Australia

Australian Economy Posts Weakest Growth Since Early 1990s

Australia’s commodity-rich economy recorded its weakest growth momentum since the early 1990s in the second quarter, as consumers and businesses continued to feel the impact of high interest rates, with little expectation of a reprieve from the Reserve Bank of Australia in the near term, WSJ Pro Bankruptcy reported. The economy grew 0.2% in the second quarter from the first, with annual growth running at 1.0%, the Australian Bureau of Statistics said Wednesday. The results were in line with market expectations.
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Australian Inflation Pressures Eased in July, Helped by Government Rebates

Australian inflation pressures eased in July supported by government rebates aimed at offsetting soaring electricity costs and rising rents, the Wall Street Journal reported. The monthly consumer-price index, which is only a partial reading of economy-wide inflation, rose 3.5% in the 12 months to July 2024, down from 3.8% in June, the Australian Bureau of Statistics said Wednesday.
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Australian Homeowners Struggling to Afford Insurance as Climate Risks Grow, Report Says

Home insurance is becoming unaffordable for a growing number of Australian households as increased climate threats drive up their premiums, potentially putting billions of dollars in mortgage loans at risk, a report said on Monday, Reuters reported. As of March 2024, 15% of Australian households were experiencing home insurance affordability stress, which is defined as having premiums that cost more than four weeks' of their incomes, the report from the Actuaries Institute found.
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Owner Distress as Australian Companies Plunge into Administration

A record number of businesses have been placed into administration in the past year, an inquiry has been told, with advocates saying inflationary pressures are affecting multiple industries, the Australian Associated Press reported. Officials from Australia's corporate watchdog told a parliamentary inquiry into the cost-of-living crisis that 11,053 businesses entered external administration in the 2023/24 financial year. ASIC commissioner Kate O'Rourke said while the proportion of businesses going into administration was not the highest, the past year had the most overall.
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Booktopia Sold to Online Camera Store

Booktopia has been rescued by the owner of online camera store digiDirect, Shant Kradjian, who is adding 100 jobs back to the collapsed bookseller, the Sidney Morning Herald reported. The business and all its assets were transferred to Kradjian on Friday evening and the website has resumed trading. McGrathNicol administrator Keith Crawford said that he was incredibly pleased to close the sale and that the transition of Booktopia to another Australian e-commerce retailer was a great outcome for the business.
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