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Albanese warns on fumbling China diplomacy

CANBERRA, AAP – Anthony Albanese says a more aggressive China requires the Australian government to take a more subtle approach than talking up conflict. Recently installed Defence Minister Peter Dutton and home affairs chief Mike Pezzullo have talked about the “drums of war”, amid growing tensions with Beijing. “We need to recognise that China has…

Tech surges but most of ASX lower

SYDNEY, AAP – Technology shares have boomed by more than two per cent but there was little joy elsewhere on a declining Australian market. Buy now, pay later provider Afterpay powered the technology gains by gaining 6.6 per cent to $131.02. The company has made its service available to US customers of Amazon, Dell, Macy’s…

CommSec Daily Report Thursday

Latest News The Aussie market is lower for a second successive session as investors continue to gauge the spread of the COVID cluster in Sydney. The ASX 200 is down 11 points or 0.16% to 7,287 around midday. US markets mostly moved sideways overnight in a relatively quiet session. Losses continue to be widespread with…

Benefits of $1.3b Vic solar scheme unknown

MELBOURNE, AAP – The Victorian government doesn’t know if its $1.3 billion solar panel rebate scheme has helped lower household bills or reduce climate emissions, a review has found. The Solar Homes Program was promised by the Andrews government before the 2018 state election as part of its plan to install panels on 650,000 homes…

Power price deals can be found: watchdog

CANBERRA, AAP – Households could save almost $200 a year by shopping around for electricity, the consumer watchdog says. Australian Competition and Consumer Commission chair Rod Sims on Thursday released his latest report on power prices. Mr Sims said he was concerned many households and businesses were still on power “standing offers”, which were about…

Population outlook a challenge: Frydenberg

CANBERRA, AAP – Treasurer Josh Frydenberg has warned Australia’s slow population growth will be a challenge for future productivity gains. Mr Frydenberg will release the five-yearly Intergenerational Report on Monday, a guide to how the Australian economy will perform over the next 40 years. He provided a broad outline of what to expect from the…

Wage suppression has stifled growth: Labor

CANBERRA, AAP – Opposition Leader Anthony Albanese believes eight years of wage suppression under a federal coalition government has stifled economic growth. Addressing a Committee for Economic Development of Australia conference on Thursday, Mr Albanese said workers are $254 a week worse off under a Liberal-Nationals government. “It’s a race being run in the wrong…

Barnaby Joyce ‘a wind in the sails’: PM

CANBERRA, AAP – Scott Morrison has rejected suggestions Barnaby Joyce is a nuisance, describing the returned Nationals leader in glowing terms. “I describe him as a wind in the sails,” the prime minister told the Nine Network on Thursday. “I was treasurer when he was deputy prime minister, Barnaby and I have sat around cabinet…

Wall Street mixed as Tesla jumps

NEW YORK CITY, RAW – The Nasdaq has climbed to a record-high close, fuelled by a rally in Tesla Inc, while the S&P 500 dipped even as investors cheered data that showed a record peak for US factory activity in June. Gains in Nvidia Corp and Facebook Inc extended a recent rebound in top-shelf growth…

Power prices dip, expected to fall further

CANBERRA, AAP – Power prices have eased by 10 per cent for households who took advantage of a policy introduced in mid-2019 by the Morrison government. The default market offer is the annual maximum total bill amount, or “reference price”, energy companies can charge for the ‘standing offer’ prices based on a set average usage…