🚀Australia's Economic Recovery Timeline Extended to 2030, Treasury Reveals
Hey, it's Tuesday, January 7, and we've got some news about Bendigo Bank. They're charging a $2.50 fee for cash withdrawals at their branches.
Also, starting January 8, 2024, Australians will need a £10 Electronic Travel Authorization (ETA) to enter the UK. This lasts for two years and lets you enter multiple times, but it doesn't guarantee entry or let you stay more than six months.
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Let’s dive in - Miko Santos
MARKET CLOSE
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The Australian market lifted for the fourth consecutive session, continuing its winning run. The local front will be the focus of tomorrow's monthly CPI data.
AUSTRALIAN POLITICS
PM Announces $7.2B Bruce Highway Upgrade After 41 Deaths in 2024
Prime Minister Anthony Albanese announced a $7.2 billion funding package would be bestowed on Queensland's Bruce Highway, funded 80 per cent by the commonwealth. It came after 41 people died on the highway in 2024 and its safety was rated a critical priority. The funding deal is a backflip on the government's commitment to axe the 80-20 federal-state funding split.
Aside from those, the various main works will include sections between Maryborough and Benaraby, Rockhampton and St Lawrence, Bowen and Townsville, and Ingham and Innisfail, not to mention the infamous black spot north of Gympie. The decision was above politics; Queensland's LNP Premier David Crisafulli was quoted saying how he wanted construction to start now.
The announcement has taken on political dimensions in Queensland, where Labor holds just five of 30 lower house seats, but Mr. Albanese underscored the safety, rather than political, basis for the decision, referencing the highway's deadly past. That was reinforced by local paramedic Wayne Sachs, who said he had been witness to the road's dangers and earlier, successful, advocacy for upgrades that have already saved hundreds of lives. (Learn More)
SALES
Hybrid Cars Outpace EVs as Australia Hits New Vehicle Sales Record
The Australian automotive industry posted a record 1.22 million vehicle sales in 2024, with Toyota holding 19.8% market share. However, a 2.7% decline in December showed the market may be cooling somewhat. The country's best-seller was the Toyota RAV4, while Ford took second place with 8.2% market share, ahead of Mazda at 7.9%.
Private car sales plummeted in the second half of 2024, partly due to increased interest rates and cost-of-living pressures. Consumer preference was also sharply skewed toward hybrid vehicles over fully electric, while SUVs/light commercial vehicles remained strong despite their possible conflict with emissions regulations upcoming.
Both manufacturing companies and consumers thus view the 2025 NVES as one major stumbling block. If the new rule raises the bar in the price for new vehicles-most significantly to the SUV segments and light commercial segments-both popular categories would be adversely hit. The above situation underlines more general tensions that exist between consumer preference, economic conditions, and environmental policy about the transition into low-emission vehicles in Australia. (Read more)
ECONOMY
Australian Living Standards Won't Recover Until 2030, Treasury Projects
Australia is facing an unprecedented economic challenge as Treasury forecasts indicate living standards won't return to 2022 levels until 2030. The mid-year budget update reveals living standards will remain 7% below May 2022 levels by June 2025, marking the steepest decline in the nation's history under the Albanese Labor government.
The extended recovery timeline suggests structural economic issues that affect every Australian household's purchasing power. Treasury's projections, which rely on optimistic assumptions about real income recovery and population control, indicate families will face sustained financial pressure impacting their ability to manage daily expenses and maintain their lifestyle.
The Opposition has presented an alternative economic plan centered on investment, competition, and tax reduction. Shadow Treasurer Angus Taylor emphasizes the unprecedented nature of this decline, noting it's "unparalleled anywhere else in the world." The economic downturn could have lasting implications for Australia's international competitiveness and position in the global economy. (Read more)
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TECHNOLOGY & INNOVATION
Nvidia Partners with Toyota for Next-Gen Autonomous Vehicles at CES 2025 During his CES 2025 keynote, Nvidia's CEO announced a partnership with Toyota for autonomous vehicles and revealed a powerful new self-driving car processor called Thor, showcasing the company's growing dominance in automotive AI technology.
Apple News Eyes International Growth as Publishers See Rising Revenue Impact. Apple is planning to expand its News app to more countries beyond its current markets, while also improving advertising and local coverage, as it becomes an increasingly important source of traffic and revenue for publishers who share their content on the platform.
65% of UK Job Skills Expected to Change by 2030, LinkedIn Study Shows. LinkedIn's latest research shows AI and sustainability-related jobs are rapidly growing in the UK job market, while highlighting that workers will need to develop new skills as 65% of job requirements are expected to change by 2030.
FINANCE & MARKETS
Tech Stocks Lead Wall Street Recovery as Nvidia Hits New Record High. Technology and AI-related stocks helped boost U.S. markets on Monday, with Nvidia reaching new highs and Microsoft announcing major AI investments, though overall market performance was mixed.
Australian Housing Approvals Drop 3.6% in November 2024, Led by Apartment Decline. Australian building approvals decreased in November, with private dwellings seeing the sharpest decline, though total approvals remain higher than the previous year and non-residential building values showed significant growth.
Bendigo Bank Introduces $2.50 Branch Withdrawal Fee Following CBA Controversy. Bendigo Bank has implemented a $2.50 fee for over-the-counter cash withdrawals at its branches while removing a $6 monthly account fee, prompting criticism despite the bank's claim that customers will pay less in fees overall.
POLITICS & WORLD AFFAIRS
Canadian Prime Minister Resigns After 9 Years, Conservative Opposition Leads Polls by 20%. Justin Trudeau is resigning as Canada's Prime Minister and Liberal Party leader due to mounting political challenges, including poor polling numbers and economic concerns, with a new party leader to be chosen before the upcoming fall election.
Deadly 7.1 Magnitude Earthquake Strikes Tibet, Killing at Least 9 People. A powerful earthquake hit a remote area of Tibet near Nepal, killing at least nine people and destroying village homes, with tremors felt across multiple countries in the region.
Congress Certifies Trump's 2024 Election Victory in Peaceful Capitol Ceremony. Congress formally certified Donald Trump's 2024 presidential election victory over Kamala Harris in a peaceful ceremony at the Capitol, with Harris herself presiding over the certification as Vice President.
LIFESTYLE & TRAVEL
Japanese Sushi Chain Buys Massive Bluefin Tuna for $1.3 Million at Tokyo Auction. A Japanese restaurant company paid $1.3 million for a massive bluefin tuna at Tokyo's first fish auction of 2025, marking their fifth consecutive year of winning the prestigious first tuna bid.
First Major Storm of 2025 Paralyzes Mid-Atlantic, Over 330,000 Without Power. A severe winter storm has hit the U.S. mid-Atlantic region, bringing heavy snow and Arctic temperatures, causing widespread travel disruptions, power outages, and forcing government offices and schools to close across multiple states.
UK Introduces Mandatory £10 Travel Permit for Australian Visitors from January 8. Starting January 8, 2024, Australians must obtain a £10 Electronic Travel Authorization (ETA) before entering the UK, which remains valid for two years and allows multiple entries, though it doesn't guarantee entry or permit stays longer than six months.
GAMES
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