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HISTORICAL FACTS: 49 | History Defined

Profits have driven inflation while wages lag behind, argue economists

Increasing profits going to corporate Australia account for more than two-thirds of the nation's inflation problem, according to new research from the Australia Institute.

ABC News

Corporate profits fuelling inflation, research finds

New analysis challenges the narrative that workers need to accept sluggish wage growth to tame inflation and says business profits are driving higher prices.

AAP

‘An economic fairytale’: Australia’s inflation being driven by company profits and not wages, analysis finds

Australia Institute warns of a ‘profit price spiral’ and calls for shift in RBA and government narrative towards corporations

The Guardian - AU

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Forget the spin. Cost of living and interest rates may stay high for some time to come

The RBA tells us the pain is only temporary and for the best, but it could be here for a while. Here’s why

The Guardian - AU

Australians experienced their largest real wage decline on record in 2022

Wages growth again misses Reserve Bank and economist forecasts, as workers experience their biggest decline in real purchasing power on record.

ABC News

Wages up 3.3 per cent as competition drives pay packets

Wages have grown by 3.3 per cent, with weaker-than-expected reading likely to dampen concerns of a wages breakout keeping inflation sticky.

AAP

NSW police criticised for ‘outrageous’ midnight arrest of student who protested at RBA

Cherish Kuehlmann woken up by officers who ‘barged into the house’ and took her to a police station, where she was charged with a trespass offence

The Guardian - AU

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Australia to flirt with recession this year, warns NAB

Economists are warning Australia is at a heightened risk of recession in 2023 as the Reserve Bank keeps aggressively raising interest rates, with a per capita recession looking likely.

ABC News

Morning Mail: Biden’s surprise Ukraine visit, rates take shine off Labor, ‘gobblefunk’ row

US president promises more weapons for Kyiv; Guardian Essential poll shows voters think RBA is wrong on rates but also blame Albanese; another earthquake in Turkey

The Guardian - AU

New insight into the logic behind February rate rise

The Reserve Bank's board minutes will be scoured for fresh insights into the central bank's cash rate decisions and how many more hikes are to come.

AAP

Guardian Essential poll: most think RBA rate hikes an overreaction as shine comes off Albanese

Majority believe government at least partially to blame for rises but don’t assume Coalition would manage them better

The Guardian - AU

Reserve Bank offered treasurer the choice to have King Charles on Australia’s $5 banknote

RBA releases documents under FOI after Jim Chalmers said decision to feature Indigenous culture instead of monarch was bank’s

The Guardian - AU

Alan Kohler: RBA defence of interest-rate mallet highlights the truth about inequality

The first thing is that inequality is worsened by the responses to both low inflation and high inflation; it’s a lose/lose.

The New Daily

Wages, Reserve Bank minutes to take the spotlight

The pace of wage growth will take centre stage, with the Reserve Bank hoping for a moderate reading that doesn't make its inflation challenge harder.

AAP

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ABC News

Greens leader Adam Bandt flags party is likely to work with government on safeguard mechanism

Adam Bandt says the party is open to negotiating on the government's key climate change policy, but believes voters can see they are fighting to stop new coal and gas projects from being approved.

The Guardian - AU

Australia’s housing crisis: how RBA interest rate hikes are pushing families closer to the edge

While some property owners are cashing in on the crisis, many others, such as western Sydney’s Nick Noel, are struggling to explain to their kids why they must tighten the spending belt

The Guardian - AU

A ‘fantastic place to live’, Philip Lowe? Tell that to those struggling under high interest rates

RBA governor says ‘capitalism works’ but maybe just a little bit of slack from his institution is what the country needs

The Guardian - AU

Afternoon Update: the electorates where it’s hardest to find a bulk-billing GP; Brisbane’s new Olympic arena; and Bruce Willis has dementia

New data reveals the extend of Medicare’s woes across the country

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The Conversation

The Lowe road – the RBA is treading a 'narrow path' between inflation and recession

It’s a tough time for central bankers the world over, but especially for Reserve Bank of Australia governor Philip Lowe.

The Guardian - AU

The RBA’s ‘narrow path’ on inflation and interest rates: six things we learned from Philip Lowe

When the governor and colleagues faced the economics committee, rates were the focus – how high will they go, and will they stall the economy?

ABC News

RBA boss Philip Lowe says rate rises hurting households, indications are they will go higher

Reserve Bank governor Philip Lowe has given a strong indication more interest rate rises are on the cards despite nine back-to-back rises causing many households significant pain and leaving them struggling to make repayments on their mortgages.

AAP

RBA urges mortgage holders to hunt down better deals

Reserve Bank officials say record high rates of refinancing are keeping average home loan rates relatively low.

ABC News

RBA governor faces second hearing, ASX sheds 0.8 per cent

The ASX200 drops 1.2 per cent over the week, and RBA governor Philip Lowe faces second hearing in Canberra

AAP

RBA governor sticks to the script on future rate rises

Not spooked by an unexpected uptick in the headline jobless rate, the Reserve Bank has stuck with its hawkish stance on interest rates.

The New Daily

ACCC asking why banks are slow to lift interest rates on savings accounts

The landscape for Australian savings rates is changing fast as banks begin to relent after the RBA’s February interest rate hike.

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