Economy
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7th September, 2013 Labor inherited a Coalition history of repeated budget surpluses but never produced a balanced budget. The Coalition’s 2006 budget produces a surplus of $20 billion while Labor’s last budget produced a deficit of $60 billion. More than $50 billion in reserves had been turned into gross debt of almost $300 billion projected to reach $667 billion in a decade. The yearly interest bill is more than $10 billion. Yet Labor introduced scores of new taxes and left almost 100 tax increases unlegislated. |
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25th May, 2013 The Parliamentary Budget Office and the Treasury release reorts which indicate that the Budget deficit in 2016-17 would be between $5 billion and $22 billion (not a surplus of $6.7 billion as predicted in the Budget) if were not for ambitious commodity price estimates (The Australian) |
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14th May, 2013 2013 BUDGET • After promising over 500 times that the 2013 Budget would be in surplus, the Treasurer says the Government has “taken the responsible course to delay the return to surplus” • Revenue in 2013-14 is over $80 billion higher than in the last year of the Coalition Government, but spending is $120 billion higher. • The deficit for 2012-13 is estimated to be $19.4 billion, instead of the $1.5 billion surplus promised. • The deficit for 2013-14 is estimated to be $18 billion and $10.9 billion in 2014-15 • $191.6 billion net Government debt for 2014-15, gross debt to hit $282 billion in 2014 and borrowing limit set to rise from its record $300 billion • Despite Labor’s claims its Budget is about jobs and growth, growth falls to 2.75 per cent and unemployment will to rise to 5.75 per cent • $43 billion “savings” over four years, of which $25 billion is new or higher taxes • Budget contains $463.9 million for “decisions taken but not yet announced” — thought to be election pork barreling • Revenue from mining tax 95% below original forecast (was to be $4 billion but only $200 million collected |
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14th May, 2013 After more than 500 promises that the 2013-14 Budget would be in surplus, Labor's deficit has grown to $12 billion and now $17 billion. The shortfall is expected to reach $60-$80 billion by 2016. Government revenue however is still up by $20 billion on last year - partly as a result of Labor's new taxes. Revenues are $70 billion higher than when Labor came to office. Expenditure is up by $100 billion |
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7th May, 2013 Reserve bank lowers official interest rates to 2.75% as economic confidence is in freefall |
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6th May, 2013 Housing Industry Australia reports building and construction has contracted every month of the last 34 months. 25,000 less homes will be built in 2013 than in 2003. Taxes, levies, fees and charges make up 40% iof the cost of a new home (HIA advertisement - The Australian) |
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24th April, 2013 Standard & Poors warns that Australia's AAA credit rating is under threat if Budget deficits are not eliminated |
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12th April, 2013 Woodside announces it is shelving its $45 billion Woodside LNG plant costing 8,000 potential jobs |
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11th April, 2013 Property Council of Australia reports that Government has raided the $13 billion insurance fund set up by the former Howard Government to cover terrorist attacks, leaving it with just $10.4 billion - and it is threatening to take more (Financial Review) |
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13th February, 2013 Small Business Commissioner confirms that he has not been consulted by the Government about any of the policy changes affecting small business (Senate Estimates) |
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8th February, 2013 Treasurer Swan admits that the Government has collected only $126 million from its mining tax in its first 6 months in spite of Labor's Budget estimate of $2.7 billion revenue from the tax in its first full year. This collection is reduced by a $44 million drop in company tax payments from the companies which paid the tax and $50 million in administrative costs |
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14th January, 2013 For the second quarter since the introduction of the mining tax it appears that none of the large miners will pay any tax leaving the Treasurer with $15 billion of unfuded promises including the Schoolkids Bonus, new superannuation benefits and infrastructure projects (The Australian) |
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20th December, 2012 After Gillard and Swan promised more than 20 times that the 2012-13 budget would be in surplus, and a mini budget last month with new taxes and expenditure cuts, Treasurer Swan finally admits, on the eve of Christmas, that this year's budget will produce another deficit. Swan's 5th deficit out of 5. Labor's 11th in a row |
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23rd October, 2012 Gillard Government new mining super tax collects zero in its first quarter and may collect nothing in its first year. The Treasurer would have known that the mining tax was not going to collect much money when it claimed revenue of $2 billion in its mini-budget |
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18th October, 2012 The Gillard Labor Government demands the Reserve Bank pay a $500 million dividend to improve the Government's Budget position, even though the Bank has been left with less than $2 billion in reserve. In its 2010 Annual Report, the RBA described its less than $6.2 billion Reserve Fund as "modestly below" what the Board regards as desirable (Senate Estimates) |
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2nd October, 2012 Nine changes to superannuation tax have netted Labor $7.8 billion in revenue (The Australian) |
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22nd August, 2012 BHP announces that it will not proceed with $50 billion of projects, including Olympic Dam |
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1st June, 2012 Treasury Secretary, Martin Parkinson, admits Treasury is pkanning for next financial crisis, which would make it "necessary" to go back into "deficit" (The Australian) |
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16th March, 2012 Labor manipulates its income and expenditure to prepare for a claimed budget surplus in 2012-13 - Clean Energy Fund allocated $1 billion in 2011-12; 2013-14 and 2014-15 but only $1 million in 2012-13 - Coal sector jobs package allocated $222 million in 2011-12; $247 million in 2013-14; and $257 million in 2014-15; but only $10 million in 2012-13 - Carbon tax compensation valued at $1.5 billion will be paid in 2011-12, even though the tax only begins in 2012-13 - Disaster Relief Payments to Queensland of $1.4 billion have beenn brought foward from 2012-13 to 2011-12 - Infrastructure project funding of $1.22 billion due in 2012-13 will be paid to the states in 2011-12 even though no new projects were announced or existing projects completed earlier - Funding for water buybacks from the Murray Darling Basin was brought forward to 2010-11 from 2012-13 and $200 million for the Water For The Future Package was deferred from 2012-13 to 2014-15 (Andrew Robb address to VECCI) |
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7th March, 2012 ABS count of Australian business showed that 800,000 small businesses have exited the market place since Labor came to office in June 2011. Dun and Bradstreet report the number of small business bankruptcies has increased by 48% and small business start-ups fell by 95% over the last year (Bruce Billson address to Business Leaders Dinner) |
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30th November, 2011 Treasurer announces mini-budget which admits the budget deficit for 2011-12 has already blown out by $14.5 billion to $37.1 billion. Net debt will be $133 billion, $26 billion higher than forecast. Billions of dolloars of expenditure will be brought forward to 2011-12 to enable the Government to achieve a $1.5 billion surplus in 2012-13 The Government announces tax cut deferrals of $2.1 billion, doubled student fees for maths and science students, cuts in living away from home allowances by $683 million, baby bonus reductions, $613 million increase to visa fees, $686 million reduction in carbon tax industry compensation, $1.3 billion extra for refugee processing, and $579 million cut to defence |
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24th November, 2011 Despite inheriting zero debt, the Labor Government gross debt reached $223 billion after just four years in office. Debt ceiling was raised from $70 billion to $200 billion in February 2009 and was increased again to $250 billion in June 2011 |
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19th August, 2011 Government debt hits $200 billion today. Labor has borrowed $100 million every day since coming to office |
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2nd August, 2011 Labor's stimulus spending cost $87 billion with the final $10 billion to be rolled out this year, adding to debt and interest rate pressures (Question on Notice) |
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28th July, 2011 Inflation rate hits 3.6%. The Australian dollar reaches post float high above $1.10 US |
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21st June, 2011 Federal and State net financial liabilities (including pension liabilities) will exceed $512 billion in 2011-12 - the States total $295 billion (up $33 billion) and Commonwealth up from $200 billion to $227 billion Future Fund Chairman David Murray urges Governments to heed lesons of US and European sovereign debt crises (The Australian) |
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19th May, 2011 Moody's credit rating agency downgrades Australia's four biggest banks to AA2 (same rating as given by Standard & Poors and Fitch) citing exposure to international wholesale funding markets |
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10th May, 2011 BUDGET 2011-12 • 2010-11 Budget deficit revised to $49.4 billion ($8 billion worse than earlier projection) • 2011-12 Budget deficit projected to be $22.6 billion ($9.6 billion worse than predicted) Wayne Swan has now produced Australia’s three worst Budget deficits ever • Government net debt climbs to $107 billion (biggest number ever) — more than $4,700 for every Australian. Taxpayers will have to find $20 million every day just for interest. This financial year the Government will need to borrow $135 million every day to pay for its spending. Net savings are only $5.2 billion over four years • The Budget announces $22 billion of expenditure cuts — but one third are actually just tax increases. The Budget also announces $19 billion of new spending |
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17th February, 2011 Treasury documents released under FOI show Government changes to its Mining Super Tax slash $60 billion from revenue over ten years and leave a $5 billion annual budget shortfall to fund promised increased superannuation guarantee and lower corporate tax rates (Financial Review) |
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16th February, 2011 Despite Labor's claim that climate change would lead to more natural disasters, Budget documents show Labor has allocated only $80 million a year to meet the cost of natural disasters in each of the next three years, 25% less than the previous Coalition Government which also put aside budget savings - $524 million was spent in 2009-10. (The Australian) |
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11th January, 2011 Despite receiving a $100 million down payment from former PM Kevin Rudd, the States have only met their agreed milestones in 4 out of 27 areas where they committed to deregulate or harmonize rules (COAG Reform Committee Chair Paul McClintock) |
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21st December, 2010 Assistant Treasurer Bill Shorten says Labor's banking reforms will not cut interest rates as claimed by Wayne Swan |
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3rd December, 2010 ABS data shows that Queensland (once the low tax state) has now become Australia's most expensive. Since 1989 drivers licence fees have jumped from $37 to $75, car registration for a four cylinder car from $301 to $654, electricity for an average home from $586 to $1950; but State Government debt has climbed from $2.9 billion to $62.8 billion and will reach $83.5 billion by 2014-15 (Opposition press release) |
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5th November, 2010 Wayne Swan starts to back away from his core election commitment that Labor will deliver a Budget surplus by 2012-13 blaming a higher dollar |
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5th November, 2010 Commonwealth Bank ignores 33 warnings from the Treasurer and puts up its interest rates by almost double Reserve Bank rise. Treasurer says he has been working on a plan to make banking more competitive but will not tell anyone the details until next month |
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4th November, 2010 Budget deficit exceeds $25 billion in first 3 months of 2010-11 financial year. September deficit of $13.8 billion the highest monthly figure ever recorded. Net debt rises from $42.3 billion to $64.6 billion over 3 months |
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4th November, 2010 Big four banks profits top $22 billion for year on the back of the Government guarantee (Fin Review) |
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11th July, 2010 Citibank says under Labor’s revised mining super tax deal major mining companies involved in the deal will not pay any new tax until at least 2016. |
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9th July, 2010 Treasurer admits projected figures from new version of the mining super tax have been based on re forecasts of mineral profits. Analysts say that new deal has reduced revenue from the mining super tax by $35 billion — not $1-5 billion a year as claimed. |
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2nd July, 2010 The Labor Government makes radical changes to its giant new mining tax but still plans to collect $10.5 billion in extra revenue (down from $12 billion) The proposed compny tax reductions are halved, but employers will still be required to provide an extra 3% in super payments |
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24th June, 2010 Kevin Rudd deposed as Prime Minister and replaced by Ms Julia Gillard |
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23rd June, 2010 Australian sharemarket loses $140 billion in first six weeks following the announcement of Labor's mining super tax |
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22nd June, 2010 Ken Henry says the mining profits super tax model should be spread to other sectors of the economy |
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3rd June, 2010 Xstrata suspends $400 million expansion of Ernest Henry copper mine and its Wandoan coal development because of the Government's new mining tax costing 250 jobs and 3250 jobs when the projects complete |
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3rd June, 2010 Labor's new Fair Pay Commission in its first judgment accepts the union case and grants a $26 a week pay rise for low paid workers. Retailers say their wage costs will rise by 6% to 9%. Employers predict job losses and a new round of wage blowouts |
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2nd June, 2010 The Australian newspaper says at least 70 resource projects worth more than $83.5 billion are in limbo because of Labor's resource super tax. The list includes QLD Cres Co / BG Group, Origin Energy and Santos LNG projects in Queensland, Olympic Dam project in South Australia, iron ore projects in WA, and coal and nickel projects in QLD. Other lists put the number of projects at risk above 200 (180 in WA and QLD alone). BHP says Whyalla steel works may be forced to close because of the tax |
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1st June, 2010 Labor claims that its new tax on mining will increase mining even though their new taxes on cigarettes and alcopops are designed to reduce consumption |
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1st June, 2010 Treasury spends $350,000 on market research during period of public controversy over Labor's mining tax advertisements |
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1st June, 2010 Letters reveal Labor committed to $38 million advertising campaign on mining tax on 20-4-2010 before the Henry Tax Review was even made public |
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1st June, 2010 The Tax Office pays almost $1 million compensation to tax agents to sort out stimulus payments sent to the wrong people |
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27th May, 2010 The Salvation Army reports record calls for welfare assistance since the election of the Rudd Labor Government including 80,000 last year |
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25th May, 2010 The Rudd Government relied on an early version of a North Carolina University Students paper to make claims that miners only pay 13-17% tax. BHP informs the stock exchange that they paid $6.3 billion in tax last year, an effective rate of 43% |
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25th May, 2010 OneSteel says Whyalla steel works will close if Labor's mining super tax proceeds |
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25th May, 2010 Rio Tinto boss Tom Albanese says Labor's mining super tax is his "Number 1 sovereign risk issue on a global basis" |
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22nd May, 2010 Share market loses $94 billion in one week and Australian dollar plunges to 82.8 cents as fears rise about debt and the Rudd Labor Government's proposed super tax on mining and quarrying |
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19th May, 2010 Fortescue Metals announced $18 billion of new iron ore projects will not proceed because BHP warns dividends to its 540,000 shareholders will decline as a result of Labor's resource super tax Mining companies profits will fall by one third under Rudd's resource super tax says credit rating agency Moody's |
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11th May, 2010 Labor State Premiers back miners against Rudd Labor Governments resource super tax |
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10th May, 2010 Blaming Labor's new super tax on mining, Xstrata says it will suspend its copper exploration in North Queensland, Incitec cancels phosphate drilling in Queensland, Rio Tinto suspends new iron ore projects in WA and revives its Canadian mining operations, Clive Palmer says his giant new coal projects in Queensland are at risk, Santos delays its $15 billion LNG project at Gladstone |
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8th May, 2010 The Government announces a new super tax on mining profits even though tax collections from mines had increased from $2.6 billion to $21.9 billion over the past ten years. The new tax is expected to raise $9 billiion per year - equal to the Rudd Government's interest payments in 2011-12 |
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8th May, 2010 Australian shares lose $95 billion in the week following Labor's new super tax on resources |
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7th May, 2010 The value of Australia's 100 largest listed mining stocks slumps by $25 billion in the first week following the announcement of Labor's super tax on mining. At least 600,000 mum and dad shareholders in BHP are among the losers. Superannuation funds lose at least $7 billion |
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5th May, 2010 6th interest rate rise in 8 months |
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4th May, 2010 Rio Tinto shelves plans for iron ore expansion in Australia following Labor Government's new mining super tax and announces plans to restart its Canadian expansion program SANTOS delays its $15 billion Gladstone LNG project |
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2nd May, 2010 Government announces increase in compulsory superannuation contributions from 9% to 12% accompanied by a 2% reduction in company tax (only 12% of small businesses pay company tax but all employers will be required to pay the increased levy) |
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29th April, 2010 Bureau of Statistics reports that higher costs for petrol, utilities and childcare alone have added $1000 to the budget of a typical working family over the past year. The cost of electricity has increased by 29% over the last two years with bigger increases ahead |
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29th April, 2010 Government announces 25% increase in tobacco tax to raise $5 billion over 4 years to help fund its Budget deficit. Cigarette companies claim new packaging rules devalue their intellectual property and may sue to recover $4 billion in compensation |
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1st December, 2009 The Reserve Bank of Australia riases interest rates for an unprecedented third month in a row |
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29th September, 2009 Treasurer Wayne Swan announces Australia had a $27.1 billion budget deficit in the 2008-09 financial year - double the previous highest ever deficit |
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12th May, 2009 BUDGET Record Budget deficit of $58 billion and a similar deficit forecast next year Gross public debt to hit a record $188 billion and Mr Rudd admits that debt will blow out to $315 billion The annual interest bill paid by taxpayers on the Rudd Labor Government's debt will be $8 billion The Rudd Labor Government's debt is equivalent to $9,000 for every man, woman and child in Australia |
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8th April, 2009 Those who believe the economy will get worse outnumber those who think it will get better for the 15th month in a row |
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6th April, 2009 The ANZ's job advertisement figures for March show that the number of advertisements in newspapers fell again in March to 53.6 per cent lower than a year before, and advertisements on the internet were down 44 per cent over the same period. |
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6th April, 2009 Latest Dun and Bradstreet national business expectations survey shows 57 per cent of firms expect declining sales, 64 per cent expect lower profits and 74 per cent expect to raise prices |
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5th April, 2009 The number of jobs advertised on line fell 12.51 per cent in March according to the Olivier Job Index. This follows a 9.08 per cent fall in February. Job advertisements have dropped by 30.51 per cent since the beginning of 2009. There are now 92,708 fewer job advertisements online than at the start of the year. |
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4th April, 2009 40 building companies collapse on the Sunshine Coast alone in the past year |
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3rd April, 2009 Australian made car sales fell 28 per cent in the March quarter causing Holden to halve production |
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1st April, 2009 The ABS has recorded a 2 per cent drop in retail sales figures in February |
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31st March, 2009 Labor approves sale of 17.55 per cent of Fortescue Metals to a Chinese Government owned company |
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30th March, 2009 Rabobank Rural Confidence Survey shows that half of all farmers believe the agricultural economy will worsen over the next year. |
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27th March, 2009 The Federal Government is facing almost $1 trillion in potential liabilities as it guarantees debts |
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25th March, 2009 The Rudd Labor Government will guarantee the debts of State Governments after the Rudd Government's bungling compromised State's access to finance |
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19th March, 2009 The Rudd Labor Government is accruing debt of $2 billion every week |
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9th March, 2009 Share market plunges to its lowest point, the All Ordinaries drops to 3145.5 |
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4th March, 2009 Australia slips into negative growth for the first time since the introduction of the GST GDP fell by .05% for the December quarter 2008 Business profits fell by 3.3% Building approvals fell by 3.7% for January - ABS Car sales in February 2009 were 21.9 per cent lower than in February 2008 (Federal Chamber of Automotive Industries) |
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4th March, 2009 The Australian stock exchange hits a new low |
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13th February, 2009 The Rudd Government forces urgent legislation through Parliament raising the Government's borrowing limit from $75 billion to $200 billion |
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12th February, 2009 The Labour Force figures for January released by the Australian Bureau of Statistics show that unemployment in Australia has risen from 4.5% to 4.8% |
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9th February, 2009 The ANZ employment series, measuring internet and newspaper job ads showed employment advertising had fallen by 33.7 per cent from January last year. Ads fell 6.3 per cent (seasonally adjusted) in January, after a 10 per cent drop in December. ANZ predicts unemployment could rise from 4.5 per cent now to 7 per cent by 2010 |
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9th February, 2009 The Dun and Bradstreet business expectations survey slumped to its lowest indicator of employment growth since it began in 1988, with 24 per cent of firms expecting to shed staff in the June quarter. The survey found 60 per cent of executives forecast declining profits in the June quarter and 53 per cent predict falling sales |
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12th January, 2009 The number of newspaper and internet job advertisements fell by 9.7 per cent in December according to ANZ's monthly survey and job advertisements are now at recession levels, having fallen 29.9 per cent over the last 12 months |
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7th January, 2009 The Australian Chamber of Commerce and Industry's survey on business confidence shows that it is at record lows, having fallen from 57.3 in September to 53.5. The index on expected activity also fell to a record low of 46.4 down from 51.4 in the September quarter. The Chamber expects unemployment to rise to 5% by mid 2009 |
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31st December, 2008 The stock exchange has fallen 38% in the first 13 months of the Rudd Government - 2008 saw the biggest one year fall in history |
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9th December, 2008 The ANZ job advertisements measure experiences its biggest monthly fall on record, dropping by 8.6% |
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1st December, 2008 Australian manufacturing contracted for a sixth month in November, falling 7.7 points from October to 32.7 - the lowest level since the index started in 1992 |
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1st December, 2008 Rural confidence declines for the third consecutive quarter. Only 23% of farmers expect the economy to improve during the next year |
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26th November, 2008 OECD predicts Australian unemployment will increase to 674,000 in 2010 |
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11th November, 2008 The National Australia Bank’s Monthly Business Survey and Economic Outlook for October 2008 has recorded a record fall (21 points) in business confidence to a low of -29 index points |
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3rd November, 2008 The manufacturing index fell in October to the lowest level ever recorded |
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1st November, 2008 Personal bankruptcies reached a record 32,800 last year |
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30th October, 2008 At least $30 billion of investor funds is frozen because of the Government's bungling of the deposit guarantee |
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30th October, 2008 The RBA says average household savings have fallen by $30,000 in the past four months |
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29th October, 2008 The NAB survey of business expectations show that business conditions are at their lowest since 2001, after the survey index experienced one of its biggest quarterly falls in the last 20 years |
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27th October, 2008 Labor announces a small business package to address the economic crisis valued at just $2 per business |
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22nd October, 2008 Australian Bureau of Statistics figures released today showed the headline consumer price index rose 1.2 per cent in the quarter for an annual inflation rate of 5.0 per cent. The RBA's target band is between 2 and 3 per cent. |
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20th October, 2008 The Government admits the Future Fund has lost $750 million of funds received from the previous Coalition Government |
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20th October, 2008 The Government acknowledges there is a $14.8 billion funding black hole in its infrastructure spending promises |
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15th October, 2008 Business confidence declines for the eighth consecutive month |
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10th October, 2008 The Australian share market experiences its biggest drop for 16 years |
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8th October, 2008 Australian dollar suffers the biggest one day decline in value since the currency was floated in 1983 |
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8th October, 2008 The Australian dollar plunges to its lowest level against the Japanese Yen since WWII |
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10th September, 2008 The latest Dun and Bradstreet National Business Expectations Survey for the December 2008 quarter shows that sales and profits growth expectations continue to fall, down 42 and 41 points respectively from the December quarter 2007 and employment growth expectations are at the lowest point since June 1991. D&B’s actual results for the June quarter shows that growth in sales, profits, employment and capital investment are at levels not seen since the early 1990s during Labor’s 'recession we had to have' |
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10th September, 2008 The September Sensis Consumer Report found that a net balance of only 32 per cent of Australians are confident about their financial prospects for the year ahead, bringing confidence to its lowest level since the survey began. This is a fall of 29 percentage points since the Rudd government took office. 79 per cent of Australians believe they are no better off than they were a year ago, before the Rudd government took office |
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9th September, 2008 The number of jobs advertised fell in August by 4.9%, the biggest monthly fall in seven and a half years according to the ANZ job ads survey |
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4th September, 2008 The latest OECD Standardised Consumer Confidence Indicator shows that Australia has experienced the largest drop in consumer confidence in the OECD since November. The Index reveals Australia also has the second lowest level of consumer confidence in the OECD after Spain |
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28th August, 2008 The Rudd Government has received the worst rating of any Government in Australia in the latest Sensis Business Index for Small and Medium Enterprises (SMEs). The report shows business confidence has fallen 8 percentage points to reach 25 points, the lowest level since the survey began 15 years ago and less than half the level recorded at the same time last year. Significantly, support among SMEs for the Rudd Government recorded a further fall, with its net rating declining by 57 points since the election and after only nine months in office, the Rudd Government recorded the lowest support of any government in Australia, with a net rating of minus 28 points |
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27th August, 2008 The latest ACNielsen Global Consumer Index - which gauges consumer sentiment across 51 countries ‑ shows that in the first half of 2008, the collapse in consumer confidence in Australia has been almost twice as severe as that of the rest of the world. The 11 point fall in Australia over the last six months was far worse that the average global change of 5.6 points |
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12th August, 2008 The Reserve Bank predicts 100,000 people will lose their jobs over the next 12 months, pushing the unemployment rate to 5% or possibly higher |
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12th August, 2008 The National Australia Bank business survey released today shows business conditions are at their lowest level in seven years, while confidence remains at its lowest level since the 1991 recession. The index shows that business conditions fell in July by five points to minus five points - the weakest reading since October 2001. The latest reading is 25 points below a peak reached in October 2007 |
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10th August, 2008 A Galaxy survey says three quarters of families have had to tighten their family budget since the election of the Rudd Government |
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5th August, 2008 The June quarter Commonwealth Bank — ACCI Business Expectations Survey shows business confidence has fallen to its lowest level since the survey began in 1994 The expected economic performance for the 2008 June quarter fell to 33.3 per cent, which is more than 20 per cent lower than the same period in 2007 under the Coalition |
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29th July, 2008 National Australia Bank’s latest survey has business confidence at its lowest level since the 1991 recession. The NAB business confidence expectations index for the September quarter fell four index points to negative eight points. It is the lowest level since 1991 when the index was at negative 21 points |
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23rd July, 2008 Quarterly inflation rose by 1.5%, bringing the annual inflation rate to 4.5%, its highest level since the early 1990s |
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9th July, 2008 Consumer confidence slumps to its lowest level since the recession of January 1992 according to the Westpac - Melbourne Institute consumer sentiment index |
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8th July, 2008 The National Australia Bank’s monthly business survey for June 2008 shows that business confidence has crashed to levels not seen since the September 11 attacks, and looks set to deteriorate further |
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7th July, 2008 The ANZ Job Advertisement Series, the Olivier Job Index and the SEEK Employment Index released today all provide further evidence that business confidence is in freefall |
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1st July, 2008 Labor slashes $1 billion from business assistance programs including sacking local Small Business Field Officers |
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30th June, 2008 Super funds report losses of $75 billion since the election of the Rudd Labor Government |
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18th June, 2008 The June 2008 Sensis Consumer Report found consumer confidence has fallen nine percentage points in the last past quarter and 26 points since last November, with 35 per cent of households saying they were worse off compared to a year ago. Confidence is at the lowest point recorded since the start of the Sensis Consumer Report. Over the past six months confidence levels amongst consumers have fallen by 26 percentage points. |
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11th June, 2008 The Westpac-Melbourne Institute Consumer Sentiment survey fell by 5.6 per cent in June to 84.7, down from 89.8 in May. The latest figures show that the index has dropped 30.3 per cent below its level a year ago, its second largest annual drop in its 34 year history. The index has dropped 23.3 per cent and is now at its lowest level since December 1992 — when Labor was last in office. |
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5th June, 2008 Small business confidence has fallen a massive 53 percentage points since the election of the Rudd Labor Government, according to the latest Sensis Business Index for the May 2008 quarter. |
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2nd June, 2008 The TD Securities-Melbourne Institute monthly inflation gauge showed headline inflation at 4.5 per cent for the year to May, increasing by 0.3 per cent last month. This is the fastest annual increase since the survey began. |
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5th May, 2008 The TD Securities-Melbourne Institute Monthly Inflation Gauge rose by 0.5 per cent in April, showing underlying inflation has increased to 4.3 per cent. |
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29th April, 2008 Business confidence has fallen a further 10 points, now to the lowest level since March 2001, according to the National Australia Bank's March 2008 Quarterly Business Confidence Survey & Forecasts |
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29th April, 2008 Business conditions fell 6 points to +13 - consistent with demand growth slowing to 3½% (at an annualised rate) in the first quarter, according to the National Australia Bank's March 2008 Quarterly Business Survey & Forecasts |
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23rd April, 2008 Consumer prices soared by 1.3% for the March quarter, almost double the rate for the same period in 2007. |
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23rd April, 2008 The annual inflation rate has surged to 4.2%. This is the fastest increase since 1995 (excluding the GST increase in 2000). Underlying inflation is forecast at its highest point since September 1991, when the economy was in recession |
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15th April, 2008 The Australian Bureau of Statistics reveals that housing finance for owner occupiers drops by 5.9 per cent in February, its biggest fall since January 2004 and the first slide since October. |
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9th April, 2008 The Westpac-Melbourne Institute index of consumer sentiment shows that consumer confidence has hit a 15 year low, falling 24.2% |
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2nd April, 2008 Consumers will pay up to an extra $100 per year for electricity under the Rudd Government's renewable energy target |
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31st March, 2008 Australia's inflation rate in March was 4% for the second consecutive month according to TD Securities-Melbourne Institute |
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12th March, 2008 The Westpac - Melbourne Institute consumer sentiment index drops to 9.1 percent to 88.6, its lowest level since 1993. The index posted a three-month fall of 21.2%, its sharpest three-month decline since 1975 when the index began |
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12th March, 2008 More lenders disregard the Government's interest rate messages and increase their interest rates beyond the official rate increase. Some banks have increased lending rates by as much as .8% in the last 10 weeks |
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4th March, 2008 Official interest rates rise to 7.25%, their highest level in 12 years |
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26th February, 2008 The Sensis Business index reveals that small business support for the Federal Government's policies has plummeted 34 percentage points to negative 5 percent - the biggest fall ever recorded |
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21st February, 2008 Labor refuses to rule out increasing taxes on superannuation |
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12th February, 2008 The National Australia Bank's monthly business confidence survey falls to lowest level since September 11 2001: -4 points |
