Warning rate rise would ‘pull the rug out’ from economy
Experts are divided on whether another rate rise is necessary to address sticky inflation amid warnings the Australian economy is already on shaky ground.
The economy
The unemployment rate hit 4.1 per cent in June from four per cent in May, official figures show, with employment increasing 50,000.
Australia can expect lacklustre economic growth into early next year, with small businesses particularly vulnerable to sour economic conditions.
Millennials may become the generation where fewer people earn more than their parents did at the same age, posing questions about income and equality.
The economy
More hip-pocket help, less vaping in new financial year
Cost of living relief in the form of tax cuts and a pay increase for minimum-wage workers are among the changes to come into effect in the new financial year.
The economy
Tax cuts to help households ‘catch up’ to rate rises
After a long wait and much political tussling, the stage three tax cuts are finally about to come into effect - and not a moment too soon.
Update
Hotter-than-expected inflation leaves RBA in tight spot
Australia's annual inflation rate climbed back to four per cent in the 12 months to May, above expectations and up from 3.6 per cent in April.
Insolvencies for Australian businesses have reached a record high as high inflation, elevated interest rates and weaker consumer demand squeezes margins.
The Reserve Bank of Australia has left interest rates untouched at 4.35 per cent for the fifth consecutive meeting and remains 'vigilant' to inflation risks.
Job ad numbers are well down from their peak in late 2022 yet still solidly above pre-pandemic levels, in line with a slowly weakening labour market.
The Australian economy is facing a troubling mix of lingering price pressures and sluggish growth, which is weighing on business sentiment.
The "great wealth transfer" is getting started and with more to leave behind, discussing the difficult topic with loved ones has never been more important.
Weak economic growth in the first three months of 2024 does not signal that Australia is heading into a recession, the treasurer says.
The Australian economy grew 0.1 per cent in the three months to March, taking the annual rate to 1.1 per cent - the lowest rate since the pandemic.
The plight of stretched mortgage-holders is keeping the Reserve Bank focused on achieving a soft landing and people in jobs.
Minimum and award wages will get a 3.75 per cent boost starting from July, delivering a small real wage gain to millions of workers.
Australia's lowest paid workers will receive a 3.75 per cent pay bump as the Fair Work Commission considers lingering cost-of-living pressures.
Treasury secretary Steven Kennedy says concerted efforts at all levels of government and within industry are needed to improve housing affordability.
Australia's annual inflation rate rose 3.6 per cent in the 12 months to April 2024, above expectations and up from 3.5 per cent in March.
