economy
Storm clouds loom for economy as rain, floods take toll
11 January
Storms and heavy flooding could wash away Australia’s budget bottom line despite inflation levels receding. Communities in far north Queensland and the state’s southeast have been battered by severe rain, while residents in Victoria, South...[Read More]
Hi-tech guns for frigates to give navy edge at sea
10 January
Australia will spend $380 million on naval artillery guns and fully automatic ammunition systems for its Hunter class frigates. BAE Systems has been contracted to deliver the weaponry which is due to be completed by 2036. The automated gun system...[Read More]
Black Friday sales get tills ringing as Aussies cash in
10 January
Shoppers spending big at Black Friday sales have delivered a larger-than-expected boost to retail figures. Retail turnover rose two per cent in November, following a 0.4 per cent drop in October, Australian Bureau of Statistics figures...[Read More]
Canberra condemns Russia getting North Korean missiles
10 January
Australia has condemned Russia for receiving ballistic missiles from North Korea as well as their use against Ukraine. “The transfer of these weapons increases the suffering of the Ukrainian people, supports Russia’s war of aggression and...[Read More]
Savings found to cover billions in new federal spending
14 December
Almost $10 billion in savings and spending changes have been clawed back as part of the mid-year federal budget review. The savings and reprioritisations include billions slashed from the federal infrastructure pipeline last month, the finance...[Read More]
Mid-year budget review examines challenges for economy
14 December
KEY CHALLENGES FOR AUSTRALIA’S ECONOMY * Economic growth is expected to moderate to 1.75 per cent in 2023/24 before recovering to 2.25 per cent in 2024/25 * Household budgets remain under pressure from elevated but moderating inflation and higher...[Read More]
China eases trade beef but abattoirs chase bigger stake
13 December
China has lifted suspensions from three Australian abattoirs in a further easing of punitive trade sanctions. China’s customs agency has removed bans on Teys Australia in Naracoorte, South Australia, Australian Lamb Company in Colac, Victoria, and...[Read More]
Major projects funding to be slashed by billions
13 December
Spending on road and rail projects is expected to be adjusted by $7.4 billion over four years under a re-profiling by the Albanese government. The mid-year budget update, released on Wednesday by Treasurer Jim Chalmers, reveals reforms to the...[Read More]
Financial boost on the way for working pensioners
19 October
Seniors will soon be able to earn more money without their fortnightly age pension being affected. Laws introduced to federal parliament on Wednesday will give a $4000 boost to those on the pension who are also doing some paid work. Under the...[Read More]
Heated inflation figures put rate hike firmly in play
26 October
The latest inflation data has come in hotter than expected and may stir the Reserve Bank into a Melbourne Cup Day rate hike. Consumer prices as tracked by the Australian Bureau of Statistics rose 1.2 per cent over the three months to September, up...[Read More]
Welcome progress on inflation as rate hikes take effect
30 August
The pace of inflation has slowed more than expected, suggesting the Reserve Bank’s rapid-fire interest rate hikes are working. The Australian Bureau of Statistics reported a healthy moderation in its monthly consumer price index to 4.9 per cent in...[Read More]
Australia welcomes China shipments after barley barney
30 August
Australian barley growers have sent the first shipments of grain to China since punitive tariffs were dropped, as the trade minister flags further trade barriers coming down soon. CBH chair Simon Stead said barley prices had already gone up $50-60 a...[Read More]
Report to shine light on future economic shifts
16 August
Australia’s long-term economic outlook is set to be revealed next week with the release of the latest Intergenerational Report. Treasurer Jim Chalmers will release the report at an address to the National Press Club next Thursday which will...[Read More]
Lid on exports leaves nation with huge wine hangover
16 August
Australia’s glut of wine will continue for some years with more than 2.8 billion bottles in storage, a report has found. Even in a best-case scenario, with the removal of Chinese tariffs and a recovery in sales to the region, it would take at...[Read More]
Soft landing tipped for economy as RBA trims inflation
3 August
A soft landing for the economy remains on the cards as the Reserve Bank maintains it’s possible to drive down inflation without sacrificing growth. Australia’s central bank opted on Tuesday afternoon to keep interest rates on hold in a move that...[Read More]