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Australia’s Great Barrier Reef is recovering from bleaching events but still ‘very vulnerable’: Survey

Australia’s Great Barrier Reef is recovering from bleaching events but still 'very vulnerable': Survey

According to a survey, Australia’s Great Barrier Reef has recovered from storms and bleaching events to record levels. As per officials, though this is great news, the new coral is extremely vulnerable and can quickly tarnish by climate change and other environmental threats. The northern and central parts of the reef have the highest amount of coral cover. This stands true since coral monitoring began, roughly 36 years ago. However, the southern part of the coral cover reef has decreased. The Australian Institute of Marine Science (AIMS) scans the reef to check its health, each year. They do so by using divers slowly towed by a boat, as well as aerial surveys. 

The fourth mass bleaching was confirmed in March and since then, AIMS had grave concerns, especially ahead of this year’s study. The chief executive of AIMS, Paul Hardisty said, “In our 36 years of monitoring the condition of the Great Barrier Reef we have not seen bleaching events so close together”.

Watch | WION Climate Tracker | Turtle numbers dwindling because of rising temperatures

 As per the latest results, the reef cover can recover if suitable conditions persist, but acute and severe disturbances are becoming more frequent and longer at the Great Barrier Reef. 

Also read | Australia’s Great Barrier Reef suffers sixth mass bleaching event

A major threat to the Great Barrier Reef is posed by the damaging waves of tropical cyclones and coral-eating crown-of-thorns- starfish. In fact, much of this new coral growth that belongs to a species called Acropora is exposed to this threat. 

Due to its enormous scientific and intrinsic importance, the Great Barrier Reef has been listed on the World Heritage list for 40 years, as one of the most biodiverse ecosystems in the world. According to UNESCO, the UN’s scientific and cultural body, “not enough” is being done to protect the reef.

Also read | ​​​​​​​Report sheds light on big brands like Coca Cola and how they ‘greenwash’ their products

If the authorities that manage the Great Barrier Reef, i.e. the Great Barrier Reef Marine Park Authority are to be believed, the outlook for the icon is “very poor” due to climate change.

Though this news comes as a ray of hope for conserving biodiversity, the challenges that lie ahead are significant.

(With inputs from agencies)


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Climate change events increasing claims paid in Australia – Reinsurance News


Climate change-induced natural catastrophe events have resulted in an increase in claims paid by Australian property insurers and consequently pushed their loss ratio up from 66.1% in 2019 to 84.6% in 2021, according to a new report from GlobalData.

australia-flag-mapThe loss ratio is expected to remain above the 80% levels over the next five years, impacting the profit margins of the insurers. 

The report, ‘Australia General Insurance: Key Trends and Opportunities to 2026’, estimates the paid claims of Australia’s property insurance segment to increase at a compound annual growth rate of 4.0% from AUD6.0 billion ($4.5 billion) in 2021 to AUD7.3 billion ($5.5 billion) in 2026. 

Ashish Raj, Insurance Analyst at GlobalData, said: “Due to various geographical reasons, Australia is prone to natural catastrophes, and the frequency of such events has increased recently. In the last two years, the country has suffered wildfires, floods, cyclones, and earthquakes which have resulted in a significant increase in property insurance claims.” 

“High Nat-Cat led losses along with the slowdown due to the COVID-19 pandemic has compelled property insurers to increase premium significantly in the last couple of years. In fact, some buyers have been billed a renewal price increase of more than 300%.” 

Tremor - The modern way to place reinsurance

The floods that occurred in February 2022 heavily impacted New South Wales and Southeast Queensland, resulting in 118,000 property damage claims amounting to AUD1.8 billion ($1.3 billion), as of 10 March 2022. The floods in the two states in March 2021 led to 107,844 claims of worth AUD1 billion ($748.7million). 

The premium rate is expected to rise further over the next few years which can make property insurance more expensive for many policyholders. 

The expected increase is likely to have a negative impact on the property insurance segment, leading to underinsurance and even non-renewal of policies in the long-run. According to the Climate Council of Australia, 4% of properties will become uninsurable by 2030. 

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Aussies claim double podium sweep in sizzling swim bonanza: Oz Comm Games LIVE

Aussies claim double podium sweep in sizzling swim bonanza: Oz Comm Games LIVE

Australia is enjoying a superb start to the Commonwealth Games, highlighted by sweeping all three medals in two swimming events on the first night in the pool.

The Aussies won five out of seven gold medals on offer in the opening night of swimming action, plus three gold medals on the cycling track.

Follow all the action in our LIVE BLOG below!

Ariarne Titmus won gold in the women’s 200m freestyle with a time of 1:53.089, also setting a Commonwealth Games record. 18-year-old Aussie Mollie O’Callaghan (1:54.01) claimed silver in an unbelievable late charge, ahead of Madison Wilson (1:56.17) in bronze. All three won their respective heats.

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That came afterElijah Winnington won gold in the men’s 400m freestyle with a time of 3:43.06 in the final, ahead of fellow Aussies Sam Short (3:45.07) in silver and Mack Horton (3:46.49) for the bronze.

Horton had enjoyed the second-fastest time of the heats – quicker than his fellow Aussies – but could not convert that into gold.

Also in the pool, Zac Stubblety-Cook won gold in the men’s 200m breastroke in 2:08.07s, adding to his gold medals in both the Olympics and World Championships.

Kiah Melverton won her second ever Commonwealth Games medal with a superb silver in the women’s 400m Individual Medley, coming home in 4:36.78s, but was soundly beaten by Canada’s unbelievable teen sensation Summer McIntosh with a Commonwealth Record 4:29.01s. McIntosh is just 15 years old.

In the final race of the night, Australia won gold in the mixed 4x100m relay, with William Yang, Kyle Chalmers, Mollie O’Callaghan and Emma McKeon coming home in 3:21.18s, just ahead of England in 3:22.45s. Australia had used an entirely different team in the heats, showing the incredible depth of the team.

There was disappointment for Kyle Chalmers, Matt Temple, and Cody Simpson – with none of the three making the finals of the men’s 50m butterfly. All three reached the semi-finals but were unable to reach the final.

Simpson’s girlfriend Emma McKeon also enjoyed a sizzling performance in the women’s 100m butterfly heat and clocked in with a time of 57:34, the fastest of anyone in the heats.

In the para-swimming events, Tim Hodge won his first Commonwealth Games gold with a Games record 1:01.88. in the men’s S9 100m backstroke, ahead of Harrison Vig in fourth and Brenden Hall in 5th.

Emily Beecroft won silver in the Women’s 100m Freestyle S9, while Australia’s most decorated female Paralympian Ellie Cole came fifth in her final Games.

10 AUSSIES TO WATCH: Swim star to smash record; new wave to set track alight

MORE: Full 2022 sport-by-sport Comm Games schedule with Australian start times

Barber tests positive ahead of Com Games | 00:47


Australia’s Jessica Gallagher and pilot Caitlin Ward won gold medals in the Women’s Tandem B Sprint track cycling, Australia’s first gold of the Games, winning both races in the final over Scotland.

Gallagher is an all-time great of Australian sport, becoming the first ever Australian to win a medal at the winter and summer Paralympics, in skiing and cycling respectively.

She has also competed at the Paralympics in athletics and attempting to compete in rowing.

They were followed by Georgia Baker, Sophie Edwards, Chloe Moran and Maeve Plouffe, who won the Women’s 4000m Team Pursuit, having earlier set a Commonwealth Games record of 4:14:605 in the heats.

Then Leigh Hoffman, Matthew Richardson and Matthew Glaetzer won gold in the men’s team sprint final ahead of England in a Commonwealth Games record.

The night comes to a close with another shot at a medal, this time it is Sophie Linn, Charlotte McShane and Natalie von Coevorden in the Women’s Sprint Distance Final.


Matthew Hauser won Australia’s first medal of the Games with bronze in the triathlon sprint distance final.

Hauser nailed the Sutton Park course in 50:50, behind England’s Alex Yee (50:34) and New Zealand’s Hayden Wilde (50:47).

Two more Aussies in Jacob Birtwhistle and Brandon Copeland finished fourth and 22nd.


Despite losing four wickets in the first five overs, Australia somehow turned it around to beat India by three wickets with Ash Gardner producing a superb knock of 51 from 34 deliveries.

Alyssa Healy departed for a duck on the second ball of the innings and was quickly followed by skipper Meg Lanning (8), Beth Mooney (10) and Tahlia McGrath (14).

Whle the flow of wickets began to slow, they were still being lost at a worrying rate.

However, Gardner and Alana King steadied the ship and ensured Australia got their T20 campaign off to a winning start.

Commonwealth Games kick off in style | 00:34


The Australian Diamonds have thrashed Barbados in their opening match of the Games, dominating the underdogs 95-18 to get their gold medal chase off to the best possible start.

Boxing star Billy Polkinghorn got off to a flyer as the referee stepped in to end his contest after just 30 seconds of action when a looping overhand right caught his opponent clean and turned his legs into jelly.

The Australian men’s Rugby Sevens decimated Jamaica 62-0, with Wallabies star Samu Kerevi bagging a first-half hat-trick.

The men’s stunning show came hot on the heels of the women’s Rugby Sevens, as they defeated South Africa 38-0 with Charlotte Caslick and Maddison Levi both bagging two-try hauls each.

It was also a blistering start for the women’s table tennis team, as six-time Games competitor Jian Fang Lay led a 3-0 win over Malaysia after winning her singles in straight sets and the doubles.

OPENING CEREMONY: Music legends, giant bull steal the show

Follow all the action below! Can’t see the live blog? Click here!

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Commonwealth Games: Australia athletes barred from attending events other than their own

Commonwealth Games: Australia athletes barred from attending events other than their own

Australian athletes will be banned from supporting their team mates at other Commonwealth Games events at Birmingham due to the risk of COVID-19 transmission, team chef de mission Petria Thomas said.

They will also have to wear face masks when not in their rooms or exercising at the July 28 – Aug. 8 Games as part of team health protocols.

“Our primary focus is that we can get our athletes to the starting line and they are performance ready,” Thomas told News Corp media on Wednesday.

“We have to put these measures in place to minimise the transmission of COVID and other diseases as well.”

COVID continues to disrupt global sport, with a number of swimmers forced to pull out of the recent swimming world championships in Budapest after testing positive.

Around 5,000 athletes from 72 nations and territories are due to compete at Birmingham.

The Office for National Statistics estimated 3.95% of people in England, or one in 25, were COVID positive during the week ending June 29.

Athletes were subject to strict COVID protocols while in a “closed loop” at the Beijing Winter Olympics and also at last year’s summer Olympics in Tokyo.

Unlike the Olympics, athletes will not have to leave Birmingham soon after their events finish.

Thomas said Australia’s athletes would be permitted to stay and support team mates but not at their competition venues.

“There won’t be an opportunity to go and watch other events because unfortunately those seats will be in public spectating areas, which presents a very high risk of COVID-19 transmission,” she added.

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Sikh delegations of UK, Australia armies attend controversial events: Report

Sikh delegations of UK, Australia armies attend controversial events: Report

The participation of official Sikh delegations of the Australian and UK armies in certain events have raised eyebrows in New Delhi, especially in view of India’s growing defence relations with both countries.

A delegation of 12 Sikh soldiers of the British Army visited a number of religious sites and historical monuments in Pakistan on June 28 under the aegis of the Defence Sikhs Network (DSN), an official UK armed forces organisation. The visit, under the name “Ex Nankana Pilgrim 2022”, was undertaken at the invitation of the Pakistan Army chief, Gen Qamar Bajwa.

The delegation – which was led by Maj Gen Celia Harvey, an army reservist who once contested elections as a Conservative Party candidate and is now Defence Champion for Sikhs in the Armed Forces – also interacted with Bajwa.

Also Read:Ukraine soldier dies in shelling attack: Armed forces

Last month, several Indian Australians were disturbed by the participation of a Sikh contingent from the Australian Defence Forces in the Griffith Sikh Games in New South Wales as the event featured Khalistani banners, posters and flags. Several Australian Sikhs of Indian origin complained to the organisers of the games about the pro-Khalistan banners.

Following the controversy, an Australian defence spokesperson told The Australia Today that a “small group of Australian Defence Force (ADF) members” attended the event in Griffith and that their attendance “was not in any official capacity and there was no formal invitation to Defence to participate”.

“They had no prior knowledge of other groups attending the event, including political or separatist movements. The attendance of ADF personnel at this event in no way endorses any other group or organisation who may have also been in attendance,” the spokesperson said.

“While the attendance of the ADF personnel at this event was well-intentioned, it has identified some internal process issues around attendance at community events and a requirement for further awareness training, both of which are being addressed,” the spokesperson said, adding that the ADF is an apolitical organisation and its personnel are expected to remain impartial.

Some of the Indian Australians were irked as pro-Khalistan organisations used photos of Sikh ADF personnel to suggest they were aligned with the cause of an “independent Sikh homeland”, people familiar with the matter said.

The people further said the Sikh delegation from the UK armed forces visited Pakistan against the backdrop of reports of hate crimes against religious minorities, especially Hindus and Sikhs. The UK delegation visited Kartarpur Corridor, Allama Iqbal’s mausoleum, Gurudwara Darbar Sahib and Orakzai district of Khyber-Pakhtunkhwa province.

The Defence Sikhs Network (DSN), earlier known as the British Armed Forces Sikh Association, is an official UK armed forces organisation which acts as a focal point for serving Sikhs and their community.

Eyebrows have also been raised in New Delhi over a post by DSN on its Facebook page and Instagram account on June 6 that condemned the “loss of sanctity of Harmandir Sahib and the Akal Takht” in 1984.

“The month of June holds many painful memories for Sikhs across the world, as they remember the events of 1984, when the sanctity of many gurdwaras, not least the Harmandir Sahib & Akaal Takht, was so violently compromised. The DSN stands with the Sikh community in remembering the countless loss of life and recognise the ongoing trauma caused to many in the Sikh community and beyond since this time,” the post said.

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SXSW festival coming to Sydney in major coup

K-Pop stars dancing on stage

News today that SXSW, a creative person’s paradise, will hit Sydney next October has musicians, influencers and fans jumping for joy.

But what is SXSW? Why is it heading to Australia? And how can you be part of the action?

Read on to find out.

What is SXSW?

Billie Eilish, Melinda Gates, Snoop Dogg, Barack Obama, Jordan Peele, Dave Grohl, Michelle Obama, Taika Waititi, Brené Brown, Steven Spielberg, Lady Gaga, Prince, Ava DuVernay.

These are just some of the prominent people who have attended SXSW in the past.

It’s pronounced “south by south-west” and also referred to in colloquial terms as “south by”.

SXSW has also attracted big name Aussies. Guy Sebastian, Troye Sivan and Peking Duk are among some of the stars who’ve made the trip to Austin, Texas, in the past to be part of the event.

It’s been going since 1987 and was the first event of its kind when it kicked off in March that year.

Music was its original focus, but it has since expanded to include film and interactive events, making it an annual get-together where people working in music, film, animation, gaming, media, technology and culture converge for a number of conferences, shows, festivals and events.

SXSW is basically a place to get noticed if you’re an emerging music artist or creative.

It’s also an environment to network. The big wigs are all there. In fact, tens of thousands of people usually descend on Austin each year for the event.

It was started by a small group of people in the city who felt local talent had limited exposure – and they wanted to change that.

And change that they did. The event has since grown to boast the largest music festival of its kind in the world.

SXSW went online last year and in 2020 due to the COVID-19 pandemic preventing in-person attendance. But it is returning to its former glory in March this year.

Why is it coming to Australia?

The event will still take place in the US next year. But Sydney has been chosen as the city to represent the Asia Pacific with a separate SXSW festival.

This is probably the biggest thing to hit Sydney since the Olympics in 2000 and it will mark the first time SXSW has been hosted outside North America.

The Sydney Opera House on Sydney Harbour with buildings in the background
This will mark the first time SXSW has ventured away from its North American home.(Destination NSW)

Destination NSW, which is the NSW government’s tourism and events agency, has managed to secure Sydney as the Asia-Pacific arm of SXSW, meaning this event will not be a one-off.

The plan is for an annual Sydney event to compliment the Texas one.

It’s a great opportunity for artists in the region to shine. SXSW has proven to be the boost some artists need to go from obscurity to household names. So this is huge for creatives in the Asia-Pacific region.

“It will put a spotlight on Sydney as the major events and creative industries capital of the Asia Pacific, as well as being its premier business and lifestyle destination,” NSW Tourism Minister Stuart Ayres said.

SXSW Sydney will run for a week from October 15 to 22, 2023. That’s seven days and seven nights of action.

How can I take part or get tickets?

A SXSW Sydney website has been set up to register your interest and find out how you can get involved.

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Hydrogen in Australia – The States of Play | Perspectives & Events | Mayer Brown

Hydrogen in Australia – The States of Play | Perspectives & Events | Mayer Brown


In May we published a Legal Update on the recent Australian federal election (here) and what a new Labor government may mean for the renewables industry in Australia. The note highlighted that no specific legislation was planned for hydrogen.

Australia’s states have been more active in trying to jump on the hydrogen bandwagon. This Legal Update provides a brief overview of the existing and planned legislation for hydrogen in Australia’s six states and two territories.


Australia does not have any federal laws in place that deal directly with hydrogen. There are existing funding mechanisms in place, as well as new announcements from the Labor government aimed at encouraging renewables development. The federal government has also taken the lead in trying to achieve harmonisation across the states in the regulation of hydrogen. For example, Australia’s energy ministers (at federal and state level) recently agreed to amend the national gas regulatory framework to address biomethane and hydrogen and reconsider the definition of “natural gas” under the National Gas Law

The federal government has also commenced trialling a Guarantee of Origin scheme that may eventually allow the certification of hydrogen exports as “green hydrogen”. This will be of particular importance to Japanese and Korean importers, where hydrogen is seen as part of their plans to be carbon neutral by 2030 and 2050, respectively.

New South Wales

The government released the NSW Hydrogen Strategy in October 2021. The government has pledged up to A$3 billion in support of green hydrogen. The government aims to create hydrogen hubs where there are geographical requirements for green hydrogen and, importantly, in coal-producing areas (such as the Hunter Valley and Illawarra) where “going green” is often seen as an attack on jobs and the local economy.

The government has also introduced the Energy Legislation Amendment Bill 2021, with a plan of allowing blending of up to 10 percent hydrogen and biomethane into natural gas pipelines by 2030. The law also amends the Electricity Supply Act 1995 and the Energy and Utilities Administration Act 1987 to allow specific exemptions for electricity used in the production of green hydrogen. Electricity used for green hydrogen production will also be exempt from the Climate Change Fund.

Western Australia

Western Australia’s economy is heavily tied to the energy and resources industry. It has a highly skilled workforce and solid export infrastructure, providing significant potential for the development of a green hydrogen market

In 2019, the government released its Renewable Hydrogen Strategy. As with other states, the paper was more aspirational than it was detailed. Key areas of consideration were replacing diesel with hydrogen in remotely located communities and industries, blending hydrogen into existing natural gas networks, mobility and leveraging existing infrastructure and skills to promote hydrogen export. The strategy has recently been updated (translations in Japanese (here) and Korean (here).

Western Australia is one of the few states implementing laws to encourage hydrogen development. The government recently announced the Land and Public Works Legislation Amendment Bill 2022, which will amend the Land Administration Act 1997. This will allow for the introduction of “diversification leases”. While this is not as attention-grabbing as the announcement of a multi-million dollar fund, the actual impact of this bill could be significant. The introduction of a diversified lease could allow the development of renewables and hydrogen projects on crown land or pastoral leases. Presently, pastoral leases only allow the land to be used for pastoral purposes. The changes could free up significant areas of land for hydrogen and renewables development.

The government has also announced plans to introduce up to 10 percent renewable hydrogen into the gas network by 2030. The government had previously set a timetable of 2040 to achieve this.

South Australia

South Australia is a leading state in terms of spending money on, and taking action to facilitate, hydrogen development. In February 2021, the government amended the Petroleum and Geothermal Regulations 2013 to make hydrogen, and its compounds and by-products, “regulated substances” under the Petroleum and Geothermal Energy Act 2000. This amendment allowed for the exploration and development of natural hydrogen under the state’s petroleum licensing regime.

The government has also announced an intention to introduce legislation that will expedite hydrogen development. The legislation will cover the licencing of green and blue hydrogen, with the intention that the law can be the focal point for hydrogen reduction. No details of the law have been provided. It is not clear when an exposure draft will be released for public comment.

As with other states, South Australia is promoting a number of active projects. Notably, the government has committed A$593 million over four years to create a hydrogen hub in Whyalla (an industrial port city, approximately 400km from South Australia’s capital, Adelaide).


Tasmania already produces approximately 90 percent of its electricity from hydropower. Tasmania exports electricity to the mainland during peak demand via the Basslink electricity interconnector. Tasmania has established the Tasmanian Renewable Hydrogen Industry Development Fund which will promote the trial of hydrogen fuel cell vehicles and provide loans to support hydrogen projects. There are no hydrogen specific laws in place.


The government has published the Victorian Renewable Hydrogen Industry Development Plan. Like other state governments, the Victorian government emphasises the importance of hydrogen and renewables development. No specific legislation has been announced.


Queensland has been the focus of significant attention in the renewables and hydrogen space. Queensland’s existing gas and LNG infrastructure, strong resources industry, favourable solar climate, and proximity to Asian markets have made it a popular place for development, particularly with Korean and Japanese investors.

The government has not introduced any hydrogen specific legislation. The Hydrogen and Renewable Energy Jobs Fund has been formed to promote job-creation in the renewables and hydrogen industries. There is also focus on creating “hydrogen hubs”. The mining industry is a large employer in Queensland, so government policy may need to be more nuanced than in other states.

Northern Territory

The Northern Territory released its Renewable Hydrogen Master Plan in October 2021. While the paper talks about the “extracting value”, “opportunities for downstream value-add” and plans to “drive economic growth” and “leverage the Territory’s unique value propositions”, no relevant legislation has been tabled for consideration. However, the Northern Territory’s close proximity to export markets, along with its renewables potential, makes it a jurisdiction to watch.

Australian Capital Territory (ACT)

Given its small geographical area, it is not surprising that there is no legislation in place for large-scale hydrogen development in the ACT. While most of the energy produced in the ACT comes from renewable sources (mainly solar), the ACT imports most of its electricity through the national electricity grid, via New South Wales. The ACT does have some incentives in place for renewables, including subsidies for electric vehicles.

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FX Week Ahead – Top 5 Events: Fed Rate Decision; Australia Jobs Report; BOE Rate Decision; BOJ Rate Decision; Eurozone Inflation Rate

FX Week Ahead - Top 5 Events: Fed Speeches; Canada, Eurozone, Japan, New Zealand Inflation Rates

FX Week Ahead Overview:

  • The Fed rate decision on Wednesday will likely keep volatility elevated throughout the week.
  • The BOJ rate decision on Friday has increased importance now that JGB 10-year yields have started to break through the 0.25% threshold.
  • Eurozone inflation data on Friday may only deepen concerns about fragmentation across European bond markets.

For the full week ahead, please visit the DailyFX Economic Calendar.

06/15 WEDNESDAY | 18:00, 18:30 GMT | USD Federal Reserve Rate Decision & Press Conference

Rates markets have evolved sharply in recent days, following the release of the May US inflation rate (CPI) on Friday. One week ago, 148-bps were priced-in through the end of 2022; at the start of this week, 201-bps are discounted through the end of the year. Markets believe the Fed will raise rates by 50-bps at their June meeting, but there are rising odds that a 75-bps or even a 100-bps rate hike will be levied. Fed Chair Jerome Powell’s press conference will be critically important, as recent data will likely provoke a significant change in the FOMC’s Summary of Economic Projections (SEP) as well. Heightened volatility across asset classes up to and through Wednesday afternoon should be anticipated.

06/16 THURSDAY | 01:30 GMT | AUD Employment Change & Unemployment Rate (MAY)

The Australian economy continues to add jobs at a relatively torrid clip, putting more pressure on the Reserve Bank of Australia to raise rates rapidly. According to a Bloomberg News survey, Australia added +25K jobs in May, dropping its unemployment rate from 3.9% to 3.8% in the process. The relatively good news may come at a needed moment for the Australian Dollar, which has been sucked into the maelstrom of a broadly risk-off market. The data will only further encourage the RBA to raise rates quickly in the second half of 2022.

06/16 THURSDAY | 11:00 GMT | GBP Bank of England Rate Decision

Despite BOE policymakers signaling at the May rate decision that they are equally concerned with downside risks to growth as they are with upside risks to inflation, rates markets have had a rethink in recent weeks. Since mid-May, amid signs that the rises in food and energy prices won’t relent anytime soon, rates markets have dragged forward BOE rate hike expectations for the remainder of 2022, a much needed source of support for the British Pound.

UK overnight index swaps (OIS) are discounting a 117% chance of a 25-bps rate hike in June (a 100% chance of a 25-bps hike and a 17% chance of a 50-bps hike). Rates markets are still pricing in a 25-bps rate hike at every meeting for the rest of 2022. But there has been a subtle shift: it’s a faster pace than what was expected in mid-May: the expected terminal rate for the BOE in 2022 now sits at 2.450%, up from 2.099% approximately three weeks ago.

06/17 FRIDAY | 03:00 GMT | JPY Bank of Japan Rate Decision

Bank of Japan rate decisions usually don’t warrant much consideration, but this time is different as the Japanese Yen has hit its lowest level versus the US Dollar since 1998: markets are starting to break the BOJ’s commitment to keeping the JGB 10-year yield capped at 0.25%. The forthcoming rate decision is loaded with risk, as one of two things can happen: one, the BOJ can recommit to keeping yields capped, which means the Yen will take another leg lower; or, two, the BOJ throws in the towel on its QQE with yield curve control policy, which could unleash a rampant rebound by the Yen. Regardless of the outcome, fireworks are expected.

06/17 FRIDAY | 09:00 GMT | EUR Inflation Rate (MAY)

The European Central Bank’s June rate decision proved to be a bit of a communication error, with ECB President Christine Lagarde fumbling questions on how bond market fragmentation will be handled in the coming months. But the die has been cast, so to speak: the final May Eurozone inflation rate (HICP) is due in at +8.1% y/y from +7.4% y/y, and the core reading is expected at +3.8% y/y from +3.5% y/y. What was previously a source of strength for the Euro – rising short-end bond yields across the Eurozone – has now turned into a source of weakness – rising long-end bond yields in the periphery – that could raise questions of fiscal stability in countries like Greece, Italy, and Spain.


— Written by Christopher Vecchio, CFA, Senior Strategist

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Weather events from Indian Ocean to cause major flooding

Sky News Australia

Sky News Chief Meteorologist Tom Saunders says a rare combination of weather drivers could bring extensive flooding to Australia throughout the remainder of 2022.

Mr Saunders said the ongoing La Niña phase of the Pacific Ocean had already recorded Sydney’s wettest autumn – and pointed to another incoming climate driver, a negative Indian Ocean Dipole.

“The last negative Indian Ocean Dipole was 2016, and that was an exceptionally wet winter and spring,” he told Sky News Australia.

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Australia primed for ‘unparalleled’ decade of major sporting events

Australia primed for 'unparalleled' decade of major sporting events

Issued on: Modified:

Sydney (AFP) – Australia will over the next decade host a bumper schedule of major international sporting events as part of a long-term plan to boost tourism, health and the economy while also enhancing its global image.

The country’s welcoming climate, sports-loving people, stable political environment and quality infrastructure have long made it an attractive destination.

But the sheer volume of big sporting events heading to Australia is unprecedented for the nation of 26 million people.

Australian Olympic Committee chief Matt Carroll calls it the green and gold — the nation’s sporting colours — “runway” culminating in the Brisbane Olympics in 2032.

“More than 30 major global sporting events are coming to Australia across the next 10 years,” he said.

In addition to the annual Australian Open tennis and Formula One, the country will host cricket’s men’s Twenty20 World Cup, Women’s Basketball World Cup and the UCI road cycling world championships this year.

It will then jointly hold football’s Women’s World Cup with New Zealand in 2023, a British and Irish Lions rugby tour in 2025, Commonwealth Games in 2026, Netball World Cup in 2027 and Presidents Cup golf a year later.

An expected announcement next month that it will also stage back-to-back men’s and women’s Rugby World Cups in 2027 and 2029 will further cement Australia’s status as a sporting powerhouse.

“Sport brings health, educational and wellbeing benefits to the community and can play a pivotal role in getting Australians active, reducing obesity and other health-related problems including mental illness,” said Carroll.

‘Feel-good factors’

Bidding for big events is part of Sport 2030, a government roadmap established in 2018 that recognises the broader economic and social implications of sport, which is already deeply embedded in Australia’s culture and identity.

Melbourne Park hosts the Australian Open, the tennis Grand Slam, each year
Melbourne Park hosts the Australian Open, the tennis Grand Slam, each year MARTIN KEEP AFP

But hosting a huge competition such as the Olympics comes with a financial price tag.

“The return on investment is a complex issue,” Popi Sotiriadou, an associate professor of sport management at Queensland’s Griffith University, told AFP.

“There are things that we can’t measure — you can’t put a money value on national pride. There are so many of what we call ‘public goods’ that do not necessarily translate to dollars.

“There are legacies in terms of feel-good factors, people feel that connectedness with each other.

“And with any big sporting events we have that trickle-down effect, that inspirational effect of elite athletes’ success, the promotion of community, the boost to tourism, we have trade benefits, employment benefits, infrastructure benefits, better public facilities.”

Sports Minister Richard Colbeck called the coming blitz of events “unparalleled in our history” as Australia seeks to “grow our reputation as the pre-eminent sporting host nation in the world”.

According to government data, 14 million Australians participate in sport every year, millions attend live games and the sector generates about three percent of gross domestic product.

It is big business, delivering Aus$83 billion (US$61 billion) of combined economic, health and educational benefits annually, with a return on investment of Aus$7 for every dollar spent, Sport 2030 says.

Experienced host

Australia has long been praised for its ability to host big-ticket showpieces, stemming from the 2000 Sydney Olympics, which were widely seen as setting a benchmark.

Then-International Olympic Committee president Juan Antonio Samaranch famously declared them “the best ever” — and not only from an operations perspective but everything from venue design and construction to management and marketing.

Australia set a new benchmark with its hosting of the 2000 Sydney Olympics
Australia set a new benchmark with its hosting of the 2000 Sydney Olympics GREG WOOD AFP

More than 20 years later, those skills have been honed even further.

Rugby Australia chief executive Andy Marinos, who is involved in the Rugby World Cup bid, said it made a big difference having strong government and public support.

“That’s one of the benefits of operating in a country like Australia,” he told SportsPro magazine. “Because there’s such familiarity with having to host and engage on major events.

“The states and certainly the federal government are quite well versed in it so they understand that once you put a very compelling economic impact assessment in front of them, the decision-making process is relatively straightforward.”