Australian treasurer warns of economic slowdown ahead of GDP data

**This is a 60-seconds sample of the video. For the full version, please contact us.**

Australian treasurer warns of economic slowdown ahead of GDP data

STORY: Australian treasurer warns of economic slowdown ahead of GDP data SHOOTING TIME: March 1, 2024 DATELINE: March 2, 2024 LENGTH: 00:01:03 LOCATION: Canberra CATEGORY: ECONOMY SHOTLIST: 1. various of Australian supermarket 2. various of Australians shopping STORYLINE: The Australian economy is facing a significant slowdown but will likely avoid a recession, Treasurer Jim Chalmers said on Thursday. Speaking from the G20 Finance Ministers and Central Bank Governors meetings in Brazil, he told the Australian Broadcasting Corporation (ABC) that while inflation is falling in Australia, the country is "not immune" to weak global growth. "We expect growth in our economy to be quite weak," Chalmers told ABC radio. "And as we deal with this inflation challenge, we also need to deal with the fact that people have been under pressure and that's had consequences for growth in our economy." The federal government will release the gross domestic product (GDP) figures for the final quarter of 2023 early in March.

  • Product Code
  • ILEA002404365
  • Registered date
  • 2024/3/02 00:00:00
  • Credit
  • Xinhua / Kyodo News Images
  • Media source
  • Xinhua News Agency.All Rights Reserved
  • Media size
  • 1920 × 1080 pixel
  • Deployment size
  • 66.60(MB)*
  • Special instruction

*File size when opened in Photoshop, etc.

Similar Images & Videos

    Australian inflation rate slows to 3.6 pct

    STORY: Australian inflation rate slows to 3.6 pct SHOOTING TIME: April 26, 2024 DATELINE: April 28, 2024 LENGTH: 0:02:07 LOCATION: Canberra CATEGORY: ECONOMY SHOTLIST: 1. various of a supermarket 2. various of street views in Australia STORYLINE: Australia's annual rate of inflation has fallen to 3.6 percent, according to official figures published by the Australian Bureau of Statistics (ABS) on Wednesday. The figure showed that the consumer price index (CPI) rose by 1.0 percent in the first three months of 2024 and 3.6 percent in the 12 months to the end of March. It marks a fall from a 4.1 percent rise in the CPI in the 12-month period to the end of December 2023. The ABS identified rising costs of education, health, housing, food and non-alcoholic beverages as the most significant drivers of inflation in the first quarter of 2024. Housing prices were 0.7 percent higher at the end of March than at the start of 2024 and 4.9 percent higher than 12 months earlier. Education costs rose 5.

      U.S. GDP growth slows to annual rate of 1.6 pct in Q1

      STORY: U.S. GDP growth slows to annual rate of 1.6 pct in Q1 SHOOTING TIME: April 25, 2024 DATELINE: April 26, 2024 LENGTH: 0:01:06 LOCATION: Washington D.C. CATEGORY: ECONOMY SHOTLIST: 1. various of exterior of U.S. Department of Commerce (April 25, 2024) STORYLINE: The U.S. gross domestic product (GDP) growth rate slowed down to an annual rate of 1.6 percent in the first quarter of this year, the U.S. Department of Commerce reported on Thursday. The latest data marks a sharp slowdown from the fourth quarter in 2023, when GDP grew by 3.4 percent, according to the Bureau of Economic Analysis. Compared to the fourth quarter, the deceleration of real GDP in the first quarter primarily reflected decelerations in consumer spending, exports, and state and local government spending and a downturn in federal government spending. These movements were partly offset by an acceleration in residential fixed investment. The newly released GDP estimate for the first quarter, in what was called an "advance" e

        NW China's Xinjiang sees foreign trade value up 42.7 pct in Q1

        STORY: NW China's Xinjiang sees foreign trade value up 42.7 pct in Q1 SHOOTING TIME: April 10, 2024 DATELINE: April 20, 2024 LENGTH: 0:00:57 LOCATION: URUMQI, China CATEGORY: ECONOMY SHOTLIST: 1. various of Horgos Port in Horgos, northwest China's Xinjiang Uygur Autonomous Region 2. various of a China-Europe freight train 3. various of Horgos Port in Horgos, northwest China's Xinjiang Uygur Autonomous Region STORYLINE: Total import and export value of goods in northwest China's Xinjiang Uygur Autonomous Region grew by 42.7 percent year on year to 93.63 billion yuan (about 13.2 billion U.S. dollars) in the first quarter of 2024, the second highest growth rate among all provinces, autonomous regions and municipalities in China, official data showed on Thursday. In March 2024 alone, Xinjiang's foreign trade value grew by 27.3 percent, registering growth for 29 consecutive months. From January to March, the region had conducted trade with 193 countries and regions across the globe. Kazakhstan and Kyrgyzstan

          Australia sees fall in annual food consumption for first time: data

          STORY: Australia sees fall in annual food consumption for first time: data SHOOTING TIME: April 17, 2024 DATELINE: April 19, 2024 LENGTH: 0:00:57 LOCATION: Canberra CATEGORY: ECONOMY SHOTLIST: 1. various of ABS (Australian Bureau of Statistics) 2. various of a supermarket STORYLINE: The total consumption of food by Australians has fallen for the first time on record. According to figures published by the Australian Bureau of Statistics (ABS), Australians purchased a total of 14.8 million tonnes of food and non-alcoholic beverages in the 12 months to the end of June 2023 - down 1.9 percent from 15.1 million tonnes in the previous 12 months. It marks the first time the total apparent consumption of food and non-alcoholic beverages has declined since the ABS started measuring it in 2018-19. Apparent consumption of every major food group fell, with vegetables recording the largest drop of 14 grams per person per day followed by fruit - down 12 grams - milk and non-alcoholic beverages. "Each person had 186

            Chinese economy in Q1 shows consolidated recovery momentum

            STORY: Chinese economy in Q1 shows consolidated recovery momentum SHOOTING TIME: Earlier footage DATELINE: April 16, 2024 LENGTH: 0:00:54 LOCATION: SHANGHAI, China CATEGORY: ECONOMY SHOTLIST: 1. various of China 2. SOUNDBITE 1 (English): JELENA GRUBOR STEFANOVIC, Serbian Chamber of Commerce and Industry in China 3. SOUNDBITE 2 (English): YANN BOZEC, President of Tapestry and President & CEO of Coach, APAC Region STORYLINE: China's gross domestic product (GDP) grew 5.3 percent year on year in the first quarter of 2024, data from the National Bureau of Statistics (NBS) showed Tuesday. The country's GDP reached 29.63 trillion yuan (about 4.17 trillion U.S. dollars) during this period, the NBS data showed. On a quarterly basis, the economy increased 1.6 percent in the first three months. Many business leaders have hailed the consolidated recovery momentum of China's economy in the first quarter of this year. SOUNDBITE 1 (English): JELENA GRUBOR STEFANOVIC, Serbian Chamber of Commerce and Industry in

              Lack of competition driving decline in Australian living standards, productivity: report

              STORY: Lack of competition driving decline in Australian living standards, productivity: report SHOOTING TIME: March 29, 2024 DATELINE: March 30, 2024 LENGTH: 0:01:40 LOCATION: Canberra CATEGORY: SOCIETY SHOTLIST: 1. various of Australian Parliament House 2. various of flights (Virgin, Rex, Qantas) 3. various of Australian Banks (ANZ, Westpac, Commonwealth Bank) 4. various of Australian telecommunications companies (Telstra, Optus, Vodafone) STORYLINE: The living standards of Australians are under threat from a lack of competition in the private sector, a parliamentary inquiry has warned. In a report published on Wednesday, the federal parliament's bipartisan Standing Committee on Economics found that there has been a decline or stagnation in competition in Australia and a rise in market concentration across a range of sectors. It attributed the slowdown in Australia's productivity over the past decade to reduced competition, increased market concentration, slower private investment in new technology and

                Australia welcomes China's tariff lifting on Australian wine

                STORY: Australia welcomes China's tariff lifting on Australian wine SHOOTING TIME: March 28, 2024 DATELINE: March 29, 2024 LENGTH: 00:01:35 LOCATION: Canberra CATEGORY: POLITICS/ECONOMY/MARKET SHOTLIST: 1. various of Australian winery 2. various of bottled wine in supermarkets STORYLINE: Australia has welcomed China's decision to lift anti-dumping and anti-subsidy tariffs on Australian wine. A joint media release from Australian government agencies said that the Australian side welcomes this outcome, which comes at a critical time for the Australian wine industry, adding that "the re-entry of Australian bottled wine into the Chinese market will benefit both Australian producers and Chinese consumers." China's Ministry of Commerce on Thursday announced that the country will lift anti-dumping and anti-subsidy tariffs on Australian wine from Friday. The media release introduced that Australia's wine exports to China were worth 1.1 billion Australian dollars (some 713 million U.S. dollars) in 2019.

                  Australian inflation unchanged at 3.4 percent in Feb.

                  STORY: Australian inflation unchanged at 3.4 percent in Feb. SHOOTING TIME: March 27, 2024 DATELINE: March 28, 2024 LENGTH: 00:02:00 LOCATION: Canberra CATEGORY: ECONOMY SHOTLIST: 1. various of the building of Australian Bureau of Statistics 2. various of vehicles 3. various of a supermarket STORYLINE: Australia's rate of inflation remained steady for the third consecutive month in February, official data has revealed. According to figures published by the Australian Bureau of Statistics (ABS), the consumer price index (CPI), the headline measure of inflation in Australia, rose by 3.4 percent in the 12 months to February. "Annual inflation was unchanged in February and has been 3.4 percent for three consecutive months," Michelle Marquardt, head of prices statistics at the ABS, said in a media release. Xinhua News Agency correspondents reporting from Canberra. (XHTV)

                    Record migration drives Australian population growth

                    STORY: Record migration drives Australian population growth SHOOTING TIME: March 23, 2024 DATELINE: March 24, 2024 LENGTH: 00:00:59 LOCATION: Canberra CATEGORY: SOCIETY SHOTLIST: 1. children playing 2. various of the ABS building 3. various of local residents STORYLINE: Australia's migrant intake has hit a record-high, driving a spike in population growth. According to data released by the Australian Bureau of Statistics (ABS) on Thursday, 765,900 migrants arrived in Australia in the 12 months to the end of September 2023, an increase of 33.9 percent from the previous 12 months. In the same period, there were 217,100 migrant departures, resulting in net overseas migration of 548,800, the highest figure on record for a 12-month period. "Net overseas migration grew by 60 percent compared with the previous year," Beidar Cho, head of demography at the ABS, said in a media release. In the three months to the end of September, net overseas migration added 145,200 people to the Australian populati

                      Turkish central bank raises policy interest rate to 50 pct

                      STORY: Turkish central bank raises policy interest rate to 50 pct SHOOTING TIME: November 2023 and March 2024 DATELINE: March 22, 2024 LENGTH: 00:01:25 LOCATION: Ankara CATEGORY: ECONOMY SHOTLIST: 1. various of the Turkish Central Bank (Nov. 30, 2023) 2. various of the Turkish lira (Nov. 30, 2023) 3. various of people at a shopping mall in Türkiye (March 19 2024) (courtesy of ihlas news agency) 4. various of people at a supermarket in Türkiye (March 14, 2024) (courtesy of Ankara Metropolitan Municipality) 5. various of the Turkish lira (Nov. 30, 2023) 6. various of Fatih Karahan, governor of Turkish Central Bank (March 12, 2024) (courtesy of ihlas news agency) 7. various of the Turkish Central Bank (Nov. 30, 2023) STORYLINE: Türkiye's central bank has resumed its interest rate hikes, increasing the policy rate by 500 basis points to a substantial 50 percent, the bank said in a statement on Thursday. The move came as the bank aimed to tackle the persistent inflation that has been higher than anticipated