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Treasury shift wine from China

Treasury Wine Estates said demand for its products in China will be extremely limited and has outlined a raft of changes to operations after China put substantial levies on Australian wine exports. Treasury on Monday said it would shift the distribution of its luxury wines from China to other countries, redirect grape sourcing and cut…

Melbourne petrol prices lift; Used car prices up;

Melbourne petrol prices lift; Used car prices up Credit card lending falls; ‘Lowflation’ Petrol Prices; Used car prices; Private Sector Credit; Inflation Fuel prices: The national average price of unleaded petrol fell by 3.3 cents to 118.9 cents a litre (c/l) last week according to the Australian Institute of Petroleum. Metropolitan prices declined 5.2 cents…

ASX lower, dollar above 74 US cents

Shares were marginally lower on the ASX and China’s decision to impose levies on Australian wine caused an Aussie wine distributor’s stocks to plunge. The S&P/ASX200 benchmark index was lower by 28.1 points, or 0.42 per cent, to 6573 at 1200 AEDT on Monday. The All Ordinaries was lower by 23.3 points, or 0.34 per…

Qantas cuts 2000 ground operations jobs

Qantas will push ahead with its plan to cut and outsource about 2000 jobs, after rejecting an in-house bid from a union representing ground staff. The jobs affected are at 10 airports around the country and impact ground operations workers including ground crew, aircraft cleaners and baggage handlers. The plan was first flagged in August…

CommSec Daily Report Monday

Latest news Aussie shares are fading from a better start, with the ASX 200 sliding by 37pts or 0.5 per cent to 6,567, with most sectors losing a little ground at lunch. While this marks the third straight session of losses, the Aussie market is still up by close to 11 per cent in November…

Annual credit growth slowest in a decade

Signs of economic recovery from recession in Australia have yet to translate into people being bold enough to take out additional credit. The Reserve Bank’s monthly figures showed total credit was flat for a third straight month in October, to be just 1.8 per cent higher on the year. That is the lowest annual rate…

Oil cautiously lower as OPEC remains in focus

There was enough concern in the ranks for the OPEC+ de facto steering committee comprised of Russia and Saudi Arabia energy ministers to call an informal consultation for the Joint Ministerial Monitoring Committee (JMMC) via video call on Saturday ahead of today’s OPEC+ gathering. But to no avail, as a public statement supporting a current…

Two million fewer workers on JobKeeper pay

More than two million workers have left the JobKeeper wage subsidy scheme since the Morrison government tightened eligibility and reduced payment rates at the end of September. The number of JobKeeper recipients has fallen from 3.6 million to 1.5 million in less than two months, outperforming predictions in the federal budget. Treasurer Josh Frydenberg said…

Consumers going back to basics in 2021

Being able to put food on the table and having a job are the key concerns of Australian consumers heading into 2021 after a year dominated by the devastating impact of the COVID-19 pandemic. The annual Consumer Pulse Report conducted by financial comparison site Canstar found for the first time in four years that being…

Economists to firm up growth forecasts

Economists will get another segment of national accounts jigsaw puzzle when the Australian Bureau of Statistics releases business data for the September quarter. Monday’s report includes company profits and business inventories, such as stock on shelves and in warehouses. At this stage, economists’ forecasts centre on the economy growing by 2.4 per cent in the…