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Australian Economy

Australian Economy
Helped by its massive natural resources, Australia has weathered the global financial crisis better than other Group of 20 economies. In 2012, its economy grew 3.1 per cent, compared with 1.6 per cent in the United States and 1.1 per cent in Canada.
last updated:
9 September, 2024
Workers process meat at an abattoir in Australia. Photo: Reuters
Australia

China-Australia beef over as Beijing lifts red meat ban on Canberra exports

Over the past two years, Beijing has dropped tariffs on Australian barley and wine, halted an import ban on timber and resumed shipments of coal.

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China-Australia relations

China, Australia sign avocado agreement at Shanghai expo amid warming ties

China

Exclusive | Friends again, Australia sends largest trade group to Shanghai fair

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China trade

Scrapping of punitive tariffs sparks surge in Chinese imports of Australian wine

Australia’s share of China’s imported wine market plunged to 0.06 per cent last year from 37 per cent in 2019.

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Visitors wearing face masks walk past a display of Australian wines and other agricultural products at the China International Import Expo in Shanghai in November 2020. Photo: AP
China-Australia relations

Editorial | Lobsters deal whets appetite for better China-Australia ties

Lifting of ban by mainland China on the Australian seafood raises hopes of a continuing improvement in relations between two countries.

Australia

Australia’s failure to reinvest in mineral wealth risks dragging down economy

Wealth from the mining boom has not been reallocated to benefit average Australians, leaving them worse off now than 10 years ago, analysts say.

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China-Australia relations

China ending Australian lobster ban ‘huge relief’ for industry

China is set to lift its ban on Australian lobster imports by the end of the year following a meeting between Premier Li Qiang and Prime Minister Anthony Albanese.

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Cooked Eastern Rock Lobster displayed at Sydney Fish Markets. Photo: Getty Images
China-Australia relations

Australia to push ahead with trade diversification despite warming China ties

Analysts say Australia will still push ahead with its trade diversification, particularly in Southeast Asia, despite improving ties with China.

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International Property

Homebuyers flock to city centres as demand wanes for flats close to nature

That shift has become evident in metropolises across the UK and Australia, as well as in compact cities like Singapore and Hong Kong.

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Australia

Australia caps international student numbers to ease housing pressure

Record migration – driven by students from India, China and Philippines – expanded labour supply and restrained wage pressures, but it exacerbated an already tight housing market.

Australia will cap international student numbers at 270,000 to ease housing market pressure. Photo: Shutterstock
Asia housing and property

The View | South Korea, Australia show rate cuts are no cure-all for property markets

South Korea and Australia provide a cautionary tale of the limits of monetary policy when other factors also influence the outlook for residential property.

A woman and her dog walk past a property agent’s in Melbourne on August 6. The Reserve Bank of Australia kept borrowing costs at a 12-year high earlier this month, and even discussed the possibility of a further increase, because of persistently elevated inflation. Photo: AFP
Australia

‘Fantastic as fiction’: Penny Wong on rising to become Australia’s top diplomat

In a candid speech, the Malaysian-born foreign minister highlighted the need for more diverse leadership and deeper ties with Asia.

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Australia

The View | How Australia’s restrictive housing policy turns it into Nimby haven

Unlike in Japan, Australia’s restrictive planning rules and housing policy constrain the market’s ability to respond to rising demand.

China-Australia relations

What did Premier Li’s Asia-Pacific tour do for China’s trade, academic agenda?

Chinese Premier Li Qiang visited New Zealand, Australia and Malaysia, with attention centring around exchanges between Beijing and Canberra.

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Chinese Premier Li Qiang during a visit to Tianqi Lithium Energy Australia. Photo: dpa
Diplomacy

Editorial | Li Qiang’s three-nation tour to repair and deepen China ties has positive results

Stops by Chinese premier in New Zealand and Australia were partly to manage differences, but Malaysia visit strengthened relations

Supporters of China’s Premier Li Qiang wave Chinese national flags outside the Auckland Museum in New Zealand on June 14. Photo: AFP
International Property

Australia’s tighter immigration policy poses risk to luxury home market

Canberra’s withdrawal of a golden visa scheme and its decision to cap its migrant intake could hurt high-end home sales as Asian buying could shrink.

China-Australia relations

Chinese premier tells Australia: let’s try to set aside our differences

Li kicks off visit where trade is expected to feature prominently with message stressing importance of ‘seeking common ground’.

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China-Australia relations

China’s EU trade spat has Australian wine industry eyeing new opportunities

Speculation over the possibility of Beijing imposing tariffs on European wine is seen as a golden opportunity for the Australian wine industry to get back in after a three-year dry spell.

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Australian wineries are looking for fresh opportunities to replenish their market share in China that was lost over the past three years. Photo: AFP
Australia

The View | Why Australia shouldn’t pin its housing crisis on immigration

Australia’s migration-fuelled population growth has been a driving force behind increasing demand in the property sector. However, while immigration is being blamed for the housing crisis, the problem is linked more to limited supply, planning laws and the tax system

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China-Australia relations

After wine and lobsters, Australian avocados could soon be the toast of China

Australian advocacy group says negotiations are ongoing to ship avocados to China, with importers ‘really keen’ amid improving ties between Beijing and Canberra.

China-Australia relations

Exclusive | Premier Li’s Perth trip reflects commitment to warmer China-Australia ties

The date is set for Li Qiang to bring China’s biggest business delegation down under since 2017, and Australian businesses are expected to ‘press their commercial interests’.

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China’s Premier Li Qiang and Australia’s Prime Minister Anthony Albanese during the opening ceremony of the 6th China International Import Expo in Shanghai in November. Photo: AFP
China-Australia relations

Australian wine returns to China, but ‘good old days’ gone and adversity remains

After Beijing’s recent lifting of crippling wine tariffs that had been in effect since early in the pandemic, Chinese customers will need to be convinced to buy new stocks of Australian wine.

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China last month lifted its punitive tariffs on Australia’s wine exports, signaling an end to an extended campaign of trade pressure on Canberra and raising hopes for a revival of the industry. Photo: EPA-EFE
Australia

Chinese interests in crosshairs as Australia tightens foreign investment rules

The stricter rules are not surprising since Australia has to protect critical assets, but collaboration with Beijing especially in sectors such as green energy would be unavoidable.

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China-Australia relations

Exclusive | Chinese premier set to visit Australia in June, lobster ban expected to be axed

Chinese Premier Li Qiang is scheduled to visit Australia in the third week of June amid improving relations, with the unofficial import ban on Australian live lobsters set to be lifted, according to sources with knowledge of the issue.

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China-Australia relations

‘Wine’s lost its halo’: despite axing Australia tariffs, China outlook dims

China lifted its anti-dumping and anti-subsidy tariffs on Australian wine at the end of last month, but industry executives say the market, and domestic consumption, are struggling to recover.

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China has lifted its anti-dumping and anti-subsidy tariffs on Australian wine. Photo: Bloomberg
China-Australia relations

China-Australia wine trade to resume as Beijing nixes tariffs after 3 years

The move had been widely expected this month, and a formal announcement from Chinese commerce authorities shows how much ties with Canberra have improved in the past year.

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China on Friday will formally put an end to three years of tariffs targeting Australian wine. Photo: EPA-EFE
Australia

The View | Cutting visas not the way to solve Australia’s student housing woes

Planning restrictions are constraining supply in all sectors of Australia’s residential property market, driving up prices and rents, but the lack of a clear way forward on student housing threatens to hold back the potential of a sector that is increasingly important to the Australian economy.

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Australia

In Australia and New Zealand, restaurants struggle as downturn blues bite

Restaurants have been forced to scale back as the global economy continues to slow, with inflation, higher costs of living and other factors taking their toll.

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