According to a high government official in Australia, the country considers China as a critical trading partner, and their partnership is likely to continue due to obstacles like Covid lockdowns and supply-chain interruptions. Elisabeth Bowes, a staff in the department of Trade and Foreign Affairs, also mentioned that it is almost impossible to think their partnership will decline anytime soon.
Punitive trade action from China has contributed to the tension between the countries. She said such issues highlighted the necessity for diverse trading markets at the Asia Conference in Melbourne. The conference comes to an end on Oct 19.
What Is Happening In Australia Today That Affects Its Economy?
According to experts at the Australian Institute of Marine Science, two-thirds of the Great Barrier Reef’s length saw unprecedented coral recovery this year. But the fact that the regeneration was required at all is an issue. The reefs wouldn’t have needed to recover if there hadn’t been four recurring heat-driven coral bleaching in seven years.
The same yearly reef status assessment issues a warning: that there is growing worries about its capacity to retain this state
The Australian central bank’s move to slow the rate of policy tightening is a result of its economy being different from other developed economies due to better-behaved wages and deeply leveraged consumers.
The Reserve Bank this week underscored its concerns about the effects of ultra-aggressive interest-rate rises, having increased rates by 2.5 percentage points in six months, even though inflation is still an issue in Australia when compared to the Federal Reserve, which increased by three points in just eight months.
Australian Economy VS Other Countries’
On Oct 20, Australian equities are expected to decline after a US recovery failed amid new bond trading that sent Treasury rates to multiyear highs. Risk appetite is still affected by high inflation and a worldwide surge of financial contraction.
After accusations of administration bullying and the departure of two of the prime minister’s top staffers were brought about by a Parliament vote late on Wednesday, Truss’s tenure as UK prime minister appeared to end. One Tory MP said, “I hope not,” when asked if the administration could make it through the night.
Dubai’s phenomenal real estate price increase is luring a diverse group of highly wealthy purchasers. In contrast, Indian billionaire Mukesh Ambani established a new record for the city’s real estate industry in March when he purchased an $80 million property for his youngest son.
The emirate was the largest gainer on Knight Frank’s worldwide index during the year that ended in September, thanks to a rise in premium real estate prices of 70.3%.