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About 3 million workers on minimum wage to receive 4.75% pay rise in Fair Work Commission ruling

Unions had demanded a 6% pay increase for those on minimum wage after war in the Middle East pushed inflation higher Follow our Australia news live blog for latest updates Get our breaking news email, free app or daily news podcast Nearly 3 million workers will receive a 4.75% pay rise, while about 100,000 of the country’s lowest paid will receive a higher 6% increase, after the Fair Work Commission handed down its annual minimum wage decision. Announcing the 4.75% decision on Tuesday morning applicable to the roughly 2.8 million workers on award wages, the Fair Work Commission’s president, Justice Adam Hatcher, announced that the lowest ongoing wage rate for employees would climb from nearly $24.95 an hour, to $26.44 – a lift of just under 6%. Continue reading...

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Australian home prices fall as experts predict slump could last a year and cut values by 10%

Buyers abandon auctions and Sydney, Melbourne and Canberra median house prices end May lower than they were at the end of 2025 Get our breaking news email, free app or daily news podcast Home prices in Australia’s capital cities have begun to fall, with experts predicting the decline could last at least a year and wipe as much as 10% from values. The median capital city home price fell in May, the first decline since January 2025, as high interest rates and inflation stretched buyer budgets, Cotality reported on Monday. Auction success hit a new low for the year. Continue reading...

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Inflation won Trump the presidency, but could cost him the midterms

Trump’s pursuit of policies that drive up prices, including tariffs and war, might be punished in November’s elections For such an uncannily successful politician, Donald Trump exhibits a perplexing political myopia. His most recent own-goal was endorsing Ken Paxton, a state attorney general, against four-term senator John Cornyn in the Republican primary for Senate in Texas. Trump’s endorsement helped push the ethically compromised Maga firebrand over the top, to run against popular Democrat James Talarico in November, complicating the Republicans’ chances to keep the seat. But what truly screams “I want us to lose the midterms” is what Trump is doing about inflation, which is becoming his most vulnerable issue. According to a New York Times/Siena poll of registered voters earlier in May, Trump’s approval on handling the cost of living is underwater by 42 percentage points, poorer than his rating on handling the economy (minus 31 points) and the unpopular war in Iran (minus 34 points). Continue reading...

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Gluten-free basics ‘now a luxury’ as price of a small branded loaf nears £4

People with coeliac disease say inflation and shrinking ranges are making food staples unaffordable Gluten-free versions of everyday staples such as bread and biscuits are becoming a luxury, with shoppers complaining that a “decent” small loaf now costs nearly £4. Consumers have always paid a premium for these specialist foods, making any price increases a source of concern, particularly for people who follow a gluten-free diet for medical reasons. Continue reading...

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Bank of England’s Bailey says no rush to raise interest rates amid Iran war uncertainty

Inflation can be tolerated above 2% target for now ‘given context of softness in real economy’, governor says Business live – latest updates The Bank of England is in no rush to raise interest rates while the outcome of the Iran war remains uncertain and the UK’s growth rate stays weak, the governor, Andrew Bailey, has said. In a signal that borrowing costs will remain at 3.75% at least during the summer, Bailey said it was tolerable for inflation to stay above the Bank’s 2% target during the current crisis. However, that would change if a more permanent increase in prices began to take effect, he said. Continue reading...

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US inflation increased at fastest pace in three years in April as Iran war hikes up prices

Americans are growing frustrated with Trump’s handling of the economy as cost of living soars ahead of midterms US inflation increased at its fastest pace in three years in April, driven by higher energy prices amid the war with Iran, and cementing economists’ views that the Federal Reserve could hold interest rates unchanged well into next year. Surging price pressures are eroding household income and could restrain consumer spending and economic growth this quarter. Income at the disposal of households after adjusting for inflation dropped for a third straight month in April, other data showed on Thursday. Given the soaring cost of living, Americans are growing frustrated with Donald Trump’s handling of the economy. A Reuters/Ipsos survey last week showed the president’s approval rating fell to nearly its lowest level since he returned to the White House, hit by a drop in support among Republicans. Trump won the 2024 presidential election in large part because of his promise to lower inflation. Continue reading...

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Trump threatens to ‘blow up’ US ally Oman if it does not ‘behave’ over strait of Hormuz | First Thing

President makes comments after reports Iran and Oman have discussed jointly charging a toll for ships. Plus, how ‘balcony solar’ could help fight rising energy costs Don’t already get First Thing in your inbox? Sign up here Good morning. In a casual aside during a cabinet meeting on Wednesday, Donald Trump threatened to “blow up” Oman, a US ally, if it failed to “behave” over the reopening the strait of Hormuz. What is the latest on a deal to end the war? Negotiations are continuing but the US earlier this week struck Iranian targets, reportedly killing four members of the Islamic Revolutionary Guard Corps, which prompted an apparent Iranian retaliatory attack on an American airbase in Kuwait. What is happening inside Iran? Internet restrictions were partially lifted this week, revealing increasing anger from Iranians over rapid food price inflation. What is the humanitarian toll of the war? More than 1 million people in Lebanon have been displaced in the latest round of hostilities between Hezbollah and Israel, which began in March. At least 3,213 people have been killed in Israeli strikes since the start of the war, according to the Lebanese health ministry. The office of Israel’s prime minister reported that 23 Israeli soldiers and a defence contractor had been killed in or near southern Lebanon, and two civilians had been killed in northern Israel. What is life like inside Israel’s “yellow line”? The Guardian’s William Christou, in Kfarchouba, Lebanon, spoke to the villagers living in fear of nightly raids and daytime bombings from the Israeli military occupying their land. Continue reading...

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Britain ‘sleepwalking into a food crisis’ without urgent action, experts say

Industry figures warn of national security risk and call for ministers to address impact of extreme weather, inflation and Iran war Britain is “sleepwalking into a food crisis” caused by extreme weather, inflation and the impacts of the Iran war – and the government is failing to take the threat seriously, food experts have said. Farmers are facing severe strain from the current heatwave following a dry spring, with many crops likely to yield less as temperatures rise beyond their tolerance. Livestock are also suffering heat stress and there is a rising risk of wildfires. Economic losses are likely to be measured in the hundreds of millions of pounds. Continue reading...

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Lifting of internet restrictions reveals Iranians’ anger over food inflation

As government begins restoring connection, population voices dismay over food price increases and shortages The partial lifting of internet restrictions in Iran has revealed a rising tide of anger about food price inflation as ordinary Iranians decry annual price increases of 308% for vegetable oil, 190% for chicken, and 170% for rice. Iranian authorities on Tuesday began restoring the connection to the global internet that was severed on the first day of the US-Israeli war against the Islamic Republic on 28 February, as it had been during mass protests in January. Continue reading...

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Paul Keating urges Labor to stick with capital gains tax overhaul and avoid exemptions that would hurt economy

Exclusive: Former PM says changes to tax rates are ‘so marginal that no entrepreneurial initiative is likely to be thwarted’ Follow our Australia news live blog for latest updates Get our breaking news email, free app or daily news podcast Paul Keating has urged Labor to stick to its guns on controversial changes to capital gains tax, warning that exempting commercial assets from the changes would further “distort” the economy. Small business and the startup sector are fighting the Albanese government over its plans to shift the 50% capital gains tax discount to an inflation-based model, part of a suite of tax reforms announced in this month’s federal budget. Continue reading...

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UK consumers likely to face higher prices ‘for many months to come’

Data shows even if Iran war ends, shop price inflation on rise, while only 16% of firms left unscathed by conflict Higher prices could persist over the summer even if ceasefire talks between the US and Iran bear fruit, consumers have been warned, with economic shock waves likely to be felt “for many months to come”. Disruption to global shipping, coupled with soaring prices for energy and raw materials, have driven up costs for UK companies, with the impact already filtering through to prices paid at the tills, according to fresh inflation figures. Continue reading...

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With oil markets nearing the danger zone, a US-Iran deal can’t come soon enough | Heather Stewart

Global prices are approaching a tipping point that could trigger inflation, shortages and, over time, recession If a US-Iran deal is about to be reached, three months on from the launch of Donald Trump’s Operation Epic Fury, it will not be a day too soon for oil markets, which are approaching a dangerous tipping point. The cost of a barrel of crude on the spot market – for immediate purchase, effectively – has bounced about $100 since Iran predictably responded to the onslaught from the US and Israel by closing the strait of Hormuz. Continue reading...

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Even if the Iran war ended today, US fuel prices aren’t likely to normalize this year

Prewar US gas prices averaged about $3 a gallon nationally – kiss that number goodbye for 2026 Sorry, US drivers, but don’t expect pump prices to return to prewar levels any time soon, even if the US and Iran agree to a lasting peace deal tomorrow. As the war with Iran enters its third month, drivers have become infuriated by rising gas prices – and inflation – and Donald Trump is facing a historic backlash in the polls. The president promised recently that relief will be swift once the war ends. “I see it going down very substantially when this is over, I think very rapidly too, at levels that you’ve never seen,” he said. Continue reading...

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Australia news live: Minns accuses federal government of inaction on income tax; AI nudify service ordered to block children’s access

The NSW premier saying working families are being ‘stung’ by bracket creep. Follow updates live Get our breaking news email, free app or daily news podcast The NSW economy will grow less than expected next financial year amid rising inflation and the global oil shock, the state’s treasurer will warn ahead of next month’s budget. In a speech today ahead of the 23 June state budget, Daniel Mookhey will warn that NSW will only avoid a recession in 2026-27 because of the number of renewable energy projects now under construction in the state. Attentive budget watchers will notice a slowdown more pronounced in NSW than elsewhere in the federation. The simple reason is that higher inflation has led to higher interest rates which is lowering consumption spending; the point of the [Reserve Bank of Australia’s] increased interest rates. But the more complicated explanation is this: higher interest rates hurt working Australians in every state, but they hurt working Australians more in this state. Continue reading...

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UK supermarkets urged to consider voluntary price caps on essential foods

Retail sources rebuff government proposal as ‘unjustified’ and likely to push costs up across board UK supermarkets have been asked by the government to consider freezing the prices of some essential foodstuffs to protect the public from inflation fuelled by the Middle East conflict. Retailers rejected the plan, criticising its potential cost amid rising taxes, fuel and energy costs and arguing it could push up prices for shoppers overall. Continue reading...

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About 3 million workers on minimum wage to receive 4.75% pay rise in Fair Work Commission ruling

Australian home prices fall as experts predict slump could last a year and cut values by 10%

Inflation won Trump the presidency, but could cost him the midterms

Gluten-free basics ‘now a luxury’ as price of a small branded loaf nears £4

Bank of England’s Bailey says no rush to raise interest rates amid Iran war uncertainty

US inflation increased at fastest pace in three years in April as Iran war hikes up prices

Trump threatens to ‘blow up’ US ally Oman if it does not ‘behave’ over strait of Hormuz | First Thing

Britain ‘sleepwalking into a food crisis’ without urgent action, experts say

Lifting of internet restrictions reveals Iranians’ anger over food inflation

Paul Keating urges Labor to stick with capital gains tax overhaul and avoid exemptions that would hurt economy

UK consumers likely to face higher prices ‘for many months to come’

With oil markets nearing the danger zone, a US-Iran deal can’t come soon enough | Heather Stewart

Even if the Iran war ended today, US fuel prices aren’t likely to normalize this year

Australia news live: Minns accuses federal government of inaction on income tax; AI nudify service ordered to block children’s access

UK supermarkets urged to consider voluntary price caps on essential foods