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The head of the World Trade Organization, Ngozi Okonjo-Iweala, is in Canberra and is due to meet with the Australian trade minister, Don Farrell, this morning.
Australia has pursued complaints via the WTO regarding China’s trade actions against Australian wine and barley exports, but such disputes can take years to resolve and the Australian government has been urging Beijing to drop the measures.
We know that high energy prices brought about by the war in Ukraine, and by a decade where we haven’t had the investment in energy that we’ve needed to see, we know that this has the capacity to strangle local industries, and our local employers, and we care about that deeply,” Chalmers said.
I think it would be fair to say that none of us are enthusiastic intervenors in markets like this one, you know, in normal times, we don’t sit around contemplating some of the interventions that we are currently contemplating. But we think these are extraordinary times, and they require some different thinking about the best kind of intervention that we might be able to make. Any intervention that we make in energy markets will be temporary, it will be meaningful and worth the effort, and it will be sensible and responsible. We want to find a way if we can, to make a meaningful difference in this market, without messing with our international obligations, and our preference is on the regulatory side rather than on the tax side. And so that gives you a bit of a sense of where we’re up to, and where we’re headed and why. Now, as you can imagine, this involves a lot of complexity. There are different parts of the economy with strong views about how this is best done, and whether this is best done. So we are acting as urgently as we can, but subject to some of those complexities.
Continue reading…After weeks of flooding, winds of up to 90kmh have left thousands without power; more climate-focused candidates set to challenge incumbents. Follow all the day’s newsGet our morning and afternoon news emails, free app or daily news podcastThe head of the World Trade Organization, Ngozi Okonjo-Iweala, is in Canberra and is due to meet with the Australian trade minister, Don Farrell, this morning.Australia has pursued complaints via the WTO regarding China’s trade actions against Australian wine and barley exports, but such disputes can take years to resolve and the Australian government has been urging Beijing to drop the measures. We know that high energy prices brought about by the war in Ukraine, and by a decade where we haven’t had the investment in energy that we’ve needed to see, we know that this has the capacity to strangle local industries, and our local employers, and we care about that deeply,” Chalmers said. I think it would be fair to say that none of us are enthusiastic intervenors in markets like this one, you know, in normal times, we don’t sit around contemplating some of the interventions that we are currently contemplating. But we think these are extraordinary times, and they require some different thinking about the best kind of intervention that we might be able to make. Any intervention that we make in energy markets will be temporary, it will be meaningful and worth the effort, and it will be sensible and responsible. We want to find a way if we can, to make a meaningful difference in this market, without messing with our international obligations, and our preference is on the regulatory side rather than on the tax side. And so that gives you a bit of a sense of where we’re up to, and where we’re headed and why. Now, as you can imagine, this involves a lot of complexity. There are different parts of the economy with strong views about how this is best done, and whether this is best done. So we are acting as urgently as we can, but subject to some of those complexities. Continue reading…