Climate policy will take pressure off budget, Treasury Secretary says

Labor’s proposal to beef up the Abbott government’s “safeguard mechanism” on carbon pollution will take significant pressure off the federal budget, says Treasury Secretary Steven Kennedy. Under the federal government’s existing Emissions Reduction Fund, auctions are run to award federal government grants to participants who act to reduce emissions. Labor has indicated a willingness to use the safeguard mechanism to […]

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Eurozone Inflation Rises To Record High As Estimated

Eurozone inflation accelerated to a new record high in June, as estimated, driven by energy prices, and reinforced hopes for aggressive interest rate hikes. The harmonized index of consumer prices increased 8.6 percent on a yearly basis in June, faster than the 8.1 percent rise in May, final data from Eurostat showed on Tuesday. The rate came in line with […]

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Goldman Sachs Q2 Profit Dips 48%, Misses Estimates

Investment banking major Goldman Sachs Group Inc. (GS) reported Monday that profit for the second quarter declined 48 percent from last year, reflecting a 23 percent drop in net revenues and higher provisions for bad loans. Earnings for the quarter missed analysts’ expectations, but quarterly revenues topped it. In Monday’s pre-market trading, GS is currently trading at $305.02, up $11.15 […]

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EU Downgrades Eurozone Growth Outlook; Raises Inflation Projections

The European Commission downgraded the eurozone economic outlook and inflation projections, citing the shocks unleashed by the war in Ukraine, deceleration of growth in the US and the impact of strict zero-COVID policy in China. In the latest Summer economic forecast, released Thursday, the EU trimmed its growth outlook for this year slightly to 2.6 percent from 2.7 percent. Economic […]

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German Factory Orders Unexpectedly Rise In May

Germany’s factory orders unexpectedly expanded in May underpinned by the rise in demand from the non-euro area countries, data from Destatis showed on Wednesday. New orders grew 0.1 percent month-on-month in May, in contrast to the revised 1.8 percent decline in April and the expected fall of 0.6 percent. On a yearly basis, factory orders declined 3.1 percent, slower than […]

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Eurozone Private Sector Growth Weakens In June

The eurozone private sector expanded at a slower pace in June as the manufacturing production logged its first fall in two years on one side and the weaker growth in services activity on the other, final survey results from S&P Global showed on Tuesday. The final composite output index fell to 52.0 in June from 54.8 in the previous month. […]

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Property price falls may be bigger than expected

Property prices could fall by more than initially feared as the Reserve Bank ratchets up official interest rates to fight surging inflation. Even before Tuesday’s increase in the cash rate of 0.5 percentage points – in line with market expectations, to take the cash rate to 1.35 per cent – property watchers were already forecasting price falls of between 15 […]

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The COVID-related tax deductions you need to know

Most people are aware that the costs of working from home during the COVID-19 pandemic are a legitimate tax-deduction in your annual return. However, there are other coronavirus-related deductions available, too. You need evidence to show how much of your COVID-19 related expenses are work-related. Credit:Justin McManus One that you may not know about, but could be able to claim, […]

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German Unemployment Rises Unexpectedly

German unemployment increased unexpectedly in June as the Ukrainian refugees are added in job centers as people searching for jobs, official data showed on Thursday. The number of people out of work increased sharply by 133,000 from May, when employment declined by 5,000, data published by the Federal Employment Agency reported. Economists had forecast another fall of 6,000. The jobless […]

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Eurozone Economic Confidence At 15-Month Low

Eurozone economic confidence weakened to a 15-month low in June, reflecting the deterioration of morale among consumers and construction managers, survey results from the European Commission showed Wednesday. The economic confidence index fell to 104.0 in June from 105.0 in May. This was the lowest score since March 2021 but remained above economists’ forecast of 103.0. The improvements in industrial […]

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