Inflation, interest rates: CPI rises to 6.8 percent in August

The rising cost of fruits and vegetables has helped inflation in Australia remain at its highest level in 30 years, new data shows. The Australian Bureau of Statistics’ new monthly inflation measure showed that the pace of price increases reached 7.0 percent in July and slowed slightly in August to 6.8 percent. Rising construction costs … Read more

British pound crashes to all-time low as a warning for Australia

The British pound has plunged to its all-time low on a catastrophic day for the British currency, a major warning sign for Australia. As the following chart shows, the pound has taken a massive blow in recent months and completely capitulated on Monday, Australian time. It crashed to even lower levels than the dark days … Read more

US Federal Reserve Decision Could Cause a Recession: Motley Fool, Stephen Jones

Australians are being told they are “preparing” for further financial pain, including a potential recession, after the US Federal Reserve raised interest rates to the highest levels since the global financial crisis. The central bank raised the country’s cash interest rate by three-quarters of a percentage point to 3.25 percent, and said further rate hikes … Read more

Social assistance benefits see largest indexation increase in three decades amid rising cost of living

There is some relief in sight from the rising cost of living for nearly five million Australians, with social benefits expected to receive the largest indexation increase in up to 30 years. Most important points: The maximum retirement rate is increased to $1026.50 every two weeks for singles and $773.80 for each member of a … Read more

Jobs summit underlined Australia’s labor and economic problems – and a huge challenge for Albanians and its ‘reforming’ government

The cultural cringe used to be a central part of discussions about where the nation should go. In those now much vaunted days of the 1980s, for example, the need to change our economy was argued strongly in terms of our equally vaunted national competitive spirit. Comparisons were often made with the economic performance of … Read more

Angus Taylor accuses Labor of ‘failure’ on skills shortage as government strikes back amid coalition’s pension proposal

Treasurer Jim Chalmers has indicated that the government could step in to support the coalition’s pension proposal as both sides of the political aisle trade counter the dire labor shortages in the nation. Ahead of the government’s jobs and skills summit in Canberra on Thursday, the treasurer identified potential changes in migration and the pension … Read more

Average annual income for working Australians revealed at $92,000

Despite the sheer number, Australians earning less than $92,000 a year are now considered below average income. This is because the latest earnings report from the Australian Bureau of Statistics revealed that the average full-time worker earns $1769.80 per week, or $92,029.60 per year (before taxes). Once you factor in overtime, penalties, bonuses, and commission, … Read more

ACTU unions call for inflation policy review ahead of Australian jobs summit

Australia’s main economic goal should be for everyone to have the opportunity to find a secure and reasonably paying job, the country’s main trade union organization says. The Australian Council of Trade Unions will urge the federal government to make achieving “full and secure employment” the top priority at the upcoming jobs summit on September … Read more

NAB raises rates for owner-occupiers and investors by no less than 0.6 percent

NAB says it is raising interest rates by as much as 0.6 percent for some borrowers in more bad news for homeowners. The banking giant said it would raise fixed interest rates for both owner-occupiers and investors. The changes apply to the NAB Keuzepakket and the Custom Home Loan. Homeowners with the NAB Choice one-year … Read more

All four major banks predict ‘more interest rate pain’ as cash interest rates rise

All of Australia’s big four banks are unanimously expecting more sharp interest pain for borrowers after Westpac and NAB updated their spot rate forecasts. Westpac, NAB, ANZ and the Commonwealth Bank of Australia all forecast two increases of 0.50 percentage points in August and September, marking four months in a row of 50 percent increases. … Read more