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The burgeoning offshore wind industry is awaiting a declaration from the federal government to start major work on the water. Key points: The renewable energy industry is waiting for the federal government to designate Gippsland as an offshore wind development zone There are five wind farm projects planning to build turbines off the coast of Gippsland CSIRO says the price for building an offshore wind farm has dropped significantly, making it a viable option There are five offshore wind farms planned off the coast of Gippsland, with the hope of leveraging the existing transmission infrastructure of the Latrobe Valley. Under a new law governing offshore wind farms passed by Parliament last year, operators are only allowed to carry out certain activities in zones designated for offshore wind development. The most developed project, Star of the South, plans to erect up to 200 turbines in the windswept waters of Gippsland. Acting chief executive Erin Coldham said making the declaration wou...

The Bank of Canada’s (BoC) surprise decision to raise interest rates by 1 percentage point has shocked global markets and Canadian borrowers and raised expectations more central banks will follow with super-sized hikes. Key points: The Bank of Canada has raised interest rates by a full percentage point, while monetary authorities in Singapore and the Philippines have also tightened them sharply Former IMF chief economist Maurice Obstfeld worries the central bank is catching up after delaying rate hikes for too long He warned that rising interest rates too quickly around the world could trigger a major economic downturn like that seen in the 1980s The BoC raised its policy rate from 1.5 percent to 2.5 percent, the highest since 2008, in a bid to contain inflation. It is far from alone in raising interest rates quickly. Today, the Philippine central bank raised interest rates by 0.75 percentage points to 3.25 percent in an unscheduled move, while the Singaporean authorities also ti...

Central banks in New Zealand and Korea have pushed ahead with further super-sized rate hikes as they seek to tame rampant inflation. Key points: Both the RBNZ and the Bank of Korea have raised interest rates by another 50 basis points New Zealand’s benchmark interest rate is now 2.5 percent and Korea’s 2.25 percent Many economists now expect that many central banks will halt rate hikes by the end of the year Both have been at the forefront of global central bank moves to dampen inflation, lifting interest rates from pandemic lows in the second half of 2021, months ahead of most other central banks, including the Reserve Bank of Australia (RBA), which was the first to move. enter. Possible. The Reserve Bank of New Zealand (RBNZ) increased its benchmark overnight cash rate target from 2 to 2.5 percent today, while the Bank of Korea (BoK) also raised interest rates by 50 basis points this morning to 2.25 percent. It is the third consecutive meeting that New Zealand’s cen...