Australians devote a greater share of their income to mortgage repayments than any other advanced economy, the IMF revealed as it downgraded the local outlook.
Australians devote a greater share of their income to mortgage repayments than any other advanced economy, the IMF has revealed, as it downgraded its forecasts for the local economy and warned inflation will be higher than previously thought.for the global economy had receded, as the world remained on track for a soft landing scenario where inflation returned to central bank targets without a major downturn in activity.
The RBA has pointed to the strength in interest rate pass-through locally as a reason for leaving the cash rate on hold at 4.1 per cent, as the central bank assesses the cumulative effect of the rapid raise in interest rates over the past year.The share of income lost to mortgage repayments will have increased further since the period examined by the IMF, with the cash rate now 1 percentage point higher than December 2022.
Meanwhile, inflation will be higher than the IMF previously thought. Headline inflation is expected to average 4 per cent next year, well above the 3.2 per cent forecast contained in its April projections and above the RBA’s official inflation forecast. Treasurer Jim Chalmers said inflation will be more persistent in Australia due to international factors.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Divide between dentistry and medicine harms Australians' health, including those with sleep apnoeaDespite a clear link between general and oral health, the dental and medical professions tend to work in isolation. Experts believe it's adding to the chronic disease burden.
Read more »
Australia news live: Penny Wong says government working to confirm welfare of Australians in IsraelFollow live
Read more »
Penny Wong urges Australians to call family amid 'distressing' attacks on Israel and GazaPenny Wong has urged Australians overseas to get to safety and contact their loved ones, issuing new travel warnings for Israel and Gaza as more than 1,100 people have been killed in conflict since Saturday.
Read more »
Albanese throwing in the towel on the Voice shows he is finally listening to AustraliansThat Anthony Albanese told ABC’s Insiders on Sunday morning that he intends to abandon the Voice to Parliament debate bears significant weight, weight for which the prime minister must be held to account.
Read more »
Police investigating Sydney pro-Palestinian protest; race to confirm safety of Australians in IsraelNSW Premier Chris Minns says police will pursue charges if they find anyone at the pro-Palestinian protest committed a criminal act, as authorities work to confirm the safety of thousands of Australians in Israel.
Read more »
Federal government concerned for Australians who may be missing in Israel7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Read more »