Monday , January 21 2019
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Australia cheers trade with China, Korea


Sydney : Here’s cheers to China with more of the county’s population expected to sip on some Aussie wine in 2019 as the latest round of tariff cuts kicks in. Bottled wine is among 1500 products included in Australia’s free trade agreement with China and the republic of Korea which had export tariffs removed or reduced on New Year’s Day. ... Read More »

Australia could suffer the biggest property price falls in the world this year


Sydney : Australian home prices are at risk of falling more than 10 per cent in 2019, the largest decline globally of all markets monitored by Citi Research. “Among the roughly 60 economies under coverage, only 11 are at significant risk of notable home price falls over the next 12 months, and only one — Australia — might experience year-on-year ... Read More »

Stolen New Zealand, Australia Cars Seized Here


Sydney : Stolen vehicles from Australia and New Zealand have been seized at Lautoka Wharf in a big car racket. The Fiji Revenue and Customs Service intercepted the vehicles imported by agents here to be resold. FRCS chief executive officer Vishvanath Das confirmed in a statement that: “Over the past week, two motor vehicles that were reported stolen in New ... Read More »

Bestjet director had a family link to failed budget airline Air Australia


Sydney : Online flight booking portal Bestjet — which collapsed last month leaving customers scrambling for money — was established by the wife of a man who helped run another failed airline business. Rachel James is listed as one of three inaugural directors of Bestjet Travel Pty Ltd, which was founded on February 28, 2012. Ms James is the wife ... Read More »

Australia’s new laws taking effect on 1 January: from axed tampon tax to credit card changes


Sydney : The end of the tampon tax, restrictions on foreign political donations and crackdowns on predatory lending practices are among changes to Australian law coming into effect on Tuesday. On Monday the federal government signed a determination to remove the GST from sanitary products, following unanimous state and federal agreement three months ago. It will take effect on 1 ... Read More »

4 Australian executives reflect on the themes of 2018


Sydney : Tomorrow will mark the end of 2018. And what better way to send off the year than to look back at the themes that defined the Australian business landscape. We spoke to four successful executives to find out what they thought were the most pivotal moments for business over the last 12 months. Here’s what they had to ... Read More »

Australian Border Force charge three men in relation to bulk illicit cigarettes seizure


Sydney : Three men have been charged in relation to an alleged importation of 9.5 million illicit cigarettes into WA in October. A 25-year-old Victorian man was yesterday charged with one count of importing tobacco products with the intention of defrauding the revenue under second 233BABAD (1) of the Customs Act 1901. He was arrested after attending a Geraldton Police ... Read More »

Australia cuts research funding for universities


Sydney : Australian scientists have expressed disappointment over an AU$328.5 million cut to research funding that had been expected over the next four years. In a budget update, the government announced that it will freeze funding increases for the programme that supports research, facilities, and training, including of PhDs, at universities. Funding for 2019 will stay the same as 2018, ... Read More »

Ten companies pay 45% of all corporate tax in Australia


Sydney : Ten companies are paying 45% of all corporate tax in Australia, demonstrating how reliant the federal government is on the fortunes of the big banks, miners and supermarket giants. The tax office has released its fourth tax transparency report, revealing key details of 2,109 of the largest companies with operations in Australia for the 2016-17 financial year. Corporate ... Read More »

New tax obligations for offshore supplies of low value goods

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Sydney : Australia, as well as many other jurisdictions including New Zealand and Switzerland, are implementing new rules regarding the application of the goods and services tax (GST) or value added tax (VAT) to the supply of low value goods to consumers. Retailers and marketplaces that sell to consumers in these jurisdictions need to be aware of these changes and ... Read More »

Indigenous Business Australia Invests $34 Million in Property


Sydney : Indigenous Business Australia, an organisation focused on economic independence for Aboriginal and Torres Strait Islander peoples, has acquired two service centres for $34 million. Perth-based property investment group Security Capital Australia listed the assets, located 80 kilometres south of Perth on the Forrest Highway at West Pinjarra. The properties, which were completed in 2017, sold on a combined ... Read More »

South Korean firm plans Australia’s fifth proposed LNG import terminal

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Sydney : South Korean developer EPIK, based in Seoul, has proposed the establishment of a floating LNG import terminal at the Port of Newcastle north of Sydney on Australia’s east coast. EPIK has signed an agreement with the Port of Newcastle to conduct preliminary work on the project, which is expected to cost as much as $430 million (Aus.), including ... Read More »

EPIK LNG terminal to be built at Newcastle Port


Sydney : South Korea-based Energy Projects and Infrastructure Korea (EPIK) has signed an agreement with Port of Newcastle to develop an LNG floating storage and regasification unit (FSRU) import terminal. The potential investment for the Newcastle LNG project is estimated to be between $US400 million ($547 million) and $US430 million. Newcastle LNG is proposed to include a 170,000 cubic metres ... Read More »

World watches as Australian regulator rules on Facebook and Google


Sydney : ACCC set to hand down preliminary report into digital platforms and whether they are competing fairly with traditional media . A titanic struggle is taking place between some of the world’s largest corporations. In one corner is Google and Facebook. In the other is News Corporation. It’s not alone. It stands with most of the established media companies ... Read More »

China’s icebreaker Xuelong makes port call at Australia’s Hobart


Sydney: The icebreaker, also known as the Snow Dragon, is on China’s 35th Antarctic research expedition. During the stay in Hobart, the research team will upload supplies including fuel and food, as well as some research equipment, said Han Yanji, an official in charge of general management of the Antarctic mission. Some 26 researchers will also board the vessel here, ... Read More »

Australia to ramp up India economic ties

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Sydney : Australia and India’s trade agencies will sign an agreement in the next 12 months aimed at boosting investment between the two nations. The step comes after the federal government backed a report outlining how Australia can strengthen its economic ties with India between now and 2035. The report, authored by former foreign affairs boss Peter Varghese, was endorsed ... Read More »

Two Crashes Don’t Spell Disaster in Australia’s Iron Ore Country


Sydney : Australia’s $44 billion iron ore sector has suffered two rare train derailments in less than a week, scattering wagons into twisted wrecks in the rust-red earth of Western Australia. Even so, it’s little cause for wider alarm for the world’s top exporter of the steel-making ingredient, with the two cases in the vast state striking about 1,000 miles ... Read More »

Small business cheer $2b end to funding drought


Sydney : Small business and non-bank lenders have endorsed the Morrison government’s plans to inject $2 billion into the small and medium enterprise loan market. But regulatory experts warned the government must avoid taking too much financial risk and not weaken bank rules in its quest to stimulate SME funding via a separate proposed bank-financed Australian Business Growth Fund. Banks ... Read More »

Australia’s Woolworths to sell petrol business to EG Group for $1.25 billion


Sydney : Australia’s Woolworths Group Ltd (WOW.AX) on Friday said it will sell its petrol business to British petrol retailer EG Group for A$1.73 billion ($1.25 billion). The deal comes months after Australia’s largest supermarket operator canceled a A$1.8 billion sale of its petrol stations to British oil giant BP Plc (BP.L) after it was blocked by Australia’s antitrust regulator. ... Read More »

Cruise ship traffic at Port of Sydney continues to break records

sydney port

Sydney : The Port of Sydney has wrapped up another record-breaking season, with a total of 89 visits from cruise ships bringing tens of thousands of passengers to Cape Breton. The final two cruise ships for the year, the Insignia and Silver Wind, left Sydney harbour on Monday afternoon. Read More »