🦘 Treasurer Hints Towards Cost of Living Relief, Banks Push Back Rate Cut Forecasts, Qantas Glitch Exposes Customer Data

G’day everyone!

Here’s what we’ve got in store for you today:

• Treasurer Hints Towards Cost of Living Relief

• Banks Push Back Rate Cut Forecasts

• Qantas Glitch Exposes Customer Data

Let’s have a look at the market snapshot before jumping into the news:

Treasurer Signals Cost-of-Living Relief in Upcoming Budget

Aussies feeling the pinch can look forward to some cost-of-living relief in the upcoming budget, Treasurer Jim Chalmers hinted.

It's not all good news though - don't hold your breath for an increase to Jobseeker payments.

The government's budget, set for release soon, aims to tackle inflation, which has been a beast since they took office.

Chalmers pointed out that while inflation has nearly halved, the goal is to reduce it further without exacerbating the issue with inflationary policies.

Jobseeker and Youth Allowance recipients might feel left in the lurch as Chalmers downplays expectations for hikes in welfare payments, focusing instead on other forms of support for those hardest hit.

This balancing act continues as the government navigates between criticism for big spending and the necessity of managing inflation, which remains stubbornly high in key sectors like education and healthcare.

With a second surplus nearly locked in, the budget will likely reflect cautious optimism amidst economic challenges.

Interest Rate Cuts Delayed: Banks Predict November Timeline Amid Strong Migration

Big banks have pushed back their forecasts for an interest rate cut to November, citing persistent inflation pressures and strong population growth that complicate the RBA’s task.

Despite earlier hopes for a rate reduction as soon as September, recent data has adjusted expectations.

March's higher-than-anticipated inflation figures have proven that inflation is stickier than previously thought, despite weak retail sales signaling economic strain on households.

Commonwealth Bank economists now see a prolonged period of high interest rates to combat inflation, with the next cut not expected until late 2024, adjusting the cash rate target to 3.10% by the end of 2025.

This comes as retail spending saw a significant drop in March, the weakest on record outside pandemic responses, indicating a tightening grip on household budgets.

While the RBA’s efforts seem to be moderating price hikes, particularly in goods, services continue to drive inflation, less influenced by monetary policy.

As discussions around the timing and impact of rate cuts continue, the broader economic indicators suggest a cautious path forward for Australia’s monetary policy.

Qantas Fixes App Glitch Exposing Customer Data

Qantas has quickly resolved an unsettling glitch in its app that inadvertently let customers access other flyers' personal details.

Starting just before 9am yesterday, the mishap allowed some users to view others' names, flight details, and frequent flyer balances, though thankfully, it didn't extend to financial data or allow any points theft.

The airline pinpointed the cause as recent system updates rather than a cybersecurity breach and has reassured that the issue is now fixed.

This hiccup caused considerable confusion among travelers, with some even seeing unfamiliar boarding passes pop up on their screens.

Qantas has addressed the situation with prompt updates and advised users to log out of the app temporarily while they worked on a fix.

Meanwhile, opportunistic scammers have already tried to exploit the situation, mimicking Qantas customer service on social media to phish for personal information.

Qantas may need to reissue boarding passes and ensure all affected accounts are secure to prevent further complications from this data exposure incident.

Perth's Ambitious Plan to Double Its CBD Population by 2036

Perth is gearing up for a major urban transformation with a new city planning scheme designed to nearly double its CBD population to 55,000 by 2036.

This bold move by the City of Perth Council aims to streamline development processes by eliminating unnecessary bureaucratic layers, offering clearer guidance to investors and developers.

This initiative is part of a broader strategy to accommodate a projected population of 3.5 million across Perth and Peel by 2050.

The plan includes significant increases in plot ratios in key areas like St Georges Terrace and Kings Park Road, which are expected to trigger redevelopment of older buildings and attract fresh investment.

Enhanced planning incentives are also on the table, encouraging more residential developments, the protection of heritage sites, and the inclusion of cultural spaces and sustainable designs.

A Significant Tree Register is another highlight, promoting urban canopy protection as part of Perth’s sustainability goals.

With council approval secured, the scheme now moves to the Western Australian Planning Commission for the next steps, including community feedback to fine-tune this visionary blueprint for Perth’s future.

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