The Latest Breaking News from OECD

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The news Australia is searching for and all the news that happened while you snoozed. This is The Loop: your quick catch-up on this morning's stories as they happened.

The federal government has begun moving on international tax reforms.

The Organisation for Economic Co-operation and Development (OECD) published a gloomy economic forecast for 2023 on September 26 – suggesting that Europe faces a very difficult economic climate if the current energy crisis worsens, with winter temperatures likely to be a decisive factor.

PARIS: The world as a whole has been jolted by the war in Ukraine, according to the OECD, which cut almost all growth forecasts for the Group of 20 next year while anticipating further interest-rate hikes too.

Global stock markets are tanking on fears of recessions in the US, the UK and Europe, and the OECD is actually forecasting recessions in Europe.

The Organization for Economic Cooperation and Development says Russia’s war in Ukraine and the lingering effects of the COVID-19 pandemic are dragging down global economic growth more than expected and driving up inflation that will stay high into next year

The troubles facing the global economy are far from over and Australia is unlikely to get away unscathed, an OECD report says.

Simplifying our complex tax code of tens of thousands of pages is essential. It enables legal structuring of affairs to minimise tax liabilities