NEWS WRAP

SVB may halt interest rate rise

• SVB collapse cools interest rate expectations | The collapse, and subsequent Federal government bailout and investigation, of the Silicon Valley Bank shocked stock markets and stoked fears of a recession. Analysts now say the US Federal Reserve may hold interest rates rather than raising them, as previously expected, next week. READ MORE HERE
   
• Russian jets down US drone over Black Sea | Russian fighter jets clipped and forced a US surveillance drone to crash over the Black Sea. While it’s the first direct US-Russia clash since the Ukraine war began, US officials said it was part of “a pattern of dangerous actions by Russian pilots.” READ MORE HERE
   
• Biden and House Republicans both make moves on energy | In a move that angered many in his own party, President Biden approved the Willow Project, permitting drilling for oil in Alaska. But Republicans say it’s too little, too late. At the same time, House Republicans are preparing to put forward their first major piece of legislation, a sweeping package focused on energy affordability. READ MORE HERE
   

• Trump strong in polls despite criminal investigations | In spite of four current criminal investigations into former President Trump regarding his involvement in the January 6 Capitol riots, potential election meddling and “hush money” payments, he is still outperforming all other GOP contenders at this stage. READ MORE HERE
   

• China claims AUKUS “fuels arms races” | After the tripartite announcement of the optimal pathway for AUKUS yesterday, the Chinese Mission to the United Nations spoke out on Twitter saying AUKUS “fuels arms races, and hurts peace and stability in the region,” while the President of the Chinese Association of Australian Studies said Australia will now be "on Beijing's defence radar." Australian Foreign Minister Penny Wong responded to China’s claims saying their claims are “not grounded in fact.” READ MORE HERE

EVENT

What you need to know about the AUKUS report

With the acquisition of nuclear-powered submarines through AUKUS, Prime Minister Anthony Albanese said Australia is on the cusp of “the single biggest leap in our defence capability in our history." Now, 18 months since the original surprise announcement, the highly-anticipated AUKUS report shares the “optimal pathway” to acquire the nuclear-powered submarines.

To discuss these issues, you are invited to join us for a webinar discussion with United States Studies Centre (USSC) CEO Dr Michael Green, Director of Foreign Policy and Defence, and a principal author of the 2023 Defence Strategic Review, Professor Peter Dean and Director of Economic Security Hayley Channer.

WHEN
WEBINAR | Public event, Wednesday, 16 March, 10:00am–11:00am AEDT

COST
Free, but registration is essential

ANALYSIS

AUKUS' strategic deterrence good for the nation and region 

Dr Michael Green, Chief Executive Officer, USSC, and Professor Peter Dean, Director of the USSC's Foreign Policy and Defence Program

The overarching rationale for a submarine capability rests on Australia’s geography and strategic circumstances. While a continent, Australia is also an island and 99 per cent of the country’s trade comes (and goes) via cargo ship. Thus Australia’s maritime approaches and their security are essential to national survival, peace and prosperity. The sea lines of communication are the lifeblood of Australia, the navy its primary guardian and submarines the navy’s most effective tool.

Submarines provide stealth, sea denial and force projection. Most important, they are the best anti-submarine warfare capability. As Defence Minister Richard Marles has noted, “By virtue of their stealth and unique capabilities, submarines can place the single biggest question mark in our adversaries' mind.” This is key to deterrence.

This is an excerpt from Dr Michael Green and Prof. Peter Dean's recent op-ed in The Australian. Click below to read the full article.

BY THE NUMBERS

AUKUS | By the numbers

The AUKUS announcement yesterday highlighted several key figures for the pathway forward:

• AUD$268–368B over 30 years is the total projected cost of the submarine component of AUKUS
• 3 Virginia-class submarines will be purchased by Australia with the option of purchasing up to two more
• Up to 8 SSN AUKUS submarines will be built throughout the program
• 20,000 jobs will be created by AUKUS, highlighting the necessary scale of the workforce to support the program

THE WEEK IN TWEETS

#AUKUSPathway