Reserve Bank of Australia has increased the cash rate target by 50 basis points to 85 basis points. It also increased the interest rate on Exchange Settlement balances by 50 basis points to 75 basis points.
Inflation in Australia has increased significantly. While inflation is lower than in most other advanced economies, it is higher than earlier expected. Global factors, including COVID-related disruptions to supply chains and the war in Ukraine, account for much of this increase in inflation. But domestic factors are playing a role too, with capacity constraints in some sectors and the tight labour market contributing to the upward pressure on prices. The floods earlier this year have also affected some prices.
Inflation is expected to increase further, but then decline back towards the 2–3 per cent range next year. Higher prices for electricity and gas and recent increases in .....
A series of NASA rockets will be launched into space from the Northern Territory later this month, with the Australian Government signing-off on a history-making moment for the local space sector.
Three scientific suborbital sounding rockets will be launched between 26 June and 12 July 2022 from the Arnhem Space Centre, which is owned and run by Equatorial Launch Australia.
This will be the first time NASA launches rockets from a commercial facility outside of the US. They will also be the first NASA rockets launched from Australia since 1995, when launches were conducted from the Royal Australian Air Force Woomera Range Complex.
“The growth of launch related activities in Australia is helping to open up the full value chain of space activities, which will grow the sector and create new businesses and job opportunities here at home," said Head of the Australian Space Agency En.....
Scott Morrison is quick to blame the largest spike in inflation in more than two decades on international factors, such as the war in Ukraine, as well as supply chain disruptions caused by the COVID-19 pandemic.
But Australian exporters are also enjoying the biggest price boom in almost half a century, largely on the same factors.
The prime minister says his government has been able to “shield” households from rising prices with a cost-of-living support package in last month’s budget that included slashing fuel excise for six months.
This, he says, was only achievable through his government’s “economic plan” and a $100 billion turnaround in the budget bottom line.
But new figures also show national income received a massive lift in the March quarter through soaring export prices – a major boost to the budget bottom line and outside the government’s control.
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The Consumer Price Index (CPI) rose 2.1 per cent in the March 2022 quarter and 5.1 per cent annually, according to the latest data from the Australian Bureau of Statistics (ABS).
Head of Prices Statistics at the ABS, Michelle Marquardt, said "The CPI recorded its largest quarterly and annual rises since the introduction of the goods and services tax (GST)."
The most significant contributors to the rise in the March quarter CPI were new dwellings (+5.7 per cent), automotive fuel (+11.0 per cent) and tertiary education (+6.3 per cent).
"Continued shortages of building supplies and labour, heightened freight costs and ongoing strong demand contributed to price rises for newly built dwellings. Fewer grant payments made this quarter from the Federal Government's HomeBuilder program and similar state-based housing construction programs also contributed to the rise." said Ms Marquardt.....
New Delhi:Prime Minister Narendra Modi and European Commission President Ursula von der Leyen on Monday agreed to launch an EU-India trade and technology council to address the challenges of ensuring trusted technology and security in the wake of rapid geopolitical changes.
The decision was taken during talks between Modi and von der Leyen.
The European Union said the strategic coordination mechanism will allow both partners to tackle challenges "at the nexus of trade, trusted technology and security, and thus deepen cooperation in these fields."
It said both sides agreed that rapid changes in the geopolitical environment highlight the need for joint in-depth strategic engagement.
"The Trade and Technology Council will provide the political steer and the necessary structure to operationalise political decisions, coordinate technical work, and report to the political level to .....
Singapore:Singapore and New Zealand will cooperate on green technologies in the fight against climate change, prime ministers from both countries said Tuesday.
The joint efforts will be part of the new climate change and green economy pillar added to Singapore and New Zealand's enhanced partnership, and will involve adopting low-carbon and green technologies, Prime Ministers Lee Hsien Loong of Singapore and Jacinda Ardern of New Zealand said in a joint news conference Tuesday.
We cannot collectively simply return to a high carbon emissions business-as-usual approach. Globally, we have entered what must be an age of action, and that includes the private sector as well, said Ardern.
No government can do this alone. It takes a strong joint effort, she said.
Ardern arrived in Singapore on Monday for a three-day official visit to meet with Singapore's President Halimah Yacob as we.....
New Delhi: Tech titan Apple has begun production of iPhone 13 in India, bolstering India's vision of emerging as a manufacturing powerhouse.
The flagship product is being made at Apple's contract manufacturing partner Foxconn's facility, near Chennai, sources said.
"We are excited to begin making iPhone 13 with its beautiful design, advanced camera systems for stunning photos and videos, and the incredible performance of the A15 Bionic chip right here in India for our local customers," a statement by Apple said.
It is pertinent to mention that Apple started manufacturing iPhones in India in 2017 with iPhone SE. It currently manufactures some of its most advanced iPhones in the country including iPhone 11, iPhone 12 and now, iPhone 13.
The flagship iPhone 13 packs an advanced 5G experience, offers super-fast performance and power efficiency with A15 Bionic chip, longer battery.....
Washington: President Joe Biden is nominating an Obama-era U.S. attorney to run the Bureau of Alcohol, Tobacco, Firearms and Explosives, as his administration unveils its formal rule to rein in ghost guns, privately made firearms without serial numbers that are increasingly cropping up at crime scenes, six people familiar with the matter told The Associated Press.
Biden is expected to make the announcement nominating Steve Dettlebach, who served as a US attorney in Ohio from 2009 to 2016, at the White House on Monday, the people said. They were not authorized to discuss the nomination publicly and spoke to the AP on condition of anonymity.
The administration will also release the finalized version of its ghost gun rule, which comes as the White House and the Justice Department have been under growing pressure to crack down on gun deaths and violent crime in the US.
Dettlebach's .....
canberra: The Morrison Government today approved a $1.25 billion loan through the Critical Minerals Facility to Australian company Iluka Resources, to develop Australia’s first integrated rare earths refinery in Western Australia.
The refinery will produce separated rare earth oxide products (Praseodymium, Dysprosium, Neodymium and Terbium), which are used in permanent magnets in a wide range of technologies, including electric vehicles, clean energy generation and defence.
The Eneabba Refinery Project strongly aligns with the objectives of the Government’s Critical Minerals Strategy. It will capture more value on-shore from our critical minerals, strengthen Australia’s position as a trusted supplier of critical minerals, and create regional jobs crucial for the new energy economy.
This loan builds on our Government’s support for the critical minerals sector to help real.....
Canberra: Australia today signs an historic trade agreement with India, the Australia-India Economic Cooperation and Trade Agreement, that will further strengthen our relationship while making Australian exports to India cheaper and creating huge new opportunities for workers and businesses.
Tariffs will be eliminated on more than 85 per cent of Australian goods exports to India (valued at more than $12.6 billion a year), rising to almost 91 per cent (valued at $13.4 billion) over 10 years.
Australian households and businesses will also benefit, with 96 per cent of Indian goods imports entering Australia duty-free on entry into force.
India is the world’s largest democracy and the world’s fastest-growing major economy, with GDP projected to grow at nine per cent in 2021-22 and 2022-23 and 7.1 per cent in 2023-24.
In 2020, India was Australia’s seventh largest trading pa.....
Canberra: The Australian Government is taking further action to increase the economic costs to Russia following its illegal invasion of Ukraine, supported by Belarus, by applying an additional tariff of 35 per cent for all imports from Russia and Belarus.
On 1 April 2022, Australia will issue a formal notification withdrawing entitlement to the Most-Favoured-Nation (MFN) tariff treatment and applying an additional tariff of 35 per cent to all imports from Russia and Belarus. This will take effect from 25 April 2022 and will be in addition to general duty rates that currently apply.
This action follows Australia’s joint statement, with other like-minded members of the World Trade Organization, strongly condemning Russia’s actions and committing to take all actions we consider necessary, as WTO members, to protect our essential security interests.
Australia stands in solidarit.....
Canberra: New specialised endometriosis and pelvic pain clinics will be established in every state and territory to improve diagnosis, care and treatment to support over 800,000 Australian women who have the disease, as part of the Morrison Government’s funding package.
Through the 2022-23 Budget, a record $58 million will be provided under the National Action Plan for Endometriosis to improve endometriosis diagnosis and primary care support, helping more women to find appropriate care and better manage the impact of endometriosis.
Endometriosis has a profound impact on around one in nine Australian women and girls. It is a highly individualised condition, with symptoms ranging significantly from person to person, but commonly impacting on family and social life, work and study.
Prime Minister Scott Morrison said this significant investment will address the need for more endom.....