Michele Bullock says board knows decision will hit some people hard but hopefully in the next few years ‘this will all have been worth it’ Follow our Australia news live blog for latest updates Get our breaking news email , free app or daily news podcast The Reserve Bank of Australia has lifted its key interest rate to 4.6%, its highest level since 2011, and warned of further hikes as the unending US war on Iran pushes prices “permanently higher”. The widely expected fourth increase to the cash rate this year will add to repayment costs for millions of mortgage holders. Before Tuesday’s meeting, it sat at 4.35%. Continue reading...
RBA interest rates: Reserve Bank raises cash rate to highest level in 15 years and warns of more hikes ‘if needed’
Source: The Guardian
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The role AI played in job losses at Australia’s NAB, Qantas, Canva and Atlassian is far from clear – but it may prove to have more impact on the stock market than the jobs market Get our breaking news email , free app or daily news podcast In 1987, the Nobel prize winning economist Robert Solow remarked: “You can see the computer age everywhere but in the productivity statistics.” At the time, computers had been around for 40 years. Real productivity gains did emerge in the 1990s after the arrival of the internet, but they were short-lived. Four years after the launch of ChatGPT, the pattern seems to be much the same: lots of hype and excitement but with very little productivity growth. The main economic impacts, as in the 1990s dotcom era, have been a stock market boom and huge investment in infrastructure (fibre optics then, datacentres today), betting on future demand that has yet to
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Why would anyone want a smart fridge? | Dave Schilling
After a hack in France, internet-enabled appliances are looking even less appealing – especially before the holidays We are deep into the holiday season now, past Halloween and a mere two weeks away from American Thanksgiving. I’ve already given up taking care of my body, surrendering fully to gluttony, vices, and going to bed at 7pm because it’s pitch black outside. I’ve begun to hibernate like a slothful bear, my blanket and pillow never too far from my grasp. The only thing closer to my hands than my bedsheets is a slice of cold pizza. I just want to eat in peace, thank you very much. Continue reading...
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Bad jobs or benefits? Milburn should force employers to help the young | Richard Partington
Long-awaited final report will call for benefit cuts but lack of entry-level jobs is also driving the crisis ‘I’m scared about my future’: young people on the stress and desperation of jobseeking A generation is being sold short. Almost a million young people are not in education, employment or training (Neet). Austerity and the Covid pandemic cast a lengthy shadow, AI is upending the jobs market, and the cost of living is soaring – all under the microscope of the social media age. On Tuesday, Alan Milburn’s final report on young people and work will bring Britain to a fork in the road: either continue on this path of state and market failure or sharply change direction. Continue reading...