Australia’s net foreign debt has hit $374 billion, and will almost certainly hit $400 billion by the end of the year. In the early eighties, foreign debt was only 6% of our Gross Domestic Product. Now it is 47% of GDP. When the Coalition came to power, net foreign debt was $193 billion, a matter…
In the face of rising farm subsidies across Western nations, only Australia and New Zealand have cut assistance to farmers. The Organisation for Economic Cooperation and Development’s 15th report, OECD: Agricultural Policies 2004 at a Glance, on Western farm subsidies, found that in 2003 Western farmers derived 32% of their net revenue from government subsidies and farm support, up from 31% in the previous two years. This assistance to farmers amounted to $A506 billion, or the equivalent of about 70% of Australia’s Gross Domestic Product. EU subsidies The European Union accounts for almost half of the total subsidies, partly because…
With one eye on an valuable domestic and export product and one on the Federal Coalition’s marginal sugar seats, Premier Beattie has been to Brazil and is drawing up plans for Queensland to join Brazil in co-producing ethanol for the Japanese market. In August, a Biotech Road Show will tour the Queensland coastal sugar towns…
In an unprecedented move, Australian Pork Ltd (APL) is planning to go to the Federal Court to challenge Biosecurity Australia’s report recommending that pork imports be allowed from an increasing range of countries. A decision in favour of the pork industry has the potential to sink the Australia-US Free Trade Agreement. The move is likely…