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Australian economy must come off COVID-19 ‘life support – Prime Minister Scott Morrison

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4 years ago

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By Colin Packham

SYDNEY (Reuters) – Australia’s economy must not become reliant on government stimulus, Prime Minister Scott Morrison will say on Tuesday, as Canberra unwinds state support and accelerates plans to spur growth.

Australia has reported just over 7,100 COVID-19 infections, including 102 deaths.

That is well below the equivalent numbers reported by many other developed countries, an achievement it attributes to tough social distancing rules that have prevented local hospitals from being swamped with coronavirus patients but taken a heavy toll on the economy.

Australia’s government and central bank have pledged more than A$250 billion to cushion the economic blow, but Morrison will say the stimulus must come to an end.

“At some point you’ve got to get your economy out of intensive care,” he will say in a speech in Canberra on Tuesday afternoon, extracts of which were sent to Reuters.

“You’ve got to get it off the medication before it becomes too accustomed to it.”

The Reserve Bank of Australia expects the economy to shrink by 10% in the first half of this year, marking its first recession in three decades, while unemployment is expected to top 10%.

Economists had expected Canberra would have to borrow about A$300 billion to support the economy, though the cost of its centrepiece wage subsidy scheme was last week revised down by A$60 billion.

Morrison will say his government is formulating a plan to ignite economic growth that is likely to focus on tax reform and deregulation. Details are expected with the budget in October.

He will also say Australia will streamline skills training to increase the talent pool for businesses.

(Reporting by Colin Packham; editing by John Stonestreet)

Source: – TheChronicleHerald.ca

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Edited BY Harry Miller

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Economy

S&P/TSX composite gains almost 100 points, U.S. stock markets also higher

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2 days ago

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September 13, 2024

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TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.

The S&P/TSX composite index closed up 93.51 points at 23,568.65.

In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.

The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.

The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.

The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

Statistics Canada reports wholesale sales higher in July

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2 days ago

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September 13, 2024

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OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.

The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.

The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.

The personal and household goods subsector fell 2.5 per cent to $12.1 billion.

In volume terms, overall wholesale sales rose 0.5 per cent in July.

Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.

This report by The Canadian Press was first published Sept. 13, 2024.

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Economy

S&P/TSX composite up more than 150 points, U.S. stock markets mixed

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3 days ago

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September 12, 2024

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TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 172.18 points at 23,383.35.

In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.

The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.

The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.

The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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