Tumbling house prices, a slowing economy and cash-strapped households crying out for a pay increase will confront who ever wins next month's election with warnings more financial pain is facing the country.
The fund believes the Australian economy will grow by just 2.1 per cent this calender year, short of what was predicted in the budget and well down on the 2.8 per cent the IMF forecast in October last year.Such sluggish growth would push up the nation's jobless rate and in turn remove upward pressure on wages that have failed to grow in line with budget expectations for the past six years.
"Households are under pressure from stagnant wage growth, rising costs of living and falling wealth." Melbourne's market is facing a bigger downturn. The city's inner east is tipped to see falls of 16.3 per cent after a five per cent drop last year while across the inner south prices are forecast to edge down by 14.2 per cent after a 4.4 per cent decline in 2018.The "best" performed parts of Melbourne are tipped to be the city's north-east and west with falls of 8.5 per cent.
swrighteconomy ErykBagshaw Just keep shovelling migrants into the cities, driving down wages and pumping prices, laundering Chinese billions into construction, borrowing billions for infrastructure and demonising those left behind. Tell 'em it's the Green's fault!
swrighteconomy ErykBagshaw But doesn't Fraudenburg spout on about how well or economy is performing? Pity he doesn't perform much better than he does
swrighteconomy ErykBagshaw And Bill Shorten Labor $472 billion cumulative hit to the economy. Can we afford Bill Shorten?
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Source: SkyNewsAust - 🏆 7. / 78 Read more »
Source: SkyNewsAust - 🏆 7. / 78 Read more »