Connect with us
https://tickernews.co/wp-content/uploads/2023/10/AmEx-Thought-Leaders.jpg

Money

Australian PM praises milestone of new world-class airport construction

Published

on

The new Western Sydney International Nancy-Bird Walton Airport has hit another major milestone with construction now underway on the world-class passenger terminal

Australian Prime Minister Scott Morrison said today’s announcement marked a significant step in this once-in-a-generation, city-shaping infrastructure project for Western Sydney, and Australia.

“The delivery of the Western Sydney International Airport proves once again our Government’s ability to get things done,” the Prime Minister said.

“We have made this happen. It is already delivering major benefits for Western Sydney, as we knew it would, and it only gets better from here.

The Prime Minister stated that the Coalition will continue to invest in job-creating infrastructure that drives investment and secures Australia’s economic recovery.

“Our total $14 billion investment in the airport and transport links is transforming this powerhouse region, attracting investment and supporting jobs for generations to come.”

Morrison stated that around 11,000 jobs will be supported during construction of the airport alone, and currently around one in two workers are from Western Sydney, “driving income and opportunity for families across the region.”

“Tens of thousands more jobs will be created when the airport is up and running in 2026, and millions of travellers are arriving into Sydney’s newest airport every year.

“The airport will also play a crucial role in the nation’s aviation future, delivering dynamic global connections for the region and opening up even further possibilities for new routes and services.”

Minister for Communications, Urban Infrastructure, Cities and the Arts Paul Fletcher says construction on one of the most significant infrastructure projects in Australia was now around one quarter complete.

“Despite the challenges of the global pandemic, work has continued to progress with nearly 22 million cubic metres of earth now moved to date across the site – which is about three times bigger than the Sydney CBD – and the airport on track to open in late 2026,” Minister Fletcher said.

Western Sydney Airport / Image: Supplied

The terminal will have the capacity to handle up to 10 million passengers each year.

“With this unique opportunity to build an airport from the ground up, we are able to roll out cutting-edge technology to make the passenger experience smoother and easier than at existing airports, and the security systems more effective but less intrusive.

“The new airport will not only be a state-of-the art piece of infrastructure but is an integral element of the surrounding aerotropolis and the broader Western Parkland city.

“In its own right, Western Sydney would be Australia’s fourth largest city and third largest economy, which is why the Morrison Government has committed $14 billion to the airport and vital metro rail and road links that will transform the region.” 

Minister for Finance Simon Birmingham said construction of Western Sydney International’s world-leading innovative domestic and international airport had fastened its seatbelt and was ready for take-off.

“One of Australia’s largest infrastructure projects is now visibly taking shape and is delivering long-term jobs and economic benefits to Western Sydney,” Minister Birmingham said.

Western Sydney Airport / Image: Supplied

“Economic stimulus and job creation in Western Sydney is critical right now. Start of construction on the world-class terminal will see more jobs begin to flow in the coming months.

“Acting to build a second Sydney airport has been in the too hard basket for many years but our government is delivering this critical piece of infrastructure that will lift productivity and growth for decades to come.”

Federal Member for Lindsay, Melissa McIntosh welcomed the airport exceeding its local employment targets, saying the project would continue to create local jobs, for local people.

“Over $100 million has already been injected into businesses in Western Sydney, supercharging our local economy,” Ms McIntosh said.

“The airport will continue to provide more opportunities for local small businesses, opening up new markets and opportunities across Australia and beyond.

“This will drive more job creation for generations, particularly in the emerging industries recognising Western Sydney is at the forefront of fields including advanced manufacturing, research, and space, as a result of the Morrison Government’s investment.”

NSW Premier Perrottet / Image: Supplied

New South Wales Premier Dominic Perrottet said the airport would boost economic activity and provide employment opportunities for the Western Sydney region.

“This new airport integrates with our vision for Western Sydney and the future of how people will live, work and travel,” Mr Perrottet said.

“It means jobs for Western Sydney and will create new, convenient travel options for those who live in our west.”

The contract for the airside pavements package, which will include the 3.7-kilometre runway and rapid-exit taxiways, was awarded in September, with construction due to begin next year.

Bulk earthworks are around 75 per cent complete

In addition to the $5.3 billion investment in Western Sydney International, the Morrison Government has committed another $9 billion for the vital rail and road links that will transform the Western Sydney region.

This includes the $3.5 billion investment to deliver new major road infrastructure and upgrades under the Western Sydney Infrastructure Plan and $5.25 billion towards the first stage of the Sydney Metro – Western Sydney Airport rail link.

Continue Reading

Money

US stocks face tests from Tesla, Netflix earnings

US markets brace for Tesla and Netflix earnings amid rising volatility and delayed inflation data

Published

on

US markets brace for Tesla and Netflix earnings amid rising volatility and delayed inflation data

video
play-sharp-fill
In Short:
– Earnings reports from Tesla and Netflix might affect U.S. stock performance next week amid high inflation concerns.
– Increased market volatility arises from U.S.-China trade tensions and fewer S&P 500 stocks in an uptrend.
This coming week, earnings reports from companies including Tesla and Netflix are anticipated to impact U.S. stock performance.
Investors are also awaiting delayed U.S. inflation data, which could test market stability as it remains near record highs.Recent trading activity has shown increased volatility, influenced by ongoing U.S.-China trade tensions and concerns regarding regional bank credit risks. The CBOE volatility index has seen a rise, indicating increased market uncertainty.

Banner

The S&P 500 entered its fourth year of growth amidst these fluctuations, having previously experienced a period of calm. Experts suggest market risks are intensifying as valuations reach peak levels.

Market Volatility

Concerns regarding U.S.-China trade relations escalated last week when the U.S. threatened to raise tariffs by November 1 over China’s rare-earth export policies. President Donald Trump is scheduled to meet with President Xi Jinping in two weeks to discuss these issues.

Despite these challenges, major stock indexes gained ground over the week, with the S&P 500 up 13.3% year-to-date. However, a noticeable decline in the number of S&P 500 stocks in an uptrend raises caution among investors about underlying market weaknesses.

The upcoming third-quarter earnings will be closely monitored, especially as the government shutdown halts economic data releases. Companies like Procter & Gamble, Coca-Cola, RTX, and IBM are due to report. The delayed U.S. consumer price index is also expected to provide crucial insights ahead of the Federal Reserve’s monetary policy meeting on October 28-29.


Download the Ticker app

Continue Reading

Money

Australia’s unemployment rate rises to 4.5 per cent

Australia’s unemployment rate rises to 4.5 per cent in September, prompting calls for potential Reserve Bank interest rate cut

Published

on

Australia’s unemployment rate rises to 4.5 per cent in September, prompting calls for potential Reserve Bank interest rate cut

video
play-sharp-fill
In Short:
– Australia’s unemployment rate rose to 4.5% in September, the highest since November 2021.
– Economists note a cooling labour market, with fewer job ads and increased participation rate amid rising living costs.
Australia’s unemployment rate increased to 4.5 per cent in September, up from 4.3 per cent in August.It marks the highest seasonally adjusted unemployment rate since November 2021.

Economists suggest that the Reserve Bank should consider another interest rate cut next month. BetaShares chief economist David Bassanese noted a slowdown in employment demand as the labour market struggles to accommodate job seekers.

The number of officially unemployed rose by 33,900 in September, while the employment count increased by 14,900. The labour force expanded by 48,800 people, resulting in a participation rate rise of 0.1 percentage points to 67 per cent, returning to July levels.

In trend terms, the unemployment rate remained steady at 4.3 per cent.

Banner

Labour Market

BDO chief economist Anders Magnusson stated that while the unemployment rate has increased, the labour market is cooling, not collapsing.

He pointed out that the 14,900 jobs added in September were slightly below the average for the past year.

A growing participation rate indicates that rising living costs are prompting more individuals to seek employment. Magnusson said the release confirms a gradual cooling of the labour market that keeps the Reserve Bank on track without necessitating immediate action.

He added that hiring activity is slowing, signalled by a 3.3 per cent drop in job advertisements in September, the largest monthly decrease since February 2024.

Despite this, he does not foresee a rate cut in November.


Download the Ticker app

Continue Reading

Money

Stocks rebound after Trump eases China trade tensions

Stocks rebound 600 points as Trump eases China trade tensions, signalling optimism in markets following Friday’s sell-off

Published

on

Stocks rebound 600 points as Trump eases China trade tensions, signalling optimism in markets following Friday’s sell-off

video
play-sharp-fill
In Short:
– Stocks rose on Monday after Trump expressed optimism about trade relations with China.
– The Dow Jones gained 621 points, with significant increases in tech stocks and broad market recovery.
Stocks gained ground on Monday, recovering from Friday’s decline after President Donald Trump expressed optimism regarding trade relations with China, stating they “will all be fine.”The Dow Jones Industrial Average rose by 621 points, approximately 70% of its previous loss. The S&P 500 experienced a 1.6% increase, nearing a 60% recovery of its earlier drop. The Nasdaq Composite increased by 2.3%, bolstered by rebounds in technology stocks.

Banner

Oracle’s stock surged over 5%, with AMD and Nvidia seeing 1% and 3% increases, respectively. Broadcom’s stock jumped 10% following the announcement of a partnership with OpenAI.

Trump’s comments hinted that he might not impose a significant increase in tariffs on China, which had previously caused market turmoil. Vice President JD Vance similarly indicated a willingness to negotiate with China, while also asserting that the U.S. holds advantages in potential trade discussions.

Broader Recovery

Monday’s trading saw a positive shift with four out of five S&P 500 stocks rising, indicating widespread recovery. Small-cap stocks also made gains, with the Russell 2000 rising over 2.5%.

Market concerns persist, however, with a government shutdown continuing and a major payroll deadline approaching on October 15. Earnings reports from major financial institutions, including Citigroup and JPMorgan Chase, are expected this week, potentially impacting market sentiment.


Download the Ticker app

Continue Reading

Trending Now