The 11 countries (Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam) of the Trans-Pacific Partnership (TPP) are set to sign the deal, without the United States, in March this year in Chile. This pact was reached late January this year after two days of talks in Tokyo. At this meeting the TPP was also renamed to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
The ‘Belt and Road’ initiative was launched in 2013 by China, with the aim to establish two trade routes linking China to Europe, Central Asia and South Asia. These trade routes, the Silk Road Economic Belt and the Maritime Silk Road provide the name of the initiative.
In its May Monetary Policy Statement, the RBNZ identified key downside risks to the outlook for economic growth as including:
Based on 2015 visitor numbers, a Trans-Tasman Visa arrangement could potentially be worth $2.5 billion a year to New Zealand from the China market alone.
In the 1990s it was America spurring world economic growth, in the 21st Century it has been China fuelling the world’s economic growth. With China showing more and more signs of a faltering economy, will the US be able to pick up the mantle, will a new country or region pick up the pieces, or will the world’s economy simply limp along waiting for China to kick start its economy?
The Chinese government has over the last week gone all out in order to halt the falling prices in the Shanghai Composite Stock Exchange (SSE). On the 9th July 2015, prices on the SSE have finally stopped falling, after they had dropped by 30 percent (or NZ$4.8 trillion) since June 12th 2015, for comparison Greece currently owes NZ$524 billion, while its GDP is NZ$351 billion.
The Australian Government presented their 2015 Budget on the 12th May 2015. The budget covered the Australian Government funding for the 2015/16 financial year. The Australian Government is forecast to collect a total of A$405.4 billion in revenue in the upcoming financial year, while paying A$434.5 billion in expenditure, leaving an forecast deficit of A$29.1 billion. The Australian Government has been running budget deficits since the 2008/09 financial year.
In the first three months of 2014, China’s factories have experienced a decrease in their output, with manufacturing activity across China dropping to its lowest level in the past eight months.
In February 2014, the Australian Bureau of Statistics (ABS) has released data on the Australian employment and unemployment for the January 2014 month.
The third quarter has seen a 7.8% growth in China, which has helped the Chinese economy to remain in a stable position, compared to the year before.
As widely publicised, the first quarter of 2013 saw China replace Australia as the main destination for New Zealand’s exports. What is also worth noting is the speed of change that has occurred in getting to this position.This is notable as it indicates a momentum, and potential, for the future.
Julia Gillard’s Australian Federal Government released their budget for the 2013-14 year on Tuesday 14 May 2013. The Australian government’s budget like so many around the world, including New Zealand, is aimed at returning the Australian Government’s books to a surplus.
The Australian GDP grew by 0.6 percent for the December quarter of 2012. The Australian Bureau of Statistics (ABS) on the 6th March 2013 released their data on the real Australian GDP growth.
China is looking to enforce paid annual leave more rigorously to ensure that most workers can enjoy better holidays by 2020. Currently, the length of paid annual leave varies, but largely depends on how long one has served in his or her current workplace.
Australian GDP and unemployment data for the June 2012 quarter reveals that, overall, the Australian economy continues to grow strongly. But, the fact that the Reserve Bank of Australia has been lowering the Official Cash Rate throughout 2012 is an indicator that the RBA is worried that this growth will not continue without some help.
The Australian Bureau of Statistics has released data on the Australian GDP for the March 2012 quarter.
After a brief foray into the red, Australia’s GDP is up on the same quarter a year ago (by a measly 0.4 percent). This was thanks to a strong March quarter in which GDP grew by the same percentage.
The announcement by the Reserve Bank of Australia that it is raising interest rates by 25 basis points is stupefying. This is a strong statement from an author who generally has a lot of respect for the monetary policy system in Australia, which doesn’t use inflation as its sole target.