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Lettuce has crossed the $10 mark, milk prices are soaring by major supermarkets and strawberries are $6 a punnet. Almost everywhere you look, the prices of food and other agricultural goods are on the rise. You’d be forgiven for thinking this must be a great time for Australian farmers, preferably gazing out the window at the gentle rain. Not too. Rising price Understanding what drives the price of any commodity can be a confusing exercise at the best of times. The current situation is generally caused by a number of problems, the first of which relates to the nature of Australia’s growing season. Australian vegetables come from different parts of the country depending on the season. Currently the main supplier is Queensland. Earlier this year, several developing areas were hit by two floods in 11 weeks. Queensland’s Lockyer Valley flooded earlier this year destroying large vegetable crops. ( Provided: Lockyer Valley Regional Council ) Belinda Frentz is a herb grower...

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 bi...

No wonder building companies are all broke: Stunning figures show how construction costs are doubling the rate of inflation National home construction costs jump 10 percent in the year to June 2022 This is almost double the 5.1 percent inflation rate – the highest in two decades Cordell Construction Cost Index shows biggest jump since GST 2000 debut Timber and metal prices soar as companies grapple with labor shortages By Stephen Johnson, Economic Reporter for Daily Mail Australia Published: 11:36pm EDT, 11th July 2022 | Updated: 03:03 EDT, 12 July 2022 Home construction costs have soared at twice the rate of inflation as a series of building companies went bankrupt. Residential building costs jumped 10 percent in the year to June 2022 as the cost of wood and metal skyrocketed, the Cordell Construction Cost Index showed. This is nearly double the 5.1 percent inflation rate, which was the fastest pace since 2001. I...

The collapse came days after another Victorian builder, Snowdon Developments, went into voluntary administration leaving 550 homes unfinished. On Friday another major private developer, CBD Developments, blamed government lease relief measures and the COVID-19 pandemic for the collapse of six of its companies. Credit reporting agency Creditor Watch expects more bad news to come in the building sector. “We’ve seen the bankruptcy numbers start to creep up,” said chief executive Patrick Coghlan, though he noted the bankruptcy numbers were still below 2019 levels. After the COVID-inspired lull, Australian banks and the Tax Office have begun issuing final notices to struggling businesses, something that hasn’t been done since the pandemic hit. Many construction companies have a hard time paying their bills on time – a sure sign of trouble ahead. Creditor Watch data shows nearly 12 percent of construction companies are late paying bills 60 days. Coghlan says builders ...