NRI Wealth Planning with Double Taxation Avoidance Agreement

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AAP
US Navy to commission new warship in Australia

Story by Dominic Giannini • 2:42 pm - 24-5-2023

The new USS Canberra will be the first American navy warship to be commissioned in an allied country, with the combat vessel set to join the US fleet.

Australian navy chief Vice Admiral Mark Hammond said July's historic event would show the deep ties between the United States and Australia, and provide an opportunity to reflect on their shared history.

"This is a unique demonstration of respect by the US for the officers and sailors of the Royal Australian Navy," the vice admiral said.

Members of the US Navy and USS Canberra crew will be hosted in Sydney to mark the occasion.

It is the second US ship to bear the name Canberra after former president Franklin D Roosevelt renamed a Baltimore-class heavy cruiser in the 1940s after a valiant effort from the Australian navy's HMAS Canberra during the Battle of Savo Island in 1942.

News of the commissioning came as Trade Minister Don Farrell headed to the US to strengthen defence ties with Washington.

Senator Farrell is embarking on a four-day trip in a bid to boost economic ties, including defence technology after the nations agreed to work towards Australia procuring nuclear-powered submarines.

The American, Australian and British defence supply chains and manufacturing sectors are set to intertwine more closely as the three nations work under the AUKUS pact to build submarines.

Senator Farrell will attend Asia-Pacific Economic Cooperation (APEC) and Indo-Pacific Economic Framework meetings, where discussions will also span the transition to clean energy and a safe region amid anxiety over China.

His Chinese counterpart Wang Wentao will also be at the meetings, but a sideline meeting has not been locked in.

It comes weeks after Senator Farrell travelled to Beijing to lobby for the removal of punitive trade sanctions.

He will also meet US Secretary of Commerce Gina Raimondo while in Detroit.

Senator Farrell said the government was committed to diversifying trade relations and "delivering broader and stronger trade agreements for the benefit of Australian businesses and workers".

Negotiations also continue on Australian access to vital defence technology in the context of strong US arms export laws.

Canada is carved out of those laws, an exception Australia is also seeking in a bid to cut red tape and streamline co-operation.

The minister's visit comes against the backdrop of tense negotiations between President Joe Biden and Congress over raising the US debt ceiling to avoid a potentially catastrophic default.

Markets are already dragging due to the uncertainty over negotiations but a default could send destructive ripples through the global economy and further spook investors.

Australia is negotiating for better access to vital US defence technology.
© Mick Tsikas/AAP PHOTOS

The Independent
What is the ‘African plume’ that could bring 35C heatwave conditions to UK?

Story by Stuti Mishra • 4:36 pm - 22-5-2023

Is it connected to the climate crisis?

While weather patterns can be influenced by various factors, the increased occurrence of African plumes aligns with our warming climate, experts said.

According to Met Office meteorologist Honor Criswick, there is “a greater than normal chance” of heatwaves in the UK this summer, which is “consistent with our warming climate”.

However, she said that, “as always with a longer-range forecast, there is always some uncertainty”.

While one weather phenomenon alone does not guarantee a heatwave, with a warmed up world of 1.2C, such occurrences have become more frequent in recent years.

This year is particularly worrying, as the World Meteorological Organisation (WMO) said the El Niño weather phenomenon, associated with the warming of the oceans, is set to take over later this year.

“The development of an El Niño will most likely lead to a new spike in global heating and increase the chance of breaking temperature records,” WMO Secretary-General Petri Taalas said at the time of the warning.

The world is also expected to breach the 1.5C warming threshold, the agreed limit of the Paris Agreement, as early as within the next five years, warned the WMO.

The heatwaves experienced in 2022 already signalled the impact of the climate crisis, with England recording its joint-hottest summer on record.

The Met Office's chief scientist, Professor Stephen Belcher, described the 40C temperatures experienced last year as “virtually impossible without climate change”.

From news to politics, travel to sport, culture to climate – The Independent has a host of free newsletters to suit your interests. To find the stories you want to read, and more, in your inbox, click here.

AAP
Military told to fast-track, revolutionise technology

Story by Dominic Giannini • 17-5-2023

The defence minister says Australia, the United States and Britain must work together seamlessly on new technology and weapons to protect against aggression in the Pacific.

Richard Marles will talk about cutting red tape to efficiently share technology and information through the AUKUS pact between the three nations, in a keynote speech to the American Chamber of Commerce on Wednesday.

He says the defence force will need to prioritise innovation to fast-track new capabilities.

"Our partnership will guide the accelerated development of advanced defence capabilities," he will tell the chamber at an event in Adelaide.

"If we are to develop these advanced capabilities, we need to adopt an innovation mindset, one where we are not afraid to fail fast, learn, and adapt."

Australia is working with the US to streamline the process of military acquisitions, including technology, due to arms export embargoes imposed by Congress.

"What's really clear is that if we are to realise the ambition of AUKUS, the transfer of technology and information between Australia and the US needs to be seamless," Mr Marles will say.

"This is a big task, the barriers in both systems are vast and complex. There is no silver bullet."

A key plank of the AUKUS agreement is a fleet of nuclear-powered submarines.

Defence Minister Richard Marles will talk of sharing technology seamlessly between AUKUS partners.
© Lukas Coch/AAP PHOTOS

Sky News Australia
Good news for Australians seeking UK working holiday visa

Story by Sky News Australia • 2:56 pm - 9-5-2023

Prime Minister Anthony Albanese has highlighted changes to the UK working holiday visa for Australians as the countries’ new free trade agreement comes into force on May 31.

Mr Albanese said the age limit for the UK working holiday visa will be raised to 35, with the maximum stay extended to three years.

“The relationships we are building with countries around the world are vital to Australia’s strategic interest and to a thriving economy at heart,” he said during Question Time on Tuesday.

Good news for Australians seeking UK working holiday visa
© Provided by Sky News Australia

AAP
US, Australian military aid for Ukraine on the table

Story by Dominic Giannini • 3h ago - 5-5-2023

Further assistance for Ukraine is on the cards ahead of the federal budget amid speculation Australia and the United States could announce a joint support package as soon as the end of the month.

The two nations are reportedly working together on an assistance package that could mirror Canberra's agreement with Paris to jointly supply ammunition to repel the Russian invasion.

The appetite for a joint military package, first reported by the Australian Financial Review and verified by AAP, comes ahead of President Joe Biden visiting Australia.

Treasurer Jim Chalmers said Australia would continue to support Ukraine.

"We are a big supporter of the Ukrainian efforts to repel the Russian invaders and that will be represented in the budget," he told reporters in Canberra on Friday.

"We salute the quite remarkable courage and commitment of the Ukrainian people."

The Quad summit brings together leaders from Australia, Japan, India and the US in Sydney in the coming weeks to focus on peace and stability in the Indo-Pacific.

Ukraine's ambassador to Australia Vasyl Myroshnychenko said he wouldn't speculate on any upcoming package but welcomed any assistance.

"It's too early to talk about it but it would be good if something like that came because that would help Ukraine a lot," he told AAP.

The NATO security summit in July, which Prime Minister Anthony Albanese will also attend, is another opportunity to unveil a joint aid package.

Kyiv has submitted a wish list of aid ahead of the federal budget on Tuesday, which includes Hawkei armoured vehicles, artillery and ammunition.

Hundreds of Ukrainian-Australians rallied around Australia on Saturday, calling for the government to provide Hawkeis to help defend their homeland.

Amid concerns about aid fatigue with the war entering its second year, Mr Myroshnychenko said it was important democratic nations continued to stand up to Russia and protect against rising authoritarianism.

"It is extremely important to protect democracy. We need to make sure we create the deterrence, and the deterrence we need is to make sure Ukraine wins," he said.

"We need to make sure we don't embolden other authoritarian leaders to do something similar in the region."

Ukrainian-Australians want Canberra to provide Hawkei armoured vehicles to defend their homeland.
© PR HANDOUT IMAGE PHOTO

ABC News Aus
Anthony Albanese visits AUKUS submarine facility while in the UK for King Charles’s coronation

Story by By Jacqueline Howard in London • 3h ago - 4-5-2023

First-year apprentice, 16-year-old Maddison, told the ABC seeing the interest of Australian politicians gives her a pride in her work.

"It's made us feel like we're doing something important and that it actually means something," she said.

"It's something to call home about … It's not just a nine-to-five, you actually get something important with it as well," agreed fellow apprentice, 17-year-old Jacob.

Mr Albanese praised the submarine program for giving opportunities to young and old alike.

"We've met young apprentices, but also some people being retrained. And one of the things that we need to do as our economy changes is not just to provide opportunities for young people, but provide people with opportunities and new careers as well," he said.

Mr Albanese in in the UK for the coronation of King Charles this coming weekend, alongside Governor-General David Hurley, the state governors, Julie Bishop, Matildas forward Sam Kerr, Musician Nick Cave, comedian Adam Hills and youth advocate Yasmin Poole among others.

Before the event on the weekend, Mr Albanese will also meet with Mr Sunak to discuss AUKUS and the free-trade agreement between the two nations.

Sky News Australia
Singapore is ‘one of our key allies’ in the Asia-Pacific for trade and defence

Story by Sky News Australia • 1h ago - 1-5-2023

Singapore is one of Australia’s “key allies” in the Asia-Pacific in terms of trade and defence, says Trade Minister Don Farrell.

“This year we celebrate 20 years of a free trade agreement with Singapore,” he told Sky News Australia.

“We’ve recently signed some new agreements with them – both in terms of the green economy and the digital economy.”

Singapore is ‘one of our key allies’ in the Asia-Pacific for trade and defence
© Provided by Sky News Australia

AAP
Calls for Australia to help smooth tensions with China

Story by Dominic Giannini and Callum Godde • 53m ago - 1-5-2023

Senior Australian ministers will meet with their Singapore counterparts as the Asian nation's foreign minister warns of the potential for catastrophic conflict.

Singapore's Foreign Minister Vivian Balakrishnan has warned that the United States and China created a "dysfunctional relationship", saying Asian nations did not want to be drawn into choosing sides.

"Countries in Southeast Asia feel this impact of dysfunctional relations between the two biggest superpowers," he said during a keynote address on Monday.

Mr Balakrishnan says Australia has a role to play in cooling tensions in the region by building "strategic trust".

"Trust is not something you can conjure. It takes time, it takes history. You need to have mutual respect," he said.

"Australia can play a role in stabilising our region. Australia has many unique strengths."

Mr Balakrishnan said the US and China were struggling to make progress and the economic benefits in the region were being overshadowed by security concerns.

He said Taiwan was the greatest flashpoint for conflict, with it being "the reddest of red lines" for China.

Deputy Prime Minister and Defence Minister Richard Marles, Foreign Affairs Minister Penny Wong and Trade and Tourism Minister Don Farrell will host their counterparts on Monday in Canberra for a bilateral meeting.

This year coincides with the 20th anniversary of Australia and the tiny Asian country striking a free trade agreement.

In a joint statement, the Australian ministers said the biennial committee meetings were an important platform to discuss co-operation across defence and security, strategic, trade and investment interests, the energy transition and food security.

"Australia and Singapore have a deep and abiding defence relationship. We are proud to count Singapore as one of our closest partners," Mr Marles said in a statement.

"I look forward to discussing ways we can continue to build on our great friendship, as part of our shared contribution to the collective security and prosperity of the region."

Australia's defence pact with the US and United Kingdom to supply it nuclear-powered submarines prompted China, Malaysia and Indonesia to voice concerns when signed by the previous coalition government in 2021.

Singapore Prime Minister Lee Hsien Loong later welcomed Australia's assurance that the AUKUS deal was aimed at promoting a "stable and secure" Asia-Pacific.

A declassified review last week prompted the government to commit to "reshape" the armed forces to prepare Australia for any conflicts over the next three decades.

China's rapid military build-up, the decline of the US as a unipolar power in the Indo-Pacific, nuclear war, climate change, workforce issues and increasing cyber attacks were all identified as security threats.

The Singaporean prime minister also warned about the consequences of a decoupling between the US and China's economic relationship when he was in Canberra last year.

He expressed his concerns that nations being at loggerheads over national security could trigger further consequences that would result in less economic co-operation, less trust and less stability.

Singapore Prime Minister Lee Hsien Loong wants to see a stable and secure Asia-Pacific region.
© Lukas Coch/AAP PHOTOS

Reuters
U.S. negotiator says Biden would be warmly welcomed in Pacific

Story by Reuters • 11h ago - 29-4-2023

WASHINGTON (Reuters) - The United States needs to accelerate diplomatic "catch up" with the Pacific island region in the face of Chinese competition, a U.S. diplomat said on Friday, adding that he was sure President Joe Biden would be warmly welcomed there if he decided to visit.

Joseph Yun, a special presidential envoy who leads renegotiation of agreements with three Pacific island states, was asked at a U.S. think tank about what officials from Papua New Guinea say are plans by Biden to make a brief stop there on May 22.

"Obviously for the Pacific, I am sure they would welcome President Biden, if he were to go there," Yun told the Hudson Institute.

"I don't think that decision has been fully made," he said while adding: "It is a good thing whenever heads of state get engaged on new issues."

A spokesperson from the PNG prime minister's office told Reuters on Thursday that Biden will stop in the capital Port Moresby for three hours on the way from a G7 meeting in Japan to Australia to attend the a summit of the Quad countries - the United States, Japan, India and Australia.

A Pacific islands source told Reuters that Biden was also expected to meet with more than a dozen Pacific islands leaders, but the White House National Security Council has not responded to request for comment on the plans.

Yun said the level of Chinese coercion in the region that is crucial to U.S. national security, but that had been neglected by the United States, is concerning.

"So now we're playing ... a little bit of catch up, I would say, and but you know, we need to accelerate our catch up."

Yun has been leading talks to renew so-called Compact for Free Association (COFA) agreements with the Marshall Islands, Palau and the Federated States of Micronesia under which the United States retains responsibility for the islands' defense and gains exclusive access to huge strategic swaths of the Pacific. The deals are due expire this year and next.

Yun said the "topline" agreements in the negotiations with the nations would provide them with a total of about $6.5 billion over 20 years.

He said he was very optimistic the agreements would be finalized and that the U.S. Congress would approve them in a short time, but there is still some hard work ahead.

(Reporting by David Brunnstrom; writing by Jasper Ward; Editing by Alistair Bell)

FILE PHOTO: U.S. Special Representative for North Korea Policy Joseph Yun arrives at a meeting with the media in Bangkok, Thailand
© Thomson Reuters