logo
Albanese rejects US defence demand

Albanese rejects US defence demand

Samantha Donovan: The Prime Minister Anthony Albanese has rejected a demand from the United States for Australia to spend an additional $40 billion a year on defence. The US Defence Secretary Pete Hegseth is urging Australia to boost its spending to 3.5% of GDP up from the current level of 2%. He's of the view Australia needs to be doing more in the Indo-Pacific region to counter the rise of China. But Mr Albanese insists his government is already ramping up its investment in the military. Isabel Moussalli has more. US
Isabel Moussalli: Defence Secretary Pete Hegseth made the most of his time in the spotlight at the weekend Shangri-La Dialogue, a global security conference in Singapore.
Pete Hegseth: I urge all of our allies and partners to seize this moment with us. Our defence spending must reflect the dangers and threats that we face today.
Isabel Moussalli: In his speech he reassures allies they won't be left alone to face increasing military and economic pressure from China, but asks them to ramp up spending. And if Asian countries need an example, he says thanks to President Donald Trump, European nations are boosting their spending.
Pete Hegseth: NATO members are pledging to spend 5% of their GDP on defence, even Germany. So it doesn't make sense for countries in Europe to do that while key allies in Asia spend less on defence in the face of an even more formidable threat, not to mention North Korea.
Isabel Moussalli: And then there's Australia, which got a specific mention later on. The US Department of Defence published a statement saying Secretary Hegseth conveyed that Australia should increase its defence spending to 3.5% of its GDP as soon as possible. Australia's current defence spending is about 2% of GDP, so meeting that request would cost Australia tens of billions of dollars more per year. Prime Minister Anthony Albanese has been quick to brush off that demand.
Anthony Albanese: What you should do in defence is decide what you need, your capability, and then provide for it. That's what my government's doing, investing in our capability and investing in our relationships. We've provided an additional $10 billion of investment into defence over the forward estimates. That adds up to 2.3% of GDP is where defence spending will rise.
Isabel Moussalli: Jennifer Parker from the Australian National University's National Security College says the US pushing for more defence spending isn't surprising, but she raises questions about the way it's been handled.
Jennifer Parker: The way it was pushed out really looks like it was trying to wedge Australia, given the recent debates in Australia about defence spending, which makes you ask questions about how close we are in the nature of our relationship.
Isabel Moussalli: Dr Elizabeth Buchanan agrees. She's a senior fellow with the Australian Strategic Policy Institute and the former head of Navy research at the Department of Defence.
Elizabeth Buchanan: So it shouldn't be a surprise that we've been asked to spend more. I think it is a surprise in terms of just how brash the US has been about this request. And I really do think the untidiness of how the US Secretary of Defence read out is a real clear signal that Canberra definitely isn't in the driver's seat in this relationship, and we might have known that.
Isabel Moussalli: Dr Buchanan doesn't believe Australia will get anywhere near even 3% GDP, let alone 3.5% in the next decade. She cautions against lifting defence spending for the sake of it.
Elizabeth Buchanan: So I think Australia very quickly will need to start reminding Washington that we have Pine Gap, we have Northwest Cape, we have MRFTI, so our marine rotational force up in Darwin. We do quite a lot that might not be fiscally valuable to Washington, but it does enable US forces throughout the region. So I think it's time that we sit down at a table and just really discuss about what we offer the alliance.
Isabel Moussalli: Dr Buchanan says she hopes those hard discussions happen soon.
Samantha Donovan: Isabel Moussalli

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Lunch Wrap: ASX climbs, uranium stocks catch fire on Meta's nuclear move
Lunch Wrap: ASX climbs, uranium stocks catch fire on Meta's nuclear move

News.com.au

time22 minutes ago

  • News.com.au

Lunch Wrap: ASX climbs, uranium stocks catch fire on Meta's nuclear move

ASX climbs as uranium glows Meta's nuclear deal lights up local energy stocks Aussie GDP stalls, Virgin preps for ASX liftoff The ASX was up 0.77% by lunchtime AEST on Wednesday, with green lights flashing across the screen and uranium names doing the heavy lifting. It's a decent showing, especially given the backdrop of Trump's latest tariff thunderclaps, and a local GDP print that disappointed. Overnight, US job openings jumped from 7.2 million to 7.4 million in April, helping the Dow rise 0.5%, the Nasdaq pop 0.8%, and the S&P 500 inch within 3% of its record high. Nvidia kept rocketing, up another 3%, while Broadcom hit record highs. Back home, it's uranium stealing the spotlight this morning, thanks to a surprise power move from Meta. The tech behemoth behind Facebook and Instagram has inked a 20-year deal to source nuclear power from an Illinois plant to fuel its ravenous AI data centres. That has lit a fuse under Aussie uranium stocks, pushing the energy sector higher today. Paladin Energy (ASX:PDN) surged 7.5% to sit near the top of the ASX 200 by late morning. Deep Yellow (ASX:DYL) was up 5% and Boss Energy (ASX:BOE) gained 6%. If you're wondering how AI, social media, and nuclear energy ended up in the same sentence, welcome to 2025. The big tech firms are scrambling for reliable, clean energy to power their server farms, and uranium's looking more attractive by the day. Meta joins Microsoft, Amazon, and Alphabet in the nuclear club, signalling that longer-term demand for the yellowcake isn't speculative any more. This is where things stood at around lunch time, AEST: In the large caps space, IDP Education (ASX:IEL) staged a bit of a rebound, up as much as 8% after Tuesday's near-50% nosedive on immigration policy jitters that rattled its revenue pipeline. Over in retail, Mark McInnes has added a cool $2 million to his salary as he steps up as executive deputy chair of Lovisa Holdings (ASX:LOV), while John Cheston takes over as global CEO of the $3bn fast fashion jewellery chain. LOV's shares jumped 8.5%. And finally, Virgin Australia's finally prepping for its long-awaited return to the ASX boards, with a $685 million IPO priced at $2.90 a share. If all goes to plan, the airline will be wheels-up on June 24 with a market cap of $2.3 billion. Soft GDP And finally... to the Aussie economy, and it's not exactly firing on all cylinders. The ABS said GDP grew just 0.2% in the March quarter, missing forecasts of 0.4% and well down from 0.6% the quarter before. Annual growth is crawling at 1.3%. It's not a technical recession, but it sure feels like the engine's idling. The RBA has already cut rates twice this year with inflation finally easing, but assistant governor Sarah Hunter didn't sugarcoat things yesterday. She said global uncertainty – read: Trump's tariffs – could weigh heavily on local activity if it drags on. ASX SMALL CAP WINNERS Here are the best performing ASX small cap stocks for June 4 : Security Description Last % Volume MktCap JAY Jayride Group 0.002 100% 627,513 $1,427,889 CDE Codeifai Limited 0.011 57% 1,966,163 $2,282,222 CRN Coronado Global Res 0.150 43% 22,611,899 $176,027,642 ARV Artemis Resources 0.007 40% 1,850,608 $12,642,647 EPM Eclipse Metals 0.021 37% 55,456,751 $42,987,285 ADN Andromeda Metals Ltd 0.015 36% 72,521,214 $41,946,774 EEL Enrg Elements Ltd 0.002 33% 1,500,000 $4,880,668 MTB Mount Burgess Mining 0.004 33% 2,116,123 $1,055,108 SFG Seafarms Group Ltd 0.002 33% 290,025 $7,254,899 GED Golden Deeps 0.024 33% 1,280,670 $3,188,263 PGD Peregrine Gold 0.145 26% 211,856 $9,757,490 BM8 Battery Age Minerals 0.061 24% 2,016,281 $5,972,699 LCL LCL Resources Ltd 0.008 23% 4,749,503 $7,766,283 MIO Macarthur Minerals 0.018 20% 138,888 $2,994,983 RML Resolution Minerals 0.018 20% 2,995,660 $7,886,803 AJL AJ Lucas Group 0.006 20% 140,000 $6,878,648 ATG Articore Group Ltd 0.195 18% 757,686 $46,981,502 SHN Sunshine Metals Ltd 0.013 18% 12,808,152 $22,964,093 GPR Geopacific Resources 0.020 18% 2,004,888 $54,101,911 REZ Resourc & En Grp Ltd 0.020 18% 482,890 $11,417,865 FAR FAR Ltd 0.450 17% 41,752 $35,579,563 BNL Blue Star Helium Ltd 0.007 17% 1,536,106 $16,169,312 NAE New Age Exploration 0.004 17% 384,602 $7,978,197 Coronado Global Resources (ASX:CRN) has locked in a $150 million loan deal with Oaktree to help ride out low coal prices and keep its liquidity plan on track. CRN will get $75 million upfront, with the rest available over the next year. The three-year facility is backed by receivables and inventory, and comes at a fixed rate below its current high-yield debt. The cash will support day-to-day operations while it finishes expansion projects at Mammoth and Buchanan. Andromeda Metals (ASX:ADN) has also secured credit approval from Merricks Capital for a $75 million debt facility to help fund the development of its Great White Project. The loan runs for 78 months, with repayments kicking off a year after the project is built, and wraps up with a 50% bullet at the end. It's not a done deal yet, and first drawdown depends on Andromeda locking in the rest of the funding needed to give Stage 1A+ the green light Tyro Payments (ASX:TYR) has just teamed up with GapOnly to shake up how Aussies pay for pet care. From early 2026, it will power real-time insurance claims and payments at the vet, meaning pet owners can sort bills and insurance in one go. It won the gig after a competitive tender. Pointsbet (ASX:PBH) has got a sweeter deal on the table. Japan's MIXI has bumped up its takeover offer to $1.20 a share, up from $1.06, which gives the bid a 44.6% premium to where PointsBet last traded before the first offer. That values the company at around $402 million. If shareholders don't back it, MIXI said it was ready to launch a takeover bid at the same price, aiming to grab just over half the company. ASX SMALL CAP LOSERS Here are the worst performing ASX small cap stocks for June 4 : Code Name Price % Change Volume Market Cap CR9 Corellares 0.002 -33% 100,000 $3,016,820 EDE Eden Inv Ltd 0.002 -33% 7,181,943 $12,329,643 PIL Peppermint Inv Ltd 0.002 -33% 1,390,677 $6,828,269 BRX Belararoxlimited 0.059 -30% 1,949,252 $13,253,417 PRM Prominence Energy 0.003 -25% 4,125 $1,556,706 QXR Qx Resources Limited 0.003 -25% 880,918 $5,241,315 BEL Bentley Capital Ltd 0.009 -25% 53,972 $913,535 TAS Tasman Resources Ltd 0.019 -24% 278,672 $4,603,565 ERA Energy Resources 0.002 -20% 800,005 $1,013,490,602 MGU Magnum Mining & Exp 0.004 -20% 5,673,700 $5,608,254 TEM Tempest Minerals 0.004 -20% 703,564 $3,672,649 TMX Terrain Minerals 0.002 -20% 1,712,757 $5,621,392 1AD Adalta Limited 0.003 -17% 166,003 $1,929,668 AZL Arizona Lithium Ltd 0.005 -17% 1,691,614 $31,621,887 GGE Grand Gulf Energy 0.003 -17% 3,691,128 $8,461,275 NUC Nuchev Limited 0.160 -16% 57,936 $27,804,468 EQX Equatorial Res Ltd 0.120 -14% 100,000 $18,402,349 FGH Foresta Group 0.006 -14% 31,182 $18,570,345 TMS Tennant Minerals Ltd 0.006 -14% 2,609,911 $6,691,233 VAR Variscan Mines Ltd 0.006 -14% 556,072 $5,480,004 IIQ Inoviq Ltd 0.445 -14% 991,715 $57,490,893 BYH Bryah Resources Ltd 0.013 -13% 11,769,405 $13,049,303 5EA 5Eadvanced 0.530 -13% 39,215 $9,136,299 IN CASE YOU MISSED IT Blue Star Helium (ASX:BNL) has completed the sixth and final well in its development drilling program at the Galactica helium project in Las Animas county, Colorado. Language tech company Straker (ASX:STG) has launched a new integration with AI automation platform n8n. Core Energy Minerals (ASX:CR3) has received regulatory approval for its maiden aircore drilling campaign at the Cummins uranium project in South Australia. LAST ORDERS Red Metal (ASX:RDM) has secured two collaborative drilling grants from the Queensland government totalling $400k, for drill testing on the Gulf and Three Ways projects in Northwest Queensland. The company reckons the area is prospective for oversized copper mineral systems, sitting within the northern extensions of the Mount Isa formation. Solar technology company ClearVue (ASX:CPV) subsidiary OptiCrop has secured its first commercial project, a greenhouse installation for ground-source heat exchange technology which will net $80k. It's a big milestone for the company's ambitions to expand into the agricultural technology and sustainable greenhouse sector, following CPV's acquisition of the ROOTS Sustainable Agricultural Technologies' IP and assets late last year. At Stockhead, we tell it like it is. While Blue Star Helium, Straker, CoRed Metal and ClearVue are Stockhead advertisers, they did not sponsor this article.

Marco Tilio's club future uncertain after helping Melbourne City win the A-League title
Marco Tilio's club future uncertain after helping Melbourne City win the A-League title

News.com.au

time25 minutes ago

  • News.com.au

Marco Tilio's club future uncertain after helping Melbourne City win the A-League title

A-League champions Melbourne City is intent on keeping Socceroos winger Marco Tilio at the club for at least another season following the completion of his latest loan spell from Scottish giants Celtic. Tilio, 23, has completed back-to-back loan stints at City after returning to the club in February last year just seven months after leaving to join Celtic on a five-year deal. Reports out of Scotland suggest that Celtic are keen to part ways with Tilio – who is with the Socceroos squad in Perth ahead of Thursday night's FIFA World Cup qualifier against Japan – on a permanent basis. Tilio's impressive form in the second half of the A-League season has City keen for him to remain with the club – whether via a transfer or another loan – for a 2025-26 campaign that will include participation in the AFC Champions League Elite competition. City officials are confident that if Sydney-born Tilio stays in the A-League for another season, it will be with the Melbourne club. Tilio has made no secret of his desire to again test himself in European club football. 'That's the plan,' he said following City's 1-0 grand final win over Melbourne Victory last Saturday night at AAMI Park. 'I'll go away now, see what unfolds, what my options are and make the best decision that I feel for my career.' Tilio's Socceroos teammate Daniel Arzani, who had a two-year loan spell at Celtic from 2018 to 2020, has been linked with a return to Scotland to join Hearts. The 26-year-old playmaker's two-season Victory contract expires this month. British entrepreneur Tony Bloom, who owns a 19.1 per cent stake in the Victory, is also set to become a part-owner of Hearts. Meanwhile, title-winning City midfielder Steven Ugarkovic is set to leave the champions to rejoin Western Sydney Wanderers. Ugarkovic, 30, spent the 2021-22 A-League season with the Wanderers after more than five years with the Newcastle Jets. He joined City in 2023 after spending a season at Wellington Phoenix.

E-scooter injuries at Sunshine Coast Hospital trigger calls for ban
E-scooter injuries at Sunshine Coast Hospital trigger calls for ban

ABC News

time29 minutes ago

  • ABC News

E-scooter injuries at Sunshine Coast Hospital trigger calls for ban

Parents and public health experts are calling for e-scooters to be banned for young people, with Australian-first figures highlighting the huge number of children injured or maimed while riding. The report, published today in the Australian and New Zealand Journal of Public Health, is the first to measure the number and severity of e-scooter injuries affecting Australian children. It found that almost two children aged five to 15 were brought into Sunshine Coast University Hospital every week for two years. One of them was 11-year-old Gavin Boldt. Angela Boldt said an e-scooter nearly killed her son Gavin last year. On July 11, Ms Boldt picked Gavin and his 17-year-old brother up from school and dropped them home, at Buderim, before leaving to buy some groceries. "He said, 'Mum can I go for a quick scooter ride around the neighbourhood?' and we live in a cul-de-sac and it's very very safe," she said. "I said sure, 'Just make sure to pop your helmet on.'" About 20 minutes later her eldest son called saying Gavin was not moving after being thrown from his e-scooter. Ms Boldt, a nurse, had her son send her a photo to help her gauge the severity of the injuries. She said he was flown to Brisbane where doctors had to cut pieces out of his head in life-saving brain surgery. "He's got metal plates to keep his skull back," she said. Researchers recorded 176 e-scooter injuries in children and teens aged five to 15 at the Sunshine Coast University Hospital in 2023 and 2024. The average age of riders was 14 and most were male. The study one in 10 e-scooter injuries were life-threatening or potentially life-threatening, while 37 per cent of cases involved a broken bone. Riders in about 42 per cent of cases were not wearing a helmet and 36 per cent involved speeds faster than 25 kilometres per hour. One in eight cases were collisions with cars. Queensland laws allow children aged 12 to 15 to ride e-scooters if they are supervised by an adult. Speeds should be limited to 25kph on roads and 12kph on pedestrian walkways. Helmets are required and two riders (doubling) is forbidden. Lead author Matthew Clanfield, who also worked at the Sunshine Coast University Hospital during the study period, said he was concerned. "We would see a child or teen attend the emergency department with an e-scooter injury every few days," he said. Dr Clanfield said scooters were the reason for one in 30 emergency visits for 14-year-olds during the study period. "A lot of the parents attending were extremely upset to see their child hospitalised and weren't aware how risky e-scooters can be or the legal requirement for supervision under 16," he said. The research follows news the Queensland government will hold a public inquiry into e-scooters. Queensland and ACT are the only two states that allow e-scooter use for those under 16 years. Dr Clanfield said he wanted anyone under 16 to be banned from riding e-scooters until safety measures were improved. Public Health Association of Australia chief executive Terry Slevin said e-scooters were a public health and safety concern across Australia, and regulation had failed to keep pace. Nine months on from his crash, Ms Boldt said Gavin was still not quite himself. "He had a large blood clot after his accident … having your 11-year-old at risk of a stroke if he gets bumped was part of our real life experience." Ms Boldt said she had seen young boys on e-scooters riding on busy Sunshine Coast roads faster than her car, without helmets, and doubling. "The speeds should be decreased and locked," she said. "There should be age limits and helmet requirements."

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store