Japanese ambassador Suzuki Kazuhiro talks up Australian lifeline

Japan’s top man in Australia says his country’s huge economy could not survive without our iron ore, coal and gas.

Australia supplies 40 per cent of Japan’s liquefied natural gas.

Japan’s top man in Australia says his country could not survive without resources from the Land Down Under.

Ambassador Suzuki Kazuhiro, at a recent Brisbane Club lunch hosted by the Queensland Japan Chamber of Commerce and Industry (QJCCI), said “Australia is the absolute lifeline of Japan.”

“Japan relies on Australia for 72 per cent of its coal, 60 per cent of its iron ore and 40 per cent of its liquefied natural gas,” said Suzuki.

Japan’s foreign domestic investment (FDI) in Australia hit a record high in 2023 of nearly $134bn, with investments across a range of sectors including real estate, energy, technology, financial services, consumer goods, infrastructure, housing and services.

In food and beverage, nine of Australia’s top 10 beer brands are produced by subsidiaries of Japan’s Asahi and Kirin, while Suntory’s new $400m Swanbank factory near Ipswich is the largest single fast-moving consumer goods investment in Australia in the past decade.

Australia supplies 40 per cent of Japan’s liquefied natural gas.

Suzuki highlighted Japan’s efforts towards net zero emissions, with plans to achieve a 46 per cent reduction by 2030 compared to 2013, and ultimately an even higher 50 per cent cut.

Part of this drive is collaboration under the “Asia Zero Emission Community,” which includes Australia, Indonesia, Singapore, Thailand and other Asian nations.

In Australia, Japanese companies such as ENEOS, Itochu, Iwatani, Marubeni, Mitsubishi, Mitsui, Osaka Gas, Sojitz, Sumitomo and others have joined in more than 30 hydrogen projects, including several in Queensland.

Other emerging areas of Japanese investment in Australia includes housing, where the ambassador noted that Japanese home builders had the potential to support efforts to boost housing supply. Suzuki pointed to the “special strategic partnership” between Australia and Japan, currently Australia’s second-largest trading partner and third-largest source of FDI.

Northern investment

Queensland fintech and neobank startup WLTH has secured a $7 million investment from Papua New Guinea’s Kina Bank.

Founded in Brisbane in 2019 by brothers Brodie and Drew Haupt, WLTH’s company mission is to disrupt the traditional lending and payments sector while operating under a strong environmental sustainability framework.

In partnership with Parley for the Oceans, the digital lending and payments fintech provider has committed to cleaning up 50 square metres of beaches and coastline for every settled loan.

Kina Bank is the largest wealth management company in PNG, and a leading stockbroking company and funds administrator.

Trade and Investment Queensland (TIQ) has been seeking trade and investment opportunities for businesses in the region under the Queensland Pacific Trade and Investment Strategy released two years ago.

Brodie Haupt, Ben Crow and Drew Haupt of WLTH

Travel bug

Brisbane digital music distribution and artist services platform GYROstream has been named the recipient of Flight Centre Business Travel’s 2024 corporate travel grant to help independent artists and labels achieve success on a global scale.

Co-founders Andy Irvine and Viv Mellish says GYROstream, which stands for ‘Get Your Record Out’, helps independent artists take their music to the world.

“We distribute artists globally on ,all the major streaming platforms, whilst they retain their independence,” they said.. “Building our team and networks globally from our Brisbane base provides some challenges. We also need to be on the ground to build this presence and to become one of the biggest net exporters of Australian music. This travel grant will greatly help to build those networks so we can promote our artists globally.”