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Tag: costs

  • Singles tax costs thousands of dollars a year | Pensioner’s rental struggle highlights $7,800 ‘ta…

    Singles tax costs thousands of dollars a year | Pensioner’s rental struggle highlights $7,800 ‘ta…

    Explore the latest developments concerning Singles tax costs.

    Singles tax costs thousands of dollars a year

    Louise Taylor faced affordability issues when looking for somewhere to call home. (ABC News: Lottie Twyford)

    Single-income households can struggle to meet housing costs, and older women are one group at risk of housing insecurity.

    The singles tax refers to extra costs people pay when they can't split expenses like couples can.

    Housing experts say Australia also has a lack of affordable, suitable dwellings for singles.

    By her 70s, Louise Taylor had hoped her house would be more than a roof over her head; somewhere she could happily call home.

    But after "knockback after knockback" trying to find a rental on the private market five years ago, she has been forced to accept her small duplex, north of Brisbane, is all she can afford.

    Pensioner's rental struggle highlights $7,800 'tax' hitting single Aussies during cost of living

    Housing costs in Australia are outpacing the rate of inflation. It was the biggest contributor to rising prices in the latest consumer price index data from the Australian Bureau of Statistics, rising by 5.7 per cent on the year.

    The category in the inflation basket does not include the cost of servicing a mortgage but does include items like rent, utility costs such as water and electricity, construction costs, council rates and repairs to properties. And for single people living alone, that is an increasingly difficult burden to shoulder alone.

    For 70-year-old renter Louise Taylor who takes an Age Pension payment from Centrelink, it's becoming harder and harder.

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    The dynamic landscape of current events often brings forth significant discussions. Monitoring these developments provides crucial insights.

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  • US inflation eases as food and fuel costs cool | U.S. Stock Futures Rise After In-Line Key Inflat…

    US inflation eases as food and fuel costs cool | U.S. Stock Futures Rise After In-Line Key Inflat…

    Explore the latest developments concerning US inflation eases.

    US inflation eases as food and fuel costs cool

    US prices rose 3.4% in the year to July, slightly lower than the 3.5% in the year to June, new figures show.

    Energy remained volatile as the Middle East conflict has continued. While gasoline prices were down 2.9% in July compared to June, they were up 24.6% over the year.

    Month to month, inflation rose 0.1%, mainly due to an increase in housing costs, the Bureau of Labor Statistics said. Even small moves in rent can lift the overall headline figure as it makes up a large share of household spending.

    Food prices rose only slightly in July and at a slower rate than in June, while energy prices fell, offering some relief for consumers.

    U.S. Stock Futures Rise After In-Line Key Inflation Data

    The Department of Labor reported that the headline consumer price index (CPI) rose 0.1% in July, in contrast to a decline of 0.4% in June. However, the headline CPI print was in line with the Zacks Consensus Estimate. On the other hand, the headline CPI rose 3.4%, annually in July, down from the 3.5% annual rise in June. 

    Core CPI (excluding volatile items like food and energy) rose 0.2% in July after remaining unchanged in June. Like CPI, the core CPI print was in line with the Zacks Consensus Estimate. Core CPI rose 2.5% annually in July, below the 2.6% annual rise in June.

    The benign CPI and core CPI data for July may enable the Fed to stay away from hiking the benchmark interest rate in its upcoming September FOMC meeting. Fed officials will consider both the July and August inflation readings before meeting in September. Before today's inflation data, the CME FedWatch tool has assigned a 50% probability for a September rate hike.

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    Inflation remained stubborn in July as wages slowed for workers

    Inflation as measured by the consumer price index rose 0.1% from June to July, the Bureau of Labor Statistics said Wednesday, showing that costs broadly remained elevated for consumers amid volatile energy prices.

    But in a troubling sign for consumers, it remains above the rate of wage growth, which as of last month was pacing at 3.2%, according to the BLS. Average hourly earnings slipped 0.2% from a year earlier, as well, the agency said Wednesday.

    Inflation has been wiping out wage gains for the past four months, Heather Long, chief economist at Navy Federal Credit Union, wrote on X.

    “For middle-income and lower-income Americans, this is the key issue,” Long wrote. “There will likely be some belt-tightening ahead.”

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  • Mark Zuckerberg Says AI Costs Contributed To Layoffs Of 8,000 Staffers, Report Says | Meta just t…

    Mark Zuckerberg Says AI Costs Contributed To Layoffs Of 8,000 Staffers, Report Says | Meta just t…

    Explore the latest developments concerning Mark Zuckerberg Says.

    Meta just told staff it isn't ruling out further layoffs

    Meta plans to lay off around 10% of its staff next month, and it told staff it's not ruling out deeper cuts.

    That's what Janelle Gale, Meta's chief people officer, told employees in an internal meeting on Thursday, according to three sources on the call.

    "Will there be more layoffs? The question always comes up. I'd love to say that there are no more layoffs, but I can't say something we can't deliver," Gale said during the meeting. "While the business is strong, priorities change, competition is fierce, and we will continue to manage our costs responsibly."

    She said this means that Meta will "continue to evolve teams as needed" and "try to redeploy talent." She pointed to how Meta is investing in its Applied AI organization.

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