On the surface, it doesn’t make any sense. Australians are often surprised to hear we are one of the only countries banning people from leaving the country.
But now, given the situation unfolding in India, and what we know about the consequences, the Health minister Greg Hunt has taken the unusual step of blocking all travellers from India.
And it doesn’t matter if you’re an Australian citizen.
Emergency powers
The government will invoke emergency powers, amid concerns that transiting passengers may still enter Australia via other countries.
It’s also politically savvy. Look at the success local state governments have had at elections following draconian measures to ban other Australians enter their states. And now the Federal government, which had been critical of the states, in jumping on board, trading Australia as one giant WA.
Variants of the virus emerge typically in places where it’s spreading rapidly, and can prove more contagious, more harmful and more deadly as a result.
Mr Hunt made the determination under the Biosecurity Act to stop people who have been in India during the past fortnight from arriving in Australia,.
It follows advice from the Chief Medical Officer Paul Kelly.
“The risk assessment that informed the decision was based on the proportion of overseas travellers in quarantine in Australia who have acquired a COVID-19 infection in India.”
Greg Hunt, AUSTRALIAN HEALTH MINISTER
There are about 9000 stranded Australians in India wanting to come home, 650 of whom are considered vulnerable.
And despite the PM confirming on Wednesday that travellers returning from India via Doha had been closed off, the government discovered there was still another way.
Flights from India to Australia have been paused until May 15 but Mr Hunt said national cabinet wanted them restarted “as soon as possible”.
“India has been reporting more than 300,000 new cases of COVID-19 every day for the past week. The total number of cases in India is now close to 19 million and more than 200,000 people have died.”
GREG HUNT, AUSTRALIAN HEALTH MINISTER
“The government does not make these decisions lightly.”
Gayle Smith, the State Department’s coordinator for global Covid response and health security, told reporters in a conference call Friday that the surge in India is “very, very serious.”
United Airlines Holdings Inc., the only U.S. carrier with nonstop service to India, said in a statement that it would “comply with all government regulations and travel orders.”
“United is proud of the essential air service we provide to connect our two countries and we’ll continue to support India during this time of need,” it said.
In Short:
– Jerome Powell stated further interest rate cuts are uncertain after recent decreases, aiming to manage market expectations.
– The Fed ended its balance sheet reduction due to lending market disruptions and mixed views on future rate cuts among officials.
Federal Reserve chairman Jerome Powell indicated that further interest rate cuts are not guaranteed following the recent decrease. In a press conference, he stated that a further reduction in December is “far from” certain. His comments aimed to temper market expectations, where the likelihood of another cut was previously estimated at over 90 per cent.In response to Powell’s remarks, yields on the two-year treasury rose, and traders adjusted their expectations, now estimating a 60 per cent chance of a December reduction. Recently, the Federal Open Market Committee voted 10-2 to lower the federal funds rate target range to 3.75-4 per cent, in response to concerns about the labour market.
The Fed has also announced an end to its balance sheet reduction efforts due to disruptions in short-term lending markets. Since 2022, the bank has reduced its asset holdings by over $US2 trillion following aggressive purchases aimed at stabilising the economy after the pandemic.
Policy Divisions
Recent post-meeting statements highlighted mixed views among Fed officials about the pace of future rate cuts. Powell remarked that uncertainty surrounding economic conditions necessitates a cautious approach. Ongoing government shutdowns have limited policymakers’ access to crucial economic data, complicating decision-making.
Recent labour market developments show slowed job gains, raising concerns about employment. The Fed is also cautious about reducing rates too quickly due to inflation remaining above their 2 per cent target, reflecting a complex economic landscape. Policymakers have struggled with decisions amid data limitations from the government shutdown, impacting their assessments of inflation and economic indicators.
In Short:
– Trump and South Korea’s Lee finalised a trade deal requiring $350 billion in U.S. investments.
– Trump anticipates favourable talks with China to reduce tariffs and improve relations.
Donald Trump and South Korean President Lee Jae Myung finalised a contentious trade deal at a summit in South Korea on Wednesday. The U.S. President expressed optimism about an upcoming summit with China’s Xi Jinping.The agreement, unveiled in late July, stipulated that South Korea would make $350 billion in new investments in the U.S. to avoid significant tariffs on imports. However, negotiations on the investment structure had stalled.
Trump and Lee reached a compromise allowing Seoul to divide its $350 billion investment into $200 billion in cash, paid in $20 billion instalments. The remaining $150 billion will be allocated to shipbuilding investments.
Upon arrival from Tokyo, following a North Korea missile test, President Trump received an extravagant welcome in the historic city of Gyeongju, the venue for this year’s Asia-Pacific Economic Cooperation forum.
His discussions with Xi are scheduled for Thursday in Busan. Trump downplayed the North Korea missile test and focused on his meeting with Xi, the leader of the world’s second-largest economy.
“I think we’re going to have a very good outcome for our country and for the world,” Trump stated. He anticipates reducing U.S. tariffs on Chinese imports in exchange for China agreeing to control the export of fentanyl precursor chemicals. The Wall Street Journal reported that tariffs could be halved from the current 20%.
China’s foreign ministry indicated that the upcoming meeting would foster positive developments in U.S.-China relations.
Australia’s economy struggles; rate cut impending but signals deeper issues, not recovery. #RBA #InterestRates #FinanceNews
Australia’s economy is losing steam, with weak consumer confidence, falling job ads, and a struggling construction sector, a December rate cut now seems inevitable. But it won’t be a win, it’ll be a warning.