Economy

‘Hefty price’ Aussies are paying for Russian war revealed in new economic outlook

Treasurer Jim Chalmers has dismissed his budget critics following a warning about the “hefty price” the world is paying for Russia’s war on Ukraine. The Organisation for Economic Co-operation and Development report, released on Tuesday evening, painted a grim picture of slowing growth, high and persistent inflation, and falling real wages. “If inflation is not contained, these problems will only ...

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Bill Shorten slams ‘overheated rhetoric’ in wages debate

A debate about how to get wages moving has been clouded by overheated rhetoric, government services minister Bill Shorten says. The government has been locked in negotiations with crossbench to secure a deal on its signature industrial relations legislation before its self imposed Christmas deadline. It’s due to head to the Senate in the final sitting days of the year, ...

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RBA boss Philip Lowe warns variable costs could shock consumers

Australians could be in for a wild ride with supply shocks expected to continue to rock the cost of living for years to come, according to the Reserve Bank. Reserve Bank chief Phil Lowe warned Australians are facing “more frequent supply shocks” while speaking at the annual CEDA dinner in Sydney. “Life is more complicated in a world of supply ...

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‘He lied’: Binance CEO unleashes on Sam Bankman-Fried as FTX goes bankrupt

Former chief executive of cryptocurrency exchange FTX Sam Bankman-Fried appears to be slowly writing the phrase “what happened” on Twitter, letter by letter. The world is asking the same thing after his companies, worth $47.77 billion (US$32 billion) at their peak, spectacularly collapsed on Friday. Hailed as a genius, the 30-year-old from California watched as his net worth plunged from ...

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RBA’s big move after ‘extensive criticism’ of governor Philip Lowe

The Reserve Bank of Australia will no longer disclose interest rate predictions except in “extreme circumstances” after noting the “extensive criticism” it received over its governor’s error. The central bank on Tuesday released the minutes from its November board meeting and the findings of an internal RBA review of its so-called forward guidance during the Covid-19 pandemic. RBA governor Philip ...

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Government eyes conversation about superannuation tax concessions

A tax concession designed to encourage Australians to save for retirement could be in the firing line as the government seeks solutions to its growing budget woes. It’s been described by the government as “one of the most important conversations” the nation must have, but what exactly does that mean for the everyday Australian? So what is it? The super ...

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Aussies facing conditions similar to auctions due to rent bidding

There are concerns Australian renters are being lured into paying more for overvalued properties through the practice of “rent bidding”. According to Tenants Union chief executive Leo Patterson Ross, rent bidding is similar to “creating an auction” where tenants offer more than the advertised price or to pay a large portion of the rent in advance to secure a property. ...

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‘Inevitable’: Big bank’s grim warning on interest rates

Westpac’s chief executive has warned it is “inevitable” some borrowers will suffer a massive blow when their fixed rate mortgages expire in the next few months, but says there has not yet been an increase in hardship. The bank revealed its full-year financial results on Monday, with chief executive Peter King saying it had been a year of significant economic ...

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Aussies are paying more for electricity, but they don’t have to

Aussies fed up with the increasing cost of living could be missing out on cheaper power bills, purely because they don’t know they’re eligible for concessions. The Consumer Policy Research Centre this week released a study which estimated how many people across the country – with the exceptions of Western Australia and the Northern Territory – were actually seeking the ...

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Shadow treasurer Angus Taylor says Labor’s budget reveals ‘telling statement’ about its priorities

Shadow treasurer Angus Taylor has hit out at the Labor government for their “telling statement” about where their priorities lie within last week’s federal budget. Speaking at the National Press Club a week after Jim Chalmers handed down his first budget, Mr Taylor accused Labor of breaking promises and not doing enough to target skyrocketing inflation. He also used his ...

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