Australian economy

Australians’ high quality of life is at risk if the country fails to address its productivity issues.

The increase in job numbers, almost double what was forecast, is positive news for the unemployed, but may diminish expectations of an RBA rate cut.

It comes as major retailers post profit losses.

Treasurer Jim Chalmers has stopped short of saying Australians are living in a recession, as the ABS reports the latest inflation figures.

The outlook for business continues to worsen, with CreditorWatch forecasting 1 in 11 in hospitality will fail in the next year, with bad news for other sectors.

‘Australia is the only G10 country where underlying inflation has increased since December,’ Deutsche Bank’s chief economist said.

Net zero is a key driver of economic growth, Anthony Albanese has told the second annual forum on Australia’s Ecoonomic Outlook.

Analysts had been predicting a surplus of almost the same amount, meaning the economy has under-performed projections by around $10 billion.

Net zero remains a key focus of the federal Labor government.

The Eras Tour spending led to retail sales growing modestly at 0.3 percent.

People seek additional sources of income amidst financial challenges.

The Australian economy is expected to to post another weak growth result in the December quarter of 2023.

The PM acknowledged the decision would be controversial.

The government says it has banked 92 percent of revenue improvements since the May budget.