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60% of new jobs created in Australia are casual, according to new analysis. The figure calls into question the strength of Australia s economic recovery. Jack Derwin Delivery workers are at the forefront of the rise in insecure work. (Speed Media, Icon Sportswire) Australia may be creating a record number of jobs, but they aren t the ones workers need, the Australian Council of Trade Unions (ACTU) has argued. Six in ten new jobs during the recovery are casual, while Australians increasingly work multiple jobs in the search of sufficient hours. New analysis from Roy Morgan suggests unemployment and underemployment have risen sharply on pre-pandemic levels, as a Select Committee examines what reforms may be required to strengthen the labour market. ....
A large number of Australians would struggle financially if they lost their job despite interest rates being at a record low. House rents in every capital city, except Melbourne, have risen during the past year while the banks are starting to increase their fixed mortgage rates, sparking fears of loan stress from 2023. With living costs rising again, 42 per cent of Australians are living pay cheque to pay cheque, an online Finder survey of 14,544 consumers found. That equated to 7million Australian adults who were struggling financially. Alarmingly, little more than a third - or 36 per cent - could live off their savings for four months if they suddenly lost their job. ....
He said while the Reserve Bank had argued that it already considered housing costs and house prices when it set policy, that was only true insofar as it was a driver of inflation and employment. Housing costs such as rent, maintenance and construction were part of the consumer price index that the Reserve Bank targeted for its price stability objective. But that index did not include house prices and gave little weight to the cost of land. “This means the CPI gives an incomplete picture of housing inflation for policy purposes. Similarly, in undertaking its financial stability role, the Reserve Bank considers house prices in the context of financial stability. However, as New Zealand’s stronger-than-expected economic performance has flowed through to renewed housing demand, the time is right to reconsider whether the importance of house prices in Reserve Bank decision-making should be elevated.” ....
India is now the global coronavirus hotspot, with cases rising at more than 300,000 daily. The world s worst Covid-19 outbreak in India risks fanning price pressures, threatening to limit options for the inflation-focused central bank to support the economy. State-wise curbs to stem the virus are disrupting domestic supply chains, risking higher prices for everything from essential drugs to cars. A recent weakening in the rupee is worsening the situation, boosting the local cost of imported oil and other raw materials for manufacturing. While the Reserve Bank of India s looser monetary policies last year overlooked above-target inflation, further price pressure amid an expected economic recovery later this year may limit its options. Consumer price inflation is on course to test the upper limit of its 2 per cent-6 per cent target, while recent gains in wholesale prices signal more pressure to come. ....
Amid world’s worst Covid outbreak, rising inflation risks RBI’s monetary easing SECTIONS Last Updated: Apr 28, 2021, 07:17 AM IST Share Synopsis Consumer price inflation is on course to test the upper limit of the its 2%-6% target ETRetail Related By Anirban Nag The world’s worst Covid-19 outbreak in India risks fanning price pressures, threatening to limit options for the inflation-focused central bank to support the economy. Provincial curbs to stem the virus are disrupting domestic supply chains, risking higher prices for everything from essential drugs to cars. A recent weakening in the rupee is worsening the situation, boosting the local cost of imported oil and other raw materials for manufacturing. ....