Australian wages rose by 2.6 percent on average in the 12 months to June. However, the increase was unlikely enough for Australians to cover living cost hikes. As the annual inflation rate is sitting at 6.1 percent, the wage figures for June indicates that real wages are actually decreasing, which adds more pressure on household…
Australia’s Annual Wages Growth Reaches 2.6 Percent in June, Highest Since 2014
Australian Consumers Regain Confidence as Jobs Picture Stays Strong
Australian consumer confidence has bounced back strongly from record lows in previous weeks as more Australians hold a positive view of the jobs market and the economy’s strength. The ANZ-Roy Morgan survey indicated that the consumer confidence index jumped 4.9 percent in the week commencing Aug. 8, the most significant rise in 16 months. At…
Australian Mortgage Holders ‘Doing It Tough’: Survey
More than a quarter of Australian mortgage holders have seen their home loan repayments rise by more than six percent since the start of the year. That’s according to research from online financial broker Savvy, which found 25.7 percent of respondents witnessed repayments lift by above six percent, while 18 percent saw repayments tick up between…
Australian Official Cash Rate Rise to 1.85 Percent
The Reserve Bank of Australia (RBA) has raised the official cash rate to 1.85 percent with another 0.5 percent increase, in line with market expectations. Following the board meeting on Aug. 2, RBA governor Philip Lowe said in a statement that the recent rate hikes were necessary to bring inflation down and balance demand and…
Reserve Bank of Australia to Go Under Review for First Time in Decades
July 20, 2022
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AustraliaAustralian inflationBusiness & Marketseconomyfiscal policyJim ChalmersMacroeconomicsmonetary policyReserve Bank of AustraliaWorld
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Treasurer Jim Chalmers has announced the first major review of the Reserve Bank of Australia (RBA) since the 1990s and will scrutinise its inflation target arrangements, policy tools, governance, and culture. “This is an important opportunity to get the ball rolling on the Reserve Bank review that the country desperately needs to make sure that…
Cash Rate to Rise Above 3 Percent in 2022: ANZ Bank
ANZ, one of Australia’s big four banks, has predicted the country’s cash rate to soar to over three percent in 2022. In a July 19 report, ANZ expected the Reserve Bank of Australia (RBA) to raise the cash rate by 0.5 percent in August, September, October, and November consecutively, bringing the rate to 3.35 percent…
Australian Unemployment Rate Plummets to 48-year Low in June
Australian jobless rate tumbled to 3.5 percent in June, hitting the lowest level in 48 years as the job market continues to tighten. The change in the unemployment figure, which stood at 3.9 percent in May, well surpassed economists’ expectations, with Deutsche Bank economist Phil O’Donaghoe saying it was one of the best labour market…
Australia ‘Overwhelmingly’ Reliant on Stimulus to Deal With Housing Affordability: Report
July 8, 2022
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Asia & PacificAustraliaaustralian housing marketBusiness & Marketseconomic policiesInternationalMarketsReserve Bank of AustraliaWorld
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Successive Australian governments at the federal and state level have placed too much emphasis on stimulus measures to help first-home buyers enter the property market, according to a new report. The Australian Housing and Urban Research Institute’s study said housing policy for the last two decades had focused too much on “demand-side” levers while doing very…
Australian Housing Rents Soar Along With Interest Rates
Annual growth in housing rent in Australia has reached a 14-year high, making life more difficult for renters across the country at a time when interest rates continue to hike. According to CoreLogic’s Quarterly Rental Review, the national rental index grew by 0.9 percent in the month to June and 2.9 percent in the June…
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…
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