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China threatens Australia with 'economic carnage' over big defence spending

China has threatened to bring economic carnage upon Australia in response to big defence spending announced in Tuesday s federal budget.
The government outlined a huge boost for the defence force, more funding for spies and help for exporters to find new markets in a massive push back against an increasingly assertive Beijing.
In response, Chinese newspaper the Global Times - a mouthpiece for the Communist Party government - has warned that Beijing will block more Australian exports after already banning a range of goods including barley, wine, beef and coal.
In an article titled Canberra s defence spending means more economic carnage , the publication warned Australia s natural gas exports could be next in the firing line. ....

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QRC welcomes tech-driven approach to reducing emissions

Date Time
QRC welcomes tech-driven approach to reducing emissions
The Queensland Resources Council (QRC) has welcomed the Federal Government’s technology-driven approach to reducing emissions announced in last night’s budget, saying it will drive new investment into this crucial area for resources.
$1.2 billion has been allocated towards establishing international partnerships on low-emissions technology projects and to support hydrogen and carbon capture use and storage initiatives.
A further $1.6 billion over 10 years will encourage investment in technologies (identified in its Technology Investment Roadmap and Low Emissions Technology Statements), grow new export industries, create jobs and reduce emissions
QRC Chief Executive Ian Macfarlane said the resources sector is committed to meeting the challenges of climate change and reducing emissions. ....

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How the Budget helps Australia fight back against China

Australia will bolster its defence force, provide more funding for its spies and help exporters find new markets in a massive push back against China.
Canberra-Beijing relations have deteriorated since last year when Prime Minister Scott Morrison called for an independent inquiry into the origins of coronavirus which was identified in the Chinese city of Wuhan.
China has blocked key Australian exports including coal, seafood, beef and barley - and has been blamed for a series of ongoing cyber attacks on Australian institutions.
Some analysts have warned there could be war in the Pacific region in the next five years if China tries to reunify Taiwan by reclaiming the self-governing island of 25 million people. ....

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Australian mining funds national recovery

Australian mining continues to be the bedrock of the nation’s finances.
The industry’s commitment to a safe, healthy, diverse and skilled workforce will also build the economy for the future as Australia recovers from COVID-19 pandemic.
Treasury notes that mining delivered higher-than-expected company tax receipts, forecast to reach $100.5 billion in 2024-25.
Mining exports will grow 5 per cent next financial year and increase strongly in the future.
The Australian minerals industry accounts for 30 per cent of company tax collections.
New analysis by Deloitte Access Economics shows that the industry paid $39.9 billion in company tax and royalties in 2019-20, and $238.8 billion in the 10 years to 2019-20. ....

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Boosting jobs and maximising growth to secure Australia's recovery

Date Time
Boosting jobs and maximising growth to secure Australia’s recovery
The Morrison-McCormack Government will maximise long-term economic opportunities and job creation to secure Australia’s recovery, by expanding the nation’s resources sector and prioritising development of northern Australia.
Minister for Resources, Water and Northern Australia Keith Pitt said new measures in the 2021-22 Budget will build a more secure and resilient Australia, delivering jobs, opportunities and long-term benefits, particularly for regional Australia, as the economy recovers from the COVID-19 pandemic.
“The 2021-22 Budget locks in funding to accelerate the development of northern Australia, and to build a global resources strategy and network to strengthen a vital sector that continues to underpin our economic recovery and wellbeing,” Minister Pitt said. ....

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