Wind farms hit with fines over SA blackout
ADELAIDE, AAP – The operators of two South Australian wind farms have been ordered to pay more than $1.6 million in penalties for breaching national electricity rules in action taken after the 2016 statewide blackout in South Australia. Pacific Hydro Clements Gap Ltd was hit with a $1.1 million fine for failing to obtain written…
Implications of soaring crude oil prices
Implications of soaring crude oil prices Oil market; Resources Quarterly; Regional migration What happened? Global oil prices posted a fifth straight weekly gain. Brent crude rose by 3.6 per cent to US$76.18 a barrel and the US Nymex added 3.4 per cent to US$74.05 a barrel. Of importance to Australia, the Singapore gasoline price rose…
Trade surplus close to record in May
CANBERRA, AAP – Australia’s trade surplus grew to $9.68 billion in May, a shade smaller than the record $9.75 billion set in March 2020. Australian Bureau of Statistics figures show the May result compares with a goods and services trade surplus of $8.15 billion in April. Exports grew by three per cent in the months,…
Albanese to pledge path to full employment
CANBERRA, AAP – An elected Labor government will launch an in-depth study charting the path to full employment in a bid to create a post-pandemic jobs boom. Opposition Leader Anthony Albanese has pledged to commission a full employment white paper with input from government, industry and union experts. The report will devise a plan to…
Metcash reports ‘significant’ sales growth
SYDNEY, AAP – IGA Supermarkets owner and distributor Metcash has reported record annual sales driven by an uptick in revenue from its food, liquor and hardware operations. The sales momentum for the 2021 fiscal year ended April has continued into the first eight weeks of the new year, as consumers continued to spend up on…
Flight Centre shares for workers who stay
SYDNEY, AAP – Flight Centre is trying to retain staff amid the pandemic by offering shares if workers stay until the end of next year. The global travel agency said a worker will receive the right to 250 shares if they remain to December 31, 2022. Company leaders expect about 7,500 workers will take up…
Vic quarantine facility gets green light
MELBOURNE, AAP – A purpose-built quarantine facility will be constructed in Melbourne’s north and will begin taking returned overseas travellers by the end of the year. Prime Minister Scott Morrison on Friday confirmed the 1000-bed facility will be constructed on the Commonwealth-owned land in Mickleham in Melbourne’s north, next to an existing quarantine facility for…
Tech surges but most of ASX lower
SYDNEY, AAP – Technology shares have boomed by more than two per cent but there was little joy elsewhere on a declining Australian market. Buy now, pay later provider Afterpay powered the technology gains by gaining 6.6 per cent to $131.02. The company has made its service available to US customers of Amazon, Dell, Macy’s…
Retail trade likely to have grown in May
CANBERRA, AAP – New figures will show how retailers are faring with consumer confidence having taken a bit of a hit from the fallout of the recent 14-day lockdown in Victoria. Consumer spending is expected to be a main plank of Australia’s continued economic expansion, aided by low interest rates, the wealth effect of rising…
Why has growth slowed globally?
Even before COVID-19 hit, Australia was experiencing slow growth in GDP per capita and real wages. There has been a distinctly lower rate of both economic and real wages growth since the financial crisis of 2008-09. Advanced economies around the world have, to varying degrees, witnessed the same trends. If anything, Australia has done slightly…
