SA, TASMANIA TOP GROWTH; BANS LIFTING
SA, Tasmania lead economic growth
South Australia and Tasmania were the leading performers in the nation’s economic growth scorecard in 2020-21, according to the Australian Bureau of Statistics. Six out of Australia’s eight jurisdictions recorded growth in their gross state product (GSP), led by SA (3.9 per cent) and Tasmania (3.8 per cent). Economic growth declined in Victoria (-0.4 per cent), which endured the longest Covid-19 lockdowns, and the Northern Territory (-0.6 per cent), where oil and gas production was hit by falling demand. Resurgent agricultural, forestry and fishing production contributed strongly to economic output across all states.
Travel bans lifting for overseas entrants
Australia has announced a further loosening of international border restrictions, paving the way for the return of international students and working holiday makers. Prime Minister Scott Morrison said that from December 1, fully-vaccinated eligible visa holders would be able to enter Australia without a travel exemption. The eligible visa holders include skilled and student cohorts, and humanitarian entrants, people on working holidays and provisional family visa holders. The PM also announced the resumption of quarantine-free travel with Japan and Korea, following that with Singapore, for fully-vaccinated entrants.
Fee relief and visa changes for international students
In a related move, the Federal Government has announced a $37 million package to support the return of international students. Education and Youth Minister Alan Tudge and Immigration Minister Alex Hawke said almost $28 million would be provided in regulatory fee relief, as well as extended loan fee exemptions. In addition, $9.4 million would support providers of English language intensive courses for overseas students. The ministers said changes to visa settings would provide greater flexibility for international students returning to Australia.
Regulator forecasts lower household electricity prices
Australia’s statutory electricity rules maker has forecast that households could expect to pay around six per cent less for electricity in 2024 than at present, with cheaper renewable energy flowing to consumers. The Australian Energy Market Commission reported that lower wholesale costs and reduced environmental costs were continuing to drive down overall residential prices. It said, however, that distribution and transmission charges would rise to support increased network investment. South-East Queensland is forecast to be the biggest beneficiary of the household price reductions, with a projected 10 per cent decrease by 2024, followed by Victoria, eight per cent.
Business urged to join university research drive
Prime Minister Scott Morrison has urged Australian businesses to capitalise on his government’s $243 million investment to drive commercialisation of research at major universities. Mr Morrison told the annual general meeting of the Business Council of Australia that universities would seek to work with industry partners to revive commercialisation across the six national manufacturing priorities. Four universities, including at least one in regional Australia, would be selected to position themselves as a research and development leader. The PM noted the role of “trailblazer universities” that were early adopters of intellectual property, industrial relations and skills practices to lift collaboration and commercialisation outcomes.
Payroll jobs recover in October
As Australia’s two largest states and national capital emerged from Covid-19 lockdowns in October, so too did growth in the number of payroll jobs. During October, the Australian Bureau of Statistics recorded a 3.1 per cent growth in the number of payroll jobs, headed by New South Wales, 5.7 per cent, Victoria four per cent, and the ACT, 7.4 per cent. Meanwhile, the ABS has reported that private capital expenditure fell by 2.2 per cent in the September quarter, with quarterly falls in actual and expected expenditure in buildings and structures, equipment, plant and machinery and in non-mining activity.