Australia Economy

Australia's annual inflation has climbed to its highest level in 32 years amid soaring prices for housing and gas

Australia's new government released plans on Tuesday for more spending on families, the elderly, defence and its Pacific neighbours as the country braces for an economic slowdown due to rising interest rates, inflation and disastrous floods. Treasurer Jim Chalmers delivered his centre-left Labour Party's first annual budget for the fiscal year that began in July. It is the first budget in nine years by a Labour government and comes as Australia contends with unprecedented levels of debt that has mounted during the COVID-19 pandemic. Chalmers said rising inflation was the primary influence on his economic blueprint. Inflation is forecast to peak at 7.75 per cent by December and remain higher for longer than had previously been expected. It's framed against a backdrop of a complex combination of a serious economic downturn overseas, damaging and devastating natural disasters here at home, war in Europe, a slowdown in China brought about by COVID -- all of these issues combining at on

The rising cost of living has overtaken Covid-19 as the top source of concern among Australians, a new survey revealed on Monday

Australia has announced a parliamentary inquiry into long Covid, with the aim of developing a clear definition of the illness and gauging the scale of its impact on the country's 26 million people

The report released by Australia Post showed that in the financial year ending on June 30, 2022, a record 9.3 million households had shopped online

Australia's central bank on Tuesday lifted its benchmark interest rate for a second time in five weeks, changing the cash rate to 0.85% from 0.35%

Australia's economy grew by 0.8 per cent in the first quarter of 2022, beating economists' expectations

Albanese seized upon the rising cost of living as a key issue in his attack on the outgoing coalition govt

Australia has seen a record surge in Covid-19 infections due to the Omicron variant, which has strained supply chains, overwhelmed hospitals

It blew away expectations of a 3.9% gain and left sales 5.8% up on November last year at a record A$33.41 billion ($24.00 billion), a major boost to economic growth in the quarter.

Country is battling record infections in its effort to live with the virus after higher vaccination rates.

"The market is coming back strongly," Treasurer Josh Frydenberg said in an interview on the Australian Broadcast Corporation's "Insiders" programme

The Australian Competition and Consumer Commission started court proceedings against Mazda in October 2019 in a case involving seven different Mazda vehicles and 10 customers.

Australia's next federal election is likely to cost the country about an additional 30 million Australian dollars ($22.9 million) due to Covid-19 measures

Australia's economy rebounded sharply in the third quarter from a coronavirus-induced recession as consumer spending surged

Australian business investment fell by less-than-feared last quarter and future spending plans remained surprisingly intact in a hopeful sign economic recession may not be as deep as forecast earlier

The prime minister said the impacts from the coronavirus outbreak were "potentially greater" than the global financial crisis of 2008

The country dodged the worst of the global financial crisis thanks to China, which bought its iron ore and coal and then sent over tourists, students and investors