Today’s independent Pre-Election Economic and Fiscal Outlook 2016 (link is external) (PEFO) confirms the integrity of the Budget delivered on May 3 and that the Turnbull Government is on track to bring the Budget back into balance as projected.
The PEFO shows the Secretaries of the Treasury and the Department of Finance have attested that the credible and conservative assumptions and economic forecasts underpinning the 2016-17 Budget are official estimates which were adopted in full by the Government.
This week’s readings include an example of the technology industry’s efforts to increase uptake, and an overview of China as a global investor.
Chile and South Australia have renewed the mineral resources partnership between the two mining jurisdictions, with the re-signing of a Memorandum of Understanding for a further five years.
The MoU has been strengthened by widening the exchange of information to include regulatory practices in the two jurisdictions. Previously, the exchange of information was more focused on geology and exploration technology, with a focus on copper mining.
The partnership enables Chile to benefit from South Australia's expertise in mineral exploration deep below cover, while South Australia hopes to encourage investment from Chilean companies in the local mining sector.
After living in Beijing for five years, Jessica Rudd returned to Australia and seized the opportunity to sell Australian-made organic products to China. By taking advantage of Chinese online platforms Tmall Global and JD.com, her online store Jessica’s Suitcase has found a strong following among Chinese consumers. - See more at: http://www.australiaunlimited.com/business/chinas-organic-online-demand#...
People are fascinated by China’s economic success. Many Chinese cities are bigger in population than all of Australia and for many, China has a magnetic energy. This was the case for Jessica Rudd, a lawyer, PR consultant, author of novels Campaign Ruby and Ruby Blues and daughter of former Australian Prime Minister Kevin Rudd.
A local park could be named after the late Deputy Lord Mayor, Robyn Kemmis, following calls from the Glebe community for a lasting tribute.
Councillor Kemmis, who passed away late last year, was a Glebe resident for over 35 years, an active member of her local community and a longstanding advocate for social justice, equal opportunity, women’s rights, social housing and young people.
Glebe residents have requested a playground on Franklyn Street, that does not have a formal name, be named Robyn Kemmis Reserve to celebrate her life and achievements.
“Robyn was a dedicated and skilled elected representative, and a tremendously effective local councillor whose loss has been felt by so many people,” Lord Mayor Clover Moore said.
More than 450 Chinese university students will visit Adelaide Town Hall today to learn about the great opportunities for them in South Australia.
The inaugural ‘Australia Ready Forum’ has been organised to help Chinese students achieve their goals for personal development and enrich their time spent here.
The event is organised by Chinese migrant and former student May Gu and sponsored by Adelaide City Council, with support from other government agencies. Senator the Hon Penny Wong will be the opening speaker.
May said she was very proud to organise the event and hoped it would help students to hit the ground running during their stay here.
Around a hundred students from Adelaide’s senior schools will converge on the Adelaide Town Hall today and Thursday to participate in a two-day sustainability summit aimed at taking action on climate change.
In partnership with the Australian Youth Climate Coalition’s Switched on Schools program, the summit will provide opportunities for young people to look at ways they can effect change within their own schools and communities, and how that can impact positively on the broader community.
With annual sales of US$4.3 billion, McCormick owns a number of internationally-known food brands. The Baltimore-based company is also a global leader in the manufacture, marketing and distribution of spices, seasoning mixes and condiments to the entire food service industry – retail outlets, food manufacturers and food service businesses.
My previous post took a quick look at the latest data on foreign direct investment (FDI) into Australia. Below, I draw on the same Australian Bureau of Statistics (ABS) data to review how the sources of FDI into Australia have changed over time, highlighting in particular the increasing importance of East Asia as well as the growing role played by some of the smaller, non-regional offshore financial centres (OFCs)1.
FDI confidence in Australia has improved, with our global ranking rising three spots to seven out of 25 economies (after falling to ten last year), according to the A.T. Kearney’s 2016 survey. Compared to one year ago, 32 per cent of world’s business executives - the fifth highest in the study - are more optimistic on our economic outlook over the next three years. Also, Australia, along with China, have been the only two economies in the Asian region consistently ranked in the top ten highest Index in the world since 2010 (see table below).
850 new jobs will be created in regional South Australia and northern Adelaide as a result of a $275 million investment by leading chicken producer, Ingham.
Ingham is expanding its facilities to double its capacity throughout the production chain including breeding, hatching, processing, feed production and product distribution at 15 sites in South Australia.
These include Bolivar, Edinburgh Parks and Dry Creek and at Monarto, Yumali, Murray Bridge and other sites in the Murraylands.
The expansion will create 385 direct jobs with the company, 465 jobs with contractor firms as well as up to 700 jobs in the construction phase.
Australian organisations are experiencing a significantly higher rate of economic crime than the rest of the globe according to a PwC survey released today which finds 52 percent experienced economic crime in the l
First quarter M&A and capital raising numbers confirm the stark reality of the ‘lower for longer’ sentiment in the mining and metals sector, according to EY Oceania Mining & Metals Transactions Leader Paul Murphy.
Murphy’s comments follow the release of EY’s Q1 global capital raising and M&A report, Divestments: extracting hidden value which shows global deal value and volume in the sector continued the five-year downward trend.
Global deal value in the sector fell 45% to US$3.3b in Q1 2016 compared to the same period in 2015. Global deal volume followed the same downward trend with 72 deals in Q1 2016 compared to 90 in Q4 2015.
The Australian Bureau of Statistics (ABS) today confirmed Victoria is Australia's leading retail state.
The most recent ABS retail sales figures show that Victoria's strong consumer confidence has translated into the strongest annual retail sales growth of any Australian state.
has announced an investment worth tens of millions of dollars in its Altona refinery in Melbourne's west.
Australia’s sovereign debt will continue rising, budget deficits will widen and the economy will languish if productivity growth fails to improve on its recent performance, a KPMG Economics report published today, argues.
The Government welcomes the High Court’s decision to confirm the constitutional validity of our Senate voting reforms.
Our Senate voting reforms empower voters to determine what happens to their preferences when voting for the Senate above or below the line and as such help ensure that the Senate result reflects the will of voters.
Indeed, our Senate voting reforms brought to an end the days of political parties controlling preference flows for voters voting for the Senate above the line.
As a result of our reforms individual voters now have complete control of how their preferences are allocated.
This week’s readings include Austrade’s analysis of 2015 FDI numbers and the RBA’s latest thinking on the global economy.
Spaceships on rooftops, a hand-shaped building and an ornamental lake with British Isles-shaped islands are among the unrealised plans for Melbourne that feature in a new City Gallery exhibition. A History of the Future: Imagining Melbourne curator Clare Williamson has compiled an exhibition of building plans, underground roads and public art projects proposed by city planners, architects, artists and writers over the last 180 years that would have changed the face of the city and how we engage with it.
The exhibition also features a 14-metre long panoramic wall drawing by artist Lewis Brownlie whose imagined Melbourne’s cityscape brings some of these dreams and schemes to life.
Resource industry leaders attended a workshop to develop the South Australian Government’s Magnetite Strategy, which will aim to secure $10 billion worth of committed investment in iron ore mining projects.
The Magnetite Strategy Workshop, hosted by the Department of State Development at the Adelaide Convention Centre, has begun the process of identifying opportunities for growth in the sector as well as what needs to be done to maximise the economic benefits of the resource to the State.
Securing that investment within the next five years would represent a major step toward reaching the target of 50 million tonnes of iron ore exports a year by 2030.