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High Court test for electric vehicle tax

MELBOURNE, AAP – Victoria’s new tax on electric vehicles is set for a High Court challenge, with two Melbourne drivers mounting a legal case. A levy of up to 2.5 cents per kilometre was introduced for electric vehicle users in July this year, but Chris Vanderstock and Kathleen Davis believe the tax is unconstitutional. Their…

ASX posts biggest gains since early August

SYDNEY, AAP – Investors have enjoyed their biggest gains on the ASX since early August despite jobs figures showing lockdown impacts on the economy. The market on Thursday gained more than 0.5 per cent after a broad-based rally. Many workers in Australia have given up looking for jobs during coronavirus lockdowns in the ACT, NSW…

Lockdowns play havoc with job market data

Lockdowns play havoc with job market data Labour force What happened? Employment fell by 146,300 in August after rising by 3,100 in July. Full-time jobs fell by 68,000 and part-time jobs fell by 78,200. The participation rate fell from 66 per cent to 65.2 per cent. Hours worked fell by 3.7 per cent. Hours worked…

Wesfarmers to buy pharmacy group

SYDNEY, AAP – Wesfarmers looks like it may have sealed a takeover of Australian Pharmaceutical Industries (API) after an increased offer for all shares. The two companies have agreed for Wesfarmers to buy all API shares for more than $736 million after the former raised its offer from $1.38 per share to $1.55 per share….

CommSec Daily Report Thursday

Latest news The Aussie market is back in the winner’s column for a third time this week, with the ASX 200 up by ~0.7 per cent. This is more than enough to recoup Wednesday’s 0.27 per cent decline and follows a strong lead from Wall Street overnight. While Australian equities are still down by ~1…

Australian employment tumbles by 146,300

CANBERRA, AAP – The number of people employed in Australia slumped by 146,000 in August as a result of a number of coronavirus lockdowns across the country. However, the Australian Bureau of Statistics said the unemployment rate eased to 4.5 per cent from 4.6 per cent as a result of the participation rate of those…

ASX up as energy, miners and banks climb

SYDNEY, AAP – Australia’s share market was having its best performance of the week while jobless figures for August showed a surprising drop. The market was higher by 0.75 per cent at 1200 AEST on Thursday after Wall Street closed higher following positive US economic data. Energy shares were the best performing category on the…

Myer back to FY profit but no payout

SYDNEY, AAP – Myer has returned to full-year profit and the turnaround may ease pressure on its embattled board members. The company on Thursday reported net profit after tax of $46.4 million for the 53 weeks to July 31. This followed a loss in the year prior of $172.4 million. Solomon Lew, the chair of…

Early super access spent on bills, food

CANBERRA, AAP – Financially-stressed Australians who dipped into their superannuation early during the first year of the COVID-19 pandemic mostly used the money to cover their rent, mortgage, debts or household expenses. A total of $36.4 billion was withdrawn by 3.5 million people who lost work, had their hours cut or received welfare benefits. The…

Australia in nuclear sub deal with UK, US

CANBERRA, AAP – Australia will build nuclear-powered submarines as part of a landmark security pact with the United States and the United Kingdom. Prime Minister Scott Morrison announced the historic AUKUS agreement on Thursday as Australia prepares to scrap a $90 billion French submarine deal. Mr Morrison said the three “friends of freedom” would launch…