Strategic Insights Update

The Club of United Business (CUB) has opened a new venue in Brisbane to support local entrepreneurs leverage $200 billion in opportunities tied to the 2032 Olympic and Paralympic Games. By fostering connections and enhancing economic navigation, the expansion is positioned to benefit Queensland’s economy, particularly in professional services, agribusiness, and tourism sectors. It comes after the 2024 Global Startup Ecosystem Report ranked Brisbane start-up ecosystem as the world’s 34th best.

Entrenching generative AI into organisational operations is at the forefront of strategic discussions and plans, notably the regulation and ethical functions of implementation. In July 2024, the European Union passed the first legal framework on AI (AI Act) to address the AI risks, the application of this framework particularly in government has become essential after the misuse of confidential information entered into a public AI service (ChatGPT) by a Victorian Government child protection employee.

Qatar Airways intends to acquire a 25% stake in Virgin Australia, enhancing their partnership and potentially boosting competition in Australia’s aviation sector. Subject to regulatory approval, the move would provide increased options for both travel and freight, further supporting the Queensland tourism industry’s $5.4 billion in international overnight visitor expenditure and the 36,109 tonne of goods exported by air freight out of Queensland airports during FY24.

Federal Treasurer Jim Chalmers has become the first Australian treasurer to visit China in 7 years. Topics discussed with his counterparts included the lifting of China’s ban on Australian lobsters, with Mr. Chalmers hoping for a ‘speedy decision’. It comes as China unveils a stimulus package designed to boost the economy. As well as cuts to interest rates, 2 trillion yuan in bonds will be issued to diffuse local government default risk and to encourage household spending on greener new technology.

The Queensland Government has launched the First Nations Fashion and Textiles Accelerator Fund to enhance production capabilities and market access for First Nation businesses in the textile industry. This initiative aims to promote economic participation, cultural exports and showcase the rich cultural background of First Nation peoples ahead of upcoming Brisbane 2032 Olympic and Paralympic Games.

At the 2024 Quad Leaders Summit, Australia, India, Japan, and the US reaffirmed their support for the Quad Investors Network (QUIN), aimed at facilitating investments in strategic technologies to prevent serious health illnesses. The QUIN is focused on enhancing supply chain resilience and fostering innovation through public-private partnerships. The initiative promises to unlock significant opportunities  across the Quad nations, contributing to a more prosperous and secure Indo-Pacific region.

A study by the Australian National University (ANU) and the University of the Chinese Academy of Science has discovered iron-rich magma in extinct volcanoes, rich in rare earth elements.. With more than 80 sites across Far North Queensland that show signs of past volcanic activity, Queensland’s extinct volcanos could potentially be a new source of critical minerals essential for green technologies.