Hard road back to a Budget surplus
After announcing $259 billion in emergency rescue packages, the Federal Government is looking at years of budget deficits as the nation slips into and then emerges from, a looming economic recession. It won’t be an easy task to deliver the next budget surplus, as previous recoveries have shown. Governments typically spend up big to reverse or avert, an economic slowdown.
Budget papers from the Department of Finance underline the hard slog required in returning to a budget surplus after a recession.
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Update on Australian Government Response to COVID-19
Prime Minister Scott Morrison and Defence Minister Linda Reynolds have announced a major escalation in Australia’s investment in long-range defence strike capabilities.
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This week's political news
The Australian Government has announced a big shake-up of the higher education section. Moody’s reaffirms Australia’s credit rating. Australian trade slumps due to COVID-19.
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Compulsory superannuation under pressure in economic slowdown
Only in dire situations – such as a medical emergency – could superannuation funds be withdrawn before the legal preservation age. Now, another emergency – COVID-19 – has changed the rules.
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This week's political news
Prime Minister Scott Morrison reported that Australian organisations, including the public and private sectors, were being targeted by a “sophisticated state-based cyber actor”. The PM said the attacks were targeting a range of sectors at all levels of government and industry. He urged organisations, particularly those in the health, critical infrastructure and essential services to increase surveillance to thwart cyber activity.
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Update on Australian Government Response to COVID-19
In a further move to stimulate business investment, the Morrison Government said it would extend the $150,000 instant asset write-off for six months until 31 December this year. Australian businesses with an annual turnover of less than $500 million will be encouraged to bring forward investment to support economic growth over the near term. Assets can be new or second-hand.
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Agriculture’s silver lining for Australian economy
The emergence out of drought is positively good news for the Australian economy, and a reminder of the nation’s capacity to produce food and fibre for world supply chains.
Strong export performance promises to lift and keep Australia out of a prolonged recession and pour investment back into regional economies.
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This week's political news
An update of what was in the news this week in Australia.
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COVID Travel Bans A King Hit For Australian Tourism
According to the ABS, Australia recorded just 331,900 visitor arrivals in March – down 60 per cent on the 836,300 visitors who arrived in March 2019.
While borders remain closed, Australia is on track to record its lowest level of international visitors since 1989, when around two million inbound visits were recorded.
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