Posts tagged "cost of living"

Treasurer Jim Chalmers will tell Parliament that estimated growth has been cut by half a percentage point for last financial year, this financial year and next year.

The cost of housing, fuel, and furnishings all drove inflationary pressures, the Australian Bureau of Statistics says.

The work from home debate has ramped up over the past week, as employers once again deliberate how to avoid COVID-19 office outbreaks and contend with rising living costs.

Australia has now managed to keep a rate of unemployment below 4% for three consecutive months. If things are so good, why is wage growth so low?

"Increasing the minimum wage isn't the silver bullet that people are hoping that it will be," writes Amanda Rose.

The RBA, in a nod to homeowners concerned about continual rate hikes, said it expected inflation to climb just a bit more before declining back towards its target next year.

The Reserve Bank of Australia has increased the cash rate by 50 basis points, bringing it up to 85 basis points or 0.85%.

While some market economists are forecasting a 40 basis point increase, most are expecting a 0.25% increase to the cash rate from the Reserve Bank tomorrow.

Minister for Employment and Workplace Relations Tony Burke has provided further detail on Labor's minimum wage submission made this afternoon to the Fair Work Commission.

Jim Chalmers has spent three days with Treasury secretary Dr Steven Kennedy poring over the so-called ‘red book’ brief to discuss the economic lay of the land.

Wages paid by Australian small businesses grew 4.1% in April 2022 compared to April 2021, accounting software provider Xero says.

Labor has inherited an economy with a full head of steam, but one that is also is experiencing a sharp acceleration in inflation.