$135m rescue for struggling major employer
South Australian Premier Peter Malinauskas announced the funding at the Port Pirie smelter on Tuesday, flanked by business executives, a day after state cabinet met in the town. South Australian Premier Peter Malinauskas said the lifeline was in the face of 'an unacceptable risk'. Martin Ollman Credit: News Corp Australia
'When people contemplate, 'Is this an appropriate investment on behalf of taxpayers', one also has to think about the counterfactual,' Mr Malinauskas said.
'The counterfactual would be to allow the western world to see China consolidate all of its smelting capacity - all of the world's smelting capacity - which would mean that we don't get to participate in the critical mineral and critical metal supply chain of the future.
'That's an unacceptable risk, particularly in the current geostrategic environment.'
Canberra is kicking in $57.5m, SA is contributing $55m and Tasmania will cover the remaining $22.5m. The announcement was made at the Port Pirie smelter. NewsWire / David Mariuz Credit: News Corp Australia
Materials coming out of the Nyrstar smelters are crucial for products as diverse as batteries, flame retardants, cameras, semiconductors, and solar panels.
Mr Malinauskas flashed a chunk of processed antimony and spoke of its military uses.
'Few Australians would have heard of antimony, but it's a critical mineral that has a number of applications, none more important than the national defence supply chain,' he said.
'In fact, antimony is often attributed for shortening World War II by 12 months. It is something that men and women in the field of battle simply must have.
'And other parts of the world - other countries - one in particular - is seeking to consolidate the production of critical minerals just like this to the exclusion of all others.'
Antimony is used to harden bullets. Following WWII, the US Munitions Board assessed the harder, more reliable bullets saved a year of fighting.
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Whether these plans materialise at scale remains to be seen, but approvals momentum is at least heading in the right direction. The latest Bank On It report from the Australian Banking Association confirms what most of us have long suspected: the era of branch banking is all but over. Just 0.7 per cent of banking interactions now happen in person, and mobile wallets alone accounted for over $160 billion in spending last year. That figure is up 23-fold since 2019, with a 28 per cent rise in the past 12 months alone. In the cities, this shift is seen as progress. But in the bush, it's a double-edged sword. While digital convenience has obvious benefits, the hollowing out of physical banking infrastructure is leaving rural Australians stranded when it comes to complex lending, succession planning and financial guidance that can't be solved with an app. The future might be cashless, but it shouldn't be connectionless. There's been a significant shift on the regulatory front, with APRA proposing a three-tier framework that will allow mid-tier banks to use their own internal credit models. If adopted, this change would reduce the capital non-majors need to hold against loans, potentially unlocking a wave of more competitive lending. That's good news in theory, especially for regional borrowers who often find themselves at the mercy of rigid bank policies. But one major hurdle remains in place: the 3 per cent serviceability buffer. Despite inflation trending down, this buffer continues to suppress borrowing capacity for many agribusiness clients, especially those with volatile cash flows or non-standard income structures. In practice, we could see a more level playing field emerge between major and non-major lenders, but it will take time and trust. Borrowers should be alert, not alarmed, and ready to act if funding conditions improve. June's inflation figures have shifted the conversation. Headline CPI dropped to 2.1 per cent, while the RBA's trimmed mean measure fell to 2.7 per cent, squarely within the target range for the second quarter running. Key contributors like rent and insurance, which had previously soared, have begun to cool. This strengthens the case for a rate cut at the RBA's August meeting. With the cash rate sitting at 3.85 per cent, borrowers are watching closely. A cut would be a welcome relief for those coming off fixed-term loans and facing a wall of repayments. But lower rates won't fix everything. Input costs, particularly fertiliser, fuel and chemicals, are once again on the rise. Margins remain under pressure, and planning remains paramount. The temptation to wait for the rate drop should not delay critical conversations around restructuring or refinancing. Property markets are tightening in a different way. National listings hit a four-year low in June, with just 33,159 new properties listed across the country. That's 11.7 per cent down on last year, and 9.2 per cent below the five-year average. At the same time, vendor discounting narrowed to 3.4 per cent, the lowest level in months. In rural markets, we're seeing a similar story. Quality properties remain scarce, and well-capitalised buyers are still active, particularly in regions with reliable water, infrastructure, and logistics access. There's little evidence of widespread distress selling, and vendors are holding firm on price. While interest rates have cooled buyer enthusiasm somewhat, serviceability constraints are now more of a limiting factor than sentiment. This is a quiet, negotiated market - but one where opportunities exist for the well-prepared. Dwelling approvals surged in June, up nearly 12 per cent for the month and led by a 33 per cent rise in multi-unit approvals. Annual approvals have reached 187,330, a solid 13.9 per cent increase on last year. That's good news, but still short of the 240,000 dwellings per year needed to meet the federal government's housing target. For regional Australia, the implications are twofold. First, workforce availability remains constrained by a lack of housing in regional areas. Second, demand pressures in capital cities can divert labour, materials and political focus away from the regions. We are seeing more developers and infrastructure bodies express interest in regional build-to-rent models and workforce accommodation hubs. Whether these plans materialise at scale remains to be seen, but approvals momentum is at least heading in the right direction. The latest Bank On It report from the Australian Banking Association confirms what most of us have long suspected: the era of branch banking is all but over. Just 0.7 per cent of banking interactions now happen in person, and mobile wallets alone accounted for over $160 billion in spending last year. That figure is up 23-fold since 2019, with a 28 per cent rise in the past 12 months alone. In the cities, this shift is seen as progress. But in the bush, it's a double-edged sword. While digital convenience has obvious benefits, the hollowing out of physical banking infrastructure is leaving rural Australians stranded when it comes to complex lending, succession planning and financial guidance that can't be solved with an app. The future might be cashless, but it shouldn't be connectionless. There's been a significant shift on the regulatory front, with APRA proposing a three-tier framework that will allow mid-tier banks to use their own internal credit models. If adopted, this change would reduce the capital non-majors need to hold against loans, potentially unlocking a wave of more competitive lending. That's good news in theory, especially for regional borrowers who often find themselves at the mercy of rigid bank policies. 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A cut would be a welcome relief for those coming off fixed-term loans and facing a wall of repayments. But lower rates won't fix everything. Input costs, particularly fertiliser, fuel and chemicals, are once again on the rise. Margins remain under pressure, and planning remains paramount. The temptation to wait for the rate drop should not delay critical conversations around restructuring or refinancing. Property markets are tightening in a different way. National listings hit a four-year low in June, with just 33,159 new properties listed across the country. That's 11.7 per cent down on last year, and 9.2 per cent below the five-year average. At the same time, vendor discounting narrowed to 3.4 per cent, the lowest level in months. In rural markets, we're seeing a similar story. Quality properties remain scarce, and well-capitalised buyers are still active, particularly in regions with reliable water, infrastructure, and logistics access. There's little evidence of widespread distress selling, and vendors are holding firm on price. While interest rates have cooled buyer enthusiasm somewhat, serviceability constraints are now more of a limiting factor than sentiment. This is a quiet, negotiated market - but one where opportunities exist for the well-prepared. Dwelling approvals surged in June, up nearly 12 per cent for the month and led by a 33 per cent rise in multi-unit approvals. Annual approvals have reached 187,330, a solid 13.9 per cent increase on last year. That's good news, but still short of the 240,000 dwellings per year needed to meet the federal government's housing target. For regional Australia, the implications are twofold. First, workforce availability remains constrained by a lack of housing in regional areas. Second, demand pressures in capital cities can divert labour, materials and political focus away from the regions. We are seeing more developers and infrastructure bodies express interest in regional build-to-rent models and workforce accommodation hubs. Whether these plans materialise at scale remains to be seen, but approvals momentum is at least heading in the right direction.
Canberra Times
2 hours ago
- Canberra Times
As mobile wallets rapidly replace bank branches, are you being left behind?
But in the bush, it's a double-edged sword. While digital convenience has obvious benefits, the hollowing out of physical banking infrastructure is leaving rural Australians stranded when it comes to complex lending, succession planning and financial guidance that can't be solved with an app.
