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RBA warns of rise in unemployment rate

CANBERRA, AAP – The Reserve Bank of Australia has warned the unemployment rate is expected to increase in the near term due to the lockdowns in parts of the country which will see the economy contract in the September quarter. This is largely the result of the lengthy virus lockdown in Greater Sydney and regional…

BHP expanding Nickel West operations

SYDNEY, AAP – Global miner BHP has lifted its estimates for nickel demand over the next decade amid its rising usage as a battery mineral and also outlined plans to expand its processing facilities in Western Australia. The company now sees nickel demand rising faster than expected due to rapid growth in the adoption of…

The Reserve Bank is not for turning

The Reserve Bank is not for turning Reserve Bank Board meeting What happened? The Reserve Bank (RBA) left the target rates for both the cash rate and 3-year government bond yield (April 2024 maturity) at 0.1 per cent. The RBA will continue to purchase government securities at the rate of $5 billion a week until…

Snap lockdowns essential for now: Treasury

CANBERRA, AAP – Treasurer Josh Frydenberg has warned until 70 per cent of Australians are vaccinated, it is an economic imperative that governments move fast to get on top of coronavirus cases. “If they don’t, we see lengthier and more severe lockdowns which have a much more significant economic cost,” he told reporters in Canberra…

Capital city exodus. Renovation boom.

Capital city exodus. Renovation boom. Internal migration; Building approvals; Lending finance What happened? A record 11,845 people left capital cities for regional areas in the March quarter. Council approvals to build new homes fell by 6.7 per cent in June. The value of new loan commitments for housing fell by 1.6 per cent in June…

CommSec Daily Report Tuesday

Consumer confidence lifts; Reporting season retail boom? Consumer confidence What happened? The weekly ANZ-Roy Morgan consumer confidence rating rose by 1.1 per cent to 101.8 (long-run average since 1990 is 112.5). Implications: Prolonged Covid-19 delta lockdowns are likely to restrict non-retail spending with tourism constrained by border closures and government social distancing measures. While higher…

Consumer confidence lifts; Reporting season retail boom?

Consumer confidence lifts; Reporting season retail boom? Consumer confidence What happened? The weekly ANZ-Roy Morgan consumer confidence rating rose by 1.1 per cent to 101.8 (long-run average since 1990 is 112.5). Implications: Prolonged Covid-19 delta lockdowns are likely to restrict non-retail spending with tourism constrained by border closures and government social distancing measures. While higher…

Afterpay still soaring after bid, ASX down

SYDNEY, AAP – Afterpay shares were rocketing but the Australian market has pulled back from record heights. Afterpay stock was up 12.36 per cent to $129.00 at 1200 AEST after the previous day’s $39 billion takeover bid from US payments provider Square. Information technology shares on Tuesday were up 4.59 per cent but most industry…

New Vic casino regulator to watch Crown

MELBOURNE, AAP – Beleaguered gambling giant Crown will be monitored by a new watchdog in Victoria, as the chief executive of the casino’s Melbourne operations stands down. Counsel assisting the royal commission into Crown’s Melbourne business previously told the inquiry it was unfit to hold a licence and closing submissions by multiple parties, including Crown,…

Confidence among Sydneysiders sinks again

CANBERRA, AAP – Sydneysiders remain down in the dumps with confidence falling sharply in the past week following the extension of the NSW virus lockdown to the end of this month. However, Australians have got a spring back in their step in other parts of the country after restrictions were eased in Victoria and South…