Australia’s inflation rate to peak at 7.75% in December quarter, economic update predicts
Treasurer Jim Chalmers tells parliament that nation is facing a ‘once-in-a-generation’ challenge and real wages won’t grow until 2023-24 fiscal year
While the pre-election economic and fiscal outlook predicted that the consumer price index would be running at 4.25% by the end of June, Wednesday’s data release showed it had accelerated instead to 6.1%.
By the year’s end, though, the headline CPI number will have quickened further to 7.75%, a number that was last exceeded in the March quarter of 1990 when it reached 8.7%.
Instead of subsiding to 3% by next June, Treasury now expects it to still be running at an annual pace of 5.5% before sinking to half that, or 2.75% by June 2024.
Treasurer Jim Chalmers tells parliament that nation is facing a ‘once-in-a-generation’ challenge and real wages won’t grow until 2023-24 fiscal year
While the pre-election economic and fiscal outlook predicted that the consumer price index would be running at 4.25% by the end of June, Wednesday’s data release showed it had accelerated instead to 6.1%.
By the year’s end, though, the headline CPI number will have quickened further to 7.75%, a number that was last exceeded in the March quarter of 1990 when it reached 8.7%.
Instead of subsiding to 3% by next June, Treasury now expects it to still be running at an annual pace of 5.5% before sinking to half that, or 2.75% by June 2024.
Cryptocurrency payments appear at petrol stations in Australia
Cryptocurrency companies are shaking off the "cryptocurrency winter" with the launch of new payment terminals in over 440 retail shops and service stations, allowing Australians to pay for petrol, food and drink using cryptocurrency.
The global company has partnered with local technology group DataMesh and petrol station business OTR to launch the new feature in Victoria, South Australia and Western Australia, meaning anyone with a cryptocurrency wallet can purchase everyday items.
When paying, the merchant selects cryptocurrency as the preferred payment type, generating a dynamic QR code on the terminal that is scanned through the customer's cryptocurrency app. The customer then selects and authorises their preferred cryptocurrency for payment and settles with the merchant in US dollars.
Karl Mohan, Regional General Manager, Cryptocurrency, noted that his company's research shows that more than half of consumers and businesses surveyed want to transact in cryptocurrency, and a third of Australian businesses say they are now ready or will be ready within a year.
Cryptocurrency companies are shaking off the "cryptocurrency winter" with the launch of new payment terminals in over 440 retail shops and service stations, allowing Australians to pay for petrol, food and drink using cryptocurrency.
The global company has partnered with local technology group DataMesh and petrol station business OTR to launch the new feature in Victoria, South Australia and Western Australia, meaning anyone with a cryptocurrency wallet can purchase everyday items.
When paying, the merchant selects cryptocurrency as the preferred payment type, generating a dynamic QR code on the terminal that is scanned through the customer's cryptocurrency app. The customer then selects and authorises their preferred cryptocurrency for payment and settles with the merchant in US dollars.
Karl Mohan, Regional General Manager, Cryptocurrency, noted that his company's research shows that more than half of consumers and businesses surveyed want to transact in cryptocurrency, and a third of Australian businesses say they are now ready or will be ready within a year.
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What is a crypto wallet?
The important part of a wallet — and the part where new users often find themselves getting into trouble — is the private key. A private key is like the key to a safe deposit box. Anyone who has access to the private key of a wallet can take control of the balance held there.
But unlike a safe deposit box, crypto users who hold their own private keys and make transactions using non-custodial wallets (i.e., a wallet not hosted by an exchange or other third-party) become their own bank.
"It is similar to a bank account but the main difference is it is controlled by a key that only you control. You use this [private] key to initiate transactions, which is called 'signing,'" says Joel Dietz, founder of Art Wallet and contributing developer to MetaMask.
While the idea of crypto itself is still new to many people, crypto wallets themselves are designed to be user-friendly. Web wallets like MetaMask and desktop wallets like Electrum come with a graphical user interface (GUI) that is made to be as simple as possible.
The important part of a wallet — and the part where new users often find themselves getting into trouble — is the private key. A private key is like the key to a safe deposit box. Anyone who has access to the private key of a wallet can take control of the balance held there.
But unlike a safe deposit box, crypto users who hold their own private keys and make transactions using non-custodial wallets (i.e., a wallet not hosted by an exchange or other third-party) become their own bank.
"It is similar to a bank account but the main difference is it is controlled by a key that only you control. You use this [private] key to initiate transactions, which is called 'signing,'" says Joel Dietz, founder of Art Wallet and contributing developer to MetaMask.
While the idea of crypto itself is still new to many people, crypto wallets themselves are designed to be user-friendly. Web wallets like MetaMask and desktop wallets like Electrum come with a graphical user interface (GUI) that is made to be as simple as possible.
Investing is an absolute necessity for most people in order to enjoy a comfortable future.
Investing can provide you with an alternative source of income, fund your retirement and even get you out of financial trouble in the future. Most importantly, investing can help you increase your wealth - allowing you to achieve your financial goals and increasing your purchasing power over time.
The relationship between inflation and investing
income in an inflationary environment is actually a bit of a headwind - it's either up or down. Similarly, our own savings that do not continue to increase in value will only slowly fall in value as the currency depreciates. In an inflationary environment, investing becomes an important means of maintaining our purchasing power and keeping our assets from depreciating in value or even increasing in value
Investing can provide you with an alternative source of income, fund your retirement and even get you out of financial trouble in the future. Most importantly, investing can help you increase your wealth - allowing you to achieve your financial goals and increasing your purchasing power over time.
The relationship between inflation and investing
income in an inflationary environment is actually a bit of a headwind - it's either up or down. Similarly, our own savings that do not continue to increase in value will only slowly fall in value as the currency depreciates. In an inflationary environment, investing becomes an important means of maintaining our purchasing power and keeping our assets from depreciating in value or even increasing in value
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