Economy

New $100 note released into circulation

The Reserve Bank of Australia released the new $100 banknote on 29 October 2020.    It celebrates Sir John Monash, an engineer, soldier and civic leader and Dame Nellie Melba, an internationally renowned soprano.  New security features have been used to make the bill “impossible to forge” include a reversed number 100 and the image of a three-dimensional fan. The ...

Read More »

Australians massively overestimate role of oil and gas in economy

Australians overestimate the number of jobs created by the gas industry by 40 times and 80 per cent believe climate change impacts are already being experienced. New research to be launched by NSW Environment Minister Matt Kean today demonstrates that the gas industry has an outsized influence in the national political debate and that climate change concerns are pertinent despite ...

Read More »

Economic recovery will be ‹unpredictable and uneven› RBA warns as it models 50pc property price fall

More Australians could go into «negative equity», where the value of their property falls below the outstanding balance on their mortgage, if the pandemic-led recession leads to a big fall in house prices, according to the Reserve Bank of Australia (RBA). In a speech about major risks to Australia›s financial stability on Tuesday evening, RBA assistant governor Michele Bullock warned ...

Read More »

BOJ Kuroda warns climate change among biggest challenges facing global economy

TOKYO (Reuters) – Bank of Japan Governor Haruhiko Kuroda said on Wednesday climate change is among the biggest challenges facing the global economy, joining a growing debate about how policymakers should address the growth risks posed by global warming. Kuroda, former head of the Asian Development Bank, said some regions in Asia are particularly vulnerable to the economic consequences of ...

Read More »

Tweaking tax system will secure economy amid harsh conditions

One of the guiding principles of the Coalition is that people should keep more of what they earn. After all, governments, as Sir Robert Menzies would say, do not have any money of their own: it›s the people›s money. This is why the Coalition has significantly cut taxes for households and businesses: more than $300 billion in the last two ...

Read More »

IMF chief says world economy faces long ascent from Covid crisis

The head of the International Monetary Fund has said the recovery in the global economy since the spring is fragile and warned Rishi Sunak and his fellow policymakers against an over-hasty withdrawal of support. In a speech intended as a curtain-raiser for next week’s annual meeting of the Washington-based organisation, Kristalina Georgieva said the unprecedented action taken by central banks ...

Read More »

Let›s be creative and use this budget to stimulate the economy

In framing Budget 2021, Minister for Finance Paschal Donohoe will not only have to contend with the fiscal and economic fallout of the Covid-19 pandemic but he will also have to be mindful of the increasingly likely prospect of a no-deal Brexit, the urgent need to address climate change, ongoing reform of international tax rules, and the prospect of further ...

Read More »

Eurozone economy barely grew in September, PMI data show

Mumbai: The Reserve Bank of India›s decision to defer this week›s interest rate meeting has underscored the government›s failure to act in time – be it appointing members to the Monetary Policy Committee or boosting stimulus – to support an economy facing its worst contraction in history. While the central bank didn›t cite any reason for rescheduling its three-day meeting ...

Read More »

China urges US to respect market economy, fair competition principles

China has always opposed the United States’ unreasonable action of bullying foreign enterprises by abusing state power and the concept of national security, foreign ministry spokesperson Wang Wenbin said on Monday. Wang made the remarks in response to a query about a preliminary injunction issued by a federal judge Sunday night against a US administration’s order to ban the popular ...

Read More »