Solid earnings and tariff break awaken ResMed price
Sleep device manufacturer ResMed has confirmed an exemption to US tariffs, surging quarterly earnings and an enviable balance sheet, but the company's boss is not napping on the result.
The ASX-listed company lifted its third-quarter revenue eight per cent to $1.3 billion, boosted its earnings per share by more than a fifth and reported operating cash flow of $579 million.
"It's a great performance by the team - 10,000 'ResMedians' selling in 140 countries in this crazy environment that's going on right now," CEO Mick Farrell told AAP.
"But they just focus - laser focus."
The group makes devices and other products for people with sleep apnoea, insomnia and obstructive pulmonary disease - a potential target market of 2.3 billion people worldwide.
In markets where the $1300 starting price for a continuous positive airway pressure (CPAP) machine and a $200 mask are out of reach, ResMed offers a subscription service.
Shares in the company soared more than seven per cent after the earnings call, helped by an exemption to US tariffs, which could have impacted its manufacturing plants in Singapore and Australia.
ResMed's products are exempted by the Nairobi Protocol, launched in 1982 under then US president Ronald Reagan to protect products made for people with a disability.
US Customs and Border Protection reaffirmed ResMed's devices were tariff-free on April 5, two days after President Trump's "Liberation Day" tariffs sent markets into a tailspin, wiping trillions of dollars from global markets.
"We are now bringing products over tariff-exempt and we'll continue to do so," Mr Farrell said.
Tariffs aside, global uncertainty and lumbering growth could affect consumer behaviour, but Mr Farrell was optimistic about maintaining momentum.
"We're not selling iPhones or Teslas or disposable electronic goods," he said.
"We're selling medical products that save your life."
Patients using ResMed's pressure machine therapy have a 37 per cent lower risk of death, according to meta-analysis in medical journal The Lancet.
The risk of death by heart attack for pressure machine patients fell by 55 per cent.
Mr Farrell had faith in global growth returning despite the US tariff turbulence, but in the meantime he was grateful for medical tech's position to weather the storm.
"Challenges breed opportunities, and people talk about luck, but ... luck is an overlap of preparation and opportunity," he said.
"And in that little Venn diagram I'm seeing a lot of luck could come our way."
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Sky News AU
5 hours ago
- Sky News AU
Australia optimistic of free trade deal with the European Union
Australia's trade minister is optimistic a free trade agreement with the European Union will be inked. Trade Minister Don Farrell met his European counterparts in Paris last week. Mr Farrell told Sky News those meetings were positive. In a light jab at the US, Mr Farrell said there was a mood around the world to push the case for less protectionism and freer, fairer trade.
The Advertiser
9 hours ago
- The Advertiser
Cheaper complementary health treatments are on the way
When Peter Hill walked into his first pilates class, he had to warm-up for the warm-up. With a feeble lower back and taut hamstrings, the then 63-year-old was hoping the therapy could aid his pain. Six years later, he can dart and dash with little-to-no trouble. "Occasionally I might have a bit of a twinge but I can get out of bed in the morning and do normal stuff without having to warm up," Mr Hill says. "I jog or run once a week and I never have an issue with my hamstrings, and my back is significantly better." The additional good news is that pilates-goers like Mr Hill can soon expect their classes will be cheaper after federal health minister Mark Butler promised during the election campaign that private insurers would be obliged to cover some complementary treatments. A spokesperson for his office says the scheme's rollout is imminent. Complementary medicines are therapies that accompany pharmaceutical treatments with the aim of promoting holistic health. A study found that of the millions of Australians who use them, more than 50 per cent do so the same day they take their pharmaceutical medicine. The therapies include yoga, pilates, tai chi, shiatsu, naturopathy and the Alexander technique, as well as a range of western herbal medicines, and they will be covered by private insurers. A review recommended government subsidise all seven after finding they were moderately effective and safe. This represents a back-track on the 2019 exclusion of 16 natural therapies, which saw insurers lose rebates. "Coverage of natural therapies remains a decision for insurers," according to Mr Butler's office. "Insurers which choose to cover the therapies will work with the natural therapies sector on coverage and to re-establish provider credentialing. "The government will ensure timely re-inclusion of benefits for natural therapies, so this coverage is available as soon as possible." The opposition matched Labor's promise with spokeswoman Anne Ruston saying the coalition was "strongly committed to strengthening preventative health outcomes ... and these decisions are in line with that focus". Bupa is already on board, telling AAP it will welcome the subsidies. However, Private Healthcare Australia policy director Ben Harris says some firms may only take up the movement-based therapies such as yoga, tai chi and pilates. "The evidence is quite clear that in certain circumstances for certain people, these therapies can make a really big difference and the best thing with healthcare is you need as many options on the table as possible," he says. "It's getting better all the time ... but the broad research is still yet to be done for the community as a whole." Why though are complementary medicines important? Well, chronic disease is the leading cause of death worldwide, killing around 41 million people each year, while researchers say natural therapies alongside traditional medicines can help treat chronic symptoms and restore body function. Insurers in Canada, India and the UK are already rebating complementary medicines, while Australia's decision comes nine months after the National Disability Insurance Scheme removed subsidies for therapies like yoga, cuddle therapy and hypnotherapy. Then NDIS head Bill Shorten said these treatments should have never been on the list. But the federal review released in April, said yoga in particular had "some benefit" for people compared to individuals who don't participate. Still, some doctors are sceptical. The Australian Medical Association says people should remain cautious with some of the movement-based treatments. It also warns paients not to stop taking pharmaceutical medicines. "While evidence-based complementary medicine can play a role in patient care under the guidance of a doctor, there is limited evidence on the effectiveness of most complementary medicines," the association says. "People need to be extremely careful if they are sourcing herbal supplements because some are potentially harmful and it's very difficult to be certain about what they contain. "Some have the potential to cause adverse reactions or interact with conventional medicines." Joanna Harnett, an Associate Professor specialising in complementary healthcare, says any medicine people have can cause a reaction but complementary medicines taken orally in conjunction with traditional treatments pose the biggest risk. Natural therapies like shiatsu and western herbal medicines are derived from tradition compared to more research-based pharmaceuticals. But National Integrative Medicine Institute director Dennis Chang says the seven subsidised therapies are scientifically safe. "It's not an umbrella claim but certainly there is some moderate level of evidence to support effectiveness and ... this can be potentially beneficial to patients," he tells AAP. "The review is not saying yoga can do everything. So, there is a lot more research needed in order to make that more general claim." Medical economist and academic Yuting Zhang expects insurers to include natural therapies in their premiums because of their low-cost compared to private hospital cover. However due to the rising cost of healthcare, she doubts more people will sign up for premiums. "It would probably be quite smart ... to include those kinds of things," Prof Zhang says. "It would improve the value for private health insurance but in the big scheme of things, I don't think it would have a huge impact." But 83-year-old Colin who attends pilates every week sees the positives of a few more dollars in his pocket. "I might actually go to two classes rather than one," he says. "I really enjoy doing that sort of stretching, that sort of exercise." Prof Harnett says Victoria's Better Health Channel and the US government's National Complementary and Integrative Health website are resources people can look to if they are unsure of using a complementary medicine. When Peter Hill walked into his first pilates class, he had to warm-up for the warm-up. With a feeble lower back and taut hamstrings, the then 63-year-old was hoping the therapy could aid his pain. Six years later, he can dart and dash with little-to-no trouble. "Occasionally I might have a bit of a twinge but I can get out of bed in the morning and do normal stuff without having to warm up," Mr Hill says. "I jog or run once a week and I never have an issue with my hamstrings, and my back is significantly better." The additional good news is that pilates-goers like Mr Hill can soon expect their classes will be cheaper after federal health minister Mark Butler promised during the election campaign that private insurers would be obliged to cover some complementary treatments. A spokesperson for his office says the scheme's rollout is imminent. Complementary medicines are therapies that accompany pharmaceutical treatments with the aim of promoting holistic health. A study found that of the millions of Australians who use them, more than 50 per cent do so the same day they take their pharmaceutical medicine. The therapies include yoga, pilates, tai chi, shiatsu, naturopathy and the Alexander technique, as well as a range of western herbal medicines, and they will be covered by private insurers. A review recommended government subsidise all seven after finding they were moderately effective and safe. This represents a back-track on the 2019 exclusion of 16 natural therapies, which saw insurers lose rebates. "Coverage of natural therapies remains a decision for insurers," according to Mr Butler's office. "Insurers which choose to cover the therapies will work with the natural therapies sector on coverage and to re-establish provider credentialing. "The government will ensure timely re-inclusion of benefits for natural therapies, so this coverage is available as soon as possible." The opposition matched Labor's promise with spokeswoman Anne Ruston saying the coalition was "strongly committed to strengthening preventative health outcomes ... and these decisions are in line with that focus". Bupa is already on board, telling AAP it will welcome the subsidies. However, Private Healthcare Australia policy director Ben Harris says some firms may only take up the movement-based therapies such as yoga, tai chi and pilates. "The evidence is quite clear that in certain circumstances for certain people, these therapies can make a really big difference and the best thing with healthcare is you need as many options on the table as possible," he says. "It's getting better all the time ... but the broad research is still yet to be done for the community as a whole." Why though are complementary medicines important? Well, chronic disease is the leading cause of death worldwide, killing around 41 million people each year, while researchers say natural therapies alongside traditional medicines can help treat chronic symptoms and restore body function. Insurers in Canada, India and the UK are already rebating complementary medicines, while Australia's decision comes nine months after the National Disability Insurance Scheme removed subsidies for therapies like yoga, cuddle therapy and hypnotherapy. Then NDIS head Bill Shorten said these treatments should have never been on the list. But the federal review released in April, said yoga in particular had "some benefit" for people compared to individuals who don't participate. Still, some doctors are sceptical. The Australian Medical Association says people should remain cautious with some of the movement-based treatments. It also warns paients not to stop taking pharmaceutical medicines. "While evidence-based complementary medicine can play a role in patient care under the guidance of a doctor, there is limited evidence on the effectiveness of most complementary medicines," the association says. "People need to be extremely careful if they are sourcing herbal supplements because some are potentially harmful and it's very difficult to be certain about what they contain. "Some have the potential to cause adverse reactions or interact with conventional medicines." Joanna Harnett, an Associate Professor specialising in complementary healthcare, says any medicine people have can cause a reaction but complementary medicines taken orally in conjunction with traditional treatments pose the biggest risk. Natural therapies like shiatsu and western herbal medicines are derived from tradition compared to more research-based pharmaceuticals. But National Integrative Medicine Institute director Dennis Chang says the seven subsidised therapies are scientifically safe. "It's not an umbrella claim but certainly there is some moderate level of evidence to support effectiveness and ... this can be potentially beneficial to patients," he tells AAP. "The review is not saying yoga can do everything. So, there is a lot more research needed in order to make that more general claim." Medical economist and academic Yuting Zhang expects insurers to include natural therapies in their premiums because of their low-cost compared to private hospital cover. However due to the rising cost of healthcare, she doubts more people will sign up for premiums. "It would probably be quite smart ... to include those kinds of things," Prof Zhang says. "It would improve the value for private health insurance but in the big scheme of things, I don't think it would have a huge impact." But 83-year-old Colin who attends pilates every week sees the positives of a few more dollars in his pocket. "I might actually go to two classes rather than one," he says. "I really enjoy doing that sort of stretching, that sort of exercise." Prof Harnett says Victoria's Better Health Channel and the US government's National Complementary and Integrative Health website are resources people can look to if they are unsure of using a complementary medicine. When Peter Hill walked into his first pilates class, he had to warm-up for the warm-up. With a feeble lower back and taut hamstrings, the then 63-year-old was hoping the therapy could aid his pain. Six years later, he can dart and dash with little-to-no trouble. "Occasionally I might have a bit of a twinge but I can get out of bed in the morning and do normal stuff without having to warm up," Mr Hill says. "I jog or run once a week and I never have an issue with my hamstrings, and my back is significantly better." The additional good news is that pilates-goers like Mr Hill can soon expect their classes will be cheaper after federal health minister Mark Butler promised during the election campaign that private insurers would be obliged to cover some complementary treatments. A spokesperson for his office says the scheme's rollout is imminent. Complementary medicines are therapies that accompany pharmaceutical treatments with the aim of promoting holistic health. A study found that of the millions of Australians who use them, more than 50 per cent do so the same day they take their pharmaceutical medicine. The therapies include yoga, pilates, tai chi, shiatsu, naturopathy and the Alexander technique, as well as a range of western herbal medicines, and they will be covered by private insurers. A review recommended government subsidise all seven after finding they were moderately effective and safe. This represents a back-track on the 2019 exclusion of 16 natural therapies, which saw insurers lose rebates. "Coverage of natural therapies remains a decision for insurers," according to Mr Butler's office. "Insurers which choose to cover the therapies will work with the natural therapies sector on coverage and to re-establish provider credentialing. "The government will ensure timely re-inclusion of benefits for natural therapies, so this coverage is available as soon as possible." The opposition matched Labor's promise with spokeswoman Anne Ruston saying the coalition was "strongly committed to strengthening preventative health outcomes ... and these decisions are in line with that focus". Bupa is already on board, telling AAP it will welcome the subsidies. However, Private Healthcare Australia policy director Ben Harris says some firms may only take up the movement-based therapies such as yoga, tai chi and pilates. "The evidence is quite clear that in certain circumstances for certain people, these therapies can make a really big difference and the best thing with healthcare is you need as many options on the table as possible," he says. "It's getting better all the time ... but the broad research is still yet to be done for the community as a whole." Why though are complementary medicines important? Well, chronic disease is the leading cause of death worldwide, killing around 41 million people each year, while researchers say natural therapies alongside traditional medicines can help treat chronic symptoms and restore body function. Insurers in Canada, India and the UK are already rebating complementary medicines, while Australia's decision comes nine months after the National Disability Insurance Scheme removed subsidies for therapies like yoga, cuddle therapy and hypnotherapy. Then NDIS head Bill Shorten said these treatments should have never been on the list. But the federal review released in April, said yoga in particular had "some benefit" for people compared to individuals who don't participate. Still, some doctors are sceptical. The Australian Medical Association says people should remain cautious with some of the movement-based treatments. It also warns paients not to stop taking pharmaceutical medicines. "While evidence-based complementary medicine can play a role in patient care under the guidance of a doctor, there is limited evidence on the effectiveness of most complementary medicines," the association says. "People need to be extremely careful if they are sourcing herbal supplements because some are potentially harmful and it's very difficult to be certain about what they contain. "Some have the potential to cause adverse reactions or interact with conventional medicines." Joanna Harnett, an Associate Professor specialising in complementary healthcare, says any medicine people have can cause a reaction but complementary medicines taken orally in conjunction with traditional treatments pose the biggest risk. Natural therapies like shiatsu and western herbal medicines are derived from tradition compared to more research-based pharmaceuticals. But National Integrative Medicine Institute director Dennis Chang says the seven subsidised therapies are scientifically safe. "It's not an umbrella claim but certainly there is some moderate level of evidence to support effectiveness and ... this can be potentially beneficial to patients," he tells AAP. "The review is not saying yoga can do everything. So, there is a lot more research needed in order to make that more general claim." Medical economist and academic Yuting Zhang expects insurers to include natural therapies in their premiums because of their low-cost compared to private hospital cover. However due to the rising cost of healthcare, she doubts more people will sign up for premiums. "It would probably be quite smart ... to include those kinds of things," Prof Zhang says. "It would improve the value for private health insurance but in the big scheme of things, I don't think it would have a huge impact." But 83-year-old Colin who attends pilates every week sees the positives of a few more dollars in his pocket. "I might actually go to two classes rather than one," he says. "I really enjoy doing that sort of stretching, that sort of exercise." Prof Harnett says Victoria's Better Health Channel and the US government's National Complementary and Integrative Health website are resources people can look to if they are unsure of using a complementary medicine. When Peter Hill walked into his first pilates class, he had to warm-up for the warm-up. With a feeble lower back and taut hamstrings, the then 63-year-old was hoping the therapy could aid his pain. Six years later, he can dart and dash with little-to-no trouble. "Occasionally I might have a bit of a twinge but I can get out of bed in the morning and do normal stuff without having to warm up," Mr Hill says. "I jog or run once a week and I never have an issue with my hamstrings, and my back is significantly better." The additional good news is that pilates-goers like Mr Hill can soon expect their classes will be cheaper after federal health minister Mark Butler promised during the election campaign that private insurers would be obliged to cover some complementary treatments. A spokesperson for his office says the scheme's rollout is imminent. Complementary medicines are therapies that accompany pharmaceutical treatments with the aim of promoting holistic health. A study found that of the millions of Australians who use them, more than 50 per cent do so the same day they take their pharmaceutical medicine. The therapies include yoga, pilates, tai chi, shiatsu, naturopathy and the Alexander technique, as well as a range of western herbal medicines, and they will be covered by private insurers. A review recommended government subsidise all seven after finding they were moderately effective and safe. This represents a back-track on the 2019 exclusion of 16 natural therapies, which saw insurers lose rebates. "Coverage of natural therapies remains a decision for insurers," according to Mr Butler's office. "Insurers which choose to cover the therapies will work with the natural therapies sector on coverage and to re-establish provider credentialing. "The government will ensure timely re-inclusion of benefits for natural therapies, so this coverage is available as soon as possible." The opposition matched Labor's promise with spokeswoman Anne Ruston saying the coalition was "strongly committed to strengthening preventative health outcomes ... and these decisions are in line with that focus". Bupa is already on board, telling AAP it will welcome the subsidies. However, Private Healthcare Australia policy director Ben Harris says some firms may only take up the movement-based therapies such as yoga, tai chi and pilates. "The evidence is quite clear that in certain circumstances for certain people, these therapies can make a really big difference and the best thing with healthcare is you need as many options on the table as possible," he says. "It's getting better all the time ... but the broad research is still yet to be done for the community as a whole." Why though are complementary medicines important? Well, chronic disease is the leading cause of death worldwide, killing around 41 million people each year, while researchers say natural therapies alongside traditional medicines can help treat chronic symptoms and restore body function. Insurers in Canada, India and the UK are already rebating complementary medicines, while Australia's decision comes nine months after the National Disability Insurance Scheme removed subsidies for therapies like yoga, cuddle therapy and hypnotherapy. Then NDIS head Bill Shorten said these treatments should have never been on the list. But the federal review released in April, said yoga in particular had "some benefit" for people compared to individuals who don't participate. Still, some doctors are sceptical. The Australian Medical Association says people should remain cautious with some of the movement-based treatments. It also warns paients not to stop taking pharmaceutical medicines. "While evidence-based complementary medicine can play a role in patient care under the guidance of a doctor, there is limited evidence on the effectiveness of most complementary medicines," the association says. "People need to be extremely careful if they are sourcing herbal supplements because some are potentially harmful and it's very difficult to be certain about what they contain. "Some have the potential to cause adverse reactions or interact with conventional medicines." Joanna Harnett, an Associate Professor specialising in complementary healthcare, says any medicine people have can cause a reaction but complementary medicines taken orally in conjunction with traditional treatments pose the biggest risk. Natural therapies like shiatsu and western herbal medicines are derived from tradition compared to more research-based pharmaceuticals. But National Integrative Medicine Institute director Dennis Chang says the seven subsidised therapies are scientifically safe. "It's not an umbrella claim but certainly there is some moderate level of evidence to support effectiveness and ... this can be potentially beneficial to patients," he tells AAP. "The review is not saying yoga can do everything. So, there is a lot more research needed in order to make that more general claim." Medical economist and academic Yuting Zhang expects insurers to include natural therapies in their premiums because of their low-cost compared to private hospital cover. However due to the rising cost of healthcare, she doubts more people will sign up for premiums. "It would probably be quite smart ... to include those kinds of things," Prof Zhang says. "It would improve the value for private health insurance but in the big scheme of things, I don't think it would have a huge impact." But 83-year-old Colin who attends pilates every week sees the positives of a few more dollars in his pocket. "I might actually go to two classes rather than one," he says. "I really enjoy doing that sort of stretching, that sort of exercise." Prof Harnett says Victoria's Better Health Channel and the US government's National Complementary and Integrative Health website are resources people can look to if they are unsure of using a complementary medicine.
The Advertiser
9 hours ago
- The Advertiser
'No justification': minister seeks tariff breakthrough
Australia will keep pressuring the US to remove tariffs imposed by Donald Trump, the trade minister says, ahead of a likely meeting between Anthony Albanese and the president. The two leaders could meet on the sidelines of the G7 summit in Canada next week, with the economic measures imposed by Mr Trump around the world set to dominate discussions. As Australia looks to negotiate for an exemption on tariffs, Trade Minister Don Farrrell was optimistic a deal could be reached. "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," he told Sky News on Sunday. "There is no justification for the United States to impose tariffs on Australia ... we want all of the tariffs removed, not just some of them." Mr Trump recently signed off on doubling tariffs on exports on steel and aluminium from 25 to 50 per cent. All other Australian exports to the US have been slapped with a 10 per cent tariff. But opposition finance spokesman James Paterson said any meeting between the prime minister and US president should have happened sooner. He said an exemption on steel and aluminium secured by the UK showed it was possible Australia could receive a similar outcome. "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 program. Senator Farrell met with US trade representative Jamieson Greer last week and said he pushed the case for all of the economic measures to be removed. The minister was hopeful a similar approach that removed $20 billion worth of tariffs on Australian goods entering China could be used with America. "We didn't retaliate on that occasion, and bit by bit, we managed to get all of those tariffs that had been applied on Australia by China removed. I'd like to do the same with the United States," he said. "It's only by open discussion, honest discussion with out allies in the United States that I think we can do that." Senator Paterson said the coalition would be open to the idea of a critical minerals stockpile that could be used as a bargaining chip in any tariff negotiations. "It is something that Australia could do which would represent an economic opportunity and a strategic contribution," he said. As the US Defence Secretary Pete Hegseth urged Australia to increase its defence spending by billions of dollars to 3.5 per cent of GDP, Senator Farrell said the federal government had already proved its commitment through the AUKUS submarine deal. Australia is looking to up its total spent on defence to 2.3 per cent. "We are committed to the defence of this country, we are committed to a significant uplift in the amount of spending," Senator Farrell said. "(AUKUS) is going to be a project that's worth more than $360 billion, so I think we've talked the talk." Senator Paterson said the opposition was still committed to its election platform of increasing defence spending to three per cent. Australia will keep pressuring the US to remove tariffs imposed by Donald Trump, the trade minister says, ahead of a likely meeting between Anthony Albanese and the president. The two leaders could meet on the sidelines of the G7 summit in Canada next week, with the economic measures imposed by Mr Trump around the world set to dominate discussions. As Australia looks to negotiate for an exemption on tariffs, Trade Minister Don Farrrell was optimistic a deal could be reached. "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," he told Sky News on Sunday. "There is no justification for the United States to impose tariffs on Australia ... we want all of the tariffs removed, not just some of them." Mr Trump recently signed off on doubling tariffs on exports on steel and aluminium from 25 to 50 per cent. All other Australian exports to the US have been slapped with a 10 per cent tariff. But opposition finance spokesman James Paterson said any meeting between the prime minister and US president should have happened sooner. He said an exemption on steel and aluminium secured by the UK showed it was possible Australia could receive a similar outcome. "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 program. Senator Farrell met with US trade representative Jamieson Greer last week and said he pushed the case for all of the economic measures to be removed. The minister was hopeful a similar approach that removed $20 billion worth of tariffs on Australian goods entering China could be used with America. "We didn't retaliate on that occasion, and bit by bit, we managed to get all of those tariffs that had been applied on Australia by China removed. I'd like to do the same with the United States," he said. "It's only by open discussion, honest discussion with out allies in the United States that I think we can do that." Senator Paterson said the coalition would be open to the idea of a critical minerals stockpile that could be used as a bargaining chip in any tariff negotiations. "It is something that Australia could do which would represent an economic opportunity and a strategic contribution," he said. As the US Defence Secretary Pete Hegseth urged Australia to increase its defence spending by billions of dollars to 3.5 per cent of GDP, Senator Farrell said the federal government had already proved its commitment through the AUKUS submarine deal. Australia is looking to up its total spent on defence to 2.3 per cent. "We are committed to the defence of this country, we are committed to a significant uplift in the amount of spending," Senator Farrell said. "(AUKUS) is going to be a project that's worth more than $360 billion, so I think we've talked the talk." Senator Paterson said the opposition was still committed to its election platform of increasing defence spending to three per cent. Australia will keep pressuring the US to remove tariffs imposed by Donald Trump, the trade minister says, ahead of a likely meeting between Anthony Albanese and the president. The two leaders could meet on the sidelines of the G7 summit in Canada next week, with the economic measures imposed by Mr Trump around the world set to dominate discussions. As Australia looks to negotiate for an exemption on tariffs, Trade Minister Don Farrrell was optimistic a deal could be reached. "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," he told Sky News on Sunday. "There is no justification for the United States to impose tariffs on Australia ... we want all of the tariffs removed, not just some of them." Mr Trump recently signed off on doubling tariffs on exports on steel and aluminium from 25 to 50 per cent. All other Australian exports to the US have been slapped with a 10 per cent tariff. But opposition finance spokesman James Paterson said any meeting between the prime minister and US president should have happened sooner. He said an exemption on steel and aluminium secured by the UK showed it was possible Australia could receive a similar outcome. "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 program. Senator Farrell met with US trade representative Jamieson Greer last week and said he pushed the case for all of the economic measures to be removed. The minister was hopeful a similar approach that removed $20 billion worth of tariffs on Australian goods entering China could be used with America. "We didn't retaliate on that occasion, and bit by bit, we managed to get all of those tariffs that had been applied on Australia by China removed. I'd like to do the same with the United States," he said. "It's only by open discussion, honest discussion with out allies in the United States that I think we can do that." Senator Paterson said the coalition would be open to the idea of a critical minerals stockpile that could be used as a bargaining chip in any tariff negotiations. "It is something that Australia could do which would represent an economic opportunity and a strategic contribution," he said. As the US Defence Secretary Pete Hegseth urged Australia to increase its defence spending by billions of dollars to 3.5 per cent of GDP, Senator Farrell said the federal government had already proved its commitment through the AUKUS submarine deal. Australia is looking to up its total spent on defence to 2.3 per cent. "We are committed to the defence of this country, we are committed to a significant uplift in the amount of spending," Senator Farrell said. "(AUKUS) is going to be a project that's worth more than $360 billion, so I think we've talked the talk." Senator Paterson said the opposition was still committed to its election platform of increasing defence spending to three per cent. Australia will keep pressuring the US to remove tariffs imposed by Donald Trump, the trade minister says, ahead of a likely meeting between Anthony Albanese and the president. The two leaders could meet on the sidelines of the G7 summit in Canada next week, with the economic measures imposed by Mr Trump around the world set to dominate discussions. As Australia looks to negotiate for an exemption on tariffs, Trade Minister Don Farrrell was optimistic a deal could be reached. "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," he told Sky News on Sunday. "There is no justification for the United States to impose tariffs on Australia ... we want all of the tariffs removed, not just some of them." Mr Trump recently signed off on doubling tariffs on exports on steel and aluminium from 25 to 50 per cent. All other Australian exports to the US have been slapped with a 10 per cent tariff. But opposition finance spokesman James Paterson said any meeting between the prime minister and US president should have happened sooner. He said an exemption on steel and aluminium secured by the UK showed it was possible Australia could receive a similar outcome. "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 program. Senator Farrell met with US trade representative Jamieson Greer last week and said he pushed the case for all of the economic measures to be removed. The minister was hopeful a similar approach that removed $20 billion worth of tariffs on Australian goods entering China could be used with America. "We didn't retaliate on that occasion, and bit by bit, we managed to get all of those tariffs that had been applied on Australia by China removed. I'd like to do the same with the United States," he said. "It's only by open discussion, honest discussion with out allies in the United States that I think we can do that." Senator Paterson said the coalition would be open to the idea of a critical minerals stockpile that could be used as a bargaining chip in any tariff negotiations. "It is something that Australia could do which would represent an economic opportunity and a strategic contribution," he said. As the US Defence Secretary Pete Hegseth urged Australia to increase its defence spending by billions of dollars to 3.5 per cent of GDP, Senator Farrell said the federal government had already proved its commitment through the AUKUS submarine deal. Australia is looking to up its total spent on defence to 2.3 per cent. "We are committed to the defence of this country, we are committed to a significant uplift in the amount of spending," Senator Farrell said. "(AUKUS) is going to be a project that's worth more than $360 billion, so I think we've talked the talk." Senator Paterson said the opposition was still committed to its election platform of increasing defence spending to three per cent.
