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So, the economy was running normally until the government suddenly ordered us to lock ourselves in. Obviously, this will involve a lot of people losing their jobs and a lot of businesses losing sales. This will be a government-ordered recession. Because it was ordered by the government, however, the government knew that they had an obligation to provide workers and businesses with income to offset their losses. Fearing a prolonged recession, the government spent a lot of money and the Reserve Bank cut the official interest rate to almost zero. Illustration Credit: Matt Davidson Get? These were government-ordered restrictions on the supply of goods and services, but the government responded as if it was just a standard recession where demand had fallen below the economy’s capacity to produce goods and services and needed a major push to get them back up and running. The unemployment rate jumped to 7.5 percent, but the nationwide lockdown was lifted after just a month or two. S...

Australians are still spending big bucks, but surveys suggest that could change quickly as rising interest rates send consumer confidence to pandemic lows. Key points: Consumer confidence has fallen to the lows usually seen during a recession Soaring inflation and a sudden spike in interest rates to combat it weigh on households The slump in confidence has yet to feed through spending cuts, with various measures hitting record highs The latest consumer spending data from the Australian Bureau of Statistics showed household spending was 7.9 per cent higher in May than a year earlier. Much of the increase in spending is not because Australians have had to buy more, but reflects a spike in inflation, meaning people are paying more for most of the things they buy. Transportation spending rose nearly 15 percent, as people once again took to the skies, but also as fuel costs soared. Eating out and going out together has also seen a double-digit percentage increase in spending over the past y...

These companies are administrative members who own or manage more than 90 properties worth $65 million. They include 40 apartments in the group’s Sydney Road project in Brunswick, another 16 in the Banque 88 high-rise on Southbank, a supermarket and two offices in the Chadstone development and a similar property in The Bentleigh Center being developed in Melbourne’s southeast. These companies were severely affected during the COVID-19 pandemic and [by] Government policies include rent relief measures for tenants. Director of CBD Development Guo Jing Chen The latest body blow to the property sector follows the collapse last week of two home builders that left hundreds of homeowners in limbo. Family-owned Langford Jones Homes went into liquidation leaving 65 homes unfinished, owed 250 creditors more than $10 million, and another Victorian builder, Snowdon Developments, in voluntary administration with 550 unfinished homes and 262 creditors owed $17.8 million. . Ian Collins, wh...