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The Economy

Australia's prosperity is drastically lower than it was when John Howard was ousted in 2007.

Political instability drives declining prosperity

A decade ago John Howard's four-term government came to end. When the Liberal leader was booted out of office in the Kevin 07 Ruddslide,?Australia was the envy of other nations, ranking as the world's most prosperous country.?Now, the country has barely scraped into the top ten of a global prosperity index.

Approvals to build new homes increased 0.9 per cent in October, when analysts had looked for a fall of around 1.8 per cent.

Business investment, home building on the rise

?Business investment hit its highest level in more than a year last quarter while approvals to build new homes climbed to the strongest in eight months, promising omens for a pick-up in broader economic activity.

Foreign buyers account for about a quarter of newly built apartments.

Chinese buyers go cool on Australian homes: RBA

Chinese demand for Australian residential property has eased because of tighter capital controls imposed by Beijing and tougher restrictions on mortgage lending by local banks, a top central banker said on Monday.

Leonardo da Vinci's 'Salvator Mundi' fetched $US450 million ($594 million) at auction.

Art boom points to the end of a cycle

The week's haul at Christie's and Sotheby's screams late-cycle liquidity, recalling Japan's impressionist fever in the late Eighties before the Nikkei collapsed and the bottom fell out of the art market.

Libby Lyons spoke to Money News.

Men out-earn women by more than $26,500

The Workplace Gender Equality Agency has released its annual gender pay gap data showing men still take home $26,527 a year more than women on average, and the pay gap for is even larger at $89,516 for top management.

More records on Wall St sets the scene for an upbeat ASX start.

Wages disappoint again, and the Aussie takes it badly

Australian wages rose by less than expected last quarter, with even a mandated jump in the minimum wage failing to lift workers' pay across the economy. It's a weak result that threatens to sap consumer spending and inflation.

Small Business

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