NEWS UPDATE
NEWS UPDATE
Australia has avoided disruption to its international fuel supplies but that won’t stop the government considering all options to shore up provisions, including extracting more oil and gas. Fifty-seven ships laden with crude oil, jet fuel, diesel and petrol were en route to Australia –...
US President Donald Trump’s threat to send Iran “back to the Stone Ages” has rattled equity markets. If he follows through, Australia is at risk of entering a recession. In a prolonged war scenario, modelled by Oxford Economics Australia, the nation’s gross domestic product would...
The war in the Middle East will lead to higher inflation and slower global growth, says the head of the International Monetary Fund ahead of next week’s global forecast for the world economy. The war has triggered the worst-ever disruption in global energy supply, with...
A conflict at the heart of the Reserve Bank’s mandate could determine the outcome of its next interest rates decision. Minutes from the central bank’s March meeting published on Tuesday revealed a split between the five members who voted for a hike in the cash...
Economists at Australia’s largest lender have issued a dire warning for consumers, forecasting inflation to scale new heights as hopes of a quick resolution to the Iran war fade. The Commonwealth Bank (CBA) expects headline inflation to peak at 5.4 per cent by June –...
Australia’s two largest property markets could be entering a downturn as rising inflation and interest rates squeeze prospective buyers. But while the Middle East conflict will take some steam out of price growth, Australia’s chronic undersupply of housing continues to support property values across the...
A slight easing in Australia’s headline inflation rate before the Iran war will do little to ease the Reserve Bank’s fears, as economists expect price growth to bounce back with a vengeance in March. Consumer prices rose 3.7 per cent in the 12 months to...
Mortgage holders could face as many as three interest rate hikes by Christmas, according to money markets, as concerns mount over the Iran war’s impact on inflation. Rates traders upped their predictions on Friday, pricing in almost 75 more basis points of hikes by the...
Noisy jobs data has revealed a tight labour market, giving the Reserve Bank the green light to further hike interest rates despite a spike in unemployment. The jobless rate jumped to 4.3 per cent in February, despite almost 50,000 more people finding a job, the...
Treasurer Jim Chalmers is willing to anger older Australians to make the tax system fairer for younger generations. But he admitted productivity growth would take longer to recover than previously thought during a major pre-budget address to a gathering of business economists in Melbourne. Dr...
Nearly three million low-paid workers would receive thousands more in annual wages under a union push for a five per cent pay rise. The ACTU will ask industrial umpire the Fair Work Commission to increase the minimum wage to $26.19 per hour, up from $24.95,...
Australian businesses are failing at record rates and soaring energy prices are set to make matters worse, putting the national economy at risk of recession. Business insolvencies and payment defaults were already at or near their highest-ever levels from mid-2025, before the Persian Gulf conflict...
The Reserve Bank does not want to send Australia into a recession but its options to avoid one might be running out. Governor Michele Bullock has old reporters a recession could be a possibility if inflation proves too hard to get down, after the central...
The Reserve Bank of Australia has hiked interest rates for the second straight month, warning of more pain the longer the war in the Middle East drags on. In a split five-four decision on Tuesday – the tightest since the central bank started publishing vote...
CHANGES IN STATE AND TERRITORY GST PAYMENTS NSW * GST payment increased from $28.1 billion to $28.2 billion * Relative share of GST compared to per capita allocation fell from 86c in the dollar to 82c * Share of GST fell from 26.7 per cent...
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