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The Latest Breaking News on Economy

Renew the generalised system of preferences

In the pantheon of obscure international trade terminology, the “generalised system of preferences,” or GSP, has a special place.

The Hindu

Hope you enjoyed your wages growth, that’s it for now

So much for the wage-price spiral — or even for real wages growing. The latest Wage Price Index data show wages growth has peaked and is now falling.

Crikey

Chalmers’ profligate, partisan and possibly prescient budget

Labor’s budget sends us deep into deficit — and it’s possible that it might not be enough to prop up the economy.

Crikey

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'More work to do' to make Australia competitive

Business groups have called for more productivity measures but warned federal budget spending boosts to tackle cost-of-living pressures could fuel inflation.

AAP

2024 budget delivers minor surplus but deficits loom over economy as Australia’s spending ramps up

Major shortfalls predicted over next two years as Jim Chalmers downplays potential for inflationary pressures

The Guardian - AU

Federal budget 2024: $300 energy rebates, cheaper medicines and rent relief in Jim Chalmers’ cost-of-living budget

Treasurer takes gamble on pre-election cost-of-living package that is likely to spark debate about whether the government is doing enough to tame inflation

The Guardian - AU

Workers to enjoy real wages growth, despite inflation

Australia's labour market is proving remarkably resilient, despite slowing economic growth, meaning workers can expect wages growth to outstrip inflation.

AAP

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UK real pay grows at fastest rate in two years as unemployment rises

Figures provide mixed message for Bank of England when it considers interest rate cut next month

The Guardian - UK

What does progress look like on a planet at its limit?

Putting endless growth above our wellbeing and the environment is no longer viable

The Guardian - UK

Government defends faster inflation fall than RBA

Inflation will be back within the Reserve Bank's target range a year earlier than the bank has predicted, based on government budget figures.

AAP

Wages, jobs updates to come with budget week

As well as a federal budget, Australia will get its quarterly check-up on worker wages, business surveys and monthly jobs figures.

AAP

UK Economy Exits Recession Ahead Of Election

Gross domestic product expanded 0.6 percent in the first three months of this year, the Office for National Statistics (ONS) said, noting strong growth in service industries and car manufacturing.

International Business Times

Consumers tipped to stash tax-cut savings for rainy day

Australians plan to stash their stage three tax cut cash, a key cost of living relief measure in the budget, in promising news for inflation

AAP

Cost of living, net-zero industries focus of May budget

The third federal budget under the Albanese government will be handed down on Tuesday and a number of measures have already been unveiled.

AAP

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The Guardian - AU

Budget sneak peek predicts higher wages and tax breaks – but no increase for Australians on jobseeker

Government dampens hopes for an increase to jobseeker, despite pressure from economists, social justice groups and equality advocates

Kiplinger

Fed Rate Cuts Still on Hold

With inflation stubbornly elevated, the Federal Reserve will keep interest rates high for now.

The Hindu

Budgets and Bills passed with little deliberation

Madhya Pradesh passed 85% of its Budget without discussion in 2023 followed by Kerala and Jharkhand

Salon

Don't like Biden's economy? OK, but ...

Authoritarians always screw up the economy — come to think of it, GOP presidents have done that for decades

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The Street

Jobs report shows marked April slowdown, prompting Fed rate-cut bets

Jobs gains are still solid, but the pace is slowing markedly from the first-quarter levels.

The Guardian - AU

The budget reveals what governments actually care about. And Labor has chosen to keep jobseekers in poverty

The government could easily index jobseeker to whichever is highest of the CPI or wage price index

International Business Times

US Private Sector Job Growth Higher Than Expected: ADP

Hiring in the US private sector cooled in April but job growth was still higher than anticipated, boosted by the services sector, payroll firm ADP said Wednesday.

The Hindu

What is the significance of Labour Day or May Day? | Explained

The Hindu decodes the history of Labour Day and why it is celebrated worldwide.

International Business Times

Asian Markets Track Wall St Down Ahead Of Fed Decision

Asian stocks sank in holiday-thinned trade Wednesday, tracking a sharp sell-off on Wall Street after fresh US data dealt another blow to hopes the Federal Reserve will cut interest rates this year.

The Hindu

Towards a green growth: On the RBI and a green taxonomy

The effort should be to mitigate the transitional risks to the financial system as the economy moves towards a sustainable future

AAP

Borrowers warned not to count on 2024 rates relief

Hotter-than-expected inflation data has likely pushed back the start date for interest rate cuts, a move that will keep pressure on mortgage holder budgets.

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