Braidwood resident Peter Marshall was forced to bid $19,000 to buy the strip of land on which his driveway sits.
Braidwood resident Peter Marshall was forced to bid $19,000 to buy the strip of land on which his driveway sits
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SBS Australia
an hour ago
- SBS Australia
US reviewing $350 billion AUKUS security pact to see if it fits Trump's "America First" agenda
US reviewing $350 billion AUKUS security pact to see if it fits Trump's "America First" agenda Published 12 June 2025, 6:13 am There are questions over the future of Australia's multi-billion dollar submarine deal with the US after the White House announced a review of the AUKUS security pact. The Pentagon will review the pact to ensure it aligns with President Donald Trump's America First agenda. Australia's government has tried to downplay the development - rejecting claims AUKUS is now sunk. It says there is no need for a plan B.
News.com.au
2 hours ago
- News.com.au
Business Council of Australia calls for R&D funding to hit 3pc GDP, amid productivity push
Australia could miss out on its next great invention plus significant economic benefits, with one prominent business leader calling for an increase in research and development spending so we no longer lag behind other developed countries. Business Council of Australia chief executive Bran Black says the Albanese government should help boost public and private spending into research and development from 1.7 per cent of GDP to 3 per cent. As it stands, Australia is dragging behind the other OECD countries which on average invest 2.7 per cent of GDP into funding and developing innovating ideas. Australia was also significantly behind the United States and South Korea which invest 3.59 per cent and 5.21 per cent respectively. As a result, the country was missing out on the economic returns, with Mr Black pointing to analysis from the CSIRO which found that every dollar invested in R&D offered a $3 return to GDP. 'They're doing that because they see that the economic return, the dividend to their economy associated with these types of investment makes it worthwhile,' he said. More and better innovation also had the power to make 'life better' too, said Mr Black, pointing to world-leading Australian inventions such as the cochlear implant, Google Maps, pacemakers and even Wi-Fi. 'If we talk about these types of inventions – being able to hear, being able to see your child, being able to navigate your way through cities and towns with confidence – that is genuinely a reflection of how our society has changed as a consequence of good old Australian R&D,' he said. 'R&D when done right changes the way we live, every single day.' While sectors such as agriculture, health, renewables and the resources sector were areas where Australia had 'existing advantages,' he said there was also 'scope for opportunity' in more left field areas like quantum computing. Figures released by the Department of Industry, Science and Resources tip Australia's technology sector is set to contribute $244bn a year to the economy by 2031, a rapid increase from the current $167bn. Increasing Australia's quantum capabilities is set to amplify the growth of the sector. 'Who would have thought that Australia would be at the absolute forefront of global research with respect to this cutting edge technology, and yet we are,' he said. The push for a higher spend on R&D comes as Labor seeks to unite union and business leaders for a productivity roundtable which will be held at Parliament House in August. Mr Black said boosting Australian innovation was a key way to expose Australia to new market, create new jobs and develop emerging industries. In addition for a 5 per cent target on increased funding from the public and private sector, the BCA is also calling for a better tax incentives to encourage domestic and international to invest in Australian projects, plus a publicly accessible National Researcher Directory to help connect industry with research expertise. 'Ultimately what that means is that R&D is an excellent way of driving productivity (and) productivity is the main determinant for how we can deliver real wages growth across our economy,' he said. Labor is undertaking a strategic review into its R&D processes, with the government set to receive the recommendations by the end of the year. Former industry and science minister Ed Husic also acknowledged in October last year that R&D funding in Australia was at a 'sorry state,' and said the government was 'very focused on fixing up our languishing national R&D spend'.
Daily Telegraph
2 hours ago
- Daily Telegraph
‘Over the top' house sells for $18.5m
It was described as capturing 'the romance and timeless beauty of a Mediterranean villa', and the house known as 'Formentera' certainly does that. You won't find too many grand Australian homes with internal finishes quite like this. Even its latest vendors, sources say, considered them a bit 'over the top'. The grand six-bedroom home at 86 Lang Rd, Centennial Park, has just sold for $18.5m after 27 days on the market via Ray White Double Bay's Ashley Bierman and Thomas Popple, in conjunction with Ben Collier and Daniel Acocks at The Agency. But it had been on the market since last September with Collier, initially with hopes of $23m. The result fell at the lower end of its latest $18.5m-$20m guide, with the buyers known to be banker Andrew Cox and his partner, Pru, moving from 22 Attunga St, Woollahra that's listed with Collier. They no doubt factored in a reno for the Lang Rd mansion, to bring it more in line with Australian contemporary tastes. MORE: Fashion icon's splurge after $20m sale The recent Wentworth Courier House of the Week property, which gets its name from the smallest of the Spanish Balearic Islands, is currently owned by Rob Speedie, former Novotech CFO, and Annabelle Mooney, the former JPMorgan managing director. The pair bought the four-storey house in 2021 for $12.5 million from car dealers Paul and Elizabeth Warren, of the Peter Warren Automotives clan. Perhaps it was these previous owners who were behind the 'exquisite hand-painted ceilings, architectural detailing, and a warm Mediterranean palette'. The marble kitchen, with its island bench, Ilve cooker and integrated Sub-Zero fridges, has all the mod cons, but is probably set for a makeover. What would have sold the place, though, was the 854sqm landholding in a prime location on millionaire's row in Centennial Park, with the buyers looking beyond the current design of the 650sq m of internal living space. As Kirsten Craze wrote in her recent feature: 'Outdoors, the landscaped grounds include a European parterre front yard with a pond and manicured hedges, as well as a rear yard with a huge pool, a paved terrace and lawn. 'The first floor is home to a family bathroom plus four bedrooms including the palatial primary and secondary suite, both with large dressing rooms, balconies and deluxe ensuites. 'One more level includes a fifth bedroom or teenager retreat with adjoining sitting room, a walk-in wardrobe and ensuite. Above the double lock up garage and utility room, a convenient one-bedroom au pair or guest apartment comes complete with a kitchen and bathroom, as well as its own private entrance. 'Across from Centennial Park, Formentera is within easy access of Woollahra shops, Oxford St, the Allianz Stadium precinct, Entertainment Quarter, horse riding and the Sporting Club of Sydney.'
