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Major Australian airport calls for vaccine speed-up as industry runs dry

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The CEO of Melbourne Airport says the vaccine rollout in Australia must “increase significantly” after reporting a major decline in traffic in July

Melbourne Airport’s July traffic numbers saw a 85.7 per cent drop compared to pre-pandemic levels.

The international hub welcomed just over 467,000 people in July, almost all of them being domestic travellers.

Chief of Aviation of Lorie Argus says the mood at the airport right now at the terminal is dull.

Melbourne Airport’s passenger traffic for the last financial year dropped to its lowest level since 1984

Argus says the airport is supportive of the Australian Government’s four stage plan back to freedom, however stressed further devastation will be felt to airlines and airports themselves if lockdowns and travel restrictions continue in the short term.

“It’s really hard for airlines and airports to keep operating at such losses”

Airports hit heavy – not just airlines

In an interview with ticker NEWS, Argus says that all levels of the travel market continue to be left devastated by changes to COVID rules, but highlighted an important notice – airports are struggling too.

Argus says airports continue to face financial losses due to the decline in traffic through terminals.

The Chief of Aviation says that unlike airlines “airports must continue and keep the lights on” – highlighting that hubs around the globe must continue to keep the doors open regardless of passenger numbers, and mostly that’s due to having to cater for freighter flights.

The business’ chief executive, Lyell Strambi, says it was now a matter of “urgent and critical national interest” to address the country’s vaccine supply challenges.

“The nation’s rolling border closures obliterate air travel and damage confidence, making it almost impossible for people to plan and book interstate trips,”

According to reports, passenger numbers for FY20-21 at Melbourne Airport was just 6.1 million. Domestic numbers made up the bulk of passengers – 5,939,368 – but that number alone was a 68.8 per cent decline on FY19-20. International numbers of 230,455 represented a 97.2 per cent drop on the same time last year.

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Money

France receives lowest credit rating due to crisis

France’s credit rating downgraded to record low amid political and fiscal crisis, raising concerns over debt and stability

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France’s credit rating downgraded to record low amid political and fiscal crisis, raising concerns over debt and stability

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In Short:
– Fitch Ratings downgraded France’s credit rating to A+, citing political instability and fiscal challenges.
– New Prime Minister Lecornu must secure budget approval amidst rising deficit and potential no-confidence vote.
Fitch Ratings has downgraded France’s credit rating from AA- to A+, the lowest ever recorded, amid ongoing political and fiscal challenges.
The decision comes shortly after Prime Minister François Bayrou was removed in a vote of no confidence regarding his €44 billion austerity plan.
President Emmanuel Macron has appointed Sébastien Lecornu as the new prime minister, marking the fifth leadership change in under two years.Banner

Fitch highlighted political instability as a key factor undermining fiscal reforms, with France’s debt now at €3.3 trillion, or 113.9% of GDP.

The budget deficit increased to 5.8% of GDP and is expected to rise, posing challenges ahead.

Political Instability

The new prime minister faces a divided parliament and must secure budget approval by October 7.

The far-left plans a no-confidence vote against Lecornu, complicating further cooperation on legislative reforms, with S&P Global hinting at a potential downgrade.


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Trump moves to fast-track removal of Fed governor Lisa Cook

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The White House is set to fast-track a ruling on firing Federal Reserve Governor Lisa Cook, just days before the crucial FOMC meeting.

The move comes as markets reel from surging inflation, weak jobless data, and global currency shifts, raising questions about the Fed’s independence and the stability of policy decisions.

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ANZ job cuts spark banking clash

ANZ plans to cut 3,500 jobs, sparking debate on the future of Australia’s banking sector and employment dynamics.

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ANZ plans to cut 3,500 jobs, sparking debate on the future of Australia’s banking sector and employment dynamics.


ANZ has announced plans to cut 3,500 staff and 1,000 contractors over the next year, triggering a fierce debate between business leaders, unions, and government about the future of Australia’s banking sector.

The decision raises wider questions about the resilience of the business community and the role of politics, productivity, and technology in shaping employment.

#ANZ #Banking #Jobs #Unions #Australia #Economy #TickerNews


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