Business News
Australia’s economy rebounds sharply in third-quarter from COVID-19 recession
December 3, 2020
Australia’s economy has rebounded sharply in the third quarter from a coronavirus-induced recession as consumer spending surged. Reports showed that the A$2 trillion ($1.5 trillion) economy expanded by more than the expected 3.3% raise in September, following a 7% contraction in June, as the country largely got COVID-19 under control. The rebound was led by household spending, which was led by household spending, which rose 7.9%, driven by massive fiscal and monetary stimulus since March. The Australian dollar briefly hit a day’s high of $0.7389. Reserve Bank of Australia (RBA) Governor Philip Lowe believes Economic growth is positive in December …
Australian economy to bounce back ‘faster and stronger’
November 17, 2020
The Australian economic recovery is believed to be going faster and stronger than what most economists have expected, this is the prediction of Commonwealth Bank’s head of Australian economics, Gareth Aird. It is now expected that GDP will contract by 3.3 per cent in 2020 but will have a stronger recovery in 2021. Over the next two years, GDP is predicted to grow by 4.2 per cent in 2021 (previously 2.5 per cent) and another 3.8 per cent in 2022. According to Aird, the similarities between the Great Depression and the Covid-19 pandemic from an economic perspective only pertains to …
Labour Force data shows drop in WA’s unemployment rate as Australia’s rises
October 20, 2020
The new data released by Labour Force, shows that unemployment rate in Western Australia has fallen from 7 percent in August to 6.7 percent. Which means that the state has one of the lowest jobless rates in Australia. According to Premier Mark McGowan, Western Australia has created over 72,000 in the last four months. Economists had expected the unemployment rate to spike to 7.1 percent after the surprise fall to 6.8 percent in August. Based on the data released by the Australian Bureau of Statistics, full-time employment fell by 20,100 while part-time employment decreased by 9400. Below is a report …
Commonwealth Pours $680 million Into Housing Construction
June 16, 2020
The housing construction industry in Australia has received a massive boost after the Federal Government announced a $680 million stimulus package to help boost the sector in troubled times. The Federal Government would provide grants of $25,000 to build new homes or renovate existing homes under a new HomeBuilder package. To qualify for the grant, households need to have an income of less than $125,000 for singles and $200,000 for couples. Homes should also be worth $750,000 for new houses and $1.5 million for renovated homes. For renovations, homeowners will only receive the grant if the cost of renovations fall …
Port Hedland expansion sets up WA job opportunities
June 10, 2020
Port Hedland in WA has contributed $64.1 billion to the Australian economy in 2018-2019, this contribution is foreseen to increase over the next decade. Based on reports supported by figures from BHP, Fortescue Metals Group, Roy Hill, Rio Tinto, Sandfire Resources, Pilbara Minerals and Mineral resources, the port’s activities are estimated to add around $26.2 billion to the economy by 2028-2029. The increase production could also deliver $21 billion in taxes and royalties and create more than 5300 additional full-time jobs over the next 10 years. Port Hedland is the largest global shipping hub for iron ore, with the steel-making …
Eastern states-based FIFO workers offered incentives to move to WA
June 9, 2020
Fly-in-fly-out workers who are temporarily based and living in Western Australia due to COVID-19 border restrictions are given the opportunity to permanently relocate and help boost the state’s economy. Up to 6000 workers who fly to WA for mining, oil and gas works can apply for the state government’s $20,000 Building Bonus grant if they move to the state. Premier Mark McGowan said he wanted as many FIFO workers as possible to consider moving to the state, particularly in its regional areas to support small businesses and continue to grow the economy. Chamber of Minerals and Energy chief Paul Everingham …
