H
trending
H
HOYONEWS
HomeBusinessTechnologySportPolitics
Others
  • Food
  • Culture
  • Society
Contact
Home
Business
Technology
Sport
Politics

Food

Culture

Society

Contact
Facebook page
H
HOYONEWS

Company

business
technology
sport
politics
food
culture
society

© 2025 Hoyonews™. All Rights Reserved.
Facebook page

Inflation jumps to 4.6% in Australia as Iran war fuel shock begins to bite

about 11 hours ago
A picture


Inflation jumped to 4.6% in the year to March, from 3.7% the month before, in what the treasurer, Jim Chalmers, warned was the start of an Iran war-linked fuel shock that will ripple through the economy over coming months.With consumer prices now growing at their fastest pace in two and a half years, financial markets and experts are betting the Reserve Bank will hike interest rates for a third straight meeting next Tuesday as officials struggle to manage the nightmare scenario of containing inflation even as growth is expected to slow sharply.The treasurer ahead of next month’s budget said “inflation is likely to peak higher than this”, even as he reassured Australians that the economy was well placed to navigate the fallout from the war.

“We’ve got low unemployment, we’ve got solid wages growth, and so we’ve got pretty good foundations as we confront this period of heightened uncertainty in the global economy,” he told reporters in Brisbane,The international oil price pushed back above $US110 a barrel overnight amid dimming hopes of an end to the US-Israel-instigated conflict that has closed the strait of Hormuz, a critical artery for the global flow of oil and other key commodities such as fertiliser,Fuel costs jumped by 33% in the month, according to the latest figures from the Australian Bureau of Statistics, although this was before the 26 cent cut to the petrol excise,Removing the impact of the large price swings – electricity prices were also up sharply on a year earlier as government rebates expired – showed underlying inflation was steady at 3,3%, an encouraging sign that inflationary pressures beyond the bowser eased in March.

Traders in response trimmed bets of an RBA rate hike next Tuesday to 68%, from 80% before the latest figures, according to NAB.But Josh Williamson, the chief economist at Citi, said the inflationary “headache” was “about to become a migraine”.Williamson said inflation would push towards 5.5% by the middle of the year as soaring fuel costs flow through to sectors such as construction and food services.“The RBA faces a difficult decision, but the persistence of these price shocks necessitates further tightening to manage inflationary expectations,” Williamson said.

The latest figures confirmed cost of living will be at the top of the government’s agenda in the 12 May budget.Rents increased by 3.7% over the year – faster than wage growth – while homebuilding costs were up 4.5% and likely to accelerate in the months ahead.Electricity prices dropped in March, but were 25% up on a year earlier when governments were subsidising power bills, the ABS data showed.

Labor has already halved the fuel excise for three months and announced a GST rebate on petrol and diesel that has helped cushion the blow on motorists from soaring pump prices.Economists, however, warn that further untargeted cost-of-living support risks complicating the RBA’s battle to bring price pressures back under control.Luke Yeaman, the Commonwealth Bank’s chief economist and a former senior Treasury official, said he expected the budget to include “some additional support for households”.“But we expect the government to resist the urge to make a big splash.This would risk adding fuel to the inflation fire and heap pressure on the RBA, at a time when the outlook is still very uncertain.

”
cultureSee all
A picture

‘Protected for another century’: experts lift 15-tonne foremast from HMS Victory

There is only one correct way to extricate a 15-tonne wrought iron mast from one of the world’s most famous and beloved warships – very slowly, and with extreme care.Which is precisely how a 30-strong team led by shipwrights and riggers set about their task on Monday night into Tuesday morning when they lifted the foremast from HMS Victory as part of a £42m conservation project.A 750-tonne crane removed the 23-metre mast from the ship in an operation requiring power to lift the wrought iron structure but also a great deal of delicacy to make sure the fabric of the vessel was not harmed.In the coming days, as long as the wind does not get up, two more masts – the mizzen and bowsprit – will also be craned off Nelson’s 18th-century flagship at the Battle of Trafalgar and laid on a Portsmouth dockside ready for conservation work to begin.At daybreak on Tuesday, Patrizia Pierazzo, the deputy project director, hailed it as a “great start”

1 day ago
A picture

Having Spent Life Seeking by Kae Tempest review – painfully earnest tale of trauma and transition

Kae Tempest’s new novel is dedicated to “you”, the reader. It also comes with a plea: “Be gentle though.” But to whom or what should we be gentle? The book or the writer? Having Spent Life Seeking is Tempest’s second novel, arriving a decade after his first and following a period of considerable personal change, including gender transition. Perhaps inevitably, it is a book full of struggle and soul-searching. It is also painfully earnest: an enervating read with an exhausting intensity that neither relents nor resolves

1 day ago
A picture

The Primitives: ‘A reviewer said that Crash would finish the band. Then it was in Dumb and Dumber’

The Primitives formed in the summer of 1984 with a singer called Keiron, who brought me in to write songs. When he left, we pinned up an advert in Coventry library and Tracy, who I’d actually met before on a Youth Opportunity Programme, answered. At that point, we sounded more like the Birthday Party or the Gun Club, so I wrote three new songs – Through the Flowers, Across My Shoulder and Crash – to test a more pop direction. Crash was simple and noisy, with a basic guitar line that became the “Na na na” hook.It was in our live set, but we dropped it quite quickly

2 days ago
A picture

Arts funding gap in the north must be closed | Letters

It was pleasing to read about Labour’s commitment to the principle of access to art for “everyone” (Editorial, 17 April). Everyone seemingly in London, where a whopping £135m has been invested in the V&A East museum – the latest addition to the buzzing East Bank cultural quarter.When, I wonder, will this Arts Everywhere Fund arrive at what used to be the buzzing cultural centre of the Albert Docks in Liverpool, where the Tate has been closed for more than two years? Where the museum of slavery has closed its doors and where what was a buzzing arts area now looks neglected and abandoned.When will places in the north, such as the once-vibrant towns of Kendal, Barrow and Kirkby Lonsdale, be given the same large sums spent on venue after venue in London?All the towns mentioned above are, incidentally, desperately bidding for UK town of culture 2028 designation in the hope of winning some desperately needed cash to enhance their cultural sector and to bring to these long-neglected and once-thriving centres accessible places where people can share in the joy of music, theatre or heritage, as are enjoyed by our lucky communities in “once neglected areas of London”.Spread the joy, Lisa Nandy, and let’s all have a share in the investment

3 days ago
A picture

‘I wanted alcohol to take me to a place where I was not’: comedian John Robins on the moment he realised he had a drinking problem

For most of his life, John Robins assumed he got more out of alcohol than it took from him. Now he knows it was the other way round ‘I picked up the bottle of wine and drank straight out of it. I was seven’ Read an exclusive extract from his new memoirThe Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link. Learn more

3 days ago
A picture

Tate at a turning point: new director must confront unwieldy ‘beast’ of an art institution

Roland Rudd, the chair of Tate, is in a bullish mood when we meet at his offices in the Adelphi Building, which sits on the Thames between the art institution’s two London sites. “Things have never been better,” he says.It’s a rebuff to any suggestion that the organisation is in flux – and, as if he were expecting the question to arise, Rudd produces a piece of paper from his suit pocket with notes to prove his point. The recent wins, he says, are so numerous that he has written them down so as not to forget any.At Tate Britain, Turner and Constable drew in 270,000 people, which Rudd insists “is phenomenal”; Lee Miller was “the most popular photography show anywhere in the UK”; and “Tracey” (Tracey Emin, to you and me) has brought in 125,000 paying visitors, “a remarkable number”, over at Tate Modern

4 days ago
businessSee all
A picture

UK faces £35bn hit and risk of recession this year over impact of Iran war, thinktank warns

about 15 hours ago
A picture

How the UAE’s decision to leave Opec could recast the Middle East

about 19 hours ago
A picture

Another shadow banking hit – but otherwise, Barclays looks fine

about 20 hours ago
A picture

US gas prices surge to highest level in four years, averaging $4.18 a gallon

about 21 hours ago
A picture

UAE quits Opec in win for Trump as oil cartel weakened

about 21 hours ago
A picture

Singing activists disrupt NatWest meeting over ‘climate backtracking’

about 22 hours ago