NEWS UPDATE
NEWS UPDATE
Australia’s annual headline inflation rate has climbed to four per cent as higher oil prices continue to filter through the economy. The consumer price index rose 0.4 per cent in August, the Australian Bureau of Statistics reported on Wednesday, a day after the Reserve Bank…
Because everyone wants your money, you can charge them more for it. That’s the issue facing governments forced to pay investors more for borrowing cash in the form of bonds. The eye-watering sums being raised by artificial intelligence “hyper-scalers” now mean there’s a flood of…
Australia’s unemployment rate probably needs to edge a little higher to help get inflation back under control, Reserve Bank governor Michele Bullock says. Prefacing her remarks by saying the RBA does not want to see high unemployment, Ms Bullock told a business event on Tuesday…
Anthony Albanese will make the case to Donald Trump for more guardrails to be placed on AI, ahead of a potential meeting with the US president on the sidelines of the United Nations. The prime minister will be in New York for the UN General…
Economists at one of Australia’s big four banks expect the Reserve Bank to raise interest rates imminently after the central bank’s governor issued a dire warning about inflation. Michele Bullock told a parliamentary hearing in Canberra that it appeared that inflation was worse than the…
A global financial body has given the Reserve Bank the green light to hike interest rates and urged Treasurer Jim Chalmers to be bolder on tax reform. With a break-out in price growth hitting Australians’ living standards, returning inflation to target in the near term…
The rising cost of oil and iPhones is concerning the Reserve Bank of Australia as it approaches a crucial interest rate decision, the central bank’s chief economist says. With rising inflation pressures from the Middle East and more broadly around the globe, the Reserve Bank…
Queensland has usurped Western Australia at the top of Australia’s state economic rankings, as cracks emerge in the resource-rich state’s performance. WA slid two places to third in CommBank’s revamped State of the States rankings for the June quarter, after holding top spot in four…
Australians are “furious” about inflation and it will take the nation years to fully get on top on higher post-pandemic living costs, the Reserve Bank’s deputy governor says. Ahead of the central bank’s meeting later this month on interest rates, Andrew Hauser said inflation remained…
The Reserve Bank might have to raise interest rates if inflation is higher than expected as oil prices surge back towards $US100 a barrel. More attacks on oil tankers in the Strait of Hormuz drove Brent crude above $US97 a barrel, which will seep into…
The adoption of artificial intelligence is rocketing in Australia, creating massive demand for infrastructure that will deliver jobs and economic benefits. The nation was at the “cusp of a data centre boom”, Oxford Economics head of economics Harry Murphy Cruise told a conference in Sydney…
Australia’s economy grew by 2.1 per cent in the last financial year, cementing the odds for another rate rise as the economy proves more resilient than the Reserve Bank expects. Gross domestic product expanded by 0.4 per cent in the June quarter, the Australian Bureau…
One-size-fits-all restrictions on how artificial intelligence data centres are powered could send investment in the growing technology overseas, business groups warn. In a submission to a Senate inquiry into AI data centres, the Australian Chamber of Commerce and Industry said a source neutral approach was…
Artificial intelligence could be the ticket out of stunted economic growth while risking the future of increasingly high-skilled jobs, according to Treasury advice. In a brief handed to the treasurer, AI has been characterised as a tool which could provide significant productivity gains across the…
More interest rate hikes are on the cards after Australia’s headline inflation rate came in higher than expected, despite falling to its lowest level in eight months. The consumer price index rose one per cent in July, resulting in the annual rate of inflation falling…
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