Reserve Bank of Australia said the country might experience a recession over the next half-year if COVID-19 outbreaks worsen but think it’s “unlikely.” RBA Governor Philip Lowe told the House of Representatives economics committee on Friday that the extent of economic contraction in the next few months depended on the length of lockdowns and the…
Labor’s Landmark Tax Reversals Are Welcome, but Budget Deficits Now Look Enshrined
Commentary Sidelined by this week’s news of gold medals in Tokyo, and an expanding COVID-19 outbreak in Sydney, was the Australian Labor Party’s announcement they would no longer look at proposed tax increases if successful in next year’s bid for government. This is a stunning reversal of Labor’s stance at the 2019 election and a…
IMF Calls Australian Economy a ‘Success Story’
The International Monetary Fund Mission Chief of Australia has said the Australian economy remains a global “success story” despite the recent setbacks from widespread lockdowns. Based in Washington D.C., Harald Finger told The Australian that he expected a contraction in the September quarter. But he believed it would be quickly followed by a “quick bounce-back”…
“It’s Gonna Be Quite Awful”: Sydney’s Small Businesses Say Lockdown Repressive
July 22, 2021
admin
Asia & PacificAustraliaAustralian economyAustralian Small and Medium BusinessesCCP VirusDelta variantsInternationalJobKeeper SchemeSydney LockdownsWorld
0 Comment
Small business owners are bearing the brunt of Sydney’s three-week lockdown, with one worker calling the restrictions communistic as the new measures mean many in the retail, hospitality and construction sectors can not work until the end of the month. Nam Nguyen, the owner of a barbershop in the heart of Fairfield, which has emerged…
Australian Construction Sector Expansion Slows After Hitting the Peak
July 4, 2021
admin
AustraliaAustralian economyAustralian Industry Groupconstruction housingconstruction industryHousing Industry AssociationWorld
0 Comment
While Australia’s construction industry remains strong, high material prices and shortage of skilled labour is slowing its expansion. The Australian Industry Group/Housing Industry Association’s (HIA) construction performance index (pdf) fell further in June down to 55.5 points after hitting a record high in March. Despite the downward trend, a reading of above 50 points indicates…
Australian Manufacturing Grows at Fastest Rate in 3 Decades Despite Massive Labour Shortages
June 30, 2021
admin
AbsArchivedAustraliaAustralian Chamber of Commerce and IndustryAustralian economyAustralian Industry Groupaustralian manufacturinglabour shortageNewsWorld
0 Comment
According to the nation’s peak industry group, Australia’s manufacturing sector delivered its highest monthly growth in almost 30 years. The Australian Industry Group’s (Ai Group) Australian Performance of Manufacturing Index (pdf) rose by 1.4 points to 63.2 points in June, which is the highest score since the Index began in 1992. “The 2020-21 financial year…
Australian State Budgets Serve Up More Debt on the Menu
June 29, 2021
admin
AustraliaAustralian economyBusinessEconomiesInternationalNew South WalesOpinionvictoriaViewpointsWorld
0 Comment
The dramatic transformation of Australia’s fiscal landscape by the COVID-19 pandemic has been confirmed by the latest round of state and territory budgets for New South Wales (NSW), Victoria (VIC), Queensland (QLD), South Australia (SA) and the Northern Territory (NT). Their collective shares of GDP cover some 85 percent of the national economy. Western Australia,…
Australia Looking Towards an Older, Smaller, More Indebted Population
Australia’s projected population growth has taken a battering from COVID-19, which will see migration slow and future economic growth struggle. Treasurer Josh Frydenberg handed down the 2021 Intergenerational Report (IR) on June 28 as the subject of his address to the Committee for Economic Development of Australia (CEDA). The IGR reports, which former Liberal Treasurer…
Businesses Lament Being Unable to Find Staff As Skill Shortage in Australia Kicks In
Over one-quarter of Australian businesses are struggling to find suitable staff to fill job voids, the Australian Bureau of Statistics (ABS) revealed in its June Insights into business conditions and sentiments. ABS Head of Industry Statistics John Shepherd said 74 percent of businesses cited lack of applicants as a reason why they struggled to find…
Australia Urged to Keep Taking Risks to Ensure Economic Growth
June 24, 2021
admin
anthony albaneseAustraliaAustralian economyCommonwealth Bank of AustraliaTreasurer Josh FrydenbergWorld
0 Comment
The Australian government and businesses are being urged to keep taking risks as they did during last year’s recession to ensure the economic recovery continues. Su McCluskey of the National COVID-19 Commission Advisory Board told a conference in Canberra that last year, faced with a pandemic, Australia was able to be “nimble and responsive” and…
US News
RSS Error: A feed could not be found at `https://www.theepochtimes.com/c-us/feed`; the status code is `200` and content-type is `text/html; charset=utf-8`