2019 Budget aims to broaden economy and increase expenditure and revenue

The Treasurer, Charles Abel, has handed down the 2019 Budget, revealing a 12 per cent jump in revenues and a 9 per cent jump in expenditures. He announced changes to the income tax threshold, and an increase in capital expenditure.

Australia announces A$3 billion Pacific Infrastructure Bank package

The Australian Government has announced plans to set up an infrastructure bank as part of a A$3 billion suite of measures aimed at countering China’s influence in the southwest Pacific and lifting its own engagement in the region. Regional analysts say the funds need to go to Micro, Small to Medium Enterprises (MSMEs), as well as SMEs, and for small projects in remote areas.

Will Papua New Guinea’s successful sovereign bond issue improve the foreign exchange situation for business?

The success of Papua New Guinea’s first US$500 million bond issue will depend on the government’s spending focus, according to Paul Barker, Director of PNG’s economics research think tank, the Institute of National Affairs. He tells Business Advantage PNG that the private sector has to get access to foreign exchange because of extended delays.

Government incentives for second Papua New Guinea gas project should be fewer than for PNG LNG, say analysts

The operators of the Papua project are expected to make a financial investment decision on the project in 2019. But now that Papua New Guinea has ‘proven itself’ as a good manager of major global projects, it should be able to negotiate less generous terms with the operators of the second LNG plant, say economists and investment analysts.

A revitalised dairy industry aims for cheaper products on Papua New Guinea’s supermarket shelves by October

The first of 500 cows arrive in Papua New Guinea from New Zealand this week, (25 May) as a commercial-scale dairy industry gets closer to production in Central Province. And the CEO of Innovative Agriculture Industries, Ilan Weiss, says milk products will be on local supermarket shelves by October.

Releasing more land key to increasing Papua New Guinea home ownership

Demand for housing in Papua New Guinea is strong but there is a shortage of supply, according to the latest survey by Hausples, a Port Moresby-based real estate technology company.

Opinion: The Institute of National Affairs reaches a milestone as the voice of reason in Papua New Guinea

The Papua New Guinea Institute of National Affairs celebrates 40 years this year as the country’s leading ‘think tank’, research and public policy advisory service for government and business on key economic issues. Executive Director, Paul Barker, reflects on its history and achievements.

Opinion: Proposed Papua New Guinea Land Act changes would harm investment, says Barker

The proposed amendments to Papua New Guinea’s Land Act are a cause for concern, argues the Institute of National Affairs’s Paul Barker. He says, if implemented, the legislation would scare off foreign investors at a time when the Government is looking for capital to encourage economic diversification.

Third stage of minimum wage increase for Papua New Guinea workers effective from July

The minimum wage in PNG will rise to K3.50 an hour from 1 July, from the current rate of K3.36.

In brief: Pacific Marine Industrial Zone gets the go ahead, and other business stories

Government tells Chinese company to start building Madang’s Pacific Marine Industrial Zone, new Tourism Minister unimpressed with Tourism Promotion Authority and second LNG ship is named Kumul. Your weekly digest of the latest business news.