There are fears a “financial earthquake” causing widespread distress is going to hit globally, with a warning issued by the world’s leading expert on debt crises. The rapid rate of interest rates rises across the globe, with eight consecutive hikes in Australia alone taking it from a record low of 0.1 per cent to 3.1 per cent in December, could ...
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China’s apparent backflip over Australia could be disastrous
The news is full of new concessions from China to Australia. China appears to be reversing its shadow-ban on importing Aussie coal that wiped $1 billion off Australia’s balance sheet. This backflip is a revealing outrun of events given the past five years of China’s attempt to strangle Australia’s economy. The Chinese assault took a range of forms from trade ...
Read More »Chris Bowen defends government’s energy deal, attacks gas industry
Energy Minister Chris Bowen has launched a fresh attack on the gas industry, as he defends the government’s unprecedented deal to cap input prices to tackle the energy crisis. On Friday, the federal government sealed a deal with state and territory leaders to immediately cap gas prices at $12 a gigajoule and coal prices at $125 a tonne for 12 ...
Read More »Anthony Albanese needs Greens, Jacqui Lambie and David Pocock onside for
Anthony Albanese is gearing up for a senate showdown this week when parliament is recalled to deal with the energy crisis. National cabinet on Friday agreed to “extraordinary” temporary measures to target soaring energy bills, with the government now seeking to impose a price cap on both coal and gas and offer subsidies to vulnerable Australians. If the legislation was ...
Read More »‘Hurricane’: Experts warn global economy facing toughest period
A finance expert has issued a grim warning that the world economy is facing one of the toughest periods in 30 years, with another claiming we could be set to face an economic “hurricane”. According to Bloomberg economist Scott Johnson, the energy crisis caused by the Ukraine war will see growth hit just 2.4 per cent in 2023. That’s the ...
Read More »Australian gross domestic product expands in September quarter
The Australian economy expanded again in the third quarter of this year, but high inflation spells trouble for the months ahead. Figures from the Australian Bureau of Statistic show gross domestic product grew for a fourth consecutive quarter in the September quarter, lifting by 0.6 per cent — slightly below what economists were expecting. The economy grew by 5.9 per ...
Read More »‘Xmas killer’: RBA raises interest rates for eighth consecutive time
Christmas is officially ruined for many people after the Reserve Bank of Australia raised interest rates for the eighth consecutive time. The RBA announced on Tuesday that it was hiking the cash rate by 25 basis points, bringing it to 3.1 per cent — the highest level since 2012. The big banks have begun to announce they will pass on ...
Read More »Millions could get Centrelink boost under new deal to support Albo’s workplace relations laws
Five million Australians on income support could soon see a boost to their Centrelink payments under a deal struck on the government’s contentious workplace relations reform. The deal with independent senator David Pocock to support the industrial relations bill will establish an “economic inclusion advisory committee” to review welfare payments and provide advice prior to each federal budget. Senator Pocock, ...
Read More »Economy worries: five money mistakes to avoid in a recession
Our next-door neighbour New Zealand is heading into a recession in 2023 thanks to more big interest rate rises there, and the dreaded R-word is hanging over the US and many other companies. While Australia walks a tightrope to try to avoid its economy sliding backwards, the Kiwi central bank last week forecast a significant recession as it lifted its ...
Read More »‘Consequences’: Calls for Reserve Bank governor Philip Lowe to resign over interest rate debacle
Australians have reacted to Philip Lowe’s interest rate apology with fury, with many now calling on the RBA boss to resign – or even face legal action. On Monday morning, Dr Lowe issued a stunning apology to Australians who took out a mortgage – during a period of record property prices, no less – based on the RBA’s repeated insistence ...
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