More than 4.7 million Australians will receive a boost to their welfare payments to keep pace with rising inflation. 7NEWS
Social Services Minister Amanda Rishworth said the government was supporting vulnerable Australians “feeling the pinch”.
ACOSS acting CEO Edwina MacDonald called on the government to deliver a real increase to JobSeeker and related payments to at least bring them in line with the pension. Australian households are bearing the brunt of the central bank’s determination to stuff the inflation genie back into its bottle, but not so much that business is suffering.
Matt Comyn, the CEO of Australia’s biggest lender Commonwealth Bank, noted this week the disconnect between the mood of households and business.Credit:“Across the board from a business perspective, clearly trading conditions are really, really strong,” he said last week at a business summit hosted by The Australian Financial Review in Sydney.
“Total required mortgage payments are expected to reach nine per cent of household disposable income later this year, which will be around a record high,” he told the summit. Woolworths chief Brad Banducci noted food costs - particularly chicken, dairy products, fruit and vegetables and red meat - had risen.“We worried about baby dairy, which for good reasons is inflated, or bread for again, good reasons, is inflated,” he told the summit.“There are positive movements, but it just takes time and I think we underestimate how long it takes for things to flow through the value chain,” Banducci said.
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