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RBA boss concedes borrowers ‘very unhappy’ with rate hikes

RBA boss concedes borrowers ‘very unhappy’ with rate hikes

Reserve Bank governor Michele Bullock has made a frank admission, conceding borrowers are “very unhappy” with the central bank, but are coping with higher interest rates. Speaking at a central bank conference in Hong Kong on Tuesday, Ms Bullock said the RBA’s punishing 13 rate hikes had generated considerable “noise” from politicians and the community...

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Australian businesses have become less dynamic, but there are bigger reasons for our sliding productivity growth

Australian businesses have become less dynamic, but there are bigger reasons for our sliding productivity growth

Since 2005, annual labour productivity growth (growth in output per hour worked) has been the best part of one percentage point below its long-term average in Australia and other developed countries. The productivity inquiry I helped conduct for the Productivity Commission found this will lead to much-slower improvements in Australians’ living standards than in the past....

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Proof Aussies are on ‘path to ruin’

Proof Aussies are on ‘path to ruin’

In 2001, when Australia’s population was 19.3 million, then-Treasurer Peter Costello released the inaugural Intergenerational Report (IGR). The 2001 IGR forecast that Australia’s population would grow to 25.7 million people by 2050, driven by annual net overseas migration (NOM) of 90,000. The following year in 2002, a Senate Inquiry put forward by the Howard Government...

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Australia’s future set to be bigger, older, poorer

Australia’s future set to be bigger, older, poorer

Australia’s population is set to increase to more than 40 million in the next 40 years, eclipsing previous estimates, a highly anticipated report is expected to show. To be released by Treasurer Jim Chalmers on Thursday, the sixth Intergenerational Report (IGR) – which covers trends in population, productivity and spending – will reveal the longer-term...

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Cutting pay and conditions bad for business

Cutting pay and conditions bad for business

Bosses who cut workers’ rights and pay or sack their workers in exchange for new technology are bad for business, Prime Minister Anthony Albanese has cautioned ahead of scheduled talks on proposed changes to workplace law. Instead, a productivity boost is key to success the prime minister said in an address to members of the...

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PM’s big new claim about Australia

PM’s big new claim about Australia

Australia may be better placed than any other country in the world to emerge from the current period of global economic turmoil in a stronger position than before. That’s what Anthony Albanese is poised to tell the nation’s business leaders at a major economic summit at Parliament House in Canberra on Tuesday. The Prime Minister...

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‘Problem’: Productivity at woeful level

‘Problem’: Productivity at woeful level

Australia’s productivity growth has fallen to its lowest level in 60 years, averaging just 1.1 per cent a year. The new figures are part of the Productivity Commission Report, which Treasurer Jim Chalmers says confirms “Australia has a productivity problem”. In a speech to be delivered on Thursday, the Treasurer was quick to blame his...