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

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

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

Mortgage stress hotspots in Sydney revealed as interest rates rise

Mortgage stress is mounting alarmingly, with seven Sydney suburbs feeling the heat the most as interest rates continue to rise. An increasing number of Aussie homeowners are dealing with mortgage stress, with residents of seven Sydney suburbs in particular feeling the pinch of rising costs of living and interest rates. There are fears that a … Read more