Australia’s cash rate has hit 3.35%, after the Reserve Bank raised interest rates for the ninth time in a row – and signalled more interest rate pain ahead. The 0.25 percentage point rise adds A$90 a month to a $600,000 variable mortgage. Ahead of Tuesday’s statement from
Australia’s Reserve Bank is set to push up rates once again at its first meeting for the year on Tuesday, according to all but two of the 29 leading economists surveyed by The Conversation at the start of 2023. Those experts predict we will still be living
Government must show expenditure restraint and commit to concrete structural fiscal repair, the nation’s largest business network has outlined today following the release of its 2023-24 pre-budget submission. “The upcoming budget offers government a real opportunity to put Australia on the path to better economic
Figures released today show inflation at 7.8 per cent in the December quarter, renewing pressure on the Reserve Bank to continue raising interest rates when it meets for the first time for 2023. The elevated level of inflation is of concern for business, and underlines
The Business Council’s 2023-24 budget submission calls for reform to boost economic growth, get the national credit card under control and secure the future for Australians, Business Council chief executive Jennifer Westacott said. “The next budget is a crucial chance to transition the nation away
Living costs for Employee households, that is households where the principal source of income is wages and salaries, rose 3.2 per cent in the December 2022 quarter, according to the latest data from the Australian Bureau of Statistics (ABS). This was the largest quarterly increase
Treasurer Jim Chalmers has rejected as “laughable” criticism he has turned his back on the Hawke-Keating reform era in his blueprint for “values-based capitalism”. Chalmers also reveals he spoke with Paul Keating while writing the essay, published in The Monthly. “Capitalism after the crises” looks
Australian retail turnover fell 3.9 per cent in December 2022, according to figures released today by the Australian Bureau of Statistics (ABS). This follows a 1.7 per cent rise in November 2022. Ben Dorber, ABS head of retail statistics, said: “This is the first monthly
CPA Australia’s pre-budget submission recommends funding and changes related to migration, tax reform, non-profit and small/medium business supports, climate change and emissions and the economy. CPA Australia’s senior manager business and investment policy Gavan Ord says “we expect the economy to slow this year as
The latest ABS data shows inflation rose by 7.8 per cent in 2022. This is broadly in line with the Treasury’s October Budget forecast of inflation peaking at 7.75 per cent in the December quarter, and the RBA’s forecast peak of eight per cent in the December quarter. CPA Australia Senior
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