These multifaceted discussions reflect India’s determination to build stronger international partnerships and contribute to global stability and growth.

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The expansion is expected to foster closer partnerships between Australian travel companies, airlines, and logistics providers, creating new business opportunities for both nations.

Currently, Fiji Airways operates direct flights connecting key Australian cities such as Sydney, Brisbane, and Melbourne to Nadi, Fiji’s main international hub. These routes have been vital in reviving Fiji’s tourism industry post-pandemic, with 2024 marking a record number of Australian visitors.

The airline’s plans to introduce additional routes and increase the frequency of existing ones are anticipated to stimulate the tourism sector further, benefiting the economies of both Fiji and Australia.

Beyond leisure travel, the expanded routes are expected to strengthen trade links between the two countries. Businesses will have access to more efficient logistics, facilitating the transportation of goods such as Fijian agricultural products, which are in growing demand in Australia. This development promises a smoother and quicker movement of goods and services, enhancing bilateral trade.

Fiji Airways currently offers daily flights to Sydney, six weekly flights to Brisbane, and five weekly flights to Melbourne, with seasonal services to Adelaide. The airline is also exploring potential new connections to Perth. Increased connectivity is likely to boost tourism flows, while also providing opportunities for Australian airlines to explore code-sharing agreements and joint marketing initiatives with Fiji Airways.

As demand for Pacific travel continues to grow, this expansion positions Fiji as a crucial hub for South Pacific tourism and trade, contributing to sustained growth and long-term benefits for both Fiji and Australia.

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3VIMA is the first commercial 3D concrete printing company in Australia, focused on a vision to deliver exceptional projects with the use of technology that is clearly foreseen as the future in construction.

CEO and Founder of 3VIMA, Mr Ranganathan, is a visionary determined to implement cutting-edge technology in the construction market and for Australia to stay in the forefront of this innovation in AI and Robotics.

Mr Ranganathan says that 3VIMA can potentially construct a three bedroom house in as less as six weeks leveraging existing skills and trades. This will also generate a faster turnaround of income for the tradies given the shorter construction time.

Mr Ranganathan has a Masters Degree in Engineering from RMIT Australia and has 35 years of corporate experience having worked with global giants like IBM and Fujitsu Australia. But with innovation embedded in his DNA he founded 3VIMA to pursue his entrepreneurial dreams.

This cutting edge technology is literally what it is named, 3D concrete printing!

3VIMA recently added the Special Edition PLATYPUS X4 from LUYTEN to their fleet.

The design of this special edition X4, is exceptional as it does an entire house in a single print setup, it takes less than two hours to assemble on-site. 3VIMA are able to run the printer in shifts around the clock, with extremely low noise factor, which can become a huge advantage when it would be operated with neighbours around.

Speaking about the new edition to his fleet, Mr Rangnathan said,

“We are printing outdoor in regional NSW without worrying about common ailments in 3DCP and the results are flawless, this is a perfected product commercially ready, and it’s not just a robot, there is a real use case of advanced AI algorithms at play, helping to maximise efficiency of the whole construction cycle, thus achieving the savings so many talk about”.

Popularly known as “The 3D Man” Mr Ranganathan worked hand in hand with LUYTEN to prepare his team on understanding the fundamentals of Additive Manufacturing, and properly prepare for what is required in material science and project operations.

The PLATYPUS X4 SE can build entire houses in single prints, with a size of 4 metres in height, 8 metres in width and is modular, with a seamless extendable drive chain capacity.

LUYTEN PLATYPUS Series Printers have gone through many iterations and maturity cycles to be a complete world class system, which is market ready.

Mr Ranganathan says that he chose LUYTEN because of their globally recognised fleet of printers, robust technology, strongly backed support locally, team of deep tech experts and because they have products that are already proven overseas and in Australia.

According to Mr Ranganathan his aim is to expedite the Australian dream of home ownership into a reality through technology along with the luxury of aesthetically pleasing structures which are built to last the test of time.

In recognition of his work the Australia India Business Council (AIBC) felicitated Mr Ranganthan at their Annual Gala Dinner.

“We fundamentally have a social responsibility for the technology to scale and strive to apply it in ways that benefit and is accepted by the wider community. A core principle we believe and strive to always follow is conducting our operations with utmost honesty and integrity.”

“Also, our key vision is to enable the construction industry to be educated in 3DCP and adopt the emerging ways which is the ‘future of construction’. We play our part in mitigating the housing crisis and creating a sustainable future”, says Jai.

Note: Above article is published as per The Australia Today’s global content partnership initiative.

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By Peter Judge

In the past two months, a raft of reports relating to Vanuatu’s economy have been released: the national government’s Half Year Economic and Fiscal Update, the International Monetary Fund’s Article IV report, the Asian Development Bank’s Pacific Economic Monitor plus government tourism and trade statistics.

When these are read together it is hard to avoid the conclusion that there is an emerging economic emergency in Vanuatu.

The simplest metric to measure economic activity is the quantity of Value Added Tax (VAT). This started the year off in record fashion, but the liquidation of Air Vanuatu had a clear and crushing impact. VAT returns in June (VUV996 million) were 25% lower than the year before (VUV1,388 million).

This is part of a broader crisis in government revenue, which was 23% below target from January until June, with no single revenue source meeting its target. Citizenship program revenue is the biggest concern, with revenue down 24% on 2023 and 50% on the 2020 peak. (The Citizenship By Investment Program, formally known as the Vanuatu Development Support Program, is a program which allows foreign citizens to purchase passports and gain visa-free travel to more than 80 countries.)

The World Bank estimates that the economy is 3% smaller than in 2019, and that real GDP per capita (approximately income per person) is US$2,517 (VUV 205,602). This is 11% lower than in 2019, and 8% lower than in 2000. There is no country at this income level which provides core government services to an acceptable quality.

The national government is forecasting annual growth of 3.8% from 2025 to 2028, and the IMF forecasts just 2% annual growth until 2044. With the population growing at roughly 2% yearly, this would mean limited improvements in the quality of life.

This would be concerning normally, but with the climate emergency looming, it is critical.  The economic costs of the crisis will be huge, and the single best way to adapt to it is to get richer. Constant technological and geopolitical upheavals make it all the more important for Vanuatu to become more resilient.

In the face of these challenges, Vanuatu should be aiming for a growth rate of at least 7% until at least 2050. To achieve this, there must be a drastic expansion in productive capacity – the amount of goods and services an economy can produce. Limited productive capacity is one of the reasons Vanuatu has had the highest inflation in the Pacific since 2019.

Far too much of the growth of the past decade has failed to boost productive capacity. This is particularly true of growth driven by citizenship sales, aid and remittances. Of course, these all have major positives, but they also all involve large amounts of money flowing into the economy that has not been earned within Vanuatu, much of which flows straight out again through imports.

To boost productive capacity, Vanuatu needs huge amounts of good investment — this is what builds genuine wealth and resilience over the long-term.

The government is currently spending but not investing. Expenses (day-to-day spending) hit a record high in the first half of 2024 (VUV19.7 billion), but investment remains low and slow. Just 4.6% (VUV790 million) of the capital budget for the year had been spent by June.

Forecasts for government expenses are steady, while government investment forecasts for 2025-2028 have been downgraded from VUV22 billion to VUV15 billion.

The IMF is calling for fiscal consolidation (cutting spending) in response to the revenue issues. Somehow, they have not learnt from their own long and disastrous history what awful policy this is. Following this advice has already caused major issues in the past six months in Kenya, Ghana, Sri Lanka and Bangladesh, and no-one can seriously argue that the government is spending enough to deliver the most basic services.

Over the long run, the only way that higher spending can be sustainable is if the economy is far larger. Most of this growth will have to come from the private sector. Businesses have endured a brutal decade of natural disasters, COVID, political instability and consistent air connectivity issues. As a result, private sector confidence and trust is low.

Foreign direct investment was just 0.9% of GDP in 2023, well below the historical average. There is limited data on domestic investment, but there is definitely not enough.

Merchandise exports were just 8% higher in 2023 than in 2014, far below both inflation and population growth. Food inflation has been 60% over this period, with many increasingly struggling to afford healthy food. Visitor arrivals by air were 29% lower in 2023 than in 2014 and they have fallen a further 28% this year.

The business environment remains extremely challenging, with access to skills the biggest issue. A country’s most important resource is its people but heartbreakingly the current generation of children is categorically not being given the tools needed. Three out of ten children are stunted, while eight out of ten failed to meet the minimum standard for Year 4 Literacy in the most recent Pacific-wide assessment.

But in the face of all of these challenges, there remains cause for immense optimism. The full case for this is at least a whole article in itself, but three key points are briefly made below.

First, Vanuatu is a wonderful, peaceful and friendly country, and many of its foundations are extremely strong; often more so than in richer countries.

Second, emerging technologies mean that the economic story could be completely transformed in a very short timeframe.

Third, there has been undoubtedly been rapid progress in many areas, and we must not forgot that progress.

It’s also the case that a number of good initiatives have been announced recently, such as the increasing digitalization of government and the townships project. But, of course, there is much more that must be done.

One idea is to set up an Economic and Investment Committee, chaired by the Prime Minister, with a single goal of achieving 7% economic growth. The Economic and Investment Forum in March this year generated 80 ideas for improving the business environment. Such a committee could go through these ideas and rapidly implement the best.

However, the full impact of many reforms would not be felt for years, and would not solve the immediate revenue issues.

I would therefore suggest that VAT is increased to 20%. The emerging economic emergency means that drastic action is needed, and VAT is the only lever that can provide the required revenue in the timeframe required.

Of course, this would be highly controversial and painful, particularly for those struggling the most. For the policy to work, two things must happen.

First, there must be an accompanying major improvement in how the government spends money. Inefficient and wasteful spending must be replaced by quality investment for the long-term future of Vanuatu. The devastating Off-Budget Entities Report is a clear indicator of the need for urgent reform.

Second, part of the revenue raised should be used to reform the business environment. To this end, I would also suggest that nearly every single fee and charge is completely abolished, and that a 10% VAT rate is applied to key sectors (such as shipping, Vanuatu-made goods and construction). This can be done almost immediately, and it would both make a major difference to the ease of doing business and send a strong signal that the government is serious about reform and growth.

This article was first published in the Australian National University’s DevpolicyBlog and has been republished here with the kind permission of the editor(s). The Blog is run out of the Development Policy Centre housed in the Crawford School of Public Policy in the ANU College of Asia and the Pacific at The Australian National University.

Contributing Author: Peter Judge is Director of Economics and Research at Pacific Consulting Limited (PCL), a Port Vila based sustainable development consultancy.

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The news was confirmed in a statement by the Tata Group, expressing the profound loss felt across the organisation and the nation.

Ratan Tata, known for his transformative leadership, retired as chairman of Tata Group in 2012 but remained deeply influential as Chairman Emeritus of Tata Sons.

In 2008, Ratan Tata was honoured with the Padma Vibhushan, India’s second-highest civilian award. His influence was not limited to India. Ratan Tata played a crucial role in fostering strong economic ties between India and Australia, which was recognised when he was appointed an Honorary Officer in the Order of Australia (AO) in 2023.

Ratan Tata’s advocacy for the Australia-India Economic Cooperation and Trade Agreement further cemented his legacy as a champion of international relations.

Tata Consultancy Services (TCS), the IT arm of the Tata Group, became one of the largest employers of Australians among Indian companies, solidifying Tata’s commitment to creating global opportunities.

The Australia India Business Council (AIBC) expressed deep sorrow over the passing of Ratan Tata, a visionary leader in global business and a champion of innovation, ethical leadership, and social responsibility.

AIBC in a statement on LinkedIn extended condolences to the Tata family and honoured Tata’s lasting impact on both nations and the world.

“Ratan Tata was not just a prominent business figure; he was a statesman, philanthropist, and a bridge-builder between nations.

His support for strengthening Australia-India ties inspired numerous collaborations across industries, including education, technology, and sustainability.”

In a tribute, Prime Minister of India Narendra Modi described Ratan Tata as “a visionary business leader, a compassionate soul, and an extraordinary human being,” recognising his contributions to Indian industry and his philanthropy. “Extremely pained by his passing,” Modi added, reflecting the national sense of loss.

Ratan Tata took over the reins of the Tata Group in 1991, succeeding his uncle, J.R.D. Tata, at a time when India’s economy was opening up to the world. His tenure was marked not only by expansion but by innovation and his vision for the group extended far beyond India’s borders, spearheading acquisitions that included British tea brand Tetley, Anglo-Dutch steelmaker Corus, and British luxury car brands Jaguar and Land Rover. These moves catapulted Tata Group onto the global stage.

Despite his business success, Ratan Tata was known for his humility and low-profile lifestyle. He was never married and often kept out of the spotlight. Under his leadership, Tata Group’s philanthropic arm focused on education, healthcare, and rural development, positively impacting millions of lives. His ethical approach to business earned him widespread respect, not only in India but internationally.

Throughout his life, Ratan Tata’s focus remained on societal betterment. Whether through business or philanthropy, his contributions have left an indelible mark on India and the world. “His legacy will continue to inspire us as we strive to uphold the principles he so passionately championed,” said Natarajan Chandrasekaran, Chairman of Tata Sons.

In two heartfelt tributes, prominent Indian business leaders expressed deep sorrow over the passing of Ratan Tata.

Kiran Mazumdar-Shaw (Padma Shri and Padma Bhushan awardee), Executive Chairperson of Biocon Limited, a distinguished alumna of the University of Ballarat (now Federation University Australia) who was made an Honorary Member of the Order of Australia (AM) in the General Division in 2020, shared in a post: “This is a picture I will cherish forever. Such a great man and a great mind. Blessed to have known him. Om Shanti.”

Mukesh Ambani, Reliance Industries Limited, mourned Ratan Tata’s death, describing it as a significant loss for India and Indian industry. On a personal note, he called Ratan Tata a dear friend whose interactions left him inspired and full of admiration for his noble character and values.

Gautam Adani also paid tribute, calling Ratan Tata a giant and visionary who reshaped modern India. He emphasised Tata’s integrity, compassion, and lifelong commitment to the nation’s progress. Adani remarked that legends like Tata never fade away, concluding with a peaceful wish, “Om Shanti.”

Ratan Tata’s passing marks the end of an era, but his influence will undoubtedly continue to resonate in the industries, communities, and lives he touched. His life serves as a testament to the power of ethical leadership and a commitment to innovation for the common good.

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In the first season, this docu-series covered four enterprising individuals and their migrant stories. The second season brings you insights on an extremely relevant topic of our times, ‘Entrepreneurship in the age of AI’.

The docuseries covers people who are either unknown or invisible in mainstream media. The series is attempting to establish a platform where these founders can be made visible through storytelling hence the name ‘Visible Founders’.

Directed by Indian-Australian entreprenuer Anand Tamboli, the documentary ‘Entrepreneurship in the age of AI’ will be released on YouTube on 18th October.

“This year we have one of the most relevant topics of our times – Artificial Intelligence. AI has become more pervasive than before, and now it matters more to smaller businesses. Learning about the first-hand experiences of migrant small business founders is the key to bring this topic with relevance to the migrant small business community. This documentary is aiming to do that”, says Anand.

The film features Kunal Bhusare, Milind Kulkarni, Bassam Khoreich, Carla Diaz Wadewitz and Anand himself.

The documentary was screened recently at Western Sydney University Launch Pad and is supported by the NSW Government as part of their NSW Small Business Month.

The event included talks by Senior Coordinator, Communications and Activation for Launch Pad (Startup Incubator) at WSU, Mabel Joe and Australia India Business Council (AIBC) Associate Chair Irfan Malik and a panel discussion on the impact of AI by the entrepreneurs featured in the film.

Should young people be paid less than their older counterparts, even if they’re working the same job? Whether you think it’s fair or not, it’s been standard practice in many industries for a long time.

The argument is that young people are not fully “work-ready” and require more intensive employer support to develop the right skills for their job.

But change could be on the horizon. Major unions and some politicians are pushing for reform – arguing “youth wages” should be scrapped entirely for adults.

Why? They say the need to be fairly paid for equal work effort, as well as economic considerations such as the high cost of living and ongoing housing crisis, mean paying young adults less based on their age is out of step with modern Australia.

So is there a problem with our current system, and if so, how might we go about fixing it?

What are youth wages?

In Australia, a youth wage or junior pay rate is paid as an increasing percentage of an award’s corresponding full adult wage until an employee reaches the age of 21.

This isn’t the case in every industry – some awards require all adults to be paid the same minimum rates.

But for those not covered by a specific award, as well as those working in industries including those covered by the General Retail Industry Award, Fast Food Industry Award and Pharmacy Industry Award, employees younger than 21 are not paid the full rate.

Why pay less?

Conventionally, junior rates have been thought of as a “training wage”. Younger people are typically less experienced, so as they gain more skills on the job over time, they are paid a higher hourly rate.

But there are a few key problems with this approach, which may not be relevant given many employers’ expectations for their workers to start “job-ready” and a lack of consistency in the training they provide.

Training up and developing skills is an important part of building any career. But it isn’t always provided by their employers.

Many young workers train themselves in job-related technical education and short courses, often at their own expense and prior to starting work.

Employers reap the benefit of this pre-employment training and so a “wage discount” for younger workers may be irrelevant in this instance.

None of this is to say employers aren’t offering something important when they take on young employees.

Younger workers coming into employment relatively early have access to more than just a paid job, but also become part of a team, with responsibilities and job requirements that support “bigger-picture” life skills.

Those who employ them may be contributing to their broader social and cultural engagement, something that could be considered part of a more inclusive training package. Whether that justifies a significant wage discount is less clear.

Calls for a rethink

There are growing calls for a rethink on the way we compensate young people for their efforts.

An application by the Shop Distributive and Allied Employees’ Association – the union for retail, fast food and warehousing workers – seeks to remove junior rates for adult employees on three key awards. This action will be heard by the Fair Work Commission next year.

Sally McManus, Secretary of the Australian Council of Trade Unions, said the peak union body will lobby the government to legislate such changes if this application fails. The Greens have added their support.

That doesn’t have to mean abolishing youth wages altogether. But 21 years of age is a high threshold, especially given we get the right to major adult responsibilities such as voting and driving by 18.

A transition strategy could consider gradually lowering this threshold, or increasing the wage percentages over time.

Lessons from New Zealand

We wouldn’t be the first to make such a bold change if we did.

Our geographically and culturally close neighbour, New Zealand, has already removed the “youth wage” – replacing it with a “first job” rate and a training wage set at 80% of the full award rate in 2008.

A common argument against abolishing youth wages – and increasing the minimum wage in general – is that it will stop businesses hiring young people and thus increase unemployment.

But a 2021 study that examined the effects of New Zealand’s experience with increasing minimum wages – including this change – found little discernible difference in employment outcomes for young workers.

The authors did note, however, that New Zealand’s economic downturn post-2008 had a marked effect on the employment of young workers more generally.

What’s fair?

It’s easy to see how we arrived at the case for paying younger adults less. But younger workers should not bear the burden of intergenerational inequity by “losing out” on wages in the early part of their working life.

The debate we see now echoes the discussions about equal pay for equal work value run in the 1960s and ‘70s in relation to women’s unequal pay.

We were warned that paying women the same as men would cause huge economic dislocation. Such a catastrophe simply did not come to pass.

Kerry Brown, Professor of Employment and Industry, School of Business and Law, Edith Cowan University

This article is republished from The Conversation under a Creative Commons license. Read the original article.

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As per statement, the government will strengthen the Unit Pricing Code, making it easier for shoppers to accurately compare prices and get the best value for their money.

Shrinkflation refers to the practice where the size of a product is reduced while the price remains the same, or even increases. With packaging often unchanged, this can mislead consumers, especially those doing their weekly grocery shopping.

The strengthened Unit Pricing Code will help address this issue by ensuring Australians can clearly see the price of products based on their volume, weight, or per unit, preventing them from being caught out by shrinking products disguised by familiar packaging.

The Albanese Government is also set to introduce hefty penalties for supermarkets found in breach of the Unit Pricing Code, cracking down on any retailers engaging in misleading practices.

“Stronger unit pricing and new penalties are part of our plan to ensure Australians get a better deal at the supermarket,” said Prime Minister Anthony Albanese.

“We are committed to making sure the ACCC [Australian Competition and Consumer Commission] remains a tough cop on the beat, holding supermarkets accountable and ensuring there are real consequences for those doing the wrong thing.”

An ACCC Interim Supermarket Inquiry Report, released last week, revealed that nearly 90% of Australian consumers regularly use unit pricing to make informed purchasing decisions. However, concerns were raised during the inquiry about the inconsistent use of unit measurements, as well as the visibility and readability of unit prices on supermarket labels.

In response, the government plans to consult on several improvements to the Unit Pricing Code, including:

• Enhancing the visibility and readability of unit pricing in stores;
• Addressing inconsistencies in units of measurement used across different retailers;
• Expanding the scope of retailers covered by the Code;
• Introducing clearer rules on how prominently unit pricing should be displayed; and
• Improving the use of unit pricing in cross-retailer price comparisons.

The ACCC will also receive funding to launch a consumer awareness campaign, helping shoppers identify the best deals by teaching them how to use unit pricing effectively.

Assistant Treasurer Stephen Jones emphasised the importance of protecting Australians from unfair pricing tactics. “Misleading practices around pricing are illegal and inappropriate. Australian consumers deserve transparency and fair prices – not dodgy discounts,” Jones said.

“We have empowered the ACCC to take swift action against businesses trying to take advantage of consumers.”

This latest initiative follows a series of measures from the Albanese Government aimed at reducing the cost of living for Australians. These include a $30 million funding boost for the ACCC to crack down on market practices that increase living costs, consultations on a new mandatory Food and Grocery Code, and steps to revitalise National Competition Policy.

Assistant Minister for Competition Andrew Leigh reinforced the government’s commitment to fairness in the supermarket industry.

“We want a system that is fair for families and for farmers. By holding supermarkets to account and giving consumers the information they need, we’re helping Australian families save time and money at the checkout,” Leigh said.

With the proposed changes, the Albanese Government aims to ensure consumers are better equipped to spot misleading pricing tactics and make informed purchasing decisions, ultimately helping to ease the financial strain at the supermarket.

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Australia has a long history of domestic airlines collapsing, often affecting thousands of travellers, yet the industry provides little or no recompense.

Even the federal government’s recently released aviation discussion paper recognised the need for change by recommending important protections for passengers. These included making airlines honour refunds if flights were cancelled or significantly delayed.

The 2024 Aviation White Paper included the most consumer friendly proposals in 30 years. However, there was one significant omission in the 156-page report.

There was no mention of insolvency protection for airline passengers. To put it simply, if a domestic or international airline collapses there is little likelihood passengers who paid airfares will receive a refund.

In most cases, passengers affected by airline collapses receive little or no compensation. Fewer than 20% of Australian domestic passengers pay for domestic travel insurance compared to the 90% of Australians who buy insurance when they fly internationally.

A history of failed airlines

Since 1990 we have seen the rise and fall of multiple Australian airlines. This includes Compass Mark 1, Compass Mark 2, Ansett Airlines, Impulse Air and Aussie Air.

In May, Bonza collapsed after less than a year of operation. And more recently, services operated by REX (Regional Air Express) between capital cities stopped and its regional services are under pressure.

Virgin and Qantas immediately volunteered to honour the inter-city bookings of some REX ticket holders. However, nearly all affected Bonza passengers lost their money because no other airlines flew the same routes.

The risk of both domestic and international airline collapses affecting Australian travellers is real. Consumers are as entitled to be protected from that risk as they are from many other travel related risks.

The UK and European approach

The UK approach to insolvency insurance has worked well since 1973. The UK scheme is known as “ATOL” or Air Travel Operators Licence. It applies to package tour companies who sell air travel combined with land tours or accommodation

This user-pays, government-guaranteed insurance cover is compulsory for all British travellers who book a package tour. It costs only A$5 per person. It guarantees a full refund and return flights to the passenger’s point of origin if the tour operator goes out of business.

A similar scheme has operated in the European Union since 1990, its known as the European Package Travel Directive.

As part of a 2024 book I co-edited with Bruce Prideaux, I focused on the collapse of the famous British tour operator, Thomas Cook in 2019.

I also compared insolvency consumer protection in the UK with that of Australia and New Zealand.

The Thomas Cook experience

When Thomas Cook collapsed in the United Kingdom and Europe, 600,000 British and European Union passengers were fully refunded the cost of their tours and flown to their port of departure under their regions’ respective schemes. And the cost of their disrupted tours was refunded.

Funding built into the UK scheme covered full refunds to affected passengers at negligible cost to government which guaranteed the scheme.

By contrast, a far smaller collapse of two Australian based tour operators, Tempo Holidays and Bentours in September 2019 affected fewer than 1,000 passengers.

However not all the affected travellers were refunded due to the limitations of the insolvency scheme run by what was then the Australian Federation of Travel Agents.

Under this scheme travellers only receive insolvency protection if they pay by credit or debit card. There is a reliance on banks to refund if a tour operator becomes insolvent. If the passenger paid for their tour by cheque or cash, no refund applied.

What Australia needs

There are three key categories of business insolvency which affect travellers. The collapse of an airline, the collapse of a tour operator and the collapse of a travel agent.

If the Australian government is genuinely interested in protecting travel consumers at minimal cost to the taxpayer we should be using the UK and European schemes as a model.

A compulsory user-pays, government guaranteed insolvency protection scheme would cost the consumer very little and would be an ideal safety net for consumers in the event that their travel company goes bust.

David Beirman, Adjunct Fellow Management & Tourism, University of Technology Sydney

This article is republished from The Conversation under a Creative Commons license. Read the original article.

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Launched in October 2019, this chapter has been pivotal in strengthening ties between Australian businesses and India’s rapidly growing sectors.

Under the leadership of Narasimhan Viswanathan, Chair of the AIBC “Make with India” Industry Chapter, the initiative has fostered collaboration and unlocked significant opportunities for Australian companies in key sectors such as renewable energy, electric vehicles, infrastructure, manufacturing services, information technology, pharmaceuticals, and most recently, defence and space technologies.

Viswanathan observed on LinkedIn, “Make In India, Make it for Australia and other countries for global prosperity.”

By actively participating in India’s “Make in India” initiative, the chapter has aligned its efforts with both countries’ economic strategies, aiming to boost bilateral trade and achieve mutual growth.

1. Sector Engagement: AIBC members have made significant contributions to sectors that are strategically important for both Australia and India, including professional services, manufacturing, mining, and emerging technologies.
2. Collaborative Events: The chapter has hosted numerous webinars and roundtable discussions on topics such as renewable energy, digital technologies, pharmaceuticals, and defence, promoting B2B, B2G, and G2G business opportunities.
3. Strategic Alliances: Strong partnerships with organisations such as FICCI, INVEST INDIA, and the Advanced Manufacturing Growth Centre Limited have paved the way for Australian businesses to engage with India’s economic vision.
4. Smart Manufacturing Event: The chapter organised a successful event on “Bilateral Opportunities in Smart Manufacturing,” which brought together over 70 representatives from both nations to explore sectors like sustainability, recycling, defence, and space.
5. Clean Energy and Mining Tech Forum: Another standout event focused on “Clean Energy, Renewables, Minerals & Mining Tech,” exploring emerging opportunities in critical minerals and sustainable energy that align with both nations’ shared commitment to net-zero ambitions.
6. Defence and Space Technologies: Two collaborative events held in South Australia highlighted opportunities for collaboration in defence equipment manufacturing and space technologies.

Launched in 2014 by Indian Prime Minister Narendra Modi, the “Make in India” initiative was designed to transform India into a global manufacturing hub, boost domestic employment, and attract foreign direct investment (FDI).

The initiative focuses on sectors such as manufacturing, infrastructure, renewable energy, and electronics, aiming to make India self-reliant while integrating the country into global supply chains.

Over the past decade, “Make in India” has attracted significant investments, spurred innovation, and laid the foundation for India’s ambitious economic growth plans, including an emphasis on sustainability and digitalisation.

India’s Commerce and Industry Minister Piyush Goyal who was on a three day (23-25 September 2024) visit to Australia to enhance bilateral economic ties observed on LinkedIn, “This initiative aligns with PM Modi ji’s vision of positioning ‘Brand India’ as a global benchmark for innovation and quality.”

“The opening of Invest India offices abroad will aid in attracting global investments, thereby generating opportunities for the growth of domestic enterprises. These significant measures are crucial in ensuring the continued success of the Make in India initiative,” he added.

Looking ahead, the AIBC “Make with India” Industry Chapter continues to explore new avenues for collaboration, helping Australian businesses tap into the immense potential of the Indian market.

The inclusion of the “Make with India” initiative in the Comprehensive Strategic Partnership Agreement between Australia and India serves as a further boost to the chapter’s efforts.

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During Mr Goyal’s visit Invest India and Austrade have signed an MoU to enhance investment relations, promote trade, support businesses, and foster economic growth.

Trade Minister Don Farrell and Minister Goyal co-chaired the 19th India-Australia Joint Ministerial Commission meeting today in Adelaide to discuss ways to further elevate the bilateral economic engagement.

Mr Goyal also visited the Lot Fourteen Innovation District in Adelaide.

He also met with Premier of South Australia Peter Malinauskas and the Governor of South Australia Frances Adamson.

Earlier in Sydney, in an exclusive interview with The Australia Today, Mr Goyal said that the aim should be to have $500 billion bilateral trade between the two countries by 2030.

Mr Goyal had several productive engagements with various stakeholders in Sydney and also met with NSW Premier Chris Minns.

Mr Goyal attended a business roundtable hosted by the Business Council of Australia in which prominent Australian and Indian CEOs participated and invited Australian business leaders to explore the opportunities presented by the high and sustained economic growth in India.  

He also met senior representatives from the Australian pension funds. Discussions focused on the robust policies and reform agenda of the Government of India which have boosted investor confidence. The Minister encouraged greater investments into the emerging sectors in the Indian market viz renewable energy, manufacturing, education, fintech, agritech etc.

Mr Goyal had a productive meeting with Tania Constable, CEO of the Minerals Council of Australia regarding ways to strengthen collaboration in the critical minerals sector between India and Australia. He also met Joel Katz, Managing Director of the Cruise Lines International Association to explore opportunities for enhancing coastal tourism in India. The Minister interacted with Robin Khuda, Founder & CEO of AirTrunk and discussed India’s digitalisation growth and the significant potential for collaboration in the data infrastructure sector.

^{(Images: @PiyushGoyal / X)}

The Centre for Australia-India Relations hosted a lunch in honour of the Minister with members of their Director network. Mr Goyal also interacted with the representatives of the Indian-Australian community at a reception hosted by the Consulate General of India at Sydney Cricket Ground.

He then offered prayers at the BAPS Swaminarayan temple in Parramatta and recalled his previous visit to the temple in 2022.

The event was attended by Dr Andrew Charlton, Chair of Parliamentary Friends of India and Warren Kirby, Co-chair of NSW Parliamentary Friends of India. 

The Minister’s official bilateral engagements included the reception hosted in his honour by Australia-India Business Council (AIBC) and NSW Parliamentary Friends of India in the Parliament of New South Wales.

He also had a fireside chat with Asialink Business CEO Leigh Howard and addressed the ‘Emerging Business Leaders Reception’ hosted by the India Australia Business & Community Alliance (IABCA)

Mr Goyal reiterated the importance of the bilateral economic relationship and spoke about the opportunities to take Australia-India business collaboration to the world at the IABCA reception.

He also attended The Confederation of Real Estate Developers Associations of India’s 22nd National conference which was being held in Sydney.

This widely expected move leaves homeowners facing the 13-year high cash rate at least until November 5, when the next RBA board meeting is scheduled.

The central bank acknowledged in a statement that inflation had “fallen substantially,” but it still exceeds the target range of 2-3%.

The board reiterated the possibility of future rate hikes, stating that monetary policy would need to remain “sufficiently restrictive” until inflation moves sustainably towards the target range. “The board is not ruling anything in or out,” the RBA said, noting the “high level of uncertainty” surrounding future rate decisions due to global risks and geopolitical tensions.

While central banks in other countries, such as the US Federal Reserve, have begun cutting rates, the RBA remains cautious. RBA Governor Michele Bullock said the board would not lower rates until they were confident that underlying inflation had dropped, adding that the board remains vigilant to any upside risks.

Bullock also warned that Wednesday’s monthly inflation update might show a drop in headline inflation to 2.7%, but this figure could be volatile and may not reflect the underlying inflationary pressures.

Asked why Australia was lagging behind other countries in cutting rates, Bullock pointed out differences in domestic conditions, including a resilient labour market and a lower peak in interest rates. Australia’s unemployment rate currently stands at 4.2%, and the labour market has not experienced the same deterioration seen in other countries.

Treasurer Jim Chalmers said the RBA’s decision not to raise rates further was a positive sign, reflecting progress in the fight against inflation. He pointed to Treasury forecasts that suggest a considerable drop in headline inflation in the upcoming data.

However, Chalmers remained cautious, stressing that economic growth had slowed due to the interest rate rises already in place. He declined to comment on whether he was disappointed by the lack of a rate cut, reaffirming that the RBA operates independently of government influence.

Shadow Treasurer Angus Taylor, on the other hand, criticised the pace of Australia’s inflation fight, stating that Australia is “at the back of the pack” compared to countries like the US and UK, which have already begun cutting rates.

The decision has had little impact on the markets, with the ASX 200 down slightly by 0.2% following the announcement. The Australian Stock Exchange’s RBA Target Rate Tracker also predicted minimal chances of a rate cut in the near term, with just a 10% chance of a reduction.

Despite inflation starting to ease, the RBA remains focused on returning it to the 2-3% target, a goal expected to take until late 2025, with the midpoint likely reached in 2026. Governor Bullock acknowledged that progress on reducing inflation has been slow but remains committed to the bank’s strategy.

Three of the big four banks – Westpac, NAB, and ANZ – have forecast that rates will remain at 4.35% until early 2025, with cuts expected in February. Meanwhile, CBA is the outlier, predicting the first rate cut could come as early as December, with the cash rate potentially dropping to 3.1%.

The decision to keep rates steady came after a significant move by the US Federal Reserve last week, which slashed its interest rate by 50 basis points. Despite global trends, the RBA’s focus remains firmly on managing domestic inflation, with no rate cuts expected until there is clear evidence of sustained improvement.

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At a time most people are trying to cut their weekly grocery bills, Australia’s supermarket giants have been hit with legal action for allegedly misleading shoppers over the price of hundreds of products.

The Australian Competition and Consumer Commission (ACCC) on Monday announced it was launching separate actions in the Federal Court against the largest and second-largest grocery chains, Woolworths and Coles.

The ACCC alleges the two have systematically misled consumers over price discounts on hundreds of everyday products. The ACCC chair, Gina Cass-Gottlieb, said the alleged wrongdoing involved the sales of “tens of millions” of products, reaping “significant” extra revenue for the businesses.

Woolworths’ list of 266 items included Arnott’s Tim Tams, Dolmio sauces, Doritos salsa, Friskies cat food, Kellogg’s cereal and Stayfree pads, while the 245 products allegedly targeted by Coles included Arnott’s Shapes biscuits, Band-Aids, Bega cheese, Cadbury chocolates and Libra tampons.

These were not one-off pricing errors. The ACCC alleges the misleading conduct took place over 20 months as part of the Woolworths “Prices Dropped” and the Coles “Down, Down” promotional campaigns.

How shoppers were allegedly misled

The ACCC alleges on repeated occasions the supermarkets’ strategy was to temporarily raise the price of goods before applying the so-called discount.

The approach meant that although the boldly placed, coloured discount tickets showed a reduction from the previous “regular” price of the products, the discounted price was still higher than the price before the temporary price rise.

The ACCC gave the example of how consumers were allegedly misled over savings on a 370-gram family pack of Oreo original biscuits.

From at least January 1 2021 until November 27 2022, Woolworths offered the Oreos for sale at a regular price of $3.50 on a pre-existing “Prices Dropped” promotion. Then, on November 28 2022, the price was increased to $5.00 for 22 days.

On December 20 2022, the product was placed on a “Prices Dropped” promotion with the tickets showing a “Prices Dropped” price of $4.50 and a “was” price of $5.00. The “Prices Dropped” price of $4.50 was in fact 29% higher than the product’s previous regular price of $3.50.

What is the legal claim?

The ACCC does not regulate prices. Instead, it acts on breaches of the Competition and Consumer Act 2010, including making false or misleading claims about the prices of goods and services.

While it was true that Woolworths and Coles reduced the shelf price of the products, the ACCC alleges they didn’t reveal that the starting price had recently been increased. It is this conduct of promoting a discount from a recently inflated price that the ACCC says would mislead consumers.

The ACCC’s argument is the “ordinary and reasonable” consumer expects a discount to be genuine, not coming off a recently inflated price. The net effect of that strategy is just an increased price.

Other cases

This is not the first time the ACCC has pursued such a claim. In 2020, the commission successfully went after online retailer Kogan for engaging in a similar strategy.

Kogan ran an online promotion advertising to consumers that they could use the code TAXTIME to reduce prices by 10% at the checkout. The court found the ads conveyed false or misleading representations because Kogan had increased the prices of more than 600 of its products immediately before the promotion by at least 10% per cent.

A similar strategy of offering discounts that were not genuinely delivered has also been raised against insurer IAG. The Australian Securities and Investments Commission (ASIC) alleges IAG did not deliver promised loyalty discounts to customers because their premiums were increased before the discount was applied by more than the amount of the discount.

IAG is now facing action for civil penalties from the regulator (ASIC) and a class action by affected customers.

Potential penalties Woolies and Coles might face

The ACCC is seeking fines (civil penalties) which could be significant. In the Kogan case, the Federal Court awarded penalties of $350,000.

But since November 2022, potential penalties have risen. These increases are designed to ensure companies do not treat the possibility of being penalised as a cost of doing business that is outweighed (and disregarded) by the benefits that might come from contraventions of the law.

These new penalty amounts work on a sliding scale: they start at $50 million but can go up to potentially 30% of a company’s turnover during the period of the contravening conduct.

This amount is per contravention. This means, if the ACCC’s allegations of misleading conduct are established, each time the supermarkets misled consumers, they would technically be liable to pay the full penalty amount.

That said, in such a case, a court would likely take a more holistic approach in setting the penalty, taking several matters into account including: the extent of the conduct, its impact on consumers, the gain to the business and whether the conduct was deliberate.

Fittingly, the ACCC is also asking the supermarkets to make a contribution to charities that provide food to people in need.

Notably, in May Qantas agreed with the ACCC to pay a penalty of $100 million, subject to court approval and in addition to compensating customers, for misleading conduct in selling tickets for flights it had already cancelled.

Jeannie Marie Paterson, Professor of Law, The University of Melbourne

This article is republished from The Conversation under a Creative Commons license. Read the original article.

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Since late 2023, the RBA has held firm on its rate in an effort to control inflation, signalling that further rate cuts are unlikely in the short term.

US Fed’s 50 Basis Point Cut

Last week, the US Federal Reserve implemented a significant 50 basis point interest rate cut, a move seen as an attempt to provide economic relief amid slowing global growth. While countries like Canada and New Zealand have also taken similar steps, the RBA has resisted following suit, maintaining that Australia is in a different economic position.

Australia’s Inflation Battle

Australia’s inflation fight has been slower than some other nations, with the RBA remaining cautious about premature cuts. The central bank has consistently reiterated that another hike is still on the table if inflation doesn’t ease as expected.

Independent economist Saul Eslake expressed that, while other countries have implemented more aggressive rate hikes and are now stepping back, the RBA’s strategy has been comparatively measured.

“They all put their rates up a lot more and earlier than the RBA did,” Eslake noted.

With Australian tax cuts already boosting household incomes by the equivalent of 50 basis points in rate cuts, Eslake argued that there is no immediate need for the RBA to intervene further. He predicted that any reduction in the interest rate wouldn’t occur until February 2025 at the earliest.

Upcoming Data Crucial for RBA

As the RBA board meets, they will be closely watching several upcoming economic indicators, including inflation data set to be released by the Australian Bureau of Statistics (ABS). Westpac economists have predicted that the consumer price index (CPI) could show a drop of 0.2% in August, potentially bringing annual inflation down to 2.7%, compared to 3.5% in July.

This would bring inflation closer to the RBA’s target range of 2-3%, but the bank has indicated that it plans to focus on underlying price pressures rather than temporary cost-of-living relief measures like government energy rebates.

Other key data points, such as job vacancies and household wealth reports, are due later in the week and will provide a clearer picture of the country’s economic health. The RBA will also release its own deep dive into global and domestic financial stability by the end of the week, offering further insights into its future policy direction.

Market Reactions and Global Context

While the Australian stock market has seen a boost, with the S&P/ASX200 index rising 17.6 points to close at a record high of 8,209.5, the global financial scene remains volatile. In the US, markets were steady following the Fed’s interest rate cut, with the Dow Jones Industrial Average inching up by 38.17 points to 42,063.36.

Despite this, Australian mortgage holders should not expect any immediate relief. Governor Michele Bullock is set to hold a press conference following the RBA’s decision on Tuesday afternoon, where more details on the bank’s outlook will be shared.

Future Outlook

While other central banks around the world begin to relax monetary policies, Australia’s RBA remains firmly committed to stabilizing inflation. With inflation showing signs of moderation, the board will likely hold the line for now, choosing to evaluate the situation further before making any significant moves. As the Australian economy navigates post-pandemic recovery alongside global economic shifts, the RBA’s cautious approach is designed to ensure sustainable growth without risking a resurgence in inflation.

For mortgage holders and investors, the wait for rate cuts may extend into 2025, but much will depend on how the economy evolves over the coming months.

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Premier Allan addressed the gathering, sharing her aspirations for the partnership between the two countries, her women’s agenda, and the ongoing work of Global Victoria in India.

The event was organised by the Australia-India Women’s Leadership Forum (AIWLF), which was established through a collaboration between the Business Council of Australia (BCA) and the Confederation of Indian Industry (CII).

AIWLF brings together influential women leaders to strengthen the economic ties between Australia and India.

Jodi McKay, Director of the Australia-India CEO Forum and National Chair of the Australia India Business Council, added an enthusiastic note to the occasion, stating:

“Our startup has begun! We are new to the Australia-India relationship, and we’re new to LinkedIn. Watch us rise!”

Viji Murugesan, the Indian Chair of AIWLF, opened the event, followed by a discussion where Australian Chair Ravneet Pawha, VP (Global Engagement) & CEO (South Asia) at Deakin University and National Vice-Chair of Australia India Business Council, interviewed Premier Allan.

Their conversation focused on Victoria’s strategic engagement with India and explored ways to promote and elevate the profile of women in the Australia-India business corridor.

Ravneet Pawha observed Son LinkedIn that Premier Allan’s “insights into inclusive leadership and the pivotal role of women in driving societal progress were both enlightening and actionable.”

“She highlighted that Victoria stands for Australia’s future, while India leads the world—a vision that resonated with everyone in the room.”

Acknowledging the work of the BCA and CII in launching the AIWLF, Premier Allan commended the platform for empowering women in Australian and Indian companies that are key to the bilateral relationship.

The Business Council of Australia (BCA) represents the country’s largest employers, advocating for policies that benefit both the business community and their employees. Meanwhile, CII International acts as a catalyst, connecting global stakeholders and promoting India as a reliable partner for bilateral growth.

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Wilson, addressing aviation leaders at the Star Event Centre at Queen’s Wharf, discussed Air India’s five-year overhaul, promising that the carrier’s fleet and customer experience would soon meet world-class standards.

“When we finish our five-year transformation, the whole fleet will have been upgraded, and customer experience will be up to world-class standards,” Wilson said.

“Thereafter, it’s a matter of execution and scale. India’s growth offers no reason an Indian airline couldn’t be on par with major US or European carriers.”

Queensland too is positioning itself as a key part of Air India’s growth, aiming to introduce direct routes between Brisbane and India.

Queensland’s government is making a strong pitch for the Sunshine State to become Air India’s next Australian destination, which would mark a significant milestone as India – now the world’s most populous nation – currently lacks direct flight routes to Brisbane.

Wilson hinted at the possibility, acknowledging the untapped potential in the region. “We’ve already doubled our frequency to Australia over the last two years,” he said, referring to current routes to Sydney and Melbourne.

The expansion, however, depends on Air India’s aircraft deliveries. Since its privatisation in 2022, Air India has ordered a record-breaking 470 new aircraft, outstripping the entire fleet of Qantas.

In the two years since privatisation, Air India has undergone a comprehensive transformation, including the acquisition of new aircraft, a $200 million investment in IT systems, and plans to retrofit its widebody fleet by 2025.

Queensland Tourism Minister Michael Healy noted that India is currently the state’s eighth-largest international tourism market, and with the country’s growing middle class, the number of Indian travellers is set to increase. Gert-Jan de Graaff, CEO of Brisbane Airport Corporation, echoed these sentiments, citing the rapid growth of Indian travellers to Brisbane.

Qantas International CEO Cam Wallace too confirmed Brisbane’s increasing importance as a hub. With India now accounting for 68 per cent of Australia’s trade with the region, a direct route to Brisbane would significantly strengthen family and business connections.

Wilson also highlighted the airline’s goal to expand its market beyond the Indian diaspora, targeting corporate travellers and those seeking premium services. With a fleet that now includes six new A350s and an industry-first AI chatbot, Air India is redefining itself for the future.

Air India CEO confirmed that while several global markets are vying for these aircraft, Australia is high on the list. “As soon as we get the aircraft, we’d like to put more into Australia. The Indian diaspora ranks Australia as one of the top three destinations to travel to,” he said.

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These agreements mark significant milestones in fostering deeper collaboration between Australian and Indian companies, paving the way for expansion and innovation across borders.

Key highlights include:

• ViCyber x Cache Technologies Ltd: Appointed as a distributor for India.
• NextXR Singapore x AjnaLens: A partnership focusing on content sharing and market exploration.
• PayU x FootprintLab: An agreement aimed at bringing climate finance directly to Indian consumers.

These partnerships reflect the growing interest of Australian fintech and cyber security companies in the Indian market, which offers immense potential for expansion.

Paul Murphy, Consul General in Mumbai, congratulated the companies, saying, “My hearty congratulations to the companies on their new partnerships! It was a pleasure to witness them take the next step in their collaboration on the eve of the Global Fintech Fest in Mumbai.”

“The deepening ties between our countries’ innovators are a testament to the strength of the Australia-India relationship.”

Murphy also emphasised India’s booming tech sector, massive digital infrastructure, and increasing security challenges, which present unparalleled opportunities for Australian industries. He acknowledged the vital role of Investment NSW in supporting the entry of innovative Australian technologies into the Indian market.

India presents one of the largest long-term growth opportunities for Australian businesses. The AIBX is Australian Government’s flagship program to enhance trade and investment ties with India.

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Despite the ransom demand amounting to $10 million, the organisation still refused to yield, really standing as a testament to its resilience and adherence to principles in the relatively cold world of cyberspace. The data was later leaked on the Dark Web; however, so far, with proactivity and huge investments in cybersecurity, there have been no reported cases of either identity or financial fraud.

With a focus on the imperative for better national-level security, after one of the largest data breaches in history, this year’s Cyber Security Summit convenes over 350 Cyber security leaders of Australia’s most significant companies and institutions, including government agencies.

What is evident from this incident is that recent events have sharply focused the need for comprehensive cybersecurity strategies; despite the breach affecting data important to millions of individuals, the collective is urged to dig in with an appreciation of cybersecurity investment in the context of searching for protection rather than as an avenue of revenue.

Overview of the 23rd Edition of the Cyber Security Summit, Australia:

The Cyber Security Summit, an exclusive, invitation-only event for top cybersecurity leaders in Australia, highlights the nation’s position as the world’s fifth most powerful cybernation. It will take place at Hilton Sydney on 19th September 2024.

With a cybersecurity market valued at USD 7.09 billion in 2024, projected to reach USD 16.52 billion by 2029, and a government- backed 2023-2030 Cybersecurity Strategy, the summit focusses on “From Vision to Strategy: Australia’s Cybersecurity Blueprint.” It aims to unite over 350+ leaders to enhance collaboration and security measures.

Simona Dimovski, Head of Security and Technology at Helia, will explore the synergy between digital transformation and the zero trust model, highlighting practical strategies to enhance cybersecurity through innovative technologies and a zero trust mindset.

Monica Schlesinger, Director and CEO of the Australian Health and Science Institute, will discuss the dual role of AI in cybersecurity, exploring the rise of AI-driven threats and how AI can be leveraged both as a weapon and a shield in defence strategies.

Daminda Kumara, Chief Information Security Officer at the Commonwealth Superannuation Corporation, will provide insights into strategic cloud migration, focusing on data security, cloud optimization, and overcoming challenges in hybrid work environments.

Note: Above article is published as per The Australia Today’s media partnership initiative.

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Fiji’s Prime Minister Sitiveni Rabuka said: “This investment provides world-class aviation training locally, empowering more Fijians, especially women, to build careers in aviation.”

As per report the new CAE 7000XR Series full-flight simulators (FFS), approved by the European Union Aviation Safety Agency (EASA) and the Civil Aviation Authority of Fiji (CAAF), surpass Level D regulatory requirements, ensuring high training standards.

The simulators are part of a major investment of approximately FJ$160 million, which includes two new CAE 7000XR full-flight simulators for Airbus A350 and ATR-72 planes, as well as two CAE 500XR Fixed Training Devices for Airbus A330 and Boeing 737-Max 8 aircraft.

These advanced training devices, which have already been installed, commissioned, and certified, mark a pivotal milestone for the Academy in providing world-class training for pilots and engineers.

Speaking at the commissioning, Fiji Airways CEO and Managing Director, Andre Viljoen, emphasised the importance of this investment.

“The addition of these full-flight simulators is a significant step forward for the Fiji Airways Aviation Academy. It reflects our commitment to delivering the highest standards of training and safety for our pilots while establishing Fiji as a leader in regional aviation excellence,” Viljoen said.

Viljoen further highlighted that the Academy, since its inception in December 2019, has been dedicated to developing local talent and providing comprehensive training solutions for a wide range of aviation needs, including pilot, cabin crew, engineering, and safety training. With these new simulators, the Academy can offer even more advanced, realistic training, simulating real-world flying conditions.

The Fiji Airways Aviation Academy has achieved numerous milestones since its launch, including supporting the training and progression of local pilots, foreign license conversions, and reintegration of Fijian pilots returning from overseas.

It is expected that the new simulators will not only cater to Fiji Airways’ internal needs but also offer additional capacity for third-party airlines, generating new revenue streams for the airline.

“The arrival of these simulators will enable our pilots and engineers to receive cutting-edge training without the need for international travel, allowing them to stay closer to their families while advancing their careers,” Viljoen added.

He also outlined the Academy’s future goals, including further expansion to become the Pacific’s preferred aviation training destination, aiming to compete globally in the commercial airline training market.

Earlier this year, Fiji Airways was named Best Airline in Australia & Pacific for the 2nd year running at the Skytrax World Airline Awards, alongside its crew winning Best Airline Staff for the 4th time.

With this new development, Fiji Airways cements its position as a leader in aviation training in the Pacific, offering top-tier facilities and training programmes that benefit not only local professionals but also the wider aviation industry.

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This marks the first visit by a World Bank leader to Australia in seven years, and Banga aims to position the bank as a force-multiplier for positive change in the Pacific Island nations.

Banga met with Prime Minister Anthony Albanese and key ministers to present his vision and request a renewed Australian contribution to the bank’s development funds.

As the world’s largest and oldest multilateral development bank, the World Bank distributed $US91 billion in loans and grants last year to 75 countries, with a growing focus on the Pacific.

Speaking on Australia’s role in the region, Banga told SMH the potential for synergy:

“Australia already plays a significant role in its neighbourhood, but by working together, we can multiply that impact. Every dollar Australia invests in the IDA becomes four dollars due to our ability to leverage from bond markets.”

Banga’s visit to Australia is part of a broader tour that alos took him to Fiji and Tuvalu, making it the first visit to Fiji by a World Bank president in 50 years and the first-ever visit to Tuvalu.

Banga’s visit is also tied to a push for contributions to the International Development Association (IDA), the World Bank’s facility for the world’s poorest nations.

Australia’s last contribution, in December 2021, amounted to $US369 million as part of a $US93 billion replenishment from wealthy countries. For the new round, targeting $US120 billion over three years, Australia’s contribution is expected to increase to around $US424 million ($650 million AUD).

Since taking office, Banga, appointed by the Biden administration, has made climate action central to the World Bank’s mission, a departure from his predecessor’s stance. In the past year alone, the World Bank allocated $US29.4 billion to climate-related projects, with plans to increase that to over $US40 billion this financial year.

The World Bank has already committed $US2.8 billion to 87 projects in the Pacific, but Banga noted that more work is needed, especially in creating jobs and providing hope for younger generations. Without opportunities, he warned, many would migrate, leaving these nations without the critical mass needed for sustainable development.

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Among the finalists was Restify, a Melbourne-based startup founded by Indian-origin couple Devipriya Selvaraj and Karthikeyan Viswanathan, with the mission of destigmatising death and supporting families during challenging times through a grief management platform.

Restify was born from Selvaraj’s personal experience following the sudden loss of her father-in-law. “We faced immense difficulties during that time,” Selvaraj explained.

This experience inspired the creation of Restify, which aims to provide a comprehensive human centric end-of-life management platform for first-generation immigrants.

Restify was one of five startups competing in front of a panel of esteemed judges, including Maxine Lee, COO of Skalata VC; Mark Newman, startup programs manager at LaunchVic; Sarah Green, co-founder of Protagonist Capital; and William Hasko, director of small business marketing at Dell Technologies for Australia, India, and Japan.

Selvaraj and Viswanathan’s platform offers resources for will planning, funeral arrangements, family communication, and emotional support, all designed to reduce stress and save time and money for grieving families.

With over 250 families already on the waiting list for Restify’s beta version, expected to launch in November 2024, the startup is gaining significant traction.

Selvaraj says that the potential market, noting that “more than 50% of Australia’s population consists of immigrants, representing a market of about 3.5 million families.”

Restify, which is backed by a research team at the University of Melbourne, has already secured accolades, winning the WYNnovation 2024 Pitch Grand Finale, taking home $10,000, and building momentum towards its launch.

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According to the International Monetary Fund’s (IMF) July 2024 World Economic Outlook update, India’s real GDP growth is projected to reach 7 per cent this year, ensuring it remains the fastest-growing major economy worldwide.

The IMF report, a key indicator of global economic trends, indicates that India will outpace both the United States and China in real GDP growth this year. The U.S. is projected to grow at 2.6 per cent, while China is expected to expand by 5 per cent. This marks the third consecutive year that India has outperformed these two major economies, having achieved similar success in 2022 and 2023.

Despite a projected slowdown in growth, India is expected to maintain its position as the world’s fastest-growing large economy.

The World Bank’s latest Global Economic Prospects report predicts that India’s economy will expand by 6.6 per cent in 2024, down from 8.2 per cent in 2023, driven by robust domestic demand and increased investment. This growth is also propelling South Asia to become the fastest-growing region globally.

The World Bank report also suggests that global economic growth will stabilise at 2.6 per cent in 2024 after three years of decline, though risks to the global economy remain predominantly negative.

The East Asia and Pacific region, which includes China, South Korea, ASEAN nations, and Pacific island countries, is forecasted to slow to 4 per cent growth this year, down from 4.2 per cent. China’s economic growth is expected to decrease to 4.8 per cent from 5.2 per cent, affected by ongoing challenges in the property sector, weak retail sales, and declining business sentiment.

Indonesia and Vietnam are predicted to be standout performers in the region, with growth projections of 5 per cent and 5.5 per cent, respectively.

Among advanced economies, Japan’s growth is projected to slow to 0.7 per cent in 2024, down from 1.9 per cent the previous year, as consumption growth weakens, exports decline, and tourism stabilises. The U.S., however, is expected to maintain steady growth at 2.5 per cent for the second consecutive year in 2024, with potential for even stronger performance.

The World Bank notes that global inflation is expected to average 3.5 per cent this year, with interest rates likely to remain high worldwide, posing challenges for developing economies.

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