Inbound Tourism Set to Grow

LATEST AUSTRALIAN BUSINESS NEWS

The value of inbound tourism to Australia is set to reach $32.1 billion in 2014, up from $18.5 billion in 2005, representing average annual growth of 6.3 per cent, according to the latest economic value market forecasts from the Australian Tourism Forecasting Committee.

The UK market is currently Australia’s top market in terms of earnings, contributing around $2.8 billion in 2004. This position will be taken by China in 2014, with an expected contribution from that market of $5.9 billion, up from $1.2 billion in 2004.

Other top contributing markets will continue to be the UK, whose market earnings are forecast to be $4.8 billion by 2014, followed by the US at $3.2 billion, New Zealand at $2.3 billion, and Japan at $2.1 billion.

For information on this article, or on any other aspect of the Australian economy or business opportunities available, please email me.

David

david.taylor@agarcarlyon.com">editor@agarcarlyon.com

Australian Inflation Rate Remains Low

LATEST AUSTRALIAN BUSINESS NEWS

The Consumer Price Index (CPI) data released today shows that inflation remains moderate in Australia. The CPI increased by 0.7 per cent in the March quarter 2005, to be 2.4 per cent higher through the year. This outcome is around the middle of the medium-term inflation target band.

According to the Federal Treasurer, Australian households benefited from price declines across a range of items in the March quarter, including audio, visual and computing equipment (down 6.4 per cent), fruit (down 3.5 per cent), furniture and furnishings (down 2.1 per cent), and clothing and footwear (down 1.4 per cent). Notably, motor vehicles prices fell by 1.4 per cent, reflecting tariff reductions from 1 January and extensive competition and discounting by dealers.

Automotive fuel prices fell by 2.7 per cent in the March quarter 2005, after increasing for the past four quarters. The fall in automotive fuel prices subtracted around 0.1 of a percentage point from the overall increase in the CPI in the March quarter.

Continuing strong demand for labour and materials in the construction sector in some capital cities saw house purchase prices rise 1.4 per cent in the March quarter. Other components that contributed positively to inflation in the March quarter were food, education and health. The increase in food prices (up 0.9 per cent) was driven by higher prices for vegetables, and beef and veal. Price rises in health were mainly due to rises in pharmaceutical prices (up 16.8 per cent), largely reflecting the annual resetting of the Pharmaceutical Benefit Scheme (PBS) safety net threshold together with the increase in PBS contributions from 1 January 2005. Education was up by 6.0 per cent, reflecting increases in HECS payments, in addition to the regular increase that occurs at the beginning of each school year.

The key influences on inflation point to continued moderate outcomes, with inflation expected to remain within the medium-term target band. Despite the unemployment rate falling to a 28-year low, wages pressures remain contained and other business input costs also remain moderate. Furthermore, the slowing in housing activity suggests that price pressures in the construction industry should moderate.

With the release of the latest CPI data, it is unlikely that the Reserve Bank of Australia will increase interest rates next week.

For information on this article, or on any other aspect of the Australian economy or business opportunities available, please email me.

David

david.taylor@agarcarlyon.com">editor@agarcarlyon.com

Australian Chocolate Selling Well

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LATEST AUSTRALIAN BUSINESS NEWS

With premium chocolates currently experiencing phenomenal growth worldwide, competition for a bite of the enormous $23 billion annual chocolate market in the USA has never tasted sweeter for Australia's Kangaroogold Chocolates.

Dedicated to creating sublime chocolates, the company gathers the finest ingredients from around the world.

Retailers in the USA were positioning Kangaroogold Chocolates along side the European chocolates in their stores.

Kangaroogold Chocolates has been successful in obtaining shelf space in US retail outlets such as Bristol Farms, Ralphs, Albertsons and many others.

Its product range combines farm fresh dairy, fruits and nuts from Australia with the renowned cocoa beans of Africa's Ivory Coast. Its cocoa butter content ranges from 34 to 55-per cent, more than double the level found in many other brands.

The kangaroo logo and bright gold wrapper continues to outshine established labels in the exclusive European Chocolate sections of many stores in the US.

A recent highlight for the company included supplying chocolates at the Golden Globes.

For information on this article, or on any other aspect of the Australian economy or business opportunities available, please email me.

David

david.taylor@agarcarlyon.com">editor@agarcarlyon.com

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Australia Trade Coast Booming

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LATEST AUSTRALIAN BUSINESS NEWS

Companies which have been attracted to Australia TradeCoast by its competitive advantages now have a new advantage.

The Australia TradeCoast Associates Register will enable the thousands of businesses that make up Australia TradeCoast to connect with each other online and to tap into the resources of the region.

Australia Trade Coast is the key economic region encompassing the Brisbane Airport, Brisbane Port and Brisbane City, Queensland, Australia.

The success of Australia Trade Coast was confirmed internationally last year when it won the Economic Development Leadership and Accomplishment Award, presented by CoreNet Global, a major international association of corporate real estate and site selection executives.

Australia TradeCoast is an industrial and commercial precinct that's unique among other such centres in Australia. It's unique because it abuts both a major airport and a major seaport and it's closer to Asia than any such infrastructure to the south. The precinct also has a rail link with the south and first class road links with major highways along the eastern seaboard, from Cairns to Melbourne, to western Queensland and to north western New South Wales.

For information on this article, or on any other aspect of the Australian economy or business opportunities available, please email me.

David

david.taylor@agarcarlyon.com">editor@agarcarlyon.com

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Motor Vehicle Industry Benefits From R&D Grants

Five Australian automotive Research & Development projects have been chosen as the first successful recipients of $41.36 million of assistance under the Australian Government’s Motor Vehicle Producer Research & Development Scheme.

The Toyota Tech Centre, which is part of the company’s goal to capture 15 per cent of the global vehicle market in the decade starting 2010, has been supported with the offer of $5.56 million for a software development project.

“All five projects announced today cover areas crucial to the industry’s development including those with an environmental focus such as fuel economy and emissions improvement, and safety systems,” said Mr Macfarlane, the Federal Government Minister responsible for the scheme.

The R&D support scheme is worth $150 million, an indication of Australia’s determination to give the industry the time and resources it needs to cement its future as an innovative international competitor. It is all part of the Government’s $4.2 billion post-2005 industry assistance package.

The specific projects are-

• Ford Motor Company of Australia, $27.98 million for its State of the Art Engine Initiatives;
• Holden Limited, $4.81 million for its Fuel Economy and Emissions Improvement project;
• Holden Limited, $1.94 million for its Smart Architecture Development project;
• Holden Limited, $1.07 million for its Safety and Intelligent Systems project;
• Toyota Motor Company of Australia, $5.56 million for its Software Development Project Phase 1.

For information on this article, or on any other aspect of the Australian economy or business opportunities available, please email me.

David
editor@agarcarlyon.com

What happened to the news?

Where did all the news go to?

If you locate - somewhere in the ether – all the latest business news stories from Australia from 25 February until today, please let me know!

But read on – it’s back. Daily business news updates from Australia.

David
editor@agarcarlyon.com