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The Latest Breaking News from OECD

OECD: War in Ukraine to drag on global economy into 2023

The Organization for Economic Cooperation and Development says Russia’s war in Ukraine and the lingering effects of the COVID-19 pandemic are dragging down global economic growth more than expected and driving up inflation that will stay high into next year

The Independent UK

World economy to slow, 'paying the price of war': OECD

Paris (AFP) - The world economy will take a bigger hit than previously forecast next year due to the effects of Russia's war in Ukraine, the OECD said Monday.

AFP

Australia not safe from economic downturn

The troubles facing the global economy are far from over and Australia is unlikely to get away unscathed, an OECD report says.

AAP

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Australia is the wealthiest nation on earth — that’s bad news for most

Credit Suisse has dubbed Australians as the ‘world’s richest people’. Yet our economy isn’t nearly as enviable as might first appear.

Crikey

Without radical tax reform, Australia faces an insoluble public finance problem

Simplifying our complex tax code of tens of thousands of pages is essential. It enables legal structuring of affairs to minimise tax liabilities

The Guardian - AU

OECD: Russia war, virus and climate hurting world's poorest

Russia’s war against Ukraine, the lingering coronavirus pandemic and the damage of climate change are putting intense pressure on the world’s poorest, the Organization for Economic Cooperation and Development warns

The Independent UK

Despite high hopes, multi-employer bargaining is unlikely to 'get wages moving'

One of the key measures announced to “get wages moving” in the wake of the federal government’s jobs summit was greater access to multi-employer agreements.

The Conversation

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New Zealand avoids recession as eased Covid measures help spur 1.7% GDP growth

After a decline in the previous quarter, the economy rebounded on the back of spending on travel and recreation

The Guardian - AU

The Unkept Promises of Western Aid

How donor countries cook their books and let down the developing world.

Foreign Affairs

Kwarteng plan to boost growth ‘could take decade to achieve target’

Expected ‘sugar rush’ of tax cuts could knock growth off track by forcing up inflation and interest rates, economists warn

The Independent UK

New Zealand food inflation highest for 13 years as vegetables and dairy drive prices

Grocery costs rose 8.3% in August, figures show, thanks to a 6.7% rise in eggs last month and a 15% surge in fruit and vegetables

The Guardian - AU

UK sees one of the biggest drops in OECD real wages

Mostly people have fallen into economic inactivity rather than being unemployed

Insider UK

OECD calls for revival of collective bargaining to fight wage erosion

Raising minimum wages and building support for collective bargaining could help to rein in the erosion of pay in the face of the current inflation spiral, the OECD recommended on Friday.

Reuters

UK hit by one of the biggest drops in real wages in developed world

The OECD is urging governments to 'consider well targeted, means-tested and temporary support measures'

Wales Online

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ABC News

NZ sees ram raids increase, more people living in cars as cost-of-living pressures mount

New Zealand has the highest homelessness rate per capita in the OECD and a decades-long housing crisis. As cost-of-living pressures mount, the issue is becoming highly political for Prime Minister Jacinda Ardern.

ABC News

Barnaby Joyce says Labor has changed the law on fuel emissions standards. Is that correct?

Nationals MP Barnaby Joyce says the government has changed the law on fuel emissions standards. Is that correct? RMIT ABC Fact Check investigates.

The Conversation

We pay billions to subsidise Australia’s fossil fuel industry. This makes absolutely no economic sense

Fossil fuel subsidies from major economies including Australia reached close to US$700 billion in 2021, almost doubling from 2020, according to new analysis by the International Energy Agency and OECD.

The Conversation

Australians on unemployment benefits are set for two record paydays – but it's a sign of a broken system, long overdue for a fix

Australians on our humiliatingly-low unemployment benefit are about to get their biggest payday ever.

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The Conversation

Migration boost is bad news for Australia's environment – we mustn't ignore that

An increase in the permanent migrant intake to 195,000 this year is one of the jobs summit outcomes announced by the federal government on Friday. The business community pushed for this change, saying shortages of skilled employees are holding back the economy.

The Independent UK

‘Not a win for women’: Truss will be UK’s third female PM – but how does Britain’s record on women’s rights fare globally?

Only 63 countries have ever elected a women in the highest position of power

The New Daily

Western Australia has the cheapest energy in the OECD, as prices go sky high in eastern states

The costs of energy have dramatically jumped across Australia as war and shortages make themselves felt globally but WA has been spared the shock

The Guardian - AU

Catastrophe, pollution, dirty subsidies and nature capitalism: another week in the climate crisis

The chance of extreme events is increasing because emissions aren’t slowing down. The hard work to transform the economy has barely begun.

The Guardian - UK

Britain’s traumatised education system needs a break – and a decent minister

After two-plus years of Covid and seven secretaries of state in the past six years, teachers and students deserve more support, says Guardian columnist Simon Jenkins

The Conversation

The jobs summit needs to think big: here are 3 priorities for future-proofing Australia

This is an edited extract from Danielle Wood’s keynote address to the jobs summit. Read other articles in The Conversation’s series about the summit here.

The Guardian - UK

Global fossil fuel subsidies almost doubled in 2021, analysis finds

Support amid huge industry profits is a ‘roadblock’ to tackling climate crisis, says International Energy Agency

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