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The Economic Perspective 24 January 2025

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

 

Welcome to the Economic Perspective!


This week's first article is an interesting one, as Singapore seeks to expand its landmass with Indonesian sand. In response, Indonesia has lifted a 20-year ban on sea sand mining, authorising the legal extraction of up to 17 billion cubic metres of sand.  However, the environmental damages and impact on local fisheries suggest it is time to explore sustainable alternatives such as OreSand, a type of manufactured sand resulting from the processing of mineral ores. Check out the article for more info. 


Locally, the number of Australian species added to the threatened list has risen, with 41 new species now officially at risk, including the pig-nosed turtle pictured in article two. Interestingly, the article also explores the logistical challenges of maintaining a threatened species list in such a biodiverse country and emphasises that even though more species are being added to the national threatened species list, the loss of their habitat is not slowing down.


Meanwhile, in the world of Australian politics, the dollar continues to weaken, influenced by a strong US dollar and instability in China, which will have implications for the RBA's interest rate decision next month. On climate change, while public opinion supports action, political divisions remain, particularly around energy policy, complicating the path forward for a sustainable future.


Have a great long weekend!



 


The last time it was legal, exports of sea sand destroyed dozens of Indonesian islands. Now, the ban is being lifted 

Over 20 years ago, then-Indonesian president Megawati Soekarnoputri banned the export of sea sand from her archipelago nation. The ban was in response to the widespread environmental and economic damage it was causing. Unchecked sea sand exports destroyed 26 sand islands in Riau Province in Sumatra. In western Java’s Banten Province, sand mining eroded the shoreline and destroyed coral reefs. Read about it here.


Forty-one new flora and fauna species added to Australia's threatened list 

The number of Australian animals, plants and unique ecological communities officially recognised as being in danger of extinction rose to 2,142 last year. Australia has one of the world's highest rates of extinctions with about 100 species of flora and fauna lost since European colonisation. Read more here.


Why is the Australian dollar falling – and what does it mean for interest rates, travel and the economy?

The Australian dollar has had a rocky start to the year, dropping below 62 US cents on Wednesday and hitting a low of 61.84 US cents on Thursday morning. Although it has recovered slightly in early trade on Friday, it has been on a steady downward trajectory since 30 September last year, when it bought 69.32 US cents. But Thursday was the first time it has been below 62 US cents since 2022.Read more here.


The public agrees on climate, so why can’t our politicians? 

Despite the continuing political arm-wrestling on climate policy, a remarkable degree of public consensus has developed over the past few years. From this, the two major parties could build a bipartisan operational strategy for assuring ample long-term electricity supply in an increasingly electricity-dependent economy. Read more here





 


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