INTERNATIONAL AGENCIES

Strongest growth predicted since global financial crisis

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Original article by Jacob Greber
The Australian Financial Review – Page: 2 : 14-Mar-18

The OECD has upgraded its economic growth forecast for Australia by 0.2 per cent in 2018, to three per cent, citing factors such as strong growth in jobs and an upturn in non-mining and infrastructure investment. The OECD also expects the Australian economy to expand by three per cent in 2019, which is 0.3 per cent higher than its previous forecast in December. Meanwhile, the OECD expects the global economy to expand by 3.9 per cent, while it forecasts growth in US GDP of 1.5-1.75 per cent in 2018 and 2019 due to the Trump administration’s tax reforms.

CORPORATES
ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, AUSTRALIA. DEPT OF THE TREASURY, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

Trump tax cuts lift world economy

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Original article by Ben Packham
The Australian – Page: 1 & 2 : 23-Jan-18

The International Monetary Fund forecasts that the global economy will grow by 3.9 per cent in 2018 and at a similar pace in 2019. The global economy grew by 3.7 per cent in 2017. The IMF has also used its latest world economic outlook report to upgrade its forecast for US economic growth in 2018 by 0.4 per cent, to 2.7 per cent, citing the likely impact of the Trump administration’s company tax reforms. Treasurer Scott Morrison says the IMF’s forecasts emphasise the need for Australia’s company tax rate to be reduced to ensure that the nation remains internationally competitive.

CORPORATES
INTERNATIONAL MONETARY FUND, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, WESTPAC BANKING CORPORATION – ASX WBC, UNIVERSITY OF MELBOURNE. INSTITUTE OF APPLIED ECONOMIC AND SOCIAL RESEARCH

IMF jitters over ‘high’ Australian debt

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Original article by David Uren
The Australian – Page: 6 : 16-Oct-17

Household debt in Australia now exceeds GDP by 23 per cent, prompting the International Monetary Fund to express concern about the nation’s vulnerability to "risk premium shocks". The combined debt of governments, business and households in Australia is now 147 per cent higher than GDP, compared with just 87 per cent a decade ago. The IMF’s data also shows that the combined debt of Group of 20 nations has risen by $US60trn to $US135trn since the global financial crisis.

CORPORATES
INTERNATIONAL MONETARY FUND, GROUP OF TWENTY (G-20)

Debt binge stifles jobs and growth: IMF

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Original article by Jacob Greber
The Australian Financial Review – Page: 3 : 4-Oct-17

The International Monetary Fund has warned that policies which encourage consumers to increase their debt in the near-term have a negative effect on economic growth in the longer term. The IMF’s modelling concludes that a five per cent increase in the household debt-to-GDP ratio results in a 1.25 per cent fall in real GDP three years later. Australia’s household debt-to-income ratio now exceeds 190 per cent.

CORPORATES
INTERNATIONAL MONETARY FUND, RESERVE BANK OF AUSTRALIA

OECD predicts best growth in six years

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Original article by Geoff Winestock
The Australian Financial Review – Page: 3 : 21-Sep-17

The OECD has upgraded its forecast for global economic growth in 2018 by 0.1 per cent, to 3.7 per cent. However, Australia’s economic growth outlook remains unchanged, although the OECD noted the nation’s high housing prices. The Reserve Bank’s assistant governor, Luci Ellis, is also upbeat about the global economic outlook, noting that global growth should continue for some time in the absence of any major risk factors. Meanwhile, the ANZ Bank anticipates two increases in the cash rate during 2018.

CORPORATES
ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, RESERVE BANK OF AUSTRALIA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN BUSINESS ECONOMISTS INCORPORATED

Budget in black by 2020: IMF

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Original article by David Uren
The Australian – Page: 1 & 5 : 26-Apr-17

The International Monetary Fund has forecast that the combined Budget deficit of Australia’s federal and state governments will fall to $A39.7bn in calendar 2017, compared with $A45.8bn in 2016. It also forecasts that a $A27bn increase in state and federal government revenue over the next four years will result in a combined Budget surplus of $A2.5bn in 2020. The IMF had previously forecast that a surplus would not be achieved until 2022. The IMF also expects the combined federal and state debt to top $A392.9bn in 2019, before falling to $A375.3bn in 2021.

CORPORATES
INTERNATIONAL MONETARY FUND, AUSTRALIA. DEPT OF THE TREASURY

IMF outlook perks up for jobs, inflation

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Original article by Jacob Greber
The Australian Financial Review – Page: 3 : 19-Apr-17

The International Monetary Fund has forecast global economic growth of 3.5 per cent in 2017 and 3.6 per cent in 2018. The latest World Economic Outlook report also forecasts that Australia’s economic growth rate will rise to 3.4 per cent year-on-year by the December 2017 quarter, while the economy is forecast to grow by three per cent in 2018. Meanwhile, the IMF expects the nation’s unemployment rate to fall to 5.1 per cent in 2018. The IMF’s outlook for Australia is much more bullish than the most recent forecasts issued by the Treasury.

CORPORATES
INTERNATIONAL MONETARY FUND, AUSTRALIA. DEPT OF THE TREASURY, RESERVE BANK OF AUSTRALIA, JP MORGAN AUSTRALIA LIMITED

OECD urges interest rate hikes in 2017

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Original article by Jacob Greber
The Australian Financial Review – Page: 1 & 4 : 29-Nov-16

The OECD states in its latest global economic outlook that the Reserve Bank of Australia is likely to begin increasing official interest rates in late 2017. It also argues that the prospect of rate rises in the US will allow the RBA to act without any concern about putting upward pressure on the Australian dollar. Meanwhile, the OECD forecasts that Australia’s economic growth will rise toward three per cent in 2018, while it concludes that there is still scope for the Federal Government to increase spending on infrastructure projects.

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

Big business carries hefty burden as world moves to reform tax structures

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Original article by David Uren
The Australian – Page: 4 : 27-Sep-16

A new report shows that company tax revenue accounts for 4.9 per cent of Australia’s GDP, compared with an average of just 2.9 per cent among OECD nations. The report also notes that 28 OECD countries have a company tax rate that is lower than Australia’s 30 per cent rate, compared with just 12 when the current tax rate was introduced in 2000. In addition, the average company tax rate among OECD member nations is now 24.7 per cent, down from 31.6 per cent in 2000.

CORPORATES
ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, AUSTRALIAN LABOR PARTY, ACTU

PM to make captain’s call on Rudd

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 29-Jul-16

The nomination of former prime minister Kevin Rudd as a candidate for secretary-general of the United Nations was a key issue on the agenda of a cabinet meeting on 28 July 2016. Scott Morrison, Peter Dutton and Mathias Cormann are among the ministers who opposed nominating Rudd, although Foreign Minister Julie Bishop supports his nomination. Prime Minister Malcolm Turnbull will decide whether Rudd should be nominated to succeed Ban Ki-moon. He intends to consult with Rudd and senior members of the Coalition before making a decision.

CORPORATES
UNITED NATIONS, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN LABOR PARTY, LABOUR PARTY (NEW ZEALAND)