Finance

Treasurer open to review of Reserve Bank

Colin Brinsden, AAP Economics and Business Correspondent (Australian Associated Press)   Josh Frydenberg is open to reviewing how the Reserve Bank of Australia sets monetary policy, a recommendation made by the Organisation for Economic Co-operation and Development. But the federal treasurer has ruled out another proposal made by the OECD in its latest economic survey […]

Farm production value soars to $73 billion

Matt Coughlan (Australian Associated Press)   Australia’s farm production is tipped to smash record value with a bumper crop fuelling a major rise to $73 billion. The federal government’s agriculture forecaster ABARES on Tuesday released its latest commodity report which predicts the value surge in 2021/22. Last year’s $66 billion production value is set to […]

Treasurer confident of low jobless rate

Colin Brinsden, AAP Economics and Business Correspondent (Australian Associated Press)   Josh Frydenberg is confident the unemployment rate can remain relatively low, even with the significant economic shock of having the nation’s two most populous states in lockdown. In an address to an online forum on Monday, the treasurer also said he did not share […]

Demand for workers drops as lockdowns bite

Colin Brinsden, AAP Economics and Business Correspondent (Australian Associated Press)   Employers are feeling the pinch from the coronavirus lockdowns in Australia’s two major states and the national capital, putting aside thoughts of expanding their staff. Reserve Bank of Australia governor Philip Lowe warned this week the unemployment rate could rise in coming months as […]

Australia may avoid second recession

Colin Brinsden, AAP Economics and Business Correspondent (Australian Associated Press)   The Australian economy may just avoid a second recession in as many years, but it will be touch-and-go because of the lockdowns in its two major cities. Economists adjusted their forecasts for Wednesday’s national accounts after figures showed exports will make a bigger detraction […]

Confidence sign economy can ‘bounce back’

Colin Brinsden, AAP Economics and Business Correspondent (Australian Associated Press)   Treasurer Josh Frydenberg says rising confidence and a further unexpected drop in the unemployment rate are another sign there will be a strong economic recovery when virus lockdowns come to an end. The ANZ-Roy Morgan consumer confidence index rose 0.5 per cent in the […]

June quarter GDP may not be so rosy

Colin Brinsden, AAP Economics and Business Correspondent (Australian Associated Press)   Much of the recent focus among the economist fraternity has been on Australia’s economic performance during the September quarter, and whether an expected contraction will extend into the December quarter. But new construction figures released on Wednesday suggest economic growth in the June quarter […]

Aussies take a leaf out of RBA’s optimism

Colin Brinsden, AAP Economics and Business Correspondent (Australian Associated Press)   Australians appear to have surprisingly latched on to the Reserve Bank’s optimistic economic outlook despite COVID-19 lockdowns in many parts of the country. The weekly ANZ-Roy Morgan consumer confidence index rose 2.5 per cent, recouping most of last week’s 3.1 per cent fall, suggesting […]

Economic growth shows signs of slowing

Colin Brinsden, AAP Economics and Business Correspondent (Australian Associated Press)   There are already signs the Australian economy will be slowing as a result of over half the population being in lockdown while trying to tackle the highly infectious Delta variant. However, at this stage the Westpac-Melbourne Institute leading index, which indicates the likely pace […]

Wages sluggish even before Delta impact

Colin Brinsden, AAP Economics and Business Correspondent (Australian Associated Press)   New figures show real wage growth was going backwards even before the expected crunch to the economy from widespread virus lockdowns. The economy is widely expected to contract in the September quarter as a result of over half the population being under restrictions. Asked […]

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