The latest Treasury's admission that Australian surplus cannot be supported by current levels of federal revenues only proved that the May budget presented by Treasurer Wayne Swan was grossly unrealistic, the Coalition said. In a statement, Shadow Treasurer Joe Hockey said the Treasury itself has conceded that the $1.5 billion surplus pledged for delivery by the Gillard Government on 2013 will only be met if new tax programs would be introduced. In truth, apart from realising savings through spending cuts, the Labor-led government has mapped its surplus goals on the notion that federal finances must be supported by extra tax revenues of about $33 billion within the financial year 2012-2013
The British Home Secretary has warned that a new proposal from the Culture Secretary to increase Chinese tourism to the U.K. by making it easier for nationals from China to obtain visas, may pose a national security threat.
German Chancellor Angela Merkel Thursday said the European Central Bank's requirement for conditionality in exchange for help lowering borrowing costs in high-debt euro zone countries matches Germany 's priorities to end the crisis, Bloomberg News reported. Merkel added that time is running out to resolve the crisis. "On many of these issues we feel we're on the right track," Merkel said, Bloomberg News reported
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Weeks after social issues dominated Democratic talking points in the 2012 campaign, President Barack Obama refocused his message on his and his Republican opponent's approaches to the economy in an Ohio speech on Thursday. Obama didn't announce any new economic policy at Cuyahoga Community College in Cleveland.
So the financial crisis, Europe's inability to act in a big way to address its fiscal issues, and endless partisan bickering in Washington between Democrats and Republicans have prompted you to swear off stocks? Well, one school of thought argues, "Panicking never made anyone a dime." Further, "reacting" rarely results in an improvement in investment returns, hence with the above as a preface.
Fear of an impending "fiscal cliff" and a potentially drawn-out debate about raising the federal government's debt ceiling plus uncertainty about November's presidential election will lead to a 0.8 percent fall in marketing spending in 2012, Pivotal Research Group said Thursday. Advertising spending is expected to grow 2.4 percent in 2012, excluding the impact of the Olympics on national TV and political advertising on local TV, according to Brian Wieser, CFA with Pivotal Research. However, advertising spending growth would have reached 3.2 percent in 2012 were it not for the "nervousness among marketers in the period leading up to fall elections will restrain expansion because of the looming 'fiscal cliff'." That phrase refers to the end of tax cuts and automatic spending reductions that are set to occur simultaneously at yearend.
Adelaide topped the list of Australia n cities in terms of urban planning, the Council of Australia n Governments (COAG) Reform Council said. The report was based on a review by the COAG of Australian cities using 12 key criteria that includes global competitiveness, productivity, sustainability, livability, social inclusiveness and being well placed to meet future challenges and growth. It studied if planning was integrated and hierarchical, provided for nationally significant infrastructures, took into account population growth and climate change, allowed for ordered land releases, encouraged world-class urban design and architecture, and had performance measures.
Winning Mega Millions tickets were purchased in Kansas, Illinois and Maryland, the Associated Press reported. The ticket holders will split the $640 million jackpot, perhaps the largest such prize in history, a lottery official said.
At a time when the US job numbers have started to improve, the looming cuts in defense budget can play spoilsport. The Pentagon said last week thousands of jobs can be lost across the defense industry if lawmakers do not act decisively to ensure that the possible $500-billion cuts are prevented. Frank Kendall, the Defense Department’s acting undersecretary for acquisition, technology and logistics, said the defense budget cuts would force the Pentagon to break many hard-won contracts with the industry