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To turbo charge our home-grown defence industry, the Australian Government is seeking proposals from Australia’s private capital market for potential co-investments in local industry.

The Albanese Government has dramatically increased funding for our defence force and we are making record investments in our defence industry. 

To further drive growth and innovation in Australia’s defence industry, the Government is seeking proposals from the private capital market to co-invest in Australian businesses developing defence and dual‑use advanced capabilities.

These investments will target the advanced capabilities and exports of tomorrow, including cyber, artificial intelligence and autonomy, electronic warfare, quantum technologies, and undersea warfare. 

Investing in advanced capabilities that have export potential helps build a bigger defence industry and supply chain, that’s more resilient and better for local businesses. 

The Request for Expressions of Interest is now open on AusTender to identify one or more suitable private capital partner/s to potentially manage the investment.

The size of investment that may be considered would be for a co-contribution of up to $500 million from the Government, with the decision to invest and final terms, to be determined in partnership with the successful fund manager/s and subject to further Government consideration. 

Once selected by Defence, the successful firm or firms will work with Government to develop the investment proposal further for the Government’s consideration. 

This initiative reflects the Government’s commitment, as outlined in the 2024 Defence Industry Development Strategy, to work with venture capital fund managers and other investors to explore opportunities for private capital investment in Australian businesses developing critical defence capabilities. 

Minister for Defence Industry, Pat Conroy:

“Australia’s current strategic environment tells us that we need to do all we can to drive investment in new capabilities. 

“Joint investment between the government and private sector has enormous potential to further unlock Australian jobs and innovation. 

“In developing potential options for co-investment, the government is looking for ways to catalyse growth of Australia’s innovation ecosystem, sovereign industry capability and exports potential, all while putting money back into Australian pockets.

“The Government will explore options to partner with private capital to invest in eligible Australian small and medium enterprises that are developing the capabilities we need.”

New quarterly ABS data released today show wages are not keeping up with inflation, as yet another bank, NAB, announces a quarterly profit of $2.1 billion.

While wages rose 0.8% in the December quarter and 3.4% over the year, inflation climbed even faster at 3.8% – meaning workers’ pay packets are going backwards in real terms.

Government decisions are driving this real reduction in wages – with the housing crisis spurred on by handouts to wealthy property investors, a 5% deposit scheme debacle that is fuelling house price rises, and government approval of a 4.4% rise to healthcare premiums, the biggest in eight years. 

While the big banks’ rake in the profits of a housing crisis spurred on by Labor’s policies, working Australians struggle to afford soaring rents and rising mortgages, let alone get into the housing market. 

The Greens say Labor needs to start making policies for renters, first home buyers and mortgage holders instead of working for the banks and property hoarders.

Greens spokesperson for finance, workplace relations, employment and housing Senator Barbara Pocock: 

“Working people are seeing their real wages go backwards, while interest rates rise and Labor lets the cost of housing and healthcare surge out of control.

“Working Australians have had enough. They’re fed up with seeing the banks and wealthy property investors profit from a housing crisis out of control, while wages aren’t keeping up and workers are going backwards.

“The cost of living and housing crisis are being felt across the country. When national rents have risen 2.5 times faster than wages over the past five years, working households fall further behind through no fault of their own.

“The big banks are profiting off rising house prices and increased mortgages, while homeowners and renters pay the price of rising inflation. How is that fair?

“Amid rising cost-of-living pressures, renters are having to fork out more than one-third of their income just to keep a roof over their heads. That’s the definition of housing stress. 

“Labor’s policies – such as the 5% deposit scheme and the $181b tax breaks for property hoarders – are adding fuel to the fire, driving up house prices while the banks take all the profit.

“Labor must reform the tax concessions that are fuelling house prices and turbocharging inequality.  Scrapping the CGT discount is an opportunity for this government to change course and help fix, rather than fuel, the housing crisis.

“Without tackling the root causes of the housing crisis – which are the tax breaks for wealthy property hoarders and the lack of social and affordable housing – house prices will continue to spike, banks will continue to rake in the profits and workers will be thrown into more and more stress.”

The Victorian Greens will today move to establish a powerful parliamentary inquiry into the scale and scope of anti-LGBTQIA+ hate crimes across the state, following a disturbing string of attacks on gay and bi+ men.

This comes following a troubling string of attacks on gay and bi+ men which have seen them lured to public places through fake online dating profiles and violently attacked.

The inquiry, to be conducted by the Legal and Social Issues Committee, would examine how anti-LGBTQIA+ influencers and hate groups operate online, including far-right, misogynistic, and homophobic ‘alpha-male’ content, and explore strategies to protect young people from this influence.

It would also look at the adequacy of existing responses to preventing these crimes, and the support available to victim survivors.
The inquiry would examine ways to improve LGBTQIA+ community safety and support victim survivors of these and other hate crimes, as well as look into ways to combat anti-LGBTQI+ influence on young people particularly through hateful online content.

The Greens are urging all political parties to support the inquiry, which is due to report by 1 September 2026.

Victorian Greens equality spokesperson, Aiv Puglielli:

“No one should have to fear for their safety because of who they love.

“We are seeing gay and bi+ men being lured to public places through fake online dating profiles and violently attacked just for being who they are. As a queer person, it is genuinely terrifying to see this terrifying escalation of violence towards my community happening before our eyes.

“This doesn’t come out of nowhere. We know there’s a “manosphere” of anti-queer influences and far-right “alpha-male” networks that are grooming and radicalising young men online, building these hate networks and fuelling this very real hatred and people are being seriously harmed.

“We can’t look the other way while LGBTQIA+ people are being harassed, threatened, and terrorised. Enough is enough. We need to get to the root of this.”

The Victorian Greens are challenging Jacinta Allan’s Labor Government to support their laws, saying that there is no reason we can’t strengthen IBAC and give it follow the dollar powers by the end of the week. 

The Greens say that given the astounding scale of corruption that’s been reported, Labor should be acting with urgency not keep making excuses. 

The Greens will move amendments as part of a wide-ranging omnibus Bill tomorrow to strengthen IBAC, giving it clear powers to “follow the dollar” allowing it to investigate how taxpayer money flows through subcontractors and labour hire firms on major government projects.

The Greens say that these are critical laws that go to the heart of how $15 billion dollars of taxpayer money could go missing on Labor’s major infrastructure projects. 

The Greens say Labor’s claim that the reforms cannot be passed this week is a “fake excuse”, noting the amendments have already been drafted and could be legislated immediately – with the Greens laws expecting to receive crossbench and Coalition support.

If passed in the Upper House, Labor would be forced to decide whether to support stronger anti-corruption powers – or use its Lower House majority to block these laws.

Leader of the Victorian Greens, Ellen Sandell: 

“There’s no reason that IBAC can’t have stronger powers to follow the dollar by the end of the week. Labor needs to stop hiding behind excuses and vote for these laws.

“Labor has handed billions of dollars in public money to private corporations and subcontractors while our anti-corruption watchdog doesn’t even have clear powers to follow that money.

“$15 billion is an extraordinary amount of money. You could build ten Footscray hospitals, dozens of schools and enough public housing to clear the housing waitlist.

“When Victorians hear that this amount of public money has gone missing on Labor’s watch, I think they will be pretty appalled to see Labor vote down laws that could stop it from happening again.” 

New polling shows support across party lines for a tax on gas exports, a policy proposed by the Australian Council of Trade Unions and backed by the Australian Greens last year.

During Senate Estimates last week, Greens spokesperson for resources Senator Steph Hodgins-May asked Minister Ayres whether a gas export tax was under consideration as part of the government’s gas market review. No advice had been prepared that he was aware of. 

A 25 per cent levy on gas exports would prioritise domestic supply without incentivising new fossil fuel projects, and would replace the deeply flawed Petroleum Resource Rent Tax (PRRT), which has failed to deliver meaningful returns from LNG exporters due to structural loopholes.

Revenue raised could help compensate households for price impacts driven by exports and accelerate Australia’s transition away from gas.

Senator Steph Hodgins-May

“The government’s proposed gas reservation policy won’t guarantee lower prices and it locks in unnecessary new gas projects.

“The Greens won’t support it without a meaningful tax on gas exports.

“Gas prices have tripled since LNG exports began, yet the companies driving those exports contribute next to nothing in tax.

“This polling shows voters across the political spectrum are fed up with a system that puts multinational gas exporters ahead of Australian households.

“In what world does it make sense that nurses, teachers or retail workers pay more tax than some of the world’s largest gas exporters?

“A tax on gas exports would redirect supply back to Australians, raise revenue to ease cost-of-living pressures, and help us move off gas without opening new climate-damaging projects.

“It beggars belief that Labor still won’t stand up to the gas giants and tax them properly,  while claiming to be serious about cutting energy bills and securing a safe climate future.”

Today’s Wage Price Index data confirms Australian workers continue to go backwards under Labor, with real wages falling in the 12 months to December.

The latest quarterly figures from the Australian Bureau of Statistics show the seasonally adjusted Wage Price Index increased by 3.4 per cent in the 12 months to December, while the Consumer Price Index outstripped it at 3.7 per cent.

That means the average Australian worker is poorer than they were 12 months ago.

The data also shows real wages today are 2.1 per cent lower than when the Coalition left office. That means the average worker has lost around $1,500 per year in purchasing power under Labor.

Think of what struggling families could do with an extra $1,500. This is on top of skyrocketing energy bills and mortgage repayments.

Shadow Minister for Employment and Industrial Relations Senator Jane Hume said today’s figures confirm what Australians already feel every time they tap their card at the checkout. 

“If Australians are feeling poorer, it’s not in their heads – today’s data shows that they actually are poorer.”

“Groceries cost more, energy costs more, rents cost more, but under Labor, real wages aren’t keeping up. When the cost of living rises faster than pay packets, households fall behind.”

“This is what happens when a government ignores productivity and has no plan to tame inflation and strengthen the economy.”

Shadow Treasurer Tim Wilson said Labor has turned a cost-of-survival crisis into a permanent feature of the Australian economy.

“Australians were promised higher wages, instead they’re working harder for less,” Mr Wilson said.

“Labor’s economic settings are baking in weaker incomes and lower living standards for years to come.”

“Jim Chalmers is Australia’s trillion-dollar Treasurer, and Australians are paying the price through higher inflation, higher costs and lower living standards.”

Shadow Minister for Finance Claire Chandler said the figures were a direct consequence of unchecked government spending.

“When the government splurges, families are forced to tighten their belts,” Senator Chandler said.

“Labor’s spending is pushing prices higher and quietly stripping value from every pay cheque.”

“We must restore Australia to a country where life is affordable, where young Australians can buy a home, where you can raise a family, and where there’s a fair go once again.”

And the outlook is only set to worsen. The Reserve Bank’s latest forecast expects real wages to fall for the entirety of 2026. 

Real wages measure what workers can actually buy with their wages after accounting for the prices they pay for goods and services, and are a key measure of living standards.

Only the Coalition will protect Australians’ way of life and restore their standard of living.