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UK, Australia strike new free trade agreement

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Australia and the United Kingdom have agreed to a new trade deal, a first major deal post-Brexit.

The Australian Prime Minister had a working dinner with British Prime Minister Boris Johnson at Downing Street last night, with a formal announcement expected on Tuesday.

According to the BBC, the meal served up to the pair on Monday evening included Welsh lamb and Scottish smoked salmon, and was washed down with Australian wine.

It is the first trade deal to be negotiated from scratch since the UK left the EU.

The new deal is expected to give UK and Australian food producers and other businesses easier access to each other’s markets.

However, the leaders were initially stuck on several issues, including a plan by the British to add tariffs to Australian farming imports for the next ten years.

Behind the scenes, bureaucrats have been working frantically to reach a deal, and now both leaders are believed to have made concessions.

The new trade deal is expected to give UK and Australian food producers and other businesses easier access to each other’s markets.

According to the National Farmers Union (NFU), Australian farmers are able to produce beef at a lower cost of production, and could undercut farmers in the UK.

Australia’s top 10 export markets

Australia still leads the world when it comes to exporting ironcoal and petroleum gases.

Australia’s biggest export products by value in 2020 were iron, coal, petroleum gases, gold and aluminium. In aggregate, those major exports account for 63.1% of overall exports sales from Australia.

The following export product groups categorize the highest dollar value in Australian global shipments during 2020. Also shown is the percentage share each export category represents in terms of overall exports from Australia.

  1. Ores, slag, ash: US$91.3 billion (35.9% of total exports)
  2. Mineral fuels including oil: $65.4 billion (25.7%)
  3. Gems, precious metals: $19.6 billion (7.7%)
  4. Meat: $10.4 billion (4.1%)
  5. Inorganic chemicals: $5.2 billion (2%)
  6. Machinery including computers: $4.4 billion (1.7%)
  7. Cereals: $3.8 billion (1.5%)
  8. Pharmaceuticals: $3.4 billion (1.4%)
  9. Electrical machinery, equipment: $3.1 billion (1.2%)
  10. Aluminum: $3.1 billion (1.2%)

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Global Politics

Travel bubble bursts between Australia and NZ

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New Zealand has suspended its travel bubble with Australia

The nation has halted its travel bubble arrangements for at least eight weeks as Australia continues to battle against the delta variant of COVID-19.

New Zealand Prime Minister Jacinda Ardern fronted the media and stated that “the Delta variant has materially changed the risk profile”. 

From 11:59pm tonight, Australians will be unable to travel to New Zealand on a quarantine-free flight

This restriction will be in place for at least the next eight weeks.

The trans-tasman route is already closed to travellers flying into New Zealand from New South Wales, Victoria and South Australia as those states battle COVID-19 outbreaks. 

“For New Zealanders in Australia, we are absolutely committed to getting you home,” Ms Ardern said. 

Jacinda Ardern has paused the trans-Tasman arrangement with Australia.

Constant disruption to trans-Tasman travel bubble

Flights to New Zealand inside the bubble have been paused and restarted as different Australian states have experienced COVID-19 outbreaks. 

“For the next seven days, we will have managed return flights for New Zealanders from all states and territories. 

“Only New Zealand citizens and those ordinarily resident in New Zealand will be able to fly home.” 

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Global Politics

“National emergency” – Sydney in crisis as COVID cases rise

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Sydney has declared a national emergency as COVID-19 cases rise across the Australian city

Sydney and the state of New South Wales is calling on the Australian Federal Government to “refocus the national vaccination strategy”.

As the delta variant of the virus spreads throughout the city, Premier Gladys Berejiklian and her government have declared a national emergency.

New South Wales Government officials say that the spreading of the virus is “threatening the safety of other states.”

“This is not just a challenge for New South Wales – it’s a challenge for Australia”

They’ve encouraged people in virus-ravaged south-western and western Sydney to urgently “do their duty” and get vaccinated against coronavirus.

“The national emergency, every citizen has a duty to do what they can to defeat whatever is happening to us – in this case, it is a Delta variant of a virus,”

Health Minister Brad Hazzard said.

The Premier has stressed the importance of getting vaccinated as NSW records its highest daily number of COVID-19 cases today.

“We need to vaccinate younger people, between that 20 and 40-year-old age group,”

The Premier said.

Meanwhile, Chief Health Officer Dr. Kerry Chant says Australia urgently needs to “correct the mythology about AstraZeneca”.

“There is no doubt that if we want to contain this virus and stop it seeping out to other parts of Greater Sydney, stop it impacting our freedom and our economy, but also stop it spreading to other states, we need to have a discussion about refocusing the national vaccination strategy,” Premier Gladys Berejiklian said.

The issue will be addressed at today’s National Cabinet, she said.

At least 53 of today’s NSW cases were infectious in the community

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Business

Is a $52 billion boost enough to end a global chip shortage?

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As the race to combat the global chip shortage continues the Biden administration is big to end the crisis

US President Joe Biden is preparing to spend $52 billion to boost the worsening shortage of semiconductor chips.

The White House is still waiting for congressional approval on the big spend but is pushing ahead with plans of how to invest the money wisely.

The Commerce Secretary says America “needs to incentivise the manufacturing of chips” if the country wants the crisis to end.

She added that officials have been speaking with the impacted industries on a daily basis which has helped address the shortage from the ground up.

Whilst there have been reports that the sector is gradually improving, but the car manufacturing sector may still be impacted by delays.

Biden recently called for Semiconductor chips to be produced locally in the US, but this company is ignoring his plea.

Semiconductor manufacturer ‘Global Foundries’ has ignored US President Joe Biden’s request for new plants to be built locally amid the global chip shortage.

Construction will begin on the $4 billion Asian plant in 2023. This goes against the Biden administration’s wishes to return chip manufacturing to American soil.

The company will join rivals including ‘Samsung’ and ‘Taiwan Semiconductor Manufacturing Co’ which are all also trying to address the current chip shortage.

The President has been under increasing pressure to secure a constant supply of this crucial tech that is used in so many modern devices.

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