- More Tourism Jobs to Flow From SA Grants
A $2 million boost to South Australia’s tourism sector will create more than 100 jobs and help regional communities overcome the twin impacts of the coronavirus pandemic and last summer’s bushfires, Premier Steven Marshall says. Wineries, boutique accommodation venues, a distillery and a micro-brewery are among the latest venues to receive money from the state’s […]
- US Service Sector Regains Speed in December: ISM Survey
WASHINGTON—U.S. services industry activity accelerated in December, but sky-rocketing COVID-19 infections depressed employment, heightening the risk that the economy shed jobs for the first time since the labor market recovery from the pandemic started. The Institute for Supply Management (ISM) said on Thursday its non-manufacturing activity index increased to a reading of 57.2 last month […]
- Australia’s Trade Surplus for Goods Has Dropped
Australia’s trade surplus for goods has dropped to its lowest level in two years after China stopped buying a range of exports. The goods trade surplus for November was $1.9 billion after exports rose just one percent, according to Australian Bureau of Statistics figures published on December 23. The surplus for October was $4.7 billion. […]
- US Airline Passenger Traffic Down 62 Percent in October: DOT
WASHINGTON—U.S. airlines carried 62 percent fewer passengers in October over the same month last year, the U.S. Department of Transportation (DOT) said on Dec. 8. The 62 percent decline from October 2019 was the smallest year-to-year decrease since March when the coronavirus pandemic slashed U.S. travel demand. The largest airlines carried 29.9 million passengers in October, […]
- Strong Economy Growth Assured If Virus Curbed: Treasurer
Federal treasurer Josh Frydenberg is confident that as long as the COVID-19 is kept at bay, the economy will continue to grow. The national accounts released on December 2 showed the economy grew by 3.3 percent in the September quarter, a strong recovery from the record seven percent contraction in the June quarter. While the […]
- Australian Firms Pay Bills Quicker in Improved Times
In a further sign of improving economic conditions, payment times between businesses declined in many industries last year. However, there are concerns that this trend could be cut short from the imposition of snap COVID-19 lockdowns. Research by commercial credit bureau CreditorWatch found 15 out of 19 industry groups reported a reduction in the time […]
- US Construction Spending Increases Solid 0.9 Percent in November
WASHINGTON—Spending on U.S. construction projects increased 0.9 percent in November as strength in home building offset weakness in other parts of the construction industry. The November gain followed a bigger 1.6 percent rise in October and left construction spending up 4.4 percent through the first 11 months of 2020 compared to the same period in […]
- ‘Dissonance’ Confronts Fed, With Vaccine Weighed Against Joblessness
WASHINGTON—In about two weeks, at least 9 million jobless U.S. residents are at risk of losing the unemployment benefits that have helped sustain them through the pandemic. Delayed rent, estimated at $70 billion spread among perhaps 11 million families, will start coming due. It seems a gaping wound, and yet as of September U.S. families […]
- WA State Government Will Use Iron Ore Proceeds to Fund a New Maternity Hospital
A stunning surge in the iron ore price has propelled Western Australia’s budget further into surplus, with the government promising it will use the proceeds to fund the construction of a long-awaited new maternity hospital. A surplus of $2.2 billion this financial year will be forecast in the mid-year economic review to be released in […]
- Australia in an Enviable Position on Both Health and Economic Fronts: Scott Morrison
Prime Minister Scott Morrison is optimistic 2021 will be better than 2020 as the government prepares to roll out a vaccine in the first quarter of next year. He spoke via video link to NSW party faithful and key Liberal leaders at the party’s state council meeting on Nov 28, saying Australia was in an […]
- US Consumer Credit Up 4.4 percent in November, Best in 5 Months
WASHINGTON—U.S. consumer borrowing rose 4.4 percent in November, its strongest showing in five months, led by strong gains in auto and student loans that offset a drop in credit card borrowing. The Federal Reserve said Friday that the rise represented an increase of $15.3 billion, the best showing since June. Borrowing had risen $4.5 billion […]
- US Stocks in 2020: A Year for the History Books
NEW YORK—The year 2020 was a wild one for Wall Street, bookended by the end of the longest bull market in history with the battering of equities by the COVID-19 shutdowns, and a bungee-cord rebound on hopes for economic recovery that resulted in the shortest bear market on record. After closing at a record high […]
- Pacific Trade Agreement Enters Into Force, Will Strengthen Australia’s Commercial Ties
Australian and Pacific farmers, businesses and investors are set to benefit from a new trade deal, federal Trade Minister Simon Birmingham says. Birmingham on December 13 said the Pacific Agreement on Closer Economic Relations, which has now come into force, would strengthen Australia’s ties with its Pacific partners. The PACER Plus is a regional development-centred […]
- Consumer Confidence Index to Show Australia’s Economic Growth Result
Confidence readings this week will show how consumers and business feel about the early stages of Australia’s economic recovery from the first recession since the early 1990s. Reserve Bank governor Philip Lowe will also have a chance to embellish on his view of last week’s national accounts which showed the economy had expanded by 3.3 […]
- UK Secures Trade Deal With Canada
The UK and Canada on Saturday agreed to roll over current EU–Canada trade deal after the Brexit transitioning period, and to start next year negotiations of a more tailored agreement. The agreement means that UK businesses can continue their £20 billion ($26.57 billion) trading of goods and services with Canada after the UK is no longer […]
- Fed Transcripts Show Doubts About Need for 2015 Rate Hike
WASHINGTON—Newly released transcripts show that many Federal Reserve officials had concerns in late 2015 over whether they were making a mistake in raising a key interest rate for the first time in nearly decade. Transcripts of their discussions, released Friday, showed that the chief concern was whether the Fed would be acting prematurely in starting […]
- Feds’ Clean Fuel Standard Drives Concerns Over Design, Cost, Implementation
New hurdle demands further adaptation for carbon-intensive sectors already under duress News Analysis The feds’ latest weapon in their war against carbon emissions is the clean fuel standard (CFS). However, considerable concern is being raised about its implementation, cost, and synchronization with other climate change policies, which if not handled well might deal a heavy […]
- Animal Activist Groups Targeting Australian Farmers Could Lose Charity and Tax-Free Status
Animal activist groups that target Australian farmers could be stripped of their charity and tax-free status, potentially hobbling their ability to fundraise. The new regulations aim to stop extremist organisations from illegally harassing, intimidating and spying on rural families. “Groups who target law-abiding Australian farmers will no longer be able to claim tax-free status for […]
- Australian Economic Boost via Domestic Travel Encouraged
While international travel remains off-limits, Australia’s success at controlling COVID-19 at home now allows for economic recovery via domestic travel. “Hop on a plane, go interstate,” Tourism Minister Simon Birmingham told Nine News on December 5 in a push to revive the struggling industry. “The borders are now open, the tourism operators have got generous […]
- Groundbreaking Australian Study Shows Lifting Ethical Levels Delivers Economic Gains
Lifting the bar of ethical behaviour could increase Australians national income (GDP) by $45 billion, according to a newly released study by Deloitte Access Economics. The research also reveals other tangible economic and social benefits associated with an ethical uplift, including higher wages, better business return, and improved mental and physical health. The Ethical Advantage, a report […]
