Unemployment across the country has again ticked higher, breaking the 4 per cent threshold as more people started looking for work amid a continued cost-of-living crisis and high interest rates.
Cheyanne Enciso and Daniel Newell
Interest rates are not directly responsible for pushing rent prices higher, the central bank’s chief economist says, and are just one of several factors that contribute to higher property prices.
Adrian Lowe
Wages growth appears to have peaked, putting to rest any suggestion of a wage-price spiral, economists say, amid debate about the persistence of high inflation.
Economists say the Treasurer’s cost-of-living measures make it more likely the RBA will need to keep rates on hold and too much new spending was included, blowing out the future budget deficit
A WA property developer says Budget initiatives aimed to attract skilled workers in the housing sector won’t help in the short term as the Government sets an ambitious goal to build 1.2 million new homes.
Cheyanne Enciso
There will be no interest rate cuts this year, one of the world’s leading credit agencies says, due to immense spending pressures in Treasurer Jim Chalmers’ Federal Budget.
The growing divide in spending patterns between renters and those with mortgages or who own their homes outright has been laid bare in a new bank survey.
The strength in Australia’s labour market appears to have normalised, with fresh bank data revealing employment in the business sector declined last month.
Treasurer Jim Chalmers will forecast conditions are ripe for a rate cut by the end of the year with his Budget showing inflation is expected to return to preferred levels earlier than previously thought.
Katina Curtis
The Federal Government is under renewed pressure to keep a lid on spending in Tuesday’s Budget after large State spending commitments sparked concern about the nation’s battle against persistent inflation.
Adrian Lowe and Katina Curtis
Economists say the Budget could be inflationary due to record infrastructure spending and cost-of-living measures but an influential credit agency says high iron ore prices are likely to cushion its impact.
Business groups say the WA Government has failed to deliver any meaningful relief to small companies battling a cost-of-doing-business crisis, leaving them ‘drowning’.
Jim Chalmers has downplayed suggestions the Federal Budget has the largest role to play for besieged households seeking cost-of-living relief after the RBA’s caution rates may have to stay on hold for longer.
Markets predict the RBA will hold fire on a Tuesday rate rise but persistent inflation and signs the Federal Government is loosening the purse strings give reason to keep up the pressure.
Matt Mckenzie
The RBA has been encouraged by yet another key global economic body to keep interest rates on hold to combat rising inflation, while the Federal Government has been urged to tackle lagging productivity growth.
New National Australia Bank chief executive Andrew Irvine says more households are feeling the pinch of higher interest rates and inflation but the majority of its customers are “doing OK”.
The Reserve Bank of Australia has been told interest rates may need to stay higher for longer to ensure inflation continues to slide and economic growth does not fall significantly.
Bapcor’s incoming chief executive and former racing driver Paul Dumbrell has stunned the Autobarn owner by making the last-minute decision to pull out of the top job one day before he was due to start.
Jerome Powell’s remarks in the coming week will be closely parsed by investors for any clues on just how long the Federal Reserve is willing to wait before cutting interest rates.
Reade Pickert and Craig Stirling
Higher interest rates, cost of living pressures and an increasing tax burden have kept a lid on Australian consumer spending and left retail sales weak.
Poppy Johnston
The Treasurer always says he doesn’t second-guess decisions of the RBA, but there’s little doubt that its decisions will be in the back of his mind as he works to put the finishing touches on his next Budget.
The World Bank expects iron ore prices to stay above the crucial $US100 ($153) a tonne mark despite subdued demand for steel, with the forecast at odds with gloomy predictions made by many analysts.
Treasurer insists next month’s Federal Budget can address cost of living and housing measures without adding to the nation’s inflation challenge. Economists say he’s been left little room to move.
Business conditions for small and medium enterprises have now diverged from the resilience reported by larger firms amid slowing demand and declining profitability, according to a new bank survey.