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.
Ukraine faces tough choices amid U.S.-Russia secret peace plan negotiations, potentially demanding significant concessions from Kyiv
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In Short:
– Ukraine faces challenges with a U.S.-Russia peace plan requiring major concessions to Moscow.
– Senior U.S. officials are in Ukraine discussing conflict resolution amid concerns over Ukrainian input.
Ukraine faces challenges amid reports of a U.S.-Russia peace plan to end the war, potentially involving major concessions to Moscow.Senior U.S. military officials are currently in Ukraine for discussions aimed at ending the conflict. The visit follows reports suggesting that Washington and Moscow developed a 28-point peace plan without Ukrainian input.
The plan reportedly includes territorial concessions in eastern Donbas, limitations on Ukraine’s military capabilities, and a substantial reduction in armed forces. Some reports suggest that Russia could control the Donbas while Ukraine retains legal ownership, with payment arrangements in place, but these claims remain unverified.
A senior Ukrainian official indicated that Kyiv received signals regarding U.S. proposals but was not involved in their formulation. The Kremlin has denied any new developments in peace talks since President Putin and President Trump last met.
The White House has not confirmed the existence of the peace plan but acknowledged that new proposals are being explored. U.S. Secretary of State Marco Rubio stated that achieving peace necessitates difficult concessions from both sides.
Ukraine’s Options
Ukraine has not responded publicly to the peace plan but anticipates discussions with U.S. officials. President Zelenskyy noted that the U.S. plays a crucial role in resolving the conflict.
Despite Ukrainian concerns, the country remains reliant on U.S. military aid, with European support becoming less immediate. European officials have expressed dissatisfaction over peace proposals that do not involve Ukrainian input, noting it is essential for any viable plan.
Analysts have warned that the proposed plan may signify Ukraine’s capitulation, undermining its defensive positions and inviting further Russian aggression.
US job growth slows as unemployment rises to 4.4%, amid economic uncertainty and impact of artificial intelligence on labour market
In Short:
– U.S. employment growth quickened in September, but unemployment rose to 4.4%, the highest since 2019.
– Job gains were led by healthcare and leisure, while transportation, warehousing, and government jobs declined.
U.S. employment growth accelerated in September, although the labor market struggled to keep up with new job-seekers due to challenges such as import tariffs and the integration of artificial intelligence in roles.The unemployment rate rose to 4.4%, its highest in four years, from 4.3% in August, according to the Labor Department. Revised payroll data indicated that jobs were shed in August, highlighting ongoing labor market softness.
Layoffs remained low in mid-November, indicative of a “no-hire, no-fire” condition in the job market. Some economists believe the rise in unemployment supports a Federal Reserve interest rate cut, while others argue in favour of maintaining rates due to the surprising job growth.
Nonfarm payrolls increased by 119,000 jobs after a revised decrease in August. Economists had previously forecasted a much lower job addition. The report’s release was delayed due to a federal government shutdown.
Stock markets in Wall Street experienced declines, while the dollar remained steady against various currencies. Job gains were influenced by seasonal adjustments in sectors like leisure and hospitality.
Job Sector Trends
Healthcare employment led growth with 43,000 new jobs, while the leisure sector added 47,000. Conversely, transportation and warehousing lost over 25,000 positions, with manufacturing shedding 6,000.
The federal workforce decreased by 3,000 jobs, part of a larger trend of declining employment in government positions. Despite momentum loss, labor participation rose, impacting the unemployment rate dynamics positively.
US pressures Ukraine to accept a peace plan risking territory loss amid ongoing conflict with Russia.
The United States is pressuring Ukraine to accept a peace plan that would see the country surrender territory and military equipment as part of a negotiated settlement with Russia. The proposal has sparked concern within Kyiv over the potential loss of sovereignty and long-term security.
President Volodymyr Zelenskiy is in Turkey discussing this plan, which may also involve cuts to Ukraine’s armed forces. His visit comes as Washington intensifies efforts under the Trump administration to secure an end to the conflict, despite fears the terms could undermine Ukraine’s national interests.
As Russian forces continue their aggressive campaign, holding roughly 19% of Ukrainian territory, Zelenskiy is attempting to revive peace talks before winter further complicates the frontline. The stakes remain high as the geopolitical landscape shifts.
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