Super change could unlock $8.7b for housing
In its submission to the Albanese government's productivity roundtable, the property industry peak body has called for stamp duty to be excluded from the calculation of fee-adjusted returns to encourage investment in housing.
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Sky News AU
26 minutes ago
- Sky News AU
Japan to build Australia's new $10bn frigate fleet
A Japanese shipbuilder has beaten a German bid to build Australia's new frontline warships, the Albanese government has unveiled. Mitsubishi Heavy Industries will build 11 Mogami-class frigates to replace the ANZAC-class fleet, which Australia has been operating since World War II. Announcing the deal alongside Deputy Prime Minister Richard Marles, Defence Industry Minister Pat Conroy said the boats would create a 'bigger' and 'more lethal' Royal Australian Navy. 'Ladies and gentlemen, in terms of cost, capability, and meeting our schedule of delivery, the Mogami-class frigate was the clear winner,' Mr Conroy told reporters at Parliament House. 'The cost of acquisition of all three designs examined were comparable but, over the whole of life, the cost of the Mogami is much lower. 'The Mogami-class stealth frigate is in production right now. 'It was the only option that met the government's timeline of first frigate being delivered in 2029.' While the first three ships will be built in Japan, the remainders will be built at Henderson Defence Precinct in Western Australia. The 'continuous pipeline' plan will directly support an estimated 10,000 jobs. The first of the three frigates is slated for delivery in 2029 and expected to enter service in 2030, while the third is expected to enter service by 2034. It beats the former Coalition government's time frame to replace Australia's combatant fleet by four years. With a range of up to 10,000 nautical miles, the new ships come with a 32 cell vertical launch system and surface-to-air and anti-ship missiles. The 'next-generation vessel' is also compatible with Australia's other advanced defence gadgetry the Albanese government has ordered over the next decade. The Japanese ship beat a design put forward by Germany's ThyssenKrupp Marine Systems. Defence originally recommended the German MEKO A-200, mostly due to cost. But Mr Marles, who is also defence minister, said the Mogami was simply the 'best ship'. 'The Mogami is absolutely the best ship,' he said. 'And that was very clear in all the advice that we received.' Mr Conroy echoed his cabinet colleague and his earlier comments. 'On cost, capability and schedule, the Mogami was the clear winner on all three factors,' he said. Originally published as Japan wins bid to build Australia's new $10bn frigate fleet
Sky News AU
an hour ago
- Sky News AU
Australians ‘didn't vote for' GST reform
Shadow Industrial Relations Minister Tim Wilson says Australians "didn't vote for" GST reforms. Mr Wilson told Sky News Australia that since the election, there have been 'more proposals' for taxes. The Albanese government is hosting a summit to discuss productivity and tax reform for Australia.
Sky News AU
6 hours ago
- Sky News AU
Woolworths, McDonald's and Coles say they will not stock US beef despite relaxed biosecurity measures
Several major Australian companies have confirmed they are planning to stick with domestic beef suppliers despite the Albanese government's move to loosen import controls on meat products from the United States. In June, Agriculture Minister Julie Collins said Australia would be removing biosecurity restrictions on beef produced in the US, Canada and Mexico. The move sparked concern from farmers, who warned it could introduce mad cow disease into Australia and threaten the livelihood of domestic producers. However, McDonald's Australia and the nation's major supermarkets told they would continue to use Australian suppliers despite the government's move. In a statement, a Woolworths spokesperson said they had longstanding relationships with many domestic suppliers and had 'no plans' to source beef elsewhere. 'We apply an Australia-first approach and 100 per cent of our fresh red meat is sourced directly from Australian farmers,' they said. 'We have no plans to change that approach.' Meanwhile, a spokesperson for Coles said: 'At Coles, we continue to partner with top beef producers across Australia to bring our customers the high-quality, 100 per cent Australian-sourced Coles brand fresh beef that they enjoy today'. McDonald's Australia also said they would continue to purchase from Australian farmers. 'We'll continue to source 100 per cent Aussie beef for our menu and provide our customers with the great taste, quality, and value they know and love,' a spokesperson told Meat and Livestock Australia managing director Michael Crowley welcomed the decisions from Coles, Woolworth and McDonald's, as he sought to calm fears about the impact of the government's changes. 'The potential for US beef to be imported into Australia in large volumes is minimal,' he told Mr Crowley cited the high demand for Australian beef in the US, the low US cattle herd and the strength of the Australian dollar. "More than 99 per cent of beef available in Australian supermarkets, pubs and restaurants is Australian beef,' he said. "Australia produces approximately three times more beef than needed to feed our population. Around 70 per cent of our production is exported to global markets. "The impact of US and Canadian beef entering Australia is expected to be minimal. It is unlikely there will be an adverse effect on Australian cattle producers." The decision to loosen biosecurity rules comes as Australia attempts to navigate unpredictable trade policy from the Trump administration, including the threat of tariffs on a range of exports. Trade Minister Don Farrell has refused to be drawn on whether opening the Australian market to US beef was part of an effort to avoid any potential trade restrictions.
