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Canberra Airport to shut down on Saturdays

Canberra Airport will shut down on Saturdays due to the lack of flights in and out of the capital during the coronavirus pandemic. The ACT airport may also close on Tuesdays due to coronavirus travel bans. Head of Aviation Michael Thomson said the airport was doing whatever it could to stay open and keep people…

Aust shares’ best week since July 3

Shares on the Australian market have closed higher and had their best week since July 3, up by 2.02 per cent. The S&P/ASX200 benchmark index closed higher by 35.2 points, or 0.58 per cent, at 6126.2 points on Friday. The All Ordinaries index closed higher by 37.8 points, or 0.61 per cent, at 6261.7. The…

Normal economy some time off: RBA governor

The head of the Reserve Bank warns high unemployment is likely to plague Australia for some time and the economy will not return to normal until the pandemic is under control. It could mean interest rates remain at record lows for another three years. “Even if we don’t have restrictions, people are nervous and when…

Dollar intervention costly and risky: RBA

The country’s central bank chief has warned trying to stimulate the economy by devaluing the Australian dollar would be both costly and risky. The currency sits at about 71 US cents, which Reserve Bank governor Philip Lowe believes is a fair value in the current economic climate. “When it is at its fair value it…

Cheaper housing should be a priority: RBA

Australia’s central bank chief believes making housing more affordable is the single biggest issue that would improve people’s welfare. “The high cost of housing is for many people a huge detriment to their lifestyle, their budget and their family,” Philip Lowe told a parliamentary hearing on Friday. “It should be a priority to make housing…

RBA boss wants dole payment increase

Reserve Bank governor Philip Lowe remains adamant the dole payment should not return to its pre-pandemic level when the coronavirus crisis is over. JobSeeker, formerly known as Newstart, paid $40 a day prior to the pandemic and hasn’t risen in more than 25 years. The unemployment benefit has been boosted to a maximum of $1100…

CommSec Daily Report Friday

Latest News The Aussie market is shrugging off a mixed lead from Wall Street to trade higher at lunch on Friday. The ASX 200 is trading near the highs of the morning and is 28 points or 0.46% higher at 6,119. It was up 34pts or 0.55% at the best levels of the morning. If…

ASX higher, investors unfazed by losses

Shares were trading slightly higher on the Australian market and National Australia Bank’s lower third quarter cash profit has attracted much of the attention. The S&P/ASX200 benchmark index was trading higher by 18.1 points, or 0.29 per cent, at 6109.1 points at 1200 AEST on Friday. The All Ordinaries index was higher by 19.0 points,…

High unemployment here for some time: RBA

Reserve Bank governor Philip Lowe has warned high unemployment is likely to plague Australia for some time. The jobless rate has risen to 7.5 per cent and the number of people unemployed has hit one million for the first time. The central bank expects the jobless rate to reach 10 per cent by the end…

Overseas visitor numbers slow to a trickle

The number of international travellers entering Australia has screeched to a virtual halt. A measly 5400 foreign visitors entered the country in June, a quarter of whom were Kiwis. Almost 16,000 Australians returned home from overseas during the month, an eye-watering 98 per cent lower than June last year. Roughly 12 per cent flew home…