Sydney becomes Australia’s $70bn boom town under Baird government budget

Sydney has become Australia’s boom town, with more than 150,000 new arrivals a year pouring into NSW as the Baird government accelerates plans to unleash a $70bn program to build new roads, tunnels and railways. (The Daily Telegraph Sydney)

South Korea government announces $14bn stimulus package to fight effects of Mers

South Korea announced a $14bn stimulus package to boost its troubled economy, which has been hammered by the deadly Middle East respiratory syndrome (Mers) outbreak, denting consumer spending and business sentiment. (China Morning Post)

S$500 payment to Singaporean civil servants to celebrate 50 years of independence

A one-off payment of 500 Singapore dollars (USD $374) will be handed to all civil servants on the Asian city state to celebrate 50 years of independence. (Global Government Forum)

Japan draft plan would cap three-year general budget spending

Japan will set a medium-term cap on government spending in a bid to strengthen its commitment to fiscal belt-tightening in a draft proposal, government and ruling party sources said. (Asia one 20)

NZ government shells out $11m on New York apartment for UN representative

The New Zealand government has shelled out almost $11m on a luxury New York apartment for our man at the United Nations. (Stuff.co.nz)

IMF warns Australia over pace of reforms

The International Monetary Fund has warned Australia that without more reforms, economic growth is likely to remain below potential, resulting in income growth significantly slower than the past two decades. (Australian Business Review)