Aussie workers above average on artificial intelligence

Australia’s desk workers are above the global average in adopting artificial intelligence but say guidance is lacking from bosses on how it should be used. Research data released on Wednesday shows one in four have tried AI tools for work as of January, up from one in five in September as take-up of the technology […]

Consumer price index steady at 3.4 per cent in January

Australia’s consumer price index held steady at 3.4 per cent in the 12 months to January, coming in below expectations. The index had been widely expected to rise by 3.6 per cent on an annual basis, when the data was released by the Australian Bureau of Statistics on Wednesday. The biggest contributors to the January […]

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Unemployment to stay low despite drop in job vacancies

Unemployment remains stubbornly low amid a gradual cooling in the jobs market, but the resilience of the Australian economy is being tested by a global slowdown. Job vacancies dropped 0.7 per cent to 389,000 in the three months to November 2023, according to data released by the Australian Bureau of Statistics on Wednesday. But the […]

Storm clouds loom for economy as rain, floods take toll

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 Australia and NSW have been hit by storm activity. The storms would affect the budget but it may be some […]

Savings found to cover billions in new federal spending

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 minister said on Tuesday. Katy Gallagher said the federal government was trying to get the budget in “much better […]

Mid-year budget review examines challenges for economy

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 interest rates * Growth in real household disposable incomes is expected to pick up in 2024/25 […]

Major projects funding to be slashed by billions

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 Infrastructure Investment Program will decrease payments for major projects by billions of dollars up to 2026/27. […]

Heated inflation figures put rate hike firmly in play

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 from 0.8 per cent in the June quarter. Sky-high petrol prices […]

Financial boost on the way for working pensioners

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 proposal, the maximum work bonus balance limit will be increased from $7800 to […]

Welcome progress on inflation as rate hikes take effect

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 the 12 months to July, down from 5.4 per cent in June. Markets were anticipating 5.2 […]

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