Along with other Macquarie economists, Sophie Photios estimates there is a 50 percent chance of recession this year as the “trap” of high migration unwinds and high interest rates leave the private sector in “stagnation”.
According to AFR, Photios claims strong net migration of more than half a million people over the past year had also added to inflation pressure including rents.
Photios also describes the economy as a “masquerade”, where the “surge in immigration” has masked the gap between the economy growing modestly in total but going backwards in per-person terms.
“Population is at the centre of the Australian story as it is working on growth in a ‘positive’ way and on inflation in a ‘negative’ way – and has offset the impact of combined policy tightening,” Photios said in a joint report with colleague Graham McDevitt.
Immigration is shaping as a key electoral battleground – again. Photo: Louise Kennerley/AFR.
“Australia’s migration pulse is expected to taper off in 2024, and when this happens, it does not appear that households, business, or trade will be able to fill the growth void”.
The Macquarie report was published last month prior to the federal budget and Opposition Leader Peter Dutton’s plan to cut migration.
In addition, Photios and McDevitt stress that “If population growth slows, then aggregate growth slows, and if there is no other driver of growth, the economy is at risk of recession.”
Macquarie economists expect an interest rate cut in the second half of 2024 after an “extended RBA pause”, as inflation’s slower economic growth and a moderation will give the central bank space to reduce financial pressure on Australian households.
Newcastle Jets forward, Apostolos Stamatelopoulos has been confirmed to play in the A-League All Stars Men’s squad ahead of the blockbuster clash against Premier League heavyweights, Newcastle United this Friday, May 24.
According to Aleagues.com.au, Men’s All Stars Head Coach, Patrick Kisnorbo has added eight more players to his final squad of 21, which include Stamatelopoulos.
“We had a busy weekend moving the magnets around as we watched the Semi Final second legs unfold”, Kisnorbo said.
“This squad is a fantastic mix of the best talent across the A-Leagues, including seven under-23s and four internationals. I think we have the firepower and defensive strength to be able to put on a really great show against a team from the best league in the world.”
Global Football Week in Melbourne will be telecast in Australia live and free on 10 Bold and streamed exclusively on 10 Play and Paramount+. For fans who wish to attend in person, tickets to the A-Leagues All Stars double-header on May 24 can be purchased here.
Public Hospitality Group’s Jon Adgemis has had his flagship venue, El Primo Sanchez bar taken over by lender, Australia Pacific Mortgage Fund.
The popular Mexican bar and restaurant based in Paddington is part of the Maybe Group’s portfolio, acquired by Adgemis last year.
According toAFR, the Melbourne-based fund run by Paul McCombe has also taken control of the Kurrajong Hotel in Erskineville, east Sydney.
El Primo Sanchez in Oxford St, Paddington, eastern Sydney. Photo: Jennifer Soo/AFR.
Madsen of Archibald Capital, another of Adgemis’ lenders, took charge of the company holding the El Primo Sanchez business last year, but has since transferred the ownership back to one of Adgemis’ companies.
The action comes amid discussions for a debt refinancing plan sponsored by Deutsche Bank, Archibald Capital’s Ben Madsen, and Gemi Investments’ Justin Epstein, all of whom are key lenders to Adgemis.
Under the Deutsche deal, Adgemis’ assets are expected to be restructured.
At this stage, both Adgemis and McCombe have not made any comment on the unfolding situation.
South Melbourne FC stormed past Preston Lions 5-2 on Tuesday night, progressing to the next qualifying round of Victoria’s Australia Cup.
Held at Connor Reserve in front of around 8,000 spectators, Preston opened the match before the first minute taking the score to 1-0.
South Melbourne took control of the match and managed to equalise 1-1 in the last minute of stoppage time, with Archibald’s header.
The second half left everyone on tenterhooks. In the 62nd minute, South Melbourne’s Brennan scored 1-2 and in the 75th minute, Marshall scored 1-3. In the 84th minute, the Lions reduced it to 2-3 and got back in the game.
But Esteban Quintas’ players did not give up and responded with two goals. In the 88th minute, Lampard made it 2-4 and in the last minute of stoppage time, Sawyer, with a lightning strike from 25 meters, made the final score 5-2.
The goals were wildly celebrated by the 1,000 or so Greek sports fans present. Some threw smoke bombs onto the pitch, as a result of which the match was stopped for 3 minutes until the smoke bombs were thrown out.
Tottenham Hotspur’s Ange Postecoglou has touched down in Melbourne for Global football week, leading his team through his treasured hometown while sharing plans for his future.
When asked by The Greek Herald‘s sports journalist Bill Roumeliotis about his plans to coach the Greek national team during a press conference on Tuesday, Postecoglou said his future is definitely in Greece, but it was more likely to be for a sunbed island holiday this summer.
Ange Postecoglou during an interview on Tuesday.
“It’s definitely [in] my future, you’ll see me in Greece, but it’s more likely to be on an island, on a sunbed somewhere”, Postecoglou said.
“I was born in Greece, I very much feel Greek, [I’ll] definitely be there this summer, like every summer, as far as coaching goes, I’m happy where I am at the moment.”
Tottenham Hotspur will take on Newcastle United tonight in Melbourne for a post-season friendly.
In the final pre-Olympics regatta of Lucerne in Switzerland, the double sculls duo of Antonis Papakonstantinou – Petros Gaidatzis and Zois Fitsiu – Milena Kontou performed great performances and secured qualification for the Paris Games.
Greece will be represented at the Olympics by a total of four crews, which means it has equalled the record for the most participation in the Olympic Games since 2012 in London.
It is worth mentioning that the two doubles will be “present” for the last time in the lightweight events, as from 2028 in Los Angeles they will be removed from the Olympic Games and their place will be taken by the coastal rowing events.
It is worth noting that for all four athletes, it will be the first Olympic Games in their career.
The President of North Macedonia has removed any references to the country’s constitutional name from the front-page of its official website, replacing it with “MK” or simply “Macedonia.”
According to Ekathimerini the action follows the recent election of President Gordana Siljanovska-Davkova, who sparked a diplomatic conflict with Greece by referring to her nation as “Macedonia” during her inauguration, in breach of the Prespa Agreement made in 2018 between the two countries to resolve a long-standing dispute over the state’s name.
Up to at least May 15, the website had a link labeled “North Macedonia” on its header, which has now been replaced with “MK.”
An image retrieved from the North Macedonia presidential website showcasing a link superimposed on a photograph of the country’s flag has been changed to ‘Macedonia’ instead of ‘North Macedonia.’ Photo: pretsedatel/Ekathimerini.
In addition, a link superimposed on a photograph of the country’s flag has been renamed “Macedonia” instead of “North Macedonia.”
Greece’s Prime Minister, Kyriakos Mitsotakis also addressed the matter, sending a message to the new leadership of North Macedonia regarding the accession to the European Union during his tour through Florina on Tuesday, just a few kilometeres out.
“If they insist on challenging the core of the Prespa Agreement regarding the name of their country, and they call it the way they wish to call it, then they should know that their European path will remain closed,” Mitsotakis said.
“Our neighbors want us to have good relations too – the citizens of North Macedonia do not want either tensions or nationalism. I hope and wish they will come to their senses and return to the right path.”
A Greek court has dismissed charges against nine Egyptian men suspected of creating one of the Mediterranean’s deadliest shipwrecks.
The deadly boat tragedy saw over 600 people die when the Adriana, carrying an estimated 750 migrants from Libya to Italy, capsized in the international waters off the Greek town of Pylos on June 14, 2023.
According to The Guardian, the Greek judge stated that their courts lacked jurisdiction over the case because the accident occurred in international seas. Supporters rallied outside in support of the defendants.
One of nine Egyptians who was on trial waves to the media as he leaves court in Kalamata on 21 May. Photo: Thanassis Stavrakis/AP/The Guardian.An image provided by the Greek coastguard on 14 June 2023 shows the overcrowded Adriana before it sank. Photo: AP News.
“After almost a year of wrongful detention these nine men can now enjoy their freedom,” said one of the men’s lawyers, Alexandros Georgoulis.
“This is a very important ruling that will set a precedent when it comes to judging cases that take place in international waters. It is an outcome that has made us all very happy.”
“The court not only agreed it was incompetent to try the case but found the defendants innocent of illegal smuggling and illegal entry [into Greece],” said Georgoulis, speaking outside the courtroom.
“That really wasn’t expected.”
Defence lawyer, Vicky Aggelidou, who represented two of the accused men, claimed the Egyptians, who have since applied for asylum, would almost certainly seek compensation for their time in prison.
“It was a heroic decision [to free the men] that was absolutely right, absolutely fair and should have been taken long ago”, Aggelidou said.
Eight Australians are in a Bangkok hospital after severe turbulence on a Singapore Airlines flight left one person dead and more than 70 injured.
According to The Sydney Morning Herald, the plane was about 10 hours into the London to Singapore flight when it fell into an air pocket while cabin crew were serving breakfast and encountered turbulence, flinging passengers and crew around the cabin. The pilot requested an emergency landing and the plane was diverted to Bangkok.
73-year-old British grandfather Geoffrey Kitchen was identified as the passenger who died. Seven people were critically injured, some with head injuries.
Eight Australians hospitalised after deadly Singapore Airlines flight.
Fifty-six Australians were among the 211 passengers and 18 crew on board the flight at the time.
Australia’s Home Affairs Minister Clare O’Neil said eight of those Australians were in hospital in Bangkok being treated for injuries.
“This is a terrible experience that these people have gone through. As usual, the Australian government will provide consular assistance wherever we can, wherever it’s needed to those people,” O’Neil told Channel 7’s Sunrise program on Wednesday morning.
Australians affected should contact the Australian government’s 24-hour Consular Emergency Centre on +61 2 6261 3305 from overseas or 1300 555 135 from within Australia.
The Kytherian Association of Australia (KAA) hosted their Annual Debutante Ball on Saturday, May 18, at the Royal Randwick Racecourse Ballroom in Sydney.
Guests enjoyed a wonderful event as Iho Nyx band kept guests dancing most of the night with great ‘kefi.’
Iho Nyx at the Kytherian Ball. All photos supplied by Nick Bourdaniotis.
Emcee George Roins presented Matron of Honour Helen Magiros accompanied by her husband, followed by 15 debutants, their partners and flower girls and page boys.
Bishop Iakovos of Miletoupolis representing Archbishop Makarios of Australia, gave his blessings and outlined the long history of the Kytherians in Australia. Even longer than the 100 years of the Greek Orthodox Archdiocese of Australia.
Bishop Iakovos of MiletoupolisGeorge Roins
Esteemed soprano Helen Zerefos OAM sang both Australian and Greek National Anthems.
In her address, Barbara Zantiotis, the President of the KAA, emphasised the significance of hard work and perseverance, stating “work and determination… over the past 101 years, is why we exist today and continue to flourish and prosper.”
“Today is a very special day for our 15 beautiful young ladies making their debut, their first official appearance in our community,” Ms Zantiotis added.
Ms Zantiotis highlighted the event also had a significant charitable focus naming the beneficiaries of the evening, Creutzfeldt-Jakob Disease (CJD) Research Centre and the St Nicholas Mission Academy in Ghana.
“CJD is an extremely rare and fatal neurological disease that has no effective treatment,” she explained, sharing a personal connection as her cousin had succumbed to the disease last year. “Research teams are working diligently to find a cure for those affected by this devastating disease.”
Acknowledgements were extended to the debutantes’ partners and the young flower girls and boys, as well as guests and sponsors.
“Anais, you are an excellent role model for our debutantes. What you have achieved at just 29 years of age is extraordinary. Your initiative in co-founding projects in Ghana, Africa, speaks volumes of your kind-hearted and altruistic nature,” the President said.
Ms Menounos, also a lawyer and co-founder of the St Nicholas Mission Academy, enlightened attendees with her moving story of giving back and helping those less fortunate.
(L-R) Anais Menounos, Helen Magiros and Barbara Zantiotis.
Ms Menounos began by reflecting on her extensive volunteer work, which included assisting with sexual harassment, domestic violence, and unpaid work practices on a pro bono basis. Her journey took a significant turn in 2018 when she volunteered to help refugees seeking asylum in Greece. This experience laid the groundwork for her future endeavors in West Africa.
A turning point came when a young boy in Ghana begged her for a book to read.
“This boy wasn’t hungry for food, but he was hungry for knowledge. It was his boldness that instilled in me the determination to provide education to as many children as possible,” she said. This encounter led to the founding of the St Nicholas Mission Academy, named after the patron saint of seafarers and children.
Through the generosity of family and friends, Ms Menounos and her co-founder were able to fundraise to rent an old church and buy school furniture and supplies for their first 15 students.
“Five and a half years later, we have over 250 students divided across 10 primary school classes, and we provide employment to 15 Ghanaian staff, including teachers, a cook, a groundskeeper, a cleaner, and a bus driver,” she shared. The academy also provides education, daily hot lunches, drinking water, school supplies, uniforms, extracurricular activities, excursions, and health insurance – all for free to children living below the poverty line.
In closing, Ms Menounos addressed the debutantes, emphasising the importance of resilience, determination, and community.
“Your presence tonight is a testament to the strength of your community and the promise of a vibrant future. Never underestimate yourself and your intuition. If your dreams don’t scare you, they aren’t big enough,” she advised.
She reminded them of their privilege and the responsibility to uplift others, highlighting that even the smallest act of kindness can make the greatest impact.
Following the official proceedings the dancing continued and some lucky guests walked away with more than $21,000 worth of prizes.
