Latest AU Economy News & Archive

AustralianSuper Faces AU$27 Million Penalty For Overcharging Members Due To Duplicate Accounts

AustralianSuper manages over 3.5 million members and is responsible for 14.6% of all superannuation accounts in the country.

Gen Z Income Expectations: Young Australians Say They Need AU$200K To Live Comfortably

Many are looking at the prospect of saving for a six-figure deposit and taking on a mortgage approaching a million dollars, just to secure a small starter home in one of Australia's capital cities.

Superannuation Mistake Might Be Costing Retirees Up To AU$9,000 In Extra Taxes

Funds in the accumulation phase are taxed at 15% on investment earnings, while those in the retirement phase are tax-free.

Some Gen Z Australians Have Over AU$2 Million In Super: A Trend Or Cause For Concern?

ATO recently revealed that 178 Australians under 30 reported superannuation balances exceeding AU$2 million in the 2021-2022 financial year, despite taxable incomes starting at just AU$18,200.

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Higher Super Tax Concessions: Who Benefits And At What Cost?

According to Andrew Podger, a professor of public policy at ANU, Australia needed to shift its focus towards creating a system that helps older Australians turn their accumulated super savings into reliable incomes, ensuring they can maintain their living standards and manage the financial challenges of old age.

Student Favour Ehuchie said the course could help turn her interests into a business

HELP Debt Changes In Effect: What Students Need To Know About New Indexing

Student loans will now be adjusted annually based on the lower rate between the Wage Price Index (WPI) and the Consumer Price Index (CPI). This modification is effective retroactively for the previous two fiscal years.

Melbourne Service Station's Under AU$1 Fuel Sparks Frenzy As Libertarian Party Protests Fuel Taxes

The promotional stunt, organized by the Libertarian Party, aimed to protest the government's fuel taxes, which currently added 55 cents per litre to the cost of petrol.

Centrelink Overhaul: Foreign Currency Cheques To Be Phased Out From Dec. 19

Individuals affected by this change will be required to switch to electronic payment methods to send foreign currency.

Financial Strain On Seniors: 40% Australians Over 50 Struggling With Quality Of Life

A research, commissioned by Australian Seniors, found that the pension was only covering 76% of the total lifestyle expenses, with seniors getting caught in the tight choice between buying essential items and discretionary spending for future savings,

'What Is A Good Salary?' TikTok Creator Sparks Viral Debate On Financial Happiness

According to the latest figures from the Australian Bureau of Statistics, the average annual salary for full-time workers in Australia is currently AU$103,812, while the median salary -- the figure that represents the "middle" earnings -- is AU$88,920.

Gen Z Job Hunting Surges: 41.5% Of Young Australians Seek Better Opportunities

According to a recent Gartner research, nearly half (49.2%) of Gen Z workers in Australia expressed general confidence in the nation's present business climate, indicating a high level of optimism about job availability.

How Much Should Australians Save For Retirement? ASFA Reports 0.5% Drop In Retirement Costs For Q3

While retirees are seeing some financial relief, the ASFA Retirement Standard emphasizes the need for better access to quality financial counsel to help Australians manage rising retirement costs and plan for the future.

Many left-wing voters say they will back the former premier, despite her role in pushing back the retirement age to 64 from 62

How Much Do Australians Need To Retire Comfortably? Rising Costs Redefine Savings Goals

Variables like shifting interest rates, erratic real estate values, and international conflicts can all drive down ROI. Therefore, Australians must review their superannuation plans to make sure they're on track to meet their retirement goals.

Melbourne Suburb Housing Outrage: Is Rapid Development Leading To Cost-Of-Living Crisis?

Located just under an hour's drive north of Melbourne's CBD, Mickleham has seen rapid population growth as young families, priced out of inner-city housing, move to more affordable areas. However, the development has raised concerns among locals and experts alike.

Centrelink Payments: What You Need To Know About The Holiday Schedule

Due to the sweeping closure of service centers and call centers from Dec. 25 to 27, and Jan. 1, 2025, individuals will be required to report their income early and on a new reporting date to receive payment on time.

22% Of Private Renters Live Below Poverty Line In Australia Amid Growing Affordability Crisis

The report identified eight groups as being particularly at high risk of multiple deprivation -- JobSeeker Payment, Parenting Payment, Disability Support Pension, or Youth Allowance, single-parent families, First Nations people, and those renting social or private housing.

1 In 8 Australians Are Millionaires, Thanks To Surging Real Estate Values

This demonstrates the substantial influence that Australia's real estate market has on the people's wealth, with the average household having a net worth of AU$1.58 million.

Black Friday sales at Roosevelt Field shopping mall in Garden City, New York

Black Friday And Cyber Monday Sales: What Shoppers Should Know About Australia's Refund And Return Policies

Under Australia's consumer law, buyers are only entitled to a return or refund if the product is faulty or doesn't match the description, not if they simply change their minds.

US consumer price inflation slowed slightly last month, jumping 8.3 percent compared to April 2021

Australia's CPI Rises 2.1% In October, Below Market Projections

The monthly consumer price index (CPI) increased 2.1% in the 12 months to October 2024. A more steady inflation environment was shown by the fact that this increase fell short of the 2.3% market projection.

Australia Banking Regulator Maintains 3% Serviceability Buffer For Home Loans Amid Economic Uncertainty

The Australian Prudential Regulation Authority said in a statement it was confident the 3% buffer will help households stay afloat and repay their loans under various scenarios.

Australia's AU$230 Billion Future Fund To Drive Housing, Green Energy, Infrastructure Investments

Treasurer Jim Chalmers and Finance Minister Katy Gallagher confirmed in a joint statement that the fund's main goal was to maximize returns, with the growth rate benchmark and risk profile remaining unchanged.

Andrew Rigie, executive director of the New York Hospitality Alliance, says that restaurants and bars face COVID-related unique problems.

Business Insolvencies Hit 3-Year High, Hospitality And Construction Sectors Struggle Most: Report

The rate of business failure increased to 5.04% in October, the highest level since the peak of the COVID-19 pandemic in 2020, when it was 5.08%.

Reserve Bank of Australia chief Philip Lowe said the coronavirus is having a 'significant'effect' on the country's economy

RBA Holds Interest Rates Steady, Signals Readiness To Act Amid Economic Shifts

As underlying inflation remained "too high," RBA noted that it wanted to see consistent inflation data before considering a rate cut, to ensure any decline was sustainable.

Cost-Of-Living Crisis: Older Australians Weather Economic Downturn Better Than Youth, Data Reveals

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.

Australians Staying On Top Of Bills Despite Rate Hikes, Record Mortgage Debt: RBA Assistant Governor

"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."

Australian Government To Mandate Cash Acceptance For Essential Goods And Services

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.

NAB Pushes Back RBA Rate Cut Forecast, Citing Strong Labor Market And Inflation Risks

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.

The government is expected to address soaring youth unemployment at its Third Plenum next month

Australia's Unemployment Rate Remains Unchanged At 4.1%, Economists Warn Of Cooling Job Market

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.

An analysis of a higher minimum wage portrayed a mixed picture of job loss and lower poverty

Australia Wage Growth Hits 3.5%, Outpaces Inflation For Fourth Straight Quarter Amid Cost-Of-Living Pressures

"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%."

Australian Produce Vendors Struggle With Limited Export Options Amid Supermarket Duopoly, ACCC Inquiry Finds

The vendors, who were highly reliant on Coles, Woolworths and Aldi, see their efforts dwarfed by supermarkets' tactics, forcing them to restrict their business to the domestic market, the industry's peak body told the ACCC.

RBA Says US Election's Impact On Australian Inflation Remains Unclear, Awaits Trump Policy Outcomes

Governor Michele Bullock Bullock said the RBA had reviewed some of Trump's policies, including a 60% tariff on China, but it remained uncertain whether he will implement them.

Unpaid Superannuation Rise To AU$5.2B As Employers Fail To Contribute: ATO Report

ATO data showed that the net super disparity -- the portion of existing unpaid super gap even after the recovery attempts -- has dropped from 6.7% in 2022-23 to 6.3% in 2023-24. However, the total unpaid super has increased to AU$5.2 billion this year, compared to AU$4.8 billion in the previous year.

RBA Keeps Interest Rate Steady At 4.35% As Economic Pressures Persist

RBA's latest decision to keep interest rates at a 12-year high of 4.35% was met with a silent market reaction, as seen by the Australian dollar's steadying around $0.6595.

Australia's Household Spending Dips 0.1% In September, Hit By Cutbacks In Apparel And Transport

While households increased their spending on groceries and healthcare, there was a 1.8% decrease in spending on new clothes and shoes, reversing the 0.2% growth reported in August.

AU ECONOMY

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