Good morning! Reserve Bank of New Zealand Governor Adrian Orr cut the official cash rate to 4.75%. Are we expecting one in Australia? check out the RBNZ's news to our sister publication Mencari Business.

On a different note, China's stock market rally seems to have fizzled out a bit. It looks like their economic stimulus plan might not have been as effective as they'd hoped.

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Today's reading time is 7 minutes. - Miko Santos

WEATHER

  Morning Headline

• Greens Propose New Commission to Combat Rising Child Poverty in Australia. The Greens party has announced plans to establish an independent Poverty and Inequality Commission to define and eliminate poverty in Australia, replacing Labor's current advisory committee and aiming to address rising child poverty rates and inadequate social security payments.

• Chief of Staff Claims 'Bullied Out' of Job: Marles Defends Workplace Standards. Acting Prime Minister Richard Marles has responded to allegations of workplace bullying in his office, claiming he has maintained high workplace standards, after his chief of staff Jo Tarnawsky alleged she was "bullied out" of her job when raising workplace culture issues.

  
  

POLITICS
Australia Unveils Bold Strategy to Boost Economic Ties with Southeast Asia

In a stirring speech given at the fourth annual ASEAN-Australia Summit, Australian Prime Minister Anthony Albanese once again asserted his country's commitment to deepening its relations with Southeast Asian countries while at the same time underlining the link of economic engagement and regional stability with a prosperous future in the Asia-Pacific.

The Key points:

• Prime Minister Albanese has co-chaired the fourth annual ASEAN-Australia Summit with Laotian Prime Minister Sonexay.

• The summit marked 50 years of Australia's dialogue partnership with ASEAN.

• Australia announced the Southeast Asia Economic Strategy to 2040 that would increase regional economic engagement.

• The Prime Minister outlined the guiding principles for the ASEAN-Australia partnership: mutual benefit, regional stability, collective responsibility.

At a recent meeting between Australia and Southeast Asian countries, Prime Minister Albanese talked about the importance of Australia finding ways to collaborate closely with its neighbors. He then flagged a new plan to increase business and trade between Australia and Southeast Asian countries that could open more opportunities and jobs for all parties concerned. Mr Albanese also spoke of how the countries collaborated on big issues such as climate change, aside from making sure the region remained peaceful and secure.

Big Picture: A deeper relationship between ASEAN and Australia might have a broader ramification in the geopolitics of the Asia-Pacific region. It could be seen as balancing powers against other major powers in the region, thus nudging the regional order toward multipolarity. Economically, a broadened cooperation could translate into new trading routes, technological collaborations, and common approaches to challenges such as climate change, perhaps leading to an enhanced living standard in the region.

TOUR DE INTERNATIONAL

🇳🇵 Mount Dhaulagiri Claims Lives of Five Russian Climbers in Off-Season Attempt. Five Russian mountaineers attempting to climb Mount Dhaulagiri, the world's seventh-highest peak, have been found dead after going missing, with initial investigations suggesting they died from falling down a slope during their off-season expedition.

🇮🇱 Israeli Strike on Gaza School Kills 27, Sparking International Concern. An Israeli airstrike on a school sheltering displaced people in Gaza has killed at least 27 individuals, including women and children, with Israel claiming it targeted militants hiding among civilians, while the incident occurs against a backdrop of escalating regional tensions involving Hezbollah and Iran.

🇰🇷 South Korean Author Han Kang Wins Nobel Prize in Literature. South Korean author Han Kang has been awarded the Nobel Prize in Literature for her "intense poetic prose" that addresses historical traumas and human vulnerability, becoming the first Asian woman and South Korean writer to receive this prestigious award.

BUSINESS
Chalmers Alerts: Middle East Crisis Could Hit Australian Wallets Through Oil Price Hike

As tensions escalate in the Middle East, Australian Treasurer Jim Chalmers warns of the potential economic fallout, particularly in the form of spiking oil prices, which could have significant impacts on global markets and Australian consumers alike.

The Key points:

• The fighting in the Middle East is a cause of concern because of its humanitarian and economic consequence.

• Global oil prices jumped 7% in the last week and half over the rise in hostilities.

• A 10% rise in Brent oil prices sustained for a year would cut Australia's GDP by 0.1%, adding 0.4 percentage points to the CPI.

• It said the Government was keeping a close watch on the situation concerning motorists as well as the wider economy.

Treasurer Jim Chalmers said, "In Israel, in Gaza, the conflict there is both a human and an economic tragedy." The skirmishes have pushed up oil prices significantly, that could hit people worldwide, including Australians. If oil prices remain high, this will mean a dent in economic growth with upward pressures on inflation in Australia. The Government still monitors developments because of the potential to hit regular Australians, particularly in relation to fueling their automobiles.

Big Picture: The conflict in the Middle East is heating up, which has driven the price of oil upwards once more and underlined the sensitivity of the global economy to geopolitical events. This will make the already prevailing economic challenges-escalating inflation and slow growth-worse in many countries, including Australia. This is emphatically underlined by the need for countries to hedge their sources of energy against hostile external economic shocks.

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ECONOMY
Australia Unveils Landmark Merger Reform to Boost Competition and Consumer Benefits

In a landmark move, the Australian Government has revealed plans to introduce comprehensive reforms to the nation's merger rules. This is considered the most significant change in almost five decades. It aims to increase competition, raise productivity, ensure fairer prices for consumers, and thus speed up the clearance process of beneficial mergers.

The Key points:

• The Government is introducing the Treasury Laws Amendment (Mergers and Acquisitions Reform) Bill 2024 to the Parliament.

• The Government will introduce new thresholds for mandatory notification of mergers to the ACCC.

• The ACCC would be the first-level decision-maker on merger clearances.

• All supermarket sector mergers would have to pass through the scrutiny of the ACCC.

The Australian Government is changing the rules on how businesses are allowed to merge or take over others. What the Australian Government wants to ensure is that if large firms merge, it would not hurt competition and prices are not unfair for the consumers. Under the new system, companies would be required to notify significant mergers in advance; the competition watchdog-ACCC would assess the merger proposal's acceptability. This is particularly crucial for supermarkets, given that the government tries to prevent the prices of groceries from rising due to mergers.

Big Picture: These are part of a bigger move to improve the competition policy in Australia. The government, in updating the merger rules, wants to assure the economy is truly dynamic and productive. It may be implied that innovations within the product and services sphere will increase, the quality of services may rise, and probably the prices of different products will fall. The changes also show the commitment of Australia to align its competition laws with the best international practices. It may have implications for foreign investment and hence may show how Australia fits into the world.

WAIT, THAT’S NOT ALL!

• Communications Minister Unveils Flexible Approach to Australia's Social Media Age Ban. The Australian government is considering exemptions for social media platforms that demonstrate a "low risk of harm to children" in its proposed age ban, placing the responsibility on platforms rather than parents or young users to enforce safety measures.

• Albanese's Diplomacy Pays Off: Chinese Premier Agrees to Resume Lobster Imports. Australian Prime Minister Anthony Albanese has announced that China's Premier Li Qiang has promised to lift the ban on Australian rock lobster exports by the end of the year, potentially reviving a $700 million industry that has struggled since 2020.

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