Australian inflation

On an annual basis, the economy grew by 0.8 percent, down from 1 percent in June, and below the expected 1.1 percent growth.

RBA holds cash rate steady as tight labour market delays inflation’s return to target, projecting stability by 2026.

Australian Bureau of Statistics on Oct. 30, revealed a drop in inflation to 2.8 percent, the lowest level recorded in almost 4 years.

Economists are raising concerns about underlying inflation, particularly the trimmed mean inflation rate, which stands at 3.5 percent.

ABS data shows CPI inflation fell to 2.8 percent in September, down from 3.8 percent in June, driven by government rebates and lower fuel prices.

Chalmers ruled out changes to negative gearing. The review so far showed they wouldn’t address the housing supply crisis.

Taylor accused the government of mismanaging inflation, while Gallagher claimed it has dropped by half since the Liberals’ departure.

The new laws would target a wide range of industries, including ticket sellers and streaming services, to ensure more transparent pricing for consumers.

Daniel Keighran is selling 12 military service medals to look after his family of five.

Spending on services did rise 0.4 percent in August, led by increases in air travel, hotel accommodation, and dining out.

The IMF believes Australia’s economy is expected to recover gradually, with growth projected to begin picking up in the latter half of 2024.

The minister’s comments come as new ABS figures reveal a 3-year-low for Australia’s inflation rate.

While inflation has fallen within the target 2 percent range, the RBA chief has already warned that this would likely be temporary.

RBA says inflation has significantly decreased since its 2022 peak, thanks to higher interest rates that have aligned aggregate demand and supply.

Finance Minister Katy Gallagher says Australia’s interest rate is still lower than the United States, even after today’s rate cut.

The study says that government spending has surged by 94 percent since 2014.

‘If small and family businesses are the ’engine room of the economy‘, we have lost a cylinder in a four-cylinder engine in the aftermath of COVID,’ he said.

The US Federal Reserve has signalled cuts at its next meeting in September. The question now is: will the RBA follow suit next week, as many predict?

Average full time workers saw an increase across the board of 4.2 percent for the year.

It will probably take another two years for inflation to return to a midpoint of 2.5 percent, meaning ongoing pressure on household incomes.