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Business news and updates: OECD calls on Australia to raise GST to offset COVID-19 fallout

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 16:

OECD calls on Australia to raise GST to offset COVID-19 fallout

The federal government has been urged to implement major tax changes, including raising the goods and services tax, to assist pay down massive debt incurred as a result of coronavirus relief measures implemented to preserve the economy from the pandemic. 

The Organisation for Economic Cooperation and Development stated in its most recent analysis of the Australian economy that the GST should be raised to relieve the burden on

income and corporate taxes.

Lockdown exit plan confusing for businesses

Confusion and fear over vaccine rules, COVID-19 restrictions, and exposure risks are

plaguing NSW businesses as the end of lockdown looms. 

Speaking at a virtual conference on Western Sydney’s economic recovery, industry organisations warned that time was running out for firms to plan for the state’s reopening. 

The pain of the lockdown was heightened by worry from both employers and employees about the uncertain way forward, according to the meeting organised by NSW Labor.

Poorest countries will be $12 trillion worse off by 2025: UN

The world’s poorest countries will be $12 trillion (£8.7 trillion) worse off by 2025 as wealthy nations restrict their access to vaccines, according to the United Nations. 

The UN agency warned that it would take several years for the world economy to recover from the Covid-19 shock, as growth slows after a quick rebound in 2021, and

governments and central banks are under pressure to reduce emergency support. 

Global growth is expected to slow to 3.6 percent in 2022, with an annual average growth rate of 3.5 percent beginning in 2023, implying that global output will only revert to its 2016-19 pattern by 2030.

Here’s what Apple unveiled at its big iPhone event

During a virtual media event held from California, Apple announced four new iPhones, a new Apple Watch, and new iPads. 

The higher-end iPhone Pro line, at least among iPhones, was undoubtedly the centerpiece of Apple’s show. Apple’s new, powerful A15 Bionic chip is used in the 6.1-inch iPhone 13 Pro and 6.7-inch iPhone 13 Pro Max. Apple also unveiled new iPad and iPad mini models. 

The 10.2-inch iPad is powered by a strong A13 CPU that performs 20% faster than the previous model. According to Apple, it is now three times faster than a Chromebook. Apple revealed the new Apple Watch Series 7, which is smaller and has a larger screen than its predecessor.

DoorDash sues New York City over customer data law

DoorDash filed a lawsuit against New York City over new legislation forcing food delivery companies to share consumer data with restaurants, claiming that it breaches user privacy and unfairly allows restaurants to compete.

Canada inflation hits 18-year-high 

The annual inflation rate in Canada reached an 18-year high in August, driven by broad upward price pressures, according to figures released, just days before a highly contested federal election.

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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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