INTERNATIONAL AGENCIES

World coalition backs Australia

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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

IMF jumped the gun with dire forecasts: Frydenberg

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Original article by Patrick Commins
The Australian – Page: 4 : 16-Apr-20

Treasurer Josh Frydenberg has downplayed the International Monetary Fund’s latest economic growth and unemployment forecasts for Australia. He argues that they were made prior to pandemic stimulus measures such as the $130bn JobKeeper scheme. New figures show that more than 838,000 businesses have applied for the wage subsidy to date. The IMF has forecast that the domestic economy will contract by 6.7 per cent in 2020, although Alan Oster of National Australia Bank expects GDP growth to fall by just 4.3 per cent.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, INTERNATIONAL MONETARY FUND, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

Worst year since Great Depression

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Original article by Patrick Commins
The Australian – Page: 1 & 4 : 15-Apr-20

The International Monetary Fund has forecast that the Australian economy will contract by 6.7 per cent in 2020 due to the coronavirus lockdown. However, the IMF expects the domestic economy to rebound by 6.1 per cent in 2021, assuming that measures to contain the virus are successful. The IMF’s latest World Economic Outlook also forecasts that global GDP growth will fall by three per cent in 2020, compared with just 0.1 per cent during the global financial crisis. The IMF has warned of the potential for a second wave of the coronavirus if a vaccine is not developed.

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INTERNATIONAL MONETARY FUND

Will Australia win from new tax rules?

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Original article by Tom McIlroy
The Australian Financial Review – Page: 3 : 6-Jan-20

The OECD and the Group of 20 are heading an initiative to re-write international tax laws to cope with the digital age. The proposed system could include an effective minimum rate of global tax and the adoption of new global allocation rules. Some countries have sought to act unilaterally in the adoption of digital services taxes on US digital companies like Google and Facebook, but the Trump administration has sought to ‘punish’ such countries by the imposition of tariffs. There are hopes a new international tax system could be in place by the end of 2020, but some tax experts have their doubts.

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ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, GROUP OF TWENTY (G-20), FACEBOOK INCORPORATED, GOOGLE INCORPORATED

Asia’s coal hunger to lift exports

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Original article by Greg Brown, Perry Williams
The Australian – Page: 1 & 2 : 18-Dec-19

Australia’s coal production will grow by 1.4 per cent annually over the next five years, according to a report from the International Energy Agency. The nation’s coal output is forecast to top 444 million tonnes in 2024, compared with 409 million tonnes in 2018. Thermal coal exports are forecast to increase from 203 million tonnes to 223 million tonnes over this period, with coking coal shipments to rise from 179 million tonnes to 196 million tonnes. Demand for Australian coal is expected to be driven by nations such as India, Vietnam and Indonesia. Greens MP Adam Bandt has called for legislation to phase out coal exports by 2030, claiming that "coal will kill us".

CORPORATES
INTERNATIONAL ENERGY AGENCY, AUSTRALIAN GREENS, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, AUSTRALIAN LABOR PARTY, MINERALS COUNCIL OF AUSTRALIA, ADANI MINING PTY LTD, SIEMENS AG

Tax on income, profit world’s second highest

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Original article by John Kehoe
The Australian Financial Review – Page: 6 : 6-Dec-19

Australian companies are paying the third-highest share of tax to governments of OECD countries, according to a new tax report from the OECD. It also shows that personal income tax accounts for 40.3 per cent of total government revenue. The report highlights Australia’s heavy reliance on taxes on property, personal income and business profits, and will put pressure on the federal government to undertake major tax reform in order to stimulate the economy.

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ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT

IMF vows to do whatever it takes

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Original article by David Rogers
The Australian – Page: 17 & 18 : 21-Oct-19

The International Monetary Fund expects the global economy to grow by 3.4 per cent in 2020, after recently scaling back its 2019 growth forecast to three per cent. The IMF’s International Monetary & Financial Committee concluded its annual meeting in Washington on 20 October; it released a communique in which it committed to using all appropriate policy tools to bolster global growth. The communique also acknowledged the need to resolve trade tensions.

CORPORATES
INTERNATIONAL MONETARY FUND. INTERNATIONAL MONETARY AND FINANCIAL COMMITTEE, AUSTRALIA. DEPT OF THE TREASURY, UNITED STATES. DEPT OF THE TREASURY, BANK OF ENGLAND, WORLD BANK, EUROPEAN CENTRAL BANK, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT

IMF: global growth at decade low

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Original article by Adam Creighton
The Australian – Page: 1 & 6 : 16-Oct-19

The International Monetary Fund now expects global economic growth of three per cent in 2019, and has warned of a synchronised global slowdown. The IMF also expects the US-China trade war to reduce global growth by 0.8 per cent over the next two years. Australia’s economic growth forecast for 2019 has been downgraded from 2.1 per cent to 1.7 per cent, prompting shadow treasurer Jim Chalmers to urge the federal government to bring forward its mid-year Budget update. However, Prime Minister Scott Morrison says the domestic economy is still growing faster than all G7 nations except the US.

CORPORATES
INTERNATIONAL MONETARY FUND, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, RESERVE BANK OF AUSTRALIA

PM slap for UN in new world order

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Original article by Ben Packham
The Australian – Page: 1 & 4 : 4-Oct-19

Prime Minister Scott Morrison has spoken of his concern regarding a new order that seeks to give global institutions authority over individual countries in terms of dictating their national policies. Morrison was speaking at the Lowy Institute on 3 October, saying that he needs to focus more on international forces that are shaping Australia’s future. Morrison also said he will visit Indonesia in November for the inauguration of President Joko Widodo, and that he will visit India and Japan in early 2020.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LOWY INSTITUTE FOR INTERNATIONAL POLICY, UNITED NATIONS

IMF warns on housing slide

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Original article by Jacob Greber
The Australian Financial Review – Page: 1 & 2 : 8-Apr-19

The International Monetary Fund is expected to downgrade its forecast for the Australian economy in its latest World Economic Outlook. Thomas Helbling, the IMF’s lead economist for Australia, warns that the nation’s housing market downturn has been more severe than anticipated and it has occured sooner than expected. He says the property market downturn will need to be offset via government policies aimed at stimulating the economy, such as increased investment in infrastructure. Helbling has also raised the possibility of interest rate cuts.

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INTERNATIONAL MONETARY FUND