RBA Reports AU$4.2 Billion Loss, Marking Fourth Consecutive Year Of Deficits
RBA governor Michele Bullock announced the central bank incurred a loss of AU$4.2 billion, during 2023-24, recording its fourth consecutive year of accounting losses. The bank suffered shortfalls of AU$6 billion in 2022-23, a record AU$36.7 billion in 2021-22, and AU$4.3 billion in 2020-21.
Australia And UK Unveil Joint Renewable Energy Plan To Drive Economic Growth
"We share a vision for a modern and transformed Australia-United Kingdom relationship, which delivers tangible benefits and prosperity to both our nations and the Indo-Pacific," Prime Minister Anthony Albanese said.
Australian Banking Lobby's Plan To Lower Interest Rate Buffer For First Home Buyers Sparks Backlash
Critics of the 3% buffer said that it prevented potential borrowers from obtaining home loans because it required them to demonstrate the ability to manage a much higher mortgage than the set interest rates.
Woolworths And Coles Blame Suppliers For Price Hikes Amid Federal Court Battle
Australia's two largest grocery chains appeared separately before the Federal Court on Wednesday in response to a lawsuit filed last month by the Australian Competition and Consumer Commission, which alleged they had breached consumer law regarding hundreds of common products.
Rising Costs Outweigh Job Satisfaction Concerns For 79% Of Australian Workers, Survey Finds
In addition, frustrated frontline workers, combined with inefficient tools and outdated IT systems, are costing Australia an estimated AU$29.5 billion in lost productivity gains.
Australia Secures AU$7 Billion Missile Deal With US To Enhance Naval Defense Capabilities
The SM-2 IIIC introduces advanced active seeker technology, greatly improving defense against missile threats. Meanwhile, the SM-6 offers extended-range air defense against both air and missile threats, adds offensive anti-ship capability, and, for the first time, provides terminal ballistic missile defense.
Victorian Government Slashes Stamp Duty On Off-The-Plan Homes To Boost Affordable Housing
The one-year plan, which came into effect from Monday, was aimed at helping the housing industry build more homes for both buyers and renters across the state, Premier Jacinta Allan said.
UN To Urge Albanese Government To Uphold Global Treaty Obligations As NT Lowers Criminal Age to 10
During the first parliament sitting on Thursday, the Northern Territory's new conservative Country Liberal Party government passed legislation lowering the criminal age to 10, fulfilling a key election promise.
Australia May Reconsider AU$368B AUKUS Submarine Deal Due To Budget Pressure: US Report
The 105-page report outlines several policy options, including the possibility of Australia dropping the purchase of U.S. submarines in favor of American vessels carrying out missions on its behalf, while continuing to build the SSN-AUKUS fleet.
83% Of Australians Blame Supermarkets For Rising Living Costs, Poll Reveals
When asked about policy changes that could lower living costs, 64% of respondents suggested increasing competition among the major supermarkets and reducing utility costs. While, 60% called for lower medical expenses, 58% advocated for faster wage growth.
Warburg Pincus Invests AU$490M In Australia's MA Financial To Bridge Residential Funding Gap
MA Financial's joint CEO Julian Biggins stated the investment will support the company to bridge key gaps in the country's underserved residential market.
Albanese Unveils Plan To Tackle Ticket Pricing And Hidden Fees To Relieve Financial Pressures On Australians
Albanese announced that the government will soon legislate "specific prohibitions of a range of dodgy practices," under the Australian consumer law aimed at improving fair competition and transparent pricing, and alleviating the financial pressures faced by the country's residents.
AustralianSuper Invests AU$2.2 Billion In US Data Center Market With DataBank Deal
With a global real assets portfolio totaling nearly AU$60 billion, this investment would mark AustralianSuper's first entry into the U.S. data center market and make it the second investor in DataBank, after DigitalBridge.
Food Insecurity Hits 3.4 Million Australian Households Amid Cost-Of-Living Crisis: Report
Foodbank chief executive officer Breanna Casey stated 48% of low-income households were now experiencing food insecurity, with half the number spending less on essentials such as fresh produce and protein.
Australia Issues Highest-Level Travel Warning, Urges Citizens To Leave Israel Amid Ongoing Conflict
"We now advise do not travel to Israel and the Occupied Palestinian Territories due to the volatile security situation, armed conflict, civil unrest and terrorism," the Australian government's advice reads.
Liberal-National Coalition Takes First Lead Since 2022, Albanese's Approval Hits Record Low: Poll
The poll, however, predicted a hung parliament, with both parties failing to get a clear majority, leaving the Labor Party set to return as a minority government.
Australia To Invest AU$95 Million To Prevent Bird Flu Amid Global Outbreak Concerns
The Labor government had earlier granted AU$1 billion toward improving the country's biosecurity if the avian influenza strain was detected on Australian shores.
Over 1000 Patients At Sydney GP Notified Of Ineffective Vaccine Due To Storage Error
The Holy Family Medical Centre in Dulwich Hill has notified about 1,208 patients, including 394 children, who received a vaccine between Dec. 4, 2019 and July 30, 2024, that their protection may have been compromised due to incorrect storage of the vaccines at the clinic.
ANZ Cuts Fixed-Rate Home Loans Interest by 0.70%, Joins Sub-6% Club
According to Canstar's report, 42 lenders have reduced their fixed rates in the last month, with the lowest fixed rate on the market being 4.99% on a three-year term offered by SWS Bank.
China Agrees To Lift Ban On Australian Rock Lobster Before Chinese New Year
In 2019, China was the destination for AU$700 million worth of rock lobsters, making up 98% of Australia's exports, and with the ban in place, Australia struggled to find both domestic and international markets for Southern Rock Lobster.
Is Israel Following International Law In Gaza Attacks, Asks Australia Minister
"The bombing of schools and the bombing of hospitals, I think, are not complying with international law," the Education Minister told AAP. "Enough blood has been spilled and it's time for the suffering and starvation and the slaughter that's happening in Gaza to end."
Labor Govt Introduces New Legislation To Tackle Growing Cyber Crime
Under the legislation, the cyber companies who were victims to ransomware attacks and paid hackers to regain the data, will have to report the payment to authorities.
RBA's Hauser Justifies Private Briefings, Says They Enhance Insight Into Financial Sector Dynamics
RBA Deputy Governor Andrew Hauser argued that a central bank needed to build strong bonds with business, unions, government organizations and the financial sector.
Qantas To Pay AU$120 Million In Fines And Compensation For Selling Tickets On Cancelled Flights
Australia's largest airline had reached an agreement with the ACCC in May to implement a remediation program, agreeing to compensate nearly 86,000 customers who were affected by the airline's misleading conduct.
Australia Sees 29.3% Surge In Property Values As 200 Suburbs Join 'Million-Dollar Club': Report
Sydney and Brisbane saw the highest number of new suburbs reporting homes and units priced above AU$1 million, with 46 new suburbs added in each city.
Former Labor MP Fatima Payman Set To Launch New Political Party
Payman emphasized that the intention was not to launch a "Muslim" party. Instead, the campaign will focus on broader issues, while Gaza and the Middle East will be addressed under "foreign affairs," she said.
Australia's Parliament House Raided By Anti-Corruption Agency In Connection To DPS Probe
"The commission can confirm it carried out operational activity today at Parliament House," the NACC spokesperson said in a statement. "This was in relation to an ongoing investigation."
Origin Energy Withdraws From Australia's Green Hydrogen Project, Citing High Production Costs
"It has become clear that the hydrogen market is developing more slowly than anticipated, and there remain risks and both input cost and technology advancements to overcome," Origin chief executive Frank Calabria said.
Queensland Premier Pledges State-Owned Energy Provider To Lower Electricity Bills If Re-Elected
Treasurer Cameron Dick put the cost of setting up the energy retailer at about AU$1.4 million adding that it would help people save up to 6% of their energy bills.
Australia's August Retail Sales Surge 0.7%, As Warm Weather Fuels Seasonal Purchases
The latest figures boosted Australian dollar by 0.25%, bringing it to AU$0.6930, just shy of its 1.5-year peak of AU$0.6943.