Australia Presentation

Submitted by Jason

Report finds 118,000 retail jobs to go

The latest research into the retail sector reveals that 118,000 jobs will be lost across the sector in the next three years. 

ABC1's 7.30 has obtained the figures from a six-month inquiry led by accounting giant Ernst and Young for the National Retail Association. 

The research shows many of the sales will be lost to online retailers and 33,000 of the job losses will come from the Federal Government's refusal to close a GST loophole for imported goods bought online.

Link (submitted by Jason)

CSIRO wins legal battle over wi-fi patent

The Federal Government has described a multi-million-dollar legal settlement over CSIRO's wi-fi technology as a major boost for the organisation. 

The settlement secures more than $220 million for CSIRO, which invented the technology in the 1990s. 

Wi-fi technology is used in more than 3 billion electronic devices worldwide, including personal computers, video games and mobile phones.

Link (submitted by Jason)

The case to slow down the mining boom

Innovative thinking is not only in short supply in Australia's businesses - as our weak productivity performance attests - it's also hard to find in the economic debate. 

You could count on one hand the economists who do some lateral thinking and throw into the debate some new way of viewing a problem and overcoming the familiar difficulties. 

But one economist who does come up with new ideas to think about is Dr Richard Denniss, director of the Australia Institute. He observes that while everyone's been debating whether the mining boom's a good thing or a bad thing, no one's focused on the obvious question: what rate of growth of the mining industry is consistent with the national interest?

Link (submitted by Jason)

Australian manufacturers take hit for the eurozone

Australian manufacturers and the tourism industry are set to face further pain because of efforts to prop up Europe's economy. 

Economists warn the recent large cash injection into the eurozone is pushing the Australian dollar higher. 

There are also concerns that the growth of China's manufacturing sector is slowing to dangerous levels, and since the Australian economy is so reliant on China that could spell bad news for the local market.

Link (submitted by Jason)

Car companies in unholy auction for corporate welfare

Ah, the suspense. Will we be considered a worthy partner in the quest to continue a national automotive industry? News emerged this week that the General had retreated to consider our offer and that a decision would be forthcoming soon. 

It's a competitive field, apparently. The chairman and managing director of General Motors-Holden, Mike Devereux, says governments around the globe are pitching to have the almighty American brand set up shop in their country. And if Australia wants to be competitive, it will have to match the kind of incentives offered elsewhere.

Link (submitted by Jason)

Australian Investors get daily property price fix

In a world first, property-obsessed investors will be able to check house prices daily and trade on an index that tracks the ebbs and flows of dwelling prices across Australia. 

The Australian Stock Exchange and property data providers today launched a capital city home value index tracking home prices in Sydney, Melbourne, Brisbane, Adelaide and Perth that is designed to be tradeable on the stock market.

Link (submitted by Jason)

Cover for surplus as health reform rescued

ABOUT 2.4 million wealthy Australians will pay up to $1000 a year more for health cover from July after Labor rescued its private health rebate reform, which delivers half of its projected budget surplus next year. 

The government's means test on the 30 per cent private health insurance rebate is expected to receive parliamentary approval next week. Greens MP Adam Bandt backs it, Tasmanian independent MP Andrew Wilkie is "inclined to support it" and regional crossbencher Rob Oakeshott is understood to be supporting the measure.

Link (submitted by Jason)

Australia Agrees to Host American Military Base

Australian Prime Minister Julia Gillard announced that the country agreed to host a U.S. military base. 

An initial 250 American marines are expected to arrive in Australia in 2012, which would eventually increase to 2,500.

Link (submitted by Jason)

Inflation figures boost share market

A rally in banking stocks helped the local share market close higher today after tame inflation numbers indicated interest rates could be on the way down next month.

The figures from the Australian Bureau of Statistics showed the Consumer Price Index was flat in the three months to December thanks largely to falls in banana prices as well as the costs of imported goods.

Link (submitted by Jason)

Australia Registers Worst Year for Employment Since ’92

Jan. 19 (Bloomberg) -- Australia unexpectedly lost jobs for a second straight month in December, capping the nation’s worst year for employment in almost two decades and weakening the local currency as traders raised bets on interest-rate cuts.

Link (submitted by Jason)