“Thousands” of struggling renters will have their say in a senate inquiry secured by the Greens in their latest bid to get the government to address the rental crisis. Days after the Greens joined forces with the Coalition to defer voting on the government’s $10 billion Housing Australia Future Fund until October, giving Labor time … [Read more…]
Best & Less has become the latest retailer to report deteriorating sales as the cost of living crisis bites into consumer spending. The discount variety retailer has recorded a more than 13 per cent drop in its sales from May to June, and it expects its half-year profit to flop by as much as two … [Read more…]
Project blowouts, tough decisions and budget black holes have been flagged for Australia’s biggest state economy, with NSW Treasurer Daniel Mookhey saying it will be “very, very difficult” for the government to achieve a surplus by 2024-25. Delivering the June Economic Statement, ahead of the official 2023-24 budget in September, the Treasurer said inflation would … [Read more…]
Australia’s property market is shaping up to be quite soft throughout 2023 despite a small rebound in listings. There was some renewed energy in markets across the country throughout May according to the latest listings report from PropTrack; however, activity is still “more subdued” than last year. New listings on realestate.com.au increased by 18.7 per … [Read more…]
The 2022-2023 TotalEnergies Champions League season wrapped up on Sunday, with Egyptian giants Al Ahly clinching a record-equaling 11th title with a 3-2 aggregate win over Morocco’s Wydad Athletic Club. Ahly’s crowning marked the end of an incredible season, full of sensational matches, stunning twists and new revelations in terms of teams and players. CAFOnline … [Read more…]
Financial pressure on households has never been higher, and more of us are spending beyond our means than ever before, according to a long-running survey. Since 2001, research firm Digital Finance Analytics (DFA) has been tracking the income and debt from a rolling sample of roughly 52,000 households, and in May 2023, it found mortgage and rental stress has never … [Read more…]
The nation’s top executives have received pay rises much higher than the rate of inflation as everyday Australians battle the cost of living crisis. A new report from the Governance Institute of Australia has found senior executives in Australia’s largest listed companies were given pay rises double the rate of inflation. The base salaries of … [Read more…]
Almost half of all borrowers could be at risk of defaulting on their loans in just three months if they experience “shock” to their income or expenses, a report has revealed. The Reserve Bank of Australia’s Financial Stability Review revealed the startling reality for many bank borrowers in April off the back of successive interest … [Read more…]
All four of Australia’s big banks have announced they are hiking interest rates on mortgages in line with the Reserve Bank’s 11th increase. The central bank hiked the cash rate by 0.25 percentage points to 4.10 per cent – the highest level since April 2012 – when it met on Tuesday, with a warning there … [Read more…]
Household spending is up compared to the same time last year, but growth has slowed considerably since the end of 2022. New ABS figures out on Tuesday show that a growth rate of six per cent in April continues the trend down from a 29.1 per cent peak in August. Kate Lamb, head of business … [Read more…]