Fri, 12th Jul 2024

In this episode, Paige Estritori discusses pressing issues impacting the Australian economy, including a 7.6% decrease in real per capita disposable incomes since June 2022, and a decline in real wages by 7.1%. The recovery outlook remains sluggish, with real wages predicted to be 4.3% below their 2020 peak by mid-2028. An alarming link between superannuation fraud and organized crime groups is highlighted by AUSTRAC, underscoring the need for preventative measures. Potential economic threats from Stage 3 tax cuts could lead to inflation and higher mortgage rates. Despite economic challenges, survey data shows household savings to have risen and business confidence to be at its highest level for the year. The report ends with the reminder that economic futures are never certain and underlines the importance of staying informed.