Australia must seize opportunities to endure economic headwinds: PM

the Committee for Economic Development of Australia's State of the Nation conference in Canberra,

The Prime Minister added that he remained optimistic that Australia can emerge from the period of global economic challenges in a stronger position.

Australia’s business conditions slump 7 points in May

have to seize these opportunities," he said.

The retail industry remained solid despite a small setback seen in May.

Canberra, June 13 (IANS)

Australian Prime Minister Anthony Albanese said on Tuesday that the country needs to seize development opportunities to weather the global economic headwinds.

"Advanced economies around the world are dealing with the very difficult combination of high inflation and rising interest rates," he said in a speech to

He emphasised that breaking new ground was critical to maintain economic growth, and identified clean energy transition, new technologies, and the growing care and support sector as major opportunities.

"We know Australia can't afford to just wait and watch and react to the clean energy transformation, the growth of the care and support economy, or breakthroughs in technology. We

National accounts data released earlier in June revealed Australia's gross domestic product (GDP) grew by 0.2 per cent in the first three months of 2023 and was up 2.3 per cent in the 12 months to the end of March, the slowest quarterly growth since September 2021.

The data has prompted concerns that the country is headed for a recession following 12 interest rate rises in 13 months. Despite slower than forecast GDP growth, a Guardian poll published on Tuesday found that more voters trust Albanese's governing Labor Party to manage the cost of living, rising interest rates and soaring debt than the Coalition.

Wedding bus crash in Australia kills 10

travelling to Singleton "presumably for their accommodation".

The number of fatalities could increase, with 25 passengers taken to hospital -- two of them airlifted from the crash, Chapman said.

Canberra, June 13 (IANS)

Business conditions in Australia posted a sharp fall of seven points to eight points in May driven by declines in trade, employment, and profitability, according to a survey released by the National Australia Bank Ltd. (NAB) on Tuesday.

The fall in conditions appears to be accelerating but still remains above the long-run average, Xinhua news agency quoted the survey as saying.

The business confidence across industries weakened in May with the index declining four points to minus four points.

The weakest confidence was seen in the retail industry while mining, manufacturing and transport, and utilities saw modest improvements.

Forward orders declined six points to minus five points.

"Confidence fell back into negative territory though has bounced around within the zero to minus four index point range in recent month," said Alan Oster, chief economist of NAB.

"Our bigger worry is the sharp decline in forward orders in the month."

Canberra, June 12 (IANS) At least 10 people were killed and 25 others injured when a wedding bus crashed in Australia's New South Wales (NSW) state, police said on Monday.

The accident occurred at around 11.30 p.m. on Sunday night near Greta in Hunter Valley when the passengers were returning from a wedding at a winery, the BBC reported.

The driver of the bus has been arrested, according to NSW Police Acting Assistant Commissioner Tracy Chapman She said the guests were

She added that the bus is still on its side and people could be trapped underneath, and a crane will be brought to the scene "at some stage" to lift the bus.

Chapman said there was "sufficient information" for police to charge the coach driver, who was also sent to hospital and treated for minor injuries.

"He's under arrest. He's been the driver of a motor vehicle collision where there have been fatal injuries and there will be charges pending," the BBC quoted the top police official as saying, adding that there had been heavy fog in the area around the time of the crash.

Prime Minister Anthony Albanese said it is "so cruel, so sad and so unfair" for a "joyous day in a beautiful place like that to end with such terrible loss of life".

"People hire a bus for weddings in order to keep their guests safe, and that just adds to the unimaginable nature of this tragedy," he said at a press conference in Canberra.

NSW Premier Chris Minns said the loss of so many lives was "nothing short of heartbreaking", adding: "For this horrific crash to have occurred on a day that should have been filled with love and happiness only adds to the heartbreak.

"For a day of joy to end in such devastating loss is cruel indeed. Our thoughts are also with those who have been injured."