China Tariff Threat Adds to Australia’s Grain Industry Woes

For a fresh perspective on the stories that matter for Australian business and politics, sign up for our new weekly newsletter. The looming threat of major tariffs on Australian barley shipments to China, its biggest export market, compound an already gloomy outlook for the cereal that’s been hit by lower beer demand amid the coronavirus pandemic. The Australian government said it’s […]

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Australia Consumer Sentiment Logs Record Fall

Australia’s consumer confidence declined the most on record in April after the coronavirus outbreak evolved from serious concern to full-blown pandemic, survey data from Westpac showed on Wednesday. The Westpac-Melbourne Institute Index of Consumer Sentiment plunged 17.7 percent to 75.6 in April from 91.9 in March. This was the biggest monthly decrease in forty seven year history of the survey, […]

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Australian unemployment rate to double as coronavirus hammers economy

SYDNEY (AFP) – Australia’s unemployment rate is expected to soar from 5.1 per cent to 10 per cent in the June quarter as the coronavirus fallout hits the economy, according to Treasury figures released on Tuesday (April 14). The doubling in the unemployment rate would see an estimated 1.4 million people out of work, after the government banned non-essential travel […]

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Australia job ads dive most in decade in taste of pain to come

SYDNEY (REUTERS) – Australian job advertisements suffered their largest drop in more than a decade in March amid strict social distancing rules and business closures to combat the coronavirus. Figures on Tuesday (April 7) from Australia and New Zealand Banking Group (ANZ) gave a foretaste of the pain to come in the labour market as whole sections of the economy […]

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Asian Markets Decline, Australia Bucks Trend

Asian stock markets, with the exception of Australia, are lower on Monday following the sharp losses on Wall Street Friday as worries about the rising number of coronavirus infections around the world and its impact on the global economy dampened sentiment. The global number of coronavirus infection cases has risen to more than 720,000. The U.S. has surpassed China as […]

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Echoes of Great Depression as Australian jobless queue for help

SYDNEY (AFP) – Jobless Australians flooded unemployment offices around the country on Monday (March 23) as Prime Minister Scott Morrison warned the coronavirus pandemic would cause an economic crisis akin to the Great Depression. After a record 29 years of economic growth, Australia is poised to spiral into recession as the global coronavirus outbreak wreaks havoc on the country’s economy […]

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Australia orders business closures to stem spread of virus

SYDNEY/CANBERRA • Prime Minister Scott Morrison of Australia yesterday ordered many venues, including pubs, casinos, gyms and cinemas, to close from midday today to combat the coronavirus after many people appeared to disregard health warnings and congregated in large numbers in recent days. The number of infections in the nation climbed to 1,098 confirmed cases as of yesterday, with seven […]

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Australia's central bank pumps record liquidity into banking system

SYDNEY (REUTERS) – The Reserve Bank of Australia (RBA) used its daily money market operation to pump a record A$12.7 billion (S$10.55 billion) into the banking system on Thursday (MARCH 19), aiming to ease liquidity constraints in a stressed bond market. That followed an injection of A$10.7 billion on Wednesday, which had already left commercial banks with a huge A$18.8 […]

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