2026 Volkswagen Golf GTI Edition 50 beats R round the 'Ring
"[There's] a bit more work to do, but it's certainly something we will look into later in the lifecycle as an opportunity," Mr Nidigallu told CarExpert. "There are some technical things with the GTI Clubsport – engine and suspension variations that we need to make sure we have clearances for the Australian market."
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Sky News AU
an hour ago
- Sky News AU
Energy bills to increase by 13 per cent in August
Australian households will face an electricity bill increase under new changes by power retailer AGL. New South Wales customers will experience increases of 13 per cent from August, which would result in an extra $267 for median usage. The federal government announced in its federal budget this year for more rebates for households to begin in the new financial year.
Perth Now
2 hours ago
- Perth Now
Alarming reason living standards could fall
The World Bank has sounded the alarm predicting global growth is on track for its weakest year since the global financial crisis and worst decade since the 1960s, but Australia could once again prove to be the lucky country. Analysis released this week by the World Bank predicts global growth will slow to 2.3 per cent in 2025, down from 2.8 per cent this time last year. This is a downgrade of 0.4 per cent since the start of the year. If the World Bank's forecasts come true, this would be the weakest period outside of the worldwide recessionary periods of the GFC from 2007-2009 and the Covid pandemic at the beginning of the decade. Living standards could fall if the World Bank's forecast comes true. NewsWire / John Appleyard Credit: News Corp Australia This follows similar downgrades to growth from the International Monetary Fund, which in April said global growth would slump from 3.3 to 2.8 per cent, while expecting Australia's GDP to drop to just 1.6 per cent. While the OECD also believes growth will slow from 3.3 per cent in 2024 to 2.9 per cent in both the 2025 and 2026 calendar year. The World Bank predicts this could impact everyday people for years to come. 'Without a swift course correction, the harm to living standards could be deep,' the report said. 'International discord – about trade, in particular – has up-ended many of the policy certainties that helped shrink extreme poverty and expand prosperity after the end of World War II. 'This year alone, our forecasts indicate the upheaval will slice nearly half a percentage point off the global GDP growth rate.' WHAT DOES IT MEAN FOR THE AUSTRALIAN ECONOMY? Australia is not immune to any slowdown in global growth, but it is unlikely to drag us into a recession. AMP chief economist Shane Oliver told NewsWire weaker global growth would affect the Australian economy in three main ways. 'Firstly, weaker global growth means less demand for Australia's exports in terms of volume,' he said. 'Secondly, it will potentially mean lower commodity prices which means lower national income. 'Thirdly, a hit to confidence. People in Australia hear what is going on in the rest of the world which means they are less likely to spend whether they are a consumer or a business.' Australian consumers could spend less due to an economic stressful time. Credit: News Corp Australia, NewsWire/ Monique Harmer Previously in times of economic stress, the Australian economy has been bailed out by its commodities as other nations stimulate their economy, but this time around Dr Oliver says 'it gets harder' as the world won't stimulate the economy as hard. 'The IMF, OECD and the World Bank have all revised down growth but it's not negative, so it's not a debilitating shock or a global recession in a technical sense,' he said. 'There's no need for the government or the RBA to come to the rescue like it did during the GFC or the pandemic.' Even though the Australian economy as a whole is tipped to slow, with Dr Oliver forecasting growth of around 1.6 per cent for the calendar year, there is a bright spot for homeowners. 'I think it is likely the Reserve Bank will likely cut interest rates more than they would've thought this year and why growth in Australia won't get above 2 per cent,' Dr Oliver said. WHY IS GROWTH SLOWING Without naming names, the World Bank is blaming the fallout from US President Donald Trump's trade policies. As part of his American first initiative, Mr Trump announced a raft of tariff policies across sectors and countries. On April 2 Mr Trump announced 'cheating' countries who ran a significant trade surplus with the United States were hit with 'reciprocal tariffs', while every country including Australia is being slapped with the 'base tariff' of 10 per cent. Through negotiations, these tariff rates have changed, but countries including China are facing total tariffs of around 55 per cent. While the entire 138-page report fails to mention US President Donald Trump's tariff policy, it makes clear trade tensions, global instability and a reversal of current trade policies are the main reasons why they are sounding the alarm. 'The forces behind the great economic miracle over the last 50 years which drove more than one billion people out of extreme poverty have swung into reverse,' it wrote. In order to correct the course, the World Bank says countries need to rebuild trade relations. 'The evidence is clear: economic co-operation is better than any of the alternatives – for all parties,' the World Bank's report said. 'Our analysis suggests that if today's trade disputes were resolved with agreements that halve tariffs relative to their levels in late May, 2025, global growth could be stronger by about 0.2 percentage point on average over the course of 2025 and 2026.'
Perth Now
5 hours ago
- Perth Now
Aussie-first hydrogen servo opens
Australia's first hydrogen refuelling station has opened in Geelong, setting the stage for the regional city to be serviced by hydrogen-powered and emission-free heavy vehicles. The renewable facility is the first of its kind in the country and also offers fast charging for commercial electric vehicles. Deputy Prime Minister and local member Richard Marles attended the launch of the station and said it represented 'the future'. 'This is a really significant step and actually, I think, a very memorable day in Australia's renewable energy story, but very much in Australia's hydrogen story,' said Mr Marles. 'Hydrogen is a great hope in terms of decarbonising the Australian economy and actually globally, dealing with the challenge of climate change. Deputy Prime Minister Richard Marles attended the official opening the Viva Energy Hub in Geelong. NewsWire / Luis Enrique Ascui Credit: News Corp Australia 'We are so well positioned as a nation, given our abundant renewable energy sources in solar and wind, but also because we're at the forefront of commercial long distance vehicle use, which is really one of the great applications of hydrogen as a commercial fuel.' He said the new refuelling station was 'so important' and the government was looking forward to further use of hydrogen in commercial transport. Viva Energy chief strategy officer Lachlan Pfeiffer said it marked a change in Australia's efforts to reduce emissions and make a more sustainable heavy transport sector. 'Offering hydrogen refuelling alongside fast charging for commercial EV vehicles – and the potential for renewable diesel in the future – is recognition that we believe the pathway to net zero will require a mix of new fuels and technologies alongside traditional offerings,' he said. The station will be capable of dispensing at least 300kg of hydrogen every two hours, which Viva said would give a similar experience to filling up a diesel engine. It should be capable of refuelling at least 10 trucks at once. The facility is reportedly capable of refuelling 10 heavy vehicles at once. NewsWire / Luis Enrique Ascui Credit: News Corp Australia The project will use renewable electricity to generate green hydrogen, using recycled water from the nearby Barwon Water Northern Water Plant. Barwon Water managing director Shaun Cumming said the facility would help decarbonise its vehicle fleet. 'We're excited to work with Viva Energy and the other vehicle operators on an innovative project that could deliver lasting benefits for the region and beyond.' Viva said the scale of hydrogen production in the region meant there would be capacity to sell it onwards to other commercial customers.
