Around 10 percent of homes in Sydney and Melbourne were sold at a discounted price in February as the market slows down, according to data from Domain. In Sydney, 10.5 percent of properties lowered their asking price before selling, a jump from 5.9 percent in July 2021. The figure was slightly lower in Melbourne, at…
Sydney and Melbourne Property Markets Cool as 1 in 10 Homes Sell at Discounted Price
Keen to Contest With Liberal on Economy: Labor
Labor is “confident and keen” to challenge the Coalition on its economic record ahead of the federal budget and election, shadow treasurer Jim Chalmers said. In an address to the Australian Industry Group, Chalmers said it was Labor’s goal to build a stronger economy and society compared to before the emergence of the COVID-19 pandemic….
Ukraine, Russia Conflict Will Obstruct Economic Recovery: Australian Treasurer
Australian Treasurer Josh Frydenberg has warned that the escalating hostilities between Ukraine and Russia will obstruct Australia’s economic recovery, as global oil prices rise to a seven-year high. “This is not just going to have an impact in terms of the national security situation … But what it would have is a broader economic impact,…
Australian Retail Sales in January Better Than Expected
Australian retail sales held up well in January despite the initial chaos caused by rising Omicron cases and its impact on staffing and supply chains, according to Mastercard spending data. Across the country, retail sales were 4.9 percent higher in January compared to the same time last year, and the figure is up 14.4 percent…
Unusual Level of Government Support Is Starting to End: Treasury
February 16, 2022
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Australia’s Treasury Secretary, Steven Kennedy, said early steps have been taken towards the normalisation of economic policies, but it was important to gradually reduce economic support to avoid any negative ramifications. In his opening statement to the Senate Economics Committee, Kennedy said the sensible tapering of government support was important to achieving the goal of…
Australians Need to Be Prepared for When Interest Rates Go Up: RBA Governor
February 2, 2022
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Philip Lowe, governor of the Reserve Bank of Australia (RBA), has advised Australians to have a mortgage payment buffer for when interest rates inevitably rise. “Interest rates will go up. We need to be prepared for that, and people need to have buffers,” Lowe told the National Press Club on Wednesday in response to a…
Australian Manufacturing Hit by Supply Chain Disruptions
Australian manufacturing activity contracted over the summer holiday period as the Omicron outbreak caused disruptions. Australian Industry Group’s Manufacturing Index fell by 6.4 points to 48.4 during December and January, representing the challenges around staff availability and further disruptions to supply chains. A reading of below 50 points indicates a contraction of activity. Ai Group…
Australian Inflation Exceeds Expectations, Increases Pressure on Rate Hike
January 24, 2022
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Australia’s annual inflation rate has smashed market expectations, rising 3.5 percent in 2021, according to new data from the Australian Bureau of Statistics (ABS). The underlying inflation rate also jumped to its highest level since 2014, at 2.6 percent, reflecting the broad level of price increases. The annual CPI (consumer price index) inflation jumped on…
Australia Offers Visa Fee Refund to Entice Students, Backpackers Back Down Under
January 20, 2022
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The Australian federal government has announced a series of measures to lure over 170,000 student and working holiday visa holders back into the country to fill labour shortages. Offshore student and working holiday visa holders, as well as new applicants, will have their visa application fees refunded upon arrival. All student visa holders who arrive within the…
Australian Unemployment Rate Falls to 14-year Low
January 19, 2022
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The Australian unemployment rate for December 2021 fell to 4.2 percent, the lowest level since August 2008, just prior to the start of the Global Financial Crisis. Data from the Australian Bureau of Statistics (ABS) revealed that around 65,000 jobs were created during the month, of which approximately two-thirds were filled by men and one-third…
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