The Economic Perspective 21 March 2025
- klarsen94
- Mar 14
- 2 min read
The Latest Trending Economic News Curated for You by Balmoral Group Australia
This week, we have a diverse set of topics. First, we explore how high temperatures can affect and accelerate aging in people who are constantly exposed to such conditions. We also have an article that showcases the FireSat project. These satellites aim to identify small wildfires within 20 minutes, which can have major repercussions on response time as well as forecasting.
The final two articles focus on the Australian agriculture sector, including the Special Representative for Australian Agriculture's trip to Europe. The purpose of the trip was to advocate for Australia's sustainability frameworks and expand the access of Australian products into the global market.
Tariffs and their impacts have been a hot topic around the world, but other measures can restrict trade. Biosecurity, sanitary, food labelling, certifications or testing requirements are some examples of restrictions that the agriculture export sector is exposed to. ABARES recently estimated that these affected Australian export quantities in 2022 and were equivalent to a 19% tariff.
Have a great weekend!
Extreme heat can age you as fast as a smoking habit
A new study researched the impact constant exposure to extreme heat has on aging and found the effects can be equivalent to the effect of habitual smoking on cellular aging. The study focused on the U.S. and found that people living in places where temperatures are at or above 90 degrees F for half of the year have experienced up to 14 months more biological aging compared to those living in cooler climates. Read more here.
Using AI to Detect Small Wildfires
The first of more than 50 satellites of the FireSat project recently launched. It was developed by Google through a collaboration with multiple organisations to detect wildfires as small as 5 meters by 5 meters within just 20 minutes, which is expected to aide with immediate response as well as modelling future wildfires. Read more here.
Linking Natural Capital, Agriculture, Farmers in UK, EU
The Special Representative for Australian Agriculture, Ms Su McCluskey, travelled to the United Kingdom, Italy and France in October 2024 to promote Australian agricultural sustainability credentials and gain insight into global natural capital policy. Read more here
Non-tariff barriers: A multi-billion dollar burden
A new report by the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) quantified the impacts that non-tariff measures (NTM) such as sanitary or technical, have on Australian Agriculture exports. The report highlights that while tariffs on agricultural products have decreased, NTMs have rapidly increased over time. They estimate that 2022 NTMs affected Australian agricultural export quantities equivalent to a 19% tariff. Read more here.
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