West Australian leader Mark McGowan has earmarked a “reconnection” tour of trading partners Korea, Japan, and China after the state’s international borders are eased next year. The pledge comes amid ongoing tensions in bilateral Australia-China ties and as Western Australia (WA) prepares to keep its tough border restrictions in place over the Christmas period. On…
Western Australia Leader to ‘Reconnect’ With Korea, Japan, China Once Border Restrictions Dropped
November 8, 2021
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Asia & PacificAustraliaaustralia-chinaChinaChina-Australia Relationsdaniel andrewsInternationalInternational Relationsjosh frydenbergmark mcgowanWestern AustraliaWorld
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Australia’s Economic Recovery Is on Track: Treasurer
Australian Treasurer Josh Frydenberg is optimistic about the nation’s strong road to economic recovery. Frydenberg said new Treasury data revealed that insolvencies are 40 percent lower over the past year, job ads are 30 percent higher than the pandemic’s start. At the same time, the unemployment rate is at 4.6 percent. “It’s another proof point…
Australian Budget Is $45 Billion Better, but Long Term Pain Expected: Deloitte
According to forecasts by Deloitte Access Economics, the budget deficit within the next four years will be $45 billion (US$33.4 billion) less compared to Treasury forecasts, but the long-term outlook for the budget is $60 billion (US$44 billion) worse. Deloitte partner Chris Richardson said Australian taxpayers would get $45 billion back in their pockets because…
Unprecedented Spending Leads Australia out of Recession: Treasurer
The Australian Treasurer Josh Frydenberg said an unprecedented level of spending enabled the country to endure a COVID-19 recession. The latest figures from the Australian Bureau of Statistics (ABS) revealed that monthly retail sales rose for the first time in September since the onset of Delta restrictions in May. “We’ve certainly had to spend in…
Flights From America and Singapore Will Be the First to Enter Australia
International commercial flights from North America and Singapore will be the first to carry passengers to Australia after the country lifts its international travel ban in November. Home Affairs Minister Karen Andrews confirmed that a Qantas flight from North America and a Singapore Airlines voyage would land in Sydney and that people would be able…
Australians Can Look Forward to a ‘Bright Summer’ as Economy Strengthens: Frydenberg
Australian Treasurer Josh Frydenberg said Australians could look forward to a “bright summer” as COVID-19 restrictions ease across the states and the economy recovers. Frydenberg told parliament during question time that the federal government had already spent $17 billion to support the households and businesses during the pandemic. “This has helped support households and businesses…
‘Extraordinary’ State Authority Must End as Australians Learn to Live With COVID-19: Treasurer
Australian Treasurer Josh Frydenberg said the “extraordinary” powers given to state premiers during COVID-19 should slowly diminish as the economy bounces back and life returns to normal. “The pandemic’s been pretty unusual in the sense it’s elevated the role of premiers to a prominence, I suspect, they haven’t had for decades,” Frydenberg told The Australian…
Total Australian House Value Surpasses $9 Trillion, Rising $1 Trillion in 5 Months
According to property researcher CoreLogic, the value of Australia’s residential housing market surpassed $9 trillion (U.S.$6.6 trillion) in September, just five months after reaching $8 trillion (U.S.$5.8 trillion). Housing prices soared 20.3 percent over 12 months since the Reserve Bank of Australia lowered the official interest rate to 0.1 percent in Nov. 2020, and the…
China Unloads Stranded Australian Coal to Address Energy Crisis as Prices Escalate Further
October 7, 2021
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Asia & PacificAustraliaAustralian coalBusiness & Economyccp economic coercionChinaChina-Australia RelationsEconomiesglobal energy crisisInternationalInternational Relationsjosh frydenbergLNGWorld
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Shipments of Australian coal that have been stranded in Chinese ports for months have finally been unloaded as China grapples with an energy crisis that has seen coal and gas prices surge to new peaks. A confluence of factors including the approaching winter months, the Chinese Communist Party’s (CCP) moves to reduce carbon emissions, COVID-19 restrictions,…
Mortgage Lending Rules Tightened to Rein in Australian Property Market
October 6, 2021
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The Australian Prudential Regulation Authority (APRA) has announced long-expected changes to home loan lending rules to cool the property market. In a letter to lenders on Wednesday, APRA said they expect lenders to increase their serviceability buffer, which banks use to assess a borrowers’ ability to repay the loan, from 2.5 percent to 3 percent….
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