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The Latest Breaking News from Pat Bustamante

Rapid demand for AI datacentres in Australia could stoke inflation, experts warn – and crowd out land for housing

Calls are growing for new datacentre approvals to be halted until stronger protections are considered

The Guardian - AU

Thirsty and power hungry: Australia is in the middle of a datacentre boom – but are they good for the economy?

They’re a key part of the digital and AI economy but they come at a high environmental cost and offer few operational jobs

The Guardian - AU

Jim Chalmers is putting a positive spin on the economy, but is Australia’s outlook grim?

The economy was slowing even before the Middle East conflict and interest rate hikes started to bite, while the boom in datacentres was a rare bright spot

The Guardian - AU

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GDP data tops the economic agenda, RBA officials speak

Reserve Bank governor Michele Bullock will get a chance to react to Wednesday's economic growth figures when she fronts a parliamentary hearing in Canberra.

AAP

Anthony Albanese to address nation on Wednesday night as treasurer announces Covid-era support measures

Prime minister to deliver address live at 7pm AEDT as Jim Chalmers says Iran war having ‘extreme impact on global economy’

The Guardian - AU

Spike in jobless rate unlikely to end RBA hiking cycle

A rise in unemployment and a surge in hiring point to conflicting impulses in Australia's labour market, but conditions remain relatively tight.

AAP

Economists Baffled As Australia’s Unemployment Rate Hits Its Highest Level In 4 Years

It comes as a shock as the Reserve Bank of Australia (RBA) and the federal budget forecasts expected unemployment to remain steady through 2026.

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An unexpected unemployment rate rise puts the RBA odds-on to cut the cash rate – but it’s a headache for Jim Chalmers

A resilient labour market is the jewel in Labor’s crown when it comes to its economic record. Is this month’s data a blip, or the start of something bigger?

The Guardian - AU

Australia’s workers reaping greater share of national income than before pandemic

Westpac economist says tighter labour market is behind changes in how the ‘economic pie’ is divided

The Guardian - AU

Jobs data in focus as economic outlook brightens

Workers are taking home a larger slice of the economic pie as a result of Australia's historically tight labour market.

AAP

Consumer boom drives surprise jump in economic growth

Australia's economy surpassed expectations in the last financial year, taking some urgency out of the Reserve Bank's plans to cut interest rates.

AAP

Rate cut looms as inflation result brings RBA 'comfort'

The Reserve Bank should have "all the comfort it needs" to cut interest rates again in August after underlying inflation fell to a three-and-a-half year low.

AAP

National accounts to reveal Australia's economic pulse

Australia's economic growth rate for the first quarter will be revealed this week and investors will study minutes from the Reserve Bank's last board meeting.

AAP

Australian economy to get pulse check, RBA minutes drop

National accounts figures headline a bumper week on the economic front, with RBA minutes, retail trade, housing data and government finances also on show.

AAP

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AAP

Borrowing blowout tipped in mid-year budget update

The federal government is expected to reveal a downgrade to its budget forecasts in its mid-year fiscal update as Australia's tax sugar-rush fades.

The Guardian - AU

Australia’s productivity riddle – and what it might mean for interest rates

Michele Bullock keeps telling us productivity is flatlining. How it changes may well determine if the Reserve Bank will tolerate wage rises beyond 3%

AAP

PM open to crossbench talks on tax cut changes

As the Greens urge further changes to stage three tax cuts, the prime minister says he is open to negotiations to ensure their passage through parliament.

The Guardian - AU

Why the last mile on the road to low inflation may yet prove to be the toughest

While inflation may have peaked in 2022, households and firms are getting more used to it, making it harder to dislodge

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AAP

Construction work down slightly in December quarter

Construction work has eased slightly but a pandemic-fuelled housing boom will keep building and engineering activity elevated for a while yet, new data shows.

AAP

Annual inflation hits 7.8 per cent

Official inflation figures show inflation hitting 7.8 per cent as cost-of-living pressures continue to weigh on household budgets.

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