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Australia's economy is running into more headwinds with recession-busting revenue from the commodities boom starting to fade. The warning comes as the federal budget soars towards a $20 billion surplus taking it back into the black for the first time in 15 years. But that surplus could be shortlived with tax revenue from commodities set to fall from record highs over the next year. FEATURED: Chris...

The Reserve Bank's decision on whether to leave interest rates on hold next Tuesday has been complicated by better than expected retail sales data. So could evidence that consumers remain resilient despite 12 interest rate since May last year tempt the RBA to hike rates once again?

Bets are rising for another interest rate rise next week after better-than-expected retail sales figures out yesterday. The outcome complicates the Reserve Bank's decision on signs that 12 rate rises since May last year are yet to work their way through the economy and dampen inflation.

Economists are divided on whether a sharp fall in monthly inflation could give the Reserve Bank an opportunity to leave interest rates steady at next week's meeting. Research of 570,000 National Australia Bank customers found that while borrowers are resilient, they're saving an average $286 a month by cutting back on restaurants, coffees, lunches, movies and food delivery services. Featured: Jim...

Reserve Bank rates pause on cards if inflation slows by Peter Ryan

The latest monthly consumer price indicator shows inflation fell sharply to 5.6 per cent over the 12 months to May, down from 6.8 per cent in April. A large fall in the cost of fuel, reversing a sharp rise in April, was the biggest downwards contributor to prices. Cooling inflation could allow the Reserve Bank to leave interest rates steady after 12 hikes since May last year.

After more than a year of surging inflation, could the turning point be finally in sight? The latest inflation data will influence whether the Reserve Bank holds off on another interest rate rise. Reporter: Peter Ryan, Senior business correspondent

It's taken a while despite 12 interest rate rises since May last year, but investment bank UBS there are growing signs that Australian consumers are close to their breaking point. But will that stop the Reserve Bank for delivering even more rate rises? Also, NSW Liberal senator Andrew Bragg warns the expected axing of RBA governor Philip Lowe during a hiking cycle could damage the central bank's i...

PWC Australia acting chief executive Kristin Stubbins has fronted a NSW parliamentary committee to apologise for the tax leak scandal flagging "severe consequences" for those involved. Ms Stubbins said the sale of PWC's government business was critical in rebuilding trust and confidence while protected up to 2000 staff. Analysis from ABC's Peter Ryan. Featured: Kristin Stubbins, PWC Australia acti...

The future of the consulting firm PWC remains under cloud with a new chief executive Kevin Burrowes being parachuted in from Singapore to rebuild the damaged business. But is that going to help with the survival of PWC's broader business even though its government consulting arm is being sold off to private equity firm Allegro - for just one dollar.

The future of Reserve Bank governor Philip Lowe remains under a cloud with his chances of being appointed for a second term looking increasingly unlikely. But as the axe hangs over Mr Lowe's long career there's still no word on who might replace him - and inherit the risk of a recession by the end of the year. Reporter: Peter Ryan, Senior business correspondent Featured: Tim Harcourt, UTS chief ec...

The future of Reserve Bank governor Philip Lowe remains under a cloud with his chances of being appointed for a second term looking increasingly unlikely. But as the axe hangs over Mr Lowe's long career there's still no word on who might replace him - and inherit the risk of a recession by the end of the year. Reporter: Peter Ryan, Senior business correspondent Featured: Tim Harcourt, UTS chief ec...

Burner phones, secret emails - PWC whistleblowers fear retribution by Peter Ryan

Global consultancy giant PwC has been accused of a calculated breach of trust over a confidentiality breach that leaked plans for a multinational tax crackdown. A senate committee says PwC's desire to "aggressively monetise" information trumped obligation to the taxpayers. Reporter: Peter Ryan, Senior business correspondent

Reserve Bank deputy governor Michelle Bullock warns the jobless rate might need to spike to 4.7 percent to tame inflation. Suggestions that 140,000 jobs might be at risk has angered unions who say surging corporate profits are to blame. Reporter: Peter Ryan, Senior business correspondent Featured: Michelle Bullock, Reserve Bank deputy governor; Zach Smith, CFMEU, national secretary

If you're doing it tough already from the higher cost of living, here's some news that won't necessarily make your day. The Reserve Bank is warning that around 140,000 people might need to lose their job as part of the campaign to pull inflation lower. Also is the demise of Fantales a publicity stunt to save the demise of an iconic Australian brand?

It might not have exactly been a line-ball decision -- but the Reserve Bank board has today revealed it went to the brink of leaving official interest rates on hold a fortnight ago.. Instead -- the board opted for another hike on fears that inflation could become entrenched. The minutes from the Board's most recent meeting ago reveal a "finely balanced decision" based on worries that not acting ag...

At the moment, anything to do with interest rates and the economy is of massive interest given the risks of a recession by the end of the year. And this morning we'll see the minutes from the Reserve Bank's most recent meeting which could provide some clues on when the next interest rate rise might be.

It might not feel like it, but Australia's economy looks resilient enough to withstand a looming downturn that might trigger a recession by the end of the year. Reporter: Peter Ryan, Senior business correspondent

It might not feel like it, but Australia's economy looks resilient enough to withstand a looming downturn that might trigger a recession by the end of the year. That's the optimistic view from Treasurer Jim Chalmers who's pointed to strong surprisingly strong jobs growth - even though that is likely to force more interest rate rises.

Get set for at least one more interest rate rise after Australia's jobless rate unexpectedly fell last month. The surprisingly strong jobs market has rattled some economists who thought the unemployment rate would tick higher under the pressure of aggressive rate rises. So where to from here?

There's been a surprise fall in Australia's official unemployment rate despite the impact of aggressive interest rate rises on the economy. The jobless ticked down to 3.6 percent last month with 75,900 new jobs created putting more pressure on the Reserve Bank to keep raising rates to slow the economy. Reporter: Peter Ryan, Senior business correspondent Featured: Alan Oster, chief economist, Natio...

After ten interest rate rises in a year, the US Federal Reserve has pressed the pause button on what's been an aggressive campaign to tame runaway inflation. But the reprieve might short-lived with Fed chairman Jerome Powell warning inflation remains problematic meaning there could be more hikes this year. Reporter: Peter Ryan, Senior business correspondent Featured: Jerome Powell, chair, US Feder...

Some good economic news this morning with the pace of inflation continuing to slow in the United States. But will it be enough to convince the US Federal Reserve to slow down or even pause its so-far aggressive rare rising campaign to tame inflation? Also - Sir Paul McCartney says AI is being used to bring a John Lennon demo back to life for the "final" song by The Beatles.

Highly-indebted Australian households are set to come under even more pressure with the Reserve Bank signalling it's not yet done with its aggressive rating rising campaign. That's the warning from Judo Bank chief executive Joseph Healy who says while business banking clients look resilient, regular residential borrowers are at greatest risk as economists start predicting a recession by the end of...