This week in Australian foreign affairs: Prime Minister and Foreign Minister announce milestone investments to boost economic engagement with Southeast Asia; Australia congratulates Timor-Leste on ASEAN accession; Foreign Minister to represent Australia at APEC Ministerial Meeting in Korea, and more.
On 27 October, Prime Minister Anthony Albanese, Foreign Minister Penny Wong and Minister for Trade and Tourism Don Farrell announced two milestone investments to boost Australia’s economic engagement with Southeast Asia, supporting new opportunities for Australian investors and businesses. The Government will invest $175 million in IFM Investors’ Asia-Pacific Debt Fund and USD$50 million in a new Southeast Asia Public-Private Partnership investment fund established by Australian infrastructure specialist Plenary. Both investments, administered by Export Finance Australia, will help expand the presence of Australian investors and businesses in Southeast Asia and are being delivered through the Government’s $2 billion Southeast Asia Investment Financing Facility. The $175 million investment in IFM Investors’ Asia-Pacific Debt Fund will support IFM’s expansion into Southeast Asia, targeting investments in key sectors including renewable energy, telecommunications and logistics. The USD$50 million investment in Plenary’s new Southeast Asia PPP investment fund will enable it to finance essential public infrastructure projects across Southeast Asia, using Australian know-how to deliver nation-building projects in sectors such as healthcare, education and transport. Prime Minister Albanese described these as “a major step forward in my Government’s delivery of our Southeast Asia Economic Strategy,” noting that “a quarter of a billion dollars to kick-start Australian investments in the region and back the growth of Australian companies.” Foreign Minister Wong emphasized that “almost $1 billion of new Australian investment has been supported under Invested, and two-way trade has increased $6 billion between 2023 and 2024.”
On 27 October, Prime Minister Anthony Albanese and Foreign Minister Penny Wong warmly congratulated Timor-Leste on its accession as the 11th member of the Association of Southeast Asian Nations. Prime Minister Albanese marked the occasion with Prime Minister Xanana Gusmão and ASEAN leaders at the 47th ASEAN Summit in Kuala Lumpur. The leaders described this as an important milestone for ASEAN and a significant step for Timor-Leste’s regional integration and economic development, crediting both ASEAN’s and Timor-Leste’s sustained efforts over many years. They acknowledged the leadership of Prime Minister Xanana Gusmão in achieving what he has described as a “historic goal” for the nation and people of Timor-Leste. Australia is proud to have supported Timor-Leste’s ASEAN journey from the beginning, including through an $11.8 million technical assistance and capacity building package. As Australia’s first Dialogue Partner, the Government strongly supports ASEAN’s role in shaping a peaceful, stable and prosperous Indo-Pacific. The leaders emphasized that ASEAN is central to regional stability, guarding against conflict, driving regional economic growth, and reinforcing the rules and norms that protect the region.
On 29 October, Foreign Minister Penny Wong announced her travel to Korea to represent Australia at the Asia-Pacific Economic Cooperation Ministerial Meeting. Minister Wong noted that APEC meets at a critical time for the region and the world, with rising trade tensions and economic uncertainty meaning Australia must continue to champion open markets and fair rules that deliver for Australian businesses and workers. At APEC, Minister Wong will continue work to keep markets open, reduce barriers and create new opportunities for Australian exporters. Australia’s priorities include making cross-border trade more efficient through paperless trade, promoting policy reforms for trade in services, and advancing the economic empowerment of all peoples. The Government is committed to strengthening the World Trade Organization and the transparent, rules-based trading system that underpins Australia’s economy. Minister Wong emphasized that APEC economies make up over 60 per cent of global GDP, are home to 3 billion people, and account for around 75 per cent of Australia’s total two-way trade. She noted that Australia strongly supports Korea as the 2025 APEC Chair with its focus on addressing shared challenges, embracing digital innovation, and prioritising inclusive growth.
On 29 October, Minister for Defence Personnel and Veterans’ Affairs Matt Keogh announced that Defence Housing Australia has completed two new developments in Canberra, adding 113 new properties to the region’s housing supply. The new properties comprise 76 properties for serving Defence members and their families with another 37 properties built to support the local private housing market. The Crossing development in the suburb of Coombs includes 46 new DHA-owned two- and three-bedroom townhouses for contemporary living close to amenities. The Academy Close redevelopment in Campbell has seen DHA deliver 30 Defence-owned, three- and four-bedroom townhouses, and detached homes for Defence members and family. Both developments are well positioned for convenient access to the Australian Defence Force Academy, the Royal Military College, Defence Force College and Defence Russell Offices. Minister Keogh stated that “providing Defence members and their families with quality housing helps keep ADF members happy in the job and recognises the value we put on their service.” Defence members began moving into the Academy Close properties earlier this month, while The Crossing welcomed its first Defence member resident on 30 October. Local builders Monarch Building Solutions and Projex Building Group delivered the developments, employing upwards of 600 local workers.
Foreign Minister Senator the Hon Penny Wong has confirmed she will deliver the keynote address at the AIIA National Conference Gala Dinner on 17 November. Further details are available on the AIIA website.
Emily Mosley is the Projects and Publications Manager for the AIIA National Office.
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