News

IMF urges Australia to cut spending and raise revenue

IMF urges Australia and APEC to cut spending, raise revenue, and reform for economic resilience amidst global inflation and debt challenges.

Published

1 year ago

November 17, 2024

ticker NEWS

Australia and APEC countries are urged by the International Monetary Fund to increase revenue and cut spending to prepare for future economic shocks.

IMF managing director Kristalina Georgieva addressed leaders at the APEC summit in Lima, Peru.

She acknowledged the decline in global inflation but noted that many nations still feel its impact.

Georgieva stated that while the global economy is growing, the rate is slower than in previous decades.

High public debt is straining government budgets, and trade’s role as a growth engine is diminishing due to increasing protectionism and trade barriers.

She predicted over 3,000 new trade restrictions worldwide for the year.

Georgieva emphasized that fiscal consolidation and reforms are necessary for sustainable economic growth.

She recognized the unpopularity of these measures, especially among political parties that favor increased spending.

However, establishing sound fiscal rules is crucial for responsible government budgeting.

Reform is challenging but important for empowering citizens, she added.

News

LIVE: U.S. and Israel launch war on Iran

U.S. and Israel escalate conflict with Iran, heightening regional war fears for the second time in eight months.

Published

19 hours ago

March 4, 2026

ticker NEWS

U.S. and Israel escalate conflict with Iran, heightening regional war fears for the second time in eight months.

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U.S. and Israel strike Iran, escalating war fears and risking wider regional conflict for the second time in eight months

News

Trump claims Iran military neutralised as Strait Of Hormuz tensions surge

Trump claims Iran’s military largely neutralized; tensions rise with attacks threatening air travel and oil shipping.

Published

20 hours ago

March 4, 2026

Harvey Vargas

Trump claims Iran’s military largely neutralized; tensions rise with attacks threatening air travel and oil shipping.

President Trump says Iran’s military capability has been largely neutralised, including its navy and air force, as the conflict in the Middle East intensifies. Iranian attacks have threatened commercial air travel and oil shipping through the Strait of Hormuz, raising fears of wider economic fallout.

The U.S. Embassy in Riyadh has faced two attacks, while Gulf states worked to intercept further Iranian strikes. Officials report six U.S. troops killed and more than 700 deaths inside Iran as the exchange of fire escalates.

With global markets watching closely, the region remains on edge as military and diplomatic tensions show no signs of easing.

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News

Airlines face disruptions that surpass previous Middle East conflicts

Published

2 days ago

March 3, 2026

Ahron Young

What’s happening in the Middle East?

Trump says U.S. strikes could last four to five weeks and described the operation as the last best chance to act, while Secretary of State Marco Rubio warns the hardest hits are yet to come
Six U.S. service members have been killed, additional American forces are being deployed to the region, and the White House says nine Iranian naval ships have been destroyed
Iran says it sees no limit to its right to self defence and will not negotiate, as missile and drone attacks continue across Israel, Lebanon and Gulf states
More than 500 Iranians have been killed in U.S. and Israeli strikes, with further deaths reported in Lebanon, Israel and the UAE
Shipping, aviation and energy markets have been severely disrupted, more than 11,000 flights have been cancelled, Gulf stock markets have closed temporarily, and oil and gas prices have surged amid Strait of Hormuz fears