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“We are better placed to meet the economic challenge”: Australia’s Federal Budget

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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.”

The cost to the economy will be huge, the federal deficit is set to reach $161 billion in 2021

The good news is the deficit will be $53 billion lower than expected.

Debt is set to skyrocket again. Net debt to increase to $617 billion.

That’s 30 per cent of GDP this year, and will peak at above 40 per cent.

The treasurer painting a grim picture of Australia’s debt situation, but says it’s nothing compared to overseas countries.

Strong focus on digital economy

The government is focusing on the new economy as part of its recovery plan, announcing over a billion dollars for digital infrastructure.

The government announced a $117.8 million spend over the next four years into artificial intelligence, or AI.

Under the package, Australia’s first Artificial Intelligence Action Plan will be created, which will see the development of world-leading AI projects.

The government has been praised for its decision to invest in the digital economy.

Tony Makin from Griffith University says digital investment is “essential” for productivity growth.

Winners now… but losers later? The reaction.

Makin says the Federal Budget has “too much spending” and not enough attention on other critical areas of the economy

MAKIN’S RESPONSE TO THE FEDERAL BUDGET

Australia’s Sarah Hanson-Young says environment is the big loser in tonight’s budget.

https://twitter.com/sarahinthesen8/status/1392057373653495815

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’.

Australia’s opposition leader, Anthony Albanese says the budget is “just more of the same from a tired old government”

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Hamas trusts Trump, risks hostages for peace deal

Hamas trusts Trump to broker hostage deal as gamble for peace despite past concerns over Israeli actions

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Hamas trusts Trump to broker hostage deal as gamble for peace despite past concerns over Israeli actions

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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.Banner

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.


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Trump announces 100% tariff on China amid tensions

Trump announces 100% tariffs on China, imposing export controls after Beijing’s restrictions on rare-earth minerals escalate trade tensions

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Trump announces 100% tariffs on China, imposing export controls after Beijing’s restrictions on rare-earth minerals escalate trade tensions

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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.Banner

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.


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Israel and Hamas agree to landmark hostage deal

Israel and Hamas agree to release hostages in U.S.-brokered deal, marking a potential turning point in Gaza conflict.

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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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