ECONOMY

The Australian Bureau of Statistics (ABS) said today that the country’s gross domestic product jumped by 0.5 percent in the first three months of 2010 and further grew by 2.7 percent in the year leading to March, thanks to sustained government spending that has substantially propped up the local economy.

West Australian mining leader and Fortescue Metals chief Andrew Forrest has raised stakes in the debate over the new mining tax, stating that Treasurer Ken Henry said privately the tax will not take effect if it was revised.

The Federal Government and key mining leaders sat down today to compromise over Canberra's resource super profits tax and stop trading insults through media that have hurt local markets and investors.

The Tasmanian Government on Wednesday has brushed off attacks on its economic credentials when it released its statement on the latest economic data.

The Prime Minister is prepared to deal directly with senior mining leaders over the controversial resource super profits tax to halt a public brawl between the industry and the government.

Moody’s said in a report released on Tuesday that the Australian airport sector’s economic outlook remains stable and added that stiff price competition among airlines and strong business activities should encourage further passenger load growth.

US Federal Reserve Chairman Ben Bernanke urged on Monday members of the Group of 20 world powers to closely coordinate financial reforms in its aim to strengthen the global economy as he leaves note that governments’ international cooperation is a must in overhauling market rules following the global financial crisis.

Ranked as the fastest for the past eight years, the Australian manufacturing growth fell down in May for the first time as new orders slowed following the central bank's decision to boost its interest rate for the sixth month since October.

New figures released by the Australian Bureau of Statistics (ABS) on Monday showed that Corporate Australia has experienced a windfall in the first quarter of 2010, amassing a total of $57.2 billion while companies’ gross operating profits jumped by 3.9 percent in the March quarter.

Following some pick ups early this year, luxury may be back in style as consultancy firm Bain & Company said Sunday that the luxury goods industry sales in 2010 would grow by four percent to 158 billion Euros or $A229.78 billion with much of the sales spikes to be seen within the first half of the year.

Local unions are angry towards Premier Anna Bligh for pushing for a sell-off of State Government assets, which includes the Queensland Rail's coal network.

Queensland Premier Anna Blight told media on Monday that direct air travel from Brisbane and China will strengthen the tourism industry for both countries.

The Australian Workers Union is thoroughly concerned on the possible effects of the Federal Government's proposed resources super profits tax on Whyalla's OneSteel operations.

A report by the Melbourne Institute has indicated that economic trends for May pointed to less optimistic economic outlook for the Australian economy as creeping wariness on the effects of the European debt crisis started shrouding economic growth expectations.

The proposed Pulp Mill is currently the center of debates and discussions once again after the resignation of Gunn's chairman was announced on Thursday.

Former Queensland Premier Peter Beattie announced on Friday it will seek an early retirement by July as the state's Trade Commissioner to the Americas.

A new United Nations (UN) report published on Wednesday said that the world economy is poised to recover from last year’s crunch with up to three percent growth this year and 3.2 percent improvement by next year, while warning at the same time that only a solid recovery could recoup job losses and fill the production backlog created by the deep recession.

The State Government of Queensland reported on Thursday that it pushes through its regionalization plan where first home buyers will receive a $4, 000 boost and government agencies may be relocated.

Different groups have mixed reactions when it was declared that the federal Government may possibly give a compromise on its proposed new resources profits tax.

The Prime Minister of East Timor lambasted an Australian consortium, claiming that the group is trying to steal the country's natural resources from a gas field that is currently developing in the Timor Sea.

A market analyst sent warning signals over the lack of clarity of the Federal Government's proposed resources rent tax, which is bringing uncertainty in the share market.

Twenty economists were ridiculed by the Federal Opposition for expressing their support through an open letter on the federal government's proposed resource super profits tax.

A four billion dollar development project of the Oakajee port in Western Australia is currently subjected for review by the state's Treasury.

The proposed 40 per cent resources super profits tax (RSPT) gained the support of a group of prominent Australian economists in the midst of mining giants' campaign against it.

The Australian Bureau of Statistics (ABS) said today that the country’s overall sales of new motor vehicles jumped by 8.4 percent in April with four-wheel drive units posting a record 28.7 percent increase in sales in the year leading to April.

The Australian Bureau of Statistics (ABS) said last Tuesday that the country’s overall sales of new motor vehicles jumped by 8.4 percent in April with four-wheel drive units posting a record 28.7 percent increase in sales in the year leading to April.

Oil and gas explorer and producer Carpathian Resources declared on Tuesday it is pursuing an investigation on some irregularities pertaining to its past financial transactions.

New South Wales Premier Kristina Keneally revealed on Tuesday that several Sydney's road systems and transportation may not push through.

The Federal Opposition has accused Prime Minister Kevin Rudd for politicizing Treasurer Ken Henry to reinforce its campaign on the resource super profits tax for miners.