To calm the political storm and high inflation dangers, Australia plans to cut student visas and unskilled workers to avoid the record-high level of immigration. Clare O’Neil released the Labor government’s awaited immigration strategy for the return of the migrant’s intake back to the pre-pandemic levels by June 2025. Moreover, this blog will also update you on the recent developments in the countries for the week. Explore the latest information on immigration policies and find the latest insights on the other end of the world.
Immigration Policies and Australian Government:
The recent vehement behavior of the Australian citizens and discontent with the inflation and high immigration is set to make a critical year for Prime Minister Anthony Albanese’s government as he faces a plunging approval rating below 40%. After extreme voter backlash, the looming national election will be strenuous for the Prime Minister. However, the government has decided to take action against the record-breaking immigrants and change the visa policy for unskilled workers. They decided to raise property prices so foreigners could buy existing houses and penalize them for the vacant properties. The government also encouraged foreign purchases and boosted housing supplies for people from overseas to buy new properties in Australia to grow foreign investments in the country. According to Bloomberg, Treasurer Jim Chalmers said the increase of foreign investment charges for purchasing established homes will triple.
Economic Crisis:
Jim Chalmers, treasurer, also discussed the economic debt causing the financial crisis in the country. Chalmers said, “Australia’s mid-year budget will reveal the unexpected level of debt. Gross debt in the year 2024 is forecasted to be close to $900 billion ($592 billion), down from earlier projections of more than a trillion dollars. The economic and fiscal update was released on Wednesday, updating the upcoming forecast for the year 2024.
Want to know about economic projection? Read: 2024 Economic Slowdown with 2025 Growth Improvement Forecast
A Glimpse on Big News: What Happened Around
Australia’s Premier Resigned
Another big news of the week is that Annastacia Palaszczuk resigned as premier of Australia’s Queensland state after serving for eight years since 2015. The lady stepped down from the position. She served her time as the leader of the third-most populous state. In a television press conference, she said about her resignation, “Now is the time for me to find out what life has to offer.” She added, “Queensland is in good shape, which is why now it is time for me to leave.” The Labor Party caucus will take place to decide on her replacement.
Heightened Concerns for Harvard
Liz Magill, President, and Scott Bok, Board chair of the University of Pennsylvania, resigned under immense pressure from alums, donors, and lawmakers against the anti-Semitism on campus. Then, after Magill’s resignation, Harvard’s first black President, Claudine Gay, is under focus, facing scrutiny and concerns from the donors and faculty over political matters.
COP Summit Dubai: A Gateway to Cabon Offset Market
COP28 climate summit, held in Dubai, gives a new lease to the carbon offset market. The bankers from Wallstreet and the City of London await the big chunk from this deal. Also, banks have been up to building carbon trading and finance desks, including Goldman Sachs, Citigroup, JP Morgan, and Barclays. They are looking to the development of carbon sequestration projects and finance them to take credit and advise corporate clients on buying offset projects.
Chinese and Philippine Tensions
The South China Sea is tense as Chinese and Philippine vessels faced multiple clashes over the weekend. Nonetheless, the two countries continued to face friction over the maritime territory, escalating tensions and uneasiness between them.
Respiratory Illness Outbreak In China
In China, the sudden spark in respiratory illness among children concerned the whole state. Moreover, the health authorities informed about the “Fluctuating downtrend” in respiratory disease in children. Additionally, according to China, the source of the disease outbreak was known as pathogens. Hence, this surge in respiratory illness among children shapes the novel virus affecting the country.
LandSpace Technology Methane-Based Fuel Rocket
Beijing-based startup LandSpace Technology achieved another significant milestone by sending the second rocket powered by methane-based fuel into space. This remarkable achievement made LandSpace design rocket the first methane-fueled rocket orbiting in space. It defeats western rivals, including Elon Musk’s Space X.
