Annual inflation was 6.8 percent in August, says the Bureau of Statistics

Australia registered an annual inflation rate of 6.8 percent in August, up from 7 percent in July, according to brand new data from the Bureau of Statistics. Most important points: New data shows that annual inflation fell slightly between July and August The Bureau of Statistics will report monthly inflation data from October The new … Read more

Peter Dutton warns US recession is inevitable

Opposition leader Peter Dutton has stated that the US will enter a recession, and “this prime minister knows what is coming”. The big call comes as treasurer Jim Chalmers prepares to transfer his first budget next month, which he says will be a “bread and butter” effort to curb inflation. The opposition is warning him … Read more

Interest rates: decline in household consumption is a sign that RBA will cut spot interest rates in 2023

This aggressive tightening has already increased the average variable mortgage rate in Australia by two-thirds, from 3.45 percent in April just before the first rate hike to 5.70 percent today. This is the highest variable mortgage rate since January 2013 and comes at a time when Australian mortgage holders are more indebted than ever. According … Read more

Australian wage growth could stall, rents rise as immigration rises

Last weekend, the Albanian government confirmed it will increase the permanent influx of migrants into Australia to its all-time high, following next month’s Jobs & Skills Summit. The October federal budget is expected to increase the influx of non-humanitarian permanent migrants to 200,000, from the current level of 160,000. The move follows incessant lobbying from … Read more

Why Australian iron ore could save Taiwan while China ponders the economic consequences of an invasion?

As the dark clouds of war gathered over Northeast Asia in 1938, a curious battle took place at home that forever tarnished the memory of Liberal Party founder Sir Robert Menzies and could foreshadow what lies ahead. state. Then Attorney General in the government of Lyon, Menzies became embroiled in a battle with unions on … Read more

CBA boss warns of ‘short sharp contraction’ en route to Australian economy

The boss of Australia’s largest bank has warned that the economy is already contracting and that a “short, sharp contraction” is imminent. Late Wednesday, Commonwealth Bank of Australia CEO Matt Comyn announced the company’s full-year results. Although the CBA made a whopping $9.6 billion in profits last fiscal year, Mr. Comyn warned that tougher times … Read more

ANZ says RBA will raise interest rates to 3% before Christmas

Australian borrowers face four more massive rate hikes over the next four months that will push official cash interest rates above 3 percent before Christmas, ANZ warns. The bank drastically revised its forecasts on Tuesday, saying that “strong momentum in the labor market and clear upside risks to inflation” would force the Reserve Bank to … Read more

Thousands of companies plunged into administration in 2021-2022

Thousands of Australian businesses have disappeared in the past year – and experts say it will only get worse in the coming months. It’s no secret that the construction industry is in crisis, with numerous large companies collapsing in recent months, leaving staff and potential homeowners in the lurch. A number of well-known retailers – … Read more

RBA: Aussies warn of third consecutive 50 basis point cash rate hike

A day after interest rates were raised for the third month in a row, millions of homeowners have been warned of a triple blow. Homeowners have been warned to brace themselves for a trespass of a third 0.5 percentage point hike in cash interest rates next month amid looming price hikes for gasoline, fruits and … Read more