Households must brace for electricity and gas prices to rise sharply as domestic inflation continues to build, according to the Reserve Bank.
Prices for wholesale power more than doubled to an unheard-of average of $323 a megawatt-hour in Queensland in the June quarter, easily the highest of any state in the past two decades, Dr Chalmers said he would deliver an economic and budget statement to Parliament next Thursday, July 28.make the real wages situation worse,” he said.
The Fair Work Commission last month delivered a rare split increase that lifted the minimum wage for 184,000 workers by 5.2 per cent, and 4.6 per cent for about 2.6 million workers on higher awards.About 60 per cent of private sector firms in the RBA’s liaison program reported they too expect wages growth to pick up over the coming year.
Reserve Bank also said no interest rate rises until at least 2024. Who really cares what they say anymore?
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