Here is a look at what is making news around the country today.
Today’s national news includes Australia’s residential property market posting strong gains next year, the construction market expected to record more than 5 per cent CAGR in the next several years, the country’s retail sales growth weakening to 0.2 per cent, and Philippine Airlines completing its inaugural flight to Perth, Australia.
Economy
The construction market is seen to record a CAGR of more than 5 per cent from 2023 to 2028
A new research report “Australian Construction Market – 2023 – 2028” sees the market registering a CAGR of more than 5 per cent, Global News Wire reported. The Australian construction industry generates nearly $360 billion in revenue (9 per cent of the country’s yearly Gross Domestic Product) and has a projected annual growth rate of 2.4 per cent. As of November 2021, the construction industry employed approximately 1,143,600 people. According to the construction industry statistics for the five years to November 2021, employment in the industry increased by 7.3 per cent. Projections indicate that it will reach 1,263,900 by 2025.
Business
Australian retail sales growth weakens to 0.2 per cent
Australian retail sales registered an incremental gain in February after wild swings around year-end holidays, indicating shoppers are reining in spending in the face of higher costs of living and rising interest rates, Reuters has reported. Latest figures from the Australian Bureau of Statistics showed retail sales rose 0.2 per cent in February from January when they picked up a revised 1.8 per cent. Sales of $35.14 billion were 6.4 per cent higher than a year earlier.
https://www.reuters.com/markets/australia-retail-sales-growth-slows-02-february-2023-03-28/
Travel
PAL completes inaugural flight to Perth, Australia
Philippine Airlines operated its inaugural nonstop Manila to Perth flight on March 27, expanding its route network in western Australia, ABS-CBN News reported. PAL said it would operate the new flight, which lasts about 7 hours, thrice weekly every Monday, Thursday and Saturday. The nonstop route saves travellers some 4 to 6 hours in travel time compared to flying with other airline routes that require a stopover or flight connection. PR 223 Manila – Perth service departs from Terminal 2 of the Ninoy Aquino International Airport, while PR 224 from Perth to Manila departs from Perth’s Terminal 1, PAL said.
https://news.abs-cbn.com/business/03/28/23/pal-completes-inaugural-flight-to-perth-australia
Real Estate
Australia’s residential property market to post strong gains next year
Australia’s property market is set to rebound in 2024 and 2025, while rental markets will remain under pressure, The Property Tribune reported. In Knight Frank’s, ‘Australian Residential Review Q1 2023’, property values across the nation will decline 7 per cent by the end of 2023, followed by growth of 4 per cent and 6 per cent in the following two years. In the year to December 2022, residential values across Australia fell by 4.9 per cent, with a median value of $897,500. Over the past year, values were lower in cities, with houses witnessing a 5.0 per cent drop and apartments a 4.3 per cent decline. However, houses in regional areas saw values rise by 13.1 per cent.
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