Economy
Interest rate impact hits housing approval levels
4 June
Rising interest rates have been blamed for a downturn in housing approvals, but tax changes in the federal budget could lead to an uptick. Figures from the Australian Bureau of Statistics showed the total number of dwellings approved in April fell...[Read More]
Minimum wage tops $1000 a week, stoking inflation fears
4 June
Workers on the minimum wage will receive more than $1000 a week for the first time, but businesses and economists warn the pay bump could fuel inflation and more rate rises. Industrial umpire the Fair Work Commission handed a 4.75 per cent pay boost...[Read More]
AI risks deepening divide between investors and workers
4 June
The divide between people who earn income from investments and those who work for a living could be exacerbated by the artificial intelligence revolution, economists at Australia’s largest business lender warn. While the adoption of AI is expected...[Read More]
Data centre boom fails to boot up lagging economy
3 June
Australia’s economy slowed significantly despite surging data centre investment, but interest rate rises and the effects of the Iran war mean a downturn may be inevitable. Gross domestic product grew at 0.3 per cent in the first three months of...[Read More]
Retailers under attack from weak demand, rising costs
3 June
Australian businesses are under fire from both sides as conflict in the Middle East drives up prices and weakens demand. After first lighting a fire under fuel costs, the impacts of the US-Israeli-led war in the Middle East have begun flowing...[Read More]
Treasurer hoses down calls to carve up his tax revamp
28 May
Changes to capital gains taxes should still be broad to ensure one issue with the housing market isn’t replaced by another, Treasurer Jim Chalmers says, despite business groups urging the reforms apply only to property. The federal government will...[Read More]
Investor tax cut call as opponents fight Labor plan
28 May
Investor incentives should be increased, not cut, a senior Liberal says, as Labor moves to rush its once-in-a-generation tax overhaul through parliament. Business leaders have warned the measures, laid out in the federal budget earlier in May, will...[Read More]
Falling fuel prices bolster hopes for RBA rate reprieve
28 May
A softer-than-expected inflation result will give the Reserve Bank a little more space to leave interest rates on hold, but another hike is not off the cards yet. Australia’s annual headline inflation rate fell to 4.2 per cent in April, from 4.6...[Read More]
Budget measures could cut house prices by 10 per cent
28 May
The budget’s tax whack on property investors will accelerate a housing slowdown caused by interest rate hikes, potentially causing the biggest downturn in more than 40 years. Home price growth was already slowing nationwide, with outright falls in...[Read More]