Latest Economy News & Archive

Australian Government Boosts Social Security Payments By Up To AU$41.50

Beneficiaries will include those on the jobseeker payment, age pension, disability support pension, carer payment, family tax benefit, and commonwealth rent assistance.

Federal Opposition's Proposal For Nuclear Reactors May Raise Household Energy Costs By AU$665: Report

The plant's operating reactors are the same type as Ukraine's Chernobyl nuclear power plant, without a protecting dome around them

Analysts at the Institute for Energy Economics and Financial Analysis (IEEFA) assessed the plan's potential fallout on local families, and found out that typical households could see electricity bills rise by an average of AU$665 per year to cover the cost of establishing the power plants.

Australia Hopes To Resolve China's Rock Lobster Trade Ban By Christmas, Says Trade Minister

Earlier this year, China had removed trade tariffs on wine and barley after Australia dropped World Trade Organization complaints against Beijing over the two products.

The government is expected to address soaring youth unemployment at its Third Plenum next month

Australia's Unemployment Rate Holds Steady At 4.2% In August, As Employers Add 47,500 Jobs

Part-time stints saw the most gains, with about 50,600 jobs being added last month, while full-time positions fell by 3,100. The employment-to-population ratio increased to 64.3% to an almost all-time high, and the participation rate reached a record-high 67.1%.

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Australians Grow Wary Of Economic Stagnation And Job Security As Consumer Sentiment Falls

While the Westpac–Melbourne Institute Consumer Sentiment Index dipped by 0.5% to 84.6 in September from 85.0 in August, the NAB business confidence survey was down to -4 index points in August.

New Housing Loans Surge By 3.9% To AU$30.6 Billion, Driven By Investor Demand

Lending by first-time home buyers increased by 0.8% in July, and was 19.7% higher compared to July 2023. July also recorded a national average of new owner-occupier loans and new investor loans at AU$641,000.

Australia's Housing Crisis Deepens As National Council Chair Warns of Rising Property Prices, Supply Issues

Susan Lloyd-Hurwitz said the council was set to find solutions to the issues plaguing homebuyers for a long time and will also stress the critical need for a stronger course of action to increase the housing supply.

Australia Records Slowest Economic Growth Since 1991 Recession, Driven By Weak Consumer Spending

The June quarter was driven by increased spending by the government and foreign students, while household consumption took a beat due to high inflation and interest rates. Consumer spending, which declined to 0.2% in the June quarter, was the lowest since the global recession.

Reserve Bank of Australia chief Philip Lowe said the coronavirus is having a 'significant'effect' on the country's economy

Australia's Current Account Balance Falls To AU$10.7B Deficit In June Quarter, Biggest Drop In 5 Years

In addition, the goods and services balance decreased by AU$3.9 billion, sharply diving to AU$12 billion.

Voters supported the RN over immigration concerns, cost of living, and crime

Cost-Of-Living Crisis: 37% Western Australians Turn To Loans Or Asset Sales For Unexpected Bills, Says Survey

The survey, dating back to July, involved 1,074 participants, among which 37% said they would turn to borrowing or selling assets to foot any bill of AU$500 or more.

Treasurer Chalmers Criticizes RBA For 'Smashing' Economy With Rapid Rate Hikes

The treasurer's remarks on Sunday followed weeks of rumors regarding tensions between the RBA and the government, sparking concerns about the economy's direction.

AUD/USD Forecast: Analyzing the Latest Trends and

Unpaid Superannuation Costs Australian Workers AU$30,000 In Retirement: Report

According to the Super Members Council (SMC), 2.8 million Australian workers were not paid their full amount of superannuation in 2021–2022, which amounted to AU$5.1 billion.

Australia's Retail Sales Stall In July, Defying Economists' Predictions of Growth

"Overall, it's clear there was little momentum behind consumer spending at the start of the quarter. And while it is early days, the data broadly reinforce our view that Australian households are not rushing to spend their newfound tax cuts," economist Abhijit Surya said.

HSBC's first-half pre-tax profits were slightly down from the same period last year

Commonwealth Bank CEO Advocates Wealth Tax Over Income, As Company Posts AU$9.8 Billion Profit

Denouncing Greens' proposed 40% tax on excessive corporate profits as "insidious populism," Matt Comyn suggested that prioritizing popularity over genuine reform will only erode trust in institutions.

People shop in a supermarket as inflation affected consumer prices in Manhattan, New York City

Australia's Inflation Hits Lowest Point Since March Amid 5% Drop In Electricity Prices

In July, energy prices dropped to 6.4%, compared to the usual 0.9% rise, and as the government announced rebates across the country, further drop in prices were expected.

Rising Climate Risks Leave 1.6M Australian Households In Financial Strain, Report Reveals

According to the report, areas most prone to climate-related disasters, such as cyclones and floods, are experiencing a 30% surge in insurance premiums.

Commonwealth Bank Slashes Fixed And Variable Home Loan Rates

Those seeking three-year home loans are expected to get a competitive 5.89% interest rate, which is in line with Westpac's offer. Additionally, the new variable rate borrowers will be offered a reduction of up to 0.35 percentage points to ease financial strain

UK finance minister Rachel Reeves will unveil her first budget on October 30

Rise In UK Borrowing Narrows Budget Options For New Govt

UK government borrowing jumped by far more than expected in July, official figures showed Wednesday, stoking fresh anxiety for the new Labour government ahead of its first budget in just over two months.

RBA Faces Pressure To Cut Rates, Cautiously Addresses Inflation Concerns

The RBA's reluctance to lower interest rates is a result of its worries about wages and employment.

A truck carrying iron ore moves along a road at the Fortescue Metals Group (FMG) Christmas Creek iron ore mine located south of Port Hedland in the Pilbara region of Western Australia, November 17, 2015. Picture taken November 17, 2015.

WA Braces for AU$3 Billion Budget Hit as Iron Ore Prices Plummet

Western Australia is fearing an economic downturn due to falling iron ore prices. However, the government's cautious budgeting may thwart the problem.

RBA Warns Of Stringent Measures To Tackle Persistent Inflation

The central bank has extended its inflation rate target deadline to 2026 from the earlier forecast of achieving the target by 2025.

Oil prices have dropped on hopes for a Gaza ceasefire after US Secretary of State Antony Blinken (L) said Israeli Prime Minister Benjamin Netanyahu had accepted a 'bridging proposal' and urged Hamas to do the same

Asian Markets Fluctuate Ahead Of Key Earnings And Powell

With recent data indicating the US economy remains in good shape as inflation slows and the labor market softens, there is widespread expectation the bank will finally start unwinding its long-running program of tight monetary policy next month.

The scrapped 2024 finance bill would have raised about $2.7 billion in taxes

Kenya Govt Plans To Reinstate Some Taxes To Raise $1.2 Bn

The Kenyan government plans to raise about $1.2 billion by reinstating some unpopular taxes contained in a finance bill that was scrapped in the face of deadly street protests, a government minister said.

Health officials in Australia said they had detected the Covid Omicron strain for the first time

Australia Lost AU$9.6 Billion In 2022 Due To Long COVID's Impact On Workforce: Study

According to University of Melbourne Professor Tom Kompas, people between the ages of 30 and 49 contributed the most to the loss. "Workers in that age bracket contributed to a loss of 52 million worked hours, or more than 50% of the total labor and productivity lost in 2022," he said.

Prime Minister Keir Starmer's government says it plans to boost the economy thanks to mass house-building

UK Growth Slows Slightly In Second Quarter

Britain's economy grew 0.6 percent in the April-June period, a slight slowdown compared with the first three months of the year, official data showed on Thursday.

RBA Deputy Governor Advises Patience On Rate Decisions, Cautions Against Premature Predictions

The RBA's Andrew Hauser said, "As humans, we are all prone to overconfidence, particularly when forecasting the future. In many cases, the answer we ought to give is that we simply do not know."

RBA Ready To Hike Interest Rates If Inflation Persists, Warns Governor Michele Bullock

Prime Minister Anthony Albanese rejected criticism that his government's spending was adding to inflation. He said the Labor government's two budget surpluses and several measures, which were aimed at reducing the living expenses, have helped to bring down the prices.

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