Petrol prices have risen for a third week in a row across Australia as global factors undermine the Morrison government’s much-touted temporary cut in fuel excise aimed at easing cost of living pressures.
Retail spending in Australia reached a record turnover in March against the backdrop of rising prices and eased COVID-19 restrictions, with South Australia the only state to record a fall.
Deputy Reserve Bank governor Guy Debelle has indicated lower interest rates are possible in Australia without going negative, but he says the economic downturn could be past its worst.
UPDATED | Prime Minister Scott Morrison says Australian private and public sector organisations are being targeted in a sophisticated cyber attack by a foreign entity.
Rob Lucas’s razor-thin budget surplus has been effectively wiped out by a fresh writedown in GST revenues, with this morning’s federal update slashing the state’s receipts by $136 million in the current financial year.
A $700 million settlement between financial intelligence agency AUSTRAC and Commonwealth Bank of Australia over money laundering has been welcomed by the Federal Government.