The unemployment rate was unchanged in Australia at 3.9% in May, according to the latest data published this Thursday by the Australian Bureau of Statistics. In April, the unemployment rate hit the lowest level since 1974, at 3.9%. The market consensus expected a decline to 3.8% in the reported month. The economy created 60,000 jobs […]
Tag: Australia
Australia-China: First meeting of Australian and Chinese defense ministers in three years
The Australian and Chinese defense ministers met today for the first time in three years and their contacts were described as an “important first step” after a long period of tension. The talks between Australian Defense Minister Richard Marls and Chinese counterpart Wei Feng, which lasted more than an hour, took place on the sidelines […]
Australia-France settlement for canceled submarine agreement
The new Australian government has reached a € 555 million settlement over the controversial decision last year to cancel an agreement on French submarines, a move by which Canberra hopes to repair the diplomatic rift between the two countries. Australia canceled a multibillion-dollar submarine order with French naval group Naval Group last year and opted […]
Lettuce in… Australian Cabinet
Who would have thought that lettuce price would become a central issue in a cabinet? An illustrative example of the general increase in daily commodities in Australia. Lettuce was on the agenda of the Australian Cabinet today, with a statement from Prime Minister Anthony Albanese himself, who was involved in the debate that has been […]
Australia: New home sales fell 5.5% in May
Sales of new homes in Australia plummeted in May as the market stalled ahead of the May 21 federal election, following the first rate hike in more than a decade. The Housing Industry Association, an umbrella association for housing construction companies, said new home sales fell 5.5 percent in May from April. The slowdown in […]
Australia: Prime Minister reacts to … ‘cabbage-gate’
The new Australian Prime Minister today referred to the “cabbage-gate”, a “scandal” that mainly concerns social networking sites and concerns the decision of the restaurant chain KFC to offer a mixed salad, partially replacing cabbage with iceberg lettuce and sandwiches. other meals he sells, due to the inconspicuous increase in the price of lettuce. For […]
Consumer confidence in Australia has fallen as costs have risen
Consumer confidence in Australia weakened further last week as rising living costs and the prospect of rising interest rates affected the climate. Consumer confidence fell 4.1% during the week, to its lowest level since mid-August 2020. Weekly inflation expectations rose 0.2% to 5.7%. All five confidence indicators fell. Current economic conditions decreased by 0.2%, in […]
Australia: Rise in interest rates higher than expected
The Bank of Australia raised interest rates more than expected, taking decisive action to slow down the deteriorating outlook for inflation, and warned that further tightening would follow. The official interest rate increased to 0.85% from 0.35%. The increase follows the previous one in May, which was the Reserve Bank of Australia’s first in a […]
Australia: Inflation expectations jumped in May
Australia’s inflation expectations jumped to a ten-year high in May, boosting the Australian central bank’s chances of accelerating interest rates in the coming months. The Melbourne Institute’s monthly average cut-off inflation index rose 0.7% in May to its highest level since 2009. On an annual basis, the index stood at 4% or 6.5% on an […]
Australian Ministry of Finance: Inflation in Australia accelerated further by 5.1%
Consumer prices in Australia accelerated from 5.1% in the first three months, said Finance Minister Jim Chalmers, intensifying pressure on households and suggesting that further interest rate hikes would follow. “It’s now really clear that the challenge of inflation facing Australians is worse,” Chalmers said in an interview with News Corp. on Sunday, saying it […]
