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Economy
GDP fall to impact RBNZ’s monetary stance in next MPC?
June 16, 2022 02:24 PM AEST| By ManikaHighlights NZ’s GDP fell 0.2% in the March 2022 quarter This is mainly due to the Omicron spread during that time Despite a contraction in the economy, the RBNZ unlikely to change its monetary policy stance New Zealand's GDP fell 0......
Minimum wage hike: How will it impact inflation and RBA interest rate decision?
June 16, 2022 12:47 PM AEST| By Akanksha VashishtHighlights The Fair Work Commission (FWC) has increased the minimum wages by 5.2% as cost-of-living pressures increase. Higher wages are often associated with job losses and can contribute to ongoing inflation. An increase in wages could force.....
Toymaker Lego to invest US$1 bn on new US factory
June 16, 2022 06:07 AM AEST| By Mridul GogoiThe world’s largest toymaker Lego announced on Wednesday about investing US$1 billion in a new factory in the US to address a growing demand for its brick in the region. The new factory, which will come up in Chesterfield County, Va., outsid.....
US retail sales drop 0.3%, first time in 5 months as auto sales dip
June 16, 2022 04:52 AM AEST| By Mridul GogoiHighlights: US retail sales dipped 0.3% in May as auto purchases fell sharply. Despite a drop in auto sales, spending in gas stations surged, pointing toward a rising fuel cost. Restaurant sales, the Commerce Department’s only services c.....
US home equity touches record level at US$27.8 trillion in Q1
June 16, 2022 01:42 AM AEST| By Mridul GogoiUS homeowners have currently more equity, which has touched the highest level ever. A Federal Reserve data reveals that US home equity grew almost 20% in the first quarter of 2022 to US$27.8 shattering the previous record. Data showed that tappabl.....
Why sending parcels may cost Aussies more?
June 15, 2022 06:31 PM AEST| By Akanksha VashishtHighlights Postal service providers, including Australia Post, have announced massive bumps to their surcharge fees. High fuel and transportation costs emanating from Russia-Ukraine war have made things tougher for postal service providers. Th.....
Fair Work Commission’s minimum wages decision: Key takeaways
June 15, 2022 05:15 PM AEST| By Akanksha VashishtAustralia’s Fair Work Commission (FWC) has announced a higher-than-expected hike in minimum wages on June 15. An annual wage hike of 5.2% has been declared, which is at par with the annual inflation rate of 5.1%. The move is expected to offer.....
Why are job seekers worried about new point-based system to receive JobSeeker payment?
June 15, 2022 11:05 AM AEST| By Akanksha VashishtMajor changes have been recently announced to Centrelink’s Jobseeker program, bringing a new wave of concern for Aussies. The new Points Based Activation System (PBAS) will soon be introduced for the workforce, which will replace the existing.....
UK economy contracts by 0.3% in April: What lies ahead?
June 14, 2022 03:50 PM AEST| By Abhishek SharmaHighlights The UK economy shrank by 0.3% in April, the latest data from the ONS revealed on Monday. This is the first time that all main sectors - services, production, and construction – have seen negative growth since January 2021. .....
How come Canberrans' electricity bills fall while most Aussies' see power bills soaring
June 13, 2022 12:56 AM AEST| By Toshiva JainElectricity prices are skyrocketing in Australia. There are a couple of reasons behind the massive increase in power bills, such as the Russian invasion, lasting effects of La Nina, crunch in domestic gas supply, and most importantly, years of negl.....
Inflation worries: OECD asks NZ government to take targeted action
June 12, 2022 06:00 AM AEST| By ManikaHighlights The OECD released its report on Thursday Says the New Zealand government needs to do more to curb inflation The OECD paints a gloomy picture of inflation globally An Organisation for Economic Cooperation and Development (OECD) .....
Is Australian economy facing a wage-price spiral?
June 12, 2022 12:00 AM AEST| By Akanksha VashishtThe Australian economy is facing challenges from multiple directions. High inflation, rising interest rates and a decline in real wages have clouded the country’s economic outlook. These factors together have created a highly volatile environ.....
US luxury-home sales plunge the most since Covid-19 outbreak
June 11, 2022 06:38 AM AEST| By Mridul GogoiHighlights: The sale of luxury homes in the US fell the most since the pandemic broke out. Wealthy buyers recoil due to inflation, economic uncertainty, and a bearish stock market. Nassau County on New York’s Long Island saw the biggest .....
How much Australian property prices can fall if rates keep rising?
June 11, 2022 12:05 AM AEST| By Akanksha VashishtHighlights The Australian property prices have been declining amidst a fall in housing demand. The RBA’s larger-than-expected June rate hike has caused a massive stir in the economy, including a shock to the housing sector. The RBA recen.....
US retailers rush to slash prices to downsize inventory
June 10, 2022 06:00 AM AEST| By Mridul GogoiHighlights: US retailers cut prices to clear heavily stocked inventory. The services industry kept inflation hot as prices went above pre-pandemic levels. The CPI data to come out on Friday kept investors edgy. Amid the rising inflation i.....
US household wealth declines for first time since 2020
June 10, 2022 05:52 AM AEST| By Mridul GogoiUS household wealth declines for first time since 2020 Highlights: US household wealth dropped in the first quarter of 2022, the first time since 2020. US household net worth fell to US$149.3 trillion from a historic US$149.8 trillion at the end...
Crypto bank vs Fed: It is not Fed’s first brush with litigation
June 10, 2022 05:19 AM AEST| By Mridul GogoiHighlights: Wyoming-based crypto bank, Custodia has sued the Federal Reserve for blocking its access to Fed’s Masters Accounts. The lawsuit states that the central bank sat on Custodia’s application for 19 months without taking any .....
Should Australia be worried over World Bank's latest stagflation warning?
June 09, 2022 02:33 PM AEST| By Akanksha VashishtHighlights The World Bank has recently downgraded the global economic outlook and warned of a potential return of "stagflation". The OECD believes that the present economy is better equipped to handle pressures. Australia’s economic grow.....
What another 50bps hike in interest rate means for mortgage holders?
June 08, 2022 02:55 PM AEST| By Akanksha VashishtHighlights The RBA raised interest rates to 0.85% in June after its first hike in May. The latest interest rate hike is expected to hurt mortgage owners, with people from Western Australia facing the toughest conditions of all. Big four banks .....
Inflation higher in NZ than Australia: Check out responses of central banks
June 08, 2022 10:51 AM AEST| By ManikaHighlights Annual inflation is higher in New Zealand as compared to Australia Prices are rising in Australia significantly of late A wide gap between central banks’ monetary policy responses Annual inflation in the year to the March.....
