Australia’s monthly inflation rate decreased for the second consecutive month in February, providing a small but much-needed relief for households struggling with rising living costs. According to new data from the Australian Bureau of Statistics (ABS), the monthly consumer price index rose by 6.8 percent in the 12 months to February, down 0.6 percent from…
Softening Inflation Brings Small Relief to Australians in February
March 29, 2023
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Australia’s Annual Wage Growth in 2022 Failed to Reach Expectations
Australia’s wage growth hit 3.3 percent in the 12 months to December 2022, falling short of market expectations despite its indication of a positive development. According to the Australian Bureau of Statistics (ABS), the wage price index rose 0.8 percent in the December 2022 quarter. ABS head of prices statistics, Michelle Marquardt, said the growth…
Ultra-Low Unemployment in Australia to Hold Firm
December 10, 2022
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The jobless rate is expected to remain in record-low territory heading toward the end of the year as the battle to hire workers rages on. In October 32,200 jobs were added to the economy, driving the jobless rate back to 3.4 percent from 3.5 percent in September. The unemployment rate is expected to remain in…
Australian Annual Wage Growth Hits Highest Level Since 2012
Australian wages have risen to their highest level since 2012, with the annual growth rate reaching 3.1 percent in the September quarter. New Australian Bureau of Statistics (ABS) data shows the national wage price index (WPI) climbed one percent in the three months to September, a slight increase compared to the 0.7 percent growth recorded in the…
7-eleven Raises Price of $1 Coffee and Slurpees First Time in 13 Years as Inflation Bites
August 23, 2022
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Australians are about to pay more for their favourite 7-Elevens coffee and slurpees for the first time in more than a decade amid spiralling inflation. The multinational retail company, which has over 700 convenience stores across Australia, announced on Monday that from Oct. 4, the price of a regular cup of coffee would jump from…
Mildura Emerges as Australia’s Richest Farming Region
Mildura, a regional city in Victoria’s northwest with a population of just under 56,000, has emerged as Australia’s richest farming region, according to figures by the Australian Bureau of Statistics (ABS). According to the ABS, total agriculture production within the Mildura Rural City Council was worth $1.13 billion (US$911 million) in 2020-21, making it the…
Australian Consumers Are Willing to Spend Despite Pessimistic Sentiment
Australian consumers are still willing to open their wallets despite having low confidence in the economy as retail spending in May hit record levels. New data from the Australian Bureau of Statistics (ABS) showed that retail trade rose by 0.9 percent to a record of $34.2 billion (US$23.52 billion) in May, marking the fifth consecutive…
One-third of Australian Businesses Struggle with Staff Recruitment
Nearly one in three Australian businesses is having trouble finding employees due to a low number of job applications and applicants’ lack of skills. The Business Conditions and Sentiments report for June by the Australian Bureau of Statistics (ABS) found that businesses in the accommodation and food services sector were most affected by labour shortages…
No Change to Australian Unemployment Rate in May Despite Job Market Tightening
The Australian jobless rate remained unchanged at a nearly 50-year low of 3.9 percent in May despite over 60,000 people getting a job. At the same time, the Australian Bureau of Statistics (ABS) reported the underemployment rate dropped to 5.7 percent, hitting the lowest level since August 2008. Additionally, the participation rate, which represents the…
Australian Residential Homes Surpass $10 Trillion in Total Value
The total value of 10.8 million Australian residential homes has broken the $10 trillion (US$6.95 trillion) mark for the first time in the March quarter. New data from the Australian Bureau of Statistics (ABS) indicated that the national dwelling value increased by $221.2 billion to $10.2 trillion during the period. In addition, ABS head of…
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