Business

Still no sign of wage inflation: Burke

Employment Minister Tony Burke stands by his recent comments that he doesn’t believe wage growth is about to fuel inflation, after Reserve Bank governor Philip Lowe warned against excessive wage rises. Dr Lowe told an event on Tuesday that a steady state of wage growth should be around 3.5 per cent, including one per cent […]

Support limits set to increase for NDIS

Price limits for support as part of the National Disability Insurance Scheme will increase from next month. The NDIS sets maximum prices registered providers can charge people for disability support and services to ensure participants receive value for money. The limits will rise by nine per cent from July 1. The decision comes following an […]

‘R-word’ not on RBA governor’s horizon

The “R-word” has rattled global financial markets in recent weeks as central banks try to curb inflation, but the risk of a recession in Australia is not on Reserve Bank governor Philip Lowe’s horizon. But Dr Lowe used a long-awaited speech to emphasise that the central bank will do what is necessary to get inflation […]

Manufacturing facing big challenges

Australia’s manufacturers are facing the most challenging times in 50 years due to supply headwinds and escalating costs but are benefiting from strengthening demand, a new survey has found. The latest Australian Chamber of Commerce and Industry-Westpac industrial trends survey showed business conditions are expanding and gained momentum in the June quarter. “(But) the economy […]

RBA warns of damage from rising inflation

The Reserve Bank board is committed to doing what is necessary to ensure inflation returns to the two to three per cent target and households should be prepared for further interest rate rises, governor Philip Lowe has warned. He said while rising inflation had been driven by global events, increasingly domestic factors in Australia were […]

Petrol back above $2 despite excise cut

Petrol prices have returned to the levels experienced at the time of the March federal budget, but would be a lot higher if not for former treasurer Josh Frydenberg halving fuel excise for six months. Last week the Australian Competition and Consumer Commission said the cut in fuel excise saw petrol prices fall 39 cents […]

Decisive rate rise was needed: RBA’s Lowe

Reserve Bank governor Philip Lowe has warned Australians to be prepared for higher interest rates, saying inflation must be brought under control. In his first public appearance since the RBA raised the cash rate by a larger than expected 50 basis points at last week’s board meeting, Dr Lowe said he is predicting inflation to […]

Several factors send confidence tumbling

Ballooning inflation, rising interest rates and a loss of confidence around the economic outlook, in Australia and abroad, has sent consumer sentiment reeling. The Westpac-Melbourne Institute survey for June showed the consumer sentiment index fell 4.5 per cent to 86.4, and follows last week’s decision by the Reserve Bank of Australia to lift the cash […]

Regulator takes control of power system

The national electricity market has been suspended as the market operator says it has become impossible to operate within the rules. The Australian Energy Market Operator said in a note issued on Wednesday it had suspended the electricity spot market in NSW, Queensland, South Australia, Tasmania and Victoria until further notice. “It has become impossible […]

Rates, inflation clouds spending outlook

Business confidence is holding up in the face of rising interest rates and inflation, but there are signs households may start winding back on spending. New figures from the Australian Bureau of Statistics showed household spending was running at a healthy 7.6 per cent annually in April, prior to the Reserve Bank of Australia lifting […]

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