Australia Economy

Australian inflation hits 32-year high amid rising gas and housing prices

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

Australia to raise spending to boost slowing economy amid inflation

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

Cost of living pressure overtakes Covid as Australians' top concern: Report

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

Long Covid costing Australia's economy $3.6 bn annually, says report

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

Australian online shopping continues surge in record financial year

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

Australian central bank hikes rate for 2nd time in 5 weeks amid inflation

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 in Q1 grows 0.8% despite floods, Covid surge

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

China, climate & inflation: New Australian PM has his task cut out

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

Qantas to Rio Tinto: Corporate Australia burdened by coronavirus surge

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

Australia November retail sales boom in timely boost to economy

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.

Australia PM vows to 'push through' Omicron wave as infections cross 1 mn

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

Australia to raise its 2022 growth forecast at mid-year budget review: Govt

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

Court finds Mazda Australia misled customers on refunds for faulty vehicles

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.

Covid-safe election to cost Aussie taxpayers additional $22.9 million

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 rebounds sharply in third quarter from Covid recession

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

Australia Q2 business investment slide not as bad as feared, plus for GDP

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

Australian PM to announce stimulus package soon as Covid-19 impacts economy

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

Australian politicians may not keep economy immune from recession for long

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