The past few days have seen a stoush erupt between Reserve Bank of Australia (RBA) governor Michele Bullock and the Albanese government over the causes of Australia’s inflation. Bullock warned that excessive government spending was contributing to prolonged inflation, whereas Treasurer Jim Chalmers and Prime Minister Anthony Albanese disputed the notion that the government was
According to the most recent UBS Global Wealth Report, Australia has 1.9 million US-dollar millionaires, with a combined fortune of $US5.4 trillion ($A8 trillion). UBS predicted that the number of US-dollar millionaires would increase by 21% to more than 2.3 million by 2028, owing to factors such as growing housing prices and intergenerational wealth transfer.
Asian share markets are trying to reduce in volatility again today but all eyes remain on bond markets which continue to have the jitters. Yen is weakening again to alleviate some pressure on Japanese equities but this looks shortlived as the Australian dollar also fails to make any headway following the recent unemployment print as
On Wednesday, Statistics New Zealand released labour market data for the June quarter, which revealed that New Zealand’s unemployment rate rose 0.2% over the quarter to 4.6%, in line with the Reserve Bank’s forecasts. The March quarter was revised up slightly from 4.3% to 4.4%. The unemployment rate is now tracking at its highest level
Like most Aussies, I love sport. But this Olympics rubbish has gone way too far. What are we doing running third? Bloomie has crack at China today: This state-driven method to achieve international sporting victories comes with deep pockets. Medals cost money. China’s budget for sports this year stands at more than $1 billion. Compare that
Wall Street said it was foolproof investment because of AI demand and low inventories. If you believe that I have a bridge I will sell you. Copper is suddenly everywhere: Mining is booming: Processing is booming: Speculators are still long: Where did the copper shortage go? There never was one. Only a few pallets moved
Adding to its recent string of economic propaganda lies, Team Albo has released a new album of Greatest Lies: Let’s run through the lies being sung online. Students crushloaded: Wages destroyed: Rents skyrocket: Inflation madness: Tax cuts joke: $400 added to power bills: Education inflation: Albo’s Greatist Hits is a compendium of outrageous lies.
Last month, we learned that the militant CFMEU had used stand-over tactics and intimidation to win work on Victorian government construction contracts. Prime Minister Anthony Albanese and Victorian Premier Jacinta Allan were separately sent detailed evidence in 2022 that CFMEU officials were threatening extreme violence and unlawfully black-banning non-union-preferred firms from state and federally funded
Sydney-based housing developer Mark Bainey of Capio Property Group summarised Australia’s farcical ‘skilled’ visa system as follows: “The key thing holding back construction at the moment is the supply of skilled labour”. “We have a lot of unskilled labour but not enough skilled labour”. “Nobody wants to study a trade or be a tradie”. “The
Traditional Australian retailers are in a world of pain. Sales volumes have collapsed in the face of high interest rates and the cost-of-living crisis, with discretionary retailers hit hardest. The annual change in retail sales has been negative for the past five quarters. Outside of the pandemic, only four other quarters have seen negative yearly