Private Sector Credit Rises 0.6% In Jan

The value of loans outstanding to the private sector grew in January, but personal credit has continued to flatline, data from the Reserve Bank of Australia shows. The central bank’s financial aggregates for January show total credit increased by 0.6 per cent, after rising by 0.5 per cent in December. The result beats forecasts by analysts surveyed by Bloomberg, who had tipped a 0.5 per cent increase in the month. In the 12 months to January...

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Gillian Triggs: Tony Abbott says Government has lost confidence in Human Rights Commission president

Prime Minister Tony Abbott says his Government has lost confidence in Human Rights Commission (HRC) president Gillian Triggs. Gillian Triggs Tensions between the Government and the HRC have been on public display recently, with Mr Abbott saying the commission's damning report into children in detention was "a blatantly partisan, politicised exercise". Professor Triggs revealed this morning during a Senate estimates hearing that the secretary...

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Tax Break For Rich Worst Public Policy Since White Australia

Superannuation tax breaks for the rich is the ‘worst piece of public policy since white Australia’, Garry Weaven pioneer of industry funds said at Conexus Financial’s 18th annual Investment Administration Conference, held last week. Addressing more than 200 superannuation professionals, Weaven said most countries view Australia’s system as close to perfection, but despite this significant changes needs to take place to make the system sustainable. “The Peter Costello gift to the rich by entirely abolishing earnings tax for older people...

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Economic Growth To Stay Sluggish: WBC

The Australian economy is expected to grow at a below-trend pace of 2.75 per cent for most of 2015 because business investment is expected be weak throughout the year. The Westpac/Melbourne Institute Leading Index, which indicates the likely pace of economic activity three to nine months into the future, only rose by 0.30 percentage points in January, and has been below trend for a twelfth consecutive month. “We still believe that an interest rate cut in March is the best policy to support domestic demand and maintain downward pressure on the...

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Unemployment Hits 12-Year High

Australia’s unemployment rate increased to 6.4 per cent in January, its highest level in 12 years, according to official jobs figures. The ABS said the total number of jobs in Australia fell by 12,200 to 11.67 million in the month, on a seasonally adjusted basis, deteriorating further than market expectations by a wide margin. According to an AAP survey of 14 economists, the Australian economy was expected to add 7,500 jobs in the month, while the unemployment rate was forecast to rise to 6.2 per cent. The January unemployment rate compared...

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Aust Reform Must Continue

The Abbott government must remain focused on economic reform despite the uncertainty surrounding its leadership. That’s the view of the Organisation for Economic Cooperation and Development, warning its members that policy action since the global financial crisis appears to be losing steam. It comes as Prime Minster Tony Abbott conceded, after fending off a party room push for a leadership spill, that his first budget may have been too ambitious. Foreign Affairs Minister Julie Bishop this morning told the Nine Network that Mr Hockey’s job...

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Australians Losing Thousands With Multiple Super Accounts

Australians with multiple superannuation accounts could be paying thousands in unnecessary fees every year. According to new figures released today by the Australian Taxation Office (ATO), 45% of working Australians have more than one super account. The ATO is encouraging those with multiple accounts to consider consolidating their super into one preferred account. Australian Prudential and Regulation Authority (APRA) figures show the median figure for fees and charges paid by Australians for a low cost superannuation account is $532 per year. “Consolidating...

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