Economy

Updates on the state of the economy, growth, inflation, and employment.

Reports

Reports
Women still earn A$28,000 less than men
A new report by the Workplace Gender Equality Agency (WGEA) found that while there has been progress with the gender pay gap, women earn, on average, A$28,356 less than men a year. The report reveals that the gender gap fell from 21.8% last year to 21.8% this year, indicating that for every A$1 a man earns, on average, a woman earns 78.9 cents. WGEA CEO Mary Woodbridge said the gender pay gap means employers are meeting employees' expectations of fair workplaces for everyone. “Reductions to the pay gap and modest improvements towards gender-balance in leadership roles are underpinned by more employers having policies and taking action that can break down gender norms about leadership and caring responsibilities, as well as improving employee safety,” Wooldridge said. Alongside the gender pay gap decreasing, Australia’s Gender Equality Scorecard for 2024-25 shows improvement in women in leadership roles and on boards, in the upper quartile of earners and across the 6 key areas that drive fairer, safer, more equal workplaces. The scoreboard shows that 22% of CEOs are women, 39% of key management personnel are women, up 2 percentage points from last year, and 43% of managers are women, up one percentage point from last
Reports
Central banks cautious about adopting AI: OMFIF
Central banks are cautious of potential risks from artificial intelligence and have yet to widely adopt it, according to a survey by the Official Monetary and Financial Institutions Forum (OMFIF). Around 61% of respondents from 10 central banks said AI was not supporting their operations. Of those who are using AI, most reported that it was being used for data analysis or data collection. “Most institutions are experimenting with AI only in low-risk processes: scanning market news, flagging anomalies and summarising reports,” said OMFIF senior economist Yara Aziz. “Those dipping their toes in describe it as a practical convenience rather than a strategic tool.” According to OMFIF, the institutions with the most advanced adoption of AI are the most concerned about its risks, citing AI models’ ability to misinterpret unusual data and potential cybersecurity issues. Nearly 40% of respondents said they planned to upgrade their use of AI. Around 93% said they did not invest in digital assets like cryptocurrencies, and the vast majority are not seeking to expand into the blockchain realm. The report also found that almost 60% of respondents plan to diversify their reserves away from the U.S. dollar in the next one t
Reports
CB survey shows sharp decrease in consumer confidence
United States consumers have become more pessimistic about the current economy and their prospects for the future, according to a new Conference Board survey. The board’s Consumer Confidence Index fell sharply by 6.8 points to 88.7 from 995.5 in October. “Consumer confidence tumbled in November to its lowest level since April after moving sideways for several months,” The Conference Board chief economist, Dana Peterson, said. The Expectations index saw a particularly steep drop of 8.6 points to 63.2. This index measures consumers' short-term outlook for income, business and labour market conditions. The Expectations Index has tracked below 80 points for ten consecutive months, reaching the threshold that signals an incoming recession. “Consumers were notably more pessimistic about business conditions six months from now,” Peterson said. “Mid-2026 expectations for labour market conditions remained decidedly negative, and expectations for increased household incomes shrank dramatically, after six months of strongly positive readings.”Credit: The Conference BoardWhile confidence for consumers aged 35 or older is on a downward trend, confidence continues to improve among those under 35. However, confidence within
Reports
UK budget jitters drive retailer confidence to 17yr low
Fear that Wednesday's United Kingdom budget, which is likely to include tax increases, will disrupt an expected surge in sales over the Black Friday period and festive season, has seen British retailers report the sharpest drop in confidence in 17 years, according to a survey published on Tuesday. Black Friday and the lead-up to Christmas are considered critical for the sector, offering opportunities for retailers to offset some of the financial pressures experienced during earlier parts of the year. The Confederation of British Industry said its gauge of how retail sales compared with a year earlier worsened to -32 from -27 in October. While CBI's gauge of expected sales for the month ahead improved to -24 from -39, a quarterly measure of firms' business sentiment for the next three months tumbled to -35 from -10 in August, marking the weakest reading since late 2008 when the global financial crisis peaked. "Retailers continue to grapple with a long spell of weak demand, as households remain cautious around day-to-day spending," Alpesh Paleja, the CBI's deputy chief economist, said. "With all eyes on the forthcoming budget, uncertainty in the run-up has meant that businesses are holding back on plans for investme
Reports
US government reports $284bn deficit in October
The United States government has kicked off the start of fiscal 2026 with a deficit of US$284 billion in October, according to the Treasury Department. This October’s deficit was likely impacted by the 43-day federal government shutdown, which also delayed the release of the results, and a reflection of record tariff revenues being offset by a shift of some November benefit payments into last month’s data. The deficit was up 10% from the $257 billion deficit posted at the same time last year, largely due to the shift of around $105 billion worth of November benefit outlays for some military and healthcare programs into October. Adjusting for the shifts, the deficit would have been around $180 billion and a 29% reduction from the adjusted October 2024 deficit of $252 billion. Outlays from October, including November benefit payments, were up 18% from last year to $689 billion. Net customs duties were one of the biggest revenue drivers, due to new tariffs imposed by President Donald Trump, reaching a new all-time monthly record of $31.4 billion. This beat the previous record of $29.7 billion in September and is four times the $7.3 billion recorded at the same time last year. Overall, government revenues increase

Economy

Reports

Women still earn A$28,000 less than men

Central banks cautious about adopting AI: OMFIF

CB survey shows sharp decrease in consumer confidence

UK budget jitters drive retailer confidence to 17yr low

US government reports $284bn deficit in October

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