As surging petrol prices eat into household budgets, politicians have been trying to demonstrate their empathy with ordinary Australians with Federal Treasurer Josh Frydenberg signalling that this month’s budget will contain targeted assistance to ease the cost of living pressures. What this means is not clear. However, one widely discussed possibility is a cut in…
Why Cutting Fuel Excise Isn’t the Best Option to Ease Cost of Living in Australia
March 17, 2022
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Australia’s Unemployment Rate Drops to 4 Percent
Australia’s unemployment rate has dropped to four percent, the lowest rate since August 2008, as the economy added around 77,000 jobs according to the latest figures from the Australian Bureau of Statistics (ABS). The country’s overall employment increased to 13,372,000 with monthly hours worked increasing by 149 million hours. “With employment increasing by 77,000 people…
“Divest Russian Assets”: Australian Treasurer Tells Superannuation Funds
March 4, 2022
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Australian superannuation funds are divesting away from Russian assets with support from the federal government. “The Morrison Government is today confirming its strong expectation that Australian superannuation funds will review their investment portfolios and take steps to divest any holdings in Russian assets,” Treasurer Josh Frydenberg said in a statement. By doing so, the $3.5…
Australian Prime Minister Tests Positive for COVID-19
The Australian Prime Minister Scott Morrison has confirmed that he has tested positive for COVID-19. In a statement released on Tuesday evening, Morrison said that he was experiencing mild symptoms and would be working from home as he isolates for the following week. “I am experiencing flu-like symptoms and will be recovering over the next…
Australian Construction Giant Probuild Falls Into Voluntary Administration
Australian construction giant Probuild has collapsed and been placed in administration, leaving around $5 billion (US$3.6 billion) in building projects in limbo. Probuild confirmed on Thursday that its South African parent company, Wilson Bayly Holmes-Ovcon (WBHO) Ltd, had abruptly ended all cash and securitisation support in Australia. “We are caught up in a set of…
Ukraine, Russia Conflict Will Obstruct Economic Recovery: Australian Treasurer
Australian Treasurer Josh Frydenberg has warned that the escalating hostilities between Ukraine and Russia will obstruct Australia’s economic recovery, as global oil prices rise to a seven-year high. “This is not just going to have an impact in terms of the national security situation … But what it would have is a broader economic impact,…
Australian Economists and RBA Remain Divided on First Cash Rate Hike
Both economists and the Reserve Bank of Australia (RBA) are maintaining their positions on their respective forecasts for the economy after a strong recovery post-Delta. In its quarterly Statement on Monetary Policy (SOMP), the RBA said the economy bounced back strongly after Delta lockdowns and the effect of Omicron on spending has been “relatively small.”…
WA Premier Has to ‘Explain’ His Decision for the Border Restrictions: Federal MPs
January 20, 2022
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Federal Treasurer Josh Frydenberg and Defence Minister Peter Dutton have asked the Western Australian Premier Mark McGown to please “explain” his decisions following the announcement that WA’s border will remain closed 16 days prior to the original open date of Feb. 5. Frydenberg said on Friday that many Western Australians will be questioning this decision…
Australian Health and Economic Outcomes Will Not Be in ‘Lock Step’ From Omicron: Economist
January 16, 2022
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Despite the rapid rate of the Omicron spread, the Australian economy will not suffer as hard compared to the period of Delta lockdowns, an economist said. Deloitte Access Economics partner Chris Richardson said for the first time since the COVID-19 pandemic started, it looked like health and economic outcomes “won’t be in exact lock-step with…
Australia’s Governor-General Positive for COVID-19 Despite Having Received Three Shots
Australia’s Governor-General has joined the group of high-profile Australian officials who have tested positive for CCP virus, the virus that caused the COVID-19 pandemic. Government House confirmed late on Sunday that Governor-General David Hurley had tested positive to COVID-19. “His Excellency is experiencing only slight symptoms,” a statement reads. “He is isolating at Admiralty House and will continue…
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