The latest corporate tax data released today by the Australian Tax Office (ATO) showed that once again, major gas producers are paying no company tax, and despite claims that changes to the Petroleum Rent Resources Tax (PRRT) would deliver “more revenue sooner”, the PRRT in 2024-25 raised less tax than in 2020-21.
Inflation in August rose from 3.5% to 4.0%, which might make you think the RBA had a point in raising interest rates yesterday. The problem is that all of the increase was due to petrol prices.
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The latest Enterprise Bargaining Agreements data provides even more evidence that the labour market is not “tight” and that the Reserve Bank should not be looking to increase unemployment by raising rates next week.
Next Tuesday, the Reserve Bank seems certain to once again raise interest rates. But the 74 cent/litre increase in petrol prices since June has already worked to hit households as much as two rates rises would.
In August, the unemployment rate rose to 4.6%, the highest for nearly 5 years, even as employment continued to grow relatively solidly. It will do little to change the likelihood of a rate rise next week.
The Seventh Intergenerational Report (IGR) released today by the Treasurer Jim Chalmers looks all the way out to 2066 and yet is mostly focused on the present and the fad-like demand of AI and data centres. Each iteration of the IGR is less about the projections than its focus.
In their appearance before the House Economics Committee on Friday, the executive of the Reserve Bank made it quite clear that we can expect more interest rate rises to come, but made little suggestion that real wages will be improving any time soon.
It’s official: not even the World Cup can make Australians travel to the United States anywhere close to the degree they did before Trump came to power. As I have noted before, when a World Cup is held in a country, the number of Australians travelling there usually spikes. For the USA, the opposite occurred.
The latest data from the National Accounts shows that gambling losses reached a new, all-time high of $36 billion in the 2025-26 financial year. Losses went up $1.2b more than in 2024-25, which is the biggest increase in three years.
Australia’s usual model of general practice relies heavily on private businesses earning revenue for each service they provide. That can work reasonably well where there are lots of patients and doctors (i.e. cities). It works less reliably in a town of a few thousand people, where maintaining a viable practice can depend on rents, accommodation, hospital arrangements and whether somebody can cobble together funding from three levels of government.
