Tag: economics

Australia’s next national budget is due to be tabled in mid-May. A study released today says it’s going to be much brighter than predicted.

Not since the end of World War Two has the mighty US economy experienced such a significant contraction. Covid is, of course, the culprit.

International Monetary Fund predicts global economic output will drop by 4.4% in 2020 – less than the 5.2% previously forecast.

An “unprecedented action” for “unprecedented times”, and a “uniquely Australian” solution, says Prime Minister Scott Morrison.

SPECIAL FEATURE: COVID-19 has already had a dramatic effect on employment – that much is evident from news images of queues at Centrelink.

As the coronavirus pandemic crisis continues to unfold, the Australian share market crashed 9.7% on Monday in its worst one-day sell-off since 1987.

Scott Morrison said Australia is “as well prepared as any country in the world” to deal with the virus, and the health package “is about preventing and treating coronavirus in the coming weeks.”

In the face of the coronavirus crisis, Prime minister says: “We need your perseverance, planning and enterprise. We need your common sense, calm and commitment. And we need your patriotism."

OPINION & ANALYSIS: In some ways this crisis is more complex to deal with than the GFC. Aspects of the public panic are irrational and so very hard to calm.

SPECIAL FEATURE: In the four scenarios where the epidemic goes global, Australia’s GDP which in the 12 months to December grew just 1.7%, would suffer a hit in the first year of between 2% and 7.9%.

“There are some challenging months ahead and the government will continue to work closely based on the best possible medical advice to keep Australians safe,” says prime minister.

Many Chinese factories have stayed closed since the Lunar New Year holiday in late January, halting the production of products and parts destined for countries around the world, including Australia.

SPECIAL FEATURE: 2019 may go down as the most disrupted year in global politics since the fall of the Berlin wall in 1989. The likelihood is that 2020 will be worse, and bloodier.

SPECIAL FEATURE: How do the new US-China trade tariffs affect us and what are the consequences for the Australian dollar (AUD)?

The Reserve Bank made it clear it could cut further if necessary.

Bill Shorten lays out Labor's alternative budget plan as Parliament winds up and the nation waits for the election starting gun.

The Morrison government has delivered an election-launch budget with big personal income tax handouts to attract voters and a A$7.1 billion 2019-20 surplus to display its economic credibility. The budget – the first brought down by Treasurer Josh Frydenberg – doubles the tax relief that average earners were due to ...

SPECIAL FEATURE: Timing tricks help politicians avoid dealing with the substance of their policies. That isn’t going to change any time soon.

OPINION & ANALYSIS: If the budget bombed it would be disastrous for the Turnbull government. But it is hard to see that happening, given the revenue circumstances and the election-focused measures.

OPINION & ANALYSIS: Tesla’s battery is likely to be the first of many such storage installations. As more renewables enter the grid, more storage will be needed.

OPINION & ANALYSIS: A weakening of the G20 is a weakening of Australia’s international influence. Few countries have a greater incentive to put solutions on the table.

The impromptu election was expected to be a simple win for Theresa May and the Conservatives, but nothing has gone to plan. The effect on the pound could be substantive, with volatility correlating to recent polling results and sensational international politics.

OPINION & ANALYSIS: Today Britain serves the EU official notice that it is leaving. For Australia, Brexit is the diplomatic equivalent of moving into a shared house with a divorcing couple.

OPINION: Airbnb has had perhaps the most long-standing and significant influence in Australia, in most cases prior to any specific legislation being created to regulate it. And if trade and commerce are free of regulation, they are also free of government control, protection and taxation.

At a time when a lot of the world is facing economic and political uncertainty, Australia is doing relatively well

Given the fallout from Brexit, the fragility of the euro, plus Trump’s election victory, the Fed may take a cautious stance.

OPINION: Optimism may be shared by the likes of Australia and Canada, which are big players in the Commonwealth and where the monarchy still looms large in the public imagination. But it is not shared globally.

OPINION: So-called “free trade deals” have become less and less about opening markets and more about entrenching monopolies. Australia is also a member of the proposed TPP and, like America, stands to benefit from the deal’s abandonment.

As results came in, it became apparent that the polls had it wrong. All eyes will now be on the US Dow Jones opening in Trump's America.

Volatile currencies, simultaneous property and stock market bubbles, all with people exploiting historically low interest rates with their historically high debt levels, make for a dangerous recipe indeed. Here are some simple steps the average person can take to safeguard against the inevitable fall.

ABCC heralds the Australian Trade Minister’s visit to the UK this week as an important step for Australia and the United Kingdom as they develop a clearer understanding of the impact of the UK’s referendum to leave the EU.

It's not always such a great feeling being top in the world. This Deutsche Bank PPP report just goes to show how expensive Australia is.

In a speech delivered to the Australian parliament Indian prime minister, Narendra Modi, backed Tony Abbott’s push for a ramping up of trade between the two nations.

Latest expat survey reveals Australia is most popular destination for Brits living overseas, while UK politicians call for greater ties.

Australia ranked third overall in a survey into G20 child prosperity trailing behind Germany and France. But economists at Save Our Children say it is not good enough.

Australia's middle-class is feeling the grip of taxes and inflation while their jobs are under the constant threat of company cost-cutting, says Gottliebsen.

A record surge in employment calms concerns over the state of the Australian economy. New data released by the Australian Bureau of Statistic has latest employment figures surpassing expectations.

British minister Hugo Swire identifies five key aspects of a strong British and Australian partnership which would be beneficial to both countries.

Prime Minister Tony Abbott has indicated that the federal government is willing to discuss some serious budget compromises with the cross-benchers.

Strengthening UK and US economies deliver boost to Aussie tourism.

The Abbott government has dismissed reports that the four pillars banking policy is at risk as Labor says any change would be irresponsible.

UN special advisor, and one of the architects behind a UN initiative to end world poverty, Jeffrey Sachs, has sharply criticized the Abbott government’s stance on foreign aid following the federal budget.

Chair of the Commission of Audit Tony Shepherd has faced a Senate inquiry after the release of his review of government spending.

Numerous industry groups have raised concerns about Australia's trade deal with Japan, prompting close Labor scrutiny of the agreement.

The first formal meeting of this weekend's G20 event, hosted by Joe Hockey, got under way with a gathering of world business leaders with the B20 business forum focussing on jobs and growth.

A new federal tobacco excise is set to hit Australian smokers’ hip-pockets to the tune of $1 per cigarette by 2016.

The Australian government is expected to announce a levy on the banks on Friday to insure them against a financial crisis, but there are fears that the cost will be passed on to consumers.

Prime Minister Kevin Rudd says the economy must broaden and not have all its eggs in one basket.

The governor-general of Australia, Quentin Bryce, visited with the Queen, young Australian entrepreneurs in East London, and addressed an Australian Business networking lunch in a visit to the UK last week.

The Queen is carrying on with official engagements while Prince Philip remains in a London hospital including granting an audience to the governor-general.