The Australian treasurer has announced a big spending budget to help get the country back on track.
The government has announced more than $53 billion in new stimulus payments and funding for key services.
Here’s what you need to know
International borders are likely to remain shut for at least 12-months.
The Treasurer promised $8 billion in new tax cuts for low and middle income earners and more than $20bn in further tax breaks for small businesses.
Mr Frydenberg released an 81-page women’s budget statement, featuring $1.1bn for women’s safety, a $1.7bn investment in childcare and $350m for health and wellbeing measures.
The treasurer says the economy is recovering.
‘Australia’s economic engine is roaring back to life’
As a share of the economy, net debt is around half of that in the United Kingdom and United States and less than a third of that in Japan.
“We are better placed than nearly any other country to meet the economic challenges that lie ahead”
tHE TREASURER SAYS.
The Treasurer says that Consumer sentiment is at its highest in 11 years.
“Business conditions reached record highs. And more Australians are in work than ever before.”
Australia is now well on the road to recovery.#Budget2021 secures our recovery and sets Australia up for the future.
Similarly, Australian politician and former industrial lawyer who is the leader of the Australian Greens and federal MP for Melbourne has shared his response on twitter to the government stating the budget ‘invests in the people’.
There’s tax cuts for billionaires and handouts to big corporations, but wages will *go backwards* for the next two years and job seekers are stuck in poverty.
This is a bad Budget from a trickle-down Treasurer.
Australians have endured eight long years of flat wages, insecure work and skyrocketing cost of living under the Liberals and Nationals – and this Budget does nothing to change that.
In Short:
– Hamas called Trump a racist but believes he may help facilitate peace with Israel.
– Ongoing negotiations are uncertain, with Hamas optimistic despite lacking formal guarantees.
Hamas has called Donald Trump a racist and a “recipe for chaos.” However, a phone call from Trump convinced Hamas that he might facilitate a peace deal with Israel, even if they surrender their hostages.
Under the agreement, which began on Friday, Hamas will release hostages without a commitment from Israel to withdraw. This decision is seen as precarious, with fears that hostilities may resume post-release, similar to events following a previous ceasefire.
During indirect negotiations, Trump’s involvement reportedly reassured Hamas leaders, bolstering their confidence in a lasting ceasefire.
Future Uncertain
Negotiations continue over details such as the timetable for Israeli troop withdrawal.
The mediating role of Qatar and Turkey has been pivotal, alongside U.S. participation, in moving discussions forward.
Hamas has shifted its stance on hostage retention, viewing it as detrimental to global support for their cause. Nonetheless, they received no formal guarantees regarding the progression towards a more comprehensive agreement to end the conflict.
Despite awareness of the risks involved in their gamble, Hamas leaders seem optimistic about ongoing talks, with pressures from mediators fostering a sense of seriousness in negotiations from both sides.
Trump’s anticipated visit to the region is expected to reinforce these developments, even as complexities remain in finalising the terms of the deal.
In Short:
– Trump plans a 100% tariff on China from November 1, sparking stock declines and heightening tensions.
– U.S.-China relations are strained, with potential severe impacts on U.S. industries due to export restrictions.
President Trump announced plans to impose a 100% additional tariff on China effective November 1, along with new export controls on crucial software products.
The decision follows China’s recent restrictions on rare-earth minerals, essential for industries like semiconductors and electric vehicles. Trump expressed disbelief over China’s actions, which have escalated tensions that had ostensibly improved after months of trade negotiations.
The tariff announcement sparked a significant drop in U.S. stocks, marking the worst day for the S&P 500 since April.
While some administration officials advocate restarting trade talks from scratch, there is a looming opportunity for both countries to negotiate before the tariffs take effect. Trump left room for negotiations, suggesting the timeline could allow for de-escalation.
Export Controls
The conflict between the U.S. and China underscores the volatile relationship between the two major economies. Beijing’s decision to tighten export controls aims to leverage its position and weaken Trump’s negotiating stance.
The U.S. government is evaluating additional countermeasures and sanctions in response. Observers note that while both countries have expressed a desire for dialogue, securing an enduring agreement has proven challenging, with past resolutions quickly unraveling.
The potential implications of these export restrictions could be severe for various U.S. industries. Firms have warned about significant production halts if they cannot access critical rare-earth elements from China. Analysts suggest that the situation could compel both sides to reconsider their positions to prevent further economic fallout.
Israel and Hamas agree to release hostages in U.S.-brokered deal, marking a potential turning point in Gaza conflict.
In a major diplomatic breakthrough, Israel and Hamas have agreed to release all remaining Israeli hostages under a U.S.-brokered framework. The deal pairs prisoner exchanges with an Israeli troop pullback and expanded aid access, marking a potential turning point in the two-year Gaza conflict.
The agreement, set for approval by Israel’s cabinet, could pave the way for lasting peace if both sides uphold the terms. It follows weeks of negotiations led by U.S. envoys and regional mediators in Egypt, Qatar, and Türkiye.
As international agencies prepare to facilitate aid and logistics, the world watches to see whether this fragile deal can hold and bring relief to millions affected by the war.
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