Anthony Albanese’s ambitious plan to build 1.2 million new homes over the next five years has been declared as dead in the water – before it even officially commences. One of the Federal Government’s signature policies led to the establishment of a National Housing Accord between the states and territoriesContinue Reading
News of a shake-up in Australia’s economic management has been received well by the share market today. The announcement that Michele Bullock will replace Phil Lowe as governor of the Reserve Bank (RBA) left the ASX on a high at the close of the week. The ASX200 ended the weekContinue Reading
Almost half of all borrowers could be at risk of defaulting on their loans in just three months if they experience “shock” to their income or expenses, a report has revealed. The Reserve Bank of Australia’s Financial Stability Review revealed the startling reality for many bank borrowers in April offContinue Reading
Backlash has come thick and fast in response to the Andrews Government’s latest budget, which has cemented Victoria’s position as the most in-debt and highest-taxed state in Australia. The budget, unveiled on Tuesday, slugged businesses and homeowners with new taxes to wipe $30 billion of Victoria’s Covid-19 debt over theContinue Reading
Radio star Neil Mitchell has blasted Victorian Premier Daniel Andrews ahead of the release of the state budget, accusing him of spreading three key “cons”. The 2023-24 State Budget will be delivered later on Tuesday, and Mr Andrews has made no secret of the tough economic conditions facing the government,Continue Reading
More than 10 million middle-income Australians will cop one of the largest tax increases in Australian history after the May federal budget. The record breaking tax hike comes as households are grappling with high interest rates and skyrocketing costs of living. Treasurer Jim Chalmers is planning to scrap the lowContinue Reading
Australians have been warned a dire new international forecast showing the world faces the worst five years for economic growth in more than three decades may play into the upcoming federal budget. Treasurer Jim Chalmers said on Friday the government would continue to “take account” of international developments as itContinue Reading
Reserve Bank governor Philip Lowe has warned not enough homes are being built to keep pace with population growth, driving up rental prices and exacerbating the cost of living crisis. The rapid increase in the cost of renting a property and higher energy costs were flagged as a key concernContinue Reading
Commonwealth Bank has made a prediction which experts believe means we’re headed for an economic slump. With weaker than expected recent employment data, ABS retail sales for December down 3.9 per cent, house prices still falling and large volumes of fixed rate mortgages set to expire this year, Commonwealth BankContinue Reading
Australian consumer spending cooled during the Christmas period, bringing down the volume of retail sales for the first time in 11 months. Retail trade fell 3.9 per cent in December, suggesting that runaway inflation and rising interest rates have started to take a toll on purchasing power. The annual inflationContinue Reading