australia economy news

China’s disappointing move to slap Aussie wine with tariffs can be pursued through the WTO. Get the latest BBC World News: international news, features and analysis from Africa, the Asia-Pacific, Europe, Latin America, the Middle East, South Asia, and the United States and Canada. A key player in NSW’s real estate sector backs changes which could save buyers $100,000 while first-time buyers could pocket $25,000. Australia's GDP increased by 3.3 per cent in … China has escalated trade tensions with Australia yet again by slapping more tariffs on an industry it has already hit hard: Wine. Will China’s tariffs cripple the Aussie economy’s 2021 recovery plan? Australia's economy has taken the first step on the road to recovery after expanding by 3.3 per cent in the September quarter. The average Australian could have $1630 ripped from their nest egg under a change forced by the COVID-19 pandemic. A controversial decision has been slammed as disrespectful towards nurses, cops and firefighters and sparked a protest against the government. “The Australia economy rose 3.3% q/q in the third quarter, as COVID-19 related restrictions eased across most states and territories. Australia has threatened to take action against China after it slapped a harsh penalty on us last week. Australia's economy grew 3.3 percent in the September quarter, according to the latest gross domestic product (GDP) figures from the Bureau of Statistics. Australia’s population growth is forecast to shrink to the lowest rate since 1916 – and an influx of skilled migrant workers is the key to fixing the economy. Today host Karl Stefanovic has grilled Trade Minister Simon Birmingham on China’s involvement in the world’s largest free trade deal. From free food and entertainment, to new bus services and increased defences against COVID-19, here’s what you’ll get from the NSW budget. Inside the luxurious life of Steve Jobs’ model daughter Eve. The Australian economy has bounced back from its first recession in almost 30 years, Treasurer Josh Frydenberg says. Australia is ‘increasingly concerned’ by targeted Chinese trade attacks as two lamb exporters are barred from the Chinese market. Get out your piggy banks and smash them open, because you could be holding onto a rare Australian $1 coin that is worth thousands of dollars. Data released Wednesday by the Australian Bureau of Statistics showed its economy shrank 7% in the June quarter, following the 0.3% decline seen in the March quarter. Deloitte senior economist Harry Murphy-Cruise said even with the record rebound, Australia’s economy was still 4.2 per cent smaller than it was in the December quarter of 2019. Three things have combined to create a housing market that’s unpredictable and potentially volatile. 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What does the future hold for Treasury Wine (ASX:TWE) after China’s tariffs? And the impact could be truly devastating. The ripple effect could impact us all. A major change could make buying a home a lot cheaper for many Australians by removing one of the big expenses of getting a property. All times AEDT (GMT +11). Australia's economy is growing again after the coronavirus pandemic pushed it into its first recession in three decades. The latest Economy news, comment and analysis from The Sydney Morning Herald covering Australian, regional and global economic A group of Aussies are eligible to receive two $250 cash handouts as a COVID-19 stimulus, but there’s a looming deadline you need to know. The NSW Premier has hinted at a rule that will change soon, and it’s set to be welcomed by operators of hospitality venues. Australia’s largest bank has dealt a blow to savers, implementing further rate cuts that are more than the recent interest carving by the central bank. Qantas has confirmed thousands of staff will lose their jobs after a decision to outsource the majority of its ground-handling operations. But there's a long way to go. Australia’s alarming spat with Beijing shows no sign of slowing – and everyday Aussies could be the biggest losers if the crisis boils over. Inspectors are on the prowl to ensure consumers get what they pay for when buying hams and seafood this Christmas. Property prices have surprisingly lifted even after the downward spiral to the economy this year. The once quiet coastal town that’s become a hotspot for the rich and famous has topped the charts for more than its celebrity status. Beijing’s Foreign Ministry has defended its latest Australian product ban, saying the reason relations have become ‘difficult’ is very clear. The September quarter growth came after a 7 percent economic … The nation’s immigration system should be overhauled to equip Australia for a post-COVID economy, says a woman touted as Labor’s future leader. Both sides of parliament have claimed victory after the government’s cashless welfare card scheme received a stay-of-execution. The recession hasn’t hit Australia as badly as expected, but things could be about to get worse – here’s how to ensure you’re not hit harder. Australia's economy grew by 3.3 per cent in the third quarter, rebounding from its first recession in nearly three decades as it recovered from pandemic-related shocks. Australia’s economy has turned a corner and is out of recession, but a bumpy ride lies ahead, the Reserve Bank chief warns. Here’s what that means. The Treasurer has hailed Australia’s economic rebound as ‘better than nearly any other country in the world’, with the recession now officially over. Speculation is mounting a boost to super could be scrapped, with the government switching focus to boosting homeownership. Australia’s economy bounced back in the third quarter. Aussies could be making a big mistake when it comes to bargain shopping this Christmas, paying far more than the sales price tag. It’s been one of the toughest years in history but the Lucky Country hasn’t let it get them down – in fact, our behaviour is completely bonkers. China has placed the blame squarely at the feet of Australia as the relationship with our largest trading partner continues to sour. As China’s savage trade war with Australia escalates, there are fears that a string of new industries could be next in the firing line. The Australian Bureau of Statistics has revealed the latest unemployment figures that coincide with the easing of support measures. Queensland-bound tourists have been put on notice about having to queue in searing heat because of coronavirus restrictions that have not eased in line with border openings. Australia's economy expanded by 3.3% in the three months to September, data from the Australian Bureau of Statistics (ABS) showed on Wednesday. There’s whopping amount of unclaimed super that you could get your hands on before Christmas. Scott Morrison has been lashed over his diplomacy towards China, with a key senator saying the PM had ‘clearly he’s never played poker before’. Sky News Political Editor Andrew Clennell says the state of Australia's economy is "all about lockdowns or having them lifted", following Australia's largest economic bounceback in GDP since 1976. But there’s one key question the government has dodged. One of Australia’s major banks says the removal of travel restrictions on Melbourne is having a huge benefit to regional Victoria. There are signs the Australia economy is coming back to life. Victoria has given banks the boot from public schools, saying kids should get financial education free of commercial interests. Victorian commuters can enjoy a new fleet of Australian-made trams and planet-friendly buses under plans unveiled in the state budget. Australian Dollar Hits Two Year High as Iron Ore Soars, Australia will suffer for global climate summit snub to Morrison, Australian economy would take 'economic hit' in South China Sea war, India in talks with Australia for free trade pact, says foreign minister, China hits back Australia's claims about a trade deal breach, India vs Australia 2020: T Natarajan's Economy, Sanju Samson's Inconsistency & Success of An, Discussed India-Australia trade deal only 'symbolic,' lacks any substance in trying to mitigate strained China ties. JobKeeper has been described as a “country-saving moment”, with a new report revealing just what role the wage subsidy played during the pandemic. A recovery in household spending and fixed investment, supportive fiscal and monetary policy measures, and the gradual reopening of the global economy … Victoria’s reopening has prompted a spending revival according to the latest economic figures. The CEO of a major Australian business is leading the push to boycott Chinese products amid growing tensions between the two countries. But in the year to September 2020, GDP declined 3.8 percent. What did we learn from the RBA last week? Australia Economic Growth The economy is projected to return to growth in 2021, following this year’s pronounced contraction. But a new investigation may help to turn that around. Australian wages are continuing to stagnate as a result of the economic impacts caused by the coronavirus-induced recession. Despite the latest quarterly rise, the economy contracted at a 3.8% annual pace. The Australian dollar climbed higher this week to buy more than 74 US cents, hitting a 28-month high. A huge $56 billion was spent to save jobs when the pandemic hit. Qantas has been accused of using COVID-19 as cover to sack thousands of Australian workers and replace them with cheap labour from overseas. China’s economic coercion — theory vs practice, Australia accuses China of undermining trade deal, Australia Westpac consumer sentiment hit decade high, fully recovered from COVID recession, Farmers want Australia-China trade dispute 'kicked off to the WTO', China blocks Australian lamb as Trade Minister accuses country of free trade deal breach, Vaccine approved in UK, iron ore price surging: shares to watch, A bloody-minded, unhelpful problem for our economy: the dollar, Australian Trade Minister Simon Birmingham accuses China of breaching free trade agreement, Minister accuses China of undermining deal, Opinion: Australia’s credit rating is irrelevant. ... Trade minister Simon Birmingham says the penalties for alleged dumping make the market unviable for Australian exporters We like to think of ourselves as important and significant in the world but entering into a trade war with China would leave us completely exposed. Tens of thousands of desperate jobseekers and their families will be pushed into poverty when this ‘cruel’ measure is introduced. And a huge amount of it was seemingly wasted. Federal Treasurer Josh Frydenberg says Australia's economy would be $34 billion better off if the coronavirus vaccine rollout can be completed six months earlier than expected. Its GDP was estimated at A$1.89 trillion as of 2019. Australia’s second largest bank says it will do better in 2021 and pledges to pay its shareholders a proper dividend in the coming year. Click to get a sign-in link sent to your email. Data showed the A$2 trillion ($1.5 trillion) economy expanded by a bigger than expected 3.3 percent in the September quarter, following a 7 […] More than five million Aussies are set to receive a $250 handout in December, but the deadline to find out if you’re eligible is just a couple of days away. China’s ‘shadow trade war’ threatens Australian economy The News International 01:04 28-Nov-20. Victorians planning to buy new digs before July are in for a sweetener under plans unveiled in Tuesday’s state budget. An influx of seasonal workers to save COVID-hit farms could be on the way after measures were agreed to help them bypass quarantine. Strong household spending drove Australia’s GDP 3.3 percent higher in the third quarter, but unemployment remains high. These ASX dividend shares offer yields of at least 4% The Motley Fool (Australia) 20:34 27-Nov-20. (Photo by Recep Sakar/Anadolu Agency via Getty Images) It is all too easy to fall into a trap of using a few snippets of positive economic news to declare “good times ahead”. ', India in talks with Australia for free trade pact: foreign minister, China Undermining Trade: Australian Official, Economic decoupling from China ‘act of national self-sabotage’ – Australian MP, JD Sports and Andpeople Stimulate Creative Economy with Digital Music Platform, So much for consensus: Morrison government's industrial relations bill is a business wish list, US Ambassador warns about Australia's reliance on China in 'provocative' message to WA, What can ASX investors expect in 2021? SYDNEY- Australia’s economy rebounded sharply in the third quarter from a coronavirus-induced recession as consumer spending surged, though the country’s top central banker signaled monetary policy will stay accommodative for a while. Australia’s premier airline says the reopening of state borders is assisting in the company’s recovery from the coronavirus pandemic. Victoria and NSW have been stripped of their AAA credit ratings, reflecting the severe economic and fiscal blow dealt by the COVID-19 pandemic. A NOTE ABOUT RELEVANT ADVERTISING: We collect information about the content (including ads) you use across this site and use it to make both advertising and content more relevant to you on our network and other sites. The controversial editor of a Communist Party mouthpiece, who frequently attacks Australia, has been taken out to lunch by our ambassador in Beijing. One of Australia’s major wine exporters says China’s latest tariff slap will cost local jobs and hurt the ‘lifeblood’ of the industry. China’s decision to stop taking Australian coal has seen prices plummet but China also appears to be paying a heavy price for its decision. Jeff Bezos’ ex-wife Mackenzie Scott ranked one of the most p... Find out more about our policy and your choices, including how to opt-out. Australia has reported its economy grew by 3.3% in the third quarter as it rebounded from its first recession in nearly 30 years, according to new figures. The government is proposing a suite of changes it says would free up casual work, but Labor is accusing it of targeting vulnerable workers. Nationwide News Pty Limited Copyright © 2020. A new corruption investigation is looming after the NSW government bought a “toxic” piece of land in western Sydney. The government has been warned to expect a financial hit of more than $1b, with China sanctions set to target two more key industries. Queensland is being slammed for having the ‘dumbest’ laws in the country in one area that is expected to cause a major problem ahead of Christmas. Household consumption, which makes up almost 60 per cent of Australia's economy, grew by 7.9 per cent in the September quarter, the largest rise in the 60-year history of the national accounts. Regional sectors smashed by coronavirus have received a boost, with the government urging Kiwis to fill temporary vacancies this summer. ‘Surprised’: Australia’s economy rebounds The Australian economy is climbing back after what’s been a miserable 2020 for many, boosted by retail spending with Christmas just weeks away. Now, the state government has unveiled its plan to wake it back up. One of Australia’s leading credit bureaus says the federal government should begin tapering support measures such as JobKeeper. McDonald’s is set to hire 17,400 people nationwide by the end of 2020. Australia’s economy has turned a corner and is out of recession, but a bumpy ride lies ahead, the Reserve Bank chief warns. news.com.au — Australia’s leading news site, Boost for farmers forced to destroy crops, ‘Christmas pay cut’: IR battlelines drawn, ‘Heavy price’: China’s Aussie ban backfires, ‘High alert’: China’s next Aussie targets, ‘Surprised’: Australia’s economy rebounds, Division in PM’s ranks over contentious call, One thing helping Qantas get back on its feet, Australia’s rebound ‘the best in the world’, Swipe at Treasurer for ‘congratulating himself’, ‘Un-Australian’: Workers lash Qantas cull, Australia set to fight back against China, Lifting travel ban triggers spending spree, Call for ‘nation-shaping’ migrant overhaul, PM’s ‘significant tactical error’ on China, Sydney suburbs missing out on cash windfall, ‘What’s the point?’: Karl slams trade deal, ‘Gross interference’: China slams Australia, China slaps ban on another Aussie product. Australia’s allies have flocked to its defence after China’s surprise online attacks, with some surprising names supporting the hard hit. The Queensland government has been slammed for ‘rolling the dice on debt’ after it revealed it would borrow $24 billion more than it said it would. Australia can count on the support of an incoming Joe Biden regime as it faces threats of ‘lasting punishment’ from Beijing. While the retail industry is slowly getting back on its feet, new economic data has revealed the sector hurting more than most from the pandemic. Sorry, no headlines or news topics were found. A Christmas luxury may become more common at the dinner table this year allowing Australians to indulge – and it’s all because of China. But Australia does have some other options. The Reserve Bank of Australia has retained the official interest rate at a historic low, saying the road to recovery won’t be easy. Australian Economy Reserve Bank reveals recovery timeline Latest financial, market & economic news and analysis. The Australian share market reached another nine-month high on Monday Westpac is expecting even stronger than expected economic growth in … Aussie winemakers warn that challenging China’s wine tariffs at the World Trade Organisation will not save their businesses. Aussie mortgage-holders are losing thousands of dollars every year. Scott Morrison claims he’s not bothered by the UN snubbing his bid to attend a global summit just days after he said he would be there to ‘correct the record’. A major city has been denied funding for sports facilities and other projects – and it’s all because of one weird reason. As relations between Canberra and Beijing plunge to new lows, there are fears China could next take aim at one of our biggest industries. Ignore it, NZ and Australian airports unlikely to recover until late 2021 - S&P Global Ratings, Is the trend really our friend? A group of Australians left unemployed due to the pandemic are eligible for a one-off $5000 cash payment as part of a $10m program. It’s the year the Victorian economy went into hibernation. 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While a three per cent expansion in the economy in just three months would be good news, Westpac pointed out Australia's GDP in the year to September 2020 would still … Beijing’s mouthpiece has launched its latest assault on Canberra, this time over laws that could see Chinese human rights abusers banned from entry. We'll see if Australia's shopping habits hold up, Economic decoupling from China would be 'act of national self-sabotage', Labor and Liberal MPs, Debts plunge NSW, Victoria into credit downgrade, Australia risks AAA - but economy to, The threats to Australia’s economy and democracy are grave but not insurmountable, How Australia navigated an economic jolt not seen for a century, AUD/USD and NZD/USD Fundamental Weekly Forecast – Focus Remains on Vaccine, US Stimulus, Inquiry calls for a fair go on infrastructure for Australia's regions, Tsai thanks Australian Rep, hopes for economic cooperation agreement. Please try different keywords. An internal stoush is brewing in the Morrison government over a controversial policy, with the fate of the bill hanging in the balance. © Copyright 1997 - 2020 NewsNow Publishing Limited. All rights reserved. Australia's total wealth was AUD$10.9 trillion as of September 2019. Aussies are upbeat about the future of the economy, with consumer sentiment improving markedly as the nation opens back up. The government used one word more than 20 times in parliament today, sparking accusations from Labor that it’s all a marketing ploy. Here’s how you can finish the year off making some cash. Scott Morrison was ‘clearly dazzled by Trump’ and ‘over-channelled’ the US President but will flip on climate policy, his predecessor says. Economists in a … Australia’s apparent success in containing the coronavirus outbreak has paved the way for the economy to emerge early from an economic hibernation that was anticipated to last for six months. China has hit back over its “destructive blow” against Australia as the world applauds the Aussie Trade Minister for lashing out at Beijing. AMP Capital’s top thinkers offer their insights, Economic decoupling from China "act of national self-sabotage": Australian MP, Australian farmers support taking China to WTO on barley duties, Credit rating downgrades for Australian states – next, China freezes out Australian lamb, hits timber with new bans. Australia bounces out of recession as economy grows 3.3% Treasurer Josh Frydenberg told reporters the country still has a lot of ground to make up from the coronavirus downturn. After an election campaign spent making big-ticket promises, the Queensland government has revealed just how much it will spend. In 2018 Australia became the country with the largest median wealth per adult, but slipped back to second highest after Switzerland in 2019. There’s a simple explanation for why Australia has become Beijing’s “whipping boy” recently. Car giant Honda has been grilled over allegations it intimidated its Australian franchises as part of its strategy to shut down dealerships. Between ports, energy, dairy processors, cattle stations, waterfront mansions and country estates – just how much of Australia does China own? 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Another Australian product has been hit with an import ban from China as the communist nation continues to escalate the trade war. COVID-19 has changed the way Aussies will do their Christmas shopping, and it looks like retailers should be worried. The economy of Australia is a highly developed mixed economy. NAB says the spending sugar hit will persist until Christmas, but tourism will continue to be hurt by the coronavirus pandemic. One of Australia’s major banks has provided additional funding for communities still overcoming the devastating impacts of last summer’s bushfire crisis. What does China want from Australia? Australia's economy has plunged into its first recession in nearly 30 years, as it suffers the economic fallout from the coronavirus. Wine ( ASX: TWE ) after China ’ s “ whipping boy ” recently markedly the... Publishing Limited question the government ’ s ‘ shadow trade war ’ Australian! 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