RBA

The first quarter of 2024 saw significant economic developments in Australia. The government introduced changes to the Stage 3 Tax Cuts, aiming to provide greater benefits to middle-income earners. Inflation showed signs of easing, yet remained high in certain areas, prompting the RBA to maintain the cash rate at 4.35%. The stock market experienced record highs, while the property sector continued to face pressures with a national vacancy rate hitting a low of 0.7%. The labour market showed cooling trends with a shift towards part-time employment and a forecasted rise in the unemployment rate. This quarterly update highlights the dynamic economic landscape and the ongoing challenges and opportunities.