RBA likely to hike regardless of election
CANBERRA, AAP – Economists and financial markets are factoring in an interest rate hike when the Reserve Bank of Australia board meets on Tuesday, regardless of being in the middle of a federal election campaign. There was a marked change of thinking after the latest inflation figures on Wednesday saw the annual consumer price index…
Telstra pays refunds, fine for errors
CANBERRA, AAP – Telstra will fork out more than $2 million for overcharging more than 11,000 customers between 2018 and 2021. After self-reporting the errors, an Australian Communications and Media Authority investigation found the nation’s largest telecommunications company had ignored a 2020 directive to comply with billing accuracy obligations. That directive came after Telstra overcharged…
Rental homes slim picking for low earners
SYDNEY, AAP – Some 98 per cent of rental properties across the country are too expensive for workers on the minimum wage. A new survey by Anglicare Australia of 45,992 rental listings shows the market is less affordable than ever, and all political parties need to act urgently. Only 712 of the rental properties surveyed…
Wall Street up on strong earnings reports
NEW YORK CITY, RAW – The S&P 500 has ended higher following a steep drop the day before, with strong revenue forecasts from Microsoft and Visa helping to alleviate worries about slowing global economic growth and rising interest rates. Microsoft Corp rallied after the software heavyweight late on Tuesday gave a strong revenue forecast while…
Star boss quizzed on tax break ‘strategy’
SYDNEY, AAP – A Star Entertainment boss has been grilled at a casino inquiry over whether The Star Sydney had a deliberate strategy of shifting local players to an international rebate program, in order to pay less gaming tax. The NSW gaming regulator inquiry is probing the fitness of Star to hold a Sydney casino…
ASX at 6-week low after 3rd day of losses
SYDNEY, AAP – The Australian share market has fallen for the third consecutive session, this time with tech stocks and financials the biggest drag. The benchmark S&P/ASX200 index closed on Wednesday down 56.8 points, or 0.78 per cent, to 7,261.2, while the broader All Ordinaries fell by 57 points, or 0.75 per cent, to 7,547….
Food price inflation hits 11-year high
SYDNEY, AAP – The latest consumer price index data from the Australian Bureau of Statistics shows food prices have had their highest year-on-year rise in more than a decade. The ABS figures released on Wednesday show the annual rate of inflation soared to its highest level since 2001, with food prices up by 4.3 per…
Growth fears extend global stocks sell-off
SINGAPORE, RAW – A global stocks sell-off has extended into the Asia morning, as growing fears about the global economy forced investors to dump riskier assets in favour of safe havens such as the US dollar and government bonds. Financial markets, already anxious about the prospects for aggressive US interest rate hikes, a spike in…
ASX snaps losing streak, up 1.0pc at noon
SYDNEY, AAP – The Australian share market is bouncing back from its three-day losing streak, with gains nearly across the board at midday. The benchmark S&P/ASX200 index was up 74.6 points, or 1.0 per cent, to 7335.5 at noon, while the broader All Ordinaries had gained 75.7 points, or 1.0 per cent, to 7,662.7. Every…
Consumer price index rises to 5.1 pct
CANBERRA, AAP – CHANGES TO CONSUMER PRICE INDEX IN MARCH QUARTER: Quarterly change (followed by annual change in brackets) * Consumer Price Index – up 2.1 per cent in quarter (up 5.1 per cent annually) * Food and non-alcoholic beverages – up 2.8 per cent (up 4.3 per cent) * Alcohol and tobacco – up…
