Cabinet approves Australia signing on to China-led Asia Infrastructure Investment Bank

Federal cabinet has approved Australia signing a “memorandum of understanding” on joining the China-led $US100 billion Asia Infrastructure Investment Bank.

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Two cabinet sources have confirmed the matter was discussed on Monday night, as foreshadowed by Fairfax Media last Friday, just days after the national security committee of cabinet cleared the way.

Government snatches idle accounts

The federal government has seized a record $360 million from household bank accounts that have been dormant for just three years, prompting outrage in some quarters amid complaints that pensioners and retirees have lost deposits.

Figures from the Australian Security and Investments Commission (ASIC) show almost $360 million was collected from 80,000 inactive accounts in the year to May under new rules introduced by Labor.

US unsettled by China’s ‘three warfares’ strategy: Pentagon report

The US and its military partners are reaching for new tools to counter an unconventional ”three warfares” strategy that China is using to advance aggressive territorial claims, according to a Pentagon report.

It says the People’s Liberation Army is using what it calls ”legal warfare”, ”media warfare” and ”psychological warfare” to augment its arsenal of military hardware to weaken the resolve of the US and its regional partners to defend islands and oceans in the East and South China seas.