IMF trims Australia’s growth estimate
The International Monetary Fund says the world has “so far, weathered the shock from the war better than feared”, as it issued an unchanged forecast for Australia’s economic growth in this financial year, but trimmed its estimate for 2025-26.
The IMF in an update to its World Economic Outlook predicted Australia’s economy would grow by 2% in 2026-27 – the same as the most recent forecast from April – but downgraded its estimate for 2025-26 by 0.1 percentage point, to 1.9%.
The Washington-based body in its update to its World Economic Outlook pointed to fading risks of the “adverse” scenarios contemplated in April, although it said “the possibility of renewed Middle East conflict looms large” – a view reinforced by further evidence in recent days of the fragile nature of the US-Iran truce.
The global growth prospects were largely unchanged over its two year forecasts, as it pointed to the huge artificial intelligence investment boom that was buoying tech exporting countries such as Taiwan, Korea, Thailand and Malaysia.
Inflation around the world was higher than three months earlier, but there was no signs of it “de-anchoring”, or getting out of hand.
Jim Chalmers, the treasurer, in a statement said the IMF’s forecasts made Australia one of the fastest growing major advanced economies in the year ahead.
double quotation markThe IMF is clear that two of the biggest factors shaping the outlook for economies over the next two years are how exposed they are to the fuel shock and the AI boom, and Australia is well placed to manage both.
Telstra says triple zero issue reduced by 90%
Just an update on the earlier news we reported regarding a secondary issue affecting people being able to call triple zero after yesterday’s outage.
The telco this morning said the occurrence of this error has reduced by 90% as of 6.30am AEST today, and the company is working to eliminate the issue entirely.
Telstra is expected to provide more updates throughout today.
Victoria’s V/Line regional train network is still suffering the after-effects of yesterday morning’s Telstra outage.
According to an update early this morning, passenger services are still not operating – and that includes this morning’s peak services.
The notice, from 5.30am, adds:
double quotation markWe advise passengers to please defer non-essential V/Line travel. We acknowledge this has been inconvenient to many people and thank passengers for their patience as work continues to safely restore services.
A Liberal senator in South Australia claims there has been a “tragic death” following a failure to connect to triple zero during yesterday’s Telstra outage.
However police say they aren’t aware of the case.
At 7pm on Wednesday, Kerrynne Liddle posted on Facebook:
double quotation markMy office has received a report of a tragic death following an apparent failure to connect to Triple Zero during a life-or-death emergency amid Telstra’s nationwide outage today
This death of an elderly South Australian represents a devastating failure for their family. Our thoughts are with them.
No Australian should ever be unable to connect to Triple Zero when their life depends on it.
However, the verified account for South Australia police replied to the post around two hours later, saying “South Australia police are not aware of any death in South Australia today as a result of the Telstra nationwide outage”.
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