Australia Prime Minister Anthony Albanese has arrived in Wewak town for his second day of visit to PNG. PM Albanese first visited the Somare family in his first engagement. There he was traditionally welcomed by the elders of Kreer Village before he visited the tomb of Grand Chief Sir Michael Somare at Kreer Hights where he and Prime Minister James Marape laid wreaths at the tomb. While there, he also joined the Japanese Ambassador to lay wreaths at the Japanese war memorial. Albanese's visit will end after the ground parade at the Moem Barracks.

The outcome of the 04th Annual Bilateral Dialogue between the prime ministers of Papua New Guinea and Australia saw a lot of trade and investment, and regional security matters discussed and consensus made. Speaking after the dialogue at the APEC Haus in Port Moresby, Australian Prime Minister (PM) Anthony Albanese told the media that the meeting also served to strengthen this bond between the two countries as we go into an age of new technologies, environmental and security issues. "Today's 4th annual bilateral leaders dialogue strengthens the incredible partnership these two countries have, a comprehensive partnership of equals. Its based upon the fact that our economic and security cooperation is in both of our interest." On that note, Prime Minister Anthony Albanese said the defense treaty that both countries will sign should strengthen security and improve trade and economy going forward. He said the treaty should see increased defense force cooperation between the two countries, training of security personnel with support from Australia, joint operations, domestic security improvements. He said this is in the best interest of both countries; therefore, in June this year this treaty will be looked at further as both countries work towards an actual ratification. This is because when there is security and stability, there is an environment for more investments and trade, leading to good economic growth and benefit in both countries.  

Australian Prime Minister Anthony Albanese indicated some important issues that he and his Papua New Guinea (PNG) counterpart, Prime Minister James Marape, will be discussing during the bilateral dialogue on his first day of visit. Albanese, while addressing the PNG National Parliament this morning, said issues such as health, education, infrastructure, regional security,Visa arrangements between the two countries, trade and investment, and climate change are if vital interested for both countries and the region which should see assistance provided by our closest neighbour. Touching on health, Albanese said Australia will continue to provide support for the health sector as it is the most important part of any county's economic development. He said one of the achievements from that support so far is the ANGAU memorial hospital in Lae. "We are proud that the Australian funded hospital was completed last year in Lae, " he said. " This new facility will serve an area that is home to over one million people and make contribution to boosting access to health care in PNG. " On infrastructure, he said Australia will support this as it caters for development and business, which then leads to investments and trade. On that note he said trade between the two countries will be discussed and further improve it. T he same for the Visa arrangements between PNG and Australia, saying that there are areas to improve going forward. Meanwhile, both PM's are currently in dialogue at the APEC Haus and give a press conference soon after their bilateral talks.

The Prime Minister of Australia Anthony Albanese has arrived in the capital Port Moresby to start his official two days visit of the country. He was met and received by the Deputy Prime Minister John Roso and delegates at the APEC Terminal. After a guard of honor by the Papua New Guinea Defense Force the PM left for a courtesy visit to the Governor General. Meanwhile, the members of parliament are now awaiting his arrival to the National Parliament for his official address.

Papua New Guinea (PNG) can expect a boost in surveillance and monitoring of illegal activities on its waters now that the Ship- Rider agreement between the country and the United States (US) Government, is in the process of being ratified. The Minister for Foreign Affairs Justin Tkatchenko announced this in parliament today when responding to questions from the member for Hiri Koiari on the update on regional security agreements PNG had signed with partner countries. The Ship- Rider agreement will enable security of PNG waters in partnership of with the United States Coast Guards, whereby PNG personnel will be working along side their counterparts on board vessels using latest technologies to monitor and deter any illegal activities at sea, such as illegal fishing, human trafficking, drug trafficking and arms smuggling to name a few. “After nine years of negotiation and have Ship- Rider document on the shelve, we are finally ready to sign the agreement between the United States of America and Papua New Guinea,” said the minister. Minister Tkatchenko went on to confirm that the Ship- Rider agreement will be ratified next week. This agreement between the US and PNG is important because it will enable the policing of PNG waters using technologies like satellite navigation to pinpoint suspicious vessels and allow for Coast Guard vessels to investigate.

Prime Minister (PM) James Marape has given his assurance that the issue whereby top students missing out on placings in tertiary institutions, is being addressed for the interest of the parents, guardians, and students. The PM made this known during parliament sitting today when answering questions from the Deputy Opposition Leader Douglas Tomuriesa on the matter. The deputy opposition leader was concerned about the matter continuing to pop up whereby some students with top marks were given placings in their second or third choices or even missing out completely from getting into universities and colleges. Tomuriesa said there have been reports already of such cases in his electorate of Kiriwina Goodenough in Milne Bay province after the examinations last year and the subsequent selections. PM Marape responded that the government is aware of this matter and is working to get this fixed, especially when it comes to the online selection. “As a government, we are concerned with the high level of dropouts, not only those who have received good marks and missed out, but also all students that have come out of grade twelve, grade ten and grade eight but dropped out.” The PM said the online selection is being looked at so to fix this matter going forward. “A couple of years ago the online selection system was introduced, we had one or two occasions of such where student applicants who felt they were qualified, but can’t seem to get into universities or missed out and put in their second and third choice.” “There was an indication of a review in the process to find out why this glitch has taken place.” Marape stressed that this is a very genuine concern, and it is being looked at and he will give further update on this in the next parliament season after this current one.

The Australian Prime Minister Anthony Albanese will start his first official visit as prime minister to Papua New Guinea (PNG) when he touches down at the APEC Terminal at Jackson International Airport, Port Moresby this Thursday 12th January. The PNG Minister for Foreign Affairs Justin Tkatchenko announced in the briefing of Albanese’s visit today that a historical event will happen during his first day of visit to the country. “A historical event will happen at the National Parliament where for the first time an Australian Prime Minister will address the National Parliament and all our members, and we look forward to Prime Minister Albanese’s address to our parliament and to our country,” said the minister. The minister also clarified that there will be no implications to the country’s constitution or laws, to have a prime minister of a foreign country address members of PNG in the country’s parliament house. “It just needs the floor of parliament or members to agree for that to happen,” explained Tkatchenko. “A proper parliamentary process will take place to ensure that the correct process has been approved for the Australian Prime Minister to address parliament.” The Australia PM’s address at parliament will take place after his visit to the Government House to see the Governor General of PNG, right after arriving to Port Moresby. Meanwhile, on the first day of visit PM Albanese will also visit the University of Papua New Guinea (UPNG) School of Medicine and Health Sciences Taurama Campus to see firsthand projects funded by Australian government through the Incentive Fund. However, this will take place after the main event the 4th PNG- Australia Annual Leaders’ Dialogue, which is the bilateral meetings between the two prime ministers and selected ministers at the APEC Haus. PM Albanese will also call in on the PNG Opposition Leader, Joseph Lelang at the Hilton Hotel later in the afternoon. He will wrap up his first day of visit with an official dinner hosted by PM Prime Minister James Marape at the State Function Hall at parliament house. On the second day of visit, the 13th of January, both PMs will fly out to Wewak in East Sepik province. There Albanese will visit first the resting place of Grand Chief Sir Michael Somare, where he will lay wreaths at the Grand Chief’s resting place and visit and spend time with the family of Somare at Kreer Heights. The Australian PM will then visit war memorial sites and then head to the base of the Second Royal Pacific Island Regiment (2PIR) at Moem Barracks. There he will address the Papua New Guinea Defence Force Ground Parade and brief the Chief of Defence Force, Major General Mark Goina. He will be engaged in other activities afterwards and later depart to Port Moresby and then depart for Australia, ending his two days visit.

The review of the Superannuation and Life Insurance Act of Papua New Guinea (PNG) has been completed with recommendation put forth to the Bank of Papua New Guinea (BPNG) for deliberation on the proposed changes to the Act that would benefit companies and their customers going forward when it comes to life insurance and general insurance. The Bank’s Acting Governor Mr. Benny Popoitai said the review was to ensure that going forward, these insurances will come under just one regulator- the BPNG. He said currently there are two regulators for each of the insurances provided to clients of financial institutions. “Prior to the review, it was under the Insurance Commissioner for general insurance and life insurance under the Bank of PNG, now that means insurance companies must have two reports and they report to two different regulators. So, it’s cost saving on the insurance companies to have one regulator,” explained the governor. He said this was one of the recommendations put forth by the committee to improve cost of doing business in so far as insurance in concerned. This recommendation is also consistent with the financial sector development strategy, not just a recommendation from the Superannuation and Life Insurance Review Committee. Mr. Popoitai also said that the review was also done to ensure that life insurance and general insurance keep up with the changes in time. “As we all know with the economic development, there are challenges in these sectors that need to be identified. Where deficiencies are identified, we need to improve so that amendments in the legislature or changes in the Act may be necessary.” The Act itself was enacted in 2000 and it has been over 22 years now, something which Mr. Popoitai said is high time changes are made to it for the benefit of companies and their clients. The committee started the review work on the Act in 2018 and was delayed due to the COVID-19 pandemic. However, the review was finally completed in 2022. Meanwhile, the review program was a result of International Monitory Fund (IMF) diagnostic review, IMF assessment program in 2011 and resulted in the review of the financial sector development program and development strategy 2018 to 2030. The report of the review was officially handed over the Acting BPNG Governor this morning in Port Moresby city, marking the close of the review program as well.

In 2022 alone saw a lot of issues arising from the notorious settlements in Erima in Port Moresby city; however, this year the Police Station Commander (PSC) for the Gordons Police station has plans to seriously deal with this matter going forward. Last year the area saw a lot of ethnic clashes and crimes committed. People were injured and even killed during numerous confrontations between ethnic groups that live in the settlements. PSC Inspector Gabriel Kini said this must change in the new year. Inspector Kini said this year he plans to carry out more awareness to the people and implement the concept of community policing in the hot spot areas in the settlements. “I am planning on carrying out awareness in the communities, especially the one at Erima and the one behind the Funeral Home. “ We got a mixed batch of people living in these communities and its very, very hard to contain the issues that arise there,” said the PSC. He said police will be proactive by reaching out to identify the targeted areas and then reach out the community leaders to work with them. “We start to identify the community leaders out there, liaise with them to bridge us police to the community, so we can give some responsibilities to them so at least they take ownership, and they do their own policing in their respective communities and areas.” He explained that by doing this, it will be more convenient for police to assist the communities to promote a safe and secure place to live in. Meanwhile, PSC Kini said the settlement areas were quiet right throughout the festive period with no major cases reported and he thanked the people along with their community leaders for their efforts to maintain peace and harmony during Christmas and New Year.

A tragic road accident on New Year's Eve this morning at around 7:00am in the city of Port Moresby saw people injured and one person dead after he was thrown out of the Public Motor Vehicle (PMV) bus he was traveling in. Eyewitnesses at the scene and some passengers of the Number 7 bus that was involved in the accident, claimed that the taxi that hit the bus was on high speed and did not slow down at the traffic lights section and crashed into the PMV along the Independence Boulevard at Waigani, right in front of the National Parliament House. A couple of people were also injured in the accident with some of them having to make their own way to the hospital because the ambulance did not arrive yet minutes after the accident. A passenger who was also on board the bus said he was lucky to get out without a scratch after the bus tilted over on to its right side from the impact of the crash. He said he was sitting at the back sit of the bus, but by some miracle he wasn’t injured when the bus tilted over. Meanwhile, eyewitnesses and passengers on board that PMV bus, also claimed that the taxi driver and passengers on board were drinking and driving along the boulevard. Bystanders and the other people that arrived at the scene of the accident, also found an empty carton of beer inside the taxi. Eyewitnesses said the occupants of the taxi fled the scene of the accident. St John Ambulance officers later arrived at the scene and attended to the body and some of the injured people that were still there.

The Minister for International Trade and Investment Richard Maru is adamant to ensure that his new ministry will deliver the much-needed economic improvement the country needs, by improving trade and investments through the newly created Department of International Trade and Investment. Minister Maru, who spoke at the official announcement last night of the new Acting Secretary for the new department Ms. Jacinta Warakai Manua, said it is now time to look at the non-mining and petroleum sector to build investments and trade with other countries. Maru said the country has depended too long on the mining and petroleum sector for its development, but so far it has not alleviated many of the people’s plights. He said despite the country having eight different resource projects in the mining and petroleum sector, there is still high unemployment rates, high deficit, and high national debt. Therefore, the minister said it’s high time they look at taking another approach to addressing these issues, and that approach is trade and investments in the Special Economic Zone (SEZ) projects, something he said the Marape- Rosso government is passionate about. “This country needs serious investments; we need to grow the private sector so we can create jobs. Without investments, nothing will happen,” said the minister. “We have to find investors in the non- mining and petroleum sector, that’s number one priority and this is the department that has been created by the prime minister to drive this agenda.” T o ensure that happens, Maru said the ministry will start working on the new structure of the Department of International Trade and Investment, where one arm will look after the development of the Special Economic Zones, one arm to look after investments and one arm to work with the National Trade Office. He said the SEZ concept is their focus to drive the government’s initiative to improve the economy. As such, Minister Maru wants inter-agency and inter- departmental corporation with the Department of International Trade and Investment, and commitment by his officers and staff to the objectives of this newly created department. Maru said this is important because with investments in these SEZs, trade can be improved with countries and foreign investments increase in the establishment of downstream processing, which will then lead to job creation for many people resulting in better income, better service, and better livelihoods.  

The increase in the Corporate Income Tax set for 2023 for commercial banks has once again received skeptical remarks, this time from the bankers. The most recent was from the outgoing Chief Executive Officer (CEO) for the BSP Financial Group Limited (BSP) Mr. Robin Fleming, who said that the increase will only lead to negativity in the banking sector. He said the country needs good and health competition in the private sector, which includes the banking sector, and that such increases to raise a revenue of K240million to fund core government services as per the 2023 National Budget, has the potential to lessen competition and the benefits that come along with it. “PNG needs more competition and to increase the taxes on the banking sector from 30% to 45%, does nothing to incentivize anyone else to come into the country and open up banks, it possibly might accelerate the desire of others to continue their exits,” said Mr. Fleming. Fleming also added that the increased taxes will be of no benefit for the majority of Papua New Guineans. “For K240million, I am sure that there are other things that can be done rather than taxing the banks.” Fleming further stressed that the country has a very high population, and more banks should be encouraged to invest in order to provide banking and financial services to the masses, especially to the people in the rural areas. It’s not only that, banks are needed to also support government implement initiatives as well like financial literacy and support the Small and Medium Enterprises grow. Meanwhile, this increase in the Corporate Income Tax came about so to gradually do away with the Additional Company Tax that was introduced this year, which has a baseline value of K190million per year for all banks holding more than 40% market share. This increase in the Corporate Income Tax will come into effect on the 1st of January 2023.