The near 10 percent jump in fuel prices boosted the total for September retail sales, despite people actually cutting back on their fuel purchases, according to inflation-adjusted numbers.
The data highlights broader concerns about Australia's declining standard of living and long-term economic prosperity, writes KPMG Australia’s Chief Economist Brendan Rynne.
The RBA is trying to bring inflation back to target without causing unnecessary damage to the labour market, but ultimately its primary responsibility is price stability, as outlined by KPMG Australia Chief Economist Brendan Rynne.
The persistence of core inflation, during a period where growth is modest and slowing and geopolitical and economic uncertainty is high, will keep the RBA Board awake at night, writes KPMG Australia Chief Economist Brendan Rynne.
Demand for labour in Australia remains strong, with data suggesting employers remain willing to hire despite broader economic uncertainty, as highlighted by Senior Economist Terry Rawnsley.
Increasing labour force participation amongst experienced older workers could boost GDP by $29 billion, writes KPMG Urban Economist Terry Rawnsley.
The challenge is that the post-pandemic rise in inflation is still with us and the Fed is the one institution tasked with ensuring it ends, but it has proven a heavy lift thus far, writes KPMG US Chief Economist Diane Swonk.
KPMG’s latest Australian inflation and cost dynamics report highlights a renewed surge in inflationary pressures, driven by a major global supply shock and persistent domestic cost driver.
This profile suggests a declining annual rate of growth through 2026 such that by the end of the year the economy would have only grown 1.3 percent, writes, KPMG Chief Economist Brendan Rynne.
KPMG Senior Manager Ali Hookmani discusses how the otherwise deductible rule works, when it can be applied, and why proper documentation is essential to reduce or eliminate FBT on reimbursed work related expenses.
The RBA Board is now realising that maintaining credibility in its inflation fight is more important than remaining fixated on full employment, writes KPMG Australia Chief Economist Brendan Rynne.
It’s still too early to see the full impact of the Iran war on prices in Australia, with the full picture not likely known until the next quarter at the earliest, writes KPMG Australia Chief Economist Brendan Rynne.
KPMG Senior Manager Sam Gathercole outlines the key FBT lodgement dates and payment deadlines, along with the latest ATO rates you need to finalise this year’s return and plan ahead.
In this episode, we explore how tax leaders can move beyond AI pilots and productivity gains to unlock real, sustainable value through redesigned workflows, stronger governance and people led transformation.
What should have been a promising first quarter for consumer spending is more fraught due to the US-Iran war, writes KPMG US Senior Economist Ken Kim.
The overall framing of the statement is broadly consistent with our expectations given the outcome of the landmark tax case, as highlighted by Paul Sorrell, Jennifer Ta, Keith Swan, Jeremy Capes and Amanda Maguire.
It’s a complex picture facing the RBA and the Federal Government; a weakening labour market at the same time as a supply shock is pushing up inflation, writes KPMG Senior Economist Terry Rawnsley.
In this article, James Alsop, Craig Jackson, Aylin Harapoz, Marko Trifunovski, and Wendy Sampurna unpack the Full Federal Court’s decision and its impact on the interpretation of scope of Rule 25.14 - a departure from prior views which flowed from Federal Commissioner of Taxation v Clark (No 2) [2011] FCAFC 140.
The Budget includes an enhancement of tax incentives for funds and family offices by broadening the definition of “fund” and recognising digital assets, precious metals and certain commodities as eligible investments for tax concessions.
The latest inflation data will offer little comfort for Australians right now, particularly with February’s rate hike still fresh in their minds, writes Terry Rawnsley.
In this article, James Alsop, Steve Plant, Sakshi Mathur and Marko Trifunovski examine the Full Federal Court’s decision that confirmed a 2016 City Beach restructure did not trigger section 45B or Part IVA.
Domestically, Australia’s economy has shifted into a higher gear, albeit continuing to operate below historical growth trends.
The aggregate data masks underlying stress in low-and-middle-income households, with affluent consumers are driving spending gains, writes KPMG US Senior Economist Ben Shoesmith.
The narrowing of the US trade deficit was expected, given trade policy changes, and it supports the view that trade will be negligible for growth in the third quarter, writes KPMG US Senior Economist Meagan Schoenberger.
High interest rates had previously succeeded in curbing demand, however the three interest rate cuts this year appear to have re-stimulated household demand, writes KPMG Australia Chief Economist Brendan Rynne.
The inflation data was slightly better than expected, which helps shore up the Fed’s near-term commitment to focus more on the labour market and cut rates in October and December.
Kristie Schubert, Craig Jackson, Melissa Bader, Wenny Sampurna and Oliver Dyson share insights into the Supreme Court of Queensland decision, which relates to allegations of R&D tax fraud.
As well as the practical challenge of contributing superannuation within seven business days, employers also face other changes, as detailed by David Sofrà, Andy Larmour, Analyn Toledo and Sam Gathercole.
Consumer spending enthusiasm in the US continues to surprise amid ongoing trade concerns and the softening labour market, writes KPMG Senior Economist Benjamin Shoesmith.
The labour market should remain strong, maintaining a relatively balanced position to the end of the year and continuing to operate around full employment, writes KPMG Chief Economist Brendan Rynne.
The possibility of a September rate cut is high but not a slam-dunk, as US Fed officials have tempered calls for an outsized cut in September, writes KPMG US Senior Economist Ken Kim.
Despite a lift in household savings in the first quarter of the year, families have sought to tighten their belts further to ensure they’re getting the biggest bang for their buck, writes KPMG Chief Economist Brendan Rynne.
It will not take much for consumers to recalibrate their spending as we expect to see larger price increases for retail goods in July and August, writes KPMG US Senior Economist Ken Kim.
The data will reinforce the weakness that is continuing within the private side of the Australian economy, writes KPMG’s Chief Economist Brendan Rynne.
The month of May chalked up the largest increase since July 2014 and handily beat the consensus expectation for an 8.5 percent rise, as outlined by KPMG US Senior Economist Ken Kim.
Retail stores are beginning to bounce back, with both clothing, footwear, personal accessory and department stores enjoying gains, writes KPMG Economist Terry Rawnsley.
KPMG’s biannual Australian Inflation and Cost Dynamics report is designed to provide unique and timely insights into the complexities of inflation and its driving forces within the Australian economy.
The June labour force data should be telling the RBA to get ahead of the curve and drop the cash rate by 25 basis points (bp) at the next meeting, writes KPMG Australia Chief Economist Brendan Rynne.
Jacqui Hardwick explains why the Australian Taxation Office (ATO) is interested in companies' business processes and system changes, in relation to the supplementary GST return.
The slowing retail figures and the flat private sector investment capex figures show the economy is still fairly fragile, which justifies the RBA’s recent rate cut, writes KPMG Australia Economist Terry Rawnsley.
Although the data suggests that inflation remains persistent, it also confirms that the RBA now has more headroom to act quickly in reducing rates if negative shocks threaten the growth outlook, writes KPMG Senior Economist Michael Malakellis.
The data confirms that the right approach for RBA is to ease off the interest rate brake, to help stimulate a soft economy, writes KPMG Australia Chief Economist Brendan Rynne.
Collectively, the data indicates that a cut to the cash rate is now warranted, writes KPMG Australia Chief Economist Brendan Rynne.
The uncertainty over an escalating trade war, and other economic indicators and prevailing risk factors led the RBA to leave interest rates on hold.
The US Fed needs to be confident that inflation will continue to cool and stay low to cut interest rates again, however tariffs and the threat of retaliation by some of our closest trading partners make that less likely, writes KPMG US Chief Economist Diane Swonk.
The weak January report suggests that the health of consumer spending, which carried the US economy to robust growth last year, will bear close watching in the months ahead, writes KPMG Senior Advisor Chris Varvares.
Clothing stores benefited from increased demand in the United States, but many restaurants failed to see their usual holiday surge, despite record holiday travel, writes KPMG US Chief Economist Diane Swonk.
While demand-driven factors are now contributing less to inflation than at any time in the post-COVID-19 period, and are in fact back in line with ‘normal settings’, the supply side of the economy is still problematic, writes KPMG Chief Economist Brendan Rynne.
Consumers in the United States have pushed back on price hikes and are spending when they spot discounts, as detailed by KPMG US Senior Economist Meagan Schoenberger.
Continued discounting, lower inflation and savings rates suggest that spending for the US consumer still has room to grow, writes KPMG US Senior Economist Matthew Nestler.
In the next KPMG’s Private Insights Webinar Series, to be held on Thursday 26 September, Gayle Dickerson and James Stewart discuss the current key retail megatrends, what is making local trading conditions so difficult and how businesses can respond.
The increased reporting is consistent with the ATO’s ever increasing focus and scrutiny of inter-company intangibles and financing related arrangements, as analysed by Jane Rolfe, Aaron Yeo and Zafirah Ismail.
Workforce and Innovation Partner Craig Robinson discusses a project which involved assisting an iconic Australian brand to expand its global footprint overseas.
Payroll gains are slowing in the US, while the ranks of those forced to accept part-time for economic reasons are rising, writes KPMG US Chief Economist Diane Swonk.
US retail sales surged in July despite a lowered forecast in June as consumers spent where the price cuts were greatest.
The strong employment performance was due to a rise in the participation rate by 0.2 percent to a new record level of 67.1 percent – with more than half of the increase in full-time employment this month being for female workers, writes Brendan Rynne.
