Australian Treasurer Jim Chalmers has revealed that the federal budget’s bottom line improved by $50 billion (US$33.4 billion) in the 2021-2022 financial year. However, he warns that the turnaround is temporary. The treasurer said the final budget outcome for the 2021-2022 financial year, which is due to release in full on Sept. 28, would be $50 billion higher…
Australian Federal Budget Improves by $50 Billion in 2021-2022 Financial Year
Australian Economy Grows in June Quarter, But More Challenges Await
The Australian economy rose by 0.9 percent in the June quarter. However, the growth was foreshadowed by challenging economic conditions. National accounts data from the Australian Bureau of Statistics showed that increased household spending and exports continued to drive economic growth for the third consecutive quarter, taking the GDP growth rate to 3.9 percent for…
Aussie PM Criticised for Lack of Concern Over NSW Flood Crisis
Australia’s Prime Minister Anthony Albanese has been criticised by one of his political opponents for putting his “reputation on the global stage” over the needs of New South Wales residents hit by the flood crisis. Currently, an estimated number of 32,000 people in the state have been evacuated and thousands of homes deluged. The Bureau…
High Commodity Prices Drive Australian Budget Improvement in May
The Australian federal budget improved considerably in May due to the extraordinarily high prices of the country’s commodities. In the latest monthly financial statement released by the Department of Finance, the underlying budget deficit reached $33.4 billion (US$23.11 billion) in the month, much lower than the $60.5 billion previously predicted in the 2021-2022 Revised Budget….
‘It’s Always About How’: Australian Shadow Treasurer Asks Government How It Will Achieve New Emissions Target
Australian shadow treasurer Angus Taylor has criticised the Labor government’s 43 percent emissions target, asking it to explain how it would ensure the needed power supply to businesses and homes. The comment comes after thousands of homes on Australia’s east coast were plunged into darkness on Monday as electricity suppliers struggled to meet demand as…
Industry Warns Australian Government Against Wage Increase After Aggressive Cash Rate Hike
June 7, 2022
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Angus TaylorAustraliaAustralian Cash rateBusiness & Marketseconomyinflationinterest ratesJim ChalmersReserve Bank of AustraliaWorld
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Australia’s peak industry group said the country was at risk of a “death spiral” of wages, inflation, and interest rates. “We are unfortunately in a period where we are going to see increasing interest rates if we continue to see calls for wage increases that are not sustainable,” Australian Industry Group CEO Innes Willox told…
Labor Government Says Coal Fired Power Must Be Switched on to Deal With Soaring Energy Costs
June 7, 2022
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Angus Tayloranthony albaneseAustraliaBusiness & MarketsChris Boweneconomic policiesenergygas pricesInternationalMadeline KingWorld
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The new Australian government has called on the energy producers to bring coal-fired power stations back online as the country continues to look for ways to deal with soaring energy prices. Resources Minister Madeline King told Radio National on June 7 that while meetings with gas producers like Santos had been constructive with some companies already…
All Future Coal, Gas, Oil Jobs Will Be Lost for Australia to Achieve Net Zero by 2050: Report
April 24, 2022
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Angus Tayloranthony albaneseAustraliaAustralia renewablesaustralian job marketBusiness & Economyeconomic policieseconomyipaNet Zero by 2050World
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For Australia to achieve net zero by 2050, all coal, gas, and oil projects currently in the construction pipeline would need to be cancelled, according to a landmark report by the Institute of Public Affairs (IPA). “This research reveals that a policy of net zero emissions by 2050 will inflict significant and irreparable economic and…
Australian PM Introduces $250 Million Fuel Security Package
Australian Prime Minister Scott Morrison has announced measures to improve the country’s fuel security, including a $250 million (US$187 million) grant to two oil refineries on the third day of the election campaign. An Ampol facility in Brisbane and the Viva Energy refinery in Geelong will share the package, with each receiving $125 million to…
Australia Funds Critical Mineral Projects to Break China Reliance
The Australian federal government announced $243 million (US$176 million) in funding for four critical mineral refining projects to break the country’s near full reliance on China for the products. Prime Minister Scott Morrison said the projects, that are expected to create over 3,400 jobs, were key to securing domestic manufacturing in Australia. “These projects are…
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