30 Sep 2022
Monthly CPI indicator rose 6.8 per cent in the year to August.
Published early this week, the ABS monthly CPI indicator rose 6.8 per cent in the year to August, up from the 6.1 per cent recorded in June and slightly down on July’s 7 per cent inflation increase. The small dip between July and August was mainly due to a drop in fuel prices. However, with the fuel excise cut ending on Wednesday, this minor relief is temporary.
The largest inflationary contributors throughout the year to August was new dwelling construction (up 20.7 per cent) and automotive fuel (up 15 per cent). Food prices rose from 9.1 per cent in June to 18.6 per cent in August, driven by higher fruit and vegetable costs. With inflationary pressures continuing to grow, the RBA will continue to raise interest rates. A further 0.5 per cent rise in the cash rate is expected to be announced following the next Reserve Bank Board meeting on October 4.
Job vacancies decline by 10,000.
Job vacancies were down by 10,000 to 470,900 in August. This is a 2.1 per cent decrease from May 2022 and the first decline since May 2021. Whilst a positive indication that on aggregate businesses are beginning to fill positions, this is not representative of all industries.
The headline decline masked job vacancy increases in key service sectors — accommodation and food services (up 7,000), retail trade (up 5,800), and health care and social assistance (up 5,400). Corresponding to these industry rises is the increase in the proportion of businesses reporting vacancies from 25.2 per cent in May to 26.7 per cent in August.
26/07/2024
Modern Awards – Casual Employment Term Last week, the Fair Work Commission President, Justice Hatcher, made a statement announcing proceedings on the Commission’s own initiative to determine...
19/07/2024
Modern Awards Review The Fair Work Commission published its report on the Modern Awards Review 2023-24 yesterday, along with a statement from Fair Work Commission President, Justice Adam Hatcher,...
19/07/2024
Small Business Survey The Small Business Committee met this week, and members received a briefing on the results of the Small Business Survey ahead of...
19/07/2024
There is still time to join the next ACCI Trade Policy Committee on 1 August, at 2:00 pm AEST, featuring special guest speaker George Mina. ...
19/07/2024
Sustainable Aviation Fuel submission Australian Chamber - Tourism made a submission to the government's consultation on low-carbon liquid fuels this week. The submission outlines the...
19/07/2024
Apprenticeship Incentives Review The 'What We Heard' summary paper from the Strategic Review of the Australian Apprenticeship Incentive System was released this week. The critical...
19/07/2024
Unemployment rate slightly up Labour force statistics released this week highlight that the unemployment rate increased slightly from 4 per cent in May to 4.1 per cent...
12/07/2024
Right to Disconnect The President of the Fair Work Commission, Justice Adam Hatcher, has published a statement and the draft modern award term for the...
12/07/2024
ACCI Trade Committee Meeting The next ACCI Trade Policy Committee will feature special guest speaker George Mina, followed by a short Q&A session. George is...
12/07/2024
Upcoming forum meeting The Data, Digital & Cyber (DDC) Forum will hold a meeting on Wednesday 17th July from 10:30am to 12pm AEST. Please contact Ross Creelman for more information.
12/07/2024
Upcoming committee meeting The next meeting of the Small Business Committee will be held online on Friday, 19 July from 10:30 am-11:30 AEST. The meeting...
12/07/2024
Minister for Employment and Workplace Relations Tony Burke has endorsed ACCI's nomination of Jennifer Low, director of health, safety, resilience, and digital policy, to the...
12/07/2024
Productivity Commission report on economic mobility The Productivity Commission report on economic mobility released this week shows that, on average, Australia’s long-term economic growth has led...
12/07/2024
New NCVER data release: Government-funded students and courses 2023 According to the recent National Centre for Vocational Education Research (NCVER) release, an estimated 7.1 per cent...
5/07/2024
ACCI Trade Committee Meeting Join us at the next ACCI Trade Committee on Thursday, 1 August, at 2:00 pm AEST. This meeting will feature a...
5/07/2024
Payment times reforms pass Amendments to the Payment Times Reporting Act 2020 passed Parliament this week. The amendments implement recommendations made through the Statutory Review conducted by Dr Craig...
5/07/2024
Engineered stone ban is now in effect The prohibition on the manufacture, supply, processing and installation of engineered stone benchtops, panels and slabs commenced on...
5/07/2024
Nature Positive Bill introduced The Nature Positive Bill was introduced to Parliament this week. This Bill establishes a new Environment Protection Agency (EPA) responsible for...
5/07/2024
Future Made in Australia The Future Made in Australia Bill 2024 and Future Made in Australia (Omnibus Amendments No. 1) Bill 2024 was tabled in...
5/07/2024
Changes from 1 July From 1 July (last Monday) a series of changes have taken place in the workplace relations system. Employers must be aware...