Economy
Australia’s economy rebounds sharply in third-quarter from COVID-19 recession
December 3, 2020
Australia’s economy has rebounded sharply in the third quarter from a coronavirus-induced recession as consumer spending surged. Reports showed that the A$2 trillion ($1.5 trillion) economy expanded by more than the expected 3.3% raise in September, following a 7% contraction in June, as the country largely got COVID-19 under control. The rebound was led by household spending, which was led by household spending, which rose 7.9%, driven by massive fiscal and monetary stimulus since March. The Australian dollar briefly hit a day’s high of $0.7389. Reserve Bank of Australia (RBA) Governor Philip Lowe believes Economic growth is positive in December …
Australian economy to bounce back ‘faster and stronger’
November 17, 2020
The Australian economic recovery is believed to be going faster and stronger than what most economists have expected, this is the prediction of Commonwealth Bank’s head of Australian economics, Gareth Aird. It is now expected that GDP will contract by 3.3 per cent in 2020 but will have a stronger recovery in 2021. Over the next two years, GDP is predicted to grow by 4.2 per cent in 2021 (previously 2.5 per cent) and another 3.8 per cent in 2022. According to Aird, the similarities between the Great Depression and the Covid-19 pandemic from an economic perspective only pertains to …
Mitchell Freeway Extension a step closer with preferred proponent named
October 23, 2020
The Mitchell Extentions Joint Venture (MEJV), which consists of BMD Construction and Georgiou group, has been chosen to deliver the $215 million Mitchell Freeway Extension. The project, which is expected to create and support 1,200 local jobs and involves extending the Mitchell Freeway 5.6 kilometers from Hester Avenue in Clarkson to Romeo Road in Alkimos. The extension aims to alleviate pressure on the local road network, reducing travel times and improving safety and connectivity for commuters and local residents. The final contract is expected to be awarded in coming weeks with early works to commence in early 2021. The Mitchell …
Western Australia’s $27 billion transport infrastructure budget
October 20, 2020
The Western Australian Government has released a suite of investments under its 2020-21 State Budget which includes an overall $27 billion investment in infrastructure over the next four years. The State Budget includes $2.39 billion for road infrastructure and maintenance, $1.43 billion to capital works and $960 million for asset management (maintenance, road safety and minor works), network operations and grants to local governments for works on local roads. Major projects to be progressed as part of the State Budget include: • $100 million to install Smart Freeway technology on the Mitchell Freeway between Hester Avenue and Vincent Street, including …
Perth CBD’s $695 ‘game changer’: Edith Cowan University campus announced
September 21, 2020
More than half a billion dollars will be spent on a new West Australian university campus in the heart of Perth. Edith Cowan University’s Creative Industries, Business and Technology Campus will cost $695 million in federal and state funds and is expected to attract thousands of students and staff into the city centre. According to Prime Minister Scott Morrison, the project is expected to generate employment for thousands of West Australians, boost business that are already in the CBD and drive new businesses to open. With this project, the state government will now take full ownership of the university. The …
Western Australian economy resilient in face of COVID-19
September 3, 2020
Western Australia records better economic results in 2019-2020 underpinned by the State’s hard border and strong COVID-19 response. The only state to experience economic growth in 2019-20 as Business investment grew by 9.3 percent, the strongest growth in eight years. The states hard border and strong COVID-19 response has buttressed the local economy to post the strongest economic growth of 1.1 percent. The figures released by Australian Bureau of Statistics show that WA confronted the pandemic from a position of strength, with a growth in the State’s domestic economy. This growth was underpinned by strong business investment, with a growth …
Coronavirus Australia: JobKeeper to be extended until Christmas
July 24, 2020
The JobKeeper wage subsidy has been extended until Christmas, however, this would be at a reduced rate of over $1000 a fortnight for companies that qualify under a new, tighter, eligibility test. The JobKeeper scheme, which was due to expire in late September has been extended until the end of the year which stricter requirements and lesser payout. Casuals will also no longer secure a flat-rate payment regardless of whether they are full-time or part-time under the JobKeeper’s second phase. Instead, casuals and part-time workers will secure a part-time rate of the JobKeep subsidy. A new turnover test will also …
Boost for jobs in Regional WA – Buy Local Policy for Goods, Services & Works
July 8, 2020
A new WA Buy Local Policy 2020 has been created to ensure that state government agencies prioritise regional businesses in which work or services are being delivered. The WA Buy Local Policy 2020 is a revised iteration of the current Buy Local Policy in 2002 which aimed to make sure regional businesses gained from the state governments annual $27 billion spend on goods, services and works. Under the 2020 policy, local businesses in the region where the work is being carried out will be invited to bid for contracts in their local area and the revised Regional Price Preferences will …
$72 billion worth of infrastructure projects to be fast-tracked by federal government
June 18, 2020
Despite the controversy over the destruction of Indigenous heritage sites, the government is expected to fast-track the approval of mining projects in Western Australia to accelerate billions of dollars worth of infrastructure projects across the country. Joint assessment teams from the Commonwealth and state and territory government will work to slash approval times for the projects, worth a collective $72 billion in public and private investment. Around 15 projects worth $72 billion in public and private investment will be accelerated, among these are The Brisbane to Melbourne Inland Rail project and road, rail and iron ore projects in Western Australia, …
