Festivities over, more tough times ahead in 2025

Sydney: As the fireworks faded and the parties wrapped up, reality hit hard for many Australians. The festive cheer is giving way to a tough year ahead.

Over a million folks packed Sydney Harbour for the biggest New Year’s bash ever, with fireworks lighting up the sky. It was a brief escape from the ongoing cost-of-living crisis.

People waved goodbye to 2024 while enjoying the dazzling displays. The first baby born in 2025 arrived just after midnight at the Royal Hospital for Women, and both mom and baby are doing great.

While the crowds were mostly well-behaved, police made 36 arrests for various offenses, including assault and robbery. Prime Minister Anthony Albanese shared a hopeful message, saying that despite the tough times, there’s reason to be optimistic as wages rise and inflation eases.

On the flip side, Opposition Leader Peter Dutton called for a revival of national confidence, urging voters to back the Liberal-National coalition in the upcoming election.

So, what can Australians expect in 2025? Well, the wait for mortgage relief continues, with predictions that interest rates might start to ease in February. But making ends meet will still be a struggle.

On a brighter note, more people are finding jobs, and welfare payments for young people and others are set to rise to keep up with inflation. However, home values might dip early in the year until mortgage rates start to fall.

Economically, the government is expected to face a tough decade ahead, with sluggish growth projected for 2025. In the investment world, the S&P/ASX200 index is predicted to rise after a rocky start, and bitcoin might hit new heights.

Politically, with a federal election looming, the outcome is too close to call. And as for the weather, warmer temperatures and a wetter season are on the horizon for many parts of Australia.