Sluggish wage growth won’t stop rate rises

Australian wages are growing at less than half the rate of inflation, but economists warn that won’t stop the the Reserve Bank of Australia from raising the cash rate again next month. Wages grew by a smaller-than-expected 0.7 per cent in the March quarter, which saw the annual rate tick up to 2.4 per cent […]

Econosights: The outlook for Australian wages

Introduction The recent surge in inflation both domestically and globally is well known, with Australian annual headline inflation increasing to 5.1% over the year to March (the highest in 22 years) and the trimmed mean (the Reserve Bank’s preferred underlying inflation measure) at 3.7% per annum, well above the 2-3% inflation target and the highest […]

Miners lead ASX as market climbs 1.0 pct – 18 May 2022

The local bourse has gained ground for a fourth consecutive session, with the mining giants leading the way as iron ore prices rebound as China plans to reopen from its harsh COVID-19 lockdowns. The benchmark S&P/ASX200 index finished on Wednesday up 70.2 points, or 1.0 per cent, to 7,182.7, while the broader All Ordinaries gained […]

Renewables can’t do it all, gas chief says

The world needs all forms of energy to work together to reach net-zero emissions, oil and gas executives have been told. It took 150 years to build the current industrial economy and it must be reconstructed in three decades, gas executive Ian Davies said in his opening address on Tuesday at Australia’s largest fossil fuel […]

Oil, gas bosses mull zero-emission options

The oil and gas industry is trying to reinvent itself to survive in a future carbon-neutral economy. Santos CEO Kevin Gallagher said on Wednesday that the momentum of the energy transition must be maintained without compromising energy security. “We can only do this through decarbonisation, not de-fossilisation,” he told Australia’s biggest oil and gas industry […]

Super home withdrawals common overseas

Allowing citizens to dip into their retirement accounts to help them afford their first home is common practice overseas, but experts say it’s hard to know the extent to which they’ve jacked up house prices. The Morrison government’s election-eve proposal to allow Aussies to withdraw a portion of their super for a first home deposit […]

RBA contemplated larger cash rate hike

The minutes of the Reserve Bank of Australia’s May board meeting have indicated it is prepared to raise the cash rate by larger increments to tame inflation if needed. Such a warning will do little to soothe already crumbling consumer confidence, which has sunk to its lowest level since mid-August 2020. The May RBA meeting […]

Service growth a risk to disabled clients

The rapid growth of a disability support service in Sydney’s west resulted in a “dangerous” situation with clients not properly supervised, a royal commission has been told. A former senior staff member with the Mt Druitt day program, identified as Dianne, said the service was growing so fast that at times she asked for intakes […]

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