The Commonwealth Bank has pushed back its prediction of a rate cut to December, still months ahead of the wider consensus. Polling of 34 keen Australian economic minds shows 15 of the experts believe a February cut to the cash rate is in the offing. None of the 34 polled by Finder think the RBA will follow the US Federal Reserve and cut this month, while five of the 34 predict a cut before Christmas. A third of the experts believe there is a 50-50 chance of recession next year. “Australia – like many other countries – has bubbles in […]

In a startling revelation, the Australian Taxation Office (ATO) has disclosed that the nation is grappling with an astounding $100 billion in unpaid tax debts. This figure, which represents a significant portion of the country’s overall tax revenue, raises pressing concerns about fiscal responsibility and economic stability, it is also the highest it has ever reached. The ATO’s report, released earlier this week, indicates that the unpaid tax debt has surged in recent years, driven by various factors including economic challenges stemming from the COVID-19 pandemic, rising living costs, and compliance difficulties faced by both individuals and businesses. The ATO

As the Reserve Bank of Australia (RBA) approaches its October meeting, financial markets are bracing for a crucial decision that could impact the nation’s economy. Predictions about whether the RBA will raise or cut interest rates are sharply divided, reflecting a broader uncertainty in economic conditions. On one side of the debate, some analysts and economists argue that the RBA may need to raise interest rates further to combat persistent inflation. Current inflation rates remain above the RBA’s comfort zone, and core inflation stands at 4.6%—well above the target range of 2-3%. “Inflation pressures are still a significant concern,” says Dr.

In a dramatic call for economic intervention, the Australian Greens Party is urging Treasurer Jim Chalmers to activate a rarely used provision that could reverse the Reserve Bank of Australia’s (RBA) current interest rate decision. This move comes as the RBA maintains its cash rate at 4.35%, which the Greens argue is placing undue strain on mortgage holders and renters across the nation. The Greens are advocating for Treasurer Chalmers to invoke Section 11 of the RBA Act, a power that has never before been exercised. Senator Nick McKim, the Greens’ economic justice spokesperson, argues that this intervention is necessary

Sydney, August 23, 2024 — Major Australian banks have begun significantly reducing term deposit rates, a strategic move likely influenced by anticipated cuts in the Reserve Bank of Australia’s (RBA) official cash rate. This development marks a notable shift in the financial landscape, affecting savers and investors across the country. National Australia Bank (NAB), Commonwealth Bank of Australia (CBA), Westpac, and ANZ have all announced cuts to their term deposit rates. The reductions, which vary across different terms, reflect a broader trend among Australian financial institutions adjusting their rates in response to expected monetary policy changes. The RBA has been signaling

August 16, 2024 – In a firm statement today, Reserve Bank of Australia (RBA) Governor Michele Bullock has pushed back against mounting pressure to alter interest rates, emphasising the central bank’s commitment to maintaining stability and adhering to its strategic objectives. In a press briefing held at RBA headquarters, Bullock addressed the ongoing debate surrounding monetary policy and the increasing calls from various quarters for a change in interest rates. Despite recent predictions from financial institutions, including the Commonwealth Bank, suggesting a possible rate cut before the end of the year, Bullock underscored that any decision regarding rate adjustments will be

August 16, 2024 – The Commonwealth Bank of Australia has made a notable prediction regarding the nation’s economic outlook, suggesting that a reduction in interest rates may be on the horizon before the end of 2024. This forecast comes amidst a backdrop of fluctuating economic indicators and ongoing discussions about monetary policy. In a recent statement, the CBA’s chief economist, Dr. Sarah Johnson, highlighted that the current economic conditions and inflationary pressures could prompt the Reserve Bank of Australia to implement a rate cut in the coming months. “Given the recent trends in economic data and the RBA’s focus on stimulating

Sydney, August 13, 2024 —  Business owners across Australia are grappling with a significant shift in regulatory enforcement as the Australian Taxation Office ramps up director penalties. Recent figures show a dramatic increase in penalties, raising concerns among SMEs about the potential impact on their operations and personal finances. In the past fiscal year, the ATO has issued director penalty notices totalling over $500 million, a striking 40% increase from the previous year. This surge in penalties is part of a broader crackdown aimed at ensuring compliance with tax obligations and improving business integrity. Director penalties, which hold business directors personally

After the RBA delivered its decision late yesterday to hold cash rates at 4.35%, there has been stipulation whether we will see a rate cut before 2025. Over the next six months, the predictions for RBA rates are varied, with some experts anticipating a significant hike potentially reaching 5%, while others suggest that rate cuts may be off the table until 2025. This divergence highlights the complexity of economic forecasting and the array of factors influencing monetary policy. A notable faction of economists is forecasting a possible increase in the RBA’s cash rate, with some suggesting it could rise to

Sydney, August 6, 2024 — As the Reserve Bank of Australia (RBA) prepares to announce its latest monetary policy decision today, the financial world is abuzz with speculation. This comes in the wake of a significant drop in global stock markets overnight, prompting analysts to question how this volatility might influence the RBA’s actions. The global stock markets experienced a sharp decline on Monday, with the U.S. S&P 500 index plunging 2.3% and the Nasdaq Composite falling by 2.7%. In Asia, the Hong Kong Hang Seng Index dropped 1.8%, while the Japanese Nikkei 225 fell by 2.1%. This sell-off was attributed

Sydney, August 5, 2024 — Today marks the implementation of a new, hidden tax on alcohol in Australia, a move that is expected to impact consumers across the nation. This tax, which has been quietly integrated into the cost of alcoholic beverages, is set to increase prices and could significantly affect household budgets. Starting today, the price of alcohol in Australia will rise due to a new government levy. While the tax is not directly labelled as such, its effects are already being felt at the checkout. Industry experts estimate that the average price of a bottle of wine could rise

Sydney, August 5, 2024 — The rollout of Australia’s Consumer Data Right (CDR), also known as open banking, is encountering significant pushback from the nation’s largest financial institutions. As the initiative aims to empower consumers with greater control over their financial data, the Big Four banks—Commonwealth Bank, Westpac, ANZ, and NAB—are reportedly taking measures to limit its impact, potentially stifling competition and customer choice. Open banking, a key component of the CDR, is designed to increase transparency and competition in the financial sector by allowing customers to share their banking data securely with third-party providers. This initiative is intended to enable

Sydney, Australia — August 1, 2024 The latest Consumer Price Index (CPI) data for May has taken many by surprise, revealing that inflation in Australia has surged to 4% per annum, significantly surpassing economists’ expectations. This unexpected spike is shifting market expectations and prompting speculation about potential movements in the Reserve Bank of Australia’s (RBA) cash rate. Inflation Surprise and Market Reactions The May CPI data has led to heightened discussions about whether the RBA will opt for an interest rate hike in its upcoming August meeting. Breaking research notes and market analysis suggest a growing probability of this scenario, though

Sydney, Australia – Ford has unveiled its latest innovation in electric vehicle (EV) technology, marking a significant leap forward in the transition of work vehicles to electric power. The new model, dubbed the Ford E-Transit Pro, promises to set new benchmarks for efficiency, performance, and sustainability in the commercial vehicle sector. The E-Transit Pro, a successor to Ford’s popular Transit van, is designed to cater specifically to the needs of businesses seeking to modernize their fleets with environmentally friendly solutions. This latest design incorporates advanced electric drivetrains, state-of-the-art battery technology, and smart connectivity features that aim to redefine the future of

July 29, 2024 Australia is grappling with a sharp increase in both personal and business insolvencies, as the ongoing cost of living crisis intensifies. The latest figures paint a sobering picture of financial distress across the nation, driven by soaring living costs, inflation, and economic uncertainty. According to the Australian Financial Security Authority (AFSA), personal insolvencies have risen by 20% over the past year. In the first half of 2024 alone, there were 40,000 personal bankruptcies and debt agreements, up from 33,000 in the same period of 2023. This uptick marks the steepest rise in personal insolvencies since the global