INTERNATIONAL AGENCIES

Artificial intelligence predicted to affect 40 per cent of jobs globally, IMF warns

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Original article by Holly Williams
The New Daily – Page: Online : 16-Jan-24

The International Monetary Fund says artificial intelligence and machine learning technology could worsen inequality between nations and within society. The IMF has concluded that AI technology will affect about 40 per cent of jobs worldwide, including 60 per cent of jobs in advanced economies. The IMF’s Kristalina Georgieva says the technology could boost productivity, global economic growth and incomes; however, she cautions that it could also replace jobs and deepen inequality.

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INTERNATIONAL MONETARY FUND

RBA won’t lift rates again, says OECD

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Original article by Michael Read
The Australian Financial Review – Page: 4 : 30-Nov-23

The latest CPI data has strengthened the case for leaving Australia’s official interest rates on hold in December, with the annual inflation rate falling from 5.6 per cent in September to just 4.9 per cent in October. Meanwhile, the OECD expects the cash rate to remain on hold at 4.35 per cent until the September 2024 quarter, while the Paris-based organisation forecasts that a gradual easing of monetary policy will see it fall to 3.6 per cent by the end of 2025. Meanwhile, the OECD expects cost-of-living pressures to reduce Australia’s GDP growth from 1.9 per cent in 2023 to just 1.4 per cent in 2024. It also anticipates that inflation will fall below three per cent by 2025.

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ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT

IMF calls on RBA to raise rates

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Original article by John Kehoe
The Australian Financial Review – Page: 1 & 4 : 2-Nov-23

The International Monetary Fund now believes that Australia’s inflation rate will not return to the Reserve Bank’s target range of 2-3 per cent until early 2026. The central bank itself expects inflation to return to the upper limit of its target band by late 2025. Abdoul Wane, the IMF’s mission chief to Australia, notes that although the inflation rate is gradually declining, further interest rate increases are needed in order to bring inflation under control more quickly. Wane also contends that the federal and state governments should defer some infrastructure projects in order to alleviate inflationary pressures.

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INTERNATIONAL MONETARY FUND, RESERVE BANK OF AUSTRALIA

Nation stuck on grow slow: OECD

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Original article by Tom Dusevic
The Australian – Page: 1 & 4 : 20-Sep-23

The OECD still expects Australia to record GDP growth of 1.8 per cent in 2023, in line with its previous forecast. However, GDP growth is expected to be just 1.3 per cent in 2024. The OECD has also forecast that Australia’s headline inflation rate will fall to 3.2 per cent in 2024, down from 5.5 per cent in 2023. However, the Reserve Bank of Australia’s preferred measure of core inflation is forecast to rise to 5.9 per cent in 2023 before falling to 3.3 per cent next year. Meanwhile, the minutes from the RBA’s monthly board meeting shows that board members considered lifting the cash rate to 4.35 per cent in September, due to concerns about inflation

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ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, RESERVE BANK OF AUSTRALIA

Global outlook to help give economy a lift

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Original article by Patrick Commins
The Australian – Page: 6 : 26-Jul-23

The International Monetary Fund has upgraded its global economic growth forecast for 2023 from 2.8 per cent to three per cent. The IMF notes that the economic growth forecast "remains weak by historical standards", and compares with global real GDP growth of 3.5 per cent in 2022. The updated World Economic Outlook report does not include any forecasts for the Australian economy; however, Treasurer Jim Chalmers says factors such as global pressures and rising interest rates will see growth in the domestic economy slow considerably.

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INTERNATIONAL MONETARY FUND, AUSTRALIA. DEPT OF THE TREASURY

Australia’s public education funding went backwards during COVID pandemic

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Original article by Gabriella Marchant
abc.net.au – Page: Online : 4-Oct-22

A report from the OECD shows that Australian governments reduced their spending on public education by nearly two per cent during the early stages of the COVID-19 pandemic. Hungary was the only OECD member nation that reduced education funding by a higher margin; in contrast, overall spending among OECD nations increased by an average of 1.5 per cent. The report also shows that Australian teachers’ salaries are generally higher than the OECD average, although local teachers spend longer hours in the classroom than their overseas peers.

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ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT

Inquiry team’s conflicts over Wuhan probe

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Original article by Sharri Markson
The Australian – Page: 4 : 28-Sep-21

The World Health Organization is forming a new group to investigate the origins of novel pathogens, which might involve a second mission to China to investigate the origins of COVID-19. However, it has been revealed that a number of the investigators who were involved in the WHO’s first investigation had conflicts of interest, including one Chinese official said to be involved in the cover-up of how the virus originated. This has prompted questions as to whether the WHO is the appropriate body to carry out a second investigation.

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WORLD HEALTH ORGANIZATION

Australia’s growth to beat forecasts: IMF

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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.

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INTERNATIONAL MONETARY FUND, RESERVE BANK OF AUSTRALIA

IMF spurs debate on JobKeeper extension

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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.

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INTERNATIONAL MONETARY FUND, GRATTAN INSTITUTE

Australia demands WHO entry to China without delay

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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