Economy

Inside New Zealand’s growing right-wing movement against Maori ‘co-governance’

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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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 ...

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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 ...

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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 ...

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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; ...

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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 ...

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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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