Tag: economy
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Second petition for Brexit
Last Thursday, the United Kingdom announced they will no longer be a part of the European Union resulting in their economic stance to be in strife. The ‘leave’ campaign won by 52% with 30 million voters. Many are concerned over the UK not staying as they are aware of the effects of leaving the Union. A petition…
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Britain to say bye to EU membership
Britain has left the European Union to the shock of many, including Prime Minister David Cameron, who’s none too pleased by this. If Britain is to sign on the bottom line, there may potentially need to be several changes made to trade tariffs, migration and the regulation of cars to agriculture. It’s going to have a rippling effect on the…
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Turnbull pledges to help protect the Great Barrier Reef
Climate change has significantly damaged our beloved Great Barrier Reef and it’s time to do something about it. The Coalition have pledged to grant $1 billion to help protect the Reef’s coral bleaching and improvement on water quality. With United Nations Educational, Scientific and Cultural Organisation (UNESCO) placing the Reef on the endangered list, serious action…
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Australia’s GDP exceeds expectations
Australia has experienced unexpectedly high growth in its Gross Domestic Product in the first quarter. The GDP rose 1.1% in the March quarter, elevating the annual rate to 3.1% overall. This is much higher than the 0.8% quarterly and 2.8% annual growth that had been projected by economists. The Australian Bureau of Statistics says the…
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Worst decade of Australian income growth
Australia needs to lift its productivity otherwise we may be about to experience the worst decade of national income growth in almost 50 years. Potential growth has fallen to 2.5% from 3.25%. NAB Group economists James Glenn and Riki Polygenis revealed this and say it is “below recent estimates from the Treasury and the RBA” of…
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ANZ announces 200 job cuts due to economic conditions
Two hundred ANZ employees will be saying farewell to their positions at the bank due to poor economic conditions. The Australian & New Zealand Banking Group currently has 48,896 employees and over the six months up to March, have reduced its full-time work force by 1,256. The bank advised their staff of the redundancies with cuts…
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Cash Converters in Trouble in Queensland
Cash Converters has hit another bout of difficulty with a $17 million class action lawsuit being filed against them in Brisbane this week. This follows the previous lawsuit they faced last year in New South Wales, where they were ordered to play $23 million to over 35,700 customers. The company is accused of charging interest rates…
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NSW is Australia’s strongest economy
CommSec has released its latest State of States Report, which names NSW as Australia’s top performing economy. The quarterly report analyses eight key economic factors in each state: economic growth, retail spending, equipment investment, unemployment, construction work done, population growth, housing finance and dwelling commencements. NSW has the strongest scores on population growth, retail trade,…
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Australia 2nd Most Likely to Suffer Debt Crisis
Forbes recently released a study into which top seven countries were the most vulnerable to a debt crisis in the next 1-3 years, and we in Australia were #2 – second only to China. Australian economist Steve Keen writes for Forbes that the same financial mishaps that were the cause of the Global Financial Crisis…
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Asian tourists are spending the most
Research undertaken by the University of Technology (UTS) Business School revealed that Asian tourists visiting Sydney spend as much as 6.5 times more than other tourists. It was found that there is a huge spending capacity of Asian tourists who are in Australia as part of incentive schemes. A 2015 visitor survey from Tourism Australia…