During a speech at the Anika Foundation fundraising lunch in Sydney, Bullock acknowledged the considerable strain on Australian households and businesses due to the current cash rate, which stands at a 13-year high of 4.35 per cent. Bullock admitted that some borrowers are facing severe financial difficulties, with about 5…

Recent analysis by Deloitte Access Economics reveals a stark reality: real retail spending has decreased in six of the past seven quarters, with per capita retail expenditure showing even steeper declines. Specifically, real per capita retail spending has contracted for eight consecutive quarters, standing 2.5% below June 2023 levels and…

Job seekers might find themselves facing a challenging environment as companies shift their focus towards retaining and upskilling their existing workforce rather than hiring new employees. Nicole Gorton, director at Robert Half, notes that businesses are more inclined to enhance the skills of their current staff to fill gaps rather…

This increase, however, was accompanied by a record-high participation rate, which reached 67.1 per cent. The Australian Bureau of Statistics (ABS) reported that over 58,000 new jobs were added last month, with a significant portion being full-time positions. Despite this positive job growth, the number of unemployed individuals rose by…

This drop marks the steepest fall since the pandemic’s early days when global financial uncertainty led to widespread market turmoil. The losses represented more than $100 billion in market value. Back then, the world was grappling with unprecedented lockdowns and economic shutdowns, creating anxiety among investors. Today’s market distress stems…

July saw a 0.5 per cent increase in average dwelling values, marking the 18th consecutive month of rising prices. This growth pushed the median house value to $798,207. However, this overall positive trend masks a more complex landscape within individual cities. Melbourne, Hobart, and Darwin were notable exceptions, each experiencing…

Despite recent data showing a relatively low unemployment rate of 4.1 per cent, concerns are mounting that this could soon change. ANZ economists caution that the rate might surge past 5 per cent in the near future, driven not by mass layoffs but by an influx of job seekers amidst…

The Australian Taxation Office (ATO) and other government revenue authorities employ a multifaceted approach to reviewing lodged returns of taxpayers in Australia.  Utilising advanced data matching, artificial intelligence, industry benchmarking, and other sophisticated methods, the ATO effectively identifies potential concerns and risks embedded within those lodged returns.  These techniques allow…

The ASX200 closed 21.4 points lower at 8036.5, marking a decrease of 0.27 per cent, while the broader All Ordinaries index also dipped by 30.8 points to settle at 8272.7, a decline of 0.37 per cent. Among the sectors, technology stocks bore the brunt of the downturn, plummeting by 3.4…

Economists are cautioning about potential inflationary repercussions that could impact mortgage holders. Dr. Nalini Prasad, an economist from UNSW School of Economics, highlights the pivotal role consumer spending will play in determining the economic outcome of these tax cuts. The tax cuts, which are set to increase average take-home pay…