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The Latest Breaking News from OECD

Business output shrinks for second month

Demand for services has cooled off but manufacturing conditions remain relatively robust, according to a new survey.

AAP

UK forecast for 'worst recession among top economies' due to Brexit and Tory policies

The latest forecast from the OECD revealed a sharp downgrade for the UK economy, which is expected to shrink by 0.4 in 2023 and grow by just 0.2…

The National (Scotland)

Sunak warns of ‘challenging’ winter of strikes, high costs and NHS backlogs

The Prime Minister braced his Cabinet for misery in the coming months.

The Independent UK

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UK ‘to face worst downturn of major economies’ in 2023, says OECD

Britain facing recession which much of world will avoid, says report

The Independent UK

UK to be second weakest performer of world’s big economies next year – OECD

Most countries’ forecasts cut as Ukraine war prompts ‘largest energy crisis since the 1970s’

The Guardian - UK

OECD says UK economy set for worst performance in G7

Germany’s economy is the only other G7 nation set to shrink next year

Evening Standard

Global shocks likely to drive more frequent interest rate changes, RBA says

Central banks will need to adjust rates more often to respond to unpredictable levels of inflation, Philip Lowe says

The Guardian - AU

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OECD forecast: High rates and inflation to slow world growth

Hobbled by high interest rates, punishing inflation and Russia’s war against Ukraine, the world economy is expected to eke out only modest growth this year and to expand even more tepidly in 2023

The Independent UK

If you think the world’s energy crisis is bad right now, next winter will be worse, says the OECD

The OECD says the true scale of the world’s economic woes will only become clear in 2023, when the organization predicts “a significant slowdown" for the global economy.

Fortune

Five-year mortgage rates drop below 6%; UK lagging G7 rivals; European stocks at three-month high – as it happened

Average five-year fixed mortgage rate has dropped below 6% for the first time in seven weeks, as OECD cuts growth forecasts

The Guardian - UK

‘I’m afraid to have children’: fear of an older future in Japan and South Korea

As birth and fertility rates fall, there is official concern about the economic impact of a declining and ageing population

The Guardian - UK

Opinion: The Yuan’s Status as a Reserve Currency Could Improve

After the recent turmoil in forex markets blows over, central banks around the world will be likely to reduce their holdings of the yen, pound and even the euro, allocating more assets to the more stable yuan

Caixin Global

Australia criticised for resisting Cop27 push to end international fossil fuel subsidies

Labor party’s environment wing says it’s ‘disappointing’ Albanese government has not joined partnership which would build consensus across OECD

The Guardian - AU

Global corporations ‘cheating public out of billions in tax’, say campaigners

Tax Justice Network says countries lose $89bn a year by allowing anonymity over use of tax havens

The Guardian - UK

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Newsroom.co.nz

A future never to be seen

The former local politician reviews the review of local government, and is not confident its broad wellbeing goals will ever see the light of day.

The Conversation

Fighting inflation doesn’t directly cause unemployment – but that's still the most likely outcome

You may have seen the news: in its attempts to tackle inflation, the Reserve Bank is going to increase unemployment. The idea can even seem to come right from the mouths of experts, including the bank’s governor, Adrian Orr. Speaking recently to an industry conference, he said:

Newsroom.co.nz

Australia hopes to change climate reputation at COP27

A new government hopes to transform Australia’s reputation into a climate leader at COP27. But there’s a lot of damage to unpick, says Robyn Eckersley in part two of a series on COP27

ABC News

Paid maternity leave offers 'little benefit' to community, Queensland's Mareeba Shire Council says

Staff at a Queensland council will retain the right to maternity leave after a full bench of the industrial commission's ruled in the union's favour.

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The Guardian - AU

Health sector pushes for certainty on establishment of an Australian Centre for Disease Control

Medical groups ‘optimistic’ as October budget commits to initial consultation but urge Labor to provide greater detail and more resources

Irish Mirror

Health service will be brought to its knees this winter by respiratory illnesses, Sligo consultant warns

“From this time of year onwards, we tend to see increases in respiratory illness"

The Guardian - UK

Who is really to blame for British aid not reaching poorer countries?

Letter: OECD rules exaggerate donors’ generosity and leave developing nations paying for the climate crisis, says Steve Cutts

360info

Australia hopes to change climate reputation at COP27

A new government hopes to transform Australia’s reputation into a climate leader at COP27. But there’s a lot of damage to unpick.

The Guardian - UK

F1 faces legal challenge over Bahrain contract and sportswashing

Formula One faces a legal complaint accusing it of breaching OECD guidelines after the sport concluded a deal this year extending its contract to hold races in Bahrain until 2036

The Guardian - AU

Foreign aid gets $1.4bn budget boost but Australia still among least generous in OECD

Aid sector welcomes Albanese government’s commitment but says country ‘can and must do better’

The Conversation

Everything you need to know about Labor's first budget in 6 charts

This Budget makes hard decisions for hard times.

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