Gaza Conflict Resumes as Australia Faces Economic Challenges

Miko Santos

Mar 18, 2025

Transcript

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NEWS BRIEF: Gaza Conflict Resumes as Australian Economy Faces Headwinds

March 18, 2025

Israeli airstrikes have killed at least 326 Palestinians across the Gaza Strip, shattering the ceasefire agreement in place since January. Meanwhile, Australia's Treasurer Jim Chalmers warns of economic challenges ahead amid rising global trade tensions.

Gaza Ceasefire Collapses After Months of Fragile Peace

Israeli forces launched a major operation across Gaza early Tuesday, with hospital officials confirming hundreds of casualties including women and children. Prime Minister Benjamin Netanyahu ordered the strikes after Hamas reportedly refused Israeli demands to modify existing ceasefire terms.

"Israel will, from now on, act against Hamas with increasing military strength," Netanyahu's office stated.

Israeli military authorities have issued evacuation orders for eastern Gaza, including the northern town of Beit Hanoun, suggesting potential ground operations may follow the air campaign. The White House confirmed it was consulted before the offensive and expressed support for Israel's actions.

The timing during Ramadan has raised concerns about regional escalation, with questions remaining about the approximately two dozen Israeli hostages still believed to be alive in Hamas custody.

Australian Treasurer Forecasts Economic Challenges

Treasurer Jim Chalmers delivered a sobering assessment Tuesday ahead of next week's federal budget, warning that escalating global trade tensions could substantially impact Australia's economy by 2030.

Key economic indicators:

Limited improvement expected from December's $33 billion deficit forecast
Direct impact of US steel and aluminum tariffs estimated at 0.02% of GDP by 2030
Indirect consequences could reach 0.1% of GDP (approximately $3 billion)
Full global trade war could quadruple these impacts

"This is a new world of uncertainty, and the pace of change in the world when it comes to rewriting the rules of global economic engagement has quickened," Chalmers stated.

The OECD has revised Australia's growth projection downward to 1.8% for 2026, a 0.7% reduction from previous forecasts, citing "increased geopolitical and policy uncertainty."

Despite mounting pressures, Chalmers confirmed Australia would resist engaging in "a race to the bottom" on retaliatory tariffs.

Housing Crisis Extends to Six-Figure Earners

The 2025 Priced Out study by housing advocacy group Everybody's Home reveals Australians now need an annual income of $130,000 to afford the national weekly asking rent for a standard unit.

Housing stress has expanded beyond traditional low-income demographics, with research showing individuals earning $70,000 annually would now spend over half their income on median unit rent.

Regional rental stress across Australia (percentage of $100,000 income spent on rent):

Northern WA: 55%
Gold Coast: 54%
Sydney: 48%
Perth: 43%
Brisbane: 40%
Melbourne: 38%

"A $100,000 salary used to be considered a secure income, but our research shows people on this wage are struggling in both cities and regional areas because rents are so staggeringly high," said Everybody's Home spokesperson Maiy Azize.

With federal elections approaching, advocacy groups are calling for expanded social housing programs and the elimination of investor tax advantages they argue contribute to market distortion.

Federal Court Issues Record Greenwashing Penalty

The Federal Court has imposed a $10.5 million penalty against Active Super for misleading environmental, social, and governance (ESG) investment claims, marking the regulator's third successful greenwashing prosecution.

The case stems from June 2024 findings that Active Super maintained investments in securities it had publicly claimed were eliminated by its ESG screening process, including gambling, coal mining, and Russian investments.

ASIC Deputy Chair Sarah Court emphasized the precedent-setting nature of the ruling: "This is a significant penalty that sends a strong message to companies making sustainable investment claims that those claims need to reflect the true position."

Justice O'Callaghan noted in his ruling that Active Super "benefitted from its misleading conduct by misrepresenting the 'ethical' nature of a significant part of its investments," enhancing its ability to attract investors seeking ESG-aligned options.

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