Airwallex inks sponsorship deal with English Premier League giant
Arsenal will use Airwallex as its payments platform and the tech company's branding will appear for at least the next two years around its home ground, north London's Emirates Stadium, under the terms of the deal.
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7NEWS
4 hours ago
- 7NEWS
RBA cuts rates - But is AI the real threat to Australia's economy?
Flint Group After three interest rate cuts in just six months, the Reserve Bank has sent a clear signal: inflation is under control, and the easing cycle is here. In my previous role as an economist at the Federal Treasury, I saw firsthand how productivity has been at the centre of Australia's economic agenda for decades, yet the ambitious targets have rarely been met. This week, the one key theme I am sharing with home buyers, sellers, and investors with Flint Group, one of Australia's fastest growing mortgage brokerages, is that the RBA's latest move is not just about lower repayments. It has also begun a bigger national conversation about productivity, living standards, and whether now is the moment for reform. Productivity takes centre stage Yesterday's 0.25 per cent cut took the cash rate down by 0.75 per cent since February. That was expected by markets, but what was not expected was the RBA's downgrade to its productivity growth assumptions for the next two years. In plain English, productivity is how much more we can produce without adding extra labour or capital. Higher productivity means higher real wages and better living standards without fuelling inflation. Lower productivity means the opposite, slower growth and tighter household budgets. Governor Michele Bullock made it clear this is not a permanent downgrade, but it is an important reality check. The RBA had been hitting its inflation and jobs targets but consistently overestimating GDP and consumption. The culprit was an overly optimistic productivity assumption. A reform moment? Next week's national Economic Roundtable brings together policymakers, economists, and business leaders to focus on exactly this issue. With inflation easing, rates falling, and the spotlight firmly on productivity, the big question is: can this moment kickstart the reform agenda our country desperately needs to lift living standards? There is also a wild card in the mix, the rise of artificial intelligence. Some believe AI could spark a step change in productivity, transforming industries and boosting output dramatically. Others are sceptical, warning the benefits will take time and may not reach all sectors equally. The RBA is not betting on an AI boom just yet, but it is a key uncertainty that could reshape our economic future. What this means for buyers and sellers Mortgage holders: Another cut means slightly lower repayments, and the RBA is signalling the possibility of more easing ahead. This can free up household cash flow and improve borrowing capacity. Property market: The RBA acknowledged housing is a key channel through which monetary policy works. Lower rates boost buyer confidence, spur activity, and support construction. So far, the rebound has been measured, but momentum could build quickly. Investors: Easing rates lift serviceability, reduce financing costs, and often drive early capital growth as sentiment improves. My message right now This is the time to revisit your borrowing power. Conditions are shifting quickly, and many Australians who felt constrained earlier this year may now be in a much stronger position than they realise. The property market tends to move ahead of official rate cuts, and confidence is already returning. If you wait until the reform debate is settled or AI delivers its promised gains, you may miss the early mover advantage. Whether you are buying, selling, or investing, act strategically but do not stand still. The landscape is changing, and right now, opportunities are emerging. ------------------------------------------------------------
Sky News AU
6 hours ago
- Sky News AU
‘Prioritising dog groomers': Anthony Albanese panned for expanding immigration system, and increasing spending to boost economic growth
Nationals leader David Littleproud has lashed the Albanese government for prioritising wild jobs in the skilled migration program including 'dog groomers' and 'skilled martial arts instructors' to boost economic growth. As the government prepares to address productivity head-on through its economic roundtable, its migration program has again come under fire. Labor is facing accusations of papering over Australia's flagging economy with rapidly boosting the net-migration rate. Net permanent and long-term immigration arrivals reached record levels in the year ending in April 2024, with the net intake in April 2025 also coming in at the highest ever on record at 24,660. This represents a 24 per cent year-on year increase despite the government vowing to substantially reduce permanent migration numbers prior to the May 3 election. In addition, the government's skilled migration cohort prioritises positions such as yoga instructors and martial artists at a similar level of importance as bricklayers, carpenters and plumbers. Tradies had previously been placed behind professions like dog handlers and jewellery designers on the draft "core skills" occupations list. Yoga instructors and martial arts teachers will remain on the list of about 450 professions. Nationals' leader David Littleproud savaged the government's strategy and said that raising immigration and government spending would not solve the nations historic productivity slump. 'The workforce which the government is putting in is competing with private sector employment, and the only way the governments has tried to fix is that is by pouring more people into this country," Mr Littleproud told Sky News. '(The government) is prioritising dog groomers and martial arts instructors rather than those that would add to productivity and grow the pie. 'We have a housing crisis that state and local governments need to lean into and this where some hard decisions need to be made." In a major blow to the government's economic agenda the RBA on Tuesday downgraded its medium-term productivity assumption to just 0.7 per cent year-on-year down from its previous assumption of one per cent. It also warned Australia's economy was incapable of growing faster than two per cent over its forecasts. Despite Prime Minister Anthony Albanese pledging to take steps to reduce both permanent and net overseas migration, it was revealed in early August that the government would move to increase the number of international student placements by 25,000 to 295,000 for 2026. Public sector employment under the Albanese government has also reached record highs, with new figures released by the Australian Bureau of Statistics in June showing the nation now had a million a bureaucrats. The federal bureaucracy alone has ballooned to a record-breaking 213,000 staff, up from a 14-year low of 144,704 workers at the end of 2019. The government also faced intense scrutiny after quietly lowering the English language threshold for visa applicants, with the pass mark for the Pearson Test of English (PTE) being dropped from 30 out of 90 to 24. Mr Littleproud said the government needed to 'be honest about spending' and that bipartisan conversations needed to be had about reigning in federal expenditure. 'There are some bipartisan things we need to look at, the NDIS, we are going to need to have some honest conversations about getting back to first principals on what it was originated for, those that are most in need,' he said. 'We are also going to need to have those conversations about taxation and increasing tax, we need to have a broader conversation about what our tax takes should be. However, he did not explicitly state which taxes the government should look at amending.
Sydney Morning Herald
15 hours ago
- Sydney Morning Herald
‘I did that on purpose': Lyon comes clean on tactical sledging ahead of Bazball Ashes bout
Upon hearing that England were talking up tactical sledging during their hot-tempered recent series against India, Nathan Lyon's eyebrows raised with amusement, but also recognition. It's been eight years since Lyon was the author of his own premeditated barrage, an episode that still crops up when England talk of touring Australia. 'Could we end some careers? I hope so,' Lyon had said in a series of pointed remarks to the touring English press that recall a very different time in the battle for the Ashes. For one thing, England held the urn in 2017, after winning comfortably at home in 2015. It was also not so long since they had won a series in Australia, a resounding 3-1 triumph in 2010-11, with a trio of innings victories that heralded enormous introspection down under. And the Australian team assembling in Brisbane that November had already been subjected to plenty of criticism from within, after the selectors surprised many by picking Tim Paine and Cameron Bancroft to start the series. Lyon wished to turn the tables as well as the ball. 'Looking back at that, I did that on purpose,' Lyon told this masthead 100 days out from the first ball of the Ashes, on November 21 in Perth. 'I wanted to make it about England, take a lot of pressure off 'Painey' and Cam Bancroft. Painey was coming back into the side, Cam was making his debut, so there was a lot of pressure on our batting group, especially those young guys. Loading 'I felt like my game was in a really good area, where I could be confident in backing up my skill [with words]. I wanted to take some pressure off them. That's part of the game – I think I did that, all the attention came to me, which is all right. 'I've always had the approach that I'll do whatever it takes for this team, and whatever my role needs, whether it is taking heat, I'm more than happy to do that, or bowling off-breaks or going out and doing nightwatchman.'
