Latest news with #AustraliaEconomy
ABC News
14 hours ago
- Business
- ABC News
Markets live: ASX to drop at open, oil prices rise as Israel continues strikes on Iran
The Australian share market is set to fall when trading begins. Wall Street was closed overnight due to the Juneteenth public holiday. Meanwhile, oil prices rose 3 per cent as Donald Trump considered a US attack on Iran "within the next two weeks". Follow the day's financial news and insights from our specialist business reporters on our live blog. Disclaimer: this blog is not intended as investment advice.
Hospitality Net
4 days ago
- Business
- Hospitality Net
Australia's Travel & Tourism Sector Set to Reach Record $315BN in 2025
London, UK - Australia's Travel & Tourism sector is set for another record-breaking year in 2025, set to inject $314.4BN into the national economy, according to new figures from the World Travel & Tourism Council (WTTC). The latest Economic Impact Research (EIR) from the global tourism body shows the sector is forecast to rise almost a third above pre-pandemic levels - equivalent to 11.4% of GDP. This strong growth reflects the continued recovery and resilience of Australia's tourism economy, with a boost from international demand and a thriving domestic travel market. In 2025, the Travel & Tourism is projected to support 1.7MN jobs, representing over 11.5% of national employment, and 100,000 more jobs than last year. Visitor spending continues to rise across the board, with international visitor spending predicted to reach $39BN, nearly 22% above 2024, setting a record new milestone for Australia. Domestic visitor spending is forecast to climb to almost $173BN. Together, these figures underscore Australia's status as a top-tier global destination, known for its diverse natural landscapes, cultural experiences, and world-class tourism infrastructure. Australia is proving once again that it is a powerhouse for Travel & Tourism. This record contribution to the economy and workforce reflects years of collaboration between industry and government. I was delighted to see this momentum firsthand in Perth last year when Tourism Western Australia hosted WTTC's Global Summit – a clear signal of the country's leadership in the global tourism sector. From the cities to the outback, and coast to coast, Australia offers unforgettable experiences. With continued investment in connectivity, sustainability, and experience design, the outlook for the next decade is incredibly promising. Julia Simpson, WTTC President & CEO Reflecting on 2024 In 2024, Australia's Travel & Tourism sector contributed $297BN to the national economy and supported 1.6MN jobs. International visitor spending totalled $32.1BN and domestic visitor spending reached $123.7BN, making up the lion's share of the recovery. Looking Ahead to 2035 WTTC forecasts that by 2035, the sector will contribute over $406BN to Australia's economy, an almost 12% share of GDP, and support more than 2.1MN jobs. Visitor spending is also expected to grow steadily. International visitor spending is forecast reach more than $52BN while domestic visitor spending is projected to hit almost $221BN. For more information and to access the full factsheet, including WTTC's latest Environmental Social Research (ESR), please visit WTTC's Research Hub . About WTTC The World Travel & Tourism Council (WTTC) represents the global travel & tourism private sector. Members include 200 CEOs, Chairs and Presidents of the world's leading travel & tourism companies from all geographies covering all industries. For more than 30 years, WTTC has been committed to raising the awareness of governments and the public of the economic and social significance of the travel & tourism sector. WTTC Press Office WTTC View source
Bloomberg
4 days ago
- Business
- Bloomberg
Fesharaki Says Adnoc's $19B Santos Bid Is A Good Deal
FGE's Chairman Emeritus Fereidun Fesharaki says Adnoc's $19 billion bid for Australia's Santos is a very good deal, but doubtful whether the Australian government will clear it. (Source: Bloomberg)
Zawya
13-06-2025
- Business
- Zawya
China-US trade deal kicks the rare earths can down the road: Russell
LAUNCESTON, Australia: The tentative deal between the United States and China may represent a retreat from the worst-case scenario of a total collapse of trade between the world's two biggest economies, but it creates more problems than it solves. President Donald Trump touted the agreement, which is still subject to final approvals on both sides, as a "great deal" that will be good for both countries. "We have everything we need, and we're going to do very well with it. And hopefully they are too," Trump told reporters prior to attending a performance on Wednesday evening at Washington's Kennedy Center. While not all the details are known, what has been revealed shows a deal that will probably hurt both economies, and not solve some of the pressing issues, such as China's dominance of the rare earths supply chain. The United States will impose tariffs of 55% on imports from China, while China can levy 10% on its purchases from the United States. This still represents a sharp increase in tariffs from the 25% on imports from China that was in place when Trump returned to the White House in late January. Tariffs at such a level are likely high enough to cause trade to shrink while boosting inflation in the United States, and lowering economic growth in both countries. If Beijing does keep 10% tariffs on imports of U.S. energy commodities, these will be high enough to ensure that virtually no U.S. crude oil, coal or liquefied natural gas enters China, eliminating one of the few products that China is able to buy in large quantities from the United States. It's also questionable whether the tariffs will be enough to prompt more manufacturing in the United States, or whether they will simply cause some production to shift from China to countries with lower import duties. Trump did single out rare earths when talking up the trade deal, saying China will provide the metals that are found in a wide range of electronics and vehicles "up front". But the deal does little to solve the underlying problem with rare earths, magnets and other refined metals such as lithium and cobalt, which are dominated by Chinese supply chains. At best, the agreement this week is a kick the can down the road type of deal, insofar as it prevents an immediate crisis in manufacturing in the United States, but leaves open the possibility that Beijing will once again threaten supplies if there are problems between the two sides in the future. China controls 85% of global rare earths refining, a situation that has hitherto largely benefited Western companies as they have been able to source the metals at prices far lower than what they would have had to pay had they tried to mine and process the elements by themselves. CRITICAL MINERALS Rare earths are an example of the wider problem with so-called critical minerals. It's all very well to designate a mineral as critical, but if you don't actually do anything to secure a supply chain, then you really have to question just how critical the mineral is. Rare earths aren't really that rare, although finding economic deposits is challenging. It's the same for lithium, copper, cobalt, tungsten and a range of other metals that many governments designate as critical. But developing supply chains for these minerals and refined metals outside of China is costly, and so far Western countries and companies have been unwilling to commit funds. Companies won't develop new mines and processing plants if they have to compete with China at market prices, as very few projects would be economic. Governments have been sluggish in developing policies that would support new supply chains, such as guaranteeing offtake at prices high enough to justify investment, or by providing loans or other incentives. This means that the world remains beholden to China for these metals, and is likely to remain so until governments start to act rather than just talk. It's also worth noting that China will have learned from its latest talks with the Trump administration. As Trump himself may have put it, the United States doesn't hold all the cards, with Beijing having a few aces up its sleeve as well. The danger is always in overplaying one's hand. If Beijing keeps using rare earths as a trump card, it runs the risk that the West will cough up the cash to build its own supply chain. Enjoying this column? Check out Reuters Open Interest (ROI), your essential new source for global financial commentary. ROI delivers thought-provoking, data-driven analysis of everything from swap rates to soybeans. Markets are moving faster than ever. ROI can help you keep up. Follow ROI on LinkedIn and X. The views expressed here are those of the author, a columnist for Reuters.
Reuters
12-06-2025
- Business
- Reuters
China-US trade deal kicks the rare earths can down the road
LAUNCESTON, Australia, June 12 (Reuters) - The tentative deal between the United States and China may represent a retreat from the worst-case scenario of a total collapse of trade between the world's two biggest economies, but it creates more problems than it solves. President Donald Trump touted the agreement, which is still subject to final approvals on both sides, as a "great deal" that will be good for both countries. "We have everything we need, and we're going to do very well with it. And hopefully they are too," Trump told reporters prior to attending a performance on Wednesday evening at Washington's Kennedy Center. While not all the details are known, what has been revealed shows a deal that will probably hurt both economies, and not solve some of the pressing issues, such as China's dominance of the rare earths supply chain. The United States will impose tariffs of 55% on imports from China, while China can levy 10% on its purchases from the United States. This still represents a sharp increase in tariffs from the 25% on imports from China that was in place when Trump returned to the White House in late January. Tariffs at such a level are likely high enough to cause trade to shrink while boosting inflation in the United States, and lowering economic growth in both countries. If Beijing does keep 10% tariffs on imports of U.S. energy commodities, these will be high enough to ensure that virtually no U.S. crude oil, coal or liquefied natural gas enters China, eliminating one of the few products that China is able to buy in large quantities from the United States. It's also questionable whether the tariffs will be enough to prompt more manufacturing in the United States, or whether they will simply cause some production to shift from China to countries with lower import duties. Trump did single out rare earths when talking up the trade deal, saying China will provide the metals that are found in a wide range of electronics and vehicles "up front". But the deal does little to solve the underlying problem with rare earths, magnets and other refined metals such as lithium and cobalt, which are dominated by Chinese supply chains. At best, the agreement this week is a kick the can down the road type of deal, insofar as it prevents an immediate crisis in manufacturing in the United States, but leaves open the possibility that Beijing will once again threaten supplies if there are problems between the two sides in the future. China controls 85% of global rare earths refining, a situation that has hitherto largely benefited Western companies as they have been able to source the metals at prices far lower than what they would have had to pay had they tried to mine and process the elements by themselves. Rare earths are an example of the wider problem with so-called critical minerals. It's all very well to designate a mineral as critical, but if you don't actually do anything to secure a supply chain, then you really have to question just how critical the mineral is. Rare earths aren't really that rare, although finding economic deposits is challenging. It's the same for lithium, copper, cobalt, tungsten and a range of other metals that many governments designate as critical. But developing supply chains for these minerals and refined metals outside of China is costly, and so far Western countries and companies have been unwilling to commit funds. Companies won't develop new mines and processing plants if they have to compete with China at market prices, as very few projects would be economic. Governments have been sluggish in developing policies that would support new supply chains, such as guaranteeing offtake at prices high enough to justify investment, or by providing loans or other incentives. This means that the world remains beholden to China for these metals, and is likely to remain so until governments start to act rather than just talk. It's also worth noting that China will have learned from its latest talks with the Trump administration. As Trump himself may have put it, the United States doesn't hold all the cards, with Beijing having a few aces up its sleeve as well. The danger is always in overplaying one's hand. If Beijing keeps using rare earths as a trump card, it runs the risk that the West will cough up the cash to build its own supply chain. Enjoying this column? Check out Reuters Open Interest (ROI), your essential new source for global financial commentary. ROI delivers thought-provoking, data-driven analysis of everything from swap rates to soybeans. Markets are moving faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, opens new tab and X, opens new tab. The views expressed here are those of the author, a columnist for Reuters.
