May 05 2021, 3:09 AM
May 04 2021, 10:08 AM
May 05 2021, 3:09 AM
(Bloomberg) Discover whatâs driving the global economy and what it means for policy makers, businesses, investors and you with The New Economy Daily. Sign up here
(Bloomberg)
Discover whatâs driving the global economy and what it means for policy makers, businesses, investors and you with The New Economy Daily. Sign up here
Australiaâs central bank upgraded its economic outlook and said policy makers will review its bond programs in July, while maintaining interest rates will remain at emergency levels until at least 2024.
Reserve Bank Governor Philip Lowe kept the cash rate and three-year yield target at 0.10% on Tuesday. He said the board will decide at its July 6 meeting on a third tranche of quantitative easing and whether to shift yield curve control to target the November 2024 maturity from the current April 2024 bond.
Sky News contributor Peter Switzer says he thinks "it's going to be very hard" for the Reserve Bank to see inflation hit its target range before increasing interest rates because "the world is so different" economically.
"The kind of stuff that we thought drove inflation has changed before our eyes, so we don't get inflation the way we used to," he said.
Inflation fell to 0.6 per cent over the last quarter, well below the 0.9 per cent figure forecast by private-sector economists.
Annual core inflation now sits at 1.1 per cent with Reserve Bank Governor Philip Lowe pledging not to raise interest rates until that number returns to the two to three per cent target range.
Victorian Opposition Says State Budget Will Return to Surplus by 2026 if Elected
The Victorian opposition has pledged to bring the state budget back to surplus within five years if the Liberal and National coalition wins next year’s election.
This announcement by shadow treasurer Louise Staley comes after the Andrews government announced a plan in November 2020 to overturn the COVID-19 induced economic downturn with an unprecedented $23.3 billion budget deficit by the next financial year.
Staley told reporters on April 26 that the coalition will overturn the Andrews government’s state deficit through sustained economic growth, reducing government “waste,” and lobbying the commonwealth for a greater share of the GST.
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Plenty of economic reports come across my desk on a daily basis. Some stand out more than others.
This one, from SEEK, caught my eye.
It begins like this: Overview of March 2021: Highest number of job ads posted in a month in SEEK s 23+ year history. Applications per ad at lowest level since 2012.
It s the combination of the lines above that grabs you. Bosses are shouting from the rooftops for quality candidates, and only hearing a few whispers back.
It s also incongruous to what we know that millions of Australians want a job, or more hours than they currently have rostered.
News by Jade Gailberger 4th Apr 2021 1:23 PM Credit card interest rates should be slashed with the cost of borrowing money at record lows, Victorian Treasurer Tim Pallas says. Mr Pallas has put the banks on notice in a bid to ease the financial burden on Aussies doing it tough during the pandemic. In a letter to his federal counterpart Josh Frydenberg and banking executives, Mr Pallas is demanding a review of the way credit card borrowing rates are set and regulated. He said interest rates on credits cards had remained around 20 per cent despite the 0.1 per cent cash rate. That is unfair, it is unreasonable, and it s unconscionable and it has to stop, Mr Pallas said.