Australia’s growth to beat forecasts: IMF

Original article by Adam Creighton
The Australian – Page: 1 & 4 : 7-Apr-21

The International Monetary Fund has upgraded its economic growth forecast for Australia in 2021 to 4.5 per cent. Its previous forecast in January was for growth of 3.5 per cent. The IMF now expects the global economy to grow by six per cent in 2021 and 4.4 per cent in 2022. However, the IMF’s chief economist Gita Gopinath says the COVID-19 pandemic will require governments to continue to provide economic support measures. Meanwhile, Reserve Bank of Australia governor Philip Lowe expects the domestic economy to record above-trend growth in both 2021 and 2022.

CORPORATES
INTERNATIONAL MONETARY FUND, RESERVE BANK OF AUSTRALIA

IMF spurs debate on JobKeeper extension

Original article by Steve Jackson
The Australian – Page: 4 : 6-Apr-21

The International Monetary Fund’s latest economic outlook report highlights the role that job-retention schemes have played in supporting nations’ economies during the COVID-19 pandemic. The Washington DC-based agency has also cautioned against winding back such measures too soon. Grattan Institute CEO Danielle Wood contends that the federal government’s fiscal capacity is sufficient to have maintained the JobKeeper wage subsidy scheme, which ended on 28 March. She notes that some sectors are still struggling in the wake of the pandemic.

CORPORATES
INTERNATIONAL MONETARY FUND, GRATTAN INSTITUTE

Australia demands WHO entry to China without delay

Original article by John Kehoe
The Australian Financial Review – Page: 3 : 7-Jan-21

A delegation from the World Health Organisation was due to depart in early January on a visit to China to investigate the origins of COVID-19. However, there have been delays in China in issuing their permits, which has prompted WHO Director-General Tedros Adhanom Ghebreyesu say he was "very disappointed", while Foreign Affairs Minister Marise Payne has called on China to allow the entry of the WHO delegation "without delay". Australia led the call for an independent investigation into the COVID-19, and it has been suggested this was a major factor in China’s ongoing retaliatory trade action against Australia.

CORPORATES
WORLD HEALTH ORGANIZATION, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE

Covid laggards beat Aussies to top of the class for economic performance

Original article by Patrick Commins
The Australian – Page: 6 : 21-Dec-20

Data from the OECD shows that Australia’s real GDP contracted by 4.2 per cent over the first nine months of 2020. In contrast, real GDP in the US and Brazil declined by just 3.5 per cent and 4.1 per cent respectively during this period, despite the fact that they have been hit much harder by COVID-19 case numbers and deaths. The economies of many countries also rebounded more quickly in the September quarter than Australia, despite having been hit harder in the June quarter. Elliot Clarke of Westpac attributes this to Australia’s tougher lockdown restrictions and the second wave in Victoria.

CORPORATES
ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, WESTPAC BANKING CORPORATION – ASX WBC

Bright future ahead: OECD forecasts great things for Australia

Original article by Patrick Commins
The Australian – Page: 1 & 5 : 2-Dec-20

The OECD is upbeat about the outlook for the Australian economy, forecasting that it will grow by 3.2 per cent in 2021. This compares with its previous forecast of 2.5 per cent. The domestic economy is now expected to contract by just 3.8 per cent in 2020, rather than 4.1 per cent as forecast by the OECD in September. The Paris-based organisation has also cautioned against withdrawing fiscal and monetary policy support prematurely. Meanwhile, economists have forecast that the economy grew by between 2.8 per cent and four per cent in the September quarter, ahead of the release of national accounts data on 2 December.

CORPORATES
ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT

Reform taxes to help economy recover, IMF tells Australia

Original article by John Kehoe
The Australian Financial Review – Page: 2 : 26-Oct-20

Harald Finger of the International Monetary Fund has expressed support for federal government measures such as the JobKeeper wage subsidy scheme in response to the coronavirus pandemic. Finger also agrees that the JobKeeper scheme needs to be wound back as the domestic economy recovers, and the focus should shift to economic reforms that boost growth in productivity and investment. The IMF Mission chief to Australia also advocates a reduction in the corporate tax rate and increasing the goods and services tax.

CORPORATES
INTERNATIONAL MONETARY FUND

Australia among highest corporate tax collectors: OECD

Original article by Matthew Cranston, Tom McIlroy
The Australian Financial Review – Page: 7 : 9-Jul-20

A report from the Organisation for Economic Co-operation & Development shows that corporate tax accounted for about 5.5 per cent of Australia’s GDP in 2017. This compares with an average of three per cent across all OECD member nations. The US and the Bahamas are among 15 jurisdictions whose corporate tax rates comprise less than two per cent of GDP. Treasurer Josh Frydenberg contends that Australia’s lower value add tax is a key reason for the nation’s personal and corporate income tax rates being higher than the OECD average.

CORPORATES
ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, AUSTRALIA. DEPT OF THE TREASURY

Second wave would be $25bn tsunami

Original article by Patrick Commins
The Australian – Page: 4 : 11-Jun-20

The OECD’s latest economic outlook report forecasts that the Australian economy will contract by five per cent in 2020, compared with an average decline of 7.5 per cent among member nations. The OECD also expects the domestic economy to rebound by 4.1 per cent in 2021, in the absence of a second wave of the coronavirus. A fresh outbreak would reduce GDP growth in 2021 to just one per cent, according to the OECD. The Paris-based organisation expects the global economy to contract by 6% in 2020, and 7.6% if there is a second wave.

CORPORATES
ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT

World Health Assembly agrees to independent inquiry and global strategy to fight COVID-19

Original article by
The New Daily – Page: Online : 20-May-20

The World Health Assembly has formally adopted a resolution calling for an impartial and independent review into the global response to the coronavirus pandemic. There was unanimous support among the World Health Organization’s member nations for the push to hold an inquiry, which had been led by Australia and the European Union. Health Minister Greg Hunt and Foreign Affairs Minister Marise Payne have welcomed the passing of the resolution.

CORPORATES
WORLD HEALTH ASSEMBLY, WORLD HEALTH ORGANIZATION, AUSTRALIA. DEPT OF HEALTH, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE

World coalition backs Australia

Original article by Ben Packham
The Australian – Page: 1 & 6 : 18-May-20

The UK, New Zealand and Japan are among 62 nations that have agreed to support a motion calling for an independent inquiry into the origin of the coronavirus when the World Health Assembly meets on 18 May. Australia has led the push for an inquiry into the pandemic, and Foreign Minister Marise Payne stresses that international collaboration is needed so the world can prevent or respond to future pandemics. Meanwhile, President Donald Trump has indicated that the US may be prepared to restore its funding for the World Health Organization, although only the same amount of money that China contributes.

CORPORATES
WORLD HEALTH ASSEMBLY, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, WORLD HEALTH ORGANIZATION, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT