Australia's economy attained a standing as 12th largest economy on 09 October, 2012 despite making cuts to global growth outlook. Australia overtook Spain in the International Monetary Fund's latest World Economic Outlook. Treasurer Wayne Swan said that Australia had overtaken South Korea and Mexico earlier in 2007 when the Labor government was established and now it has made a remarkable achievement with 51st largest population in the world.
A proposed 30 billion US Dollar gas export venture in remote west of Australia moved a step closer recently when environmental regulators gave it the progress subject to firm conditions. Browse liquefied natural gas project, which is operated by Woodside Petroleum in a joint venture with BHP Billiton, Chevron, Shell and BP, is predicted to produce near about 50 million tons of LNG every year -- over twice current total exports of Australia.
The Western Australian EPA (Environmental Protection Authority) approved it providing it meets 29 conditions, which include measures to protect whales, turtles and dolphins off the coastline. It moreover recommended that the development, that still needs support from the national governments and Western Australian before it can progress, should not get in the way with fossilized dinosaur footprints in the region.
In its periodical assessment of the territories and states, CommSec says Western Australia comes out on top in 6 out of 8 criteria used, whereas its worst outcome are fifth for dwelling starts and third for housing finance. Craig James, chief economist of CommSec and author of "State of States" said that, WA is clearly best-performing economy of the Australia. So much so, that it is perhaps more suitable to look at 2 concepts to determine the national economy - Australia, as well as Australia less WA.
" Every 3 months Mr. Craig James analyses states by using 8 major indicators - retail spending, economic growth, unemployment, equipment investment, population growth, completed construction work, dwelling commencements and housing finance. From July, the ACT came second, maintained by strong housing finance and moreover dwelling starts, which is flowing from more than average population expansion as well as a great job market. The NT has jumped from 7th position to 3rd, courtesy of solid monetary growth, firm retail spending as well as a well job market, all of which are underlined by new assets projects.
Unions dispute Fair Work Australia should provide 1.4 million lowest paid workers of Australia a $26 a week pay increase, lifting the minimum earnings to $615.30 per week. Though the Ai Group (Australian Industry Group), a peak industry association which represents the interests of over 60,000 businesses, that said a $26-a-week high was “economically unsustainable as well as which would be harmful for the economy.Australian Industry Group said that, the Fair Work Australia should raise the minimum earnings by $14 per week. In post-budget submission to the board, t
Australia predicts to increase A$24.7 billion ($25.2 billion) in 4 years from carbon tax coming into consequence in July 1, because the government looking for cut spur and emissions investment in the cleaner energy.
The tax on the biggest polluters of Australia starts at A$23 a ton of carbon as well as rises by 2.5 % in actual terms in each of the following 2 financial years. The treasury projects which they will reach A$29 in year 2015-16, when mechanism moves to a rate which is set by the market, said by the government in the recent budget. The tax is predicted to increase customer prices by 0.7 % point in one year starting from July 1.