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Economy

‘Xmas killer’: Warning as RBA poised to raise interest rates again

Ahead of the Reserve Bank‘s latest announcement on interest rates, there are warnings that renters and first-home buyers are set for a difficult holiday period. The Reserve Bank (RBA) is poised to hike the cash rate for the eighth month…

Young people, carers to receive major payment increase to keep up with inflation

Almost one million Australians are set to receive an increase in their welfare payments next year. The government will on Monday announce the largest indexation increase to payments for young people in over two decades. From January 1, the basic…

Economist warns rate rise ‘all but certain’ as house prices continue to fall

National home prices have fallen for the eighth consecutive month, largely due to rising interest rates, according to the latest data from PropTrack. A 0.16 per cent drop was recorded nationally in November, with capital city prices now 3.09 per…

Treasurer Jim Chalmers defends lack of cash handouts as interest rates horror scenario revealed

One-off cost-of-living measures would have added an extra half a per cent to skyrocketing inflation, driving interest rates even higher. That’s according to the latest modelling by the Treasury, who say while the federal budget is projected to be $114…

Adelaide businesses losing thousands of dollars after five days without power

Work is underway to restore power in parts of Adelaide, where residents and businesses have been left in the dark for five days since a massive storm took down powerlines. Many businesses in Aldgate, south-east of the CBD, have been…

Bridget McKenzie breaks silence on sports rorts report, kept secret for years

Bridget McKenzie says she has “no regrets” about her conduct despite a revelation she displayed “some significant shortcomings” in her oversight of a grants program. The secret report by former secretary of the prime minister and cabinet department Phil Gaetjens…

Government eyes conversation about superannuation tax concessions

A tax concession designed to encourage Australians to save for retirement could be in the firing line as the government seeks solutions to its growing budget woes. It’s been described by the government as “one of the most important conversations”…

RBA surprised by Covid-19 economic consequences that drove interest rate hikes

The Reserve Bank has conceded it was “as surprised as everyone” by how dire economic circumstances became as a result of the Covid-19 pandemic. The central bank’s deputy governor, Michele Bullock, told senate estimates on Thursday that the bank’s 2020…

Energy costs to continue to impact cost of living

Increasing electricity costs are front of mind as the Reserve Bank (RBA) tries to bring down the increasing inflation rate. The outlook for domestic energy prices was something that the RBA was “monitoring closely”, Deputy Governor Michele Bullock told the…

Average petrol price surges to more than $2 per litre in Sydney

The average price of unleaded petrol has soared above $2 per litre in Sydney and much of New South Wales. On Wednesday, prices were hovering around $2.06 per litre for regular unleaded, with E10 for $1.73 in some towns and…

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