The Australian Bureau of Statistics reported a 0.1% decline in the household spending indicator for September, suggesting that consumer spending remained weak, despite tax cuts and cost-of-living measures that have boosted household incomes since July. The annual growth declined sharply to 1.3%, down from 2.7%, which was the lowest rate since August 2021, when a … Read more
The Reserve Bank of Australia (RBA) has reported an accounting loss of AU$4.2 billion for the last financial year, exceeding total losses by AU$51 billion since the onset of COVID-19. RBA governor Michele Bullock announced the central bank incurred a loss of AU$4.2 billion, during 2023-24, recording its fourth consecutive year of accounting losses. The … Read more
A recent survey of over 2,000 employees and managers has revealed that 79% of people are more concerned about the rising cost of living than job satisfaction, while 76% report experiencing unhappiness with certain aspects of their profession. In addition, frustrated frontline workers, combined with inefficient tools and outdated IT systems, are costing Australia an … Read more
Chinese Premier Li Qiang agreed that China would lift its ban on Australian rock lobsters by the end of the year, just in time for Chinese New Year in early 2025, ending one of the last trade restrictions that were imposed in 2020-2021, Australian Prime Minister Anthony Albanese said Thursday. “Premier Li and I have … Read more
AFP Australian Prime Minister Anthony Albanese has conceded that the public service is exploring a range of policy ideas on housing, and did not rule out the possibility of the government revisiting changes to negative gearing. Albanese was responding to media reports that the Treasury has been tasked to “do a range of proposals” regarding … Read more
The Labor government’s plan to reform the Reserve Bank of Australia (RBA) faced another setback on Monday when the Greens refused to support the reform bill until Treasurer Jim Chalmers exercised his power to lower the interest rate. “The Reserve Bank should lower interest rates tomorrow and if they don’t, the Treasurer should use his … Read more
Australia’s restaurants, cafes, and pubs saw a surge in footfalls this year due to an early Father’s Day. However, industry experts are of the opinion that this may be a one-off event, as consumer spending habits may be largely impacted by underlying financial pressures. The total hospitality spending rose to a whopping 5.2% — a … Read more
Prime Minister Anthony Albanese has played down former Labor Treasurer Wayne Swan’s criticism of the Reserve Bank of Australia’s (RBA) monetary policy, which the latter described as “punching itself in the face.” Swan denounced the RBA’s policy as favoring economic dogma over sound decision-making, arguing that high interest rates were burdening households, which limited spending … Read more
Australia is currently optimizing regulatory guidelines to promote safe adoption of Artificial Intelligence (AI), including a possible AI Act and prohibitions against risky technology, amid concerns regarding the rapid rise of AI tools. Industry and Science Minister Ed Husic unveiled a paper with 10 new voluntary guidelines on AI systems and threw open the discussion … Read more
Contrary to forecasts by economists of a 0.3% rise in July, the retail trade figure remained static at 0% for the year after upbeat results in May and June, according to the latest data by Australian Bureau of Statistics. While June saw a rise of 0.5%, retail sales were unchanged during July, as spending on … Read more
