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Will Australia escape a recession?

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Australia might be able to avoid a recession, if the Treasurer’s predictions are correct

In Australia, Treasurer Jim Chalmers says the country will avoid a recession, but there are still tough times ahead.

As global economies continue to crumble, Australia’s Treasurer has optimism about the nation’s prospects of escaping a recession.

Speaking on the ABC, Jim Chalmers says he does not believe Australia is headed for its first recession since the 1990s.

The Treasurer concedes countries including the UK and the U.S. are at risk and this will have an impact down under, but it won’t be disastrous.

This is in line with comments made by the Reserve Bank of Australia back in September.

Chalmers says getting inflation under control is key to the country avoiding a recession, but warns painful times are still ahead.

This comes as the government attempts to tackle rising energy prices before Christmas.

He’s not ruling out subsidies or changes to how energy companies are being taxed if situation does not improve.

But the current focus still remains on changes to regulations, which includes price caps.

Data suggests Australian energy bills will rise by up to 56 per cent over the next two years. As residents begin to feel the pinch.

William is an Executive News Producer at TICKER NEWS, responsible for the production and direction of news bulletins. William is also the presenter of the hourly Weather + Climate segment. With qualifications in Journalism and Law (LLB), William previously worked at the Australian Broadcasting Corporation (ABC) before moving to TICKER NEWS. He was also an intern at the Seven Network's 'Sunrise'. A creative-minded individual, William has a passion for broadcast journalism and reporting on global politics and international affairs.

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U.S. fighters shoot down Chinese spy balloon – now what?

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U.S. military fighter aircraft shot down a suspected Chinese spy balloon as it floated off the coast of South Carolina on Saturday, drawing to a close a dramatic saga that shone a spotlight on worsening Sino-U.S. relations.

“We successfully took it down, and I want to compliment our aviators who did it,” President Joe Biden said.

Biden said he had issued an order on Wednesday to take down the balloon, but the Pentagon had recommended waiting until it could be done over open water to safeguard civilians from debris crashing down to Earth from thousands of feet (meters) above commercial air traffic.

China has mounted “the largest intelligence operation in the history of the human race” against the US and Australia, a former top US intelligence official has warned, as the US military shot down a Chinese spy balloon as it neared the Atlantic coast above the Carolinas.

Multiple fighter and refueling aircraft were involved in the mission, but only one — an F-22 fighter jet from Langley Air Force Base in Virginia — took the shot at 2:39 p.m. (1939 GMT), using a single AIM-9X supersonic, heat-seeking, air-to-air missile, a senior U.S. military official said.

The balloon was shot down about six nautical miles off the U.S. coast, over relatively shallow water, potentially aiding efforts to recover key elements of the Chinese surveillance equipment among the debris in the coming days, officials said.

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Russia throws more troops at Ukraine front line

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Ukrainian President Volodymyr Zelenskiy says the situation on the front lines in the east of the country is getting tougher and Russia was throwing more and more troops into battle.

Russian forces are slowly gaining ground in the Donbas region, encircling the city of Bakhmut north of Donetsk and battling to take control of a nearby road which is a major supply route for Ukrainian forces. They are also trying to capture Vuhledar, southwest of Donetsk.

“I’ve often had to say the situation at the front is tough, and is getting tougher, and it’s that time again. … The invader is putting more and more of his forces into breaking down our defences,” Zelenskiy said in a video address.

“It is very difficult now in Bakhmut, Vuhledar, Lyman and other directions,” he continued.

Earlier in the day, Deputy Defence Minister Hanna Malyar wrote on Telegram that Russian efforts to break the defences in Bakhmut and Lyman had failed.

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Balloon diplomacy blows China off course

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China claims an “airship” that is flying over the United States is for civilian meteorological and other scientific purposes and voiced regret that it strayed into U.S. airspace.

U.S. officials said on Thursday that a Chinese spy balloon has been flying over the United States for a couple of days, in what would be a brazen act just days ahead of a planned trip to Beijing by U.S. Secretary of State Antony Blinken.

In a statement late on Friday, China’s foreign ministry also said that it would continue to maintain communications with the United States to properly handle the unexpected situation.

“The airship is from China and is civilian in nature, used for meteorological and other scientific research. Due to the influence of westerly winds and its limited control capability, the airship deviated from its intended course,” it said.

“China regrets that the airship strayed into the United States by mistake due to force majeure. China will continue to maintain communication with the U.S. side to properly handle this accident,” it said.

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