Mortgage rate relief prospects welcome, says Chalmers

The Advertiser

4 days ago

Another interest rate cut will be "welcome relief" for mortgage holders, says Treasurer Jim Chalmers, as a top central banker prepares to speak in the wake of a promising inflation result.
Reserve Bank of Australia deputy governor Andrew Hauser will give a speech at an economic forum hosted by investment bank Barrenjoey on Thursday.
It comes less than 24 hours after the Australian Bureau of Statistics revealed the central bank's preferred measure of inflation, the trimmed mean, eased to an annualised 2.7 per cent in the June quarter.
The outcome reflected the "remarkable progress" Australia has made in cutting inflation in the last three years, Dr Chalmers said.
The result was slightly softer than economists had expected and was widely interpreted as being consistent with the RBA board lowering the cash rate to 3.6 per cent, from a current 3.85 per cent, at its next board meeting in August.
"But it's never mission accomplished because the global environment is uncertain - we've got some persistent structural issues in our economy, growth in our economy is soft, and people are under pressure," Dr Chalmers told ABC television on Thursday.
In a bid to address those structural issues in the economy, Dr Chalmers has convened a roundtable of experts, business and unions to discuss Australia's productivity woes. They will gather in late August.
Building more homes sooner will be a central focus of the roundtable, the treasurer hopes.
"That's the government's priority. The primary focus there, I think, at the roundtable will be around how we speed up approvals and get the zoning for housing right, because we desperately need more homes," he said.
But fault lines have opened up between businesses and unions on artificial intelligence.
Peak union body, the ACTU, has called for tougher regulations to ensure AI does not lead to job losses, while business groups have warned against regulation that could stifle the adoption of the technology.
Independent MP Zali Steggall has called for the government to appoint a special envoy for AI and the future of work to drive adoption of the technology while addressing growing public distrust.
"I am concerned it's going to be unions trying to put a lid on it," Ms Steggall told AAP.
"Look, I am supportive of guardrails. It has to be done safely, but to suggest that you can put the genie back in the bottle is unrealistic."
The former Winter Olympian on Thursday launched her economic plan to re-energise the economy while speeding the transition to net zero, by encouraging clean energy investment and reducing the cost of housing.
The RBA stunned analysts by leaving rates on hold in July, with governor Michele Bullock telling an event last week that the board preferred a "measured and gradual" approach to easing interest rates.
While less pivotal than inflation or jobs data, retail sales figures released by the ABS on Thursday will provide an update on the vitality of the Australian consumer.
The recovery in household spending has been softer than the RBA had expected, the board said in minutes from its last meeting.
But sales are expected to rebound to the highest level since the beginning of 2024, following a run of softer months.
The retail print is the last the bureau will produce before it switches over to a more comprehensive measure of consumption, the monthly household spending indicator.
Opposition frontbencher Michaelia Cash said while it was a good thing inflation was falling, Australians were still doing it tough because prices had grown faster and for longer compared to the rest of the world.
"So Jim, take all the credit you like. But the bad news is you're the architect of the cost of living crisis that Australians live under your government," she told Nine television on Thursday.
Another interest rate cut will be "welcome relief" for mortgage holders, says Treasurer Jim Chalmers, as a top central banker prepares to speak in the wake of a promising inflation result.
Reserve Bank of Australia deputy governor Andrew Hauser will give a speech at an economic forum hosted by investment bank Barrenjoey on Thursday.
It comes less than 24 hours after the Australian Bureau of Statistics revealed the central bank's preferred measure of inflation, the trimmed mean, eased to an annualised 2.7 per cent in the June quarter.
The outcome reflected the "remarkable progress" Australia has made in cutting inflation in the last three years, Dr Chalmers said.
The result was slightly softer than economists had expected and was widely interpreted as being consistent with the RBA board lowering the cash rate to 3.6 per cent, from a current 3.85 per cent, at its next board meeting in August.
"But it's never mission accomplished because the global environment is uncertain - we've got some persistent structural issues in our economy, growth in our economy is soft, and people are under pressure," Dr Chalmers told ABC television on Thursday.
In a bid to address those structural issues in the economy, Dr Chalmers has convened a roundtable of experts, business and unions to discuss Australia's productivity woes. They will gather in late August.
Building more homes sooner will be a central focus of the roundtable, the treasurer hopes.
"That's the government's priority. The primary focus there, I think, at the roundtable will be around how we speed up approvals and get the zoning for housing right, because we desperately need more homes," he said.
But fault lines have opened up between businesses and unions on artificial intelligence.
Peak union body, the ACTU, has called for tougher regulations to ensure AI does not lead to job losses, while business groups have warned against regulation that could stifle the adoption of the technology.
Independent MP Zali Steggall has called for the government to appoint a special envoy for AI and the future of work to drive adoption of the technology while addressing growing public distrust.
"I am concerned it's going to be unions trying to put a lid on it," Ms Steggall told AAP.
"Look, I am supportive of guardrails. It has to be done safely, but to suggest that you can put the genie back in the bottle is unrealistic."
The former Winter Olympian on Thursday launched her economic plan to re-energise the economy while speeding the transition to net zero, by encouraging clean energy investment and reducing the cost of housing.
The RBA stunned analysts by leaving rates on hold in July, with governor Michele Bullock telling an event last week that the board preferred a "measured and gradual" approach to easing interest rates.
While less pivotal than inflation or jobs data, retail sales figures released by the ABS on Thursday will provide an update on the vitality of the Australian consumer.
The recovery in household spending has been softer than the RBA had expected, the board said in minutes from its last meeting.
But sales are expected to rebound to the highest level since the beginning of 2024, following a run of softer months.
The retail print is the last the bureau will produce before it switches over to a more comprehensive measure of consumption, the monthly household spending indicator.
Opposition frontbencher Michaelia Cash said while it was a good thing inflation was falling, Australians were still doing it tough because prices had grown faster and for longer compared to the rest of the world.
"So Jim, take all the credit you like. But the bad news is you're the architect of the cost of living crisis that Australians live under your government," she told Nine television on Thursday.
Another interest rate cut will be "welcome relief" for mortgage holders, says Treasurer Jim Chalmers, as a top central banker prepares to speak in the wake of a promising inflation result.
Reserve Bank of Australia deputy governor Andrew Hauser will give a speech at an economic forum hosted by investment bank Barrenjoey on Thursday.
It comes less than 24 hours after the Australian Bureau of Statistics revealed the central bank's preferred measure of inflation, the trimmed mean, eased to an annualised 2.7 per cent in the June quarter.
The outcome reflected the "remarkable progress" Australia has made in cutting inflation in the last three years, Dr Chalmers said.
The result was slightly softer than economists had expected and was widely interpreted as being consistent with the RBA board lowering the cash rate to 3.6 per cent, from a current 3.85 per cent, at its next board meeting in August.
"But it's never mission accomplished because the global environment is uncertain - we've got some persistent structural issues in our economy, growth in our economy is soft, and people are under pressure," Dr Chalmers told ABC television on Thursday.
In a bid to address those structural issues in the economy, Dr Chalmers has convened a roundtable of experts, business and unions to discuss Australia's productivity woes. They will gather in late August.
Building more homes sooner will be a central focus of the roundtable, the treasurer hopes.
"That's the government's priority. The primary focus there, I think, at the roundtable will be around how we speed up approvals and get the zoning for housing right, because we desperately need more homes," he said.
But fault lines have opened up between businesses and unions on artificial intelligence.
Peak union body, the ACTU, has called for tougher regulations to ensure AI does not lead to job losses, while business groups have warned against regulation that could stifle the adoption of the technology.
Independent MP Zali Steggall has called for the government to appoint a special envoy for AI and the future of work to drive adoption of the technology while addressing growing public distrust.
"I am concerned it's going to be unions trying to put a lid on it," Ms Steggall told AAP.
"Look, I am supportive of guardrails. It has to be done safely, but to suggest that you can put the genie back in the bottle is unrealistic."
The former Winter Olympian on Thursday launched her economic plan to re-energise the economy while speeding the transition to net zero, by encouraging clean energy investment and reducing the cost of housing.
The RBA stunned analysts by leaving rates on hold in July, with governor Michele Bullock telling an event last week that the board preferred a "measured and gradual" approach to easing interest rates.
While less pivotal than inflation or jobs data, retail sales figures released by the ABS on Thursday will provide an update on the vitality of the Australian consumer.
The recovery in household spending has been softer than the RBA had expected, the board said in minutes from its last meeting.
But sales are expected to rebound to the highest level since the beginning of 2024, following a run of softer months.
The retail print is the last the bureau will produce before it switches over to a more comprehensive measure of consumption, the monthly household spending indicator.
Opposition frontbencher Michaelia Cash said while it was a good thing inflation was falling, Australians were still doing it tough because prices had grown faster and for longer compared to the rest of the world.
"So Jim, take all the credit you like. But the bad news is you're the architect of the cost of living crisis that Australians live under your government," she told Nine television on Thursday.
Another interest rate cut will be "welcome relief" for mortgage holders, says Treasurer Jim Chalmers, as a top central banker prepares to speak in the wake of a promising inflation result.
Reserve Bank of Australia deputy governor Andrew Hauser will give a speech at an economic forum hosted by investment bank Barrenjoey on Thursday.
It comes less than 24 hours after the Australian Bureau of Statistics revealed the central bank's preferred measure of inflation, the trimmed mean, eased to an annualised 2.7 per cent in the June quarter.
The outcome reflected the "remarkable progress" Australia has made in cutting inflation in the last three years, Dr Chalmers said.
The result was slightly softer than economists had expected and was widely interpreted as being consistent with the RBA board lowering the cash rate to 3.6 per cent, from a current 3.85 per cent, at its next board meeting in August.
"But it's never mission accomplished because the global environment is uncertain - we've got some persistent structural issues in our economy, growth in our economy is soft, and people are under pressure," Dr Chalmers told ABC television on Thursday.
In a bid to address those structural issues in the economy, Dr Chalmers has convened a roundtable of experts, business and unions to discuss Australia's productivity woes. They will gather in late August.
Building more homes sooner will be a central focus of the roundtable, the treasurer hopes.
"That's the government's priority. The primary focus there, I think, at the roundtable will be around how we speed up approvals and get the zoning for housing right, because we desperately need more homes," he said.
But fault lines have opened up between businesses and unions on artificial intelligence.
Peak union body, the ACTU, has called for tougher regulations to ensure AI does not lead to job losses, while business groups have warned against regulation that could stifle the adoption of the technology.
Independent MP Zali Steggall has called for the government to appoint a special envoy for AI and the future of work to drive adoption of the technology while addressing growing public distrust.
"I am concerned it's going to be unions trying to put a lid on it," Ms Steggall told AAP.
"Look, I am supportive of guardrails. It has to be done safely, but to suggest that you can put the genie back in the bottle is unrealistic."
The former Winter Olympian on Thursday launched her economic plan to re-energise the economy while speeding the transition to net zero, by encouraging clean energy investment and reducing the cost of housing.
The RBA stunned analysts by leaving rates on hold in July, with governor Michele Bullock telling an event last week that the board preferred a "measured and gradual" approach to easing interest rates.
While less pivotal than inflation or jobs data, retail sales figures released by the ABS on Thursday will provide an update on the vitality of the Australian consumer.
The recovery in household spending has been softer than the RBA had expected, the board said in minutes from its last meeting.
But sales are expected to rebound to the highest level since the beginning of 2024, following a run of softer months.
The retail print is the last the bureau will produce before it switches over to a more comprehensive measure of consumption, the monthly household spending indicator.
Opposition frontbencher Michaelia Cash said while it was a good thing inflation was falling, Australians were still doing it tough because prices had grown faster and for longer compared to the rest of the world.
"So Jim, take all the credit you like. But the bad news is you're the architect of the cost of living crisis that Australians live under your government," she told Nine television on Thursday.