Tuesday , January 16 2018
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Medicinal cannabis not likely to be a big export for Australia


CANBERRA: The Federal Government recently approved the export of medicinal cannabis products such as oils, sprays, tablets and patches. But Brendan Kennedy, president of Canadian cannabis producer, Tilray, said the potential for Australia to export the raw material was limited. Countries such as Columbia and the Congo, any country around the equator has geographic advantages [and] while the price per ... Read More »

Australian Automobile Association urges road taxes overhaul


CANBERRA: The nation’s peak motorists group has called for an end to delays in starting a review into road user charging, warning the failure of electric cars to contribute to road works through fuel excise was being exacerbated as more and more vehicles hit the streets. The government committed 14 months ago to the review, which will look at abolishing ... Read More »

Australian tax office to scale up surveillance on currency traders


CANBERRA: The Australian Tax Office (ATO) is planning to institute a task force that shall monitor cryptocurrencies trades to ensure the right amount of tax is being paid on crypto profits. The report came from the Australian Financial Review. Due to the lack of regulations, early bitcoin adopters have made a handsome profit on their investments. However, now as the ... Read More »

Thermal coal price forecast australia department of industry innovation and science


CANBERRA: Australia’s Department of Industry, Innovation and Science in its latest Resources and Energy Quarterly reported that thermal coal prices remained high, as strong demand added to supply worries The October 2017 to September 2018 Japanese contract price settled at US$94.75 a tonne FOB Newcastle, the same as the previous year. During the December quarter, Newcastle spot prices held at ... Read More »

Australian taxation office creates task force to go after bitcoin traders


CANBERRA: The Australian Taxation Office (ATO), the government agency and principal revenue collection body for the Australian government, has reportedly created a special task force to help it track and identify all cryptocurrency transactions in the country for tax collecting purposes. It is meant to help tax officials to “explore common queries and practical issues” involving cryptocurrency trading and tackle ... Read More »

China trade with Australia soars


SYDNEY: China’s trade with Australia grew strongly last year, with the latest data showing a 23 per cent increase, reaching 923.4 billion Chinese yuan ($180 billion), driven by China buying more Australian resources. The China customs agency report for 2017 shows 37 per cent growth in Chinese imports from Australia, worth 642.8 billion Chinese yuan. Port workers wait for a container ship as it ... Read More »

Australia NZ dollars take stock after scoring fresh highs


CANBERA: Australian and New Zealand dollars both hit four-month highs on Friday as their U.S. counterpart came under broad based pressure, though trade figures from China proved too mixed to provide any further impetus. The Aussie dollar broke above 79 cents for the first time since September to top out at $0.7906, before profit-taking hauled it back to $0.7880. A ... Read More »

Coal exports from Australia’s Gladstone port end 2017 on a high


CANBERRA: Exports of coal from the Port of Gladstone in Queensland, Australia, ended 2017 on a high, registering the strongest monthly exports for the year in December, Gladstone Ports Corporation data showed Wednesday. It shipped 6.31 million mt of coal in December, down 11% year on year and up 17% month on month, the GPC data showed. The port’s exports ... Read More »

Australia kiwi fruit imports flat as locals rise to task


CANBERRA: Rural Bank Ag Answers said the reduction in imports into Australia last year was due to local production increases and flattening demand. The figures show almost three quarters of imported Kiwi fruit is from New Zealand and Ag Answers estimates there was further scope to grow if there was demand, with import volumes increasing from 15,617 tonnes in 2015 ... Read More »

Australia creates tax taskforce to monitor crypto traders


CANBERRA: The government of Australia is eyeing crypto traders as it establishes a taskforce to ensure tax compliance. If there’s one thing that’s near and dear to the hearts of national governments, it’s taxes. The gathering (and spending!) of revenue is what keeps the wheels of government turning. Of course, some cynical folks would say spending taxpayer money ensures that ... Read More »

Australia’s east coast gas exports soar with strong Chinese demand


SYDNEY: Gas exports from Australia’s east coast have surged to record high levels over the past six months, thanks to a “massive increase in Chinese liquid natural gas (LNG) consumption.” Oil and gas analyst Ben Wilson, from RBC Capital Markets told Xinhua on Wednesday, that although the ramp up was anticipated, the “absolute magnitude” of increase has taken many by ... Read More »

Australian iron ore export growth to slow: government


SYDNEY:The Australian government expects a rise in iron ore export volumes to slow in 2018 and 2019, while lower prices longer term will cut revenue for the world’s top exporter, according to a Department of Industry, Innovation and Science report published Monday. Australian iron ore export growth last year, at 4.2% year-on-year in the fourth quarter, is forecast moderate to ... Read More »

Sky high energy bills are crippling Australian food exports


CANBERRA: James Mathews from the Australian Food and Groceries Council says energy prices are the leading concern for the $127 billion industry. We’re seeing a trebling in [energy] prices in some cases. It’s that significant. It’s going to remain our main concern for the short term in light of gas scarcities. Energy prices are high there’s no doubt about that.” ... Read More »

Australian sugar tax AMA calls for sugary drinks move to target obesity


CANBERRA: Australian Medical Association (AMA) has called for a tax on sugary drinks to be put in place to tackle obesity and for water to be the default beverage option with meals. In a position paper, which was released yesterday (January 7), the AMA backed a number of measures to decrease obesity including banning junk food ads which target children. ... Read More »

Australia resource export earnings to rise to record A$214b


CANBERRA: Australia’s export earnings from resources will reach a record 214 billion Australian dollars (US$168 billion) this financial year, according to a report from the nation’s commodity-price forecaster, with LNG demand helping offset lower iron-ore prices resulting from Chinese steel production cuts. Exports of LNG were expected to add A$14 billion to Australia’s export earnings over the next 18 months, ... Read More »

Calls for beer tax increase labelled tremendously naïve


CANBERRA: In its proposal Fare recommended volumetric tax changes to the Wine Equalisation tax, an industry-wide 10 per cent increase on all alcohol tax as well as an increase in the tax rate on draught beer to bring it in line with the rates applied to packaged beer. This demonstrates Fare’s one-size fits all approach to dealing with targeted groups ... Read More »

Asia stocks saunter toward historic high, US earnings hurdle

international markets

SYDNEY: Asian shares crept toward all-time peaks on Monday after Wall Street boasted its best start to a year in over a decade, with brisk economic growth and benign inflation proving a potent cocktail for risk appetites. MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.2 percent having climbed 3.1 percent last week, its strongest performance in six months. ... Read More »

Australia small business exports expected to rise in 2018


CANBERRA: Small business exporters are predicted to have a year of strong growth in 2018, the Australian Small Business and Family Enterprise Ombudsman has revealed. Ombudsman Kate Carnell said Australia’s International Business Survey 2017 showed there was greater confidence among businesses that are already exporting. In agriculture and wholesaling, two thirds of businesses believed the outlook was better than the ... Read More »

Peru exports to Australia exceeded US$178M in Jan-Oct 2017


CANBERRA: Peru’s total exports to Australia reached US$178.708 million between January and October 2017, the Andean country’s Exports and Tourism Promotion Board (PromPeru) reported Friday. This result was mainly underpinned by greater sales of traditional products, which totaled US$136.722 million in the first 10 months of 2017. It must be noted said shipments accounted for 76.5% of Peru’s total exports ... Read More »

Australia makes huge hashish seizure


SYDNEY: An Australian warship has made its second large drug bust in the Arabian Sea within a week, seizing 31/2 tonnes of hashish with an estimated street value of US$142 million (S$189 million). It followed HMAS Warramunga making an eight-tonne hashish haul in late December during manoeuvres in the area as part of the Combined Maritime Forces (CMF) naval partnership. ... Read More »