The Greek Government last weekend announced that under the existing debt program it would not be repaying a EUR 1.5bn loan to the International Monetary Fund (IMF) due by June 30. To add yet another twist to events, the government announced that it would let the people decide whether to accept the new bailout program […]

Australia and China have this month signed the China-Australia Free Trade Agreement (ChAFTA). China is Australia’s largest two-way trading partner in goods and services. Once in force, ChAFTA will result in the removal of tariffs on over 85% of Australian exports, with this figure expected to rise to 95% upon full implementation of the agreement […]

The RBA this week released a report showing that Australian wage growth has declined in recent years. The rate of annual growth is now running around the pace of inflation, 2-3 per cent.  The current period of low wage growth which commenced in 2012 is the longest since the 1990’s. A number of factors have […]

The price of iron ore has rebounded strongly to reach a five month high despite weakening demand from China. The benchmark 62% Fe import price has this week traded above US$65 a tonne, its highest level since January. The benchmark price has recovered almost 50% from the 10-year low of around US$44 seen in April […]

Gross domestic product (GDP) grew by 0.9% over the first three months of this year. The number was stronger than anticipated by economists and takes the annual growth rate to a seasonally adjusted 2.3%, ahead of expectations for annual growth of 2.1%. The first quarter figure is the strongest in a year and up from […]

The Shanghai Composite share index (SSE) continues to build on the gains of the past year with an 8% rise in May to date. Despite Chinese economic data continuing to run softer than forecast across most sectors of the economy, the SSE has reached a fresh seven year high. The gains have been due to […]

The Australian Government has announced a new complying investment framework that will come into force on 1 July 2015. The new framework has been introduced to ensure the Significant Investor Visa (SIV) program offers the best balance between investment migration and economic benefit to the local economy. The changes are targeted at moving SIV applicants […]

BHP spin-off South 32 had a cautious debut  on the ASX yesterday. South 32, named after the line of latitude that runs through a number of its major assets in Australia and South Africa, will produce aluminium, silver, manganese, zinc, lead, nickel and coal. At the first day closing price of $2.05 the company has […]

The Federal Government has recognised the importance of childcare to the Australian economy and families in its proposed budget changes. The main aims of the childcare package are to increase accessibility to childcare, increase Australia’s workforce participation and simplify the childcare rebate system. The package in brief: Increased funding to the amount of $3.5 billion over […]

The Federal Government has handed down a budget that includes a tightening of the assets test but no structural changes to superannuation.   The Treasurer reiterated that there will be “no new taxes on superannuation under this Government”, affirming that there will be no changes to preservation ages or taxation of superannuation. The group that will […]