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Australia has avoided the steep tariffs imposed by the US, facing only a general 10% tariff while being exempt from higher rates affecting countries like China and Japan. However, challenges loom for Australian beef farmers due to new trade barriers, and potential economic slowdowns in China could significantly impact Australia's resource-dependent economy, particularly in regions like Western Australia. Prime Minister Anthony Albanese criticized the tariffs, while Foreign Minister Penny Wong emphasized the need for a measured response to the disruptions affecting key sectors.
Australia's Prime Minister Anthony Albanese is shifting into election mode, aiming to regain voter trust in his government's ability to address rising living costs, especially in housing. This comes after a significant legislative push to clear the way for future initiatives.
Australia has enacted a groundbreaking law banning social media for children under 16, setting a global precedent in regulating Big Tech. The legislation, which mandates age-verification measures, received bipartisan support and is set to take effect in November 2025. Companies like Facebook and TikTok face hefty fines for non-compliance, highlighting the government's commitment to protecting children's mental and physical health.
Australia's government is poised to pass key housing legislation after the Greens party shifted its stance in support. Prime Minister Anthony Albanese's Labor government has introduced two bills aimed at addressing the national housing crisis: one to incentivize build-to-rent properties and another for a shared equity scheme to assist lower-income earners in purchasing homes with smaller deposits.
Australia and India are set to enhance cooperation in renewable energy and defence, as Prime Minister Anthony Albanese announced plans for investment in solar manufacturing and battery processing during a meeting with Indian Prime Minister Narendra Modi. The partnership aims to leverage Australia’s rich mineral deposits for electric vehicle batteries and includes initiatives to train a rooftop solar workforce in India, which is looking to increase household renewable energy use. Both nations, along with the US and Japan, are part of the Quad alliance, focusing on countering China"s influence in the Indo-Pacific region.
Australia's Labor government has announced a plan to cut A$16 billion ($10.5 billion) in student loans, reducing all student debts by 20% starting June 1 next year. This initiative aims to alleviate the financial burden on over three million Australians, promoting a fairer and more affordable education system.
An official inquiry has revealed that Australia's delayed vaccine procurement and rollout during the Covid-19 pandemic cost the economy $20 billion, extending community lockdowns. The report, commissioned by Prime Minister Anthony Albanese, was delivered by a panel of experts in governance, economics, and health policy.
Anthony Albanese
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Australia avoids US tariffs but faces economic challenges ahead
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02:25 20.11.2024
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