Australian PM Anthony Albanese has been cautioned that the nation is hurtling towards an economic and financial catastrophe of unprecedented proportions.
Comparing the looming crisis to historical events, the gravity of the situation cannot be overstated.
Albanese has emphasised that the nation faces “economic and financial trauma” on a scale not seen since the Great Depression.
He pointed to mounting debt levels, stagnant wage growth, and skyrocketing living costs as key factors contributing to this dire predicament.
The Covid-19 pandemic has only exacerbated these issues, pushing the Australian economy to the brink.
Matt Grudnoff from the Australia Institute says the government is now turning its attention to addressing the cost of living, after the failed Voice referendum over the weekend. #featured
RBA maintains 4.35% rates as mortgage applications surge
The Reserve Bank of Australia (RBA) has decided to keep its official cash rate at 4.35%, citing concerns over the rapidly increasing number of mortgage applications.
This decision comes after several consecutive meetings where the RBA has refrained from adjusting interest rates.
The central bank’s decision to hold rates steady reflects their cautious approach to managing the current housing market boom. Mortgage applications have seen a significant surge in recent months, driven by record-low interest rates and increased demand for housing. While this has been a boon for the real estate industry, it has raised concerns about the potential for a housing bubble and financial stability.
Experts are divided on whether the RBA’s decision is the right course of action.
Some argue that maintaining low-interest rates is necessary to support economic recovery, especially in the wake of the COVID-19 pandemic. Others worry that the continued surge in mortgage applications without rate adjustments could lead to unsustainable levels of household debt.
In light of this decision, homeowners, prospective buyers, and investors will be closely watching the housing market’s trajectory and wondering how long the RBA can maintain its current stance.
There’s a 50/50 chance of a 2024 recession
The economy has been remarkably resilient despite massive pressures – but is that about to change in 2024?
The US economy is in for a sharp slowdown in 2024 as a closely watched survey of top economists foresees stubbornly high inflation, a rise in unemployment and a 50% chance of recession.
#ticker today #money
Tesla insurance sued for ‘inflated’ premiums, judge rules
A judge has ruled that Tesla’s insurance unit must face a lawsuit alleging “inflated” premiums.
The decision comes after policyholders claimed the electric car company’s insurance division overcharged them for coverage.
The lawsuit, which was filed by a group of Tesla policyholders, alleges that the premiums charged by Tesla’s insurance unit were significantly higher than market rates for similar coverage.
The plaintiffs argue that Tesla’s insurance division engaged in unfair pricing practices, leading to overpayment by policyholders.
Tesla has not yet commented on the judge’s decision, but the lawsuit raises questions about the transparency and fairness of the company’s insurance pricing.
It also highlights the growing scrutiny on how tech companies enter and compete in traditional industries like insurance.
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