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Australia’s GDP results are in – it’s not all bad, but what has delta done?

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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.

“The Australian economy is true. The Australian economy’s fundamentals are sound.
The Australian economy will bounce back after restrictions are eased,” 
Josh Frydenberg, Australian Treasurer

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

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

Holly is an anchor and reporter at Ticker. She's experienced in live reporting, and has previously covered the Covid-19 pandemic on-location. She's passionate about telling stories in business, climate and health.

Business

Apple on its own as U.S. stocks make comeback

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U.S. markets have rallied after a disappointing week for investors. But what is Apple doing?

The Dow Jones is up around 548 points, marking a big comeback from its recent 2022 lows.

Overall, it was a broad-based rally, with Apple as an outlier.

The tech giant’s stocks were down about 1.3 per cent after reports the company is ditching plans to increase new iPhone production, as demand falls short of expectations.

The broad-based rally follows the Bank of England announcing it would buy bonds, to stabilise financial markets, a huge reversal in policy implemented by most institutions this year to tackle soaring inflation.

The move caused the pound to become more stable, after it had tumbled to a record low against the U-S dollar earlier in the week.

U-S yields retreated from their highest level in more than a decade – easing concerns that rates were growing too quickly and could damage the economy.

But what does this all mean for the future? It’s hard to say, but this move by the Bank of England could signal a change in policy for central banks around the world.

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We know how the crypto market will recover, but when?

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$2.2 Trillion Institutional Crypto Price Prediction Reveals Bitcoin And Ethereum Could Be Poised For Recovery

The crypto market took a huge hit after the Federal Reserve’s announcement of quantitative easing, but one analyst is predicting that both bitcoin and ethereum could stage a recovery in the near future.

According to a report from investment firm JP Morgan, the two largest cryptocurrencies by market capitalization could see prices rise to $14,000 and $3,900 per coin, respectively.

This would represent a significant rebound from their current levels of around $10,000 and $200.

The report cites the recent influx of institutional investors into the crypto space as a key driver of this price growth.

With more and more big money players getting involved in crypto, JP Morgan predicts that the market could soon see a “new paradigm” of price discovery.

So far, crypto has been largely driven by retail investors, who are often more prone to emotional buying and selling.

With institutional investors coming in, there could be more stability in the market and less volatility.

JP Morgan’s report is just one of many bullish crypto predictions that have come out in recent months.

With more and more mainstream companies and financial institutions taking crypto seriously, it seems that the once-niche market is finally coming into the mainstream.

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Virgin Atlantic ditches gender uniforms

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Virgin is now the most inclusive airline in the skies, thanks to its new gender-neutral uniform policy.

Pilots, cabin crew and ground staff are now free to wear whatever they feel expresses their individuality, whether that be traditional men’s or women’s clothing, or something more unique.

Previously women had to wear a red uniform and men wore burgundy and the airlines says that the change makes it “the most inclusive airline in the skies”.

The move away from gendered uniforms has been applauded by staff, and sets Virgin Atlantic apart as an airline that is championing inclusivity.

Jaime Forsstroem, a member of Virgin cabin crew, said: “The updated gender identity policy is so important to me. As a non-binary person, it allows me to be myself at work and have the choice in what uniform I wear.”

The airline is amending its “trans inclusion policies” which include time off work for medical treatments related to gender transition,.

It is also introducing an option to include pronouns on workers’ name badges.

 

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