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Today's reading time is 7 minutes. - Miko Santos
Here’s what else you need to know to get going and get on with your day.
1️⃣ Economic slowdown: IMF cuts growth projections for Australia
The International Monetary Fund has downgraded Australia’s economic growth forecast to 1.8% for 2025 and 2.1% for 2026, down from an August prediction of 2.2% growth in 2026. IMF Chief Economist Pierre-Olivier Gourinchas described the global outlook as fragile, citing escalating trade tensions and tariff increases as primary risks. The organization warned surging artificial intelligence investment could trigger a financial bubble similar to the dot-com crash. Treasurer Jim Chalmers will meet international counterparts this week to address what he termed the global economy’s “fragile state.”
2️⃣ Fertility rate falls below 1.5 as Australians delay parenthood
New Australian Bureau of Statistics figures confirm the nation’s fertility rate dropped below 1.5 babies per woman in 2024, well below the 2.1 replacement level needed to maintain population without immigration. The median age for mothers rose to 32.1 years, up from 30.9 a decade ago, while fathers averaged 33.9 years compared to 33 years in 2014. The Australian Capital Territory recorded the lowest fertility rate at 1.3, with Northern Territory highest at 1.6. Demographic experts attribute the decline to housing affordability pressures, rising childcare costs, and economic uncertainty affecting family planning decisions.
3️⃣ Environment minister proposes bilateral agreements to fast-track project approvals
Environment Minister Murray Watt announced discussions with Western Australia Premier Roger Cook regarding bilateral agreements designed to eliminate duplication between state and federal assessment processes. The minister’s department estimates the reforms could save between $500 million and $7 billion across the national economy based on analysis of recent projects. Watt maintains the changes would preserve strong environmental safeguards while potentially reducing approval timeframes from decades to years and years to months. The reforms target accelerated development of housing, renewable energy, and critical minerals projects.
4️⃣ Defence industry leader demands sovereignty by 2035 amid procurement challenges
Australian Industry and Defence Network CEO Mike Johnson called for mandatory procurement quotas for Australian small and medium enterprises during a National Press Club address, arguing current processes create excessive barriers. Johnson cited examples of defence businesses waiting years for approvals or being asked to expose intellectual property to multiple competitors simultaneously. With $10 billion of Australia’s $59 billion defence budget flowing offshore and Trump administration tariffs adding 50% costs to key materials, Johnson emphasized the strategic necessity of domestic manufacturing capability. He warned Australia’s defence readiness depends on rapid domestic resupply capacity rather than reliance on allies managing their own crises.
5️⃣ Prime Minister Albanese prepares for high-stakes Trump meeting in Washington
Prime Minister Anthony Albanese will meet US President Donald Trump next week in Washington, with critical minerals agreements and AUKUS submarine partnership negotiations topping the agenda. Defence Industry Minister Pat Conroy is conducting advance meetings with Trump administration officials as Australia positions itself as essential to American supply chains for rare earth minerals required in weapons systems. Former ambassador Kim Beazley noted China’s recent restrictions on critical mineral exports have elevated Australia’s strategic importance to the United States. The meeting represents Albanese’s most significant diplomatic challenge, occurring amid ongoing US tariff disputes affecting Australian exporters.
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