The deeper story, which has now been playing out for several years, is the erosion of Australians’ sense of what a “good” wage is and how we think about wage inequality.

This period underscores India’s unique position in the global economy, achieving strong growth without triggering high inflation.

The September quarter national accounts was the final major data release before the Reserve Bank’s meeting on 8–9 December.

On who to blame for rising living costs, 42% blamed the federal government, 16% global factors, 11% state governments, 7% the Reserve Bank and 7% businesses

The immediate trigger issue was the government’s refusal to release a report by former public service commissioner Lynelle Briggs into jobs for mates.

The consumer price index was the last major piece of data before the Reserve Bank meeting on Melbourne Cup day.

Official labour force data released on Thursday shows that in the month to September, Australia’s seasonally adjusted unemployment rate jumped from 4.3% to 4.5%.

With the economy projected to double in the next decade, Hurun expects India’s millionaire households to also double, reaching between 1.7 to 2 million by 2035.

Prime Minister Anthony Albanese said in a statement the goal is both “ambitious but achievable”, designed to drive investment, respond to the science and prepare Australia for the global clean energy transition.

For the government, the one-size-fits-all “deeming rates” simplify the way it calculates pensions and other income support payments.