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The Latest Breaking News from OECD

Banks raise interest rates in response to RBA – as it happened

This blog is now closed

The Guardian - AU

Donald Trump sues CNN claiming defamation, RBA to raise rates again, and Ringo Starr cancels concerts — as it happened

The news Australia is searching for and all the news that happened while you snoozed. This is The Loop: your quick catch-up on this morning's stories as they happened.

ABC News

Orthodox thinking won't cut it: why Mathias Cormann's leadership of the OECD has economists worried

In June 2007, Jean-Philippe Cotis, the chief economist of the Organisation for Economic Cooperation and Development, declared that 2008 was going to be a great year.

The Conversation

From analysis to the latest developments in health,
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Multinational tax reform gets under way

The Albanese government has opened consultations on international corporate tax reforms to close tax loopholes exploited by multinationals.

AAP

Google UK staff earned average of more than £385,000 each in 18 months

Figures to end of December come as tech firm gave almost £1bn in share-based payments

The Guardian - UK

Australia's public education funding went backwards during COVID pandemic

Public funding of education was cut in Australia during the early stages of the coronavirus pandemic, as most of the OECD did the opposite, according to a new report.

ABC News

How the government plans to make multinationals pay their share of tax

The federal government has begun moving on international tax reforms.

The Canberra Times

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‘Severe economic slowdown’ awaits Europe as energy crunch bites

The Organisation for Economic Co-operation and Development (OECD) published a gloomy economic forecast for 2023 on September 26 – suggesting that Europe faces a very difficult economic climate if the current energy crisis worsens, with winter temperatures likely to be a decisive factor.

France 24

World economy jolted by war with recessions now seen looming

PARIS: The world as a whole has been jolted by the war in Ukraine, according to the OECD, which cut almost all growth forecasts for the Group of 20 next year while anticipating further interest-rate hikes too.

The Times of India

A global recession looks increasingly likely – but here's how Australia could escape it

Global stock markets are tanking on fears of recessions in the US, the UK and Europe, and the OECD is actually forecasting recessions in Europe.

The Conversation

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

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

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

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The Conversation

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 Guardian - AU

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

Foreign Affairs

The Unkept Promises of Western Aid

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

The Independent UK

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

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The Guardian - AU

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

Insider UK

UK sees one of the biggest drops in OECD real wages

Mostly people have fallen into economic inactivity rather than being unemployed

Reuters

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.

Wales Online

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'

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.

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