Business

THE NEWS WRAP: Wine grape growers demand higher price for their products

Emma Krieger /

The alliance of major retailers pushing for GST to be placed on overseas online purchases is set to escalate its campaign, despite a public backlash.

 

Further print ads are set to be run by the retailers, which include Harvey Norman and Myer, potentially supported by radio and TV air time. However, the group’s argument that GST-free purchases from overseas could harm Australian retail jobs has been roundly derided in traditional and social media outlets.

 

Grape growers show wrath

 

Wine grape growers are demanding a higher price for their products amid fears that many could go out of business. The industry has accused the major winemakers, including the Foster’s Group, of significantly underpaying for grapes, claiming that the prices are less than the cost of production.

 

Floods set to hit GDP

 

The floods in Queensland are set to have a major impact on the Australian economy, with GDP estimated to fall by $2.5 billion.

Fruit and vegetable prices are set to soar, while major projects will be put on hold. However, analysts predict that the Reserve Bank will hold off on an interest rate rise at its next meeting on February 1 due to the floods.

 

Dollar down again

 

The floods have also impacted on the Australian dollar, which sustained its third fall in as many days against the US dollar. The Australian dollar is now back below parity, at 99.93 US cents.

Advertisement

We Recommend

FROM AROUND THE WEB