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Mumbai:The RBI on Friday retained inflation forecast for FY23 at 6.7 per cent amid uncertain price trajectory on "geopolitical shocks" and on hope that inflationary pressures would ease with pick-up in kharif sowing and supply chain improvements. In its previous monetary policy review in June, it had projected retail inflation for 2022-23 at 6.7 per cent, higher from 5.7 per cent forecast in April. The six-member Monetary Policy Committee (MPC) unanimously decided to raise the benchmark repo rate by a steep 50 basis points to 5.40 per cent with immediate effect to tame inflation while supporting growth. Repo is the key rate at which the RBI lends short-term money to banks. One basis points is equivalent to one-hundredth of a percentage point. RBI Governor Shaktikanta Das said inflation in second and third quarter of current fiscal year is expected to remain above the upper to.....
The Albanese Government’s Climate Change Bill 2022 has passed the House of Representatives today. The Bill will enshrine into law an emissions reduction target of 43 per cent from 2005 levels by 2030 and net zero emissions by 2050. It has brought together business, industry, unions, farmers, community and conservation groups, all of whom have asked the Parliament to put Australia on the path to net-zero emissions. For nine years, Australia has stumbled from one policy to another, and this overdue legislation will provide energy and investment certainty and usher the next generation of economic growth and opportunity. It locks in 43 per cent as Australia’s target to reduce emissions and ensures a whole-of-government approach to drive towards that target. It ensures accountability through an annual update to Parliament by the Climate Change Minister on the progress being.....
New Delhi: India's services sector lost momentum in July as demand was curtailed by competitive pressures, elevated inflation and unfavourable weather, a monthly survey said on Wednesday. The seasonally adjusted S&P Global India Services PMI Business Activity Index fell from 59.2 in June to 55.5 in July, pointing to the slowest rate of growth in four months. For the 12th straight month, the services sector witnessed an expansion in output. In Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction. As per the survey, service providers that reported higher sales in July mentioned favourable demand conditions and fruitful advertising. However, growth was dampened by fierce competition and unfavourable weather, survey participants said. According to Pollyanna De Lima, Economics Associate Director at S&P Global Market.....
Australian agriculture had a bumper year in 2020-21, with a 17 per cent increase in value to $70.9 billion according to data released today by the Australian Bureau of Statistics (ABS). Amanda Clark, ABS Program Manager of Agriculture Statistics, said 2020-21 was a good year for agriculture with above average yields and record production for many broadacre crops such as wheat, barley, and canola. "Total crop values in 2020-21 rose by 41 per cent compared with the previous year, while the value of total livestock disposals fell 6 per cent.” “Many farmers reported crop yields being at 'once in a lifetime' levels, with records broken in many regions for key commodities. Compared with the previous year, the value of wheat grew by 99 per cent to $9.9 billion in 2020-21, with production up 120 per cent.” said Ms Clark. The value of barley rose by 24 per cent to $3.7 billion, .....
The Consumer Price Index (CPI) rose 1.8 per cent in the June 2022 quarter and 6.1 per cent annually, according to the latest data from the Australian Bureau of Statistics (ABS). Head of Prices Statistics at the ABS, Michelle Marquardt, said "The quarterly increase of 1.8 per cent was the second highest since the introduction of the Goods and Services Tax (GST), following on from a 2.1 per cent increase last quarter." The most significant contributors to the rise in the June quarter CPI were new dwellings (+5.6 per cent) and automotive fuel (+4.2 per cent). "Shortages of building supplies and labour, high freight costs and ongoing high levels of construction activity continued to contribute to price rises for newly built dwellings. Fewer grant payments made this quarter from the Federal Government's HomeBuilder program and similar state-based housing construction programs also co.....
The Albanese Labor Government introduced legislation today to deliver our commitments to fix the crisis in aged care, and usher in a new funding model for residential aged care. The Aged Care Amendment (Implementing Care Reform) Bill 2022 will require a qualified registered nurse to be on site in every residential aged care home 24 hours a day, seven days a week, ensuring older Australians living in residential aged care receive immediate care when needed. The former Morrison Government ignored the Royal Commission’s recommendation that nursing homes should have a RN on site 24/7. We are also delivering on our election commitment to improve transparency in the aged care system, with the Bill introducing measures to monitor the costs associated with aged care, placing greater responsibility on providers to be transparent and fair. “The introduction of this legislation is t.....
London: There was no clear winner between former Chancellor Rishi Sunak and Foreign Secretary Liz Truss on Tuesday after the UK's prime ministerial candidates went head-to-head in their first television debate as finalists and clashed fiercely on their economic policies and tax plans. A snap Opinium poll of who performed best in the BBC debate on Monday night found Sunak just slightly ahead at 39 per cent, compared to Truss at 38 per cent. However, 47 per cent of Conservative Party voters quizzed thought it was the Foreign Secretary who was the better performer, with 38 per cent preferring Sunak. Overall, the survey of 1,032 British adults held that voters could not decide between Sunak and Truss, with just one point dividing the pair. In a reflection of what a general election might throw up, data showed that 41 per cent of Opposition Labour Party voters in the survey though.....
Today the National Cabinet met virtually to discuss the evolving situation with the COVID 19 pandemic and agreed several new measures. The Commonwealth and all States and Territories remain committed to working together collaboratively to support the COVID-19 health response, as Australians continue to manage the impacts of this pandemic. Chief Medical Officer Professor Paul Kelly provided an update on the pandemic, including new variants and their potential impact, and the impacts on hospital capacity and broader health system. Australia is beginning to see a new wave of COVID-19 infections driven by the BA.4 and BA.5 Omicron sub variants, which will increase the pressure on our health system. In recognition of the risks associated with more infectious new variants through the winter period, the Commonwealth agreed to reinstate the Pandemic Leave Disaster Payment to 30 Septembe.....
Beijing: China's monthly trade surplus soared to a record 97.9 billion in June as export growth accelerated following the easing of anti-virus controls that temporarily shut down Shanghai and disrupted trade. Exports rose 17.9% to 331.2 billion, up from May's 16.9%, customs data showed Wednesday. Imports rose just 1% to 233.3 billion in a sign of weak domestic demand. With almost no growth in imports, China's global trade surplus swelled by 90% compared with a year ago. Exports to the United States surged 19.3% over a year ago to 56 billion despite lingering tariff hikes in a trade war over Beijing's technology ambitions. Imports of American goods edged up 1.7% to 14.6 billion. China's politically volatile trade surplus with the United States widened by 26% from a year earlier to 41.4 billion. It was among irritants that prompted then-President Donald Trump to launch the trad.....
New Delhi: The new Australian government supports the trade pact signed with India, and they are expected to soon approach their parliament for approval of the agreement, Commerce and Industry Minister Piyush Goyal has said. India-Australia Economic Cooperation and Trade Agreement (ECTA) signed in April needs ratification by Australian parliament before its implementation. "I met minister Mr Don Farrell, who looks after trade in the new (Australian) government, and he has confirmed that they will be taking the Indus-ECTA to parliament very soon and they support the agreement and would like to further expand their engagement with India in the months and years to come," Goyal told PTI. The agreement, once implemented, will provide duty-free access to the Australian market for over 6,000 broad sectors of India, including textiles, leather, furniture, jewellery and machinery. Goy.....
The total number of dwellings approved rose 9.9 per cent in seasonally adjusted terms in May, following a 3.9 per cent fall in April, according to data released today by the Australian Bureau of Statistics (ABS). Daniel Rossi, Director of Construction Statistics at the ABS, said: "The increase in the total number of dwellings approved in May was driven by approvals for private sector dwellings excluding houses, which rose 32.0 per cent." "Approvals for private sector houses fell 2.7 per cent in May, following a 0.2 per cent fall in April." Across Australia, the number of dwelling approvals rose in Western Australia (38.7 per cent), Tasmania (26.8 per cent), Queensland (20.9 per cent) and New South Wales (4.7 per cent), in seasonally adjusted terms. Dwelling approvals decreased in South Australia (-21.3 per cent) and Victoria (-6.6 per cent). Approvals for private sector house.....
Prime Minister Anthony Albanese visited Kyiv on Sunday, where he met with President Volodymyr Zelenskyy and expressed Australia’s support for the brave people of Ukraine and the incredible defence of their homeland. During the visit Prime Minister Albanese saw first-hand some of the devastation caused by Russia’s illegal invasion of Ukraine. “My visit to Kyiv and recent visits by other world leaders sends a clear message that democratic nations like Australia will stand side-by-side with the Ukrainian people in their time of need,” Albaneses said on the occassion. He further added, “President Zelenskyy’s leadership has rallied the Ukrainian people to defend their country and inspired the world to support humanity and freedom. The road ahead is hard but I am confident Ukraine will prevail.” Following President Zelenskyy’s request for further support, Australia will p.....
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