Smart planning policies and room for expansion is ensuring Melbourne keeps its affordability and acclaimed quality of life as it becomes Australia’s biggest city over the next few decades. According to the Australian Bureau of Statistics, Melbourne will overtake Sydney in population by 2053, projected to be home to over 7.7 million people. Currently 4.35 million people live in Melbourne compared to 4.76 million in Sydney but more people are moving to Melbourne than other Australian capital city, drawn by a vibrant and cosmopolitan culture, great public amenities and transport infrastructure and a geographical location that allows the city to expand outwards to accommodate new arrivals at lower cost than other major Australian cities.

Australia’s world ranking for biotechnology innovation jumped from seventh to fourth on Scientific American’s latest ‘Worldview’ scorecard. The publication’s scorecard provides a balanced assessment of biotechnology innovation around the world and indicated that Australia’s biotech market is undergoing a resurgence.

The new Japan-Australia Economic Partnership Agreement (JAEPA), signed on 8 July 2014, will strengthen economic ties between the two nations. Japan is Australia’s third largest direct foreign investor with A$130 million worth of investment stock in Australia in 2013.

Global ratings agency, Moody’s, has reaffirmed Australia’s AAA rating and stable outlook, consistent with recent assessments by Fitch and Standard & Poor’s. Australia’s sovereign credit rating is based on the nation’s highly resilient economy, high level of government financial strength and low level of event risk.

Ratings agency Standard & Poor's (S&P) has reaffirmed Australia's triple-A credit rating and stable economic outlook, stating that the sovereign credit ratings on Australia benefit from the country's strong institutional settings, its wealthy and resilient economy, and a high degree of monetary and fiscal policy flexibility. “These factors provide Australia with a strong ability to absorb large economic and financial shocks, as was demonstrated during the global recession in 2009,” S&P said.

Australia remains a top 10 global destination for foreign direct investment (FDI) for a third straight year after attracting US$50 billion in foreign direct investment in 2013, according to the UN Conference on Trade and Development’s (UNCTAD) World Investment Report 2014. Over the three years to 2013, FDI flows to Australia rose nearly 55 per cent to US$171 billion from US$110 billion over the previous three years. This impressive growth has expanded Australia’s share of global FDI inflows to 3.8 per cent in 2011-13 from 2.5 per cent in 2008-10. In contrast, developed economies’ share of world FDI inflows fell to 44 per cent in 2011-13 from 53 per cent in 2008-10.

Australia has achieved its highest ever ranking in the 2014 Global Innovation Index (GII). The GII 2014 surveyed 143 economies around the world, using 81 indicators to gauge both their innovation capabilities and measurable results.

Rohlig Australia will open a new branch office in the Melbourne western suburb of Truganina in mid 2015. The new Melbourne base for the international logistics company will be a modern 8,730sqm facility that includes space for a large warehouse and an open plan office.

La Trobe University in Melbourne will bring its world-class scientific expertise to the newly launched Olivia Newton-John Cancer Research Institute (ONJCRI).

Australia’s premier business organisation dedicated to promoting investment and trade with China will be the first bilateral business chamber to be part of the Victorian Coalition Government’s new International Chamber House (ICH). The Australia China Business Council (ACBC) will move its head office from Sydney to Melbourne to be part of ICH, which is set to open later this year in Melbourne’s city centre.

Aegis Services Australia has announced it will expand its business processing outsourcing operations in Victoria, creating 550 new jobs over the next two years. Aegis is a global outsourcing and technology company. The expansion will mean a doubling of the company’s existing local workforce and a substantial investment in training and up-skilling of employees. The company’s announcement underscores Victoria's strong reputation as a destination for global investment and business services centre.

The Fu Wah International Group will establish its Australian headquarters in Melbourne, bringing 20 jobs to Victoria. A high-end real-estate development and commercial property management group based in China, the company recently took ownership of the iconic Melbourne Park Hyatt Hotel and is exploring other investment opportunities in Victoria's property and hotel sector.

Hong Kong-based independent hotel company the Hind Group is to establish its new Australian headquarters in Melbourne, creating 10 new jobs. The Hind Group is one of Hong Kong's most successful independent hotel and serviced apartment operators. It owns and manages two hotel brands, Ovolo Hotels and Naumi Hotels and also runs two food and beverage businesses, Café O in Hong Kong and Rang Mahal in Singapore.

Indian company Ray Business Technologies (Raybiztech) has chosen Melbourne as its Australian headquarters. The company plans to create 30 new highly skilled local Information and Communications Technology (ICT) jobs over the next two years. Headquartered in Hyderabad, India, with offices in the USA and UK, Raybiztech delivers cloud, mobility, big data and social media solutions to its enterprise clients around the world, in the sectors of finance, healthcare, manufacturing, media, leisure and utilities.

Global technology supplier Finmeccanica – Selex ES will establish its Australian Naval Communications headquarters in Melbourne, creating 80 manufacturing jobs by 2019. Finmeccanica - Selex ES works across the international defence, security, aerospace, naval and transport sectors.

The Victorian Government has secured the right for Melbourne to continue to host the Australian leg of the world’s largest digital games festival, the Penny Arcade Expo Australia (PAX Aus), for the next five years until 2019.

UK packaging company LINPAC has chosen Melbourne as its Australian headquarters. The A$22 million investment will create 72 manufacturing jobs at the new headquarters in the suburb of Truganina in Melbourne’s West, and allow the company to increase its food packaging manufacturing capacity. Operating in 37 countries around the world, LINPAC is a global leader in the production of primary fresh food packaging and food service solutions.

Japanese-based pharmaceutical company Eisai has announced it will open its Australian headquarters in Melbourne to provide a platform to market its portfolio of epilepsy and oncology products. The company ranks in the top 25 pharmaceutical companies in the world by revenue, and employs over 10,000 people worldwide.

Balluff Leuze has invested in a custom-built automation centre in Bayswater, located 40 minutes east of Melbourne’s city centre, as part of its continued Australian expansion plans. The German company, which specialises in technically innovative products for the Automation industry has been working in Australia for 15 years and is considered a leader in sensor technology. They also build a range of safety products that are used in the Victorian manufacturing sector.

Australia and China have signed an historic free-trade agreement (FTA) which will increase opportunities for foreign direct investment in Victoria. The deal, which is suggested to be worth A$18 billion to Australia’s economy, was announced after almost a decade of negotiations between the nations. The agreement will increase the threshold at which private companies attract scrutiny by the Foreign Investment Review Board from A$247 million to A$1 billion. This will allow corporations to more easily take advantage of the competitive and dynamic business environment that Melbourne has to offer.

For the second year in a row, the Penny Arcade Expo Australia (PAX Aus) was held in Melbourne from 31 October 2014 to 2 November 2014. It opened to the news that Melbourne had secured the right to continue to host the event for the next five years, a huge coup for Victoria and for all Australian digital gaming fans. The announcement meant that Melbourne would host the iconic event, which attracts the world’s biggest and most influential digital games developers, publishers, and enthusiastic players, until at least 2019.

Hotel and accommodation booking app, HotelQuickly, has opened an office in Melbourne as part of its plans to expand its operations in the Australian market. The Hong-Kong headquartered company, which was launched in March 2013, has more than 600,000 users globally and offers last-minute discounted hotel and accommodation booking options for travellers.

The Korea-Australia Free Trade Agreement (KAFTA) will enter into force on 12 December 2014, opening up new investment opportunities for Victorian and Korean businesses that will enhance their relationships. KAFTA will increase export opportunities across a wide range of industries: from beef, wheat, sugar, dairy, wine, horticulture and seafood, to automotive suppliers, and the resources and energy industries. It will also open up significant opportunities for service providers.

The Japan-Australia Economic Partnership Agreement (JAEPA) entered into force on 15 January 2015. Japanese interest in Victorian and nationwide investment is continuing to grow, with major fast food chains and convenience store operators looking at investing in the agriculture sector, which will in turn support expansion into the South East Asia marketplace.

Melbourne has reinforced its great reputation as the world’s most liveable city with new statistics showing Victoria as the number one destination for Australians moving inter-state.

The acquisition establishes a direct corporate presence in Australia and a foundation for further expansion in the Asia-Pacific region, a press release from Fieldpiece said.

The latest Labour Force report from the Australian Bureau of Statistics, for October 2024.

Employment +15.9k

• expected +25.0k, prior +64.1k

Unemployment Rate 4.1%

• expected 4.1%, prior 4.1%

Participation Rate 67.1%

• expected 67.2%, prior 67.2%

Full Time Employment +9.7k

• prior +51.6k

A slightly softer employment report than we are accustomed to. Not a bad one. But a miss for jobs added, and the participation rate saw a tic knocked off.

More:

• employment to population ratio remained at 64.4%
• underemployment rate decreased to 6.2%
• monthly hours worked increased to 1,972 million.

more to come

The data is here from earlier:

• Australian October unemployment rate 4.1% (vs. 4.1% expected)
• AUD/USD little changed after the October employment report showed a steady jobless rate
  • (ps. AUD/USD has slid a little since this post, broadly stronger USD the culprit)

Westpac with the recap, in brief:

Australian labour market remains in relatively solid health

• employment growth slowing broadly in line with population growth
• average hours holding steady
• few signs that labour demand is capitulating to an extent that warrants concern
• labour market conditions remain somewhat tight ... this is not translating to stronger wage inflation pressures
• On balance, today’s update will see the RBA continue to remain focused on the dynamics around underlying inflation.

***

Speaking of the RBA, we heard from Bullock earlier, not dovish:

• RBA Bullock says rates are restrictive enough, staying there until confident on inflation

***

AUD/USD update:

Netflix might be giving the hit Western series Yellowstone a run for their money with the Australian cowboy show, Territory.

El Secretario General de la Agrupación socialista y la candidata en las últimas elecciones municipales, Lorena Benlloch se reparten funciones. Es incuestionable el fracaso de ambos en las municipales.

Elon Musk wades in on latest Italian migrant case: 'These judges must go'

Italian Prime Minister Giorgia Meloni has kept quiet on Elon Musk’s recent comments criticising Italian judges for again blocking Meloni’s migrant transfer policy with Albania, while President Sergio Mattarella responded to the billionaire, calling for respecting Italy’s sovereignty. Commenting on…

MELBOURNE, Australia (AP) — Australia plans to require social media platforms to act to prevent online harms to users such as bullying, predatory behavior and algorithms pushing destructive content, the government said Thursday. “The Digital Duty of Care will place the onus on digital platforms to…

Qantas, Jetstar and Virgin Australia have resumed some of the services from Bali to Australia

Latest scorecard from the first Twenty20 international between Australia and Pakistan at the Gabba in Brisbane.

1. Australia v Pakistan, where to watch T20Is live: TV channels and live streaming for AUS vs PAK 2024  Wisden
2. Australia vs Pakistan LIVE SCORE UPDATES, 1st T20: AUS vs PAK toss delayed due to rain  Business Standard
3. AUS Vs PAK 1st T20I Live Score: Toss Delayed Due To Wet Outfield  News18
4. Australia vs Pakistan 1st T20I, LIVE Cricket Score: Jos Inglis’ AUS will take on Mohammad Rizwan’s PAK in Brisbane  The Indian Express
5. Will Australia Vs Pakistan 1st T20I Get Abandoned Due To Rain? Check Latest Weather Update  OneCricket

A couple arrived at their home in Australia after midnight and found their bedroom occupied by an unexpected intruder -- a koala.

[Shabelle] Mogadishu, Somalia -- Somalia's Deputy Minister of Information, Abdirahman Al Adale, has categorically denied allegations suggesting that the federal government had a hand in the suspension of numerous Facebook accounts belonging to notable politicians and journalists.

Italian President Sergio Mattarella told Elon Musk on Wednesday not to interfere in Italian affairs after the US billionaire said Rome judges blocking a government anti-immigration initiative should be sent packing. The highly unusual statement from the Italian head of state came against a backdrop of growing tension between the ruling coalition and the judiciary […]

[VOA] Washington -- Polls have closed across Somaliland after presidential elections, and it appears Wednesday's voting across the breakaway region has gone smoothly.

A Milanese mural of Italy's most prominent Holocaust survivors was defaced, scratching out both their faces and the stars of David on their striped prison uniforms.

1. 'Australia, we have arrived!': Team India announces as Border-Gavaskar Trophy prep in full swing  The Times of India
2. Watch: Virat, Bumrah and others grind hard in Perth ahead of 1st Test vs Australia  India Today
3. 'Australia, We Have Arrived': After Claims Of Secrecy, India Release Video Of Training Session And Send Mes  News18
4. Black veil of secrecy: India begin training in privacy in Perth  ESPNcricinfo
5. 'Practice Session Open To All': BCCI Refutes Aussie Media's Reports Of Closed Door Sessions  Times Now

1. 'Absolutely box office...': Michael Vaughan picks this Indian player to watch out for in Australia  The Times of India
2. Jasprit Bumrah pitted against India's biggest Australian nemesis; 'confrontation' to overshadow Kohli vs Cummins battle  Hindustan Times
3. IND vs AUS: Virat Kohli played down as Adam Gilchrist lists key match-ups for BGT 2024-25  Cricket Addictor
4. Shami’s absence a major blow for India in BGT, says Paul Adams  Morung Express
5. Michael Vaughan predicts key battles for Border-Gavaskar Trophy, pits Bumrah against India's nemesis  MSN

The Indonesian and Australian militaries are holding joint combat drills off Indonesia’s main island of Java with about 2,000 troops training in air, maritime, amphibious and land operations

Australia vs Pakistan: Here's everything you need to know about the game, from live streaming options to team lineups and more.

Australia Post has added two additional freighters to its fleet, providing critical capacity and flexibility as Australia prepares for an eCommerce boom in the lead up to Christmas.

Today, Poste Italiane has approved the results for the third quarter of 2024, revealing another set of strong results.