Australian Treasurer Jim Chalmers has met with his Chinese counterpart, Chinese Finance Minister Liu Kun, during a G20 meeting in India as the country seeks to progress further in resolving trade disputes with Beijing. This was the first meeting between an Australian treasurer and a Chinese finance minister in four years following a diplomatic fallout,…

Australian Treasurer Jim Chalmers expects to see some progress on the global minimum tax reform in the coming days as he flies to India to attend a major G20 meeting. G20 financial ministers and reserve bank governors will gather at Gandhinagar, India, from July 17-18 to discuss crucial issues concerning the global economy. One major…

Australian Treasurer Jim Chalmers warned that global economic uncertainty is expected to slow the Australian economy “considerably,” noting that the Chinese economy was displaying “some worrying signs.” “I’m not going to pretend otherwise. There have been some developments out of China that we are monitoring incredibly closely,” Mr. Chalmers told the national broadcaster ABC’s Insiders…

Australian Treasurer Jim Chalmers has stated that the government is currently not considering more living cost relief but instead will focus on repairing the budget to alleviate the pressure facing households. This comes as the federal Labor government is expected to deliver a budget surplus of around $20 billion (US$13.46 billion) for the 2022-2023 financial…

Australia’s Federal Treasurer, Jim Chalmers, has said that a 450 percent increase in mineral production will be needed to meet net zero by 2050. This comes as Resources Minister Madeleine King released a new strategy (pdf) for making Australia a global producer of raw and processed critical minerals. Speaking at the 26th World Mining Congress…

Australia’s Federal Treasurer, Jim Chalmers, has said that a 450 percent increase in mineral production will be needed to meet net zero by 2050. This comes as Resources Minister Madeleine King released a new strategy (pdf) for making Australia a global producer of raw and processed critical minerals. Speaking at the 26th World Mining Congress…

A significant number of Australian households will receive some cost-of-living relief within weeks as federal government policies start to take effect. Starting from July 1, hundreds of thousands of aged care employees across the country will see their minimum wage increase by 15 percent. The huge pay rise will apply to those directly working in…

The Australian government will announce the position of the Reserve Bank governor within weeks, which may bring a fresh pair of eyes to the monetary authorities’ struggle against inflation. This comes as the incumbent governor Philip Lowe will finish his seven-year term in September. Despite helping the Australian economy navigate the COVID-19 pandemic, Lowe has…

Treasurer Jim Chalmers is confident Australia is not heading towards a recession despite some economists warning the path to a soft landing from soaring inflation is narrowing. He says the Australian economy might stutter as interest rates lift, but neither the Reserve Bank nor Treasury are anticipating a recession. “We do expect the Australian economy to…

The Australian economy has been surprised by a slight drop in the unemployment rate in May, which defies market expectations and is anticipated to have implications on the central bank’s July interest rate decision. According to the latest labour force data from the Australian Bureau of Statistics (ABS), the jobless rate dipped by 0.1 percent…