Don’t miss out on the headlines from Economy. Followed categories will be added to My News. Julian Batchelor may be the most hated man in New Zealand right now. The evangelical author and former school principal leads a growing movement opposed to the country’s Maori “co-governance” model, attracting thousands of people to a series of packed events since the start ...
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Economic benefit going to rich ‘inequality on steroids’, Australia Institute report finds
A disparity between how much of the economic benefits the vast majority of Australians get compared to the top end of town has been described as “inequality on steroids”. A new report shows 90 per cent of Australians received just seven per cent of the benefits of real economic growth over a decade from 2009. The top 10 per cent ...
Read More »IMF expects Australia’s economy to slow amid ‘perilous’ international pressures
Australia’s economic growth will slow as the global economy faces “perilous” challenges, persistently high inflation and risks of further financial turmoil, the International Monetary Fund said in its latest global outlook report. The country’s gross domestic product grew last year by 3.7% but is expected to expand just 1.6% this year and 1.7% in 2024, according to the IMF’s forecast ...
Read More »Australia not immune to global economic downturn but hopes recession could still be avoided
Australia could still avoid a recession despite fresh forecasts providing a grim backdrop for the upcoming budget, the Treasurer says. The International Monetary Fund slashed the outlook for the Australian economy overnight and warned the chances of a global hard landing and inflation remaining higher for longer, have risen. Jim Chalmers said while Australia was not immune from the global ...
Read More »Nearly half of workers in one industry are being paid less than minimum wage
Almost half of Australia’s gig economy workers earn less than minimum wage, with the majority of workers using more than one delivery app to make enough money to live. A landmark report into the gig economy by the McKell Institute – which captured the opinions of more than 1000 rideshare drivers, parcel deliverers and food delivery workers – found more ...
Read More »Inflation rose 6.8 per cent in year to February, well below high rate in previous months
Inflation rose 6.8 per cent in the 12 months to February, suggesting Australia’s economy is on the track to normalisation. It’s the second consecutive month of lower annual inflation after the 8.4 per cent peak in December and the 7.4 per cent rise in the 12 months to January – but the figure is still well above the Reserve Bank’s ...
Read More »Silicon Valley Bank collapse: Surprise interest rates news for Australia
The disastrous collapse of a major bank in the United States is having unexpected consequences in Australia. Silicon Valley Bank (SVB) went bust on Friday. It was the second biggest bank failure in recent US history and there are fears of “contagion” spreading across the globe. But there’s a surprise upside for mortgagors with financial markets now betting strongly that ...
Read More »Surprise Australian upside of US banking collapses
It is hard for Australians to believe, but the US has 4800 banks. That is one bank for every 70,000 people. In Australia, the ratio is one bank for every 260,000 people. This makes the US hugely over-banked by Australian standards which leads to all sorts of outcomes, both good and bad. The good includes intense competition and cheap prices; ...
Read More »Interest rates: Warning mortgage buffer spells trouble for homeowners and buyers
A chilling warning has been issued that some Australians could be “forced into selling their homes” after a regulator refused to budge on a key issue influencing bank’s interest rates decisions. The Australian Prudential Regulation Authority (APRA) has refused to lower its buffer and will continue to insist that banks add 3 per cent on top of the prevailing interest ...
Read More »Greens fear super changes will pay for stage 3 tax cuts
The Greens have hit out at Labor’s decision to introduce higher tax rates on Australians with millions of dollars in their super accounts while still planning on implementing the controversial stage three tax cuts. Prime Minister Anthony Albanese has announced Australians with more than $3 million in their superannuation accounts would have their concessional tax rate doubled from 15 per ...
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