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Regional Victoria rental shortage at crisis point

He looked for a rental property, but the homes on offer drew anywhere from 50 to 150 applications.

“I went through about 30 properties before it sunk in, ‘well, this is not happening’,” he said.

Tim Ferrari has been living in a tent after facing tough competition for rental properties.

Tim Ferrari has been living in a tent after facing tough competition for rental properties.Credit:Justin McManus

Trudi Ray, deputy chief executive of Haven Home Safe, a homelessness organization that provides housing solutions in Geelong and Bendigo, said about 25 key workers were sleeping rough in a campground in Bendigo’s north due to lack of affordable housing.

“It’s a Bendigo outrage how these people don’t have anywhere to stay,” Ray said during his presentation at the conference run by the Australian Housing and Urban Research Institute and Homelessness Australia.

Some are itinerant workers picking fruit, while others had full-time jobs in Bendigo. They did not consider themselves homeless because they either worked, or had job prospects, but were simply unable to find a house.

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“They’re not our clients because they think they’re OK,” she said. “They just can’t find a rental.”

The rental vacancy rate in central Bendigo is a wafer-thin 0.9 per cent, Domain data shows. Greater Bendigo rents rose 10.5 per cent over the past year to a median $420 per week.

Tenants who try looking further afield may have no more luck, as the vacancy rate is just 0.5 per cent in the nearby region of Heathcote-Castlemaine-Kyneton, and in Loddon-Elmore it is 0.2 per cent.

The issue is widespread in regional Victoria. Geelong rents are 5.9 per cent more expensive than a year ago and the vacancy rate in central Geelong is 0.7 per cent. Ballarat’s vacancy rate is also at 0.7 per cent and rent has increased 5.6 per cent in a year.

Kevin Woodroffe is an itinerant worker who has been traveling between NSW and Victoria during the past few months. He has been sleeping in a car he inherited after his father died, and has been unable to find an affordable place to live.

“I don’t work [at the moment] and I can’t find a house,” Woodroffe said.

Bendigo City Council Mayor Andrea Metcalf said there had been high demand for rentals as new residents arrived from Melbourne, which was happening even before the pandemic, albeit at a slower rate.

I bless Major Andrea Metcalf.

I bless Major Andrea Metcalf.Credit:Bendigo Council

“It was starting to show the cracks, but I would think that the pandemic has exacerbated it more,” Metcalf said.

Melbourne lost 85,000 residents in 12 months during the depths of COVID-19 restrictions, Australian Bureau of Statistics data shows.

Council figures show that about 3000 people in Bendigo need housing and the area needs more affordable housing to attract skilled workers. The council introduced an Affordable Housing Action Plan in September last year, which will require developers to have inclusionary housing zones in every development.

Metcalf said adding more one- to two-bedroom homes to the mix would mean older people, single people and those moving out of home for the first time would have more choice, as would those who need affordable options.

“We can do things like the Affordable Housing Action Plan … but a lot of the fixes around affordable housing sit with the state and federal governments,” Metcalf said.

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The state government’s Big Housing Build has promised $85 million to Bendigo.“We’ll be really pleased to see those houses being rolled out and people moving into them,” Metcalf said.

Ray said the Big Housing Build would offer 12,000 new and existing properties over the next four years, and there were additional housing promises from the federal government, but there would still be a shortage even when they were all built.

Ray said one in 30 young people aged 15 to 19 had experienced first-time homelessness during the pandemic. The issue hit twice as many women and girls as men last year. About 5060 young people who presented to homelessness services in Victoria were unable to be housed due to a lack of supply, she said.

Meanwhile, homes across Victoria were being under-utilized, she said.

“We’re seeing a lot of homes that are full on the weekend – the ‘weekenders’ for city folk – but they are certainly vacant during the week,” Ray said.

Bendigo is not the only regional center with a rental crisis.

Bendigo is not the only regional center with a rental crisis.

In Yarriambiack Shire, which includes Warracknabeal, 680 homes are unoccupied.

Even someone looking for a temporary stay in a hotel may struggle. Booming tourism in the Bendigo area, while a boom for local businesses, had filled hotel rooms. The recent Elvis exhibition meant hotels were fully booked for four months, she said.

Companies in areas like the Wimmera had started providing housing for their workers, while others in areas like Castlemaine or Colac were providing transport to and from factories to overcome housing shortages.

Ballarat was also facing a rental squeeze, and the manager of homelessness services at church-based group Uniting Ballarat, Adam Liversage, said there were few rental homes available.

“We had a representative from a real estate agency [speak to us] who said they had 500 rentals in Ballarat and surrounds and only one property was available to rent,” Liversage said. “Warrnambool has a similar trend to Ballarat … where there’s only 151 properties available for rent.”

Ray said: “We also provide over 3500 food vouchers. What we know is one in four families, regardless of their socioeconomic status, coming to us now are accepting food relief.”

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Regional WA tourist hotspots Broome and Busselton feeling the house price boom

Western Australia’s coastal holiday hotspots Broome and Busselton are experiencing surging house prices, with real estate agents reporting increased interest in regional living from city dwellers.

New data released by the Real Estate Institute of WA (REIWA) shows both locations were the top-performing regional centers in the June quarter.

Broome’s median house sale price lifted 4.7 per cent in the past three months to $649,000, while Busselton’s increased by 4.5 per cent to $610,000.

On an annual basis, both areas saw more than 15 per cent growth in housing prices.

REIWA deputy president Joe White said price growth was being driven by people migrating from the cities.

“The local market [in Broome] is strong and demand for property is high with many people moving to the regional center for a sea change,” he said.

“There is also the FIFO factor, with three companies now flying workers directly out of the Busselton Margaret River Airport.”

Four blue huts on a jetty overlooking the ocean.
Busselton is the most popular city south of Perth for real estate.(Flickr: Jean and Fred Hort)

‘Undervalued’ suburbs also booming

It is not just the popular seaside communities seeing growth — locations that are typically more affordable are also feeling the heat.

The suburb of Carey Park in Bunbury, two hours south of Perth, has normally had cheaper house prices, but local real estate agents said that it was starting to change.

A for sale sign in front of a house on a suburban street.
Real estate agents are accepting offers on houses in Carey Park before the first open home has even been held. (ABC South West WA: Anthony Pancia)

Bunbury-based agent Melanie Hurst said some areas had been overlooked until now.

“Carey Park, traditionally it’s been undervalued,” she said.

“Because for a long time rents were low, houses prices were low, but that has all changed probably in the last 18 months.”

REIWA south-west branch president Drew Carey agreed.

“I think probably those areas are going to enjoy a bit of a renaissance to get them up to what I would consider to be long overdue par value,” he said.

“I think longer term we’re going to continue to see prices continue to travel up in WA, at least compared to the eastern states.”

High prices not good for everyone

But the increase in housing prices puts more pressure on regional centers already experiencing housing stress.

A drone shot of a regional suburb with houses and trees and playgrounds
Experts say traditionally lower socio-economic suburbs like Carey Park have been undervalued until now. (ABC South West WA: Anthony Pancia)

Just Home Margaret River community development officer Geraldine Clark said her organization had seen an increase of people experiencing homelessness.

“There are very little rentals, very few houses for sale, and the prices of both are enormous,” she said.

“We’re not just lacking social housing and affordable housing, we’re lacking housing in all facets now.”

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Electric powered Bushmaster armored vehicle

An electric-powered version of the Australian Army’s Bushmaster armored vehicle has been unveiled at a defense technology conference in Adelaide.

The Bushmaster is an 11-tonne, 4×4 protected vehicle designed to deflect explosions away from its passengers.

The vehicles were among the military equipment donated by the Australian government to Ukraine in its war against Russia earlier this year.

Assistant Defense Minister Matt Thistlethwaite inspects the electric-powered Bushmaster armored vehicle. (Supplied)

It is designed and built in by defense contractor Thales in Victoria.

Now an electric version of the Bushmaster, or the electric Protected Military Vehicle (ePMV), has been displayed at this week’s Chief of Army Symposium in Adelaide.

Assistant Defense Minister Matt Thistlethwaite said the vehicle promised better performance for army combat missions and the army plans to test it.

“This ePMV brings the benefits of electric vehicles to the battlefield, particularly being quieter than its combustion counterparts, and I look forward to seeing it perform in field trials.”

Countries with the highest military expenditure in the world

The electric engine that powers a new version of the Australian built Bushmaster armored vehicle. (Defense Department) (Supplied)

Thistlethwaite said improving military technologies for the Australian Defense Force was a major goal for the federal government.

“As we are seeing around the world today, modern military personnel are joined on their missions by machines,” he said.

“This symposium enables army to work with industry to explore new and emerging technologies.”

“It is vital we support the exploration and development of these technologies, creating innovative advantages for the Australian Defense Force while supporting Australian industry and jobs.”

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All iPhones will be powered by renewable energy by 2030

With a focus on the environment front-of-mind for many people, there’s never a shortage of environmental commitments from businesses small and large around the world.
But on Thursday, in Sydney, Apple’s vice president of environment Lisa Jackson marked the company’s 40th year in Australia with a significant green energy announcement.
Apple has made a commitment to purchase clean energy from a new australian Wind Farm in queenslandenergy equivalent to that which would power 80,000 homes.
The Apple windfarm deal will offset customer emissions. (Nine)

It’s all part of Apple’s drive to reach clean energy targets.

And those targets are lofty.

Having already achieved carbon neutrality for their corporate operations (Offices, Travel, Retail Stores) back in April of 2020, Apple now plans to reach a 2030 climate goal of being carbon neutral across the entire business, including supply chain and customer product.

That’s right, in 2030, your iPhone Mac or iPad will be powered by renewable energy.

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Even if you plug it in to charge from “dirty power” on the grid, your actual usage will be offset by Apple – you don’t need to do anything.

Apple isn’t monitoring your usage, but they certainly know how to understand usage patterns so have forecast usage across their 1.8 billion installed devices.

That usage is 22 per cent of the company’s global carbon footprint.

Apple’s VP of Environment Lisa Jackson marked the company’s 40th year in Australia with a significant green energy announcement. (Nine)

Apple’s chief executive Tim Cook spoke of the commitment while celebrating 40 years of Apple in Australia, saying “We’re proud to celebrate Apple’s long history in Australia, and to deepen our shared commitment to protecting the planet and creating opportunity in people’s lives.”

“We’re fortunate to have so many great partners, colleagues, and customers across this country, and we’ll continue working together to make the world a more equitable and just place for all,” he said.

Jackson spoke while visiting Sydney today of the company’s commitment to the environment.

Amazon boss is now worth a whopping $270 billion

“At Apple, we recognize the urgent need to address the climate crisis, and we’re accelerating our global work to ensure our products have a net-zero climate footprint across their entire lifecycle,” she said.

“We are proud to play a part in Australia’s transition to a cleaner energy grid, and thrilled that Apple will soon support Australian customers’ use of their favorite products with clean energy.”

Additionally, Apple also announced a program to support tertiary students at RMIT in Melbourne and UTS in Sydney to be able to complete a four-week Swift Coding course as part of their studies – no matter what they are studying generally.

The Apple windfarm deal will offset customer emissions. (Nine)

The death of the iPod: The evolution of the device that changed music

And finally, Apple’s Racial Equity and Justice Initiative (REJI) has been expanded into Australia with the company announcing they are funding initiatives serving Indigenous communities here in Australia.

“We all have a part to play when it comes to creating a more equitable world,” said Alisha Johnson, Apple’s director of REJI.

“Extending Apple’s Racial Equity and Justice Initiative to Australia is part of a long-term commitment from Apple to help support Australia’s Indigenous community by collaborating with organizations driving meaningful change.”

Initial funding grants from Apple will support Deadly connections, ID. Know Yourself, First Australians Capital, the Art Gallery of NSW and Original Power.

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2023 Maserati GranTurismo due in Australia next year with electric power

Maserati’s first new GranTurismo coupe in 16 years may reach Australia before the end of next year – and an electric version has already been locked in.


Above: Maserati GranTurismo Folgore prototype.

the 2023 Maserati GranTurismo coupe is due in Australian showrooms at the end of next year – barring no further delays – with an expected choice of petrol and electric power.

Due to be unveiled globally by Maserati in early 2023, the second-generation GranTurismo sports coupe will be the first new model in 16 years (since 2007) – and the first to be available with electric power, badged Folgore.

Assuming there are no further delays, the new GranTurismo is due in Australian showrooms at the end of 2023, and will be available in electric Folgore form – likely alongside a traditional petrol-engined version, which has been spied testing overseas.



Above: Maserati GranTurismo Folgore prototype with Stellantis group CEO Carlos Tavares.

It’s set to be Maserati’s first electric car in Australia, beating the Grecale Folgore – the electric version of the brand’s new mid-size SUV – to market by a few months.

“I think if anything from an electrification point of view… GranTurismo has probably been the one that’s had the most interest, being the first Maserati with [electric power] – which hopefully we’ll see at the end of next year,” Maserati Australia general manager Grant Barling told media.

“The Grecale [Folgore]we probably won’t see until the following year, in the first quarter of 2024 [January to March] – literally 12 months after we launch [the petrol-powered range, in early 2023].”



Alongside the electric Folgore, a traditional GranTurismo powered by petrol will be available (spied below), rumored to use a version of Maserati’s new 3.0-litre twin-turbo ‘Nettuno’ V6, which develops between 390kW/620Nm and 463kW/730Nm in other models.

It remains to be seen if the petrol model will launch here at the same time as the Folgore – however an Australian launch at some point for the GranTurismo V6 appears highly likely.

“I believe that customers should have choice – and then eventually we’ll evolve,” Barling told media this week.



“The question is will it come with the [electric] and [petrol versions] to launch? So that’s probably the next question we’re asking. I think it should.”

A GranCabrio convertible version of the GranTurismo is due at a later date. Overseas, it’s slated to go on sale towards the end of next year – so an Australian launch in 2024 looks more likely.

While the twin-turbo V6 petrol version’s outputs will likely be higher than any version of the old GranTurismo – which offered 338kW/520Nm from a 4.7-litre Ferrari V8 – the electric Folgore will offer nearly twice as much power as Maserati’s current most powerful car .



Plans confirmed earlier this year will bestow the GranTurismo Folgore with three electric motors (two rear, one front) and a battery pack along the center of the car, developing “way over” 883kW.

That’s close to double the output of today’s V6-powered MC20 supercar (463kW) – and nearly three times the output of the original GranTurismo launched in 2007.

With a 0-100km/h time below two seconds, and a top speed beyond 300km/h, the GranTurismo Folgore is also set to be one of the fastest Maseratis ever built.



The electric GranTurismo Folgore will also draw electric motor technology from Maserati’s upcoming entry into the Formula E electric racing series – and will offer “top class” DC fast charging capability.

The coupe will form part of an expanded and revitalized Maserati model range – every member of which is due to offer an electric option by 2025, before petrol engines are ditched entirely by 2030.

The GranTurismo and GranCabrio will be joined by the new Grecale medium SUV, followed by an electric version of the MC20 by 2025, and all-new versions of the Quattroporte sedan and Levante large SUV by the same time, both with all-electric variants.

If its launch timing holds steady, the Maserati GranTurismo Folgore may be Australia’s first two-door electric sports car since the original Tesla Roadster was discontinued here in 2012.

The Rolls-Royce Specter (due from late 2023) is more super-luxury than super-sports car, while Chinese brand MG’s new Cyberster electric roadster isn’t likely to arrive before 2024.

alex misoyannis

Alex Misoyannis has been writing about cars since 2017, when he started his own website, Redline. He contributed for Drive in 2018, before joining CarAdvice in 2019, becoming a regular contributing journalist within the news team in 2020. Cars have played a central role throughout Alex’s life, from flicking through car magazines as a young age, to growing up around performance vehicles in a car-loving family.

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ALDI supermarket’s small trolleys arrive in Australian stores: first photo sends customers wild

The first photo of ALDI supermarket’s new small trolleys have been shared on social media, prompting an excited reaction from shoppers.

In June, the retail giant confirmed to 7NEWS.com.au that it will introduce smaller trolleys to customers in an effort to provide “greater convenience”.

In the past, ALDI has only offered large 212-litre carts – which are 1.1m high – for shoppers to use, attracting criticism.

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Some claimed that the “enormous” trolleys were unsuitable for elderly, pregnant and “short” people, saying they are “made for giants”.

In response, an ALDI Australia spokesperson revealed that the half-sized trolleys – which are popular at Coles and Woolworths – would be available in stores.

“We recognize that customers are looking for greater convenience when they visit our stores, as it’s almost impossible not to pick up the excellent value products on offer,” the spokesperson said.

A shopper shared a photo of the new small trolleys at one Australian ALDI store. Credit: Aldi Mums/Facebook

Woolworths shopper shares ‘childcare trolley’ hack on TikTok.

Woolworths shopper shares ‘childcare trolley’ hack on TikTok.

“That’s why we’re introducing smaller trolleys across all our locations, so our customers can more efficiently pick up products while doing smaller grocery shops.”

The first photo of the new trolleys appeared on the Aldi Mums Facebook page, sending fans wild.

“Yes I just used one. I was surprised to see them. A great addition,” said one.

Added another: “OMG yes! So hard when you’re a short person to lag around their big trolley!”

A third wrote: “Fantastic, no more tiptoes trying to get the bottom items out of trolley.”

One more said: “About time! For me, 144cm of shortness the trolleys are so big, almost climbing in every time! Well done ALDI for the newer half cart smaller trolleys.”

Another responded: “Thank goodness, I hurt my stomach every time I try to get goods from the bottom of the larger trolleys. I hope mine gets them very, very, very soon.”

The new trolleys come just months after ALDI confirmed that it was introducing hand baskets to all stores.

The 1.1m-high trolleys have attracted criticism from some users. Credit: 7NEWS.com.au

ALDI fans said they were excited to use the new smaller trolleys arrive in store.

“I am only 5’2” & feel like a child pushing an adult trolley,” said one.

Another added: “I fall in the all the time or I have to get my taller kids to get the stuff out. I’m only 5’2”!”

Write one more: “I’m a shorty, and very tired of bashing my boobs on the big trolleys!”

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Video: Porsche Taycan electric sedan beats Tesla Model S Plaid on the Nurburgring

Porsche is claiming the Nurburgring lap record for an electric production car after undercutting the previous benchmark set by Tesla.


Porsche is back on top at the Nurburgring after its Taycan Turbo S re-set the record for a production electric car at seven minutes 33.350 seconds, more than two seconds faster than the previous benchmark set by a Tesla Model S Plaid.

The Tesla’s record time, clocked in September 2021, stood at seven minutes and 35.579 seconds, around the full 20.832km layout of the track.

Porsche originally set the electric benchmark time on a slightly shorter 20.6km layout of the circuit in 2019 with a pre-production version of the Taycan Turbo – the model grade below the Turbo S – at 7:42.30.



The 20.832km layout – which includes an addition section of the final straight for a complete lap, rather than the 20.6km layout, which excludes this 232m stretch – is what has been used for official Nurburgring lap record keeping since the end of 2019.

Vehicles of similar pace to the Taycan and Tesla typically require an additional five seconds to cover the additional 232m – so the 2019 Taycan Turbo’s time around the 20.832km layout would be closer to seven minutes and 47 seconds.

Porsche factory development driver, Lars Kern, was at the wheel for the new record and — after disputes about the specification of vehicles claiming record times at the Nurburgring, with fewer interior panels than production versions — the German sports-car company went into detail on the specification of its Turbo S.



“The sports sedan was equipped with the new performance kit and Porsche Dynamic Chassis Control [i.e. active anti-roll bars] and – aside from the required roll cage and racing seats – was an entirely standard production vehicle,” said Porsche.

“It weighed the same as the series production car. A notary was on hand to verify the new record time on the 20.8-kilometre circuit in Germany’s Eifel region, while TÜV Rheinland [an independent inspection expert] confirmed that the record-breaking road car was a standard production model.”

“The performance kit includes 21-inch RS Spyder Design wheels with road-approved, Pirelli P Zero Corsa sports tires that are now available for the Taycan. Their tire compound is similar to that of racing tyres,” said Porsche.



“Another element of the performance kit is a software update to the Porsche 4D Chassis Control so that it works in harmony with the sports tires. The system analyzes and synchronizes all the chassis systems of the Taycan in real time.”

Kern was also driving the record-setting Taycan in 2019, and reported a big difference in the 2022 record run.

“With the new performance kit I was able to push even harder, and the car was even more precise and agile to boot,” he said.



The performance kit is sold through Porsche Tequipment and is currently only available in Germany for the 2023 model-year Taycan Turbo S.

“We’re delighted that the Nürburgring record for electric cars is back in Porsche hands,” says Kevin Giek, vice-president for the Taycan model line.

“This lap time not only shows how much potential lies in our new performance kit, but also confirms once again the sports car genes of the Taycan.”



Paul Gover

Paul Gover has been a motoring journalist for more than 40 years, working on newspapers, magazines, websites, radio and television. A qualified general news journalist and sports reporter, his passion for motoring led him to Wheels, Motor, Car Australia, Which Car and Auto Action magazines. He is a champion racing driver as well as a World Car of the Year judge.

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Rinehart-backed joint venture pledges $1bn gas expansion but hurdles remain | Gas

Gas producer Senex, which is jointly owned by South Korea’s steel giant Posco and Australian billionaire Gina Rinehart, has planned a more than $1bn expansion to its Queensland gasfields with the bulk of the extra fuel apparently to be earmarked for domestic use.

The company, which is seeking federal and state approval for two sites adjacent to its Atlas and Roma North projects in the Surat Basin, made the announcement ahead of a speech by the resources minister, Madeleine King. It still has to clear some state regulatory hurdles, Senex said.

If it proceeds, the investment would triple Senex’s annual output of about 20PJ of gas in 2021 to 60PJ, a spokesperson said. Senex’s current output is split roughly evenly between export and domestic, but “the vast majority of the additional production will be diverted” to local customers, they said.

The company, which was taken over last December and delisted from the ASX in April, said the recent energy crisis in eastern Australia highlighted the need for more supply.

“The recent electricity crisis provided natural gas is critical to providing secure and reliable energy for Australians and is needed to underpin renewables and replace aging coal generation,” Senex’s chief executive, Ian Davies, said. Without extra gas “electricity costs will further rise”, he said.

Two-thirds of the planned investment would be spent in the next two years, creating more than 200 jobs during construction and another 50 permanent roles, the company said.

“We look forward to continuing to work collaboratively with the Australian and Queensland governments to finalize the necessary regulatory approvals for this investment, and supplying more gas to market as soon as possible,” Davies said.

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The announcement follows a report released by the Australian Competition and Consumer Commission last week that warned of a potential shortfall of 56PJ of gas next year unless LNG exports spare some of the uncontracted gas for local use. Gas availability and soaring energy prices will be a subject of Friday’s gathering of energy ministers in Canberra.

The Australian Petroleum Production and Exploration Association (Appea), the gas industry’s peak body, welcomed Senex’s investment. “This is a massive investment to help secure Australia’s energy future and ensure local natural gas keeps flowing to manufacturers, homes and businesses,” the acting Appea chief executive, Damian Dwyer, said.

Senex said it had signed long-term agreements for 90PJ, including 43PJ in the past 12 months. Local customers include Visy, CSR, Orora, Adbri, Southern Oil Refining and CleanCo, and it supplies gas to GLNG for export.

Resources minister King said “more supply from more sources and more proponents, more vendors… is definitely part of the solution”.

“Making more gas available to more people is important to end that ongoing shortage that has been predicted,” she said. “So, I’m fully supportive of Senex’s announcement today.”

King said she had “every confidence” that the company would follow the rules required for it to win approval from environment minister Tanya Plibersek. The previous owner of the two expansion sites, APLNG, had secured the environmental approvals for the area, and Senex is seeking to have the approval extended to them, the company said.

The expansion plan will also need to gain approval from Queensland’s Department of Environment and meet the conditions set out under the Science and the Regional Planning Interests Act.

“Queensland continues to do the heavy lifting on domestic gas to ensure energy security,” resources minister Scott Stewart said. “Any resources projects must stack up environmentally, socially and financially.”

Dorinda Cox, Greens spokesperson for mining and resources, said the government was heading the wrong way by creating a vision for Australia’s future resources industry that was backed in by coal and gas.

“It should be focused on investing in green resources and creating a clean energy export industry, including renewables-generated fuels such as green hydrogen,” Cox said.

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Telstra has finally cut the NBN earnings anchor and can chart its own earnings course

Nothing in the corporate world has seen-sawed quite like opinions on the performance of Telstra’s outgoing chief executive, Andy Penn. But on Thursday as he delivered his final result in the top job, he must be deeply satisfied he muscled through the detractors to leave the telco on an earnings high note.

His parting gift to Telstra – the first increase in its dividend in seven years – is particularly meaningful because it says everything about the Telstra board’s certainty about the company’s prospects to increase its earnings.

Aspirations and guidance from any corporation can be rubbery and subject to change, but the fact Telstra is paying out more in dividends than it makes in profit is a clear statement of confidence around the growth in future earnings, at least in the current year. Its guidance for the 2023 financial year for underlying earnings is $7.8 billion to $8 billion, up from the $7.3 billion it posted in 2022.

Telstra’s headline earnings before interest, tax, depreciation and amortization, and income, were down 5 per cent and 4.7 per cent respectively, but the underlying earnings result was up 8 per cent. And it is the underlying measure, devoid of lots of distorting impacts including the NBN, which allows investors a closer look into the company’s ongoing performance.

This is particularly important from this point onwards because the last of Telstra’s customer migration to the NBN has been completed. This $3.6 billion earnings anchor has now been cut.

Penn has produced an impressive final act, but it’s been a roller-coaster performance marked by some stumbles and sideswiped by issues outside his control – most notably COVID-19 and more recently hyperinflation.

Outgoing Telstra chief Andy Penn is leaving on a high note.

Outgoing Telstra chief Andy Penn is leaving on a high note.Credit:louis trerise

That said, this year also marks the completion of the T22 strategic overhaul of Telstra. This was a massive undertaking that included simplifying mobile plans, the roll-out of 5G, $2.7 billion in cost savings and the part coming out of the towers business, and injecting a new level of digitisation.

The cost-cutting and productivity gains added a bit of positive juice to the earnings of most of its divisions, even those that produced underwhelming performances.

In any year, Telstra produces a mixed bag of results from its business units and this year was true to form.

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Qantas union Australian Licensed Aircraft Engineers’ Association could hold one-minute strike over pay dispute

Qantas has responded to an announcement that more than 700 aircraft engineers from Qantas and Jetstar are planning to stop work for “one-minute” in August.

The Australian Licensed Aircraft Engineers’ Association(ALAEA) federal secretary Steve Purvinas told members in a meeting on Wednesday the majority had voted in favor of industrial action.

Airline engineers are asking their employer for a 12 per cent pay rise to make up for stagnant wages the last four years.

The union’s first action will be a one-minute stoppage across all airlines sometime in late August.

Qantas engineering executive manager Scott McConnell has said the airline is “disappointed” in the union’s decision to strike and is putting contingency plans in place to deal with disruptions.

ADELAIDE AIRPORT
Camera IconAirline engineers from Qantas and Jetstar will stop work for one-minute in August. NCA NewsWire Credit: News Corp Australia

“It’s extremely disappointing the union has taken this step towards industrial action,” Mr McConnell said.

“The union has repeatedly said that any industrial action won’t impact customers’ travel plans and, while we hope they stick to their word, we’re also putting in place contingency plans in case they don’t.

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