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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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Prayer app Hallow takes #1 spot on Apple App Store

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A new Catholic prayer app recently beat out major social media apps in global downloads.

The company says, Hallow passed 10-million downloads and 225-million prayers prayed around the globe, becoming the largest prayer app in the world.

Hallow has also become the first faith-based app to ever crack the top 10 apps in the App Store coming in at #3 overall–and beating Netflix, Spotify, Instagram, Amazon, Tiktok, and YouTube.

The Cofounder and CTO of Hallow Erich Kerekes joins Veronica Dudo to discuss. #IN AMERICA TODAY #featured #apps #prayerapp #socialmedia #Applestore #business

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Google’s take on AI search to shake market direction

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Search Generative Experience (SGE), is the latest innovation from Google Labs

This cutting-edge feature, recently announced by Google, is set to transform search results for a select subset of queries and a small portion of U.S. search traffic.

With SGE, instead of the traditional top-10 results, users may encounter AI-generated responses prominently displayed at the top of the page.

This shift has significant implications, as it pushes both ads and organic results further down the page. Stay tuned for updates on this groundbreaking development in search technology.

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The battery set to change Electric Vehicles and Tesla’s market share

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The world’s biggest battery maker announced this week they’re working with Tesla to making cheaper batteries.

Recent developments in the electric vehicle (EV) market raise essential questions about its trajectory.

Cost cuts by the world’s largest battery maker could impact EV prices, potentially boosting their competitiveness. Meanwhile, advancements in mileage, power, and charging times are driving increased adoption.

However, considerations about downsides like battery disposal and resource extraction are pertinent. Nonetheless, the broader implications for climate change efforts and the automotive industry underscore the transformative potential of EVs in creating a more sustainable future.

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