The typical Australian who might’ve once bought a home a few generations ago is now much more likely to rent thanks to plunging housing affordability, which is now at its worst level in more than 20 years.And they’re flooding rental markets that are beyond capacity, competing with low-income and vulnerableContinue Reading
It’s a tenth of the price of a home in Sydney and sits on a mammoth parcel of land that would fit several inner-city terraces on it, but you will need to bring your own oven. This is one of Australia’s cheapest homes – a two-bedroom dwelling on a 1000Continue Reading
More than 65,000 Australians workers found themselves out of a job in December in a further sign that the economy is cooling under the impact of higher interest rates. While the number of part-time positions rose by 41,400 this was offset by the loss of 106,600 full-time positions, the AustralianContinue Reading
The scheduled stage three tax cuts could stop the Reserve Bank from cutting interest earlier, economists have cautioned, amid warnings the controversial changes will pump billions of dollars of additional spending into the economy, inflaming price pressures. The tax changes, which were legislated by the Morrison government in 2019 andContinue Reading
After a year in which Aussies were hampered with interest rate rises and high cost of living pressures, the economic outlook for 2024 could bring some much needed relief. Commonwealth Bank chief economist Stephen Halmarick shared his projections for the year ahead, announcing a range of big rate forecasts. MrContinue Reading
Reserve Bank governor Michele Bullock has dealt a fresh blow to borrowers with a 13th interest rate rise while cautioning that inflation will be higher in 2024 than previously expected. Ms Bullock said Tuesday’s decision to lift rates by 25 basis points to 4.35 per cent was necessary as progressContinue Reading
It’s the Melbourne Cup rate rise that the big banks are betting on, but one leading economist has broken ranks to urge the Reserve Bank to hold fire. Interest rates are set to rise on Melbourne Cup Day according to most experts, with predictions rates will stay “higher for longer”.Continue Reading
Treasurer Jim Chalmers has warned the government will have to cut back on some infrastructure projects to help trim inflation. Economists from the International Monetary Fund (IMF) urged the federal government to scale back on its record $30bn a year of public infrastructure spending, warning the economy was running farContinue Reading
Despite catastrophic predictions of the fixed rate mortgage ‘cliff’ that has generated headlines for months and sowed fears of widespread defaults and increasing arrears, household borrowers have, so far, weathered the interest rate storm. But with the possibility of fresh rate pain on the horizon, the outlook for borrowers againContinue Reading
Households are spending a greater share of their income on mortgage repayments than ever before and borrowers can expect this figure to climb even higher, the Reserve Bank has warned. Speaking at a business conference in Sydney on Wednesday, RBA assistant governor Chris Kent, who heads the bank’s financial marketsContinue Reading