Michael Read

Owner-occupiers looking to upgrade now need to stump up a $300,000 deposit, with high interest rates forcing some owners to sell and young people to seek help from mum and dad.

The Reserve Bank board has signalled that a rate cut in either February or April is highly unlikely, saying it needs to see more than one quarter of inflation data.

Treasurer Jim Chalmers has flagged the mid-year update in December will paint a healthier than expected picture of the budget due to a rise in the tax take.

Labor has ruled out taking a dividend from the Future Fund, the national savings account set to be worth about $380 billion by 2032-33.

A new report from the Centre for Independent Studies warns the explosion in public sector investments risks exposing taxpayers to sharp write-downs on dud assets.

Chief economist Luci Ellis, who was previously the RBA’s top forecaster, warned cuts could be even later than May if inflation did not decline in line with forecasts.

Labor governments face pressure to give large pay rises to essential workers. An economist says the situation is reminiscent of the Whitlam government’s early days.

The treasurer insists his changes to the Future Fund’s mandate are legal, but former chairman David Murray says the new directive appears to breach the law.