economy
Iran conflict raises spectre of triple RBA rate hike
12 March
Three of Australia’s four major banks predict the Reserve Bank will hike interest rates for the second month in a row as fears that war in the Middle East will worsen inflation fuelled a drastic turnaround in markets. Westpac, NAB and Commonwealth...[Read More]
‘Significant spikes’: servos to face huge gouging fines
12 March
Service stations deliberately price gouging customers due to the Middle East war will face harsher penalties, as the federal government acknowledges panic buying has led to shortages in regional areas. Treasurer Jim Chalmers said penalties would be...[Read More]
No ill winds blowing for renewables spending in budget
11 March
The federal climate minister has hit back at speculation there will be budget cuts to clean energy policies, comparing it to stripping funds from health or education. Chris Bowen dismissed reports of cuts to new clean energy funding in the federal...[Read More]
Rate hike odds spike for ‘live’ March RBA meeting
5 March
Traders upped their bets for a Reserve Bank rate hike in March to a one-in-three chance after the central bank’s governor said the meeting would be “live”. While Michele Bullock was careful not to signpost the RBA’s decision on March 17, her...[Read More]
Good news is bad news: GDP growth fuels inflation fears
5 March
Higher spending on defence, data centres and Black Friday sales has helped the economy grow at its fastest pace in almost three years, boosting living standards but raising fears of more interest rate hikes. Gross domestic product expanded 0.8 per...[Read More]
CBA boss calls for spending cuts, bold reform in budget
5 March
The bosses of Australia’s largest companies have urged Treasurer Jim Chalmers to take a bold agenda to the May budget to salvage the country’s faltering international competitiveness. Speaking at the Australian Financial Review Business Summit,...[Read More]
Pressure to fix gas tax raising less revenue than beer
4 March
Labor faces a push for a parliament inquiry into Australia’s underperforming gas tax amid growing calls to make fossil fuel multinationals pay a larger share. As Treasurer Jim Chalmers mulls tax reform to make the economy more productive and...[Read More]
Housing and energy costs surge higher in inflation data
26 February
The first round of inflation data for the year has arrived, which is likely to increase pressure on the Reserve Bank to lift interest rates further. WHAT DID THE DATA REVEAL? * Headline inflation remained steady for January at 3.8 per cent * Trimmed...[Read More]
‘Dumbest option’: top economist slams housing tax break
26 February
A major rewrite of Australia’s tax rules is needed to make them fairer and more efficient, one of the nation’s top economists has warned. Former Treasury secretary Ken Henry, who led a 2010 review of taxes, said the current system could be...[Read More]
Stubborn inflation could spell further rates pain
26 February
Higher levels of inflation will stick around for several months, the treasurer has warned, as new figures put pressure on the Reserve Bank to lift interest rates further. Underlying inflation ticked up for January, coming in at 3.4 per cent, up from...[Read More]
Aussies tapping more credit as arrears value swells
26 February
Australians have leaned into debt ahead of the central bank’s pivot to hike interest rates, with applications for mortgages and credit cards doubling in the recent quarter. Mortgage credit demand grew 12.3 per cent, while credit card applications...[Read More]
Labour pains for borrowers as jobs data hits rate hopes
26 February
Ongoing strength in the nation’s jobs market has lifted the change of another interest rate rise in the coming months, experts warn. Australia’s unemployment rate held steady at 4.1 per cent for January with nearly 18,000 jobs created, according...[Read More]
Rising inflation breaks streak of real wage growth
19 February
Inflation has outstripped wage growth for the first time in more than two years, despite many workers receiving a recent boost to their pay packet. December quarter wages data released on Wednesday by the Australian Bureau of Statistics showed...[Read More]
‘Too high’: risk to economy forces RBA’s hand on rates
19 February
The risk of persistent inflation over coming months was behind the Reserve Bank’s decision to hike interest rates for the first time since 2023. Minutes from the central bank’s February meeting – where the board decided to lift the cash rate...[Read More]
RBA urges more high-rise amid home-building constraints
19 February
Governments are making the right moves on housing affordability but builders are still finding it “very challenging” to bring on new supply, RBA governor Michele Bullock says. Speaking at a second parliamentary hearing in less than one week, Ms...[Read More]