Australian households should be prepared for further hikes in living costs as the economy showed the first signs of slowing growth in the first quarter of 2022. According to a survey by the Australian Bureau of Statistics in May, over one-third of local businesses (38 percent) were expected to raise prices by more than usual….
Living Cost Pressures Intensify As Signs of Weak Economic Growth Spotted
Economic Growth Outlook Dimmed by Interest Rate Rises: Australian Treasurer
Newly appointed Treasurer Jim Chalmers has said that Australia’s economic growth outlook will be affected by increasing interest rates. The warning comes after the treasurer had discussions with Reserve Bank of Australia (RBA) governor Philip Lowe as the central bank is trying to curb the fast-growing inflation. The RBA has explicitly displayed its intention to…
More Australians Expect Interest Rates to Rise Sharply Over the Next year
May 11, 2022
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AustraliaBusiness & EconomyCreditorWatcheconomic policieseconomyinflationNational Skills CommissionReserve Bank of AustraliaWorld
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An increasing number of Australians are mentally prepared for a significant interest rate hike after the Reserve Bank of Australia (RBA) lifted the cash rate for the first time in more than a decade. According to the Westpac-Melbourne Institute consumer sentiment survey for May, over three in four respondents (77 percent) anticipated mortgage interest rates…
Australians Struggle as Inflation Drives Up Necessity Prices
Australians are starting to find it a struggle to live with the rising costs of living as everything from food to rent continues to increase with the rising price of goods and services, causing the Reserve Bank of Australia (RBA) to revise its inflation forecast to six percent over the second half of 2022. According…
Australian Petrol Prices Rise Continuously Despite Excise Tax Reduction
Petrol prices have gone up for three consecutive weeks across Australia as the effect of the federal government temporarily halving fuel excise was overshadowed by global factors. According to the Australian Institute of Petroleum, the national average retail petrol prices increased 1.4 cents to $1.79 per litre (US$4.73 per gallon) in the week ending May 8….
Inflation Will Hit 6 Percent by the End of 2022: Reserve Bank of Australia
May 6, 2022
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AustraliaAustralian inflationBusiness & Economycash ratecost of livinginflationReserve Bank of Australiawages growthWorld
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After the most recent surge in inflation to 5.1 percent during the March quarter, vastly surpassing expectations, the Reserve Bank of Australia (RBA) has revised its inflation forecast to 6 percent over the second half of 2022. “As observed in other advanced economies, consumer price inflation in Australia has picked up markedly since the middle…
Australian Construction Demand to Fall as Interest Rates Increase: Industry Associations
May 4, 2022
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Asia & PacificAustraliaAustralian Industry GroupBusiness & EconomyeconomyinflationReserve Bank of AustraliaWorld
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Australian industrial peak bodies have anticipated that the latest interest rate hike will drive down demand in the construction industry, with the residential sector expected to be significantly affected. The Australian Industry Group and Housing Industry Association’s performance of construction index for April dropped by 0.6 points to 55.9. A score above 50 indicates an…
Reserve Bank of Australia Needs More Monetary Experts: Economist
April 29, 2022
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AustraliaBusiness & EconomyBusinesses in COVID-19economic policieseconomyinflationJim Chalmersjosh frydenbergmonetary policyReserve Bank of AustraliaWorld
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The Reserve Bank of Australia (RBA) needs more monetary experts on its board as part of a much needed structural reform, the chief economist at the Centre of Independent Studies said. Peter Tulip, who previously worked at the RBA, noted that while many media reports have suggested an external RBA review to focus on the…
Reserve Bank of Australia Expected to Lift Interest Rates Amid Federal Election
April 28, 2022
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AustraliaBusiness & EconomyeconomyinflationInvestmentJim ChalmersMarketsPrime Minister Scott MorrisonReserve Bank of AustraliaWorld
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Economists and financial markets are now anticipating the Reserve Bank of Australia (RBA) to raise the cash rate in the next board meeting on May 3 instead of June, as previously predicted. The swift change in thinking comes right after the Australian Bureau of Statistics released new inflation figures on April 27, indicating the annual…
Rising Costs Hit Australian Small Business Sentiment
The impact of the Omicron COVID-19 variant and escalating costs have cut short the recovery in the confidence of small and medium businesses across Australia, a new survey has found. According to the latest National Australia Bank business survey of small and medium enterprises (SME), the confidence index for the March quarter fell six points…
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