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EXCLUSIVE: Australia’s finance minister reveals warfare focus in combating economic recovery

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Despite the challenges, our economic recovery is leading the world. This is not a time to change course. This is a time to stick to our plan. Those are the words of Australian treasurer Josh Frydenberg as he handed down the Australian Federal budget for 2022.

So what are the key takeaways who wins and who loses out? Minister for Finance of Australia Simon Birmingham joined ticker in an exclusive interview with presenter Holly Stearnes.

Where does Australia sit in economic recovery?

Birmingham says leading Australia’s economic recovery from COVID-19 by driving unemployment down the lowest levels Australia has seen in 50 years,

“We’re ensuring that we take the dividends of a stronger economy and deliver low deficits,” he says.

He points out that helping Australians with immediate cost of living pressures is a key priority whilst staying responsive to the fact that the war in Ukraine has seen a huge spike in oil prices.

“That of course, is hurting many, many Australians. And so as we did with COVID-19, temporary targeted responses to unforeseen events, we’re doing the same here cutting fuel prices by 22 cents a litre, ensuring that there’s additional payments for low and middle income earners and fixed income earners on government payments.”

Would a focus on cutting the costs of living still be on the table if there wasn’t an election?

Birmingham says It’s about maintaining consumer confidence and business confidence, “because we know that fuel prices have a direct impact”

“If we don’t maintain that confidence, then it can disrupt the economic growth for Australia,” he says.

“We showed during COVID-19 A long, long way away from elections at that time, that were unforeseen global events had a direct impact on Australian businesses, we would respond in targeted, temporary and responsible ways. In this case, oil price spikes, which aren’t expected to stay at these elevated levels forever.”

Australians will be showered with one off cash payments and cuts to petrol, as well as income taxes. This is all designed to lower the cost of living, but will that extra money eventually result in higher inflation?

Birmingham says the Australian budget predicts for inflation, and that takes in account all of the budget decisions that have been made

“We’ve been very careful in making sure the measures we apply here, don’t add those inflationary elements. We know that overseas, there are significant pressures on interest rates globally, and banks have indicated central banks have indicated that there will be a normalisation of those rates,” he told ticker.

According to Birmingham, Australia has managed to better manage inflationary pressures than anywhere else in the world with inflation running around half that of the United States or other nations.

What about wages?

“We do see a recovery in terms of growth in wages over the next few years” Birmingham says.

“We’re forecasting three and a quarter percent wages growth, ahead of inflation, so real wages growth, and that growing over the budget forward estimates to three and a half percent growth.”

Birmingham says priority is investment in productive infrastructure around the economy, initiatives to achieve higher uptake of skills, particularly in small businesses, but also with apprenticeships, Investment in digital economy strategy, and driving higher uptake of digital technologies, particularly across small businesses are tax incentives for all businesses – to bring forward investment that have been achieving higher levels of investment in the economy, business investment and non mining sector investment in Australia.

“They all add to the productivity if the country in different ways, and again can hope to achieve a sustainable improved wages outcomes into the future,” he says.

How does Ukraine impact the economy?

“The world is in a very volatile position the uncertainties of the globe from the aftershocks of COVID disruptions to global shipping and transport,” Birmingham says.

“Russia’s horrific invasion and actions on Ukraine and China assertive posture in a range of different ways have all had destabilising impacts around the globe.”

He says there has been more in defence capability in navy or Air Force. Our army will continue to do that, through investment in new technologies and missiles and artificial intelligence through the orcas pact that we struck with the US and the UK.

“But in this budget, we have particularly identified the new area of warfare – cyber warfare as being an important sphere for investment, a $9.9 billion investment over the next decade to enhance both defensive and offensive cyber capabilities, which is about ensuring that our banking sector, telecommunications sector, energy sectors, all about transport and logistics, all of the areas of government operations can be effectively protected from cyber attacks which Australia has seen in the past.”

“Thankfully, we are with a world leading capability in the Australian Signals Directorate already, but this investment will keep us ahead,” he concluded.

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Hamas trusts Trump, risks hostages for peace deal

Hamas trusts Trump to broker hostage deal as gamble for peace despite past concerns over Israeli actions

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Hamas trusts Trump to broker hostage deal as gamble for peace despite past concerns over Israeli actions

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In Short:
– Hamas called Trump a racist but believes he may help facilitate peace with Israel.
– Ongoing negotiations are uncertain, with Hamas optimistic despite lacking formal guarantees.
Hamas has called Donald Trump a racist and a “recipe for chaos.” However, a phone call from Trump convinced Hamas that he might facilitate a peace deal with Israel, even if they surrender their hostages.
Under the agreement, which began on Friday, Hamas will release hostages without a commitment from Israel to withdraw. This decision is seen as precarious, with fears that hostilities may resume post-release, similar to events following a previous ceasefire.Banner

During indirect negotiations, Trump’s involvement reportedly reassured Hamas leaders, bolstering their confidence in a lasting ceasefire.

Future Uncertain

Negotiations continue over details such as the timetable for Israeli troop withdrawal.

The mediating role of Qatar and Turkey has been pivotal, alongside U.S. participation, in moving discussions forward.

Hamas has shifted its stance on hostage retention, viewing it as detrimental to global support for their cause. Nonetheless, they received no formal guarantees regarding the progression towards a more comprehensive agreement to end the conflict.

Despite awareness of the risks involved in their gamble, Hamas leaders seem optimistic about ongoing talks, with pressures from mediators fostering a sense of seriousness in negotiations from both sides.

Trump’s anticipated visit to the region is expected to reinforce these developments, even as complexities remain in finalising the terms of the deal.


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Trump announces 100% tariff on China amid tensions

Trump announces 100% tariffs on China, imposing export controls after Beijing’s restrictions on rare-earth minerals escalate trade tensions

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Trump announces 100% tariffs on China, imposing export controls after Beijing’s restrictions on rare-earth minerals escalate trade tensions

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In Short:
– Trump plans a 100% tariff on China from November 1, sparking stock declines and heightening tensions.
– U.S.-China relations are strained, with potential severe impacts on U.S. industries due to export restrictions.
President Trump announced plans to impose a 100% additional tariff on China effective November 1, along with new export controls on crucial software products.
The decision follows China’s recent restrictions on rare-earth minerals, essential for industries like semiconductors and electric vehicles. Trump expressed disbelief over China’s actions, which have escalated tensions that had ostensibly improved after months of trade negotiations.Banner

The tariff announcement sparked a significant drop in U.S. stocks, marking the worst day for the S&P 500 since April.

While some administration officials advocate restarting trade talks from scratch, there is a looming opportunity for both countries to negotiate before the tariffs take effect. Trump left room for negotiations, suggesting the timeline could allow for de-escalation.

Export Controls

The conflict between the U.S. and China underscores the volatile relationship between the two major economies. Beijing’s decision to tighten export controls aims to leverage its position and weaken Trump’s negotiating stance.

The U.S. government is evaluating additional countermeasures and sanctions in response. Observers note that while both countries have expressed a desire for dialogue, securing an enduring agreement has proven challenging, with past resolutions quickly unraveling.

The potential implications of these export restrictions could be severe for various U.S. industries. Firms have warned about significant production halts if they cannot access critical rare-earth elements from China. Analysts suggest that the situation could compel both sides to reconsider their positions to prevent further economic fallout.


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Israel and Hamas agree to landmark hostage deal

Israel and Hamas agree to release hostages in U.S.-brokered deal, marking a potential turning point in Gaza conflict.

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Israel and Hamas agree to release hostages in U.S.-brokered deal, marking a potential turning point in Gaza conflict.


In a major diplomatic breakthrough, Israel and Hamas have agreed to release all remaining Israeli hostages under a U.S.-brokered framework. The deal pairs prisoner exchanges with an Israeli troop pullback and expanded aid access, marking a potential turning point in the two-year Gaza conflict.

The agreement, set for approval by Israel’s cabinet, could pave the way for lasting peace if both sides uphold the terms. It follows weeks of negotiations led by U.S. envoys and regional mediators in Egypt, Qatar, and Türkiye.

As international agencies prepare to facilitate aid and logistics, the world watches to see whether this fragile deal can hold and bring relief to millions affected by the war.

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