THE Australian economy continues to power along with another shock drop in the unemployment rate.
The seasonally adjusted jobless rate fell by 0.2 percentage points as 52,700 new jobs - mainly part-time - were created in January, the Australian Bureau of Statistics said today.
This is the largest rise in employment since December 2006.
Read more about the unemployment rate at news.com.au.
THE Reserve Bank board has surprised the market, and left home owners relieved, by leaving its official interest rate on hold today. The market had expected that the Reserve Bank would increase its rate by 25 basis points.
Read more about interest rates at news.com.au.
THE competition watchdog has won its case against online retailer Ozdirect Online Brands and its director Paul Albright for misleading and deceptive conduct but the parties will have to wait until 2010 for the judge’s final orders.
Despite this win, customers who have lost money buying from the Ozdirect site will still have to take private action against the company if they are owed money, the Australian Competition and Consumer Commission said.
Read more about Ozdirect at news.com.au.
THE jobless rate has fallen to 5.7 per cent with the number of employed people increasing by an unexpected 31,200 in November, figures from the Australian Bureau of Statistics show.
Read more about the unemployment rate at news.com.au.
This story also features an interactive chart comparing Australia’s unemployment rate to other developed nations.
THE tax office has doubled the penalties for tax cheats who admit to hiding money in offshore tax havens.
It has also offered tax dodgers the opportunity to anonymously check if they are liable for criminal prosecution, in addition to a fine, before they come forward.
Tax Commissioner Michael D’Ascenzo described it as “one last chance to come in and do the right thing”.
“This new offer provides a good opportunity for people who want to do the right thing to get their tax affairs in order,” he said.
Read more about offshore tax havens at news.com.au.
THE tax office is using a landmark US case to crack open details of secret Swiss bank accounts held by wealthy Australians as it continues to target off-shore havens.
The Australian Tax Office has requested account-holder details from Zurich-based UBS, after the Swiss bank handed over about 4450 client names to US authorities in August to settle a tax case.
Read more about UBS at news.com.au.
AN ECONOMIST known as the “Merchant of Gloom” will have to walk from Canberra to the top of Australia’s highest mountain after losing a bet about the resiliency of Australian house prices.
Read more about Steve Keen at the news.com.au.
THE Reserve Bank board has increased its official interest rate from 3.25 per cent to 3.5 per cent.
It is the fourth time in a row the bank has altered rates on Melbourne Cup day.
Less than 15 minutes later, ANZ announced it had also raised its standard variable home loan rate by 0.25 per cent.
And by late afternoon Commonwealth Bank, NAB and Westpac had all increased their standard variable home loan rate by the same amount.
Read more about interest rates at news.com.au.
QANTAS allowed a Boeing B747 plane to continue operating for nine months even though it was leaking oil, an unauthorised history of the airline claims.
During this time, a flight engineer was overcome by toxic fumes believed to have been caused by the oil leak.
THE Future Fund has no record of any correspondence alerting it to the Federal Government’s plan to split Telstra, a Freedom of Information search has revealed.
Read more about the Future Fund at news.com.au.
