Treasurer Jim Chalmers has warned the upcoming Federal Budget would be written on the “backdrop” of a deteriorating global situation and shared new detail on how a likely global recession would hit Australia. “The world is bracing for another global downturn. That’s the truth of it,” he said. “We’ve seen in the comments from the head of the IMF overnight, ...
Read More »Economy
What a recession would mean for Australia with more interest rate hikes
Australia could be plunged into severe financial stress and see unemployment rates rise if the country plunges into a recession, according to lead economists. The Reserve Bank Australia (RBA) increased interest rates on Tuesday for the sixth successive month, hiking the cash rate by 25 basis points to 2.60 per cent. The bump in interest rates will see repayments on ...
Read More »Reserve Bank of Australia hikes cash rate by 0.25, adding thousands to mortage payments
Australian homeowners have been hit with another knock to their repayment efforts with the Reserve Bank of Australia announcing a fresh interest rate hike. The shift is a 0.25 per cent rise and takes the cash rate to 2.6 per cent, the highest level since 2013. It is also the sixth consecutive hike since May 2022. The RBA has continued ...
Read More »‘Absolute shame’: ’Do-gooders’ slammed over cashless debit card move
Northern Territory senator Jacinta Price has called the scrapping of the cashless debit card “an absolute shame”, with more than 17,000 people able to come off the scheme from Tuesday. A repeal Bill passed in parliament last week to axe the controversial program, which quarantined 80 per cent of a welfare recipient’s payments so they could not be withdrawn as ...
Read More »Cost of living crisis forcing people back home
Once upon a time, an adult who still lived with their parents was considered undesirable. In 2022, especially if that adult wants any hope of ever being able to afford a property purchase of their own, it’s a necessity for many people. A new Finder survey discovered that 858,000 households have had an adult child move back home in the ...
Read More »Treasurer warns of ‘dangerous outlook’ for Australia amid fears of global recession
Treasurer Jim Chalmers has delivered a grim warning that “rampant inflation, falling real wages” heralds a period of extreme global economic uncertainty. Speaking after the release of the OECD’s latest economic forecast, he’s warned that Australia is “not spared from this darker and more dangerous global outlook” amid fears of a global recession. “The OECD report shows the global economy ...
Read More »Calls for massive boost to JobSeeker payments amid cost of living crisis
Australia’s peak social services body has called for a huge increase to Centrelink payments, claiming more Australians are skipping meals and struggling to afford medicine as a consequence of skyrocketing cost of living pressures. In a study set to be released on Tuesday, the Australian Council of Social Service said research found six in 10 Australians on income support were ...
Read More »Research reveals why you should be Christmas shopping now
New research shows two-thirds of Australians are planning to complete their Christmas gift purchases by the end of next month amid fears of supply chain disruptions. The survey of more than 1000 online shoppers also found more than half of respondents were feeling rising cost of living pressures and would be spending less on Christmas gifts this year. According to ...
Read More »Reserve Bank minutes reveal more rate hikes to come for Australia
Australian homeowners can expect rates to rise once again when the Reserve Bank meets next month. Economists are now predicting rates will increase another 0.50 percentage points in October. The central bank lifted its cash rate by 50 basis points to 2.35 per cent earlier this month, the fifth hike in as many months. However, minutes from the Reserve Bank ...
Read More »Budget better than expected with $50bn improvement but cuts still expected
A substantial lift in tax payments and booming commodity prices are set to deliver a $50bn boost to the budget bottom line, the Treasurer has revealed. Jim Chalmers, who will hand down his first budget on October 25, on Tuesday said the improvement was welcomed but stressed it was temporary and “difficult decisions” would still need to be made. Half ...
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