Economy

As jobless numbers climb, RBA is perilously close to a rare mistake

William Pesek Glenn Stevens is perilously close to making the kind of policy mistake that's been so rare at the RBA.

Economy

Australian house prices up 1.8pc in June quarter

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Australian capital city house prices rose 1.8 per cent in the June quarter, official figures show.

Economy

Australian business conditions best in four years - survey

Business confidence is improving but Australian companies remain reluctant to add more staff.

A measure of Australian business conditions hit the highest in four years in July as firms reported a sharp pick up in sales and profitability, though many remained reluctant to hire new workers.

Eco

Penalty rates need to change, says Abbott government minister

“We cannot go on in a society where we are charging people on a day which is a normal operating day, double what you would on any other,”: Assistant Infrastructure Minister Jamie Briggs

Nassim Khadem An Abbott government minister has said business should help the government make the case for lowering penalty rates paid to millions of workers on Sundays and public holidays.

Eco

Commercial finance lending jumps

160 sussex street, sydney, image supplied

Stephen Cauchi Commercial finance lending is up 12.1 per cent in June, according to Australian Bureau of Statistics figures released on Monday morning.

Employment

'Unsustainable' labour costs crippling restaurant industry

“We’re saying outsource everything you possibly can,” RCA chief executive John Hart said.

Joanna Mather The restaurant industry is encouraging members to automate and outsource as much as possible to save money in the face of “unsustainable” labour costs.

Economy

Home loans rise 0.2 per cent in June

Economists had expected home loans to rise by 0.5 per cent.

The number of home loans approved in June rose 0.2 per cent, ABS figures show.

Econocrats advise false economy

Ross Gittins dinkus

Ross Gittins Joe Hockey and Tony Abbott shouldn’t take all the blame for the low quality of the measures in the budget.

Eco

RBA says rates will stay on hold, unemployment to stay high

Michael Heath The Reserve Bank of Australia cut its growth and inflation forecasts amid a steeper drop in mining investment and reiterated interest rates will remain on hold.

Tech

ATO reveals web-chat for business

Nassim Khadem The Tax Office is launching a web-chat service, called “click to chat”, so small ­business owners can talk to the regulator directly, in a bid to cut costs.

Malcolm Maiden

Central banks hold the line as geopolitical tensions increase

Reserve Bank Governor Glenn Stevens

Malcolm Maiden The Reserve Bank completed a trifecta of central banking economic assessments with its statement on monetary policy on Friday.

Michael Pascoe

Rogue survey or no, employment market is soft

There's no doubting the employment market is soft, but the numbers might not be as bad as they seem.

Michael Pascoe Employment data, like claims about migrant visas, requires a little perspective.

Rates

Job figures push forward bets on rate cuts

Some traders are betting the surprise jump in unemployment may prompt the Reserve Bank to cut rates sooner than expected.

Vesna Poljak The highest Australian unemployment rate in 12 years has brought forward bets on an interest rate cut by the Reserve Bank as traders increasingly believe the economy will need a stimulus.

Economy

Automation a huge challenge for unemployment, says Chris Bowen

Opposition treasury spokesman Chris Bowen.

James Eyers Shadow Treasurer Chris Bowen has described the loss of jobs as a result of automation by technology as “one of the greatest unspoken challenges in the Australian economy”.

Economy

Unemployment jumps to more than 10-year high

The economy lost some 300 jobs last month, pushing up the unemployment rate.

Max Mason Unemployment jumps to 6.4 per cent, its highest level in more than 10 years, after a surprise fall in jobs growth.

Money talk

Cash no longer king, cheques on death row: study

“Consumers are going to find that cash is not their first choice any more, even for convenience items like a coffee.

Shaun Drummond Cash will fall to just over 40 per cent of all payments by 2018, and cheques will disappear, a new study has found.

Michael Pascoe

Services our forgotten export hero, despite Australian dollar

Services like education are the unsung heroes of Australia's export economy.

Michael Pascoe It’s the performance of services that should provide optimism about Australia being able to transition from its reliance on resources.

Malcolm Maiden

RBA's softening up period stays on hold

The status of the handover from mining to the rest of the economy is key to the RBA's next move.

Malcolm Maiden The RBA is on hold, and not hinting that might be close to moving.

Economy

RBA keeps rates on hold

RBA governor Glenn Stevens.

Mark Mulligan The Reserve Bank of Australia has again left the official interest cash rate at 2.5 per cent.

Retail

Ignorance about home brand goods costs shoppers, study finds

Shoppers avoid home brand products because they don't know any betters, a new study has found.

Luke Malpass Shoppers don't buy home brand goods because they don't know any better, a new study has found.