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8 March 2023
As China increases defence budget, Biden eyes investment rules
China’s National People’s Congress, which kicked off this week, will officially kick off President Xi Jinping’s third term.
The big takeaway so far is the proposed seven per cent increase in military spending, warning of a future where there is a potential conflict with the United States and its allies. While this is happening, President Biden is expected to issue an executive order tightening rules on US technology investments in China which could be used to advance military capabilities. And yet the country's defence spending is still relatively dwarfed by that of the United States, at about a quarter.
The global tensions come as Australia, the United Kingdom and the United States prepare to release the anticipated report on the optimal pathway for Australia to acquire nuclear-powered submarines. While acknowledging analysis ahead of the report is speculation, USSC Research Fellow Tom Corben says in The Guardian: “The bottom line is that the US is not going to build the subs on its own.”
Read more on what to expect ahead of the AUKUS announcement here.
NEWS WRAP
Republican Party split on future direction
- CPAC v Club for Growth | This week's CPAC conference highlights the challenge Republicans face in maintaining unity for 2024. Trump is once again being a divisive force among conservatives with Club for Growth supporters vie against pro-Trump Republicans.
READ MORE HERE
- Debt default could crush United States economy | An analysis by Moody's for the Senate Banking Committee’s Subcommittee on Economic Policy, warns that a debt default would lead to the loss of more than one million jobs, and spark an economic crisis.
READ MORE HERE
- Push to unlock US tech export restrictions | Australia's outgoing ambassador to the United States, Arthur Sinodinos, says the two countries have intensified efforts to unwind US tech restrictions that could scupper AUKUS and block Australia's push for nuclear-powered submarines.
READ MORE HERE
- Oklahoma legalises marijuana | The traditionally conservative state has voted to legalise recreational marijuana use.
READ MORE HERE
EVENT
Technology, innovation and strategic competition: A conversation with the Hon Dr Andrew Leigh and Dr Robert Atkinson
In an era of heightened economic and technological competition, the United States and Australia are rapidly recalibrating their strategic approach. The technology policy landscape is front-of-mind across all aspects of business and government.
To discuss these issues, Dr Michael Green, United States Studies Centre CEO invites you to a discussion featuring The Hon Dr Andrew Leigh MP, Assistant Minister for Competition, Charities and Treasury and Dr Robert Atkinson, President of the Information Technology and Innovation Foundation (ITIF) moderated by Dr Miah Hammond-Errey, USSC Emerging Technology Program Director.
WHEN
CANBERRA | Public event, Wednesday, 15 March, 6:00pm-8:00pm AEDT
COST
Free, but registration is essential
ANALYSIS
What does the new Congress mean for US-Australia relations?
Louis Lauter, USSC Visiting Fellow
In a year where America’s democratic alliances have been tested under the shadow of an increasingly autocratic China and the despotism of Vladimir Putin, the US-Australia relationship has made great strides.
Advances at the bilateral level and minilateral initiatives like the Quad and AUKUS have brought both nations closer together and created new political imperatives for cooperation and collaboration.
While the American public and many of their elected representatives in Congress supported efforts to strengthen and broaden alliance cooperation over the last year, the limited scope of engagement of the United States’ legislative institutions and a complex domestic political environment in the wake of the 2022 midterm elections present unique challenges and opportunities to this enduring relationship.
You can read more on the USSC website.
“NATO wouldn’t even exist if I didn’t get them to pay up.”
Donald Trump at the Conservative Political Action Conference | 5 March
BY THE NUMBERS
China raises defence budget
China has announced it will increase military spending by more than 7 per cent this year, due to "escalating" threats. The increase, though significant, still leaves the country's military budget at around a quarter of defence spending by the United States. In comparison, Australia's defence spending is about US$34 billion.
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University of Sydney NSW 2006
