Biggest lift in housing credit growth in 3 years
Biggest lift in housing credit growth in 3 years Private sector credit; Building approvals What happened? Private sector credit (effectively outstanding loans) rose by 0.7 per cent in July to be up 4.0 per cent on a year ago – the strongest annual growth rate in over 2 years. Housing credit lifted 0.6 per cent…
Woolworths’ proposed acquisition of SUPA IGA raises concerns
The ACCC has outlined preliminary competition concerns with Woolworths’s (ASX:WOW) proposed acquisition of the independent supermarket operating as SUPA IGA in Karabar, and co-located liquor store operating as Liquor Boss, in a statement of issues published today. Woolworths and SUPA IGA Karabar currently compete in supplying groceries in the broader Queanbeyan region (encompassing Karabar and…
Paid Internships To Give Young Jobseekers A Start
The Andrews Labor Government is backing young people from culturally and linguistically diverse backgrounds to kick-start their careers through a new paid internship program. More than 60 young people will receive pre-employment training on top of the internships, delivered through an $800,000 Labor Government investment and partnership between Jobs Victoria, the Victorian Chamber of Commerce…
IVE’s acquisition of Ovato not opposed
The ACCC will not oppose IVE Group’s (ASX: IGL) proposed acquisition of Ovato Limited (ASX: OVT). IVE and Ovato overlap in heatset web-offset printing, which is used to produce a range of printed materials in Australia, including magazines and retail catalogues. Ovato has been in voluntary administration since 21 July 2022. In accordance with the…
Opportunities in the Other Battery Minerals
A 4 March of 2022 article appearing on the Manufacturers’ Monthly website (manmonthly.com.au) began with the intriguing headline: Australian Battery Industry Could Be Worth $7 Billion by 2030. The Future Battery Industries Cooperative Research Centre (FBICRC) claims federal government investments over the next five years via the Modern Manufacturing Initiative (MMI) could build the value…
CommSec morning report Friday
In US economic data, personal income rose by 0.5% in May (survey: +0.5%) with spending up 0.2% (survey: +0.4%). The key inflation measure – the core PCE deflator – lifted by 0.3% in May to be up 4.7% on the year (survey: +4.8%). Initial jobless claims fell by 2,000 to 231,000 last week (survey: 230,000)….
Monday evening report
The Australian sharemarket started the week on a rather dull note, reflected by a 0.45 per cent or 32.5 point slide in the ASX 200 to 7206.3. Tech and Material stocks weighed on the index after both sectors recorded their fourth fall in five trading days. A 2.1 per cent rally in the Energy sector…
China’s major ports see steady growth in container throughput in May
BEIJING, – China’s major ports handled over 23 million twenty-foot equivalent units (TEUs) of containers in May, up 4.2 percent from a year ago, according to the Ministry of Transport Thursday. In May, the cargo throughput of major ports monitored reached 1.03 billion tonnes, an average daily increase of 3.2 percent compared with April, data…
auto market gears up for faster recovery over stimulus package
BEIJING, – China’s auto market is gearing up for faster recovery as policymakers flesh out details for a stimulus package to help the hard-hit industry that plays a critical role in boosting demand, lifting consumption and creating jobs. In the latest move, China has decided to slash the purchase tax by half for passenger cars…
Solid economic expansion continues
The Australian economy (as measured by gross domestic product or GDP) grew by 0.8 per cent in the March quarter to be up by 3.3 per cent on the year. ‘Normal’ growth of the Australian economy is around 2¼ per cent. In nominal terms, the economy grew by 3.7 per cent in the March quarter…
