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Stay up to date with what's happened in Australian markets over the past month.

While the price of most goods and services continues to rise, the good news is the rate of increase is continuing to slow.

As a result, the markets are beginning to breathe a sigh of relief.
 

Depending who you ask, we could be headed for a recession, writes Nigel Bowen. But what does that mean and will it be bad for your business?

If you’ve done the grocery shopping lately, you’ll know inflation is becoming a serious issue.

When the inflation genie gets out of the bottle, economies can enter a destructive spiral. Prices rise, workers demand wage rises to compensate for higher prices, businesses grant wage rises then increase prices to cover increased labour costs, and the cycle continues. Until the relevant central bank starts jacking up interest rates.

As the inflation rate begins to ease, with consumer inflation slowing to a 13 month low in May, many commentators expressed hope that further interest rate rises may be kept in check.
 

Despite the calls to scrap the already legislated stage 3 tax cuts, the government did not announce any changes in the recent Budget, which means the tax cuts are still set to commence from 1 July 2024 (ie the 2024-25 income year). Additionally, no changes were announced in the Budget to the current personal tax rates, meaning that the rates and income thresholds that have applied since the 2021-22 income year will continue to apply all the way through to the 2023-24 year.

Concerns leading up to the RBA’s decision on interest rates this month, along with the drama over the US debt ceiling, have affected local markets and the Australian dollar.
 

The government has reintroduced and passed a raft of measures that faced an uncertain fate when the House of Representatives was dissolved and the Senate prorogued due to the calling of the Federal Election earlier this year. One of these measures that have recently passed all stages is the removal of the $250 non-deductible threshold for work-related self education expenses, which will apply to assessments for the 2022-23 income year and onwards.