Economy
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Jim Chalmers has indicated that the Labor government will be going through this year’s budget “line by line”.
" ["fulltext"]=> string(6124) "Treasurer Jim Chalmers has suggested that the Labor government is facing “probably the trickiest set of economic conditions” that a new government and a new treasurer have ever inherited as a result of rising inflation, falling real wages and the current level of government debt.
Mr Chalmers was among the four Labor ministers sworn into office on Monday alongside Prime Minister Anthony Albanese.
The new treasurer told Sky News that the government’s top priority is implementing its election campaign commitments to address major economic challenges.
“We've got inflation, which is going through the roof. Real wages which are the worst in more than 20 years. We do have that trillion dollars in debt and not enough to show for it. So the work that we've begun already, is to go through the budget line by line,” he said.
“We will be having an audit of the former government's rorts, waste and economic mismanagement. We will start the work this week towards the budget that I want to hand down towards the end of October.”
In terms of how Labor will seek to tackle debt, Mr Chalmers noted that the party has already vowed to keep stage three of the Coalition’s tax cuts and will instead prioritise a crackdown on multinational tax avoidance, while rolling out a “substantial program of savings”.
“We've done a lot of work already when it comes to savings. But there will be much more work to be done,” said Mr Chalmers.
He added that tackling the alleged “rorts, waste and mismanagement” in the Coalition’s budget would allow Labor to focus on priority areas as outlined in its election campaign.
“We want to start to address that so that we can invest that money more wisely in places that will actually grow the economy - like child care, cleaner and cheaper energy, skills and training and TAFE so that we can address the skill shortages which are holding our economy back,” Mr Chalmers said.
In a separate interview with the Today Show, Mr Chalmers predicted inflation to pick up.
“This economy was on a trajectory already of inflation that will get worse before it gets better. It's already higher, but it will rise further,” he said.
“There will be a number of interest rate rises that were already locked in before the government changed hands. So that will make life harder for people.”
He reiterated Labor’s support for a minimum wage increase in order to keep up with the rising cost of living.
“We want to get real wages moving again by making the economy more productive and growing it the right way. That's why our investments in skills and training, cleaner and cheaper energy, cheaper childcare, advanced manufacturing, a future made in Australia - all of these key planks of our economic policy are going to be really important,” said Mr Chalmers.
“So I'll be spending some time between now and the October budget making sure that we can implement those commitments in the most responsible way, to get the biggest bang for buck in terms of the economic dividend that we can.”
Economic repercussions
Discussing the economic implications of Labor’s election win, AMP’s Shane Oliver said on Monday that the absence of significant macro policy differences between the new Labor government and the Coalition suggests minimal impact on the share market and the Australian dollar.
“Like the Coalition, the ALP is largely looking to repair the budget by growing the economy rather than austerity,” Dr Oliver said.
The new government’s pre-election costings suggest extra spending of $18.9 billion over the next four years offset by $11.5 billion in savings to be from taxes on multinationals, a crackdown on tax avoidance and a cut in public sector spending.
In regards to policy changes, according to Dr Oliver, key economic policy changes under the Labor government are expected to include the following:
- Faster climate action with a 43 per cent cut to emissions below 2005 levels by 2030 versus the Coalition’s 26 to 28 per cent cut.
- An extra $2.5 billion per annum in aged care funding.
- An extra $750 million on Medicare.
- A lift in the childcare subsidy to 90 per cent for the first child in care.
- A $15-billion National Reconstruction Fund and Federal procurement programs to support manufacturing.
- Housing support policies with a Help to Buy scheme with the government to take up to 40 per cent equity in up to 10,000 first home buyer home purchases a year, including support for the Coalitions 50,000 low deposit purchase scheme with an additional 10,000 places in regions and support for the Coalition’s super concessions for downsizers over the age of 55.
- Encourage the Fair Work Commission to raise the Minimum Wage by 5.1 per cent.
- Make gender pay equity an objective in the Fair Work Act.
- The ALP proposed no tax hikes apart from measures to tax multinationals more
Labor’s proposed policies will add an estimated $1.9 billion to the budget deficit in 2022-23 for a total projected deficit of $79.7 billion.
“The addition to the deficit is only 0.1 per cent of GDP p.a. though and it should also be noted that if the improvement in the budget numbers since March due to higher commodity prices and lower unemployment continues then the deficit numbers could be much lower,” said Dr Oliver.
The days of low inflation and low bond yields that allow for big budget deficits and high debt are now in the past according to Dr Oliver, and government borrowing needs to be reduced faster to take pressure off inflation and interest rates with more policies needed to boost productivity.
“While new Treasurer Jim Chalmers has indicated a preparedness to undertake ‘budget repair’ via a spending audit, this may not be enough if the fast-growing health and social services areas are protected,” he said.
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Jim Chalmers has indicated that the Labor government will be going through this year’s budget “line by line”.
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string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(76) "/invest-money/economy/new-treasurer-outlines-labor-s-top-economic-priorities" ["image"]=> string(42) "images/article-826x550/Jim-Chalmers-ne.jpg" ["image_alt"]=> string(12) "Jim Chalmers" } [1]=> object(stdClass)#7890 (57) { ["id"]=> int(18340) ["title"]=> string(40) "Markets predict 40 bp rate hike in June " ["alias"]=> string(39) "markets-predict-40-bp-rate-hike-in-june" ["introtext"]=> string(116) "The RBA is expected to lift rates by 40 basis points in June as the employment market continues to tighten.
" ["fulltext"]=> string(2765) "The strong April jobs report is expected to influence the Reserve Bank’s (RBA) June rate decision, with economists widely predicting a 40-basis point hike will boost the cash rate to 0.75 per cent.
The Australian Bureau of Statistics (ABS) reported on Thursday that the unemployment rate reached 3.9 per cent during April, the lowest rate since 1974.
And while March quarter wages growth, reported by the ABS a day earlier, was on the soft side, the tight labour market suggests an acceleration in wages growth ahead.
According to AMP’s Shane Oliver, a predicted lift in wages, combined with the RBA’s concerns that inflation psychology might rise, is expected to influence the pace of tightening.
“We expect a 0.4 per cent hiking taking the cash rate to 0.75 per cent. By year end we continue to see the cash rate rising to between 1.5 per cent and 2 per cent,” Dr Oliver said.
Similarly, VanEck’s head of investment and capital markets, Russel Chesler, believes that the bank is now in inflation chasing mode.
“We believe that with the employment market continuing to tighten, and no signs of inflation easing, the RBA is likely to raise interest rates by 40 basis point at its June meeting,” Mr Chesler said.
Reflecting on what rising interest rates mean for equity markets, Mr Chesler said investors may need to reassess their portfolios.
“We expect gold and infrastructure companies, which generate inflation-linked income, to perform well in this environment of rising inflation and interest rates," said Chesler.
He does, however, maintain the expectation that the local share market is likely to continue to outperform its US counterpart.
“Inflation remains a bigger problem in the US, with the job market there tighter and wages growth higher,” Mr Chesler said.
According to HSBC’s assessment post Wednesday’s wage data, it was the CPI figures that turned the RBA “more hawkish” rather its conviction that wages growth was picking up strongly. This conviction, however, raises further questions about the RBA's recent style of forward guidance, HSBC’s chief economist Paul Bloxham said.
Commenting on the unemployment data on Thursday, Mr Bloxham explained that the key question for the RBA at the moment is how quickly the tight labour market will translate through to higher wages growth.
The HSBC sees 25-bp hikes in June, July and August, and another in November - taking the cash rate to 1.35 per cent.
Similarly, Barclays expects the bank to increase the cash rate “relatively aggressively” until it reaches the pre-COVID level of 1.5 per cent, but it, too, expects a 25-bp rise in June.
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The RBA is expected to lift rates by 40 basis points in June as the employment market continues to tighten.
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string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(61) "/invest-money/economy/markets-predict-40-bp-rate-hike-in-june" ["image"]=> string(14) "images/RBA.jpg" ["image_alt"]=> string(40) "Markets predict 40 bp rate hike in June " } [2]=> object(stdClass)#7889 (57) { ["id"]=> int(18338) ["title"]=> string(45) "Unemployment falls to lowest level since 1974" ["alias"]=> string(45) "unemployment-falls-to-lowest-level-since-1974" ["introtext"]=> string(100) "The latest labour force data from the ABS has revealed a fall in unemployment during April.
" ["fulltext"]=> string(1929) "The Australian Bureau of Statistics (ABS) has reported that Australia’s unemployment rate reached 3.9 per cent during April, the lowest rate since 1974.
According to the ABS, employment increased by 4,000 people during the month while unemployment decreased by 11,000.
“The unemployment rate decreased slightly in April, though remained level, in rounded terms, with the revised March rate of 3.9 per cent,” said ABS head of labour statistics Bjorn Jarvis.
“3.9 per cent is the lowest the unemployment rate has been in the monthly survey. The last time the unemployment rate was lower than this was in August 1974, when the survey was quarterly.”
Meanwhile, the participation rate decreased to 66.3 per cent, just below its record high level of 66.4 percent seen in February and March.
The ABS also reported a fall in the underemployment rate by 0.2 percentage points to 6.1 per cent and a 0.3 point decline in the under-utilisation rate to 10.0 per cent.
Along with Wednesday’s wages data, economists indicated that unemployment would be a critical factor in the Reserve Bank’s (RBA) June interest rate decision, with general consensus pointing to a hike of 25 basis points to 0.6 per cent.
In its latest statement on monetary policy, the central bank predicted that unemployment would average 3.8 per cent during the June quarter and 3.7 per cent in the December quarter.
“The level of job vacancies is very high, at a time when the participation rate and the ratio of employment to working-age population are already at historical highs,” the RBA said.
“The unemployment rate is therefore forecast to decline further, to around 3.5 per cent in early 2023. This would be its lowest level in almost 50 years.”
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The latest labour force data from the ABS has revealed a fall in unemployment during April.
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string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(67) "/invest-money/economy/unemployment-falls-to-lowest-level-since-1974" ["image"]=> string(37) "images/article-826x550/jobless-ne.jpg" ["image_alt"]=> string(12) "Unemployment" } [3]=> object(stdClass)#7888 (57) { ["id"]=> int(18336) ["title"]=> string(53) "Latest wages data suggests a June rate rise of 25 bps" ["alias"]=> string(51) "latest-wages-data-suggests-a-june-rate-rise-of-25bp" ["introtext"]=> string(86) "The Australian Bureau of Statistics has released the latest wage price index.
" ["fulltext"]=> string(2599) "Wages grew by 0.7 per cent during the March quarter, according to the latest wage price index (WPI) from the Australian Bureau of Statistics (ABS).
The lift, which was slightly below market expectations, brought the annual rate of growth to 2.4 per cent, up from 2.3 per cent in the previous quarter.
“The annual rate of wage growth has risen for each of the last five quarters from a low point of 1.4 per cent in December quarter 2020,” said ABS head of price statistics Michelle Marquardt.
The ABS said that rises across the private sector were the main driver of growth during the quarter, with an increase of 0.7 per cent quarterly and 2.4 per cent annually.
Meanwhile, public sector wages grew by 0.6 per cent in the March quarter 2022 and 2.2 per cent annually.
ANZ head of Australian economics David Plank had warned that a quarterly rise for the WPI above its forecast of 0.8 per cent would have increased the likelihood of a 40 basis point rate hike by the Reserve Bank (RBA) in June.
“A 40 bp rate hike was on the table in May and will likely be discussed by the board in June, though the board’s stated preference is to return ‘to normal operating procedures’,” he noted.
“This suggests that going more than 25 bps in June will require, as [Philip] Lowe said in his post meeting comments, ‘a very strong argument to do so’.”
Commonwealth Bank head of Australian economics Gareth Aird said that a WPI figure in line with expectations would be consistent with what RBA governor Lowe has described as a “business as usual” hike of 25 bps in June.
“A rate hike of more than 25 bps at the June Board meeting would put unnecessary angst into a household sector that is already quite concerned about the economic outlook, in part because of the expectation of higher rates,” he warned.
NAB economists, who accurately predicted the quarterly lift of 0.7 per cent, flagged the potential for higher wages growth moving forward.
“With unemployment to remain low, we see wage growth continuing to edge higher over the year, likely passing 3 per cent y/y around December – a rate of wage growth not seen in over a decade,” they said.
The RBA’s May statement on monetary policy forecast that the WPI would pick up to around 3 per cent by the end of this year.
“Wages growth is then forecast to strengthen further as the unemployment rate declines, to be 3.75 per cent by mid-2024; this would be the fastest pace since 2012,” the RBA predicted.
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The Australian Bureau of Statistics has released the latest wage price index.
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string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(73) "/invest-money/economy/latest-wages-data-suggests-a-june-rate-rise-of-25bp" ["image"]=> string(49) "images/article-826x550/wages_salary_growth_ne.jpg" ["image_alt"]=> string(16) "wage price index" } [4]=> object(stdClass)#7887 (57) { ["id"]=> int(18331) ["title"]=> string(44) "RBA says it contemplated a 40 bp hike in May" ["alias"]=> string(43) "rba-says-it-contemplated-a-40bp-hike-in-may" ["introtext"]=> string(74) "The RBA considered a 40-basis point rate hike at its May meeting.
" ["fulltext"]=> string(3368) "The Reserve Bank of Australia (RBA) considered three options for the size of the rate increase at the May board meeting – raising the cash rate by 15 basis points, 25 basis points or 40 basis points.
“Members agreed that raising the cash rate by 15 basis points was not the preferred option given that policy was very stimulatory and that it was highly probable that further rate rises would be required,” minutes from the bank’s policy meeting, published on Tuesday, read.
“A 15-basis point increase would also be inconsistent with the historical practice of changing the cash rate in increments of at least 25 basis points.
“An argument for an increase of 40 basis points could be made given the upside risks to inflation and the current very low level of interest rates,” the RBA said.
Members, however, agreed that the preferred option was 25 basis points. This, the bank said, helped signal that the board “was now returning to normal operating procedures after the extraordinary period of the pandemic”.
“Given that the board meets monthly, it would have the opportunity to review the setting of interest rates again within a relatively short period of time, based on additional information.”
Earlier this month, the RBA chose to lift the cash rate from a record low of 0.1 per cent to 0.35 per cent in its first rate hike in over a decade as a result of inflation levels not seen since the introduction of the GST in 2001.
"The board judged that now was the right time to begin withdrawing some of the extraordinary monetary support that was put in place to help the Australian economy during the pandemic," governor Philip Lowe said at the time.
"The economy has proven to be resilient and inflation has picked up more quickly, and to a higher level, than was expected. There is also evidence that wages growth is picking up. Given this, and the very low level of interest rates, it is appropriate to start the process of normalising monetary conditions," he added.
The RBA is now waiting for the March quarter data on the Wage Price Index to determine the timing and extend of future interest rate increases.
It was widely believed that the central bank would maintain its patience until this data becomes available. However, the minutes confirmed that while the bank deemed this information “helpful”, “the recent evidence on wages growth from the bank’s liaison and business surveys was clear”.
“Members agreed that the condition the board had set to increase the cash rate had been met. They also agreed that further increases in interest rates would likely be required to ensure that inflation in Australia returns to the target over time,” the minutes said.
“In making its decisions, the board agreed that it will continue to be guided by the evidence on both inflation and the labour market, while noting that significant uncertainties remain”.
Currently, financial markets are pricing a policy rate of close to 2.5 per cent by year-end.
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The RBA considered a 40-basis point rate hike at its May meeting.
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string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(65) "/invest-money/economy/rba-says-it-contemplated-a-40bp-hike-in-may" ["image"]=> string(14) "images/RBA.jpg" ["image_alt"]=> string(44) "RBA says it contemplated a 40 bp hike in May" } [5]=> object(stdClass)#7886 (57) { ["id"]=> int(18319) ["title"]=> string(71) "June rate rise may put ‘undue angst’ on Aussie households, CBA says" ["alias"]=> string(64) "june-rate-rise-may-put-undue-angst-on-aussie-households-cba-says" ["introtext"]=> string(96) "The bank made the claim ahead of two important pieces of data being released this week.
" ["fulltext"]=> string(3698) "Economists from the Commonwealth Bank (CBA) have suggested that another larger than expected rate rise by the Reserve Bank (RBA) in June may result in unnecessary angst among households.
CBA issued the warning ahead of the release of the first quarter wage price index on Wednesday and April labour force data on Thursday, both of which are considered critical to the next interest rate decision.
According to the bank’s latest forecasts, wages are expected to have increased by 0.8 per cent during the first quarter for an annual rise of 2.5 per cent, while the unemployment rate is expected to have dipped to 3.9 per cent.
These forecasts align with CBA’s prediction of a 25-basis point rate rise in June.
However, the bank noted that a larger than anticipated lift in wages or a more significant fall in unemployment would increase the risk of a 40-basis point rise at the RBA’s next board meeting.
“Such a move could be justified by the RBA as the data would be stronger than their recently released forecasts and a 40-basis point hike would take the cash rate to 0.75 per cent; a more ‘orthodox’ rate,” said CBA head of Australian economics Gareth Aird.
“Notwithstanding, a rate hike of more than 25 basis points at the June board meeting would put unnecessary angst into a household sector that is already quite concerned about the economic outlook, in part because of the expectation of higher rates.”
In addition to the predicted lift of 25 basis points in June, CBA expects further hikes of 25 basis points in July, August and November that would bring the cash rate to 1.35 per cent by the end of the year.
Another rise of 25 basis points is forecasted for February next year, with the cash rate then expected to remain at 1.60 per cent throughout 2023.
“A rate hike larger than 25 basis points in June accelerates the RBA’s timeline of normalising the cash rate. But it risks putting undue angst into a household sector where consumer confidence is brittle,” said Mr Aird.
“Indeed consumer sentiment has never been this low at the beginning of an RBA tightening cycle – it is currently well below average levels while at the beginning of previous rate hike cycles confidence was well above average levels.
“Given RBA governor [Philip] Lowe flagged 25-basis point moves as ‘business as usual’ last week, anything larger than a 25-basis point rate hike at any particular monthly board meeting could genuinely alarm borrowers.”
Mr Aird argued that slightly stronger than anticipated outcomes on wages and unemployment this week should not be a cause for concern and be used to justify a lift of 40 basis points.
He also noted that the RBA’s May rate decision had caught almost every analyst off guard, taking the cash rate to an unconventional level of 0.35 per cent.
“A tightening cycle from here that is based on orthodox increases in the cash rate of 25 basis points (or even 50 basis points at a particular meeting) would see the cash rate target at any given point sitting at an ‘unorthodox’ level,” he explained.
“As such, markets will be aware that the RBA could deliver a 40-basis point hike at any particular meeting if the board sought to reset the cash rate target to a more conventional metric. Such a move would likely need a key piece (or pieces) of economic information to support the case for a larger than 25-basis point increase in the cash rate.”
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The bank made the claim ahead of two important pieces of data being released this week.
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NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(16) "Related Articles" ["group_access"]=> int(1) ["group_state"]=> int(1) ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [9]=> object(stdClass)#8489 (33) { ["id"]=> int(9) ["title"]=> string(17) "Third article URL" ["name"]=> string(17) "third-article-url" ["checked_out"]=> NULL ["checked_out_time"]=> NULL ["note"]=> string(0) "" ["state"]=> int(1) ["access"]=> int(1) ["created_time"]=> string(19) "2020-07-08 05:42:42" ["created_user_id"]=> int(2351) ["ordering"]=> int(0) ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#8071 (3) { ["data":protected]=> object(stdClass)#8061 (1) { ["relative"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#8064 (3) { ["data":protected]=> object(stdClass)#8069 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["type"]=> string(3) "url" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> int(3) ["label"]=> string(17) "Third article URL" ["description"]=> string(0) "" ["required"]=> int(0) ["only_use_in_subform"]=> int(0) ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(16) "Related Articles" ["group_access"]=> int(1) ["group_state"]=> int(1) ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [4]=> object(stdClass)#8487 (33) { ["id"]=> int(4) ["title"]=> string(9) "Video URL" ["name"]=> string(9) "video-url" ["checked_out"]=> NULL ["checked_out_time"]=> NULL ["note"]=> string(0) "" ["state"]=> int(1) ["access"]=> int(1) ["created_time"]=> string(19) "2020-06-19 05:54:21" ["created_user_id"]=> int(2351) ["ordering"]=> int(1) ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#8068 (3) { ["data":protected]=> object(stdClass)#8066 (2) { ["filter"]=> string(0) "" ["maxlength"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#8067 (3) { ["data":protected]=> object(stdClass)#8103 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["type"]=> string(4) "text" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> int(2) ["label"]=> string(9) "Video URL" ["description"]=> string(0) "" ["required"]=> int(0) ["only_use_in_subform"]=> int(0) ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> int(1) ["group_state"]=> int(1) ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [6]=> object(stdClass)#8486 (33) { ["id"]=> int(6) ["title"]=> string(33) "Image Caption / Video description" ["name"]=> string(31) "image-caption-video-description" ["checked_out"]=> NULL ["checked_out_time"]=> NULL ["note"]=> string(0) "" ["state"]=> int(1) ["access"]=> int(1) ["created_time"]=> string(19) "2020-06-25 16:29:55" ["created_user_id"]=> int(2351) ["ordering"]=> int(2) ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#8063 (3) { ["data":protected]=> object(stdClass)#8105 (2) { ["filter"]=> string(0) "" ["maxlength"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#8102 (3) { ["data":protected]=> object(stdClass)#8107 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(0) "" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["type"]=> string(4) "text" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> int(2) ["label"]=> string(33) "Image Caption / Video description" ["description"]=> string(0) "" ["required"]=> int(0) ["only_use_in_subform"]=> int(0) ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> int(1) ["group_state"]=> int(1) ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [3]=> object(stdClass)#8496 (33) { ["id"]=> int(3) ["title"]=> string(6) "Status" ["name"]=> string(6) "status" ["checked_out"]=> NULL ["checked_out_time"]=> NULL ["note"]=> string(0) "" ["state"]=> int(1) ["access"]=> int(1) ["created_time"]=> string(19) "2020-06-20 01:45:26" ["created_user_id"]=> int(2351) ["ordering"]=> int(3) ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#8104 (3) { ["data":protected]=> object(stdClass)#8112 (1) { ["options"]=> object(stdClass)#8110 (2) { ["options0"]=> object(stdClass)#8109 (2) { ["name"]=> string(8) "Inactive" ["value"]=> string(1) "0" } ["options1"]=> object(stdClass)#8111 (2) { ["name"]=> string(6) "Active" ["value"]=> string(1) "1" } } } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#8106 (3) { ["data":protected]=> object(stdClass)#8114 (10) { ["hint"]=> string(0) "" ["class"]=> string(9) "btn-group" ["label_class"]=> string(0) "" ["show_on"]=> string(0) "" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["type"]=> string(5) "radio" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> int(2) ["label"]=> string(6) "Status" ["description"]=> string(0) "" ["required"]=> int(0) ["only_use_in_subform"]=> int(0) ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> int(1) ["group_state"]=> int(1) ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [5]=> object(stdClass)#8393 (33) { ["id"]=> int(5) ["title"]=> string(22) " Essential information" ["name"]=> string(21) "essential-information" ["checked_out"]=> NULL ["checked_out_time"]=> NULL ["note"]=> string(0) "" ["state"]=> int(1) ["access"]=> int(1) ["created_time"]=> string(19) "2020-06-25 06:10:20" ["created_user_id"]=> int(2351) ["ordering"]=> int(4) ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#8108 (3) { ["data":protected]=> object(stdClass)#8116 (4) { ["buttons"]=> string(0) "" ["width"]=> string(0) "" ["height"]=> string(0) "" ["filter"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#8113 (3) { ["data":protected]=> object(stdClass)#8118 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(0) "" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["type"]=> string(6) "editor" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> int(2) ["label"]=> string(22) " Essential information" ["description"]=> string(35) "3 points that summarize the article" ["required"]=> int(0) ["only_use_in_subform"]=> int(0) ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> int(1) ["group_state"]=> int(1) ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [2]=> object(stdClass)#8484 (33) { ["id"]=> int(2) ["title"]=> string(14) "Embedded Video" ["name"]=> string(14) "embedded-video" ["checked_out"]=> NULL ["checked_out_time"]=> NULL ["note"]=> string(0) "" ["state"]=> int(1) ["access"]=> int(1) ["created_time"]=> string(19) "2020-06-20 01:43:32" ["created_user_id"]=> int(2351) ["ordering"]=> int(5) ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#8115 (3) { ["data":protected]=> object(stdClass)#8120 (4) { ["buttons"]=> string(0) "" ["width"]=> string(0) "" ["height"]=> string(0) "" ["filter"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#8117 (3) { ["data":protected]=> object(stdClass)#8122 (10) { ["hint"]=> string(29) "Paste your embedded code here" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["type"]=> string(6) "editor" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> int(2) ["label"]=> string(14) "Embedded Video" ["description"]=> string(0) "" ["required"]=> int(0) ["only_use_in_subform"]=> int(0) ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> int(1) ["group_state"]=> int(1) ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(86) "/invest-money/economy/june-rate-rise-may-put-undue-angst-on-aussie-households-cba-says" ["image"]=> string(49) "images/article-826x550/stock-graph-upwards-ne.jpg" ["image_alt"]=> string(71) "June rate rise may put ‘undue angst’ on Aussie households, CBA says" } }Subscribe to our newletters
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