Tax cuts will ‘light a match’ under inflation: Ryan

Thanks very much for reading Need to Know this Thursday, November 30. Here are today’s biggest developments:

- Henry Kissinger, American diplomat and Nobel winner, dies at 100: Henry Kissinger, a controversial Nobel Peace Prize winner and diplomatic powerhouse, whose service under two presidents left an indelible mark on US foreign policy, died on Wednesday (Thursday AEDT) at age 100, Kissinger Associates said in a statement.

- WA to defend its share of GST, Cook says: Western Australian Premier Roger Cook says he doesn’t care about complaints from the east coast over GST distribution, warning Prime Minister Anthony Albanese must stand by his state and honour past commitments over the tax allocation.

- Tax cuts will ‘light a match’ under inflation, Ryan says: Independent MP Monique Ryan has urged the government to modify the stage three tax cuts, saying the billions of dollars in foregone revenue could be spent on relieving cost-of-living pressures.

- Alex Schuman quits STC Foundation board after Palestine protest: Alex Schuman has reportedly quit the Sydney Theatre Company Foundation board after a group of actors expressed their support for Palestinians on stage on the opening night of the company’s production of The Seagull.

- States ‘have done really well out of us’, Chalmers says: Treasurer Jim Chalmers has acknowledged the states’ demands for a new GST deal, saying they have already received a large slice of federal government funding despite the Albanese government also facing budget pressures.

- Victoria’s resurrected SEC invests $245m in giant Melbourne battery: The resurrected State Electricity Commission will make its first investment in a giant battery array on Melbourne’s north-west fringe with construction expected to begin within weeks.

- Shadow treasurer says 4.9pc inflation still too high: A fall in inflation last month “is hardly a major victory” even as the OECD forecasts the Reserve Bank is done lifting interest rates, shadow treasurer Angus Taylor says.

Western Australian Premier Roger Cook says he doesn’t care about complaints from the east coast over GST distribution, warning Prime Minister Anthony Albanese must stand by his state and honour past commitments over the tax allocation.

As state treasurers prepare to appeal to the federal government to extend the “no worse off guarantee” that will compensate them for GST revenue lost to WA, Cook said he would continue to fight for his state to receive “our fair share”.

“I don’t care what the other states are sick and tired of. My priority is Western Australia we’re going to defend our fair share of the GST,” Cook said.

“We’re going to stand up for WA and we’re going to make sure that the rest of the country understands the important role that we play keeping the national economy going.”

Asked whether extending the no worse off guarantee might be the easiest way to ensure the continuation of a floor under the tax allocation for WA, Cook said “it certainly answers the concerns of the other states”.

An old NSW coal mine will resume production for the first time in 18 years after securing the $US60 million ($90.6 million) in funding required for its restart.

The Dartbrook mine’s owner, Australian Pacific Coal (AQC), said European commodities trader Vitol had agreed to lend the money and would also acquire marketing rights over the thermal coal that Dartbrook produced for the life of the operation.

The money will help fund the final works and equipment such as conveyors required to restart the mine, which has been idle since its former owner Anglo American shut it in 2007.

The revival of Dartbrook comes as Whitehaven Coal works to resume production at the Vickery mine in NSW almost 25 years after it was closed by Rio Tinto.

Read more here.

Winston Lord, former US ambassador to China and Kissinger’s former special assistant at the National Security Council, says the late diplomat transformed America’s place in the world over more than seven decades.

Kissinger, the child refugee who rose to become US secretary of state and defined American foreign policy during the 1970s, died on Wednesday (Thursday AEDT).

“The world has lost a tireless advocate for peace. America has lost a towering champion for the national interest. I have lost a cherished friend and mentor,” Lord wrote in a statement.

“Henry blended the European sense of tragedy and the American immigrant’s sense of hope.

“During more than seven decades, he transformed America’s role in the world, held the nation together during a constitutional crisis, crafted visionary volumes, counselled world leaders, and enriched the national and international discourse.”

Here are some facts on American diplomat Henry Kissinger, who died at age 100 on Wednesday (Thursday AEDT):

• He was born Heinz Alfred Kissinger in Furth, a city in Germany’s Bavarian region, on May 27, 1923. As an Orthodox Jew, he was bullied by antisemites and in 1938, his family joined the exodus from Nazi Germany by moving to New York. He became a naturalised American in 1943.
• Kissinger returned to his homeland during World War II as a member of the US Army’s 84th Infantry Division. He worked as a translator in intelligence operations and helped round up Gestapo members. He was awarded a Bronze Star.
• After a standout career on the Harvard University faculty, Kissinger joined Richard Nixon’s administration as national security adviser in 1969, a job he kept after Nixon resigned and was succeeded as president by Gerald Ford. He also served as secretary of state under Nixon and Ford.
• Kissinger had a hand in many epoch-changing global events of the 1970s, including the Vietnam War, the diplomatic opening of China, landmark US-Soviet arms control talks and expanded ties between Israel and its Arab neighbours.

• The 1973 Nobel Peace Prize that went to Kissinger and North Vietnam’s Le Duc Tho was one of the most controversial in the award’s history. They were selected for their work on the Paris peace talks, which were to have arranged the withdrawal of US troops, a ceasefire, and preservation of the South Vietnamese government. Two members of the Nobel committee resigned over the choice and Tho declined the prize on the grounds their work had not yet brought peace.
• During his bachelor days, Kissinger was seen with actresses Candice Bergen, Shirley MacLaine, Jill St. John, Marlo Thomas, Liv Ullman and Samantha Eggar, as well as Diane Sawyer, then a White House staffer and later an ABC News anchor. Those who knew him, however, said the playboy image was mostly a media creation.
• Kissinger last worked in a presidential administration in 1977 but he maintained a relationship with George W. Bush. The then president chose Kissinger to head a commission investigating the September 11, 2001, attacks but he stepped down because he did not want to reveal the names of the clients of his consulting business.
• The Argentine military believed that Kissinger had given them the go-ahead to conduct their “dirty war” against leftist dissidents, later declassified documents showed. He said the military should be encouraged at the time of the 1976 coup and later praised them for wiping out “terrorist forces”.
• Musician Tom Lehrer famously said: “Political satire became obsolete when Henry Kissinger was awarded the Nobel Peace Prize.”

Henry Kissinger, a controversial Nobel Peace Prize winner and diplomatic powerhouse, whose service under two presidents left an indelible mark on US foreign policy, died on Wednesday (Thursday AEDT) at age 100, Kissinger Associates Inc said in a statement.

He died at his home in Connecticut.

Kissinger had been active past his centenary, attending meetings in the White House, publishing a book on leadership styles, and testifying before a Senate committee about the nuclear threat posed by North Korea.

In July this year, he made a surprise visit to Beijing to meet Chinese President Xi Jinping.

Australia is falling short on its climate targets and must undertake significant heavy lifting to get back on track, according to a report from the Climate Change Authority.

The federal government has committed to reducing emissions by 43 per cent of 2005 levels within the next seven years and reaching net zero emissions by 2050. But between 2022 and 2023, Australia increased emissions by 4 million tonnes.

It released a total 467 million tonnes into the atmosphere or 116 million more than allowable to reach the government’s goals, according to the CCA’s report.

Although Australia has made strides in its domestic climate policy, CCA chief Brad Archer said it wasn’t enough.

“Australia is not yet on track to meet its 2030 targets,” he said.

“There is broad community support for strong action on climate change but delivering the changes needed ... are immense and urgent.”

To achieve its goals, the nation will need to decarbonise at an average rate of 17 million tonnes a year and boost renewable energy investments so these sources make up 82 per cent of the energy grid by 2030.

Between 2015 and 2022, renewable energy generation more than doubled, from 14 per cent to 32 per cent.

In the same amount of time it took to grow by 18 percentage points, renewable sources must now increase by 50 percentage points to reach the coveted 82 per cent target.

But the CCA’s report says addressing the emissions reduction shortfall is crucial, otherwise achieving more ambitious and essential targets down the line will become much harder.

Climate Change Minister Chris Bowen spoke to the report in parliament on Thursday and acknowledged government efforts “require a big lift” over the next seven years.

“While I am pleased with our progress, I am not yet satisfied,” he said.

Alex Schuman has reportedly quit the Sydney Theatre Company Foundation board after a group of actors expressed their support for Palestinians on stage on the opening night of the company’s production of The Seagull.

Schuman, the CEO of Carla Zampatti fashion house and brother of Wentworth MP Allegra Spender, is yet to comment on his resignation, The Australian reports.

The stunt involved actors Harry Greenwood, Mabel Li and Megan Wilding wearing Palestinian scarves during the curtain call after the premiere of the Chekhov classic on November 25.

The group later labelled their protest online as a condemnation of Israel’s “occupation” and “genocide” of Palestinians in Gaza.

In a statement published on its website on Wednesday night, the STC said it was not aware of the planned action before it took place.

“We understand the actions at the curtain call and our immediate response has hurt many in our community. For this, we are deeply sorry,” the statement said.

Australia has risen to 16th on the latest Institute for Management Development rankings for global competitiveness, behind countries including the United States, the Netherlands, Singapore and Denmark.

The top economies in this year’s ranking are those described as “digital nations” – countries that facilitate the full adoption of digital technologies, including AI, by governments, companies and individuals.

Of the 64 countries included, Australia moved up from 19th place, rating highly because of upward movement on categories including knowledge, technology and “future readiness”.

Top strengths included flow of international students, e-participation, internet retailing, country credit rating and tablet possession.

The index measures four main factors of countries: economic performance, government efficiency, business efficiency and infrastructure.

The overall leader in last year’s rankings, Denmark, dropped to fourth place. The Institute for Management Development is an independent academic institute based in Lausanne and Singapore.

David Russell, co-founder of infrastructure developer Equis, says the first 600MW phase of the Melbourne Renewable Energy Hub (MREH) will ease grid supply squeezes by acting to “shift that cheap solar rooftop power to the evening peaks to bring those prices down”.

“Once we’ve attacked the evening peaks, we’re going to be looking at longer-term storage. We’re looking at anything from eight to 12 hour storage solutions for that next phase,” Russell said.

The 600 MW array comprises three 200 MW units – two with two hours of storage and one, contracted to the SEC, with fours hours of storage. The second stage would also have 600 MW of power and eight to 12 hours of storage capacity.

Russell praised the role of Victoria’s State Electricity Commission – the revival of which nearly 30 years after privatisation has been widely criticised – in helping to negotiate key contracts and bank loans.

Tesla is supplying 444 Tesla Megapack batteries, Samsung C&T and local group Genus are the engineering contractors and Transgrid’s Lumea arm is building an onsite substation and connection to distribution company AusNet Service’s substation.

Equis is looking at different battery types for the second phase, which Russell said would extend the MREH’s typical operating time right through the evening. A final investment decision is not expected on the second phase until 2025.