Treasurer Jim Chalmers has said Australia’s inflation is at a “historical” high but believes it is “likely the peak” after it was revealed the Consumer Price Index rose for the fourth consecutive quarter. The official measure for household inflation has officially risen by 1.9 per cent since September. While the increase was expected, December’s quarterly … Read more
Former prime minister Kevin Rudd has suggested Beijing may have exaggerated China’s economic growth figures for 2022. Mr Rudd has questioned the accuracy of the economic figures released this week by Beijing’s National Bureau of Statistics. China reported that its annual gross domestic product growth fell from 8 per cent in 2021 to 3 per … Read more
Wages are growing at their fastest rate in nearly a decade but the cost of living means Australians will probably have to wait until next year to see their pay increase in real terms. The federal government on Tuesday released Treasury analysis of Australian Bureau of Statistics data showing wages grew by 3.1 per cent … Read more
The Australian economy took a whopping $5 billion hit last year as a result of floods, which also contributed to fruit and vegetable prices soaring by 16 per cent, adding to the cost of living crunch. Treasury estimates revealed the economic impact of the severe weather events, which slashed 0.25 per cent off GDP growth … Read more
New data has revealed the majority of Australians lived in a local government area that was affected by serious natural disasters — mostly floods — in 2022. Key points: Treasury estimates the cost of the floods to the economy was around $5 billion Disasters also drove inflation by pushing up the cost of fruit and … Read more
While life has nearly returned to normal after two years of living with a pandemic, the new XBB. 1.5 sub-variant of Covid has threatened to derail our progress. The new Omicron strain, nicknamed the Kraken, is believed to be more transmissible and evade protection from vaccines and former infection. The World Health Organisation (WHO) has … Read more
Treasurer Jim Chalmers has revealed he had a skin cancer scare, warning Australians they need to be vigilant with their health. Mr Chalmers said he was diagnosed with a melanoma on his chest at the end of 2020 and is now speaking about it to bring awareness. “I was one of those very complacent blokes, … Read more
Australia’s life expectancy took a dive during the Omicron wave in 2022, new data has revealed, owing to a 17 per cent spike in deaths. Nearly 130,000 people died during the first eight months 2022 – 13.2 per cent higher than the same period in 2021, and 17 per cent above the historical average. At … Read more
The federal government has dismissed Beijing’s threats of retaliation after its decision to impose mandatory testing on travellers flying into Australia amid a surge of COVID cases in China. From Thursday, travellers from China will be forced to take a pre-departure COVID-19 test and record a negative result before making the journey to Australia – a … Read more
Treasurer Jim Chalmers has revealed his grim outlook for the Australian economy in 2023, with one “big issue” predicted to spell trouble for hip pockets. Speaking to radio station 2GB on Tuesday, Dr Chalmers pointed at one in particular of five major concerns facing the national economy as the factor most likely to hurt Aussie … Read more