In an interesting week for Australian trading companies, the TPP has been signed, our dollar spiked at a six week high of 73 US cents and the RB left the cash rate on hold at 2 per cent.
Operation Minium launched by the Polaris Joint Waterfront taskforce has uncovered corrupt importers along with employees of Customs & Forwarding brokers and warehouse staff, involved in illicit imports of tobacco and drugs into Sydney.
The CPSU has given notice to both the DIBP and DOA of Protected Industrial Action, which is continuing until 30 September 2015. The areas that will be impacted include international airports, shipping ports & terminals, cargo examination facilities, client service centres and international mail facilities.
The Australian Border Force is preparing for ‘surge deployments’ of its officers as widespread strike action around Australia in the coming week threatens to open up gaps in its operations. Agriculture and quarantine workers are also preparing to join their DIBP counterparts in striking at international airports.
Public consultation has commenced for the draft of the new Biosecurity Import Risk Analyses Regulation. The Australian Government, through the Department of Agriculture, has released the first draft regulation under the Biosecurity Act 2015.
Heightened biosecurity measures have been put in place at our ports and offshore as from 1 September 2015, to protect Australia's agriculture sector from the potentially devastating ‘exotic brown marmorated stink bug’.
The Federal Opposition are ignoring the advice of former Labor PM Bob Hawke to support the China FTA in its current form. Mr Hawke, who has close ties to China, is quoted in The Australian newspaper as saying opposing the deal would be "against Australia's best interests".
“Australia’s free trade agreement with China will change Australia for the better, it will change China for the better, and it will change our region and our world for the better,” says Tony Abbott in an opinion feature published in the Courier Mail last week.
In a surprise decision last week, China began sharply devaluing its currency, the RenMinBi. While the plunge paused on Friday, the RMB was still down 4.4 percent against the US dollar for the week, a huge drop for China.
Operations at Hutchison's Port in Brisbane are currently disrupted with staff refusing to work until further notice.