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economy

Covid has changed the world economy forever

Economic shocks like the coronavirus pandemic of 2020 only arrive once every few generations, and they bring about permanent and far-reaching change. Measured by output,...

Australia’s trade surplus up 2pc in May

Australia’s trade surplus rose 2 per cent to $8.03 billion in May, as imports fell faster than exports. Exports dropped 4 per cent to $35.7b,...

Companies beat profit forecasts in March quarter but pain still to come as coronavirus takes its toll

Company profits rose by just 1.1 per cent in the March quarter as restrictions imposed to slow the spread of the coronavirus began hampering...

Builders brace for bigger hit on approvals

Construction of new homes in Australia has been seemingly untouched by the coronavirus pandemic, with approvals falling much lower than expected in April. Approvals for...

Roy Morgan report shows 2.09 million Australians unemployed in May

The jobless rate in Australia has started to fall alongside the relaxing of COVID-19 restrictions but more than two million people are out of...

Virus slump may be shallower than expected: RBA

Australia’s economy is experiencing the biggest contraction since the 1930s but it is possible the downturn could be shallower than expected, the Reserve Bank...

Biggest ever monthly retail rise as shoppers come out of coronavirus lockdown

Retail trade rebounded a record 16.3 per cent in May, following a 17.7 per cent plunge in April, amid a gradual easing of coronavirus-related...

Almost a quarter of Australians now working fewer hours

Nearly a quarter of Australian adults with a job are working fewer hours due to the coronavirus pandemic, a survey has found. At the same...

Federal Reserve President Harker says lost jobs will come back, but US should be patient

Philadelphia Federal Reserve President Patrick Harker expressed optimism Thursday that many of the 22 million jobs lost so far during the coronavirus lockdown will...

OPEC and allies finalize record oil production cut after days of discussion

OPEC and its oil producing allies on Sunday finalized a historic agreement to cut production by 9.7 million barrels per day, following multiple days...

Global financial crisis shake-up of banks will get us through COVID-19, says Reserve Bank of Australia

The COVID-19 pandemic is putting a major strain on the global financial system but reforms put in place after the 2008 global financial crisis...

Where to next for Australia’s central bank?

The Reserve Bank board will consider whether its bond-buying program needs tweaking when it holds its first monetary policy meeting since unveiling a historic...

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