Economy

The ATO is going after crypto investors this financial year, after Australians dove into the market in record numbers

By: Bianca Healey Cryptocurrency profits are top of the ATO’s agenda this year, as the tax office takes a microscope to the millions of Australians who now own crypto. If cryptocurrency is sold at a profit it is subject to Capital Gains Tax, the ATO has warned. “Prices have rocketed and we have seen a lot more people investing in ...

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Virgin CEO calls for open borders, even if ‘some people may die’

By: Stuart Layt Virgin Australia’s chief executive has called for the country’s borders to be reopened before the stated goal of mid-2022, saying it made long-term sense, even if “some people may die”. Speaking at a business lunch in Brisbane on Monday, Jayne Hrdlicka said she did not agree with the current stated reopening date of “mid-2022” put forward by ...

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ABSC INC. HOSTS ANNUAL GALA DINNER TO LAUNCH EKONOMOS, ISSUE 2, 2020

  By: Dr Frank Alafaci   The Australian Business Summit Council Inc. hosted an exclusive Annual Gala Dinner to launch the second issue of EKONOMOS, the official business affairs magazine published by the association at The Waterview in Bicentennial Park, Homebush NSW on Thursday 3 December 2020.   More than ninety VIPs, diplomatic officials and guests convened in the Lake ...

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Trump’s push to reopen the economy comes as hope for a quick recovery fades

US economy lost a record 20.5 million jobs in April 02:24 Washington (CNN)To staffers inside the White House, it was clear by mid-April the “big bang” economic revival once predicted by President Donald Trump wasn’t in the cards. By April 23, they decided to do something about it. That day during his televised coronavirus briefing, Trump had made his much-maligned suggestion that injections ...

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Stocks are expected to trade the economy’s reopening in the week ahead

Investors will watch the economy’s reopening progress, as well as a series of economic reports in the coming week that will provide a look at the consumer during April as the economy shed 20.5 million jobs. Fed Chairman Jerome Powell speaks on a webcast held by the Peterson Institute on Wednesday at 9 a.m., and he will be watched closely for ...

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The UK economy is heading for its worst crash in 300 years

London (CNN Business)The UK economy is heading for its worst crash in more than 300 years because of the coronavirus pandemic, according to a new forecast from the Bank of England. The central bank said Thursday that the British economy could shrink by 14% this year. That would be the biggest annual contraction since a decline of 15% in 1706, based on ...

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The coronavirus economy is exposing how easy it is to fall from the middle class into poverty

Louise Lara apologized for crying as she told her story. The 54-year-old single mom had just listed her home in the Florida Panhandle as “for sale by owner,” the latest sign that her middle-class life is slipping away amid the nation’s worst economic crisis since the Great Depression. Lara’s saga, like that of so many other Americans, began March 20 ...

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‘It’s the economy, stupid’ all over again

20 million US jobs just vanished. Here’s what that means 01:14 Julian Zelizer, a CNN political analyst, is a professor of history and public affairs at Princeton University and author of the forthcoming book, “Burning Down the House: Newt Gingrich, the Fall of a Speaker, and the Rise of the New Republican Party.” Follow him on Twitter: @julianzelizer. The views expressed in ...

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The much-feared ‘scarring’ of the UK economy may be happening already

Take your pick for which number was more shocking. Was it the reading of 12.9 on the PMI survey of UK business activity in April, a figure that was many degrees worse than any recorded during the 2008 financial crash? Or was it the quadrupling of the government’s borrowing requirement to an astonishing £180bn over the next three months? The ...

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Coronavirus lockdown tips UK economy into biggest slump on record

The UK’s manufacturing and services industries suffered the biggest slump on record this month, according to figures released on Thursday, as a Bank of England policymaker warned Britain’s economy was on course to suffer the deepest recession in several hundred years. Gertjan Vlieghe, a member of the BoE’s interest-rate setting committee, said the UK was heading for a squeeze on ...

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