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Australia s Squandered Pandemic Luck Bodes Ill for Its Future
Jul 15 2021, 12:39 PM
July 15 2021, 3:30 AM
July 15 2021, 12:39 PM
(Bloomberg Opinion) For much of the past 18 months, living in Sydney while a pandemic has raged around the rest of the world has been such an undeserved blessing that Iâve felt almost embarrassed in conversation with overseas friends.
(Bloomberg Opinion) For much of the past 18 months, living in Sydney while a pandemic has raged around the rest of the world has been such an undeserved blessing that Iâve felt almost embarrassed in conversation with overseas friends.
From May last year until a few weeks ago, life had been close to normal, beyond the usual routine of QR codes and closed international borders. Even face masks had largely disappeared. Less than five dozen cases of local transmission occurred in my home state of New South Wales this year until June 16, when a limousine driver carrying flight crew from the airport
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The cost of feeding the world is the most expensive it’s been in years. The Food and Agriculture Organization’s food price index, which tracks a basket of grains, vegetable oils, meat, dairy and sugar, rose to its highest level in a decade in May. On the Chicago Mercantile Exchange, the prices of soybean oil is more than double what it was a year ago, while lean hogs and ethanol are up by about three-quarters. The same dynamic is affecting corn, palm oil, coffee, sugar and a host of other commodities. Even the price of moving food around the world is surging: The Baltic Handysize Index, which tracks freight rates on the ships used for hauling grains between continents, is at levels last seen in 2008.
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