NEWS UPDATE
NEWS UPDATE
Australians are set for a record spend on the Black Friday weekend, but it appears they are banking on credit cards to cover the costs. Bargain shoppers are expected to drop $6.8 billion over the Black Friday-Cyber Monday weekend, a four per cent increase on…
Half of all Australians with a student debt have had their loans slashed by 20 per cent. The Australian Taxation Office will automatically apply the one-off reduction, with a further 1.5 million people to receive the cut by the end of next week. In total,…
Australia’s economy has been delivered a welcome bit of good news just a day after nightmare inflation figures raised the spectre of interest rate hikes. For more than a decade, stagnant business investment has contributed to Australia’s productivity malaise, limiting the economy’s notional “speed limit”…
Wednesday was a momentous day for stats nerds. The Australian Bureau of Statistics released the nation’s first complete monthly consumer price index publication, bringing the nation in line with peer economies and giving the Reserve Bank a more timely and accurate read of inflation pressures….
Artificial intelligence could push up Australia’s neutral interest rate level, making it harder for the Reserve Bank the lower rates further. The whereabouts of the neutral rate – the interest rate level that neither slows down nor speeds up the economy – has been a…
Surging inflation has dashed hopes of one last rate cut and heightened expectations energy rebates will be extended. Expiring electricity subsidies helped drive up the annual consumer price index from 3.6 per cent to a 16-month high of 3.8 per cent in October, the Australian…
Australia could miss out on a $150 billion boost to its economy if it fails to invest in artificial intelligence, including sovereign AI models, regional hubs, training and infrastructure. But decisive investments in the technology could deliver an additional $235 billion within a decade, a…
The nation’s economy is an “island of security” says Treasurer Jim Chalmers despite less certainty about interest rate cuts among economists after stronger-than-expected jobs data. Dr Chalmers hailed low unemployment in a speech to investors in Sydney, saying 1.2 million jobs had been created since…
A reawakening of the inflation dragon is not expected to end Australian workers’ record run of real wages growth just yet. Pay packets are expected to have grown in real terms for an eighth consecutive quarter in September, the Australian Bureau of Statistics will likely…
The Reserve Bank will shed further light on its decision to deny homeowners a further rate cut when it releases minutes from its last meeting earlier in November. Australia’s central bank kept interest rates on hold at 3.6 per cent after the meeting in a…
Hopes of more interest rate cuts have taken a hit after Australia’s unemployment rate plunged, reinforcing beliefs of a tight jobs market. Bonds traders lowered the odds of another Reserve Bank interest rate cut on Thursday and the ASX fell to its lowest level since…
Changes to interest rates could have less of an impact on household spending than traditionally thought, which means the Reserve Bank might have to hike or cut harder to achieve its aims. Despite the RBA hiking interest rates in one of its sharpest tightening cycles…
Property prices grew at the fastest rate in more than two years following the federal government’s expanded deposit guarantee scheme kicking in, but there is not enough evidence of a direct link between the two, housing experts say. Home values grew at 1.1 per cent…
Whether Australia takes the road to prosperity or stays in the slow lane depends largely on fixing productivity, according to a top Reserve Bank official. Australia’s economy faces three possible paths forward, RBA deputy governor Andrew Hauser told a room of investors on Monday. And…
Australian households are optimistic about their economic prospects for the first time since the start of an inflation spike almost four years ago. The Westpac-Melbourne Institute Consumer Sentiment Index climbed above 100, meaning optimists outnumbered pessimists, marking a watershed moment for Australia’s economy since sentiment…
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