Here is a look at what is making news around the country today.
Today’s national news includes Australia’s retail sales extending a downward trend, China barley tariff decision expected soon, Australia’s office vacancy rates crept higher in the first half to levels not seen since the 1990s, the National Gallery of Australia to return stolen treasures to Cambodia, and ASCO appoints new managing director for Australia.
Politics
China barley tariff decision expected soon
Australia expects to hear news within days on China’s four-month review of its punitive tariffs on Australian barley exports. Trade Minister Don Farrell said there was “goodwill” between China and Australia and he was hopeful of a positive answer from Beijing. China imposed tariffs of more than 80% on Australian barley in May 2020, accusing its exporters of dumping on the Chinese market right as ties between the two countries were spiralling downward. But since the election of the centre-left Labor government in May 2022, communications between Canberra and Beijing have resumed and relations improved markedly, Bloomberg has reported.
Economy
Office vacancies up to the highest level since the 1990s
Australia’s office vacancy rates crept higher in the first half to levels not seen since the 1990s, New Straits Times reported. Vacancies in downtown Sydney, Melbourne and Perth, where most large companies are headquartered, were already above 10 per cent and rose between 0.2 per cent and 0.9 per cent in the first half of the year, with those in the Melbourne central business district (CBD) rising the most, according to biannual data published by the Property Council of Australia.
https://www.nst.com.my/property/2023/08/938266/australia-office-vacancies-edge-highest-level-1990s
Business
Retail sales extend downward trend
Australian retail sales volumes fell again in the June quarter as cost of living pressures and rising borrowing costs ate into consumer spending power, hampering economic growth and weakening the case for further interest rate hikes. Data from the Australian Bureau of Statistics showed real retail sales fell 0.5 per cent in the second quarter to $35.2 billion. That was the third straight quarter of declines, a losing streak that has only happened once before – in the run-up to the global financial crisis in 2008, Reuters has reported.
Companies
ASCO appoints new managing director for Australia
ASCO, the global integrated logistics and materials management company, has appointed Warren McHardie as Managing Director – Australia, OGV has reported. With over 20 years of experience in management roles within the Marine, Oil & Gas, Transport & Logistics and Automotive industries, Warren brings diverse expertise to the position. Warren will be based at ASCO’s regional head office in Perth and will be responsible for leading the established teams in Perth, Dongara and Darwin, and will be focused on driving sustainable growth, expanding ASCO’s market presence, and delivering a high level of service to customers and stakeholders.
https://www.ogv.energy/news-item/asco-appoints-new-managing-director-for-australia
Culture
National Gallery to return stolen treasures to Cambodia
The National Gallery of Australia will return three millennia-old statues to Cambodia after concluding they were probably stolen from the Southeast Asian nation and illegally sold, the Washington Post has reported. The pieces were bought from the late Douglas Latchford, the disgraced British antiquities dealer who was indicted in the United States in 2019 for wire fraud conspiracy and other crimes related to dealing in stolen objects. Latchford falsified records to claim the relics were legally obtained.
https://www.washingtonpost.com/world/2023/08/03/australia-national-gallery-cambodia-statues/
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