Australia’s economy grew by 0.2 per cent in the June quarter, and 1 per cent over the last year, according to the Australian Bureau of Statistics (ABS). It is the weakest rate of annual growth Australia has recorded in years, in seasonally adjusted terms. Excluding the COVID-19 pandemic period, the annual rate of economic growth...
Tag: economic growth
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Voters need to be heard, and we need to rebuild trust in expertise, warns Australia’s Treasury secretary
Humility is in the air. A couple of weeks ago, Reserve Bank deputy governor Andrew Hauser upset some economists and commentators when he suggested that everyone should try being less confident and more humble. Then a week later, US Federal Reserve chairman Jerome Powell repeated a similar message. “The limits of our knowledge — so...
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Eden Breakwater Wharf Extension Enhances Port of Eden to Welcome 26 Larger Cruise Ships and More Frequent Calls, Boosting Cruise Travel in Australia – Travel And Tour World
Home » Australia Travel News » Eden Breakwater Wharf Extension Enhances Port of Eden to Welcome 26 Larger Cruise Ships and More Frequent Calls, Boosting Cruise Travel in Australia Thursday, July 25, 2024 Reading Time: 5 minutes The Australian port of Eden is set to welcome larger cruise ships and increase the frequency of visits...
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Australia’s unemployment rate declines to 4 per cent in May
Australia’s headline unemployment rate was 4 per cent in May, down 0.1 percentage points from April. The unemployment rate declined slightly because employment rose by 40,000 people in May, and the number of officially unemployed people fell by 9,000. The Bureau of Statistics says in April there had been more unemployed people than usual who...
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Australia ‘teetering on the brink of recession’ as economy barely grows
Australia’s economy grew by 0.1 per cent over the first three months of 2024 and 1.1 per cent over the year, according to the Australian Bureau of Statistics (ABS) national accounts. Treasurer Jim Chalmers said it wasn’t a surprise to see the economy barely growing, but Australia was still doing better than many comparable countries....
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Inflation rises slightly in April to 3.6pc but economists say that should ring ‘alarm bells’ for RBA
In short: The annual rate of inflation ticked up to 3.6 per cent in April, from 3.5 per cent in March. Economists say multiple measures of inflation are now heading in the wrong direction. What’s next? It has raised concerns, once again, that the Reserve Bank may have to respond by lifting interest rates. The...
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Big four banks warn first rate cut won’t come until November, as ‘incredibly strong’ migration makes the RBA’s task ‘more difficult’
In short: The economics teams at Australia’s ‘Big Four’ banks all expect the Reserve Bank to cut interest rates in November, rather than September. They say last week’s surprisingly strong inflation data show inflation is ‘stickier’ than anticipated. But extremely weak retail sales in March show households are under pressure, while strong population growth is complicating the RBA’s...