First look at the Barangaroo landmark 450,000 oyster shells built
Reaching seven metres, the pavilion features 85 structural steel columns and a large oculus in the roof, which was designed to allow natural light to flood the structure.
The custom surface has been formed by mixing the recycled oyster shells with Australian marble chip, sand and cement to form a terrazzo cladding.
The material was designed to reflect the waterfront's maritime and cultural history as a source of cockles and oysters for the Gadigal people.
Nearly 2500 drought-tolerant native plants have been used to cover the 407-square-metre landscaped roof, which incorporates sandstone boulders and logs to provide wildlife habitats.
Infrastructure NSW's head of projects Bruno Zinghini touted the pavilion as a 'celebration of collaboration, innovation, and sustainability'; Stephen Edwards Constructions' managing director Mathew Edwards said the project would 'remain a cherished community asset for years to come'.
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Construction on the controversial final section of Barangaroo is expected to start this year after plans for the $2 billion-plus project were approved following more than two decades in limbo.
The Central Barangaroo mixed-use precinct will feature 150 apartments, a hotel, shops, offices and eateries in buildings up to 10 storeys above the metro station. Half the site will be a foreshore park.
Supporters said the approved proposal was a win for Sydney; critics said it would strip the foreshore of valuable public open space.
The first stage of Central Barangaroo is not due for completion until 2030.
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The Advertiser
40 minutes ago
- The Advertiser
How low can they go? Growth and jobs to rule rates call
With a highly-anticipated Reserve Bank interest rate cut in the bag, the prospect of more mortgage relief in September is looking less secure. After the central bank cut the cash rate by a quarter percentage to 3.6 per cent on Tuesday, Governor Michele Bullock raised hopes of more rate reductions to come. While she wouldn't specifically state where the cash rate would end up when all is said and done, Ms Bullock indicated more cuts would be consistent with the RBA meeting its targets of low inflation and full employment. The bank's quarterly economic forecasts, also released on Tuesday, assumed two more cuts, based on market pricing. "You'll note that in the forecasts, we have inflation coming back down to target and the unemployment rate remaining where it is with a couple more cash rate cuts in there," Ms Bullock said. "That's the best sort of guess, but things can change." Money markets continued to price in two more cuts by early 2026, following the decision. But traders were less hopeful that the RBA would deliver another cut at its next meeting in September, pricing in about a one-third chance. Ms Bullock said the board would take things "meeting-by-meeting", keeping a close eye on upcoming data releases to ensure the economy continues to progress in line with the RBA's aims. CBA senior economist Belinda Allen expects the RBA to wait until November before cutting again, but that could shift depending on how the data unfolds. "The governor did not rule out back‑to‑back cuts. Inflation appears under control, so any acceleration of the cutting cycle we expect would have to be driven by a deterioration in the labour market," she said. Ms Allen said the most important data readings before the next meeting would be labour force surveys released on Thursday and in September, as well as economic growth figures for the June quarter to be released on September 3. RBA staff lowered their GDP growth forecasts as they pared back their expectations for trend productivity growth from one per cent to 0.7 per cent per year. Australia's economy is now expected to expand by 1.7 per cent - down from 2.1 per cent - in 2025. While the uncertainty caused by Donald Trump's trade war had eased, there remained risks to growth. "Recent international developments have so far had little discernible impact on the Australian economy," the RBA's Statement on Monetary Policy said. But given the typical lag, any discernible effects were only expected to start showing up in the second half of 2025 or 2026. While labour force figures are key to the RBA's assessment of the tightness of the jobs market, the bank will keep an eye on wage growth data on Wednesday to confirm low unemployment isn't contributing to an unsustainable rise in wages. With a highly-anticipated Reserve Bank interest rate cut in the bag, the prospect of more mortgage relief in September is looking less secure. After the central bank cut the cash rate by a quarter percentage to 3.6 per cent on Tuesday, Governor Michele Bullock raised hopes of more rate reductions to come. While she wouldn't specifically state where the cash rate would end up when all is said and done, Ms Bullock indicated more cuts would be consistent with the RBA meeting its targets of low inflation and full employment. The bank's quarterly economic forecasts, also released on Tuesday, assumed two more cuts, based on market pricing. "You'll note that in the forecasts, we have inflation coming back down to target and the unemployment rate remaining where it is with a couple more cash rate cuts in there," Ms Bullock said. "That's the best sort of guess, but things can change." Money markets continued to price in two more cuts by early 2026, following the decision. But traders were less hopeful that the RBA would deliver another cut at its next meeting in September, pricing in about a one-third chance. Ms Bullock said the board would take things "meeting-by-meeting", keeping a close eye on upcoming data releases to ensure the economy continues to progress in line with the RBA's aims. CBA senior economist Belinda Allen expects the RBA to wait until November before cutting again, but that could shift depending on how the data unfolds. "The governor did not rule out back‑to‑back cuts. Inflation appears under control, so any acceleration of the cutting cycle we expect would have to be driven by a deterioration in the labour market," she said. Ms Allen said the most important data readings before the next meeting would be labour force surveys released on Thursday and in September, as well as economic growth figures for the June quarter to be released on September 3. RBA staff lowered their GDP growth forecasts as they pared back their expectations for trend productivity growth from one per cent to 0.7 per cent per year. Australia's economy is now expected to expand by 1.7 per cent - down from 2.1 per cent - in 2025. While the uncertainty caused by Donald Trump's trade war had eased, there remained risks to growth. "Recent international developments have so far had little discernible impact on the Australian economy," the RBA's Statement on Monetary Policy said. But given the typical lag, any discernible effects were only expected to start showing up in the second half of 2025 or 2026. While labour force figures are key to the RBA's assessment of the tightness of the jobs market, the bank will keep an eye on wage growth data on Wednesday to confirm low unemployment isn't contributing to an unsustainable rise in wages. With a highly-anticipated Reserve Bank interest rate cut in the bag, the prospect of more mortgage relief in September is looking less secure. After the central bank cut the cash rate by a quarter percentage to 3.6 per cent on Tuesday, Governor Michele Bullock raised hopes of more rate reductions to come. While she wouldn't specifically state where the cash rate would end up when all is said and done, Ms Bullock indicated more cuts would be consistent with the RBA meeting its targets of low inflation and full employment. The bank's quarterly economic forecasts, also released on Tuesday, assumed two more cuts, based on market pricing. "You'll note that in the forecasts, we have inflation coming back down to target and the unemployment rate remaining where it is with a couple more cash rate cuts in there," Ms Bullock said. "That's the best sort of guess, but things can change." Money markets continued to price in two more cuts by early 2026, following the decision. But traders were less hopeful that the RBA would deliver another cut at its next meeting in September, pricing in about a one-third chance. Ms Bullock said the board would take things "meeting-by-meeting", keeping a close eye on upcoming data releases to ensure the economy continues to progress in line with the RBA's aims. CBA senior economist Belinda Allen expects the RBA to wait until November before cutting again, but that could shift depending on how the data unfolds. "The governor did not rule out back‑to‑back cuts. Inflation appears under control, so any acceleration of the cutting cycle we expect would have to be driven by a deterioration in the labour market," she said. Ms Allen said the most important data readings before the next meeting would be labour force surveys released on Thursday and in September, as well as economic growth figures for the June quarter to be released on September 3. RBA staff lowered their GDP growth forecasts as they pared back their expectations for trend productivity growth from one per cent to 0.7 per cent per year. Australia's economy is now expected to expand by 1.7 per cent - down from 2.1 per cent - in 2025. While the uncertainty caused by Donald Trump's trade war had eased, there remained risks to growth. "Recent international developments have so far had little discernible impact on the Australian economy," the RBA's Statement on Monetary Policy said. But given the typical lag, any discernible effects were only expected to start showing up in the second half of 2025 or 2026. While labour force figures are key to the RBA's assessment of the tightness of the jobs market, the bank will keep an eye on wage growth data on Wednesday to confirm low unemployment isn't contributing to an unsustainable rise in wages. With a highly-anticipated Reserve Bank interest rate cut in the bag, the prospect of more mortgage relief in September is looking less secure. After the central bank cut the cash rate by a quarter percentage to 3.6 per cent on Tuesday, Governor Michele Bullock raised hopes of more rate reductions to come. While she wouldn't specifically state where the cash rate would end up when all is said and done, Ms Bullock indicated more cuts would be consistent with the RBA meeting its targets of low inflation and full employment. The bank's quarterly economic forecasts, also released on Tuesday, assumed two more cuts, based on market pricing. "You'll note that in the forecasts, we have inflation coming back down to target and the unemployment rate remaining where it is with a couple more cash rate cuts in there," Ms Bullock said. "That's the best sort of guess, but things can change." Money markets continued to price in two more cuts by early 2026, following the decision. But traders were less hopeful that the RBA would deliver another cut at its next meeting in September, pricing in about a one-third chance. Ms Bullock said the board would take things "meeting-by-meeting", keeping a close eye on upcoming data releases to ensure the economy continues to progress in line with the RBA's aims. CBA senior economist Belinda Allen expects the RBA to wait until November before cutting again, but that could shift depending on how the data unfolds. "The governor did not rule out back‑to‑back cuts. Inflation appears under control, so any acceleration of the cutting cycle we expect would have to be driven by a deterioration in the labour market," she said. Ms Allen said the most important data readings before the next meeting would be labour force surveys released on Thursday and in September, as well as economic growth figures for the June quarter to be released on September 3. RBA staff lowered their GDP growth forecasts as they pared back their expectations for trend productivity growth from one per cent to 0.7 per cent per year. Australia's economy is now expected to expand by 1.7 per cent - down from 2.1 per cent - in 2025. While the uncertainty caused by Donald Trump's trade war had eased, there remained risks to growth. "Recent international developments have so far had little discernible impact on the Australian economy," the RBA's Statement on Monetary Policy said. But given the typical lag, any discernible effects were only expected to start showing up in the second half of 2025 or 2026. While labour force figures are key to the RBA's assessment of the tightness of the jobs market, the bank will keep an eye on wage growth data on Wednesday to confirm low unemployment isn't contributing to an unsustainable rise in wages.
Sky News AU
an hour ago
- Sky News AU
‘Bad news' for Treasurer Jim Chalmers' major focus on productivity, economic growth after RBA downgrades outlook
Australian mortgage holders were promised financial relief when the Reserve Bank of Australia cut rates on Tuesday, but the good news was shrouded by the central bank painting a bleak picture of the economy. Alongside lowering the cash rate to 3.6 per cent, the RBA downgraded its medium-term productivity assumption to just 0.7 per cent year-on-year, down from its previous assumption of one per cent. It also warned Australia's economy was incapable of growing faster than two per cent over its forecasts. This comes as a major blow to Treasurer Jim Chalmers who has focused his sights on the nation's growth and productivity during the second Albanese government. HSBC's chief economist Paul Bloxham, who is also a former RBA economist, said the RBA's call was a blow for the nation's economic outlook. 'It is absolutely bad news that productivity is going backwards at the moment,' Mr Bloxham said on Business Now. 'And it's bad news that it's going backwards and it's been so weak that the central bank has been actually having to revise down its own working assumption because it had an unrealistically high assumption.' He stressed that growth was picking up pace, but that these fresh insights from the RBA hammered in the idea that Australians 'shouldn't expect the economy to grow much faster" than it currently is. 'If the supply side of the economy is going to remain weak, as the RBA is now assuming - potential growth rate for the economy, as they've said, is two per cent,' Mr Bloxham said. Australia's productivity will take centre stage at Mr Chalmers' upcoming economic roundtable next week where leaders across policy, business and unions will gather to tackle the lagging economy. After the RBA handed down its rate cut, the Treasurer was adamant Australia was equipped to tackle the nation's productivity problem. 'Productivity is the most serious economic challenge we have in our economy when it comes to those persistent structural issues,' Mr Chalmers told reporters. 'Productivity is the main one and that's why it is a central focus of the reform round table next week. 'That challenge has been long standing. It is also global, as the Reserve Bank points out. 'But it is substantial and it is the government's primary focus - not just next week, at the roundtable, but indeed for the course of this parliamentary term.' RBA governor Michele Bullock warned lower productivity growth could dent quality of life for Australians. "The way we grow our living standards is through productivity. So that's the key," Ms Bullock told reporters after the rate decision. She also warned real wages would continue to stagnate amid sluggish productivity. "Weaker productivity growth in the terms of our forecasts - the implications of that ... are already being felt," Ms Bullock said. "Real wages are not rising by very much, because the implication of slow productivity growth is that real wages can't grow as quickly."
The Age
an hour ago
- The Age
Albanese is crying poor, but we're losing billions a year from untaxed gas
The Australia Institute report finds that the total value of our natural gas exports over the four years to June 2024 was $265 billion. It estimates that 56 per cent of this resulted in no royalties, state or federal. 'This means that more than half the gas exported from Australia is given for free to the companies exporting it,' it says. The royalties that were paid over the past four years represented less than 4 per cent of the total value of the gas exported. It should have been nearer 9 per cent, yielding an extra $13 billion. We're always being told how important mining and gas are to the economy. But how, exactly? It's not our job to help big foreign companies make big profits. Mining and gas are capital-intensive industries, meaning they don't employ many people. And most of the capital equipment they use would be imported. The increasingly foreign-owned BHP tells us it's the Big Australian, while telling the taxman it's the Big Singaporean. So it's vitally important that the businesses – even when they're locally owned – pay a fair price for the natural resources we allow them to extract and take away. The energy and minerals are, after all, non-renewable. And it's equally important that the mineral and gas companies pay a fair bit of tax on their hefty profits. We've had far too much, for instance, of the increasingly foreign-owned BHP telling us it's the Big Australian, while telling the taxman it's the Big Singaporean. Which brings us back to next week's roundtable. The radical change in the way companies are taxed, proposed by the Productivity Commission as a way of improving our productivity, has been opposed by 24 business lobby groups, and isn't likely to fly. But it was intended to reduce the company tax paid by most of our companies, while covering the government's loss of revenue by increasing the tax on our 500 biggest companies, many of them the local subsidiaries of foreign multinationals. The change would have made it harder for them to fiddle their taxes. And they would have included our big foreign-owned gas companies. The Productivity Commission's modelling in preparation for the roundtable includes an assessment of each of our taxes: how much they damage the economy by discouraging people from working, saving and investing. Loading I have doubts about these exercises, but the commission's assessment gave the worst rating to the state governments' stamp duties, the rate of company tax, and the top rate of personal income tax. (I've been on that top rate for almost all my career, and it's done nothing to dampen my enthusiasm for bashing out another pontification about economics.) But here's the point: it gave the petroleum resource rent tax a small positive rating. In other words, it said that, if the rate of this tax were increased, it would do more to encourage working, saving and investing. That's an indication of the price we're paying by allowing the accidental free ride we're giving the gas exporters to roll on. Earlier this year, the boss of the Australia Institute, Dr Richard Denniss, caused a stir by claiming that the government takes more money from uni students through HECS than it collects from the petroleum resource rent tax. It was such a strange assertion the ABC set its fact-checkers on him. They had to admit his numbers were right.
