Transgrid deal shows why Future Fund's chequebook is better than most
Move over industry funds and Canadian pension funds, Australia's Future Fund is the apex predator in big domestic private-capital deals.
In case we needed more proof, Future Fund's agreement to buy a 10 per cent stake in electricity transmission company Transgrid is a timely reminder that its chequebook is bigger, fatter and more open than just about anyone elses.
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West Australian
a day ago
- West Australian
Trade talks rest on Anthony Albanese's meeting with Donald Trump in Canada
Australia's case for exemptions or relief from American tariffs will rest on Anthony Albanese's meeting next week with US President Donald Trump. Trade Minister Don Farrell had two conversations with US Trade Representative Jamieson Greer on the sidelines of OECD and World Trade Organisation meetings in Paris last week to press Australia's case, but says it's clear the leaders need to make the final call. Ministers and officials at all levels have consistently been arguing the US shouldn't impose tariffs on Australia because it has a trade surplus here, selling more to Australians than it buys each year. The Trump administration has so far imposed hefty tariffs on steel and aluminium imports, which have just risen to 50 per cent, and also slugged Australia with a 10 per cent so-called reciprocal tariff despite Australia not having tariffs on any US goods. Mr Albanese and Senator Farrell have repeatedly said the imposts are not the actions of a friend. Nevertheless, Senator Farrell said he'd had a 'friendly discussion' with Mr Greer but the final decision would be made at a higher level. 'He certainly made it clear that these are ultimately decisions that the President of the United States will make,' the minister told Sky News on Sunday. 'But I certainly haven't given up on the prospect of getting these tariffs removed, and every opportunity I get, I'll continue to pursue that argument with the United States.' Mr Albanese has flagged he expects to meet Mr Trump for the first time on the sidelines of the G7 meeting in Canada next weekend. The Government is in the final stages of a review of the rules around American beef imports, with Trump administration figures repeatedly raising Australia's 'ban' on US meat as one of their trade gripes. Australia has biosecurity restrictions on the import of Canadian and Mexican beef that is slaughtered in the US and Mr Albanese has insisted his Government will not risk the safety of local agriculture by relaxing rules. The UK has secured exemptions from some of the US tariffs by striking a new deal that in part allows greater market access for American beef. Shadow finance minister James Paterson pointed to the UK deal as a measure of the success of Mr Albanese's imminent meeting with Mr Trump. '(UK Prime Minister) Keir Starmer has now achieved a partial exemption from the steel and aluminium tariffs, and Australia is at least as good an ally of the United States as the United Kingdom is and so there's no reason why the Prime Minister shouldn't at least be able to secure that exemption,' Senator Paterson told ABC's Insiders. 'I'm just saying that Keir Starmer proves that it is possible to get an exemption. It is not an impossible task.' Senator Farrell said the main topic of discussions with counterparts at the WTO and OECD was ensuring other countries didn't increase their protectionism in the face of the US moves. He pointed out Australia hadn't his China with counter-imposts when it imposed trade barriers on goods such as wine, barley and lobster, and nor had it retaliate against the US. 'I think there's a move around the world to push the case for less protectionism and more free and fair trade,' he said. 'I'm hopeful that those countries around the world who do believe in free and fair trade can reach agreement to extend free trade agreements across the globe so that, irrespective of what the Americans might choose to do, we have a greater diversity of trading partners.'
The Advertiser
2 days ago
- The Advertiser
Biosecurity not competition a meaty issue in beef talks
Even if the federal government lowers barriers blocking imports of US beef, it would be no match for higher quality and cheaper to produce Australian cattle. Australia is considering granting more American beef producers access to the local market as a potential bargaining chip to strike a deal on tariffs, as the two nations' leaders prepare to potentially meet face-to-face for the first time. For biosecurity reasons, Australia imposes a soft ban on US beef. Cattle that can be proven to have been raised and slaughtered in the US are allowed into the Australian market, but large amounts of beef sent to American abattoirs come from Mexico or Canada, which are barred from importation. Challenges in tracing the origin of cattle means in practice beef imports are not allowed, until the US can show the same traceability systems Australia has in place. Australian beef producers urged the government not to loosen biosecurity protections. "Australia's biosecurity status is integral to the success and sustainability of our agricultural industries," National Farmers Federation president David Jochinke said. Prime Minister Anthony Albanese assured farmers the government would make no compromises on biosecurity. But as long as biosecurity was protected, Mr Albanese said he would be open to discussions about easing restrictions. David Humphreys, vice chair of industry body Western Beef Association, was open to the idea as well. As long as Australia's biosecurity standards were protected, it would be a beneficial outcome for all Australian farmers if it could be used as leverage to lower US tariffs, he said. Assuming US beef imports posed no disease risk, the impacts for Australian farmers from extra competition would be limited. "Australia has very competitive and relatively cheap beef production in comparison," Mr Humphreys told AAP. "Any beef that's coming in from the US is probably going to be targeting quite select segments of beef consumption, probably the cheaper cuts, produced beef products. "So it's not really competing with the premium Australian beef products that our beef farms produce." The low exchange rate of the Australian dollar as well as the high cost of transporting US beef also reduced the likelihood of it outcompeting homegrown products, he said. Local consumers are accustomed to leaner, higher-quality Australian beef and unlikely to be won over by fatty, hormone-injected American competitors. "I think there's not a lot of risk to Australian producers of beef, with this possibility of some limited US beef being imported into Australia," Mr Humphreys said. Australia's Department of Agriculture is reviewing its ban on Mexican and Canadian beef slaughtered in the US. Agriculture Minister Julie Collins said any decision to allow greater access for US beef would be based on science and evidence. Even if the federal government lowers barriers blocking imports of US beef, it would be no match for higher quality and cheaper to produce Australian cattle. Australia is considering granting more American beef producers access to the local market as a potential bargaining chip to strike a deal on tariffs, as the two nations' leaders prepare to potentially meet face-to-face for the first time. For biosecurity reasons, Australia imposes a soft ban on US beef. Cattle that can be proven to have been raised and slaughtered in the US are allowed into the Australian market, but large amounts of beef sent to American abattoirs come from Mexico or Canada, which are barred from importation. Challenges in tracing the origin of cattle means in practice beef imports are not allowed, until the US can show the same traceability systems Australia has in place. Australian beef producers urged the government not to loosen biosecurity protections. "Australia's biosecurity status is integral to the success and sustainability of our agricultural industries," National Farmers Federation president David Jochinke said. Prime Minister Anthony Albanese assured farmers the government would make no compromises on biosecurity. But as long as biosecurity was protected, Mr Albanese said he would be open to discussions about easing restrictions. David Humphreys, vice chair of industry body Western Beef Association, was open to the idea as well. As long as Australia's biosecurity standards were protected, it would be a beneficial outcome for all Australian farmers if it could be used as leverage to lower US tariffs, he said. Assuming US beef imports posed no disease risk, the impacts for Australian farmers from extra competition would be limited. "Australia has very competitive and relatively cheap beef production in comparison," Mr Humphreys told AAP. "Any beef that's coming in from the US is probably going to be targeting quite select segments of beef consumption, probably the cheaper cuts, produced beef products. "So it's not really competing with the premium Australian beef products that our beef farms produce." The low exchange rate of the Australian dollar as well as the high cost of transporting US beef also reduced the likelihood of it outcompeting homegrown products, he said. Local consumers are accustomed to leaner, higher-quality Australian beef and unlikely to be won over by fatty, hormone-injected American competitors. "I think there's not a lot of risk to Australian producers of beef, with this possibility of some limited US beef being imported into Australia," Mr Humphreys said. Australia's Department of Agriculture is reviewing its ban on Mexican and Canadian beef slaughtered in the US. Agriculture Minister Julie Collins said any decision to allow greater access for US beef would be based on science and evidence. Even if the federal government lowers barriers blocking imports of US beef, it would be no match for higher quality and cheaper to produce Australian cattle. Australia is considering granting more American beef producers access to the local market as a potential bargaining chip to strike a deal on tariffs, as the two nations' leaders prepare to potentially meet face-to-face for the first time. For biosecurity reasons, Australia imposes a soft ban on US beef. Cattle that can be proven to have been raised and slaughtered in the US are allowed into the Australian market, but large amounts of beef sent to American abattoirs come from Mexico or Canada, which are barred from importation. Challenges in tracing the origin of cattle means in practice beef imports are not allowed, until the US can show the same traceability systems Australia has in place. Australian beef producers urged the government not to loosen biosecurity protections. "Australia's biosecurity status is integral to the success and sustainability of our agricultural industries," National Farmers Federation president David Jochinke said. Prime Minister Anthony Albanese assured farmers the government would make no compromises on biosecurity. But as long as biosecurity was protected, Mr Albanese said he would be open to discussions about easing restrictions. David Humphreys, vice chair of industry body Western Beef Association, was open to the idea as well. As long as Australia's biosecurity standards were protected, it would be a beneficial outcome for all Australian farmers if it could be used as leverage to lower US tariffs, he said. Assuming US beef imports posed no disease risk, the impacts for Australian farmers from extra competition would be limited. "Australia has very competitive and relatively cheap beef production in comparison," Mr Humphreys told AAP. "Any beef that's coming in from the US is probably going to be targeting quite select segments of beef consumption, probably the cheaper cuts, produced beef products. "So it's not really competing with the premium Australian beef products that our beef farms produce." The low exchange rate of the Australian dollar as well as the high cost of transporting US beef also reduced the likelihood of it outcompeting homegrown products, he said. Local consumers are accustomed to leaner, higher-quality Australian beef and unlikely to be won over by fatty, hormone-injected American competitors. "I think there's not a lot of risk to Australian producers of beef, with this possibility of some limited US beef being imported into Australia," Mr Humphreys said. Australia's Department of Agriculture is reviewing its ban on Mexican and Canadian beef slaughtered in the US. Agriculture Minister Julie Collins said any decision to allow greater access for US beef would be based on science and evidence. Even if the federal government lowers barriers blocking imports of US beef, it would be no match for higher quality and cheaper to produce Australian cattle. Australia is considering granting more American beef producers access to the local market as a potential bargaining chip to strike a deal on tariffs, as the two nations' leaders prepare to potentially meet face-to-face for the first time. For biosecurity reasons, Australia imposes a soft ban on US beef. Cattle that can be proven to have been raised and slaughtered in the US are allowed into the Australian market, but large amounts of beef sent to American abattoirs come from Mexico or Canada, which are barred from importation. Challenges in tracing the origin of cattle means in practice beef imports are not allowed, until the US can show the same traceability systems Australia has in place. Australian beef producers urged the government not to loosen biosecurity protections. "Australia's biosecurity status is integral to the success and sustainability of our agricultural industries," National Farmers Federation president David Jochinke said. Prime Minister Anthony Albanese assured farmers the government would make no compromises on biosecurity. But as long as biosecurity was protected, Mr Albanese said he would be open to discussions about easing restrictions. David Humphreys, vice chair of industry body Western Beef Association, was open to the idea as well. As long as Australia's biosecurity standards were protected, it would be a beneficial outcome for all Australian farmers if it could be used as leverage to lower US tariffs, he said. Assuming US beef imports posed no disease risk, the impacts for Australian farmers from extra competition would be limited. "Australia has very competitive and relatively cheap beef production in comparison," Mr Humphreys told AAP. "Any beef that's coming in from the US is probably going to be targeting quite select segments of beef consumption, probably the cheaper cuts, produced beef products. "So it's not really competing with the premium Australian beef products that our beef farms produce." The low exchange rate of the Australian dollar as well as the high cost of transporting US beef also reduced the likelihood of it outcompeting homegrown products, he said. Local consumers are accustomed to leaner, higher-quality Australian beef and unlikely to be won over by fatty, hormone-injected American competitors. "I think there's not a lot of risk to Australian producers of beef, with this possibility of some limited US beef being imported into Australia," Mr Humphreys said. Australia's Department of Agriculture is reviewing its ban on Mexican and Canadian beef slaughtered in the US. Agriculture Minister Julie Collins said any decision to allow greater access for US beef would be based on science and evidence.
AU Financial Review
2 days ago
- AU Financial Review
Mongolia forces Rio Tinto into major engineering change at copper mine
Copper production from Rio Tinto's most important growth project will not increase as rapidly nor efficiently as expected, after tensions with the Mongolian government forced Rio to make a major engineering change at the Oyu Tolgoi mine. Rio has been forced to halt eight months of tunnelling work to move the giant underground mine in a northerly direction because the Mongolian government has delayed approval for the mine to enter tenements that are partly owned by Canadian company Entree Resources.
