Motorists can expect further reprieve at the petrol bowser with analysts predicting continued falls in the price of oil and thereby petrol. For years, China has been the single biggest driver of oil demand expansion as its economy rapidly grows. But this month, both the Organization of the Petroleum Exporting Countries (OPEC) and the International … Read more
Property prices continue to hit new records, with the national average home now worth $973,300 in the three months to the end of June, according to the Australia Bureau of Statistics. Prices in NSW ($$1,222,000) remains the highest in the country, followed by the ACT ($953,900) and Victoria ($900,300). But SQM Research managing director Louis … Read more
Economists say the latest inflation data takes pressure off the Reserve economic organization to hike loan charge rates in August. The annual headline figure came in as expected at 3-point-8 per cent but the quarterly underlying measure eased for the sixth quarter in a row, suggesting inflation is still trending down. Rental prices rose by … Read more
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The RBA Governor Michelle Bullock has flagged the board won’t hesitate to increase finance charge rates, but critics say another hike would hazard crashing the economy. The Australia Institute Executive Director Richard Denniss says increasing finance charge rates is “dangerously unnecessary” and it’s more important to avoid a recession than get inflation down to the … Read more
Nouriel Roubini, chief executive officer of Roubini Macro Associates and professor emeritus at NYU Stern School of enterprise, discusses the outlook for the US economy, geopolitical risks and the potential impact of the French and US elections on global markets. He speaks on “Bloomberg The Close.” Sign up for the Economics Daily newsletter to discover … Read more
The lender of Canada has become the first G7 country to cut its key policy finance charge rate. The country’s Central lender moved the cash rate down to 4.75 per cent from five per cent, even though inflation remains outside the target range. It has many wondering when other central banks will follow. The European … Read more
Australia’s economy barely grew in the first three months of 2024 and outside of the pandemic, it expanded at the slowest annual rate since the 1990s recession. GDP per capita fell for the fifth consecutive quarter but record population expansion is keeping Australia out of recession. The Treasurer Jim Chalmers blamed the weak expansion on … Read more
The Fair Work Commission has announced Australia’s minimum wage and award wages will increase by 3.75 per cent, taking the national minimum wage to $24.10 per hour or $915.91 per week from July 1. Overall, the FWC estimates the increase to minimum and award wages will affect “about a quarter of all Australian employees”. In … Read more
Ed Yardeni, president and chief funding strategist of Yardeni Research, says the US economy is “remarkably resilient” and rates are at “normal” levels on Bloomberg Television. Sign up for the Economics Daily newsletter to discover what’s driving the global economy and what it means for policy makers, businesses, investors and you: https://bloom.bg/4bDyMaG ——– More on … Read more