Global Scans · Australia · Weekly Summary

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WHAT'S NEXT?: Australia will no longer be known for being as dependant on the export of natural resources over the next half century as in 2012. The need for new infrastructure to meet the strong population and economic growth of Australia will continue to be a priority for the medium term. There's no doubt the aftermath of China's credit boom poses a much bigger economic threat to Australia than Britain's withdrawal from the European Union. The Growth rate for Australia is expected to be stronger, although still below the long-term trend.

• The Minerals Council of Australia (MCA) has submitted a 2024-25 pre-budget submission to the Federal Government, calling for further investment in the mining industry. Australian Mining
• The Reserve Bank of Australia held the official cash rate at 4.35%, as expected by analysts. MacroBusiness
• Year-average GDP growth in Australia's major trading partners is expected to ease in 2024, contributing to weaker growth in demand for Australian goods and services. Reserve Bank of Australia
• Economic growth in Australia is expected to remain subdued in the near term as inflation and higher interest rates continue to weigh on demand. Reserve Bank of Australia
• Global growth is expected to be soft over the next two years, contributing to slower growth in demand for Australian goods and services. Reserve Bank of Australia
• In Australia, overall demand growth is expected to remain subdued in the near term as high inflation and earlier interest rate increases continue to weigh on consumption. Reserve Bank of Australia
• Economic growth in Australia's major trading partners is expected to slow in 2024 and remain well below its pre-pandemic average for some time. Reserve Bank of Australia
• The Reserve Bank of Australia will be slow to cut interest rates and added; in the meantime RBA reluctance should provide AUD with support before advancing later in the year as global growth improves moderately and the Fed cuts rates more notably. Exchange Rates UK
• The Reserve Bank of Australia had in October identified escalating property sector stress in the PRC as one of the major risks to the Australian financial system. University of Technology Sydney
• EOS Australia has announced a deal with Diehl Defence, Germany, under which EOS will supply its advanced Slinger anti-drone system. Army Recognition
• The Reserve Bank of Australia is expected to leave policy rates unchanged through the first half of 2024, with still elevated cost inflation observed in the latest Judo Bank Flash Australia PMI. IHS markit
• There is a lot of uncertainty about when exactly the Federal Reserve and the Reserve Bank of Australia might deliver their first rate cuts. investing.com
• If parts of Australia and New Zealand become increasingly susceptible to wheat blast as predicted, Oceania would experience considerable yield losses. Nature
• The Reserve Bank of Australia is poised to deliver its first interest rate decision for 2024, which will also be the first under its new timetable involving fewer, but longer, RBA board meetings each year. The Lighthouse
• Global liquefaction is set to further increase as new plants in the United States and Australia will come on stream over the next few years. Energy
• Reducing emissions is only part of the climate story: Australia must also plan for how to adapt to the impacts of climate change. The Diplomat
• The Insurance Council of Australia has urged the Albanese Government to allocate a sustained annual fund of $250 million, focusing on acquiring and elevating residences located in high flood-risk areas. Insurance Business
• Artem Abramov, head of clean tech research at Rystad Energy, said he expects hydrogen projects will take off in 2024 driven by large-scale projects in Australia as well as the Middle East and Africa, along with maturing policies in Europe and the United States. pv magazine International
• Australian government and businesses should take the opportunity to do more than just use generative AI but to develop an Australian version of the technology, using local, high-quality data with strong privacy standards. Canberra CityNews
• As Australia and New Zealand both target similar export destinations, the lower prices in Australia could lead to a shift in New Zealand's export focus towards the EU and UK, depending on domestic demand. Triton News
• Within IG credit, decent levels of spread can be generated across markets such as Australia, the UK and Canada, which creates better yield opportunities than holding long-dated sovereign bonds. Nikko AM Global Site
• Rio Tinto plc will drive development of Australia's largest solar power project near Gladstone, after agreeing to buy all electricity from the 1.1 GW Upper Calliope Solar Farm to provide renewable power to Rio Tinto's Gladstone operations. DirectorsTalk Interviews
• Rio Tinto says it will drive development of Australia's largest solar power project near Gladstone, Queensland, after agreeing to buy all electricity from the 1.1 GW Upper Calliope Solar Farm to renewably power its Gladstone operations. International Mining

Last updated: 09 February 2024