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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.

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Money

Real reason bosses want employers back in the office

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As the world gradually recovers from the pandemic, employers are increasingly pushing for their staff to return to the office after years of remote work.

 
The driving force behind this push is the sharp decline in commercial property values, which has left many businesses concerned about their real estate investments.

Commercial property values have plunged in the wake of the pandemic, with many companies downsizing or reconsidering their office space needs.

This has put pressure on employers to reevaluate their remote work policies and encourage employees to return to the office. #featured

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Money

Businesses cash in on Black Friday sales

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Black Friday, the annual shopping frenzy, has become a global phenomenon rooted in economic strategies.

 
Retailers deploy various tactics to lure consumers, creating a win-win scenario for both shoppers and businesses.

The concept of Black Friday traces its roots to the United States, where it marks the beginning of the holiday shopping season. Retailers offer significant discounts on a wide range of products to attract a massive customer influx. This strategy, known as loss leader pricing, involves selling a few products at a loss to entice customers into stores, hoping they will buy other items at regular prices.

Retailers also employ the scarcity principle by advertising limited-time offers and doorbuster deals. This sense of urgency compels consumers to make quick decisions, boosting sales.

Furthermore, online shopping has revolutionized Black Friday economics. E-commerce giants use data analytics to customize deals, targeting individual preferences. Cyber Monday, the digital counterpart to Black Friday, capitalizes on the convenience of online shopping. #featured

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Money

Australian inflation figure finally starts with a 4

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Australia’s October inflation figures have surprised economists, as consumer prices rose at a slower pace than anticipated.

 
This slowdown was primarily attributed to a significant drop in goods prices, contributing to the nation’s subdued economic climate.

The Consumer Price Index (CPI) for October indicated a modest 0.4% increase, falling short of the 0.7% forecasted by analysts. On an annual basis, inflation stood at 2.1%, below the Reserve Bank of Australia’s target range of 2-3%. This unexpected deceleration is likely to affect the country’s monetary policy decisions in the near future.

Goods prices, including essential items like fuel and food, recorded a notable decrease of 0.8%, mainly due to supply chain disruptions and global economic uncertainties. Meanwhile, services prices continued to rise, albeit at a slower rate, driven by higher wages in some sectors.

This unexpected dip in inflation raises questions about the overall health of the Australian economy and the central bank’s strategies to combat it. Policymakers now face the challenge of balancing economic growth with the need to manage inflation effectively. #ticker today #featured

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