Workers are unlikely to see substantial pay rises in 2020 as unemployment remains stubbornly stuck above 5 per cent and confidence in the economy continues to diminish | ErykBagshaw
The report found retail has endured its deepest downturn since 1990, construction is shrinking at its fastest rate since 1999, and farmers and finance have had their worst period since the global financial crisis.
Finance Minister Mathias Cormann confirmed on Saturday that work had begun on the federal budget, but that it was too early to say what the overall economic impact of the bushfire season would be. Shadow Treasurer Jim Chalmers has urged the government to consider using some of the $5 billion surplus forecast for 2019-20 to stimulate the economy.Shadow Treasurer Jim Chalmers has urged the government to consider using some of the $5 billion surplus forecast for 2019-20 to stimulate the economy. The government was forced to cut $21 billion from surpluses over the next four years in the mid-year economic update as forecasts deteriorated.
"This is the price Australians are are paying for the ineptitude and inaction of a do-nothing government."More than a dozen market economists surveyed by Bloomberg on Friday expect the Reserve Bank to keep interest rates on hold when it meets in the first week of February. They have forecast a cut to a new record low of 0.25 per cent forecast for the September quarter.
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