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☆ Australia has bulwark against China slowdown
▼ + stars: | 2022-10-26 | by ( Antony Currie | ) www.reuters.com time to read: +4 min

The country is Australia’s biggest trading partner, accounting for up to a third of its roughly A$475 billion ($303 billion) of annual exports. Its voracious demand over the past three decades helped Australia enjoy almost 30 years without a recession until the 2020 pandemic. As Treasurer Jim Chalmers’ first budget on Tuesday shows, though, Australia has some shock absorbers. If it doesn’t Australia won’t be able to escape the fallout entirely, but at least has some defences. Australia’s budget deficit for the financial year to June 30 2023 is expected to be A$36.9 billion ($23.3 billion).

☆ EU crisis opens opportunity for Australian green energy exports -Fortescue
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, Oct 13 (Reuters) - The energy crisis in Europe presents a huge opportunity for Australia to export more green energy, the chief financial officer at Fortescue Future Industries (FFI) said on Thursday. European nations are pushing to boost renewable energy resources amid an energy crisis to move away from Russian gas. read more"There is a huge opportunity for us to export green energy into Europe ... They are absolutely demanding it," said Guy Debelle, chief financial officer at Fortescue Future Industries, at the Citi Annual Investment Conference in Sydney. Fortescue signed a memorandum of understanding with Germany's largest energy group E.ON (EONGn.DE) earlier this year to explore shipping green hydrogen.

Workers talk outside an office building at the Fortescue Metals Group (FMG) Christmas Creek iron ore mine located south of Port Hedland in the Pilbara region of Western Australia, November 17, 2015. Register now for FREE unlimited access to Reuters.com RegisterThe world's fourth-largest iron ore producer anticipates cumulative operational savings of $3 billion by 2030 with payback on investment by 2034, and expects to save $818 million in costs per year from 2030 onwards. Fortescue and its green-energy unit Fortescue Future Industries (FFI) are trying to rapidly develop infrastructure and technology to produce green hydrogen, as the miner transitions from a pure-play iron ore producer to a green energy firm. (https://bit.ly/3f3jt2R)The miner expects "attractive economic returns" on operating cost savings after eliminating diesel, natural gas, and carbon offset purchases from its supply chain, it added. Register now for FREE unlimited access to Reuters.com RegisterReporting by Sameer Manekar in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

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