Young Australians, aged 18 to 29, reduced their expenditure by 2% year over year in the third quarter of 2024, with significant drops in both essential (by 2.3%) and discretionary (by 1.9%) spending.
European and Asian stock markets traded mixed Monday following a pre-weekend retreat on Wall Street as investors scaled back bets on US interest-rate cuts, fearing Donald Trump's policies could reignite inflation.
"Mortgage arrears rates have risen, but they remain low and at similar levels in Australia and the United States," Christopher Kent, assistant governor of Reserve Bank of Australia, said. "This is despite the significant rise in required mortgage payments in Australia."
Starting Jan. 1, 2026, businesses providing essential goods and services, such as groceries, fuel, banks, and utilities or health services, will be required to accept cash, with some exemptions.
The corporate watchdog accused NAB and its subsidiary AFSH Nominees Pty Ltd of violating the regulations between 2018 and 2023, during which the bank failed to respond to 345 customer hardship applications within the mandatory 21-day timeframe.
Though NAB had initially predicted the Reserve Bank of Australia (RBA) would cut interest rates in February 2025, now, that doesn't seem like a possibility before May 2025.
Global stock markets mostly struggled Friday after US Federal Reserve boss Jerome Powell indicated a slower pace of interest-rate cuts.
Britain's economy grew less than expected in the third quarter, official data showed on Friday, dealing a blow to the Labour government that has set its sights on growth expansion.
Australia's long service leave entitles employees to receive 2-13 weeks' paid leave after 10 years of service with a single employer, varying by state or territory, with the provision for employees to receive a proportionate (pro-rata) payment for unused leave entitlements when they leave their job.
Stock markets diverged on Thursday as investors digested US inflation data that supported the case for another interest rate cut next month, while worries over Donald Trump's presidency clouded optimism.
Troubled British fashion house Burberry on Thursday announced cost-cutting plans after posting a loss, with the global luxury sector pressured by weak Chinese demand.
The Australian Bureau of Statistics revealed that the number of people with full-time jobs increased by 9,700 last month, while the part-time rose by by 6,200, taking the total growth to 15,900.
US President Joe Biden and his Chinese counterpart Xi Jinping arrive Thursday in Lima for an Asia-Pacific summit overshadowed by the prospect of a world embroiled in trade wars under Donald Trump.
Retail banking expanded with 121,000 new transaction accounts, while home loans saw an increase of AU$8.6 billion.
Global stock markets diverged Wednesday as traders fret over the impact of Donald Trump's presidency on the Chinese and global economies, with fears that his policies could also reignite US inflation.
The Japanese owner of 7-Eleven said Wednesday its founding family had offered a counter-bid to a takeover attempt by Canadian convenience store rival Alimentation Couche-Tard (ACT).
"The latest decision of a 3.75% wage increase paid from 1 July 2024 was lower than the September quarter 2023 increase of 5.75%," noted the ABS head of prices statistics Michelle Marquardt. "It was also lower than the commission's September quarter 2022 awarded increase of between 4.6% and 5.2%."
European and Asian stock markets slid Tuesday on worries of a possible trade war between China and the United States when Donald Trump takes over as president, analysts said.
