The Australian share market is trading higher, but fresh data shows building approvals dropping again and mortgage stress on the rise. Follow the day's events and insights as they happen with our business reporters on the ABC News live markets blog.
Emergency warnings are in place for fires burning near Dalveen, The Glen, Silverwood, Cherry Gully and the Atherton Tablelands near Cairns in QLD.Australian shares are trading higher, even as falling building approvals provided further evidence of the economic slowdown induced by higher interest rates.
On a numerical basis, the number of people coming to Australia above those leaving is at a record high. Relative to the existing population, Mr Ottley says it's the. In the March quarter, net overseas migration increased by a record ~150,000 and the natural increase was ~29,000. In the year ending Q1 23,"An expected further acceleration in the annual population growth rate to 2.6% in the year to Q3 23 would see population growth stronger than it was during the mining boom.
"The former partner was terminated for cause in August 2022 after disclosing that they received in excess of $700,000 in unauthorised financial benefits in connection with the client transactions subject to the proceedings. Using its annual report into the Australian economy, the fund said that although inflation was easing, it was still too high.
"Continued coordination between fiscal and monetary policy is key to achieving a soft landing, while alleviating the impact of policy tightening on vulnerable households." There's also a risk the war could spread further with countries like Iran seen as backing regional aggression and terrorism. For more on that
"In the 12 months to September 2023, capital to regional migration accounted for an 11% share of all relocations, compared to 9.1% making the move from the regions to the city," the report found.While newly arrived migrants from overseas overwhelmingly tend to settle in the big capitals, particularly Sydney and Melbourne, existing residents are still exiting the big smoke, especially Sydney.
The number of Australians "at risk" of mortgage stress has increased by 766,000 since May 2022 when the RBA began a cycle of interest rate increases. It says the numbers of mortgage holders in stress would increase to 1.58 million, or 30.4 per cent — an increase of 8,000 — if the RBA increases interest rates next week.
The variable that has the largest impact on whether a borrower falls into the "at risk" category is related to household income — which is directly related to employment. "So far, the vast majority of borrowers have been able to manage these increases, but we know some people are struggling and falling behind."
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