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Australian economy

Yesterday

The good, bad and ugly of business in 2023

Big deals, dud deals, scandals and success stories. In a year of high drama and big market moves, we look back at the winners and losers.

  • Updated
  • James Thomson

This Month

 The lowest-hanging fruit for raising productivity growth is to move the population up from lower levels of educational attainment.

Tip private schools out of boardrooms for a more productive Australia

Favouring the wealthy over innate talent in the education system is no way to filter what a country’s human capital might have to offer.

  • Adrian Blundell-Wignall
Maybe Lucky Jim has been fighting in Cabinet, but I suspect he is focussing on the levers he controls.

Unlucky Jim undermined by his colleagues’ contradictory policies

The treasurer is hoping for a smooth landing on inflation, but the supply-side policies of his fellow ministers make that less likely.

  • Ed Shann
BHP chief executive Mike Henry.

What top CEOs expect Australia’s economy to look like in 2024

Corporate leaders reckon inflation will linger, but say Australia will avoid a recession in 2024.

  • Updated
  • James Thomson and Anthony Macdonald
Qantas chief executive Vanessa Hudson says she is “cautiously optimistic” the economy will be just as resilient in 2024.

C-suite takes us on a joyride of the economy

‘Resilient’ is the word of the year, and unemployment is the thing to watch, according to Australia’s big CEOs.

  • Anthony Macdonald
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Greg Goodman says inflation will keep slowing in 2024, but calls the business environment “subdued”.

Top CEOs say economy’s soft landing on track

Australia’s top bosses think immigration should bring another year of economic growth, but believe 2024 is likely to be tougher than this year.

  • James Thomson and Anthony Macdonald
Shoppers in Melbourne: a pre-election spendathon would keep up pressure on inflation.

10 long reads for the weekend

Welcome to the weekend. To start off your day, we’ve curated 10 great reads to enjoy.

Should Albanese and Chalmers be deciding on a new target for tax cuts?

The stage three tax cuts exist in a different world from 2019

As bracket creep starts to bite harder, the Albanese government might want to start rethinking where its tax cut focus should be.

  • Laura Tingle
NAB chairman Phil Chronican and CEO Ross McEwan were optimistic about the economy.

Australia will avoid a recession, says NAB CEO

Chief executive officer Ross McEwan says Australia’s economy is well positioned even if “it will continue to feel harder for some time”.

  • Lucas Baird

Why interest rate cuts are in sight

History shows that central banks often begin cutting rates before annual inflation falls back to target. Markets are now pricing in two cuts before the end of 2024.

  • John Kehoe
Assistant Treasurer Stephen Jones wants to see super funds seizing opportunities to give members more advice and guidance.

Simple financial advice requires tax reform to end complexity

A thicket of rules around retirement planning means making it easier for super funds to provide guidance will not be as transformational as some seem to think.

  • Brad Ruting and Emily Millane
A screenshot of former economics professor Chris Edmond being interviewed on television.

The professor, his student and a decade of ‘serious misconduct’

The sacking of star economist Chris Edmond has rocked the establishment. Academics are seeking answers from one of the country’s top universities, and the RBA.

  • Mark Di Stefano and Aaron Patrick
Treasurer Jim Chalmers and Finance Minister Katy Gallagher at Wednesday’s MYEFO press conference at Parliament House.

Responsible economic management key to Albanese government’s agenda

There’s no shortage of challenges in the budget or the economy, but the mid-year budget update shows we are making encouraging progress.

  • Jim Chalmers
Australia’s two major exports, coal and iron ore, are in long-term decline.

We’re still the iron ore lucky country. It won’t last forever

A surging iron ore price is driving Australia’s post-pandemic budget repair, the mid-year update shows. But the lucky country’s resources luck shouldn’t be taken as a given.

  • Updated
  • James Thomson
AUSTRAC Acting CEO Peter Soros.

AUSTRAC to crack down on digital services in 2024

Digital currency exchanges, payment platforms, bullion and non-bank lenders will all be put under the AUSTRAC microscope in 2024.

  • Ronald Mizen
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Approvals have slowed in home building and its fuelling retrenchments in the industry.

The industries making the most people redundant

Almost one in four people made redundant between November last year and August this year worked in construction or professional, scientific and technical services.

  • Euan Black
 Over 1.1 million self-employed Australians such as builders, tilers, scaffolders and architects face losing their right to be their own boss.

Senate horse-trading sends small business the bill for workplace complexity

The IR changes – and the opaque way changes have been prosecuted – run roughshod over the government’s commitment to make life easier for small business.

  • Luke Achterstraat
Treasurer Dr Jim Chalmers has no strategy to return to surpluses at any stage in the future.

How Chalmers’ fiscal goals lost all ambition

It is striking how modest fiscal strategy ambitions have become. If we look back over 10 years, there are valuable lessons.

  • Robert Carling
Earlier this year, 2022 ACT Australian of the Year Olympia Yarger exposed a critical flaw in Australia’s migration system.

Migration strategy is to turn around the backwards system

Immigration returning to normal after the catch-up is an opportunity to rebalance the program towards the skills we need to tackle Australia’s challenges.

  • Clare O'Neil
Treasurer Paul Keating and RBA governor Bob Johnston announce the float of the Australian dollar on December 9, 1983.

Forty years after $A float, no brave new world of prosperity in view

The anniversary of the bold decision is a reminder that the float set off a domino-effect of policy liberalisation that reversed Australia’s economic decline.

  • The AFR View