Money
Australia’s GDP results are in – it’s not all bad, but what has delta done?
Australia’s economy shows positives signs of recovery, but the nation’s economy hasn’t seen the full impact of current lockdowns in its major cities
GDP results
According to new data from the Australian Bureau of Statistics, the nation’s economy rose 0.7 percent, in the June quarter. GDP gross domestic product per capita also rose 0.4 percent. For 2020-21 Australia’s GDP has now risen 1.4 percent.
The economy is now sitting at 1.6 percent above where it was prior to the Covid-19 pandemic. Treasurer Josh Frydenberg says the results have exceeds all market expectations and are ahead of the Federal Budget’s forecast.
Lockdown bite, still to come
Although the figures are generally positive, they do not give the full picture of the economy’s suffering to come. Australia’s two major cities, Sydney and Melbourne, remain in lengthy lockdowns. The full impact of these lockdowns will show in September’s figures.
“No, we haven’t seen the full impact of it yet,
If you look at the National Account figures… a lot of the growth was generated by Government sector spending.”
“The message it sends, is we are going to continue to need Government support well through the remainder of the year and next year.”
Stephen Jones, Labor MP & Shadow Financial Services Minister
Australia's #GDP results are in and it's not all bad news…
But has Australia's economy seen the full impact of lockdowns yet?
– @StephenJonesMP says no. pic.twitter.com/TYU4V7DwfJ
— ticker NEWS (@tickerNEWSco) September 1, 2021
Businesses call for a clear plan
Meanwhile, in an open letter from the business community, they’re demanding a clear plan out of Covid-19 induced lockdowns and closures. Some of the major Australian businesses include aviation airline Qantas, major telco Telstra, banking giants, and the ASX.
The businesses are urging the Government to stick to its National Plan and chart a path out of current lockdowns.
“We represent businesses which employ almost one million Australians, and provide products and services to people right across the nation.”
“We see the impacts of lockdowns on our people, our customers, on our small business suppliers, and on communities and families across the country.”
“Providing a light at the end of the tunnel will encourage more Australians to get vaccinated.”
“We need to give people something to hope for, something to look forward to, something to plan around and to be confident about their futures.”
Open letter from major Australian businesses
Money
Australian Dollar surges: What $0.70 means for markets
Australian dollar surges 5% to $0.70, impacting importers, exporters, and big miners amid rising interest rates.
Australian dollar surges 5% to $0.70, impacting importers, exporters, and big miners amid rising interest rates.
The Australian dollar has jumped more than 5 percent against the U.S. dollar this year, now trading around $0.70. This rapid rise has sparked mixed reactions for importers and exporters as Australia’s materials sector shows signs of bouncing back, despite concerns over rising interest rates.
Dale Gilham from Wealth Within breaks down the factors behind the AUD surge, the implications for commodities, and what it means for big miners like BHP. From profits to strategy, we explore how the market is reacting to this currency shift.
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#AustralianDollar #AUD #Forex #Investing #Commodities #BHP #Mining #Markets
Money
S&P 500 rises as financial stocks lead and tech slips
S&P 500 rises 0.4% thanks to financial stocks; software struggles amidst AI concerns. Subscribe for updates!
S&P 500 rises 0.4% thanks to financial stocks; software struggles amidst AI concerns. Subscribe for updates!
The S&P 500 climbed 0.4% on Tuesday, boosted by strong gains in financial stocks. Citigroup and JPMorgan led the rally, showing investors are rotating money into the sector as tech stocks faltered.
Meanwhile, software shares struggled, with ServiceNow, Autodesk, and Palo Alto Networks all seeing notable declines. Concerns around AI disruption continue to affect the software and financial sectors alike.
Market watchers are now turning their attention to upcoming inflation reports later this week, looking for signals that could shape the next moves in the market.
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Money
Australia’s GST debate heats up amid tax reform push
Australia debates GST expansion amid aging population pressures and personal income tax concerns; expert insights from Dr. Steven Enticott.
Australia debates GST expansion amid aging population pressures and personal income tax concerns; expert insights from Dr. Steven Enticott.
Australia is facing a fierce debate over tax reform, with fresh calls to broaden the Goods and Services Tax as the government searches for more stable revenue streams. With an ageing population putting pressure on health, pensions and long-term spending, economists argue the current reliance on personal income tax may not be sustainable.
Dr Steven Enticott from CIA Tax joins Ticker to break down the real impact of expanding the GST, including how it could affect lower-income households, whether taxing unrealised gains would change investor behaviour, and what compensation mechanisms could soften the blow on essential goods. The political risks are high, but so are the fiscal stakes.
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