From 31m ago Inflation in rental prices expected to increase: Treasury You may have noticed he mentioned rental increases there. It is not great news for that already tight market, according to Treasury: Rising housing costs remain a source of cost-of-living pressures for many households. Inflation in newly advertised rental prices has been rising sharply for around a year, reaching 10 per cent nationally in January. The national vacancy rate has reached a near-record low of around 1%. Despite the slowdown in population growth during the pandemic, underlying demand for…
Tag: Australian economy
Australian coal shipment to arrive at Chinese port as unofficial import ban ends
Australian coal cargoes are scheduled to start arriving at Chinese ports on Wednesday, unwinding an unofficial ban imposed amid fraying bilateral relations two-and-a-half years ago. The resumption of the bilateral coal trade marks a significant improvement in relations, which hit a low point at the start of the pandemic after Australia pushed for an independent investigation into the origins of Covid-19, angering Beijing officials. China imposed official and unofficial sanctions on a range of Australian products, including wine, lobsters, timber and barley. It left more valuable commodities such as iron…
Australia news live: Chinese envoy warns against allowing differences to ‘hijack’ ties, severe storms for Queensland
From 51m ago Chinese envoy warns against allowing differences to ‘hijack’ ties Daniel Hurst China’s ambassador to Australia, Xiao Qian, has warned against allowing differences between the two countries to “hijack” the overall relationship. Addressing the media at the Chinese embassy in Canberra, he said 2022 had been an “extraordinary” year for the relationship between China and Australia. The change of government had provided an opportunity for a reset, he said. Xiao said both sides considered the relationship to be a comprehensive strategic partnership. Differences and disputes remained, he said,…
Australian coal industry says China market matters less than before, even if import ban ends
Australia would benefit from a lifting of China’s ban on its coal but any gains would likely be modest as miners have largely redirected supplies elsewhere, analysts said. Shares of ASX-listed coalminers shot up on Wednesday after reports China was considering lifting its restrictions on coal imports from Australia from April. The ban was imposed in mid-2020 amid deteriorating bilateral relations that have since begun to improve. Investors pared back their expectations of a significant boon for exporters on Thursday. Whitehaven Coal shares were down almost 2.5% in early afternoon…
Australia’s lobster industry hopeful China will drop trade sanctions
Australia’s lobster industry is cautiously optimistic that China could soon remove trade restrictions, but exporters are wary of being “burned again” by sanctions and volatile diplomatic relations. Many businesses have been paying close attention to foreign affairs minister Penny Wong’s trip to China this week – the first by an Australian minister in three years – where she discussed “trade blockages” with her counterparts. At the height of a diplomatic rift in 2020, Beijing imposed a range of tariffs, bans and restrictions on Australian exports including wine, barley and lobsters,…
Australia news live: Penny Wong heads to China; South Australia braces for largest flood in 50 years
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China’s economy is losing momentum. What is happening and why does it matter for Australia?
China, the world’s second-biggest economy, is in a rocky economic period marked by rolling Covid clampdowns. The timing is awkward, given China is in the run-up to the 20th National Congress of the Communist party in November, which is expected to extend president Xi Jinping’s grip on power. But the issues go beyond the pandemic and notably include a deflating property bubble. Here we break down China’s economic outlook – and what it means for Australia and other countries. How is China faring? The International Monetary Fund (IMF) last month…
Live news: Australia and New Zealand to coordinate on electric vehicle fleet; danger from NSW floods continues
From 54m ago Australia and NZ to coordinate on electric vehicle fleet Royce Kurmelovs Australia will coordinate with New Zealand when it comes to procuring electric vehicles for its government fleet. Prime minister Anthony Albanese made the announcement on Friday when discussing opportunities for trans-Tasman collaboration in the area of renewable energy. Albanese said: If we are all competing against each other for procurement at the same time, we will end up paying more for it but not if there is cooperation between Australia and New Zealand. The PM went…
Australia news live: NSW flood warnings; Sydney train strike delays; at least 27 Covid deaths recorded
From 5h ago NSW rail union pushes ahead with industrial action Sydney commuters are in for a “very messy day” as the NSW rail union pushes ahead with industrial action that will take out 70% of the train fleet, AAP reports. The Rail, Tram and Bus Union has been locked in long-running stoush with the Perrottet government over a new Korean-made Intercity fleet, which it says is unsafe. While the government has signalled it could be prepared to spend $264m to modify the fleet, the union says it has refused…
The sheer size of the China trading relationship is why Australia has to share its feasts and famines with Beijing | Satyajit Das
Concentration on security and regional influence has distracted from the economic relationship with China, a key foundation of Australian prosperity. A high proportion of Chinese growth has been engineered by a large government-sponsored debt-fuelled infrastructure and property bender. This underpins demand for Australian products and services boosting incomes. The data on bilateral trade reveals the importance of the China relationship. Despite trade restrictions on selected products, 35 to 40% of Australian exports go to China, and 20% of imports come from China. Chinese nationals normally constitute the largest number of…