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Australians are facing huge increases in the cost of a pint, with the country’s beer tax registering its biggest increase in more than 30 years. Starting Monday August 1, beer taxes are up 4 percent, adding about 80-84 cents to the price of a pint of the much-loved yellow liquid. This means you may soon be paying $15 for your favorite glass. And there is no escape for those who buy their beer cheaply. The beer tax will increase from $53.59 to $55.73 per liter of alcohol content, raising the tax on cartons by about 80c, to $18.80. Watch the latest News on Channel 7 or stream for free on 7plus >> The tax on the vat would jump by about $4, raising the cost to almost $74. Because of these price increases, Brewers Association of Australia chief executive John Preston warned that customers may now have to pay $15 for a pint at their local pub or bar. “For a small pub, club or other venue, the latest tax increase would mean an increase of more than $2700 per year in their tax bill –

The US economy unexpectedly contracted in the second quarter, with consumer spending growing at its slowest pace in two years and business spending declining, raising speculation the economy is on the cusp of a recession. Key points: Prices of groceries, gasoline and other basic necessities are rising at the fastest pace since 1981 Job growth averaged 456,700 per month in the first half of the year Joe Biden said: “We also see signs of economic progress in the second quarter” By some definitions, a second consecutive quarterly decline in gross domestic product (GDP) would be considered a “technical recession”. US President Joe Biden dismissed talk of a recession, however, pointing to a “historically strong” job market along with strong consumer spending and business investment. But contraction, on 0.9 percent annual rate last quarter, attracted widespread attention because of concerns about the growing economy. That could deter the Federal Reserve from continuing to increase inte

Air Canada premium economy seats. ROUTE Flight AC34 Sydney to Vancouver AIRCRAFT Boeing 777-200LR LOYALTY SCHEME Aeroplan, with points also earned from other Star Alliance airline programs. CLASS Premium economy seat, 14K DURATION 14 hours, 30 minutes Get the latest news and updates by email straight to your inbox. CARBON EMISSIONS 2.42 tons. Air Canada provides carbon offsetting facilities for passengers in partnership with Canadian company Less Emissions (see www.less.ca) FREQUENCY Air Canada flies daily from Sydney to Vancouver. HEALTH Passengers are required to wear masks. We were given a kit containing sanitiser and spare masks, along with the amenities. Please note that some arriving passengers may be selected for a random COVID-19 test upon arrival, and will be notified by email of the procedure. CHECK At the entrance to the check-in desk there is a preliminary check of passengers’ COVID era documents – so have a printout/screenshot of your International Vaccine Certi

The gold rush has resurfaced in northwest Queensland 30 years after being abandoned as mining companies profit from soaring prices for the precious metal. Key points: Exploration and mining has resumed in the gold-rich Cloncurry area of ​​northwestern Queensland The gold industry contributes $23 billion to the Australian economy in 2021 Australia is the world’s second largest gold producer, lagging behind China The Cloncurry region was once home to a thriving gold mining industry, but was almost deserted when gold prices fell below $240 an ounce in 1991. But now, with spot prices more than 10 times higher, the area known as the Golden Mile is starting to come to life, with new players on the field hoping it will once again live up to its reputation. Director of mineral resources advice and promotion at Geoscience Australia, Allison Britt, said gold was seen as a “safe haven” in difficult times. “Gold has been one of the commodities throughout history that has value for humans,” he sai

Across Europe, signs of distress multiply as Russia’s war in Ukraine drags on: Food banks in Italy feed more people, German officials turn off air conditioning as they prepare plans to ration natural gas and restart coal plants. Key points: Just as Europe is recovering from the pandemic, its economic future looks uncertain as Russia’s war in Ukraine continues Meanwhile, high energy costs, fueled by the war, benefited the Kremlin and kept the ruble But in the long run, economists say, Russia will pay a heavy price for its war A giant utility is asking for a taxpayer bailout, and more to come. Dairy companies wonder how they are going to pasteurize milk. The euro has slumped to a 20-year low against the dollar, and recession predictions are on the rise. Those pressure points are signs of how the conflict — and the fact that the Kremlin is gradually suffocating the natural gas that keeps industry humming — is provoking an energy crisis in Europe and increasing the likelihood of plunging

Australians are feeling the pressure from inflation, but in some parts of the world inflation rates are almost 11 times higher, causing massive spikes in the prices of goods. Key points: Experts told the ABC developing countries are likely to be hit harder by inflation One expert says countries with cautious central banks have so far managed rising inflation better The situation in Australia is common in countries such as the US, South Korea, Germany and Canada According to the Australian Bureau of Statistics, the country’s inflation rate is just above 5 percent. By comparison, Turkey faces one of the highest inflation rates in the world, currently at around 54 percent, Fariborz Moshirian, director of the global finance institute at the University of New South Wales, told the ABC. Sri Lanka, where protests over food and fuel shortages have prompted the President to leave the country, has an inflation rate of nearly 55 percent. Brazil’s inflation is around 12 percent and in Russia, infl

In the race to get off the economic rollercoaster caused by COVID, Australia’s Pacific neighbors New Zealand are holding the ball firmly in their hands and about six steps ahead. Key points: At 6.9 percent, inflation in New Zealand is the highest in 32 years Property prices have fallen about one percent every month since banks started raising interest rates in October 2021 ANZ chief economist for NZ not worried about recession After slashing interest rates during COVID, the Reserve Bank of New Zealand (RBNZ) was one of the first to make a reversal and began increasing the official interest rate (OCR) in October 2021. His first increase was a quarter of a percentage point, with several rate increases of the same size after that. But it actually picked up in April, up half a percentage point, followed by another double gain in May. The RBNZ is widely expected to undertake another half a percentage point rate hike later today, at midday AEST. That would take its OCR from 0.25 percent in S

Financially, times have been tough — and don’t expect to get much better anytime soon. Reserve Bank Governor Philip Lowe said a recession would not happen in Australia. Others think there’s a chance we could hit a brief recession sometime next year. But one thing is certain now: millions of Australians are hurting because of the rising cost of living. So, how can we prepare for the financially difficult times ahead? We asked three experts. First of all, you should know that you are not alone Before we get into it, National Debt Helpline financial adviser Deb Shroot says no matter how bad financial circumstances are, there’s always a choice. Even when things seem really bad. “If you talk to a financial advisor, there’s always a choice,” he said. Fundamentally, financial counselors are professionals who help those experiencing financial difficulties and their services are non-judgmental, free, independent and confidential. “The options may not be all desirable, however, we can talk y