Australian Prime Minister Anthony Albanese has relented in the face of pressure from state leaders to extend government-backed leave payments for individuals needing to isolate themselves after contracting COVID-19. The move comes after the Labor government originally planned to allow the scheme to expire on June 30—now, it will be extended until September 30 at…
Australian PM Relents on Pandemic Leave Payments After Pressure From State Leaders
Skills Migration Visa Boost Not the Only Answer to Labour Crunch: Australia’s Treasurer
July 12, 2022
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AustraliaAustralia immigrationAustralian Council of Trade Unionsaustralian unemploymentBusiness Council of AustraliaeconomyImmigration VisasJim Chalmerslabour shortagesWorld
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Australia’s Treasurer Jim Chalmers argues a short-term boost in migration numbers is not the silver bullet to workforce shortfall as an industry leader urges the government to allow up to 200,000 overseas migrants to come to Australia a year to fill job vacancies. It comes as more than 100 business leaders, unions and state governments…
Albanese’s Jobs Summit a Rehash of Earlier Rudd, Keating Labor Policy: Mundine
July 11, 2022
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anthony albaneseAustraliaBusiness & MarketsCompanieseconomic policiesInternationalJim ChalmersJobs SummitKevin RuddWarren MundineWorld
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Former Labor Party National President Warren Mundine is pessimistic about the federal government’s Jobs and Skills Summit saying it is a rehash of earlier ideas and is unlikely to have any long-term benefit for economic growth. His comments come after Australian Prime Minister Anthony Albanese, and Treasurer Jim Chalmers locked in the date for the…
Albanese’s Jobs Summit a Rehash of Rudd, Keating Labor Policy: Mundine
July 11, 2022
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anthony albaneseAustraliaBusiness & MarketsCompanieseconomic policiesInternationalJim ChalmersJobs SummitKevin RuddWarren MundineWorld
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Former Labor Party National President Warren Mundine is pessimistic about the federal government’s Jobs and Skills Summit saying it is a rehash of earlier ideas and is unlikely to have any long-term benefit for economic growth. His comments come after Australian Prime Minister Anthony Albanese, and Treasurer Jim Chalmers locked in the date for the…
Reserve Bank of Australia Raises Cash Rate to 1.35 Percent Warns More Expected to Come
The Reserve Bank of Australia (RBA) has lifted the cash rate by another 0.5 percent to 1.35 percent at its board meeting on July 5, continuing its effort to bring inflation under control. In a statement released after the meeting, RBA governor Philip Lowe said the central bank’s move was necessary to end the unconventional…
High Commodity Prices Drive Australian Budget Improvement in May
The Australian federal budget improved considerably in May due to the extraordinarily high prices of the country’s commodities. In the latest monthly financial statement released by the Department of Finance, the underlying budget deficit reached $33.4 billion (US$23.11 billion) in the month, much lower than the $60.5 billion previously predicted in the 2021-2022 Revised Budget….
Australia’s Largest Bank Downgrades Growth Forecast as OECD Warns on Interest Rate Hikes
The largest bank in Australia has slashed its economic growth forecasts as it expects the central bank to continue raising interest rates throughout the latter half of 2022. Gareth Aird, the head of Australian economics at the Commonwealth Bank of Australia (CBA), anticipated that the RBA would lift the official cash rate by another 0.5…
Industry Warns Australian Government Against Wage Increase After Aggressive Cash Rate Hike
June 7, 2022
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Australia’s peak industry group said the country was at risk of a “death spiral” of wages, inflation, and interest rates. “We are unfortunately in a period where we are going to see increasing interest rates if we continue to see calls for wage increases that are not sustainable,” Australian Industry Group CEO Innes Willox told…
Reserve Bank of Australia Shocks With 50 Basis Point Cash Rate Hike
June 7, 2022
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AustraliaBusiness & Marketscash rateeconomic policieseconomyinflationJim Chalmersmonetary policyReserve Bank of AustraliaWorld
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The Reserve Bank of Australia has revealed its decision to increase the cash rate by a massive 50 basis points, from 0.35 percent to 0.85 percent, with “further steps” to come. Governor Philip Lowe said the hike came in response to higher-than-expected inflation to “assist with the return” of inflation to the two to three…
Australia’s Central Bank Hikes Rates to Control Soaring Inflation
June 7, 2022
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AustraliaBusiness & Marketscash rateeconomic policieseconomyinflationJim Chalmersmonetary policyReserve Bank of AustraliaWorld
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The Reserve Bank of Australia, the country’s central bank, has increased the cash rate by a massive 50 basis points, from 0.35 percent to 0.85 percent, with “further steps” to come. Governor Philip Lowe said the hike came in response to higher-than-expected inflation to “assist with the return” of inflation to the two to three…
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