WA’s first State Infrastructure Strategy
WA’s first State Infrastructure Strategy for the next 20 years has been released, hailed as a major step towards sustainable development in the state, including through the use of trackless tram networks across Perth. Light rail or bus rapid transit will revitalise urban development across the city, and link up metronet stations and major centres.
Professor Peter Newman from the Curtin University Sustainability Policy Institute said the strategy is a “powerful and extensive government document” with a long-term vision.
Trackless trams, he said, “can help revamp public transport across corridors and build new urban regeneration projects around its new stations”.
In a partnership with Curtin University, two trackless tram versions will be trialed in Perth this year.
Victoria’s Affordable Rental Scheme
With one in four of the 650,000 households in Victoria’s private rental market experiencing rental stress (meaning they are spending at least a third of their income on rent), the state government is finally taking action.
The Affordable Rental Scheme is part of the state government’s Big Housing Build, investing $1.3 billion to create a new market for private renters.
It aims to prevent financial stress from escalating and create a new market for affordable rentals that is commercially viable and backed by private investors.
Seed funding of $1.3 billion will be used to construct and purchase 2400 rental properties, 500 of which will be located in regional Victoria.
The scheme focuses on the middle ground of the housing market, targeting long-term renters, many of who are essential workers and lower income-earners in need of affordable housing.
It will assist essential workers to live closer to their workplaces – keeping services running well functioning for the whole community.
Low and moderate income Victorians will be able to apply for three-year tenancies in these properties with rents set at 10 per cent below the market rent in metropolitan Melbourne and at market rent in regional Victoria, capped at 30 per cent of a median income.
It will not replace social housing or compete with the existing private rental market, the government says, only will target areas where the private rental market is failing.
It aims to establish and grow a new affordable rental market, with the revenue generated reinvested in more affordable rentals. By doing so it will lead the way to encourage other investors, such as superannuation funds, to build or buy affordable rental properties.
Three major federal climate policy changes on the way
The Albanese Government started 2023 with a solid plan to combat climate change, introducing three major policy changes to support Australia’s goal of reaching net zero emissions. The reforms include updates to the safeguard mechanism, the Chubb Review of the country’s carbon offset scheme, and mandatory reporting disclosures following the ISSB standard.
Mathew Nelson, EY Oceania chief sustainability officer, says this will put pressure on Australian businesses to take action on their climate change commitments. Currently, few companies are taking enough steps towards net zero, he says, but they will need to ramp up their efforts in the near term.
The proposed reforms to the safeguard mechanism make reducing emissions a priority for the entire economy. The government is also close to putting a price on carbon, which will affect industries that compete internationally. The mandatory reporting disclosures will require all ASX-listed entities to invest in data and resources to meet reporting requirements.
New UK environmental protection policy
Over the pond the UK is the first country to mandate that all new policy proposals must place environmental considerations at the centre, including through international instruments and processes.
The new environmental principles policy statement, as set out in section 17(5) of the Environment Act, is based on internationally recognised as successful benchmarks for environmental protection and enhancement.
When making policy, and where relevant, ministers will need to consider the:
- integration principle
- prevention principle
- rectification at source principle
- polluter pays principle
- precautionary principle
WA government to introduce climate legislation
The McGowan Government in WA will introduce climate change legislation this year to reach its goal of net zero emissions by 2050. The legislation will set guidelines for reducing emissions, provide a framework for the state’s climate change response, and give industry and business stability. The government aims to reduce emissions by 80 per cent below 2020 levels by 2030 and the legislation will ensure accountability and transparency with annual reporting to parliament. The legislation will also drive investment in clean energy, enhance business confidence, and help the state transition to a green energy powerhouse. The state will also release an adaptation strategy to improve climate resilience.
- the legislation will provide a framework for WA’s climate response and goal of net zero emissions by 2050
- creates statutory requirements to set emission reduction targets
- provides certainty for businesses and investors while enhancing climate resilience
“Legislation sends a strong signal about the priorities and leadership of our Government,” Climate Action Minister Reece Whitby commented. “This will help unlock critical investment in clean energy infrastructure and technologies, ultimately reducing costs for businesses.
“A new adaptation strategy will be released this year to help enhance our State’s climate resilience and ensure adaptation is reflected in Government decision-making.”
Australia’s GPT Group tops real estate Sustainability Yearbook
The GPT Group has come out in the top one per cent globally for real estate companies, and Dexus in the top five per cent in S&P Global’s Sustainability Yearbook.
The Yearbook recognises the top 15 per cent of companies in various industries and aims to steer investors towards more sustainable investments.
Another star of the rating is Castellum, which came out on top of 7544 companies in 61 industries, topping the list in Europe and the Nordic region, and ranking fifth globally.
The top ranking company overall came out of South Korea. Personal products provider LG H&H Co came in the top one per cent globally.
The consumer goods company manages cosmetics, household goods, and beverages businesses. It is also the South Korean bottler of Coca-Cola. And surprisingly, Coca-Cola also ranks in the top five.
Socially conscious investors driving AGM attendance increase
The recent annual general meeting (AGM) season in Australia saw a significant increase in attendance, almost doubling from 2021 to 2022.
The shift in engagement highlights the growing importance of inclusivity, accessibility, and accountability for Australian companies, according to data from Lumi, a global provider of AGM facilitation and audience engagement technology.
According to its latest Global AGM Report AGMs have become more hybrid, with 38 per cent being held in a combination of in-person and virtual format, compared to just 7 per cent in 2021.
This change in the AGM format has attracted a more diverse group of younger, socially conscious investors seeking transparency and meaningful engagement with companies. Companies must respond to this trend by reassessing their approach to AGMs and all-year-round investor relations, the company says.
Legislative loopholes place Koalas under threat
Koalas in the Shoalhaven and Central Coast Local Government are already nearly extinct, according to a report commissioned by the Sydney Basin Koala Network (SBKN) prepared by Biolink.
The report analysed over 8000 records from 1884-2021 and found that just 10 percent of the Sydney Basin has koala occupancy.
Six areas of concern have been identified in the Sydney Basin: Campbelltown/Wollondilly, Liverpool, Sutherland, Wingecarribee (Southern Highlands), Hawkesbury, and Cessnock/Lake Macquarie. There has not been a sighting in Shoalhaven since the 2019–20 Black Summer bushfires.
Jeff Angel of the Total Environment Centre (TEC), which manages SBKN, stated: “Koala numbers in the Sydney Basin overall have declined by an estimated 22 percent in the past 20 years, and NSW legislation and policy has continued to allow their decline.”
Koalas are facing compounding threats including habitat loss and fragmentation due to development approvals, vehicle strikes, dog attacks, stress-induced disease, and severe weather events such as drought, fire, and floods.
A legal analysis by the Environmental Defenders Office confirmed that laws are inadequate and need to be reformed to protect koalas and their habitat.
In the lead-up to the NSW State Election, TEC has released the Sydney Basin Koala Policy and is calling on all parties and independents running for election to adopt a plan to prevent species extinction.
Campbelltown Hospital to double in size
NSW Premier Dominic Perrottet, and Minister for Health Bradley Hazzard, this week launched the centerpiece of the $632 million Stage 2 Campbelltown Hospital Redevelopment project. The facility nearly doubles the size of the hospital campus and integrates the latest in healthcare and healing environments.
Designed by Billard Leece Partnership, the 12-story facility includes adult and children’s units, mental health services, and operating theaters.
“This hospital ensures the growing community of Campbelltown is well looked after into the future,” says Tara Veldman, BLP managing director, principal and health lead.
