Did somebody say tax cuts?! Earlier this week, the NSW government has announced big slashes to land tax as part of the state-wide coronavirus recovery plan. In reflection of the recent investment hesitation that still remains rampant, State Treasurer Dominic Perrottet announced that the government will tender a 50 per cent cutback in land tax …
“…national debt has been quickly piling up. The government might have more wriggle room for stimulus than it likes to admit.” – Alan Kohler How does $750 bn of debt sound…? Adding to Australia’s $700 bn debt, the government has taken an additional $50bn loan by selling government bonds. More and more of these borrowed …
How is our economy supposed to survive a second wave, when the impacts of the first one are still surging? The unemployment rate escalated to an unfortunate high at 7.4%, the highest it has been in over two decades. Gear up, for experts say 95,000 NSW jobs could be hit by a second lockdown.
Banks offer comfort ahead of the highly feared September welfare cut off. September has been viewed as a potential “economic cliff” for Australia, with JobKeeper, JobSeeker and a range of other welfare payments to be shut down or significantly reduced. The loan deferral program was also meant to cease in September, however the banks have …
All that glitters is not gold, but who knew it would be iron ore that would shine through the darkness? Australia’s energy and resource industry has lost almost $7 billion from the pandemic economic contraction. However, the Industry Department’s quarterly outlook report shows iron ore and gold exports leading the light out of the tunnel. …
IMF forecasts economic circumstances to be worse than post WW2 The IMF has revised their predictions to argue that the global recession will be deeper and the recovery will take longer than initially anticipated. Advanced economies are going to experience a contraction of around 8% and emerging economies will shrink by 5%.
“These are our dark times, but I can see that ray of light,” This week, Scott Morrison’s words ushered in the dismal announcement of a further 227,000 jobs lost between April and May, boosting the total job loss to 835,000 and unemployment rates to 7.1%. These statistics are particularly amplified for young Australians over whom …
Let’s start off with a BANG! The -0.3% growth in the March quarter prompts Josh Frydenberg to announce that “Australia had entered its first recession in 29 years. As the ABS data below shows the March quarter’s negative figure, growth prediction for the June quarter isn’t looking positive.
RBA maintains steady course amid rough economic waters. Amid a tumultuous couple of months in the Australian economy, RBA Governor Phillip Lowe has announced they have maintained the cash rate at the record breaking low of 25 basis points. This coincides with reports that consumer confidence under the Westpac Bank Consumer Sentiment Index has increased …
Negative US oil prices!? Yep, you heard it right. The coronavirus has been the cause of the deepest fall in demand for the past 25 years. The downturn of major economies as consumer confidence lays low, in combination with the minimisation of travel, has wiped out oil demand. Nonetheless, oil producers have continuously supplied excess …
