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We’ve reviewed our travel advice for Spain and continue to advise exercise normal safety precautions.
There’s an ongoing threat of terrorism in Spain. The national terrorism alert level for Spain is ‘high’. Attacks could be indiscriminate and could occur anywhere, at any time and without warning. Take official warnings seriously and follow the advice of local authorities.
Source: New South Wales Ministerial News
The City in collaboration with the Central Victoria Greenhouse Alliance (CVGA) and Bendigo Sustainability Group have developed a Home Energy Empowerment Program to help local homeowners and renters to improve the energy efficiency of their homes.
City of Greater Bendigo Climate Change and Environment Manager Michelle Wyatt said the Home Energy Empowerment Program has been developed to support local households to improve the comfort and energy efficiency of their home, plan for the short and long term, and save on their energy bills.
“Everyone is feeling the impact of rising energy costs and the City and our partners want to empower residents with the information they need to know to make their homes energy efficient and to ultimately save money,” Ms Wyatt said.
The program is free and will commence on Sunday May 4, 2025 with an in-person home energy efficiency planning session at the Old Church on the Hill 36 Russell Street, Quarry Hill from 10.30am to 12pm.
It will then continue through to October with fortnightly short webinars on:
To register, visit:
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We continue to advise do not travel to Iraq due to the volatile security environment and the threat of kidnapping. If you are in Iraq, you should leave Iraq immediately by commercial means. If you’re staying in Iraq, be alert and monitor media for updates (see ‘Safety’).
Terrorist attacks can occur without warning. Avoid possible targets including markets, transport hubs, places of worship and government facilities (see ‘Safety’).
Demonstrations and protest activity may occur, and local security situations could deteriorate with little notice. Avoid all demonstrations and protests (see ‘Civil unrest and political tension’).
Source: Airservices Australia
I would like to thank Bloomberg for hosting this event. Today I will discuss Australia’s evolving external position and the development of foreign exchange (FX) markets. I will emphasise the growing footprint of superannuation funds in Australia’s capital flows and the importance of these and other ‘buy-side’ firms of adopting best practices in FX markets.
The removal of capital account restrictions and the floating of the Australian dollar in 1983 reshaped our economy. Free capital movement facilitated large increases in foreign investment in Australia and allowed Australian households and firms to diversify their portfolios by investing overseas. Deep, well-functioning FX markets that developed following the float helped banks, businesses and fund managers to manage their foreign exposures.
Australia’s integration into global capital markets saw two distinct trends in our net investment position with the rest of the world (Graph 1). First, in the decades after the float, Australia’s high investment rate was associated with rising foreign debt. This saw net foreign liabilities rise substantially to around 50 per cent of GDP. Second, over more recent years, outbound investment has grown as a share of GDP as Australia’s saving rate rose and domestic investment declined. This accumulation of foreign assets has contributed to an extraordinary decline in Australia’s net foreign liabilities to levels last seen prior to 1983.
Graph 1
While foreign ownership of Australian assets was already common in some sectors, the full opening of the capital account allowed for much more foreign investment in Australia. The growth in debt held by overseas creditors was particularly noticeable in domestic banking and resource sectors.
The increase in cross-border investment was accompanied by a rise in FX transactions. Prior to the float, spot transactions by local commercial banks dominated FX transactions. While the Australian dollar spot market grew strongly, the 1980s also saw the establishment of FX swap markets. These instruments, which allowed market participants to better hedge their foreign currency exposures, quickly became the most traded in Australian dollar markets (Graph 2). The deepening of FX markets locally was also supported by the Australian Government’s steps to broaden foreign banks’ participation in Australia’s markets.
Graph 2
The growth of currency markets enabled non-financial corporations to make use of hedges in support of their trade flows and foreign-currency borrowing. This hedging was in part a response to post-float currency volatility and high-profile losses by unhedged borrowers. Over the 1980s, both the share of firms hedging and the average share of currency exposures hedged increased significantly.
By the mid-1990s, the internationalisation of the Australian dollar and its capital markets was well advanced. Trading in Australian dollar FX derivatives had risen to $75 billion per day, with about 60 per cent undertaken offshore. Also, foreign entities were issuing debt in Australian dollars in the ‘Kangaroo bond market’. This issuance grew steadily over the 2000s, supported by cross-currency basis swaps, another FX derivative but with longer tenors that enabled better hedging of long-lived foreign currency borrowings.
Rising demand for Australian dollar assets from international investors enabled Australian businesses to issue debt in Australian dollars. At the same time, Australian banks and businesses issuing in large offshore markets could hedge their foreign currency-denominated debt back into Australian dollars at a modest cost. Both developments greatly reduced the vulnerability of Australian debtors to Australian dollar depreciation.
The growth in Australian dollar FX markets since the float has been remarkable: it is the sixth most traded currency, even though Australia ranks 13th in economic size. This demonstrates the importance to Australia of FX markets in support of foreign trade and investment. But it also reflects the attractive correlations of the Australian economy (and hence the Australian dollar) with economic developments in Asia, coupled with strong institutional settings in Australia, including the free movement of capital.
Another key facet of Australia’s external position has been the substantial growth of the net foreign equity position. Australians have steadily accumulated more foreign equity holdings than foreigners have accumulated in Australian equity. Indeed, since 2013 we have had a positive net equity asset position (Graph 3).
Graph 3
The rise in net equity assets of late has occurred while Australia has been running a current account deficit, creating an unusual situation. Inflows of new liabilities rose with the banks returning to offshore debt markets as the RBA’s Term Funding Facility came to an end. However, a further rise in foreign equity holdings offset this, so net liabilities still declined. Much of the rise in net foreign equities reflects valuation effects from the Australian dollar’s depreciation and rising overseas equity values (Graph 4). Even so, new equity accumulation continues, driven by investment from Australia’s superannuation funds.
Graph 4
The growth of superannuation funds since 1993 and their rising offshore investments have significantly shaped Australia’s balance of payments. Super funds’ offshore asset allocation has increased from nearly one-third in 2013 to about half in 2024 (Graph 5). As a result, super funds now account for a substantial share of Australia’s capital outflows.
Graph 5
Purchases of foreign currency assets by superannuation funds expose them to exchange rate fluctuations. Many funds shield their members by partially hedging the foreign exchange rate risk associated with offshore assets via, for example, FX swaps. Given the large increase in super funds’ offshore assets, the extent of foreign currency assets hedged has more than quadrupled since 2013. This has made the super funds natural counterparties to domestic banks, which are hedging their FX exposures arising from issuing debt offshore in foreign currency terms.
This discussion highlights the increasing role of superannuation funds and their asset managers in FX markets. For FX markets to meet participants’ needs, it is important that they all observe common standards promoting fair and transparent markets. The Foreign Exchange Global Code (Code) fulfills that function.
With the advent of the Code in 2017, buy-side participants like super funds can have greater confidence in market functioning and the behaviour of their sell-side counterparties. But this is a two-way street: both sell-side and buy-side firms should adhere to the Code’s standards. Moreover, one way for fund managers to demonstrate that they are meeting their fiduciary duties is to adhere to the Code. Encouraging more buy-side participants to sign up is a focus of the Global Foreign Exchange Committee (GFXC).
To this end, the GFXC has worked hard to explain the process of signing up to the Code. We have emphasised that adoptees can concentrate on those aspects of the Code that are material to their activities, thereby greatly reducing the burden for buy-side firms.
I will end by acknowledging the sharp rise in volatility in FX markets in early April as markets incorporated announcements about the US administration’s tariffs and the subsequent ebb and flow of related news. The Australian dollar fluctuated within a range of US4 cents, experiencing its largest daily decline of 4.5 per cent against the US dollar outside of the global financial crisis. Also, measures of volatility from FX options increased to levels observed during the pandemic and liquidity deteriorated noticeably. While markets have been more settled of late, such episodes serve as a reminder of the importance of the Code. It enhances trust between market participants and offers standardised and predictable ways of doing business. Hence, the role the Code plays in proper market functioning is even more crucial during periods of great uncertainty when markets are adjusting to significant economic news.
Source:
29 April 2025
Award winning South Australian architect Guy Maron AM is responsible for some of Adelaide’s most iconic buildings, including UniSA’s original City West campus and the Bicentennial Conservatory in the Adelaide Botanic Garden.
Yet his body of works also includes significant housing projects, educational facilities and commercial buildings.
A retrospective exhibition Enduring Rationalism: The Architecture of Guy Maron will be held at The Bob Hawke Prime Ministerial Centre, UniSA, from 30 April to 30 May.
The exhibition, shown in collaboration with UniSA’s Architecture Museum, will showcase photographs, drawings and writings from Maron’s extensive body of work. This includes prizewinning housing at Clovercrest from 1964 and the modern Australian Automobile Headquarters in Canberra, as well as many of Maron’s innovative competition entries for significant national buildings.
Maron played a major role in the foundation of UniSA’s City West campus, designed to promote interaction and the flow of ideas and knowledge between students and across disciplines.
He spent his early years in Sydney where he studied architecture at the University of Sydney before moving to North America where he lived and studied for four years.
“It’s the desire for any young architect to reach to the top of his profession and as new graduates we were inspired by the pioneers of modern architecture such Walter Gropius, Frank Lloyd Wright, le Corbusier and Mies van der Rohe who were leading the world at the time as hero-architects,” Maron says.
“Climate had a great deal of influence on me, and it became evident that the concept of shelter was of paramount importance in our environment. My parental home in Batavia (Djakarta) showed an ability to cope with the harshness of the tropical heat and humidity, which was a fortunate influence on me in dealing with the tropical environment where air-conditioning did not exist.
“This early awakening to the environment was of crucial importance to my realisation of the importance of shelter as a prime determinant of architecture. The concept of functionalism and the acceptance of its importance came naturally to me and was never an issue I took for granted during my studies of architecture.”
Relocating to Adelaide in 1972, Maron became the principal in the firm Cheesman, Doley, Neighbour and Raffen. His career took off in the late 1980s and he completed his most famous building, the Bicentennial Conservatory in the Adelaide Botanic Gardens in 1989, which went on to win 10 national awards as well as international design awards, including the BHP Architecture of the Decade Award. He also designed the Mount Lofty Lookout in the Adelaide Hills.
Maron has said his architecture comes from ‘finding rational solutions to intricate problems’ with the credo ‘more for less’ informing his work, something evident across the photographs, drawings, and writings on display in this exhibition.
He reflects on the world’s expanding population and need for new buildings to accommodate new arrivals.
“The world is increasing by a net 200,000 new arrivals every day… meaning that we have a need for 50 million new buildings a year to accommodate our new arrivals. That must be achieved by one million registered architects worldwide. This is not possible,” Maron says.
“In my opinion we are due for another major engineering invention of some kind that will bring about a revolution. An attitudinal change will be required as well so that people can divorce themselves from accepted forms of design and construction and embrace a new world, a world that will build houses and housing on an endless belt as for motor cars today and build hundreds of houses per day.
“This engineering invention is overdue by a long time now and is urgent. It will be expected to cause the same revolution as reinforced concrete did.”
Enduring Rationalism: The Architecture of Guy Maron is showing at The Bob Hawke Prime Ministerial Centre’s Kerry Packer Civic Gallery at UniSA, located on Level 3 of the Hawke Building, 55 North Terrace, City West Campus, from 30 April to 30 May, Monday to Friday, 9am to 6pm. Free entry.
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Media contacts
Melissa Keogh, Communications Officer, UniSA Media M: +61 403 659 154 E: Melissa.Keogh@unisa.edu.au
Dr Julie Collins, Director & Curator, Architecture Museum, University of South Australia, P: +61 8 8302 9235 E: Julie.Collins@unisa.edu.au
Source: Premier of Victoria
From this week, selected NAB customers applying to refinance or top up their mortgage will be invited to take part in a new Australian Government led energy rating trial for existing homes.
Customers will receive an assessment of their home’s energy performance, giving them a starting point to make improvements that can help reduce energy bills over time.
The trial is part of the Australian Government’s expansion of the Nationwide House Energy Rating Scheme (NatHERS) to existing homes. It is designed to help homeowners identify cost-effective upgrades to improve their home’s comfort and reduce energy usage.
NAB Chief Climate Officer Jacqui Fox said NAB is proud to support the NatHERS for existing homes trial, working alongside the Australian Government, Australia’s national science agency CSIRO, and property valuers.
“Cost of living pressures are still looming large for so many people which is why we’re thinking creatively about how to help Australians save money,” Ms Fox said.
“Energy bills can be one of those variable bills that consumers scrutinise to work out how they can reduce them over time.
“Knowing where to start when upgrading your home is often the hardest part.
“This initiative will help simplify the process by providing participants with practical recommendations such as improving insulation, installing energy efficient appliances, solar, batteries, window coverings, and draught proofing.”
How the trial works:
For all media enquiries, please contact the NAB Media Line on 03 7035 5015
Source: Australian Department of Communications
AUSTRAC is encouraging inactive digital currency exchange (DCE) businesses to voluntarily withdraw their registrations or risk having it cancelled.
DCEs must be registered with AUSTRAC before they can offer a service to exchange cash for cryptocurrency, or vice versa. This includes cryptocurrency ATM providers.
There are currently 427 registered DCEs but AUSTRAC is concerned that a significant proportion are inactive. AUSTRAC is contacting any DCEs that appear to no longer be trading.
Source: New South Wales Community and Justice
Police conducted dedicated day of action enforcing road rules across North West
Tuesday, 29 April 2025 – 10:25 am.
Police conducted a dedicated day of action enforcing the road rules across North West Tasmania yesterday, aimed at detecting and deterring unsafe behaviours that contribute to fatal and serious injury crashes.
Acting Inspector Martin Parker said police from Western Road Policing Service (RPS) and Crash Investigation Services (CIS) conducted dedicated traffic enforcement activities in a range of areas and detected offences at Burnie, Penguin, Devonport, Parramatta Creek, Kimberley, Sulphur Creek, Latrobe, Port Sorell, Forth and Don.
Police issued 141 traffic infringement notices and two defect notices, for offences including:
63 x drivers detected speeding between 10 and 14 km/hr over the limit.
54 x drivers detected speeding between 15 and 29 km/hr over the limit.
1 x driver detected speeding 35 km/hr over the limit.
1 x driver detected speeding 31 km/hr over the limit.
6 x drivers failed to stop at a railway crossing.
1 x driver failed to display P plates.
1 x driver detected using a mobile phone while driving.
4 x drivers failed to wear a seat belt.
1 x unlicensed driver.
“Tasmania Police are committed to ensuring the safety of both Tasmanians and visitors on our roads,” said Acting Inspector Martin Parker.
“Despite the conclusion of Operational Safe Arrival over the Easter period, our efforts in road safety enforcement will persist.”
“This year, we have seen a devastating increase in fatalities and serious crashes compared to last year. Even one death or serious crash is one too many.”
“It is disappointing that some individuals continue to disregard the law and endanger other road users by undertaking risky driving behaviours.”
“Police will continue to conduct targeted and random patrols on Tasmania’s roads to curb high-risk behaviours such as speeding, drink driving, inattention, and not wearing seatbelts. These factors overwhelmingly contribute to serious and fatal crashes.”
“We encourage the public to report dangerous driving and traffic offences to police on 131 444, or Triple Zero (000) in an emergency. Reports can also be made through our website.”
Source: South Australia Police
Wanneroo Council has appointed Talis Consultants to progress concept and detailed designs for the Neerabup Resource Recovery Precinct.
The concept designs will incorporate key infrastructure, including a waste transfer station, community recycling centre and materials recovery facility.
Community engagement will form an important part of the design process, with consultation planned for late 2025.
This milestone follows Council’s endorsement of the Neerabup Resource Recovery Precinct masterplan in December 2024, outlining how the City will deliver long-term, sustainable waste management solutions for Perth’s northern corridor.
Mayor Linda Aitken said she was pleased to welcome Talis Consultants on board to bring the City’s vision for the precinct to life.
“This is an exciting step towards building the facilities we need to manage waste more sustainably in the City,” she said.
“I look forward to seeing the designs and sharing it with the community.”
The new facilities will be designed to handle recyclables, organics and residual waste more efficiently, aligning with the City’s commitment to reducing landfill and reducing emissions.
The Neerabup Resource Recovery Precinct remains a key priority in the City’s advocacy efforts and will help inform the development of the upcoming Waste Plan 2026–2030.
Find out more on the Neerabup Resource Recovery Precinct page.
Source:
We continue to advise reconsider your need to travel to the states of Chihuahua, Sinaloa, Guanajuato, Sonora, Colima and Chiapas. There are lower levels within some of these locations. See our advice level summary for details.
Plan your travel carefully. Don’t travel at night outside major cities. Use major toll roads wherever possible or access cities directly by air travel. Other travel options and routes may have higher security risks (see ‘Safety).
If you have an ordinary passport with a chip, you can use the e-gates located at the airports of Mexico City, San Jose del Cabo, and Cancun. You’ll receive your FMM (Multiple Immigration Form) printed, which authorises Australians to stay for 180 days exclusively for tourism purposes.
If you don’t have an ordinary passport with a chip, and you’re visiting for 180 days or less as a tourist, you’ll receive a visa on arrival. Mexican authorities advise to avoid being detained or deported, you must complete an online Multiple Immigration Form (FMM) and obtain a QR code (see ‘Travel’).