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

Money

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

Published

3 years ago

on

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

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Money

Boeing’s financial turbulence leads to bold cash-raising moves

Published

6 hours ago

on

October 16, 2024

By

Company eyes new credit and shares to survive as strikes and delays weigh the company down

Boeing is taking drastic steps to secure its future, seeking to raise at least $10 billion by selling new shares and securing a fresh credit line.

The iconic manufacturer has been struggling this year with major setbacks, including a 737 MAX mishap in January and a machinist strike that halted production.

In filings made Tuesday, Boeing revealed plans to issue up to $25 billion in shares or debt over the next three years while locking in a $10 billion credit deal.

Sources say the company will aim to raise around $10 billion from its upcoming stock offering.

Boeing called the moves “prudent steps” to ensure access to liquidity as it faces growing financial challenges.

Its stock, which began the year at $250, rose 2% to about $152 after the announcement, as analysts expressed relief over Boeing’s efforts to stabilize its cash flow.

The machinist strike, which started last month, has intensified the company’s cash problems, with Boeing burning through $1 billion per month before the walkout.

Boeing hasn’t posted a profit since 2018, and the coming months will be critical as it battles to recover.

Continue Reading

Money

China has pledged to “significantly increase” debt to jumpstart its economy

Published

2 days ago

on

October 14, 2024

By

Finance Minister Lan Foan announced plans to help local governments tackle debt, support low-income households, and boost the property market.

Investors have been urging such steps as China faces deflationary pressures and a sharp property market downturn.

However, no figure was provided for the stimulus package, leaving markets anxious about the strength and duration of the recovery effort.

Economists warn that this lack of clarity may prolong uncertainty until China’s legislature approves extra debt measures.

Concerns are rising that China may fall short of its 5% growth target, signalling deeper structural challenges ahead.

Continue Reading

Leaders

Niche accountants proving essential to e-commerce success

Published

1 week ago

on

October 9, 2024

By

Expert explores the key benefits of partnering with accountants who specialise in niche industries.

In today’s fast-paced digital world, having an accountant who understands the intricacies of e-commerce can make all the difference in your business’s success.

Specialist accountants understand the specific needs of e-commerce businesses, helping to maximise tax savings, streamline operations, and improve financial health.

Niche accountants can identify opportunities to scale, optimise profit margins, and implement strategies that align with your business goals, ultimately drive growth.

Chris Rivera, Founder of The Ecommerce Accountants, joins to share his key insights into the industry.

#featured

Continue Reading

Trending Now