Reserve Bank wary of cautious consumers amid falling house prices as global economy sours

The Reserve Bank has lowered its forecasts for economic growth as interest rate hikes, falling house prices and an acidifying global economy weigh on Australia’s prospects. The bank has slashed its projections for household consumption, which accounts for about 60 percent of the Australian economy. “Higher consumer prices, rising interest rates and falling house prices … Read more

Gas prices in GTA fall by 12 cents

The GTA is expected to see a 12-cent drop in gas prices on Thursday and Friday, according to Roger McKnight, chief petroleum analyst at En-Pro International. McKnight says the main reason for the drop is that demand for gasoline, diesel and jet fuel has “cratered.” McKnight notes that this is the first time all year … Read more

Fed’s Bullard sees more rate hikes ahead and no US recession

James Bullard, president of the St. Louis Federal Reserve, said on Wednesday that the central bank will continue to raise interest rates until it sees compelling evidence that inflation is falling. The central bank official said he expects an additional 1.5 percentage points in rate hikes this year as the Fed continues to battle its … Read more

Fed’s James Bullard expresses confidence that economy can make ‘soft landing’

James Bullard Olivia Michael | CNBC James Bullard, president of the St. Louis Federal Reserve, said Tuesday he still believes the economy can avoid a recession, even as he expects the central bank to continue raising interest rates to keep inflation in check. “I think inflation has come in higher than I expected in the … Read more

Adelaide CBD sting: Movie star Dev Patel reportedly tried to intervene in knife fight

World-renowned movie star Dev Patel intervened to intervene in a knife fight and ensuing stabbing in Adelaide’s city centre, his representatives say. The English actor was photographed Monday night speaking to police after witnessing the altercation at Gouger St. A man and woman argued in the street before the argument continued in a supermarket. Mr … Read more

Why does the RBA keep raising interest rates? It’s afraid it can’t contain inflation

There are signs that inflationary pressures are easing. Oil prices have fallen nearly 20 percent from their March peak. They have been falling constantly for a month. The average unleaded price in the capital has fallen from $2.11 a liter in early July to a more bearable $1.74. The money market is forecasting much lower … Read more

Average job switcher got a pay increase of almost 10%, research shows

Morsa images | DigitalVision | Getty Images Many employees who recently switched jobs have seen increases in their new paychecks well outpacing inflation — by nearly 10% or more, according to a new study from the Pew Research Center. The typical American who switched employers in the year from April 2021 to March 2022 received … Read more

Fed’s Mary Daly says ‘our work is far from done’ on raising interest rates

Mary Daly, president of the Federal Reserve Bank of San Francisco, poses after a talk on the US economic outlook, in Idaho Falls, Idaho, US, November 12, 2018. Ann Sapphire | Reuters The Federal Reserve still has a lot of work to do before it gets inflation under control, and that means higher interest rates, … Read more

Australia’s inflation numbers are clear, but when it comes to official wage data, we may be flying blind

There is a bizarre lack of clarity about a particularly crucial economic data point that affects every Australian. We are all aware of the rising cost of living: gas bills, filling up at the gas station, food, transportation and housing. Many of us don’t need the statistical office’s quarterly CPI or inflation statistics to know … Read more