Lee Hyo-jin covers the Bank of Korea, the banking industry and broader financial news. Her previous beats include foreign affairs, North Korea and general reporting on Korean society.
INTERVIEW Australian FM backs South Korea against NK threats

Australian Foreign Minister Penny Wong speaks during a joint interview organized by the Korean Women Journalist Association at the Australian Embassy in Seoul, Tuesday. Courtesy of Australian Embassy in Korea
Australia stands in solidarity with South Korea in the face of North Korea's escalating military actions, Australian Foreign Minister Penny Wong said during her visit to Seoul, describing Pyongyang's threats as a "present risk to the region."
"We stand in solidarity with you (South Korea) in the face of North Korea's destabilizing and escalatory actions. This means that like-minded partners, such as South Korea and Australia, must work together to deter aggression and ensure peace and stability," Wong said during a joint interview organized in Seoul by the Korean Women Journalists Association, Tuesday.
Wong condemned the unlawful arms transfers between North Korea and Russia, and pledged to support Seoul's ongoing efforts to establish a new monitoring mechanism to replace the U.N. panel of experts, which was disbanded in April after an extension of its mandate was vetoed by Russia.
"We believe that transparency in relation to assuring the international community about what is occurring in DPRK, and the status of DPRK’s activities, is important to global stability. We are supportive of efforts that your country makes to reinstate that transparency," Wong said, referring North Korea by its official name, the Democratic People's Republic of Korea (DPRK).
"Peace and security on the Korean Peninsula matters to the whole region and we're acutely conscious. It is a present risk."
The joint interview took place during Wong's two-day trip to Seoul, her first visit since taking office in May 2022. During her visit, Wong met with President Yoon Suk Yeol and Foreign Minister Cho Tae-yul, respectively, and visited the Demilitarized Zone (DMZ) separating the two Koreas. There, she condemned North Korea's latest military pact with Russia as "destabilizing and risky for the world."
President Yoon Suk Yeol shakes hands with Australian Foreign Minister Penny Wong during a meeting at the presidential office in Yongsan District, Seoul, Tuesday. Courtesy of presidential office
At the interview, Wong addressed ongoing discussions about South Korea potentially joining AUKUS Pillar 2, a trilateral security partnership between Australia, the United Kingdom, and the United States.
AUKUS consists of two key pillars. Pillar 1 is to support Australia in acquiring conventionally armed, nuclear-powered submarines, while Pillar 2 is for cooperation in high-tech areas, including quantum computing, artificial intelligence and hypersonics.
Wong's visit to Seoul came two months after the foreign and defense ministers of the two countries held a "two plus two" meeting in Melbourne in May, during which the officials discussed South Korea's possible participation in the minilateral security partnership.
"Korea and a number of other countries have expressed an interest in Pillar 2, and that's something AUKUS partners will consider and how that will look down the track. But our immediate priority is Pillar 1, because that is a very big project for Australia," Wong said, without providing specific details on the developments.
Wong also touched on the upcoming Nov. 5 U.S. presidential election, which is shaping up to be a two-way race between former President Donald Trump and Vice President Kamala Harris. U.S. allies are closely monitoring the election as Trump's reelection could significantly impact the trajectory of bilateral relations with Washington.
While Wong refrained from making "hypothetical comments" regarding the U.S. election, she emphasized the deep and enduring relations between the two countries.
"From Australia's perspective, we have had an alliance with the United States for a long time. That alliance assisted, continued, and has grown under administrations and governments of both political persuasions," the minister said.
"In relation to AUKUS, we welcome the bipartisan support (in the U.S.) to date," she said. "We believe it is a really important shared endeavor and that is something understood by both sides of the parties."