🚀Productivity Commission Chair Warns of Subsidy Reliance under Future Made in Australia Act
🚀Productivity Commission Chair Warns of Subsidy Reliance under Future Made in Australia Act
Good Evening .
Welcome back to the Evening Post Wrap.
There is a lot going on today. The prime minister stated that his government was leading a "new wave" of public engagement in the private sector and the missile defence system that the United States had previously announced with assistance from the United Kingdom, Australia, and Japan.
Let’s dive in
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The S&P/ASX 200 closed 25.5 points lower, down 0.33%.
At 7,788.1, the S&P/ASX 200 (XJO) closed 25.5 points below its session low and 0.33% below its high/low. Advancers trailed decliners in the more general S&P/ASX 300 (XKO) by a pitiful 103 to 172. The XJO managed to gain 14.8 points, or just 0.19%, for the week.
For the second time this week, the best performing sector was the Gold (XGD) (+1.5%) sub-index, which bookended Monday's excellent performance. But considering the gold price's ongoing strength, it's hardly surprising that it's been there or thereabouts for the entire week. For the week, the gold sector saw a 4.7% increase. [ Read more ]
💡Evening’s Headlines
A teen has died and another is in serious condition after multiple stabbings near a school in Sydney’s west. One person has been arrested, according to a NSW Police media release.
The CFMEU has expressed serious concerns over the appointment of someone closely linked to the Robodebt scandal to a critical ACT public service role.
Due to the dismissal of a criminal case he filed against Meta in Western Australia, billionaire and philanthropist Andrew Forrest of Australia has accused Facebook's parent company of "blatantly refusing" to take action against scam ads on its platform.
🗳️ AUS POLITICS
Productivity Commission Chair Warns of Subsidy Reliance under Future Made in Australia Act
Anthony Albanese has dismissed worries that a significant manufacturing initiative might result in an excessive dependence on government funding.
The Future Made in Australia Act, which promotes domestic manufacturing and protects the country's sovereignty over resources and essential minerals, was unveiled by the prime minister on Thursday.
The strategy has been compared to the US Inflation Reduction Act. [Read more]
🖥️ Technology
Improved Domestic Semiconductors Allow China to Phase Out Foreign Chips
The FCC prohibited US carriers, who were then beginning to roll out their 5G networks, from using subsidies to purchase equipment from businesses that they considered to be a threat to national security back in 2019. Top on the list were Chinese manufacturers ZTE and Huawei.
China is currently putting this same policy into effect: The Ministry of Industry and Information Technology reportedly ordered state-owned mobile operators—including the two largest carriers in the nation—to phase out foreign chips, as reported by the Wall Street Journal. [Read more ]
🌎 World Tonight
The football player and Hollywood actor O.J. Simpson passed away. His trial, which divided the public and revealed racial and police disparities in America, saw Simpson cleared of all charges related to the death of his ex-wife and her friend. 76 was his age. [AP]
Due to the "prevailing situation in the region," India advised its citizens on Friday not to travel to Iran or Israel until further notice. [REUTERS]
House Speaker Mike Johnson will join Donald Trump on Friday to promote the former president's worst lie: that America's democratic elections are tainted by fraud. [CNN]
🏅 Fact Check
Compulsory income management doing more harm than good: Study says
A recent study conducted by Charles Darwin University (CDU) found that mandatory income management (CIM) in the Northern Territory is seen as unsatisfactory in terms of harm reduction, can exacerbate family violence, and is incompatible with the needs of welfare recipients.
26 participants who are experts in social welfare policies or programmes, have a great deal of experience helping welfare recipients, or have a thorough understanding of CIM in the lives of welfare recipients were interviewed for the study, which was carried out by researchers from CDU's Faculty of Health and Monash University. [ Read more ]
📰 Good News, Inspiring, Positive Stories
Inaugural Ocean Youth Summit inspires next generation of ocean conservationists
The Australian National Maritime Museum is proud to have hosted OceanEarth Foundation’s inaugural Ocean Youth Summit, bringing together hundreds of young Australians unite to learn, connect, and be inspired to champion the cause of ocean conservation.
Over two jam-packed days (April 11-12), the Museum has seen over 400 young people aged 12-24 engage in discussions, interactive activities, and networking opportunities focussing on empowering and amplifying the voices of youth advocates.
Ms Daryl Karp AM, Director and CEO of the Museum, said ‘It is wonderful to see so many young passionate young people coming together and sharing their ideas. As the next generation looks to improve our environment, it is important that we empower them and listen to their concerns and ideas and be inspired to take action.’