Category Archives: Cost of living crisis

Increased migration must come with planning and expanded services, councils say

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Fairfield mayor says ‘people are suffering’ due to lack of affordable housing in migrant communities as PM pledges $575m investment

Increasing Australia’s migration intake without improving key services will increase the strain on housing, hospitals and schools as well as inflation, councils in migrant communities have said.

The Albanese government on Friday announced at its jobs and skills summit it would lifting the migrant intake to 195,000 in 2022-23, from the current 160,000 cap, addressing calls from businesses for more skilled workers to be brought in to Australia to meet shortages. A review planned for next February would set intake levels for coming years.

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Australia news live: Peter Dutton labels robodebt royal commission and Morrison ministries inquiry ‘witch-hunts’

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Qantas engineers begin industrial action today

Qantas engineers will delay their shifts by one minute as an industrial action strategy, according to the ABC.

The one-minute strike is to protest Qantas’s inaction over negotiations for a 12% pay rise over four years, equivalent to 3% a year, and is designed to send a message to management: patience has run out.

The engineers’ strike over wages comes on the same day Qantas releases its annual profit results and in the same week management attempted to win back customers disgruntled over delays and lost baggage with $50 travel vouchers.

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No puppy love: post-lockdown lifestyles and cost of living are driving Australians to surrender their pets

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Animal shelters nearing capacity are encouraging people to adopt by slashing fees and hosting events to make room for other animals in need

The end of Covid lockdowns and the spiralling cost of living have left animal shelters overflowing, with organisations now forced to host adoption drives and slash their fees in an effort to get more animals out of shelters and into their forever homes.

This was in stark contrast to the high adoption rates and shelter shortages across Australia during the early days of the Covid pandemic and subsequent lockdowns.

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Thai instant noodle makers seek government approval for first price hike in 14 years

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Plea to government, which controls prices on some essentials, to allow rise as war in Ukraine and extreme weather drive up costs

Five major producers of instant noodles have urged the Thai government to allow them to increase their prices within a week, warning of soaring production costs affecting one of the country’s most popular grocery items.

The war in Ukraine, as well as droughts and floods over the past year, have caused the cost of wheat, energy and transport costs to rise sharply, affecting noodle prices across Asia.

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Sierra Leone rocked by deadly violence at cost of living protests

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Six police officers and at least 21 civilians killed, as hundreds take to streets in frustration at economic hardship and rising prices

At least 27 people have died in anti-government protests in Sierra Leone, police and other sources said on Thursday, sharply raising the death toll from the previous day’s clashes as shocked citizens stayed mostly behind closed doors in the capital, Freetown.

Six police officers and at least 21 civilians were killed, the sources said, as hundreds took to the streets in frustration at economic hardship and a perceived failure by the government to cushion the impact of rising prices.

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Despite Australia’s soaring inflation rate, some economists say the peak may be ‘coming into view’

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Analysis: Inflation optimists look to falling global supply chain pressures but spiking energy prices suggest we haven’t reached a plateau yet

Some economists have tipped that the inflation rate has started to plateau, even after the Australian consumer price index on Wednesday showed the fastest annual pace of inflation since 2001.

Australian prices rose 6.1% in the June quarter, the quickest pace in 21 years. Yet even in that dire news from the Australian Bureau of Statistics, some economists were able to spy a silver lining.

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Cost of living 2022: see how inflation has changed prices in Australia in the June quarter – interactive

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Use this data explorer to see which goods and services are getting cheaper or more expensive in different Australian cities

Data released on Wednesday by the Australian Bureau of Statistics showed prices climbing by 6.1% in the June quarter – the fastest annual pace since 2001 – driven primarily by the increasing cost of food and fuel.

Russia’s invasion of Ukraine has pushed up global oil and gas prices as well as food, with Ukraine unable to export its grain harvest as Russian missile strikes continue on its ports.

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Jim Chalmers warns of ‘confronting’ inflation and wages forecast in July economic update

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Treasurer says rising interest rates will affect economic growth but Labor has plans to provide cost-of-living support

Australia’s July economic update will contain “confronting” news about lower growth projections and higher inflation cutting real wages, Jim Chalmers has said.

The treasurer said the update to be delivered on Thursday 28 July comes as the global economy is in a “difficult if not dangerous place” due to high debt and rising interest rises to combat inflation.

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New Zealand inflation hits 7.3%, the highest rate since 1990

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Pain for households as consumers price index for June quarter exceeds forecasts and more interest rate rises loom

Inflation in New Zealand has hit a steeper-than-forecast 7.3%, its highest level in three decades, with households facing hefty jumps in food, petrol and housing costs.

Stats NZ has released its quarterly consumers price index for the three months leading up to June. Inflation rose from 6.9% in March to 7.3%, with food up 1.3% and 2.3% rises in transport as well as housing and household utilities.

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Greece tells Germans fearing huge heating bills to ‘come here for winter’

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German pensioners seeking ‘asylum’ from soaring energy costs and rising inflation are welcome in Greece, says minister

Greece’s tourism minister has sent an invitation to German pensioners wanting to escape astronomical heating bills and other high living costs this coming winter, urging them to see his country as an attractive alternative.

With gas bills already having doubled in Germany and expected to rise to around seven times the level they were a year ago, Vasilis Kikilias has said Greece offers the promise of warmth, hospitality and lower grocery and restaurant prices.

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Russian war slowing growth and hiking inflation, European Commission warns

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Body revises economic forecast and says outlook for EU and eurozone heavily dependent on course of war

Europe’s economy faces the twin blows of slower growth and higher inflation as it struggles to deal with the fallout from Russia’s invasion of Ukraine, the European Commission has warned.

In its summer forecast, the governing body in Brussels said the “protracted war” was sending shockwaves through the eurozone and the wider EU, leading to a marked slowdown in activity next year.

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Rising food prices hit every supermarket aisle putting pressure on low-income families

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Soaring cost of produce in Australia has ‘exacerbated health inequality’ and leads researchers to call for farmers to be subsidised

The price of food has continued to rise, with new data showing that every supermarket aisle has been hit by hikes, not just fruit and vegetables.

The soaring prices have led researchers to call on the federal government to help subsidise growers, amid concerns it’s costing some lower socioeconomic families 40% of their income to buy a week’s worth of healthy food.

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New French PM vows to nationalise EDF and tackle cost of living crisis

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In speech to divided parliament, Élisabeth Borne tries to court opposition parties to avoid deadlock

France is to renationalise its indebted electricity giant EDF in response to the energy crisis aggravated by Russia’s invasion of Ukraine, the country’s prime minister, Élisabeth Borne, has said.

Borne vowed to limit the impact of rising energy prices despite the political turmoil of Emmanuel Macron losing control of parliament in recent legislative elections.

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Nation records 33 Covid deaths as Victoria reports fifth monkeypox case – as it happened

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Mark Butler urges Australians to get boosters as new subvariant circulates; nation records 33 Covid deaths. This blog is now closed

Australia ‘deeply concerned by continuing erosion of Hong Kong’s rights’

Penny Wong, minister for foreign affairs, released a statement last night saying Australia remains “deeply concerned” by the continuing erosion of Hong Kong’s rights.

Australia remains deeply concerned by the continuing erosion of Hong Kong’s rights, freedoms and autonomy, two years since the imposition of the National Security Law.

The National Security Law has been applied broadly to arrest or pressure pro-democracy figures, opposition groups, the media, trade unions and civil society. The electoral reforms imposed by Beijing in 2021 have further eroded Hong Kong’s democratic governance.

This will be the fourth time the government has offered to make the changes, announced the changes, and then backtracked as a result of internal politics.

I’m just not sure where we go from here but our members are resolute. We are going to continue fighting to get these trains made safe, and we’ll do whatever it takes to make that happen.

It’s going to be a very messy day. It’ll be a weekend timetable with other trains taken out of it.

The families of the railway workers right now could be having $3,000 deposited in their account, instead of having that money spent on modifying perfectly good trains.

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UK shop prices hit highest rate of inflation since 2008

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Prices up 3.1% on a year ago, with fresh food prices in particular rising sharply, figures show

Shop prices have hit their highest rate of inflation in almost 14 years as businesses grapple with soaring supply chain costs and a cut in household spending, figures from the British Retail Consortium (BRC) show.

They were up 3.1% on a year ago in June, up from 2.8% in May – the highest rate of inflation since September 2008, according to the BRC-NielsenIQ shop price index.

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Inflation could push English councils into bankruptcy, say leaders

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Rise of £2.4bn in costs could be ‘disastrous’ and essential services may need to be cut, says LGA chair

Council leaders in England have said a multibillion-pound financial crisis caused by rising inflation could make local services unviable and even lead to local authorities going bankrupt, unless the government offers emergency funding.

The cross-party Local Government Association (LGA) said local services that were seemingly secure just three months ago were now at risk of closure or cuts as councils scramble to manage an unforeseen £2.4bn rise in energy and pay costs.

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Cost of living squeeze could push UK into ‘mild recession’; petrol price hits fresh highs – business live

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Rolling coverage of the latest economic and financial news

Motoring group RAC say UK fuel retailers are engaging in ‘rocket and feather’ pricing, after petrol and diesel both touched record highs over the weekend.

Prices at the pumps jumped sharply (over the last few months as wholesale prices have risen.

“We are struggling to see how retailers can justify continuing to put up their unleaded prices as the wholesale cost of petrol has reduced significantly.

This is sadly a classic example of ‘rocket and feather’ pricing in action, and one which the Competition and Markets Authority will no doubt be looking at very closely. It seems as if retailers are making matters worse for themselves by not lowering their forecourt prices despite having a clear opportunity to do so.

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Ecuador at standstill after two weeks of protests over cost of living crisis

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During demonstrations, started by an Indigenous federation, roads were blocked and vehicles torched, and police fired teargas

Ecuador has been brought to a near standstill after two weeks of tumultuous protests over a spike in fuel and food prices as global inflation inflames discontent over widening inequality across Latin America.

At least five people have died after demonstrators blocked roads, torched vehicles and hurled stones, while police responded with teargas during several days of clashes. Ecuador’s health ministry has said two people died in ambulances delayed by road blockades. Twelve police officers are reported injured.

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Boris Johnson admits byelection defeats ‘not brilliant’ as ex-Tory leader calls for resignation – as it happened

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This live blog is now closed, you can find our latest UK political coverage here

This is from James Johnson, a Tory pollster (who worked for Theresa May in No 10) whose firm JL Partners carried out polling in Wakefield, on who ought to be taking the blame for the byelection defeats.

PM Media has just snapped this.

Boris Johnson has said he will “listen” to voters but will “keep going” after the Tories suffered a double by-election defeat.

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Soaring inflation pushes UK borrowing to £14bn in May

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Interest on debt payment leaps 70% on a year ago to £7.6bn, a monthly record

Government borrowing was higher than expected in May at £14bn as soaring inflation sent interest payments on the UK’s debt to a monthly record.

The Office for National Statistics (ONS) said debt interest payments leapt 70% on a year ago to £7.6bn, the third highest debt interest payment made by central government in any single month and the highest payment in May on record.

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