The Australian economy has received a boost in the form of better-than-expected capital expenditure figures for the first quarter, as businesses took advantage of tax breaks to buy new machinery. The Australian Bureau of Statistics revealed today that total business spending rose a real 6.3% in...
Australia has created a A$800 million funding package to advance the digitisation of businesses, as part of its COVID-19 economic recovery plan. The Federal Government said it would spend $420 million coordinating Australia’s more than 30 company registers and put them online, and another $257 million...
National Australia Bank’s latest business survey has revealed that business confidence has plunged to its lowest ever level as the economy continues to be battered by the effects of coronavirus. Business confidence fell deep into negative territory to -66 points in March, following the introduction social...
A survey conducted by the Australian Bureau of Statistics (ABS) has revealed that almost half of Australian businesses have already experienced an adverse impact as a result of the COVID-19 outbreak. In addition, the ABS expects almost 90% of businesses across the country to impacted in...
An annual survey of Australian chief executives has shown that climate change is being increasingly viewed as a major threat to business. Global accounting firm PwC’s surveyed 1,600 CEOs around the world - including 117 Australians - and found that 65% of Australian bosses said climate...
The International Monetary Fund (IMF) has slashed Australia’s economic growth forecast by 0.4% to 1.7% in 2019, warning of a ‘synchronised global slowdown’ comparable to the 2008-09 global financial crisis. The latest IMF World Economic Outlook report predicted that growth in Australia would recover to 2.3%...
Australia’s economy has been ranked 14th globally in a study which measures the capacity and readiness of 63 economies to adopt and explore digital technologies as a key driver for economic transformation. IMD’s World Digital Competitiveness Ranking highlighted weaknesses in business agility, technology skills and communications...
Around AUS$60 billion in value was knocked off the Australian Stock Market (ASX) today in the wake of a major recession warning in the US, which prompted the worst one day fall at Wall Street in 2019. The benchmark ASX 200 index mirrored the Wall Street...
The Australian dollar has plummeted to its lowest level since the height of the Global Financial Crisis in 2009, after the Reserve Bank of New Zealand (RBNZ) surprised the market by cutting interest rates by 0.5%. While several economists foresaw an interest rate cute, most expected...
Australia will experience another two years of sub-par economic growth, but lower interest rates and tax handouts should see it avoid a recession, according to economists polled by Reuters. Economists in the poll forecasted that Australia’s AUS$1.9 trillion annual gross domestic product (GDP) would expand 2.1%...