Jim Chalmers says Australia’s inflation is lower than major advanced economies; Donald Trump offers public servants seven months’ pay to resign. How the day unfolded.
That’s a wrap – thank you for reading the Need to Know blog today. These were some of the main stories: Inflation well within RBA target range: Treasurer Jim Chalmers says it’s not mission accomplished on inflation, but Labor is “making very substantial progress”.
US judge temporarily blocks Trump funding freeze: A federal judge has temporarily blocked a Trump administration freeze on federal grants and loans that could total trillions of dollars. ‘Real possibility’ Australia’s economy will have a soft landing: Finance Minister Katy Gallagher says Deloitte’s report shows it thinks Australia is through the worst of the economic pressures despite the prediction that living standards will not recover to pre-pandemic levels until 2030.
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‘Insanity’: Jim Chalmers claims Coalition’s nuclear plan will ‘push prices up’Treasurer Jim Chalmers has claimed the Coalition’s plan for Australia to adopt nuclear energy will “push prices up” and “make it harder for people”. The Australian jobs market continues to defy expectations of a looming economic slowdown, decreasing the chance of a February interest rate cut.
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Treasurer Jim Chalmers’ ‘super tax’ unlikely to passTreasurer Jim Chalmers’ plans to double the tax rate on superannuation face failure as the crossbench and opposition snub the policy.
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No new taxes in this year's federal budget, Treasurer Jim Chalmers saysTreasurer Jim Chalmers said the Labor Party won&x27;t bring any new taxes into this year&x27;s federal budget, reiterating the focus will again be on cost of living relief.
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Australia's Inflation Data May Determine RBA's Next MoveThe December quarter inflation data, to be released at 11:30am AEDT, is expected to be crucial in influencing the Reserve Bank of Australia's decision on interest rates next month. The ASX has experienced a positive start to the day, recovering from recent market volatility, while the Australian dollar remains stable.
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Australia vs India live: Australia needs 162 runs for Test win, Jasprit Bumrah fitness in questionSteve Smith is out for 4, one run short of the famous 10,000-run milestone, as Australia is reduced to 3-58 in a chase of 162 to win the fifth Test and regain the Border-Gavaskar Trophy. Follow live.
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Australia Faces Devastating Heatwave: Record Temperatures Scorch Western Australia, Queensland to FollowRecord-breaking temperatures are plaguing Western Australia, while Queensland prepares for a dangerous heatwave. Perth and Geraldton experience scorching highs, with the former hitting its hottest day in a decade. The BOM warns residents to take precautions against the extreme heat, which can be especially dangerous for vulnerable groups.
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