Tag: Economy
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Inflation unexpectedly surges to 2.8 per cent
Inflation has skyrocketed to 2.8 per cent, shocking economists and rising above the midpoint of the Reserve Bank’s two to three per cent target band. The jump from 1.9 per cent in June was well above the expectations of analysts, who predicted the annual figure to climb to 2.3 per cent in figures released by…
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Where is Labor’s ambition when it comes to the economy?
This week in Canberra, the press, unions, business leaders and politicians have all been talking about one thing: the economic roundtable. It’s been spruiked by the government as a way to address a core problem with the economy – sluggish productivity. But what is actually on offer – and will it make a difference to…
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Unemployment falls, 25,000 jobs added in July
Australia’s jobless rate has fallen to 4.2 per cent, but the Reserve Bank is unlikely to be overly concerned that the jobs market is tightening further. The 0.1 per cent drop in July, as reported by the Australian Bureau of Statistics on Thursday, was in line with market expectations. About 25,000 jobs were added to…
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Big bank posts huge $10b profit, sees economic recovery
Younger Australians are rebuilding their savings as easing inflationary pressures and tax cuts boost confidence, the nation’s biggest supplier of home loans says. Commonwealth Bank of Australia has posted an annual profit of just over $10 billion, saying the economy is at a key juncture after four years of cost-of-living struggles. “While we recognise many…
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Bluey’s World, NRL help break $1b record for Brisbane
Brisbane Economic Development Agency (BEDA) said it drove a record $1.4 billion in economic activity in the last financial year, according to a new report. The agency works closely with government and private sectors to enhance the city’s visitation and investment. BEDA CEO Anthony Ryan said in the State of the City Report that collaboration across…
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Door opens on rate cut as inflation continues to fall
Mortgage holders could see more rate relief within weeks after the Reserve Bank’s preferred measure of inflation fell to 2.7 per cent annually. Trimmed mean inflation, which omits volatile items to measure underlying growth in prices, came in at 0.6 per cent in the June quarter, the the Australian Bureau of Statistics reported on Wednesday.…
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SA economy recovering despite global uncertainty
Rising employment, improved household spending, and moderating inflation are bolstering South Australia’s economy despite weakened global growth prospects, according to a new report from the University of Adelaide’s SA Centre for Economic Studies (SACES). The Economic Briefing found that the state is also outperforming national trends, thanks to increased investment in the public and private…
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Jump in jobless rate ‘unwelcome but unsurprising’
A rise in Australia’s unemployment rate shouldn’t come as a shock, even though it was worse than expected, the treasurer says. Many market economists expected the jobless rate to stay at 4.1 per cent in June, but the Australian Bureau of Statistics said it jumped to 4.3 per cent – the highest level since November…
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Surprise jump as unemployment rate rises in June
The jobless rate has risen to 4.3 per cent, surpassing expectations, as the number of unemployed Australians jumped. Financial markets had expected the rate to remain steady at 4.1 per cent in June, however, there was a 34,000 increase in people without work, according to the Australian Bureau of Statistics. Employment rose by 2,000, up…
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Cafes, small businesses fear brunt of surcharge cut
The dreaded $6 barrier for a coffee could soon become reality in Australia’s cafes, amid warnings a proposal to scrap card surcharges could make businesses instead pass those costs on to customers. After the morning rush of lattes and flat whites ends at his inner-Sydney cafe, Alan Low likes to settle in with his own…