Australia’s finances have been downgraded by $21.8 billion as rising spending and plunging tax receipts set up a decade of budget deficits. The degraded fiscal bottom line was laid bare in Wednesday’s mid-year economic and fiscal outlook, which updates the forecasts made in May’s federal budget. The...
KEY FORECASTS FOR AUSTRALIA’S ECONOMY: * The economy is expected to grow at 1.75 per cent in 2024/25, before recording real GDP growth of 2.25 per cent, 2.5 per cent and 2.75 per cent in the years following * Unemployment is expected to rise to 4.5 per...
Major cost-of-living measures aren’t on the cards in the federal budget update because of a $25 billion hit to the books, as data reveals new drags on the bottom line. The mid-year economic and fiscal outlook will show more than $16 billion in automatic spending increases...
Windfall gains scooped up by Australian property sellers have hit an all-time high with those who own making hundreds each week, eclipsing what renters pay to keep a roof over their heads. The median profit for property resales in the September quarter came in at $295,000...
Australians ringing in the new year could see a small drop in the value of their homes, new property data has revealed. According to research by CoreLogic, the start of 2025 may see a continuation of the “drag” on buyer demand which could result in a...
A tax purported to make GP visits cost more and a barrier to entering the housing market have been removed by a state government fulfilling more of its election promises. The Liberal National government scrapped a “patient’s tax” during the final Queensland parliament sitting on Thursday,...
Student loan debt should be lowered and a coalition-era change to university funding scrapped to help meet Australia’s skills needs, the peak body for universities says. In a federal election statement, Universities Australia has laid out key priorities for the next government in 2025. Lowering student debt...
Calls for further reforms to create a universal childcare system are mounting, after major government announcements to improve access for families. Anthony Albanese has promised a re-elected Labor government would abolish the childcare activity test and offer three days of subsidised care to families earning up...
Businesses are being put on notice ahead of Boxing Day over misleading advertising, after Australia’s consumer watchdog found concerning practices during Black Friday sales. The Australian Competition and Consumer Commission, which conducted a sweep of sales ads online and in store, is worried the claims about...
Santa might manage his present deliveries with just one sleigh, nine reindeer and a bit of magic, but for everyone else, Christmas shopping takes a greater toll. Every year, the volume of freight being delivered Australia-wide increases as more and more people make online purchases. Qantas Freight...