Sorry sign Australia is in trouble
Australia’s affordability crisis has eroded access to a basic need and a common demographic is becoming more vulnerable.
Australian Economy
Fresh blow for would-be homeowners
The International Monetary Fund has poured cold water on a key housing policy which would make it easier for first-home buyers to get a loan.
RBA’s major clue on next rates decision
Struggling Aussie homeowners could get a rate cut sooner rather than later as the Reserve Bank says it is “increasingly confident” about a reduction.
Aussies set to rack up insane credit card debt
Cost of living pressures are causing Aussies to turn to credit this festive season, which experts predict could take years to pay back.
Ray of hope emerges for Aussie economy
A new outlook has forecast the Australian economy is on a “narrow path to a soft landing” and is tipped to improve next year – but there’s a major catch.
ASX snaps grim days-long losing streak
The ASX has surged back and broken a days-long losing streak – after better than expected inflationary data out of the US sent markets higher around the world.
Major change to Aussie cash revealed
A major change to Aussie cash could be on the cards – which would essentially keep cash in the Australian system despite the dominance of card payments.
Urgent warning for thousands of Aussies
Aussies are being warned to check their mobile and wearable payment devices or risk being unable to purchase items this New Year’s Eve.
Grim sign Australia falling ‘far behind’
Australia is the envy of the world when it comes to one major factor – but this graph shows there’s more to it than first meets the eye.
Grim update as ASX sell-off continues
The ASX has tumbled to a new low after markets continued to sell off, with investors factoring in a less-than-favourable decision in the US.
Hint on Australia’s new cash rules
Australian businesses are getting an idea of what could be exempt from new cash protections, set to be brought in by early 2026.
Bills could skyrocket, regulator warns
The Australian Energy Regulator has warned households to brace for a potential spike in their electricity bills. But why?
‘Last standing’: Iconic Aussie area lost forever
The closure of an iconic restaurant has upset many Aussies who say it symbolises how parts of the nation have lost their soul.
Outrage over Plibersek’s coal mine move
Outrage is building after Environment Minister Tanya Plibersek approved three new coal mine extensions – one fellow MP calling the decision “despicable”.
ASX plummets after US reserve’s pivot
The ASX cratered after a major decision on a US rate cut, with all 11 sectors trading in the red.
Budget blowout funded by bracket creep
The budget’s bottom line is forecast to blow out by more than $20bn, funded largely by bracket creep in the coming years, economist warn.
One thing making Aussies $1.5 trillion richer
Australia’s collective household wealth has soared over the last 12 months driven by one key thing.
Coke supply threatened for Christmas
Christmas could be a little flat as Coca-Cola factory workers go on strike on Thursday for a second time this month.
ASX trades flat ahead of US rate cut
The ASX 200 traded slightly down ahead of a major decision by the US Federal Reserve, just after the market hit a four-day high.
Treasurer confirms horror economic news
Australia’s bottom line is set to sink deeper into the red by $21bn over the next four years, with “unavoidable spending” and uncertain global outlook to blame.
‘Unfinished business’: Super tax hike looms
Jim Chalmers is eyeing changes to concessions on high-value superannuation accounts, after it was revealed the tax break will cost the government $55bn this year.
Meta agrees to huge payout for Aussies
Tech giant Meta has agreed to pay out a whopping sum to Australians who were impacted by a major privacy scandal.
ASX 200 snaps 5-day losing streak
The ASX 200 snapped a five day losing streak, as the Santa Claus rally finally arrives.
Why this Christmas is toughest for Aussies
Christmas is one of the happiest times of the year, but as the cost-of-living crisis worsens, millions of Australians are giving up essentials to put presents under the tree.
Budget’s massive $25bn hit ‘unavoidable’
Labor’s budget update is forecast to take a massive $25bn hit in “unavoidable” spending to fund key programs and payments.
Historic first for Aussie space industry
An Australian company has been given first-of-its-kind approval to launch a rocket out of a small Queensland town.
Major RBA overhaul revealed
In the biggest reform to the RBA in more than three decades, Jim Chalmers has revealed the new names tasked with determining the cash rate.
China’s $108 billion hit on Aussie economy
Treasurer Jim Chalmers has warned that a weakened Chinese economy will have devastating repercussions for Australia’s bottom line.
Chalmers skirts key budget deficit question
Jim Chalmers declined to directly answer whether a total of forecasted $122.1bn in deficits will increase in the mid-year budget update set to be released on Wednesday.
Dutton comeback a shock blow for Albo
Peter Dutton seems to be making an unexpected comeback – and it’s bad news for Prime Minister Anthony Albanese, whose days could be numbered.
$1.8 billion budget blow tipped
Australian treasurer Jim Chalmers says the budget will likely be blown out by billions in part due to funding this project.
City worth of migrants arrives in Australia
Australia’s annual migration figures have been released, and it looks like dire news for Anthony Albanese.
ASX slumps to worst week in four months
A sharp sell-off in materials and utilities dragged the Aussie sharemarket into the red – marking its worst week in four months.
RBA’s excuse for rate forecast fails
The RBA has defended the economic forecasting it does to help the board when it considers changes to the cash rate, admitting the predictions are likely wrong.
Big bank’s surprise call on cost of living
Westpac says the peak of the cost of living crisis could be behind us with the number of Aussies needing the bank’s help to pay their loans falling.
Biggest sign yet of turning point in economy
The men who hold the purse strings at Australia’s biggest businesses say the economy is improving and are the most optimistic about the future since Covid.
Surprising Aussie fashion trend revealed
Buy-now pay-later giant Afterpay has revealed some surprising Aussie fashion trends in its latest Afterpaid report, with one colour dominating 2024.
Perfect storm punishes Aussie dollar
The Aussie dollar traded at a 13-month low on Thursday morning as investors are cautious about Australia’s economic future.
‘Impossible’: Why Australian dream is dead
A viral video explaining “why life in Australia has become impossible” has left many viewers asking the same question.
Group running out of cash every month
Some people from one cohort are reporting having to steal essential items more frequently to survive the cost-of-living crunch.
RBA’s major Trump call after tariff spree
The Reserve Bank has made a major call on the potential impact of Donald Trump’s second presidency on the Australian economy.
ASX falls to three week low
A sharp sell-off in information technology and energy stocks dragged the Australian markets down during Wednesday’s trading.
Aussie climate goals ‘within reach’
The state and territory emission reduction targets in place can give Australia a “springboard” to stronger climate goals, new research finds.
Wild corruption claim hits Rex Airlines
Australia’s corporate watchdog has announced stunning allegations of corruption against the directors of embattled airline company Rex.
Aussie shares slump on bank, tech rout
A sharp sell-off in banking and tech stocks pushed the Australian sharemarket into the red on Tuesday, even as the heavyweight mining sector soared.
Fresh blow to Aussie mortgages
Homeowners desperate for some rate relief will need to wait until 2025, as the Reserve Bank of Australia held official interest rates for the ninth time in a row.
‘Not immune’: Retail giant battles in cost crisis
One of Australia’s iconic retailers is forging on with a huge business deal in the face of tough conditions for retailers.
Huge change in Aussie workplaces revealed
The Workplace Gender Equality Agency says there has been some ‘positive progress’ in gender equality, even as major businesses are rocked with harassment scandals.
‘Weak’: Business confidence falls sharply
The cost of doing business in Australia is too high to handle for many organisations, the latest business confidence survey has found.
‘All wrong’: $38m advisory body slammed
How do you solve the most challenging public policy issue of our time? Don’t ask the Productivity Commission.
Retail gives ASX a bump up
The gift-giving season has shunted the ASX to a marginal gain on Monday as oil uncertainty buried many of the big players.
Cash boost for Aussies from January 1
New Year’s Day is set to bring a suite of changes – including a cash boost for some Australians.
91 per cent chance of this interest rate call
Mortgage holders and business owners should not hold their breath for any interest rate relief on Tuesday.
‘Extensive experience’: ANZ picks new boss
One of Australia’s largest companies has found its new chief executive, an international banker of “calibre and extensive experience”.
Huge update in Woolies strike drama
Supermarket giant Woolworths has delivered a huge update in the ongoing strike drama that left customers facing empty shelves.
Chart reveals why Australia is screwed
Australians are getting poorer and a leading economist has produced a simple chart that shows why.
Why Australia is in debt to Hugh and Ryan
It’s been a wild 2024 at the Aussie box office, but cinema operators say a new dawn is rising for the beleaguered movie business.
Tears as fraudsters lashed for $10m scam
There were gasps and tears as a disgraced construction boss and his co-conspirators were jailed over a “crude” $10m tax fraud scheme.
Surprise reason for Aussie spending jump
A surprise jump in spending in major two areas has given early indications Aussies are starting to spend again, in spite of a high cost of living.
Outgoing senator’s new job revealed
A long-serving outgoing Coalition senator’s new role once he steps out of parliament has been revealed.
Shrinkflation hits festive treats
At least five different products from Woolworths, Aldi and Lindt have become the latest casualties in the ‘shrinkflation epidemic’ plaguing Aussie shoppers.
Big miner issues blunt warning to Aussies
A leading mining figure has delivered a dark speech warning that Australians will need to “do more, move faster and work harder” to maintain prosperity.
Treasurer’s bombshell election claim
The Federal Treasurer has conceded there is a “possibility” Labor will be booted at the next election while tempering expectations of “big spending” in the mid-year budget update.
Aus mining giant makes major iron ore call
One of the world’s biggest mining companies has shifted their focus away from iron ore, towards the mineral it believes will drive the global energy transition.
Huge warning over dodgy GST refunds
The Australian Taxation Office has issued a major warning amid their crackdown of business owners trying to cheat the GST system, following a huge spike in fraudulent claims.
‘Insulting’: Albo spends $18k on flowers
The Prime Minister treated world leaders to a $40,000 performance at dinner adorned with $18,000 worth of flowers, new documents reveal.
ASX snaps three day winning streak
The Australian sharemarket has fallen just days after cracking a record high 8500 points in a broad market sell-off on Wednesday.
Rate warning after weak growth figures
As higher for longer interest rates and inflation continue to bite, Aussies have been hit with more bad news on the economic front.
Most trusted Aussie brands revealed
Despite using privacy-invading facial recognition cameras, a major retailer has held its spot as the No.1 most trusted Australian brand.
‘Not fair’: Gov wants to end $3 bank fee
The Albanese government has slammed a bank’s decision to charge customers a fee to withdraw money from their own accounts, claiming it “doesn’t seem fair”.
ASX continues record high run
Australia’s sharemarket cracked a fresh record high on Tuesday, on the back of renewed economic confidence.
Government spending surges to $195bn
Strong public spending is offsetting an overall weak economy, new figures from the ABS reveal, ahead of the release of the latest growth figures on Wednesday.
‘97 times’: Albo’s reminder of broken promise
As the federal election looms, Peter Dutton has used a three-year anniversary to attack Anthony Albanese over a broken promise.
Surprising state tops list for business
Australia’s leading business body has just ranked the best and worst states and territories for commerce and a surprising state has come out on top.
ASX sets new record high
Australia’s sharemarket has started the last month of the year with a strong day of trading, as new retail data was surprisingly good.
Proof Aussies have thrown off shackles
The doom and gloom for Aussie retailers seems to have subsided – and that was even before an expected bumper Black Friday sales.
‘Knock it on the head’: Major tech crackdown
The tech giants that dominate our app use could face large new fines and bans on anti-competitive dominance.
Albanese explains why Aussies are poorer
The Prime Minister has explained why Australians are struggling so much in 2024, confirming a troubling statistic during a recent interview.
Christmas tradition Aussies are ditching
Aussies looking to cut back this Christmas are walking away from this holiday tradition, but it might not be saving them as much as they think.
Albo’s investment property blow
The Prime Minister has made a tough call on one of his investment properties.
Original URL: https://www.news.com.au/finance/economy/australian-economy