Australia’s Economic Inequality Highest in Over 20 Years

Good morning! It’s Keira here in Sydney. Here’s what you need to know in news today from Australia and beyond...

Today’s must-reads:

Economic inequality in Australia has climbed to the highest level in more than 20 years, according to a highly regarded survey in which more than half of respondents reported a decline in their real incomes. It revealed that post-pandemic, higher incomes have grown faster than middle incomes, while the growth of lower incomes has stagnated.

Australia’s economy picked up the pace in the final three months of the year, boosted by a revival in household spending. Meanwhile, The central bank board doesn’t share the market’s confidence that a series of further interest-rate cuts will follow last month’s easing, Deputy Governor Andrew Hauser said, adding that it’s still too soon to declare victory over inflation.

The surprise resignation of New Zealand’s central bank governor leaves many unanswered questions for an institution that prides itself on transparency, not least the reason for his departure. Meanwhile, New Zealand’s housing market showed slight signs of life in February as prices rose the most in more than a year, according to CoreLogic New Zealand.