“corporate profits contributed far more to Australia’s rise in inflation through the past year than from wages and other employee costs”. There’s been similar analysis from the European Central Bank. The Reserve Bank of Australia and Treasury disagree, I guess because the OECD is led by notorious communist Mathias Cormann.
The RBA insists that the pay packets of Australian workers have magically, secretly swelled, and this is driving inflation – even though, as Australian economist Stephen Koukoulas has said, “real unit labour costs only rose 0.1% in the March quarter and 1% over the course of the year”. And how is it possible wages are inflicting such terrible damage when the ACTU could observe major local employers are enjoying profits at Scrooge McDuck levels? The latest half-yearly statements had Ampol bathing in $440m, Coles $616m, Qantas $1.4bn … and the Commonwealth Bank taking a swim in the gold coins pool at a depth of $5.15bn.
Philip Lowe is the RBA governor.
Lowe has generously suggested that those households struggling to keep up with rising mortgages – 27.8% of whom are now at risk of
Source: Loan Digest (loandigest.net)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rate hikes are ‘biting’ but inflation remains ‘stubborn’Sky News Political Editor Andrew Clennell says Australia’s economy is “teetering” on the edge following the RBA’s latest rate rise and the release of the GDP figures. “The growth is slowing, so the rate hikes are biting,” Mr Clennell said. “Teetering really this economy and the inflation has been stubborn.”
Source: SkyNewsAust - 🏆 7. / 78 Read more »
RBA board ‘strongly committed’ to curbing inflationRBA Governor Philip Lowe says the board of the Reserve Bank is “strongly committed” to curbing inflation, following the 12th interest rate rise since last May.
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Lowe disappointed as Chalmers budget misses key inflation remedy: HumeShadow Finance Minister Jane Hume says RBA Governor Philip Lowe has been signalling his disappointment the Albanese government did not address productivity in the latest budget. “Wage rises are a problem if they are not accompanied by productivity,” Ms Hume told Sky News Australia. “Philip Lowe has been flagging that, he has been signalling that for some period of time.”
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Lowe says threat of inflation trumps mortgage pain when setting ratesTake one for the team. That is essentially the message Reserve Bank governor Philip Lowe has delivered to the millions of Australians faced with surging mortgage repayments.
Source: abcnews - 🏆 5. / 83 Read more »
RBA board will do what’s ‘necessary’ to curb inflation: LoweReserve Bank Governor Philip Lowe says it’s in Australia’s interests to get on top of inflation and to do so “before too long”. “And the board of the Reserve Bank will do what’s necessary to achieve that outcome,” Mr Lowe said.
Source: SkyNewsAust - 🏆 7. / 78 Read more »
‘Risk of more rises’: Sussan Ley places blame on federal budget for inflation issueDeputy Opposition leader Sussan Ley has criticised the budget for adding to inflation despite the RBA describing it as broadly neutral. “What that tells me, and I think what that tells Australians, is that there is more risk of more rises to inflation due to this government’s economic policy settings,” Ms Ley told Sky News Australia.
Source: SkyNewsAust - 🏆 7. / 78 Read more »