Dynamic Business brings you a daily rundown of the most recent business news and developments from Australia and around the world. Here’s the roundup for September 30:
Australia’s mining and energy exports are on track to hit a record $349 billion this year, despite the fact that the value of the country’s main export, iron ore, appears to have peaked.
Thermal coal markets, which are used to generate electricity, are flourishing around the world as a global recovery from the economic effects of the COVID-19 pandemic drives up energy demand.
As supply limitations coincide with increasing industrial activity, metallurgical coal used in steel production has also reached new highs.
China’s power crisis, which has resulted in rolling blackouts and factory closures, and fears that its coal supply could run out in two weeks, may force the government to revert to Australian supplies.
More than two-thirds of China’s electricity is generated by coal-fired power plants, and while 90% of the country’s coal is produced domestically, China used to import $1 billion worth of Australian coal.
However, amid rising diplomatic tensions between the two countries, China blocked shipments of Australia’s third-largest product early this year.
The state government of New South Wales has announced plans to raise its 2030 emissions reduction target to 50% below 2005 levels. Prime Minister Scott Morrison is under more pressure as a result of the move, with calls for the federal government to raise its carbon objectives.
Premier Gladys Berejiklian claims that the plan, which includes achieving net-zero energy by 2050, will bring in more than $37 billion in investment. NSW Energy Minister Matt Kean says the state is on track to expand its GDP and cut emissions in half by 2030, with a goal of zero emissions by 2050.
The US government may be on the verge of spending up to US$4.5 trillion on one of the largest infrastructure and social safety net projects in decades.
On September 30, 2021, the House will vote on a $1 trillion bipartisan infrastructure measure that has already been passed by the Senate, and it is expected to be followed by up to $3.5 trillion in other expenditures.
As per reports, the Narendra Modi government is planning to announce the winning offer for Air India by October 15. On September 29, financial bids for the airline are expected to be opened.
The deadline for financial proposals for Air India expired on September 15, and the Tata Group was seen as the frontrunner. Ajay Singh, the CEO of low-cost carrier SpiceJet, has also made a bid for Air India.
K V Subramanian, India’s chief economic adviser, stated that the country will develop at a growth rate of over 7 per cent per year this decade due to strong economic fundamentals.
He predicted that growth will be in the double digits this fiscal year, then moderate to 6.5 to 7 per cent next year.
According to the Economic Survey 2020-21, which was released in January this year, GDP growth for the current fiscal year ending March 2022 is expected to be 11 per cent.