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Business news and updates: Daily roundup (August 11, 2021)

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 August 11:  

NSW lockdown extended after cases continue to rise

The lockdown in Sydney has been extended until at least August 28th, with several new restrictions issued.  

As cases in Sydney’s west and south-west continue to rise, three additional local government districts have been put to a hard lockdown that now includes an outside mask mandate and a 5 km radius travel limit.

Australia business confidence suffers after extended lockdowns

The Australian economy’s confidence has been shattered by repeated lockdowns, which have flattened economic conditions in the country’s most populous states. 

The monthly business survey from National Australia Bank found a 19-point drop in business confidence to minus eight, while the economic harm caused by the Delta outbreak lowered the conditions index by 14 points to 11. 

Labor plans fresh tilt at green bank rules

Labor is planning a new move in parliament to keep Australia’s green bank’s renewable energy focus. Several attempts to overturn regulations allowing the Australian Renewable Energy Agency to invest in low-emission technologies have failed.

Shortfall of aged care workforce predicted over next 10 years: CEDA

According to the Committee for Economic Development of Australia, Australia would suffer a manpower shortage of at least 110,000 direct aged-care personnel over the next decade unless immediate action is taken to boost the workforce (CEDA). 

The report, Duty of Care: Meeting the Aged Care Workforce Challenge, by the think tanks finds that unless prompt action is taken, the deficit will widen to nearly 400,000 people by 2050. 

U.S. productivity growth slows in second quarter

According to the Labor Department, worker productivity growth slowed in the second quarter, and labour expenses were significantly lower than originally projected in the first quarter.

India looking to slash taxes on EV

According to media reports, India’s government is considering lowering tariffs on imported electric vehicles. This is a change from the Indian government’s previous strategy of levying hefty import taxes in order to stimulate domestic manufacturing. 

This standard is followed in a variety of businesses. Imported electric vehicles that cost less than US$40,0000, including the car’s cost, insurance, and freight, are now subject to a charge of 60%, with the government apparently seeking to reduce it to 40%. 

The import duty on electric vehicles worth more than US$40,000 is currently set at 100%, although it may be decreased to 60% in the future.

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Yajush Gupta

Yajush Gupta

Yajush is a journalist at Dynamic Business. He previously worked with Reuters as a business correspondent and holds a postgrad degree in print journalism.

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