Australia news live: retailers plead with RBA for interest rates relief before Christmas | Australia news
Key events
Can Australian authorities take action against protesters who wave the Hezbollah flag? Should they?
Peter Dutton wants parliament urgently recalled to debate new anti-terror laws in the light of the Hezbollah flag-waving controversy at the weekend.
But is he fanning the flames of division as Labor says?
get up to speed with our explainer:
Could supermarket superprofits be fuelling Australia’s inflation?
The Australian Competition and Consumer Commission is suing Coles and Woolworths over allegations they misled shoppers by offering “illusory” discounts on hundreds of products. It’s a practice that helps them make huge profits in an already overheated economy.
Guardian Australia columnist Greg Jericho tells Matilda Boseley why he thinks corporations, not consumers, should be made to pay for the cost-of-living crisis.
Retailers plead for RBA not to hike rates
Stronger consumer spending should not be an excuse for the Reserve Bank to potentially lift interest rates ahead of Christmas, retail bodies have warned.
Australian Associated Press reports that Australian Retailers Association chief executive Paul Zahra said the Reserve Bank needs to offer a rate cut when it meets to discuss interest rates on 5 November.
“Whilst there is great resilience within retail, we know there are many businesses in the sector that are doing it tough, especially small businesses,” he said.
“This remains one of retail’s most difficult years – with a continued slowdown in discretionary spend, high business costs along with ongoing challenges.”
Retail trade figures for August revealed a 0.7% increase for the month and 3.1% for the year, with warmer weather driving discretionary spending on outdoor items as well as dining out.
The spike followed a sluggish 0.1% rise in July.
The National Retail Association interim chief executive, Lindsay Carroll, said while August’s figures were trending in the right direction, the retail sector was still struggling.
“The industry is at the mercy of consumer sentiment, that’s just the nature of retail. Business owners need every win they can get in the lead-up to Christmas,” she said.
“We are asking our policymakers to give retailers some breathing room to recover during this year’s holiday sale season.”
Welcome
Good morning and welcome to our rolling news coverage. I’m Martin Farrer and I’ll be running through the top overnight stories before Emily Wind takes the reins.
The organisers behind weekly pro-Palestine protests in Sydney have criticised NSW police for their decision to apply to the state’s supreme court to prevent two rallies from going ahead this weekend. The Palestine Action Group has submitted the required paperwork for rallies on Sunday and Monday (a public holiday in NSW). But the police say they will seek to ban the marches to preserve public safety.
The Albanese government made a last-minute rejection to proposed questions on sexuality and gender diversity in the upcoming 2026 census, sending bureaucrats into a weekend scramble, new documents obtained by Guardian Australia under freedom of information show. Late on Friday 23 August and into the next day officials at the Australian Bureau of Statistics agreed to cancel a scheduled media briefing on Monday 26 August and the rollout of its “large-scale” test census to 50,000 households from Tuesday 27 August as a result of the 11th-hour decision.
The retailers’ peak body has pleaded today with the Reserve Bank not to raise rates before Christmas – and consider lowering them instead – despite stronger-than-expected consumer spending. We have more coming up on this, plus why supermarket superprofits could be fuelling inflation.
#Australia #news #live #retailers #plead #RBA #interest #rates #relief #Christmas #Australia #news
News plays a pivotal role in our lives by keeping us informed and connected to the world. It serves as a critical source of information, offering updates on current events, politics, economics, science, and more. Through news, we gain awareness of global issues and local developments, helping us make informed decisions in our personal and professional lives. News also fosters discussion and debate, encouraging critical thinking and perspective-taking. Moreover, it promotes transparency and accountability among governments, businesses, and other institutions. In a rapidly changing world, staying updated with the news enables us to adapt to new challenges and opportunities, shaping our understanding of the complexities of society. Ultimately, news is not just about information; it empowers us to participate actively in the world around us, contributing to a more informed, engaged, and responsible global citizenry.
Health is fundamental to our well-being and quality of life, making it an essential aspect of daily existence. It encompasses physical, mental, and emotional aspects, influencing our ability to function effectively and enjoy life fully. Prioritizing health allows individuals to maintain optimal physical fitness, reducing the risk of diseases and promoting longevity. Mental health, equally crucial, affects our cognitive abilities, emotional stability, and overall happiness. Investing in preventive healthcare through exercise, balanced nutrition, and regular medical check-ups helps in early detection of potential health issues, ensuring timely intervention and treatment. Beyond individual benefits, a population’s health impacts societal productivity and economic stability. Governments and organizations worldwide emphasize public health initiatives to address pandemics, health disparities, and promote overall well-being. Ultimately, health serves as the foundation upon which we build our lives, influencing our ability to pursue goals, nurture relationships, and contribute meaningfully to society.
Money plays a crucial role in our lives as a means of financial security and freedom. It enables us to meet basic needs such as food, shelter, and healthcare, while also providing opportunities for education, travel, and personal growth. Beyond material comforts, money facilitates social connections and experiences that enrich our lives. It empowers individuals to invest in their futures, whether through savings, investments, or entrepreneurial ventures, thereby fostering economic stability and growth. However, the pursuit of wealth should also be balanced with ethical considerations, as money can influence relationships and societal dynamics. Responsible management of finances is key to achieving long-term goals and mitigating financial stress. Ultimately, while money is a tool for achieving aspirations and fulfilling desires, its true value lies in how it is utilized to improve both personal well-being and the broader community.
Earning Easy Money in 2024: Opportunities and Considerations 💸
In 2024, the landscape of earning easy money presents diverse opportunities, albeit with considerations. The digital age offers platforms for freelancing, online trading, and e-commerce, allowing individuals to leverage skills and creativity for financial gain. Cryptocurrency investments continue to allure with potential for quick profits, yet they entail high volatility and risk. Moreover, the rise of the gig economy enables flexible work arrangements through apps and websites, offering quick payouts but often without job security or benefits. Passive income streams such as rental properties and investments in stocks or bonds remain viable, but demand initial capital and ongoing management. Amid these options, caution is essential to avoid scams and unsustainable ventures promising overnight success. Ultimately, while the allure of easy money persists, informed decisions, diligence, and a long-term perspective are crucial for sustainable financial growth and security in the dynamic year ahead.
