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Australian Economy

Australian Economy
Helped by its massive natural resources, Australia has weathered the global financial crisis better than other Group of 20 economies. In 2012, its economy grew 3.1 per cent, compared with 1.6 per cent in the United States and 1.1 per cent in Canada.
Australian Treasurer Jim Chalmers. Photo: Reuters
Australia

‘Dark shadow’: Australia’s new government to shield it from US-China trade war

Treasurer Jim Chalmers says the re-elected Labor government’s first priority will be to address the global economic uncertainty.

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Australia

‘Thank you’: Australia’s left-leaning PM Albanese triumphs in election

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Australia

Opinion | Trump tariff shock should jolt Australia into standing on its own

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Australia

Australia to reclaim strategic port from China after election, amid rising fears

The Port of Darwin, under a 99-year lease to Chinese firm Landbridge, is a strategic asset on Australia’s northern coast and home to a US base.

Australia plans to buy back control of its strategic northern port of Darwin from the current Chinese leaseholder. Photo: AFP
Australia

Australian outback swamped by year’s worth of rain in a week, devastates livestock

Around 100,000 cattle and sheep are dead or missing due to flooding from 500 millimetres of rain in an area the size of Texas.

Australia

Trump dashed its hopes for tariff relief, but Australia says it won’t hit back

Australian PM Anthony Albanese called US tariffs ‘entirely unjustified’, but said imposing duties on US imports would only hurt consumers.

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Australia

Australia’s gender pay gap narrows but women still paid 18.6% less

Finance, mining and construction industries showed the biggest differences, a government report found.

People at Melbourne’s Bourke Street Mall. Australia passed legislation mandating the reporting of gender pay gaps for companies with more than 100 employees in 2023. Photo: AFP
Australia

Australia pushes for tariff exemptions in crucial Washington visit ahead of election

Australia’s treasurer Jim Chalmers is seeking US tariff exemptions for steel and aluminium, crucial for PM Albanese’s government ahead of coming elections.

Climate change

Outside In | The industry is in crisis, but wine lovers should hold their panic

The future looks dire with consumption pivoting away, especially in China and France, and grape growers worldwide hit by climate change, but the wine sector is a long-term sector.

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Australia

China-Australia beef over as Beijing lifts red meat ban on Canberra exports

Over the past two years, Beijing has dropped tariffs on Australian barley and wine, halted an import ban on timber and resumed shipments of coal.

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Workers process meat at an abattoir in Australia. Photo: Reuters
China-Australia relations

China, Australia sign avocado agreement at Shanghai expo amid warming ties

Australia’s avocado trade association and China’s trade body signed an agreement at the China International Import Expo in Shanghai on Wednesday.

Avocados Australia and the China Chamber of Commerce of Import & Export of Foodstuffs, Native Produce & Animal By-Products signed a memorandum of understanding at the China International Import Expo in Shanghai on Wednesday. Photo: Mandy Zuo
Mainland China

Exclusive | Friends again, Australia sends largest trade group to Shanghai fair

Almost 70 per cent of the businesses in Australia’s group represent the food and beverage sector.

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China trade

Scrapping of punitive tariffs sparks surge in Chinese imports of Australian wine

Australia’s share of China’s imported wine market plunged to 0.06 per cent last year from 37 per cent in 2019.

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China-Australia relations

Editorial | Lobsters deal whets appetite for better China-Australia ties

Lifting of ban by mainland China on the Australian seafood raises hopes of a continuing improvement in relations between two countries.

Cooked Eastern Rock Lobster is displayed at Sydney Fish Markets in December 2023. China’s trade ban on Australian lobsters is to end after more than three years. Photo: Getty Images
Australia

Australia’s failure to reinvest in mineral wealth risks dragging down economy

Wealth from the mining boom has not been reallocated to benefit average Australians, leaving them worse off now than 10 years ago, analysts say.

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A diamond mine in the Kimberley region of western Australia. Photo: Nature/AFP
China-Australia relations

China ending Australian lobster ban ‘huge relief’ for industry

China is set to lift its ban on Australian lobster imports by the end of the year following a meeting between Premier Li Qiang and Prime Minister Anthony Albanese.

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China-Australia relations

Australia to push ahead with trade diversification despite warming China ties

Analysts say Australia will still push ahead with its trade diversification, particularly in Southeast Asia, despite improving ties with China.

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International Property

Homebuyers flock to city centres as demand wanes for flats close to nature

That shift has become evident in metropolises across the UK and Australia, as well as in compact cities like Singapore and Hong Kong.

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Panoramic view of Hong Kong island’s skyline at sunset. Photo: Shutterstock
Australia

Australia caps international student numbers to ease housing pressure

Record migration – driven by students from India, China and Philippines – expanded labour supply and restrained wage pressures, but it exacerbated an already tight housing market.

Asia housing and property

The View | South Korea, Australia show rate cuts are no cure-all for property markets

South Korea and Australia provide a cautionary tale of the limits of monetary policy when other factors also influence the outlook for residential property.

Australia

‘Fantastic as fiction’: Penny Wong on rising to become Australia’s top diplomat

In a candid speech, the Malaysian-born foreign minister highlighted the need for more diverse leadership and deeper ties with Asia.

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Penny Wong speaking at the Centre for Asian-Australian Leadership, established by the Australian National University to address the underrepresentation of Asian-Australians in leadership positions. Photo: Erin Chew
Australia

The View | How Australia’s restrictive housing policy turns it into Nimby haven

Unlike in Japan, Australia’s restrictive planning rules and housing policy constrain the market’s ability to respond to rising demand.

Newly constructed blocks of flats in the Sydney suburb of Mascot are seen on June 16. Addressing the chronic issue of housing affordability in Australia has been hampered by what some see as overly restrictive planning and zoning laws. Photo: AFP
China-Australia relations

What did Premier Li’s Asia-Pacific tour do for China’s trade, academic agenda?

Chinese Premier Li Qiang visited New Zealand, Australia and Malaysia, with attention centring around exchanges between Beijing and Canberra.

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Diplomacy

Editorial | Li Qiang’s three-nation tour to repair and deepen China ties has positive results

Stops by Chinese premier in New Zealand and Australia were partly to manage differences, but Malaysia visit strengthened relations

International Property

Australia’s tighter immigration policy poses risk to luxury home market

Canberra’s withdrawal of a golden visa scheme and its decision to cap its migrant intake could hurt high-end home sales as Asian buying could shrink.

Apartment blocks stand in the suburb of Meadowbank in Sydney, Australia. Photo: Bloomberg
China-Australia relations

Chinese premier tells Australia: let’s try to set aside our differences

Li kicks off visit where trade is expected to feature prominently with message stressing importance of ‘seeking common ground’.

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China’s Premier Li Qiang waves as he arrives at Adelaide Airport. Photo: AFP
China-Australia relations

China’s EU trade spat has Australian wine industry eyeing new opportunities

Speculation over the possibility of Beijing imposing tariffs on European wine is seen as a golden opportunity for the Australian wine industry to get back in after a three-year dry spell.

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Australia

The View | Why Australia shouldn’t pin its housing crisis on immigration

Australia’s migration-fuelled population growth has been a driving force behind increasing demand in the property sector. However, while immigration is being blamed for the housing crisis, the problem is linked more to limited supply, planning laws and the tax system

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