Scott Morrison has been lashed over his diplomacy towards China, with a key senator saying the PM had ‘clearly he’s never played poker before’. China’s economic coercion — theory vs practice, Australia accuses China of undermining trade deal, Australia Westpac consumer sentiment hit decade high, fully recovered from COVID recession, Farmers want Australia-China trade dispute 'kicked off to the WTO', China blocks Australian lamb as Trade Minister accuses country of free trade deal breach, Vaccine approved in UK, iron ore price surging: shares to watch, A bloody-minded, unhelpful problem for our economy: the dollar, Australian Trade Minister Simon Birmingham accuses China of breaching free trade agreement, Minister accuses China of undermining deal, Opinion: Australia’s credit rating is irrelevant. But there’s one key question the government has dodged. Household consumption, which makes up almost 60 per cent of Australia's economy, grew by 7.9 per cent in the September quarter, the largest rise in the 60-year history of the national accounts. The September quarter growth came after a 7 percent economic … Australia's GDP increased by 3.3 per cent in … Australia’s population growth is forecast to shrink to the lowest rate since 1916 – and an influx of skilled migrant workers is the key to fixing the economy. Here’s what that means. The Australian economy has bounced back from its first recession in almost 30 years, Treasurer Josh Frydenberg says. China’s disappointing move to slap Aussie wine with tariffs can be pursued through the WTO. NAB says the spending sugar hit will persist until Christmas, but tourism will continue to be hurt by the coronavirus pandemic. What does China want from Australia? But that wasn’t the case. Despite the latest quarterly rise, the economy contracted at a 3.8% annual pace. After an election campaign spent making big-ticket promises, the Queensland government has revealed just how much it will spend. Data showed the A$2 trillion ($1.5 trillion) economy expanded by a bigger than expected 3.3 percent in the September quarter, following a 7 […] McDonald’s is set to hire 17,400 people nationwide by the end of 2020. But Australia does have some other options. Data released Wednesday by the Australian Bureau of Statistics showed its economy shrank 7% in the June quarter, following the 0.3% decline seen in the March quarter. The Queensland government has been slammed for ‘rolling the dice on debt’ after it revealed it would borrow $24 billion more than it said it would. Australia bounces out of recession as economy grows 3.3% Treasurer Josh Frydenberg told reporters the country still has a lot of ground to make up from the coronavirus downturn. Property prices have surprisingly lifted even after the downward spiral to the economy this year. Victorians planning to buy new digs before July are in for a sweetener under plans unveiled in Tuesday’s state budget. Queensland is being slammed for having the ‘dumbest’ laws in the country in one area that is expected to cause a major problem ahead of Christmas. “The Australia economy rose 3.3% q/q in the third quarter, as COVID-19 related restrictions eased across most states and territories. In the last 7 days. Australia's economy has taken the first step on the road to recovery after expanding by 3.3 per cent in the September quarter. Please try different keywords. Qantas has been accused of using COVID-19 as cover to sack thousands of Australian workers and replace them with cheap labour from overseas. There’s whopping amount of unclaimed super that you could get your hands on before Christmas. Inside the luxurious life of Steve Jobs’ model daughter Eve. A controversial decision has been slammed as disrespectful towards nurses, cops and firefighters and sparked a protest against the government. SYDNEY- Australia’s economy rebounded sharply in the third quarter from a coronavirus-induced recession as consumer spending surged, though the country’s top central banker signaled monetary policy will stay accommodative for a while. The average Australian could have $1630 ripped from their nest egg under a change forced by the COVID-19 pandemic. China has escalated trade tensions with Australia yet again by slapping more tariffs on an industry it has already hit hard: Wine. Aussie mortgage-holders are losing thousands of dollars every year. Jeff Bezos’ ex-wife Mackenzie Scott ranked one of the most p... Find out more about our policy and your choices, including how to opt-out. Australia’s alarming spat with Beijing shows no sign of slowing – and everyday Aussies could be the biggest losers if the crisis boils over. Victorian commuters can enjoy a new fleet of Australian-made trams and planet-friendly buses under plans unveiled in the state budget. The latest Economy News from the BBC: breaking news on the global and UK economy and international investments including audio and video coverage. A collective approach to countering Chinese economic bullying may be Australia’s best option The Guardian 19:09 27-Nov-20. Will China’s tariffs cripple the Aussie economy’s 2021 recovery plan? Aussie winemakers warn that challenging China’s wine tariffs at the World Trade Organisation will not save their businesses. It’s been one of the toughest years in history but the Lucky Country hasn’t let it get them down – in fact, our behaviour is completely bonkers. Australia’s largest bank has dealt a blow to savers, implementing further rate cuts that are more than the recent interest carving by the central bank. Scott Morrison fielded no questions from Labor in question time as the opposition turned its guns on two other government ministers. The government used one word more than 20 times in parliament today, sparking accusations from Labor that it’s all a marketing ploy. The economy of Australia is a highly developed mixed economy. More than five million Aussies are set to receive a $250 handout in December, but the deadline to find out if you’re eligible is just a couple of days away. Inspectors are on the prowl to ensure consumers get what they pay for when buying hams and seafood this Christmas. A key player in NSW’s real estate sector backs changes which could save buyers $100,000 while first-time buyers could pocket $25,000. But a new investigation may help to turn that around. While a three per cent expansion in the economy in just three months would be good news, Westpac pointed out Australia's GDP in the year to September 2020 would still … One of Australia’s major wine exporters says China’s latest tariff slap will cost local jobs and hurt the ‘lifeblood’ of the industry. Australia's economy grew by 3.3 per cent in the third quarter, rebounding from its first recession in nearly three decades as it recovered from pandemic-related shocks. Three things have combined to create a housing market that’s unpredictable and potentially volatile. Beijing’s mouthpiece has launched its latest assault on Canberra, this time over laws that could see Chinese human rights abusers banned from entry. Queensland will see tens of thousands of job openings over the next four years as the state goes on a hiring spree to tackle its unemployment problem. Australia’s second largest bank says it will do better in 2021 and pledges to pay its shareholders a proper dividend in the coming year. A recovery in household spending and fixed investment, supportive fiscal and monetary policy measures, and the gradual reopening of the global economy … (Photo by Recep Sakar/Anadolu Agency via Getty Images) It is all too easy to fall into a trap of using a few snippets of positive economic news to declare “good times ahead”. Australia’s economy has turned a corner and is out of recession, but a bumpy ride lies ahead, the Reserve Bank chief warns. Tens of thousands of desperate jobseekers and their families will be pushed into poverty when this ‘cruel’ measure is introduced. There’s a simple explanation for why Australia has become Beijing’s “whipping boy” recently. As relations between Canberra and Beijing plunge to new lows, there are fears China could next take aim at one of our biggest industries. Australia’s apparent success in containing the coronavirus outbreak has paved the way for the economy to emerge early from an economic hibernation that was anticipated to last for six months. Today host Karl Stefanovic has grilled Trade Minister Simon Birmingham on China’s involvement in the world’s largest free trade deal. Australia has threatened to take action against China after it slapped a harsh penalty on us last week. Another Australian product has been hit with an import ban from China as the communist nation continues to escalate the trade war. Australia's economy expanded by 3.3% in the three months to September, data from the Australian Bureau of Statistics (ABS) showed on Wednesday. China’s ‘shadow trade war’ threatens Australian economy The News International 01:04 28-Nov-20. A major city has been denied funding for sports facilities and other projects – and it’s all because of one weird reason. ‘Surprised’: Australia’s economy rebounds The Australian economy is climbing back after what’s been a miserable 2020 for many, boosted by retail spending with Christmas just weeks away. Victoria has given banks the boot from public schools, saying kids should get financial education free of commercial interests. One of Australia’s major banks has provided additional funding for communities still overcoming the devastating impacts of last summer’s bushfire crisis. The grant for home builders ruled out most buyers in Sydney and Melbourne but the government has made a crucial change. Scott Morrison was ‘clearly dazzled by Trump’ and ‘over-channelled’ the US President but will flip on climate policy, his predecessor says. What did we learn from the RBA last week? “Australia’s recession may be over, but Australia’s economic recovery is not,” he said. There are signs the Australia economy is coming back to life. Its GDP was estimated at A$1.89 trillion as of 2019. Australian Dollar Hits Two Year High as Iron Ore Soars, Australia will suffer for global climate summit snub to Morrison, Australian economy would take 'economic hit' in South China Sea war, India in talks with Australia for free trade pact, says foreign minister, China hits back Australia's claims about a trade deal breach, India vs Australia 2020: T Natarajan's Economy, Sanju Samson's Inconsistency & Success of An, Discussed India-Australia trade deal only 'symbolic,' lacks any substance in trying to mitigate strained China ties. Aussies are upbeat about the future of the economy, with consumer sentiment improving markedly as the nation opens back up. COVID-19 has changed the way Aussies will do their Christmas shopping, and it looks like retailers should be worried. Scott Morrison claims he’s not bothered by the UN snubbing his bid to attend a global summit just days after he said he would be there to ‘correct the record’. What does the future hold for Treasury Wine (ASX:TWE) after China’s tariffs? Qantas has confirmed thousands of staff will lose their jobs after a decision to outsource the majority of its ground-handling operations. But in the year to September 2020, GDP declined 3.8 percent. Beijing’s Foreign Ministry has defended its latest Australian product ban, saying the reason relations have become ‘difficult’ is very clear. The government has been warned to expect a financial hit of more than $1b, with China sanctions set to target two more key industries. Economists in a … Deloitte senior economist Harry Murphy-Cruise said even with the record rebound, Australia’s economy was still 4.2 per cent smaller than it was in the December quarter of 2019. A major change could make buying a home a lot cheaper for many Australians by removing one of the big expenses of getting a property. A group of Aussies are eligible to receive two $250 cash handouts as a COVID-19 stimulus, but there’s a looming deadline you need to know. Australian Economy Reserve Bank reveals recovery timeline Get the latest BBC World News: international news, features and analysis from Africa, the Asia-Pacific, Europe, Latin America, the Middle East, South Asia, and the United States and Canada. Experts say the Asian power’s actions could have hidden motivations and it won’t easily be resolved. The nation’s immigration system should be overhauled to equip Australia for a post-COVID economy, says a woman touted as Labor’s future leader. Australia’s economy bounced back in the third quarter. Strong household spending drove Australia’s GDP 3.3 percent higher in the third quarter, but unemployment remains high. A NOTE ABOUT RELEVANT ADVERTISING: We collect information about the content (including ads) you use across this site and use it to make both advertising and content more relevant to you on our network and other sites. All times AEDT (GMT +11). Australia has reported its economy grew by 3.3% in the third quarter as it rebounded from its first recession in nearly 30 years, according to new figures. Sorry, no headlines or news topics were found. Victoria and NSW have been stripped of their AAA credit ratings, reflecting the severe economic and fiscal blow dealt by the COVID-19 pandemic. It’s the year the Victorian economy went into hibernation. We'll see if Australia's shopping habits hold up, Economic decoupling from China would be 'act of national self-sabotage', Labor and Liberal MPs, Debts plunge NSW, Victoria into credit downgrade, Australia risks AAA - but economy to, The threats to Australia’s economy and democracy are grave but not insurmountable, How Australia navigated an economic jolt not seen for a century, AUD/USD and NZD/USD Fundamental Weekly Forecast – Focus Remains on Vaccine, US Stimulus, Inquiry calls for a fair go on infrastructure for Australia's regions, Tsai thanks Australian Rep, hopes for economic cooperation agreement. Brexit trade talks between the UK and the EU are continuing in Brussels ahead of the Sunday deadline, The Pfizer coronavirus vaccine has been approved for emergency use in the US, Armed Royal Navy boats are being prepared to protect UK fishing waters in case of no-deal Brexit, The US Supreme Court has rejected a Trump-backed bid to overturn the 2020 election result, The UK is to stop directly supporting overseas fossil fuel projects, the PM has announced, Iran has executed a journalist whose work helped inspire nationwide anti-government protests in 2017, Boris Johnson tells Brits: Get ready for the Australian option, Australia’s interest rates just went negative. From free food and entertainment, to new bus services and increased defences against COVID-19, here’s what you’ll get from the NSW budget. But there's a long way to go. Australia’s allies have flocked to its defence after China’s surprise online attacks, with some surprising names supporting the hard hit. The Treasurer has hailed Australia’s economic rebound as ‘better than nearly any other country in the world’, with the recession now officially over. China’s decision to stop taking Australian coal has seen prices plummet but China also appears to be paying a heavy price for its decision. China has placed the blame squarely at the feet of Australia as the relationship with our largest trading partner continues to sour. The NSW Premier has hinted at a rule that will change soon, and it’s set to be welcomed by operators of hospitality venues. An internal stoush is brewing in the Morrison government over a controversial policy, with the fate of the bill hanging in the balance. Australian wages are continuing to stagnate as a result of the economic impacts caused by the coronavirus-induced recession. An influx of seasonal workers to save COVID-hit farms could be on the way after measures were agreed to help them bypass quarantine. One of Australia’s leading credit bureaus says the federal government should begin tapering support measures such as JobKeeper. The CEO of a major Australian business is leading the push to boycott Chinese products amid growing tensions between the two countries. Australia's total wealth was AUD$10.9 trillion as of September 2019. The number of Australians on JobKeeper has dropped significantly as the Treasurer touts a faster-than-expected COVID-19 recovery. A huge $56 billion was spent to save jobs when the pandemic hit. China has hit back over its “destructive blow” against Australia as the world applauds the Aussie Trade Minister for lashing out at Beijing. Aussies could be making a big mistake when it comes to bargain shopping this Christmas, paying far more than the sales price tag. 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Boycott calls over Chinese-owned firms show dangerous trend, could lead to double-digit fall in Australian economy: Fran O'Sullivan: AustralianSuper should be sent packing, Central Bank Watch: BOC, RBA, & RBNZ Interest Rate Expectations Update, Australian Dollar Accelerates Up with Iron Ore Prices, Euro Capped after Post ECB Rally, Australia’s weak climate action to blame for PM’s snub at global summit, ASX retail shares gear up for Christmas boom, AUD/USD Forex Technical Analysis – Aggressive Bullish Traders Eyeing .7677 as Next Major Upside, China in 2021: agenda setting, anniversaries, and potential for conflict, Dollar Dives as Jobless Claims Surge, Euro Firm as ECB Delivers, Need to address threats of bio-terrorism: Rajnath Singh at ASEAN Defence Ministers' Meet, Reserve Bank warns of prolonged unemployment, The Australian money market just turned upside down, but there's a good reason, Some risk lengthy unemployment, RBA warns, ASX in the red, Treasury Wines drops as China imposes extra tariff, Government interest rate goes negative in $550m Treasury note sale, The CBA share price ticks green for year-to-date returns, Australian Committee calls for independent review of COVIDSafe app, Virgin Australia's future is more JetBlue than Jetstar, Consensus over: Morrison Govt IR bill is a business wish-list, Trade spat continues as Chinese embassy labels claims its breaching agreement 'totally unfounded', Japan PPI and Australia inflation expectations highlight a light economic calendar, 'India in talks with Australia for free trade pact', The strong Australian dollar means bad news — and not just because we can't go overseas, New sector data track pandemic's impact on Australian businesses, Looking at Australia's house prices you could be forgiven for wondering 'what recession? Australia's economy grew 3.3 percent in the September quarter, according to the latest gross domestic product (GDP) figures from the Bureau of Statistics. Nationwide News Pty Limited Copyright © 2020. Australia’s premier airline says the reopening of state borders is assisting in the company’s recovery from the coronavirus pandemic. news.com.au — Australia’s leading news site, Boost for farmers forced to destroy crops, ‘Christmas pay cut’: IR battlelines drawn, ‘Heavy price’: China’s Aussie ban backfires, ‘High alert’: China’s next Aussie targets, ‘Surprised’: Australia’s economy rebounds, Division in PM’s ranks over contentious call, One thing helping Qantas get back on its feet, Australia’s rebound ‘the best in the world’, Swipe at Treasurer for ‘congratulating himself’, ‘Un-Australian’: Workers lash Qantas cull, Australia set to fight back against China, Lifting travel ban triggers spending spree, Call for ‘nation-shaping’ migrant overhaul, PM’s ‘significant tactical error’ on China, Sydney suburbs missing out on cash windfall, ‘What’s the point?’: Karl slams trade deal, ‘Gross interference’: China slams Australia, China slaps ban on another Aussie product. The ripple effect could impact us all. The Australian Bureau of Statistics has revealed the latest unemployment figures that coincide with the easing of support measures. Australia can count on the support of an incoming Joe Biden regime as it faces threats of ‘lasting punishment’ from Beijing. New data shows that 1.1 million Australians have got one thing on their mind – and the economic impact of this will affect us all. The Reserve Bank of Australia has retained the official interest rate at a historic low, saying the road to recovery won’t be easy. Get out your piggy banks and smash them open, because you could be holding onto a rare Australian $1 coin that is worth thousands of dollars. The Australian economy is climbing back after what’s been a miserable 2020 for many, boosted by retail spending with Christmas just weeks away. Latest financial, market & economic news and analysis. 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And a huge amount of it was seemingly wasted. Both sides of parliament have claimed victory after the government’s cashless welfare card scheme received a stay-of-execution. We like to think of ourselves as important and significant in the world but entering into a trade war with China would leave us completely exposed. A new corruption investigation is looming after the NSW government bought a “toxic” piece of land in western Sydney. The government is proposing a suite of changes it says would free up casual work, but Labor is accusing it of targeting vulnerable workers. As China’s savage trade war with Australia escalates, there are fears that a string of new industries could be next in the firing line. The once quiet coastal town that’s become a hotspot for the rich and famous has topped the charts for more than its celebrity status. Victoria’s reopening has prompted a spending revival according to the latest economic figures. Federal Treasurer Josh Frydenberg says Australia's economy would be $34 billion better off if the coronavirus vaccine rollout can be completed six months earlier than expected. 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