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The Latest Breaking News from Economy

Royalty rip-off: Hunter misses coal mining windfall in NSW Budget

The NSW government will rake in an extra $810 million in coal royalties this year - and almost $4 billion over the next four years - but has not put an extra dollar into a fund to help coal mining communities prepare for change.

Newcastle Herald

Business leaders warn train strike could cause 'incredible damage' to the UK economy as RMT members walk out

Hospitality and retail sectors among those likely to be hard hit

Birmingham Post

Biggest rail strike in 30 years brings UK to standstill

Britain's biggest rail strike in 30 years kicked off on Tuesday as tens of thousands of staff walked out in a dispute over pay and jobs that could pave the way for widespread industrial action across the economy in the coming months.

Reuters

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High inflation to persist for ‘some years’, warns Reserve Bank boss

The governor of the Reserve Bank has warned high inflation is likely to persist for years to come as the global economy works through major supply issues.

The New Daily

Early use of yield target a success: RBA

Reserve Bank governor Philip Lowe says the initial use of a bond yield target to keep funding costs low during the pandemic was a success.

AAP

Thousands of Ecuador indigenous protesters march on capital

Thousands of indigenous demonstrators marched through Ecuador's capital on Monday urging President Guillermo Lasso to agree to demands for economic and social support, the latest in a series of protests that have injured dozens and disrupted the economy.

Reuters

Housing and health among the winners in NSW spending splash

Revenue is also expected to increase on the back of projected rises in GST revenue, mineral royalties, payroll and land taxes.

Newcastle Herald

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RBA warns of damage from rising inflation

Reserve Bank governor Philip Lowe has warned of the damage inflation can inflict on the economy and why it needs to be brought under control.

AAP

Data protection law slashes unwanted calls

More than 90% of incoming mobile phone calls offering products and services have vanished thanks to the Personal Data Protection Act (PDPA), which came into effect on June 1, according to Digital Economy and Society Minister Chaiwut Thanakamanusorn.

Bangkok Post

Qld budget 'back in black', taxes to rise

Queensland Treasurer Cameron Dick will hike taxes on big businesses, gambling companies and coal miners to fund more hospital beds and mental health programs.

AAP

Recession not on horizon, says RBA's Lowe

Reserve Bank governor Philip Lowe says a recession in Australia is not on his horizon, but after the past two years nothing can ever be ruled out.

AAP

Airline industry predicts profit in 2023, defying slowdown

The airline industry will return to profit next year as pent-up demand for travel sustains bookings even as the global economy tightens, the International Air Transport Association trade group predicted.

Tribune News Service

5 Dividend Aristocrats To Buy Now

Last week, the Fed raised its benchmark interest rates three-quarters of a percentage point, marking the most aggressive hike since 1994. And with analysts predicting the economy to slip into a recession, we think dividend aristocrats Abbott (ABT), AbbVie (ABBV), Genuine Parts (GPC), Johnson & Johnson (JNJ), and Sysco (SYY)…

StockNews.com

Is there any way of escaping recession? Three top economic minds have their say

The labour market is going to be key to how the UK economy performs in the coming months

Wales Online

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The Conversation

Why care home staff in the UK are at breaking point

Since the post-COVID reopening of the economy, staffing shortages in the care sector in England have been of increasing concern. In October 2021, British charity Skills for Care warned that, at 8.2%, adult social care vacancy rates in England were exceeding pre-pandemic levels (which in 2019, stood at 8%). That…

The Times of India

India faces near-term challenges; better placed to deal with them: Finance ministry report

NEW DELHI: India is facing near-term challenges in managing its fiscal deficit, sustaining economic growth, reining in inflation and containing the current account deficit but the country is relatively better placed to weather these headwinds compared to other nations, the finance ministry said in its monthly economic report.

Chronicle Live

Sunderland council gives Gentoo the green light for 110 new affordable homes in Fulwell

It is expected that the development will create around 143 jobs during the construction phase and generate over £18m of gross value to the city’s economy

Tribune News Service

As midterm elections loom, chances of victory hinge on health of economy

PITTSBURGH — With inflation the highest it's been since the early 1980s and Americans feeling the pain of a downtrodden economy, Democrats in Pennsylvania — a state with two of the most high-profile races in the country — are hoping to convince voters that they should be an exception to…

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ABC News

Market sell-off a 'real downturn' and risk of global recession close to 50-50, analyst warns

The Australian share market has dropped by more than 15 per cent from its record high, sliding closer towards a bear market. Some investors may be tempted to "buy the dip", but analysts say there is "further downside" ahead.

ABC News

ASX falls after biggest weekly loss since 2020 on interest rate, energy stocks offset gains in banks

Australian shares have struggled for momentum on Monday after falling to their worst week in more than two years as energy and mining stocks countered gains in banks.

Bangkok Post

Banks give ESG the okay

Banks are continuing to incorporate environmental, social and governance (ESG) factors into their business operations in a push for a sustainable transformation of the economy.

Tribune News Service

Yellen says high inflation locked in for the rest of 2022

WASHINGTON — Treasury Secretary Janet Yellen said that “unacceptably high” prices are likely to stick with consumers through 2022, and that the U.S. economy is likely to slow down.

The Guardian - US

Yellen says US recession not ‘inevitable’ but expects ‘economy to slow’

Treasury secretary says ‘inflation unacceptably high’ and it is Biden’s ‘top priority to bring it down’

The Independent UK

Yellen: Recession not inevitable, gas tax holiday weighed

Treasury Secretary Janet Yellen says she expects the U.S. economy to slow in the months ahead, but that a recession is not inevitable

The Guardian - UK

UK government needs long-term plan for higher wages, not a fight with workers

While Boris Johnson plays politics, Britain’s public sector is fraying at the seams

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