The most striking feature of Tuesday’s 2022-23 federal budget is how well the Australian economy is performing. Whereas two years ago we were facing a catastrophe, the outlook now is rosy and enviable. We have passed out of the pandemic storm into calm waters very quickly. The unemployment rate is heading below four percent—its lowest…
A Budget That Voters Want? We’ll Find Out
March 31, 2022
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Why Cutting Fuel Excise Isn’t the Best Option to Ease Cost of Living in Australia
March 17, 2022
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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…
Australian State Announces $1 Billion Recovery Package for Businesses
January 31, 2022
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The New South Wales (NSW) government has unveiled a $1 billion (US$702 million) support package for businesses hit hard by the Omicron outbreak as the new wave continues to dent consumer confidence and the labour force. On Sunday, NSW Premier Dominic Perrottet said the government had the back of every business and worker in the…
Treasurer Rejects Calls for Profitable Companies to Repay JobKeeper
Australian Treasurer Josh Frydenberg has rejected calls for companies that profited while receiving JobKeeper to repay the subsidy which was put in place to cushion business owners and workers from the economic impact of the CCP virus pandemic. The ABC reported that around 35,000 companies had doubled or tripled their turnover, compared to the same quarter…
Australia Will Recover From Lockdowns, but at the ‘Expense of People’: Shark Tank Investor
August 9, 2021
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Tech investor and star of reality TV series Shark Tank, Steve Baxter, says Australia’s economy will weather the repeated COVID-19 lockdowns, but argues that the restrictions will leave a permanent scar on communities and small businesses. Speaking to The Epoch Times, Baxter said that while economic recovery was likely, he was doubtful whether the same…
Scott Morrison Says No to the Return of JobKeeper
In the face of mounting pressure from state governments, Australian Prime Minister Scott Morrison has said JobKeeper would not return. Morrison said JobKeeper was a program that was targeted at solving “last year’s problem” and that the current challenges were different. “You’ll recall that when we put JobKeeper in place, it took four to six…
Australia’s First Lockdown Construction Ban Begins in Sydney
Construction sites across Greater Sydney have closed as the new COVID-19 restrictions begin today, despite opposition from workers and lobby groups. All works, from minor household renovations to major construction projects, such as the Western Sydney Airport and Sydney Football Stadium, have been told to stop as the state records another 98 cases. “We can’t…
The Downsides of the JobKeeper Redux
Commentary It did not take long for commentators to label the revised joint Commonwealth and state financial support package for the economic victims of COVID-19 restrictions as “JobKeeper lite.” This will doubtless irritate Australian Prime Minister Scott Morrison and Treasurer Josh Frydenberg after they invested precious political capital in burying the JobKeeper subsidy scheme at…
Premier Investments to Repay $15 Million in JobKeeper Subsidy
The holding company behind Smiggle, Peter Alexander, and Just Jeans, will pay back $15.6 million in JobKeeper wage subsidies. Retail magnate Solomon Lew’s Premier Investments made the announcement on Monday. The group said JobKeeper was intended to buffer the economic instability caused by lockdowns in Queensland and Western Australia over the first half of 2021….
IMF Forecasts Australian Economy to Bounce Back
Australia is predicted to outperform all major advanced economies this year after forecasts from the International Monetary Fund (IMF) World Economic Outlook noted the Australia’s economy would grow by 4.5 percent in 2021 and 2.8 percent in 2022, after contracting by 2.4 percent in 2020. The world economy is forecast to grow by 6 percent in…
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