Latest news with #NicholasEagar
Perth Now
2 days ago
- Business
- Perth Now
‘Sombre picture': Bleak forecast for economy
An unexpected fall in Australia's current account balance has become the latest economic indicator to suggest a sluggish national economy. While the drag was modest, Australia's current account balance rose by $1.7bn for the first three months of 2025 to an overall deficit of $14.7bn. This was larger than a forecast estimate of $12.5bn. There are further signs of Australia's economy weakening. NewsWire / Nicholas Eagar Credit: NewsWire Oxford Economics Australia lead economist Ben Udy said Tuesday's current account balance released by the Australian Bureau of Statistics was just another sign of a slowing economy. 'The modest drag from net trade along with recent downbeat GDP particles paints a sombre picture for tomorrow's GDP reading,' he said. The decline in the current account balance was largely driven by a fall in the Australian dollar, as net primary income lifted in Q1. The trade balance changed little in the quarter, as a small improvement in the balance of goods was offset by a $0.2bn fall in the goods and services surplus. ABS head of international statistics Tom Lay said there was mixed news for commodities. 'Commodity price falls, notably coal, led to Australian mining businesses seeing lower profits flow to foreign direct investors, which reduced Australia's income outflows,' he said. But the price of gold rose sharply in the first three months, leading to exports of goods to lift by 2.9 per cent following a 2.3 per cent rise in the last quarter. Aussies are holding back on international travel NewsWire / Dylan Coker Credit: NewsWire This was the first consecutive growth in exports since the June 2022 quarter. The March rise was led by non-monetary gold, with more gold being exported and prices continuing to rise from previous highs in the December 2024 quarter. 'The $4.8bn rise in non-monetary gold exports was the highest on record. It was led by $11bn of non-monetary gold exports to the USA, which was larger than the total combined value of non-monetary gold exports to the USA over the past four years,' Mr Lay said. Without the gold contribution, goods exports would have fallen by 1 per cent in the March quarter. Separate business indicator data also released by the ABS painted a similar picture with company gross operating profits falling 0.5 per cent for the March quarter on the back of a weaker mining sector. Company gross operating profits also fell by 6 per cent. The current account balance also showed exports of services fell 1.7 per cent this quarter, with a 2.8 per cent fall in travel services. Education-related travel exports also declined in the March quarter. 'Cost-of-living pressures and global uncertainty still appear to be weighing on households' travel plans, with both exports and imports of travel services declining in the quarter,' Mr Udy said.
Perth Now
2 days ago
- Business
- Perth Now
2.6m Aussies await pay rise answer
Australians on the minimum wage are set to receive a pay increase on Tuesday, with Australia's top union boss urging the body to boost annual full time pay by $2143. An expert panel will hand down the decision in Sydney at 10am on Tuesday. While the Albanese government has called for the independent arbitrator to provide an increase above inflation, currently at 2.4 per cent, the ACTU is lobbying for a much higher boost of 4.5 per cent. For about 2.6 million Aussies on the minimum wage that would hike their hourly wage to $25.18 per hour, lifting the packet for an annual full-time worker by $2143 to $49,770. The changes will come into effect from July 1. The Fair Work Commission will hand down the pay rise decision for Australia's lowest paid workers on Tuesday. NewsWire / Nicholas Eagar Credit: NewsWire ACTU national secretary Sally McManus said low paid workers had 'gone backwards' after years of high inflation and high interest rates. She said any wage increase below 2.4 per cent would be 'manifestly wrong and unfair,' and the new rate should allow people to 'get ahead and catch up'. 'The Fair Work Commission couldn't award increases that kept up with inflation when inflation spiked, but they did say that people needed to catch up, and it was just a matter of working out when things are more stable and favourable,' she told NewsWire. 'We say they're more favourable now. 'All of those businesses got through that period of time by putting up their prices … but workers can't adjust their pay like they these low paid workers are dependent on this (once-a-year) decision.' ACTU secretary Sally McManus said any pay rise below inflation would be 'manifestly unfair'. NewsWire / Monique Harmer Credit: News Corp Australia Employment and Workplace Relations Minister Amanda Rishworth has previously called for 'an economically responsible real wage increase' while stating that the 'setting of the minimum wage is a matter for the Fair Work Commission'. 'We do need to consider the economic conditions, but we also believe that in those economic conditions, workers deserve a real wage increase,' she said in May. Currently, the minimum wage is $24.10 per hour, which equates to $915.90 or an annual full-time salary of $47,627.06.
Perth Now
7 days ago
- Business
- Perth Now
Answer on $2k boost to Aussie wages looms
More than 2.6 million low-paid Australian workers could be set for a boost to their pay packets, with the Fair Work Commission just days away from handing down its annual wage review. The independent body is set to hand down its determination in Sydney on Tuesday, with the Australian Council of Trade Unions (ACTU) pushing for a 4.5 per cent lift in the minimum wage. This would boost it to $25.18 per hour, lifting the salary for an annual full-time worker by $2143 to $49,770. The FWC's determination, which will come into affect from July 1, applies to about 2.6 million workers who are not on an existing award or agreement. The Fair Work Commission will hand down its updated on the minimum wage next Tuesday. NewsWire/ Nicholas Eagar Credit: NewsWire The Albanese government has backed an above-inflation increase, beyond 2.4 per cent, however it has not nominated a specific number. Newly installed Employment and Workplace Relations Minister Amanda Rishworth has previously called for 'an economically responsible real wage increase' while stating that the 'setting of the minimum wage is a matter for the Fair Work Commission'. 'We do need to consider the economic conditions, but we also believe that in those economic conditions, workers deserve a real wage increase,' she said earlier this month. ACTU boss Sally McManus has called for a 4.5 per cent increase in wages. NewsWire/ Monique Harmer Credit: News Corp Australia ACTU boss Sally McManus has recently criticised a call by the Australian Restaurant and Cafe Association to lift the minimum wage by 2 per cent, arguing the increase was below inflation and amounted to a real wage cut. The industry body represents businesses that employ about 500,000 workers and includes major hospitality players like Merivale, Fink Group and Van Haandel. 'Not only does this employer group want to dramatically cut the pay of low-paid workers, but they also have the gall in the next breath to complain that customers then aren't spending enough in their businesses,' she said. 'As far as shooting themselves in the foot, it's a good effort because few local cafe or restaurant owners can afford for ordinary Australians to take a real pay cut. 'It will be their own restaurants, cafes, pubs, hotels and bars crying out for people with enough spare cash to go and spend their money there.' Currently, the minimum wage is $24.10 per hour, which equates to $915.90 or an annual full-time salary of $47,627.06.
Perth Now
28-05-2025
- Health
- Perth Now
Concern as new COVID variant begins to take hold in WA
A new COVID-19 subvariant, NB. 1.8.1, is beginning to take hold in NSW and Western Australia, sparking concern among health authorities as Australia heads into the winter months. According to the latest NSW Respiratory Surveillance Report, COVID-19 and influenza activity remain low overall, but early signs point to a gradual increase in Covid-19 infections, with test positivity rising to 5.7 per cent in the week ending May 17. 'We are now reporting emerging sublineage NB. 1.8.1 which is increasing in NSW,' the report reads. Wastewater surveillance in Perth also shows NB. 1.8.1 is surging in the region. While the subvariant does not appear to cause more severe illness than earlier strains, its rapid growth is raising flags both locally and internationally. Estimated weekly distribution of Covid-19 sub-lineages in the community, November 1, 2023 to May 10, 2025. NSW Health Credit: News Corp Australia The World Health Organisation recently noted that NB. 1.8.1 was increasing in prevalence globally, including in Hong Kong, where COVID hospitalisations have reached 12-month highs, and also in parts of the US. NSW Health is continuing to monitor the subvariant closely, particularly among ICU patients, to assess any changes in disease severity. For now, the variant appears more transmissible but not more dangerous. The Covid-19 subvariant NB. 1.8.1 is being closely monitored by health authorities. NewsWire / Nicholas Eagar Credit: NCA NewsWire Vaccines remain effective at preventing severe disease from NB. 1.8.1, and health officials are urging residents to stay up to date with boosters and flu shots. In both NSW and WA, RSV (respiratory syncytial virus) is circulating at high levels, especially among children. WA Health has warned of a potentially early start to the flu season, with more than 6500 flu cases already recorded this year and free flu and RSV immunisations available to eligible residents until June 30. Authorities are reminding Australians to maintain good hygiene, stay home when unwell and ensure vaccinations are current to help ease pressure on hospitals over winter.
Perth Now
28-05-2025
- Business
- Perth Now
Shock city Aussies are moving to
Victoria's Greater Geelong has become the nation's new top spot for regional migration, according to Commonwealth Bank's Regional Mover Index. Greater Geelong has toppled the Sunshine Coast's two-year winning streak with 9.3 per cent of total net internal migration in the March quarter 2025. The report, in partnership with the Regional Australian Institute, shows the trend of moving regionally that accelerated during the Covid pandemic is continuing, with 25 per cent more people moving from capital cities to the regions. The Sunshine Coast has been overtaken as Australia's top regional hub. NewsWire / Nicholas Eagar Credit: NewsWire RAI chief executive Liz Ritchie said Australians were leaving capital cities for the regions and not coming back. 'Regional Australia is being reimagined,' she said. 'The regions' enviable lifestyle offerings, buoyant jobs market, position as an economic leader and diverse communities are proving to be an ongoing lure, particularly for those in metropolitan areas. 'Contemporary regional Australia has what people are looking for and it's clear cliched images and misconceptions about regional living are well and truly a thing of the past.' Regional Australia's population now sits at 9.91 million, with the CBA indicating that number will continue to grow. CBA acting executive general manager Josh Foster said Geelong demonstrated Victoria's vitality. 'It's pleasing to see annual population growth is continuing to benefit Australia's regional economy as more people are drawn to the lifestyle and employment opportunities found beyond metropolitan areas,' he said. 'In a first for the RMI, Greater Geelong has become the star performer due to its idyllic location, established services and range of employment opportunities.' To support the demand for housing, the Victorian government has set a target of an additional 128,600 dwellings in Greater Geelong by 2051. The corpse flower in full bloom at the Geelong Botanic Gardens. NewsWire / Nadir Kinani Credit: News Corp Australia Sydney exodus continues Sydney continued to record the largest net outflows of all capital cities, driven by higher house prices in the Harbour City. The report said 40 per cent of those leaving Sydney were going to regional NSW, while 17 per cent were heading north to regional Queensland, a drop from 30 per cent this time last year. Despite the fall, the Sunshine Coast still ranks second overall, while the Gold Coast, Townsville and Fraser Coast are also picking up ex-Sydneysiders. 'Queensland's warmer climate and generally more affordable housing in regional locations ensures that it remains a magnet for movers from Sydney and Melbourne,' Mr Foster said. Movement was not restricted to the eastern seaboard, with Victor Harbor in South Australia recording strong interest from regional movers and Denmark and Harvey in Western Australia remaining popular with both regional and city movers alike. The index focuses specifically on movement to and from regional areas and excludes capital city moves.
