A record reduction in household power bills due to government energy rebates drove inflation in August to its lowest level in three years – but the temporary decline is set to be ignored by the Reserve Bank.
Michele Bullock and Anthony Albanese are on a collision course over pre-election rate cuts after the RBA warned price pressures remained too high and it wouldn’t lower rates on the basis of inflation data distorted by cost-of-living measures.
Reserve Bank governor Michele Bullock sends a ‘clear message’ that a rate cut is not on the cards any time soon, but has eased fears of a further hike despite ‘sticky’ inflation.
State governments are expected to borrow more than $100bn this financial year to cover the surge in public spending, with just under 60 per cent of new state and territory debt to be issued by Queensland and Victoria.
Despite the world’s most powerful central bank delivering a super-sized cut and the likelihood of local inflation falling to a three-year low, economists expect no change to the cash rate.
Builders warn they are falling drastically short of workers as growth in care economy jobs has been 70 times faster than the rise in construction sector roles in the past two years.
Jim Chalmers’ admission opens Labor up to Coalition criticism over its management of the post-pandemic surge in migrant arrivals.
Australia’s jobs market gained a bumper 47,500 new roles last month, locking in expectations that the Reserve Bank will keep interest rates on hold for the rest of this year.
Workplace Relations Minister Murray Watt has dismissed calls from corporate Australia for a roll back of its contentious industrial relations overhaul, deepening the division between business and Labor.
Citing concerns over the gulf state’s abysmal record on workers’ rights, the peak union body slammed the trade agreement which grants the UAE preferential access to Australia’s exports.
Original URL: https://www.theaustralian.com.au/author/jack-quail/page/13