Tag: Australian economy

Tough Gauntlet Ahead for New Reserve Bank Chief

Commentary The job of Reserve Bank of Australia’s (RBA) governor might be one to dodge at the moment, but having waited 38 years for the opportunity I guess new Governor Michele Bullock was not going to say no. There are a lot of challenges sitting in her in-tray from day one, including expansionary federal and…


‘Worrying Signs’: Treasurer Says Australia Keeping Close Eye on Chinese Economy

Australian Treasurer Jim Chalmers warned that global economic uncertainty is expected to slow the Australian economy “considerably,” noting that the Chinese economy was displaying “some worrying signs.” “I’m not going to pretend otherwise. There have been some developments out of China that we are monitoring incredibly closely,” Mr. Chalmers told the national broadcaster ABC’s Insiders…


Australia Sees First Budget Surplus in 15 Years; $19 Billion Boost From Soaring Commodities

Strong global commodity prices have benefited Australia’s federal budget, which is officially back in black this year for the first time in 15 years. The Office Department of Finance revealed on Friday in its latest monthly financial statement that the Australian federal government’s underlying cash balance in the 12 months to May was $19 billion…


Borrowers Cross Fingers Ahead of Live Cash Rate Call

Mortgage holders will be feeling uneasy ahead of another close interest rate call that could see their monthly repayments blow out even further. The Reserve Bank of Australia (RBA) has been battling high inflation with higher interest rates since May last year and has so far handed out 400 basis points of increases. The board…


Treasurer Allays Recession Fears as Economy Slows

Treasurer Jim Chalmers is confident Australia is not heading towards a recession despite some economists warning the path to a soft landing from soaring inflation is narrowing. He says the Australian economy might stutter as interest rates lift, but neither the Reserve Bank nor Treasury are anticipating a recession. “We do expect the Australian economy to…


Aussie Students Dive Into Pockets to Beat HECS Interest Rise

University students raced to fork out more money to pay off their student debts to try to beat a deadline for a rise in Higher Education Contribution Scheme (HECS) interest. More than three million Australians have been slugged with a 7.1 percent rise in their HECS debts after indexation was applied on June 1. Education…


Consumers Warned High Price of Australian Fresh Food Here to Stay

The high price of fresh fruit and vegetables won’t come down anytime soon according to fresh food suppliers. Speaking at a food security inquiry Claire McClelland from the Australian Fresh Produce Alliance said continuing high inputs for producers is keeping prices high. “Once a price is up it very rarely goes back down … once…


Country Roads Lead to Australia’s Technology Revolution

Over rolling hills past vineyards, wineries, and paddocks filled with newborn lambs sits a narrow country lane scarred with potholes. A factory stands at the end of the bumpy road in Borenore, a village in central western New South Wales (NSW), where signs warn of snakes, and sleek silver fermenters loom large. This is the…


Battle for Talent Wanes as Top Business Concern

Finding workers is no longer the top concern for leaders at middle-tier firms as the ultra-competitive jobs market in Australia starts to come off its peak. Battling for talent remains the second most pressing concern for mid-market business leaders as per new survey results, with costs and margin pressures now the number one worry. The findings…


Australia ‘Not Immune’ From Global Economic Malaise

Treasurer Jim Chalmers says Australia is on track to avoid a recession despite the nation’s outlook being downgraded and a stalling international economy. The International Monetary Fund delivered a downbeat prediction for the global economy in its latest outlook, warning high inflation coupled with financial system turmoil could bring near-recession conditions. Chalmers said neither Treasury…