Australia doesn't have to rush into a US trade deal, says CBA chief economist
Ahead of a possible meeting between Anthony Albanese and Donald Trump on the sidelines of the G7, Commonwealth Bank chief economist Luke Yeaman explains why Australia doesn't need to rush into a trade deal with the United States.
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Perth Now
42 minutes ago
- Perth Now
‘High price': Grim warning after AUKUS move
Australia will have 'a very high price to pay if AUKUS fails', opposition defence spokesman Angus Taylor says. The warning came after the US Department of Defence launched a review of the pact to ensure it aligned with Donald Trump's 'America First' agenda. The Albanese government has brushed off concerns the move signals waning US support for the alliance with Canberra, with Deputy Prime Minister Richard Marles saying it was 'natural that the (Trump) administration would want to examine this major undertaking'. But with AUKUS the centrepiece of Australia's defence strategy over the first half of this century, it has offered little reassurance. Opposition defence spokesman Angus Taylor says Australia will have 'a very high price to pay if AUKUS fails'. NewsWire / Martin Ollman Credit: News Corp Australia 'This is an incredibly important alliance,' Mr Taylor said on Friday. 'It's an incredibly important capability, both in terms of the submarine capability and the technology capability … and this must be a top priority of the government.' He said the Albanese government had 'many questions to answer'. 'What discussions has Richard Marles already had? To what extent is our lack of defence spending a driver of this review? When will the Prime Minister meet with the President to actually discuss this face-to-face?' he queried. 'These are questions we need answers to, and they're questions that go to the heart of making sure that AUKUS is a success and that we ensure that we have peace through deterrence in our region.' NewsWire understands Anthony Albanese was set to meet the US President on the sidelines of the upcoming G7. But US State Department sources said a time had not been set and the situation was 'fluid'. More to come.

ABC News
an hour ago
- ABC News
GippsAero promises Gippsland jobs with new GA8 airvan launch
Manufacturers of a new aircraft say it will boost jobs in Victoria's Latrobe Valley after a founding family of the airline business reclaimed it from foreign hands. GippsAero was established by self-described "air nut" George Morgan and Peter Furlong in Gippsland in 1984. In the beginning, they altered existing crop-dusting planes to suit customer needs and requests. They went on to design, manufacture and sell more than 300 aircraft from their Gippsland base to customers around the world. A ceremony was held on Thursday to mark a return to local production by laying the keel of the company's new-model plane, a GA8 airvan. The plane, which is set to take flight in 2026, will be used in tourism, skydiving, surveillance, and humanitarian and freight operations. "It is a bit emotional, after a lifetime's effort of getting it all back together again after the global financial crisis and COVID, and to be supported as we are by the operators worldwide, it is quite amazing really," GippsAero chief executive George Morgan said. GippsAero, which was formerly Gippsland Aeronautics, started work in 1993 designing the eight-seater GA8 airvan. It was eventually certified in 2000. There are now more than 260 of the airvans operating in 43 countries around the world. The company's other design, the GA200, is flown in Australia, New Zealand and China. The company employed up to 180 local people to send one GA8 airvan out the factory door every two weeks. Latrobe City councillor Darren Howe said the promise of new local jobs had created a buzz as the region transitioned away from a coal-fired power industry on which it had been so heavily reliant. "It's good for our unemployed to see that there's new industry coming to Latrobe City, and for those who are thinking of moving here, we've got great livability, we've got great facilities, and this is the next piece of the puzzle," he said. "Let's get some jobs." The path has not been smooth for George Morgan and his GippsAero team. The global financial crisis of 2008 hit the company hard and, in 2009, all the forward orders for its aircraft were cancelled by customers as they grappled with economic uncertainty. With investors wanting to pull out of the company, Gippsland Aeronautics was sold to Indian multinational company, Mahindra Aerospace. Gippsland Aeronautics co-founder Peter Furlong stepped back from the business at the time due to ill health. He died in 2017. Mahindra kept on many of the existing staff and changed the company name from Gippsland Aeronautics to GippsAero. In 2012, GippsAero launched the GA10 airvan, its first 10-seater aircraft. But in 2020, it halted production and scaled back to a parts supply outfit for existing customers. So when Mr Morgan bought back his company from Mahindra in November 2023, it represented much more than a business transaction. "A lot of people were watching, could we manage to get back into production?" he said. Speaking at Thursday's launch, Mr Morgan described rebuilding the company with fewer than a dozen original employees left on the books. "We had a plan and we always had faith we could do it," he said. Edge Aviation founder and pilot, Lorraine MacGillivray, said the revival was good news for the region and the airline industry overall. Her husband, Bob MacGillivray, was the chief design engineer for the original GA8 design. "It's quite emotional for a lot of people who have been around this aircraft for its lifetime. "I'm sure Peter [Furlong] is watching over all of this and is very happy." The company is employing 43 full-time staff and seven apprentices. Mr Morgan said the new GA8 airvans should be operational next year, but the company only had a third of the workforce needed to get the planes off the ground.

News.com.au
an hour ago
- News.com.au
EOFY Sale 2025: Best Early Harvey Norman Deals in Australia
June 30 is just around the corner, and it's not just about tax returns. The end of the financial year also marks the arrival of one of the biggest sale events of the year when prices are drastically slashed and you can score amazing bargains. And no one does EOFY sales quite like Harvey Norman. This year, the mega store has gone all out with heavily reduced prices across a wide range of home appliances, furnishings, tech, televisions and more. Basically, whatever you need, you'll find it at Harvey Norman, and for an incredibly low price. And this time around, we've made your sale shopping a breeze by bringing you The Ultimate Guide to Harvey Norman's deals, with all the top specials right here at your fingertips. If you've been looking to buy a laptop, upgrade an appliance or furnish your living room, now is the time to do it. So keep reading, as whatever you're after will no doubt be listed below. OUR TOP PICKS On the lookout for a cordless vacuum cleaner that won't break the bank? This week, Harvey Norman has knocked $200 off the amazing Shark Clean and Empty Stick Vacuum with Auto Empty. Down to just $398, this lightweight vacuum has been described as 'a great appliance' that is 'so convenient'. 'It works really well and also deals greatly with the dog hair around the house,' commented a five-star reviewer. 'I love the auto-empty function of the debris container.' 'Love it so much that I actually enjoy vacuuming,' wrote another. You can also get a massive saving of $1300 on the Samsung 65-inch AI S90D OLED 4K Smart TV, now just $2888 (down from $4188). With hundreds of five-star reviews, this is a popular choice for those in search of an easy set-up and supreme picture and sound quality. 'Samsung S90D OLED TV is a stunning piece of technology that exceeded my expectations in every way,' wrote a happy shopper. 'Amazing picture, amazing colours,' wrote another. 'Just like they're in your living room.' You'll also find a great selection of audio on special such as the Ultimate Ears UE Megaboom 3 Portable Bluetooth Speaker, now just $194 (down from $271). Customers love these speakers as they're lightweight, waterproof and offer excellent battery life. One five-star reviewer said this speaker 'packs a punch', while another described it as 'a very versatile audio device.' Finally, there are fantastic deals on mobile phones such as the awesome Samsung Galaxy S25 Ultra 256GB in Titanium Silverblue, now just $1737. Not only will you save $400, but you'll also score a bonus $100 Harvey Norman Gift Card (but hurry, this bonus offer ends 15 June). 'I've been using the Galaxy S25 Ultra for a few weeks now, and I'm absolutely blown away,' wrote a five-star reviewer. 'The screen is the best I've ever used.' Read on for more fantastic deals in Harvey Norman's early EOFY sale. BEST EOFY HOME APPLIANCE DEALS BEST EOFY TV DEALS BEST EOFY AUDIO DEALS BEST EOFY TECH DEALS BEST EOFY DEALS ON HOME FURNISHINGS Harvey Norman's comfy and stylish range of lounges, chairs and sofas come in a range of specifications so you can tailor it to your bespoke needs. Click 'request a price' on the option you love to get more information. WHAT IS THE END OF THE FINANCIAL YEAR? In Australia, the financial year begins on July 1 and ends on June 30 the following year. Before June 30, retailers offer massive discounts in order to clear out their old stock before the new financial year begins. Now known as the end of financial year sales, this is the time when we can take advantage of epic discounts on must-have items in home, audio, beauty,tech and more. WHEN ARE THE END OF FINANCIAL YEAR SALES IN 2025? Unlike other sale events, there's no official start date of the end of financial year sales. Typically most major retailers will kick off the savings around June 1, but this doesn't stop some from starting early or starting closer to June 30. HOW LONG DO THE END OF FINANCIAL YEAR SALES LAST? There's no set run time, and you'll find each retailer does things a little differently. Some will run the sale for the entire month of June, whereas others will pick just a few key days or a week to promote their EOFY sales. Generally speaking, all the sales will be over once June 30 rolls around. If you want to see more discounts and red-hot savings, sign up to our free Shopping newsletter and receive shopping tips and sales guides delivered to your inbox every week.