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A high immigration rate – one person was arriving to live in Australia every minute – was a boon to the economy, prolonging a record-breaking recession-free run that stretched back to 1991. It also cemented Australia’s position as one of the world’s most successful multicultural societies.
At a time when global house prices are rebounding, the luxury market in Manila is going gangbusters. According to a Knight Frank index of prime residential prices in 100 cities across the world, the Philippine capital recorded the fastest growth last year. Prices grew a staggering 26.3 per cent, even outpacing Dubai. Manila also held the top spot in the first quarter of this year.
More tellingly, global sales of fashion and leather goods – LVMH’s biggest division – to Chinese customers in their home market and abroad rose 10 per cent, indicating that spending by Chinese tourists overseas helped offset weak sales at home. A large portion of their spending abroad was in Japan.
Investors are often accused of being complacent about vulnerabilities in the global economy, particularly geopolitical risks which have not been this acute in decades. Yet this is only partly true. A cursory glance at surveys of market sentiment suggests investors are increasingly concerned about the dramatic escalation in geopolitical tensions in recent years.
Hardly a day goes by without comparisons being drawn between India and China. Such contrasts are invariably inapt and misleading. Not only is India’s economy one-fifth of China’s, the structure of the two economies and the nations’ development paths and political systems are vastly different.
Australia’s universities are a magnet for foreign students, especially from Asia. The share of international student enrolments in higher education is much higher than in other advanced economies. At some universities, it exceeded 40 per cent in 2022, according to Australia’s Department of Education.
The central bank has said there were “extremely high uncertainties surrounding economic activity and prices” that warranted keeping financial conditions accommodative for some time. Japan will have enough problems normalising interest rates, never mind tightening policy.
