Recent activities
Global Victoria partnered with Austrade to host the Melbourne edition of the International Development Opportunities Seminar in Melbourne on 9 August 2024. The seminar gave first-hand information and insights about opportunities funded by the Asian Development Bank, the World Bank and Australia's Development Program (DFAT).
Development projects continue to present significant opportunities for Australian organisations to contribute to Pacific priorities, owing to their geographic proximity, proven track record, knowledge and understanding of regional needs, and expertise in relevant sectors.
Market update
New Zealand continues to face challenging economic conditions, and both business confidence and consumer confidence remain low, impacting purchasing and investment decisions by businesses and households alike. However, inflation is continuing to ease, and the Reserve Bank of New Zealand reduced the Official Cash Rate to 5.25% at its August meeting.
Financial flows in the Pacific remain a hot topic, with discussions on the ongoing presence of Australian banks and the decline in correspondent banking relationships in the Pacific impacting access to capital and cross-border payments. The Australian and US governments co-hosted the Pacific Banking Forum from 8-9 July in Brisbane to address these challenges.
For more information, see the Outcomes Statement for the Forum.
Upcoming activities
Infrastructure New Zealand’s annual Building Nations conference will be held from 28-29 August 2024 in Auckland. The conference theme for 2024 is Reshaping New Zealand’s Infrastructure Delivery System, with a focus on leveraging partnerships.
The Fiji Australia Business Forum will take place from 29-31 August 2024 in Suva. The theme for the Forum is New Challenges, New Solutions, focusing on bilateral trade and investment opportunities with a focus on sustainable infrastructure, tourism and technology integration. The Forum is co-hosted by the Fiji Australia Business Council and the Australia Fiji Business Council.
The 15th Pacific Water and Wastewater Conference and Expo (PWWC) will be held from 2-6 September 2024 in Rarotonga, Cook Islands. The conference aims to build on work to strengthen advocacy, collaboration and capacity building for sustainable and resilient water and sanitation.
Austrade and the Department of Foreign Affairs and Trade (DFAT) will be hosting the Australia-Papua New Guinea Business Exchange 2024 (APNGBX24) from 23-27 September 2024 in Lae and Port Moresby. APNGBX24 will promote business opportunities to Australian companies in the areas of renewable energy, infrastructure, and building and construction.