Australia Weekly Digest – 25 May 2022

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Antony Albanese becomes Australia’s PM

First Labor PM in nearly a decade vows to bring Australians together, and “promote unity and optimism, not fear and division.”

ASX sinks again after Wall Street “bloodbath”

The stock market was down again last week, taking a cue from Wall Street. Retail stocks were in a tailspin.

Grim forecast for inflation and wage growth

Australian wages are expected to take anywhere from 9 to 14 years to catch up with rise in inflation, says a forecast from RBA.

Labour shortages biggest issue for Australian employers

With migration levels down due to the pandemic, labour shortages are one of the leading challenges for Australian businesses.

Power bills are about to double

Energy retailers are set to announce up to 130 per cent price hikes amid rising costs of living.

Petrol prices soar further

Petrol prices have risen as high as they were before the tax cut, erasing the joy of the price break experienced last month.

Unemployment rate at lowest point since 1974

The rate dropped slightly to 3.9% this month. However, reduced working hours due to flooding and sickness leave due to the omicron variant meant the number of jobs added to the economy did not significantly change.

Major Australian bank puts plans for crypto trading on hold

Commonwealth Bank has paused its launch of cryptocurrency trading through its app amid turmoil and uncertainty in the market.

Food brands quietly reduce packaging sizes as ‘shrinkflation’ takes hold

The practice of cutting packaging sizes in order to pass rising costs onto the consumer isn’t new. Smaller packages of popular food items being sold at the same prices as before the change have been noted across Australia.

Australians cutting streaming services to get ahead

In the face of inflation, many Australians are cutting their subscription streaming services in what’s being called “the Great Cancellation.”

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