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.
"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.
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.
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.
According to the report, areas most prone to climate-related disasters, such as cyclones and floods, are experiencing a 30% surge in insurance premiums.
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
The RBA's reluctance to lower interest rates is a result of its worries about wages and employment.
The central bank has extended its inflation rate target deadline to 2026 from the earlier forecast of achieving the target by 2025.
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.
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."
Although the overall inflation rate has slightly increased to 3.8%, the measure of core inflation, also known as the "trimmed mean," has decreased slightly to 3.9% from 4%.
Today the international Coal Transitions project released its findings, based on global coal scenarios and detailed case studies by teams in China, India, South Africa, Australia, Poland and Germany.
If the Commonwealth government’s proposed reforms for the distribution of the GST revenue between the States and Territories is implemented, about a billion dollars a year of additional commonwealth funds will be spent to ensure “no state will be worse off”.
While all workers benefit from the 9% superannuation guarantee, those on middle incomes benefit significantly less than lower and upper incomes.
Bill Shorten has said a Labor government would repeal already-legislated tax cuts for companies with an annual turnover between A$10 million and $50 million, but left its position up in the air for those between $2 million-$10 million.
Even though Australia has enjoyed 25 years of economic growth, many regional communities have either struggled to recover or never recovered from factory closures, declining commodity prices, or a drop in tourists.
According to Finkel, his national energy plan could save households up to $90 a year and businesses even more.
One of Australia‘s most senior cyber crime investigators has warned that the country’s “critical infrastructure and systems of national significance” are being targeted by international hackers.
The International Monetary Fund (IMF) has noted that the global economy has recovered in investment, manufacturing and trade.
An updated report about underpaid superannuation has been handed to senate inquiry by former federal treasury director of the retirement income modelling taskforce Phil Gallagher.
Australian shares experienced a downslide on Wednesday. While prices of copper and iron ore showed a regressive growth, gold prices remained steady.
The Australian dollar has witnessed a significant downslide against its US counterpart. The development comes amid a forecast in the increase of US interest rates supporting the US currency.
Australian stocks are expected to open slightly lower on Tuesday as investors await the decision of the Reserve Bank of Australia (RBA) for its second monetary policy of 2017.
The Organisation for Economic Cooperation Development (OECD) has warned that expanding household debt could bring about a recession. The findings come in the organisation’s first review of the Australian economy since August 2014.
Australian shares witnessed an increase on Tuesday, helped largely by buying in financial stocks. The S&P/ASX 200 index increased 0.5 percent (or 26.5 points) to reach 5750.5 points. Meanwhile, the benchmark on Monday had seen a downslide of 0.3 percent.
Marriott International has planned to open a 128-room hotel in Hobart in 2018.
The Aussie dollar soared against the US currency on Friday, climbing past 77 US cents. The Australian dollar reached 77.14 US cents.
The Reserve Bank of Australia released the newly designed $10 banknote on Friday featuring the famous Australian writers Andrew Barton "Banjo" Paterson and Dame Mary Gilmore.
The National Australia Bank (NAB) has released a survey in January showing that the country's economy was stronger compared to last year's Q3 report.
Alibaba founder Jack Ma said during the opening of the first Australian and New Zealand branch of his company on Saturday that Australia is a gold mine.
