Real GDP is projected to grow by 4% in 2022, 1.9% in 2023 and 1.6% in 2024. Elevated inflation is eroding households’ purchasing power and has prompted the Reserve Bank of Australia to raise interest rates at a rapid pace. As growth slows, the tightness in the labour market is expected to subside.
The pandemic took a particularly heavy toll on young businesses and highlighted existing education inequalities. The recovery brings an opportunity to boost innovation and reallocation, necessary to face the challenges of digitalisation and meet climate change targets in a cost-efficient way. It also provides a chance to boost educational opportunities for disadvantaged students and refocus on improving the living standards of Indigenous communities
Australia joined AUKUS, a trilateral security pact between Australia, the United Kingdom, and the United States, announced on 15 September 2021 for the Indo-Pacific region. Under the pact, the US and the UK will assist Australia in acquiring nuclear-powered submarines.
The pact also includes cooperation on advanced cyber mechanisms, artificial intelligence and autonomy, quantum technologies, undersea capabilities, hypersonic and counter-hypersonic, electronic warfare, innovation and information sharing.
Vikki Treadell was appointed British High Commissioner to Australia on 13 March 2019.
She was previously British High Commissioner to Malaysia and prior to that New Zealand and Samoa and Governor of Pitcairn. Prior to that, she was the British Deputy High Commissioner in Mumbai covering Western India.