The Economic Perspective 23 May 2025

The Latest Trending Economic News Curated for You by Balmoral Group Australia

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Good morning readers, 

We hope you're staying warm and dry during this week of heavy rain. Our thoughts are with everyone facing devastating floods on the mid-north coast. We hope for safety for residents and emergency services, and that the rain will let up.

This week's EP highlights the inconsistent and unforgiving Australian climate. While floods ravage the NSW coast, areas of South Australia, Victoria, Tasmania and Western Australia continue to face drought, putting farmers in difficult and costly circumstances.

Also this week, the NSW Government has awarded access rights to renewable energy companies, allowing connection to the Central West-Orana Renewable Energy Zone (REZ). “These deals will secure billions of dollars of private investment in renewable energy and deliver enough electricity to power 2.7 million NSW homes a year. By unlocking new renewable capacity and enhancing battery storage, we are making our power grid more reliable and putting downward pressure on bills.” - Minister for Climate Change and Energy, Penny Sharpe.

Finally, it was believed that electric vehicles (EVs) were the way of the future, but is it actually hybrids? Recent sales trends would suggest so. Check out the final article for more.

Have a great weekend!

Happy Friday all!

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Multibillion-dollar renewables investment by private sector to power 2.7 million NSW homes 

Ten renewable energy projects have been given the green light to connect to the Central-West Orana Renewable Energy Zone (REZ), through agreements that will deliver enough power to supply more than half of NSW homes. Find out more here.

Why is southern Australia in drought – and when will it end? 

Swathes of South Australia, Victoria, Tasmania and Western Australia are in the grip of drought as they experience some of the lowest rainfall totals on record. Farmers are spending eye-watering amounts of money buying feed, or selling stock to stay afloat. Read more here.

NSW is copping rain and flooding while parts of Australia are in drought. What’s going on? 

Emergency crews were scrambling to rescue residents trapped by floodwaters on Wednesday as heavy rain pummelled the Mid North Coast of New South Wales. In some areas, more than 200 mm of rain has fallen in 24 hours. See more here

EElectric vehicle sales hit two-year low in Australia as hybrid cars boom

The number of battery electric vehicles sold in Australia has fallen to its lowest level in two years as Australians continue buying traditional internal-combustion cars or turn to conventional and plug-in hybrids, according to the nation’s peak motoring body. Read more here

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