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Grim warning for workers with inflation set to hit a three-year high
Inflation is set to reach a three-year high, with warnings that the Australian economy could be in the grip of stagflation, driving more than 100,000 people out of work within months. Source: The Age.
IMF warns Chalmers against budget spending spree
Treasurer Jim Chalmers is being warned not to use the budget to deliver cost-of-living handouts to address inflation fuelled by the war in Iran, with the International Monetary Fund fearful the world could be pushed into a recession if hostilities do not end soon. Source: The Age.
Wages drop to blame for growth in poverty: research
A new research report into Australia’s national minimum wage has found the poverty line has had the largest increase in a decade. Source: ACU.
RBA warns recession may be unavoidable after raising rates again
Treasurer Jim Chalmers has been given a stark warning by the Reserve Bank that a recession may be the only way to drive inflation out of the economy after the bank board split to support a second successive increase in official interest rates. Source: The Age.
Inflation a ‘crushing burden’ on vulnerable Australians
Catholic Social Services Australia says that while the latest inflation figures have sparked renewed commentary, it is vital to recognise the immediate and severe impact rising prices have on Australia’s most vulnerable communities.
OECD calls on Australia to raise GST, increase affordable housingÂ
The OECD has called on the Albanese Government to broaden the GST, do more to reduce greenhouse emissions and adopt ambitious social housing targets as part of its annual economic survey of Australia. Source: The Guardian.Â
Housing issue to dominate talks at Economic Roundtable
Housing will dominate discussion at the Economic Reform Roundtable this morning, with ministers, business leaders and conservationists all under pressure to solve the wicked problem of building more homes without trashing the environment. Source: ABC News.
Productivity chief warns young people facing bleak future
Productivity Commission chair Danielle Wood says young people are facing a future of lower wages, increased costs and the impacts of climate breakdown without major government action to tackle major economic challenges. Source: The Guardian.
Caritas campaign calling for forgiveness of unjust debt
Vatican officials, charity workers, and internationally recognised economists came together yesterday to discuss debt reform in an online town hall organised by Caritas Internationalis. Source: Vatican News.