Breaking news

May delays Brexit bill, hangs on as PM

British Prime Minister Theresa May has backed down from plans to seek parliamentary support for a Brexit bill already rejected by much of her Conservative Party. However she has not yet caved in to demands to resign and let a new leader try to complete the UK’s stalled exit from the EU. With her authority…

Morrison visits recovering north QLD farms

Scott Morrison has returned to outback Queensland to meet graziers recovering from devastating floods. In his first post-election trip as prime minister, Mr Morrison has flown to the state’s north-west to meet farmers still reeling from the February floodwaters. “There’s a long way to go and a lot of rebuilding,” he told 2GB Radio on…

Tensions hit Wall St as growth fears mount

US stocks have slumped as investors dumped shares of companies in growth and cyclical sectors, with energy and technology leading declines, on fears that the escalating US-China trade war will stymie global economic growth. Further fuelling trade fears among investors, Beijing said Washington needs to correct its “wrong actions” for trade talks to continue after…

Barnaby admits ‘zero chance’ for cabinet

Former Nationals leader Barnaby Joyce has admitted he has “zero prospects” of being handed a cabinet position as the prime minister shores up his ministry. Mr Joyce also concedes he may no longer be special drought envoy, a role he was given by Prime Minister Scott Morrison last year. “Although I, like all politicians, have…

Cutting Interest Rates To Make Borrowing Easier

Australia’s lowest ever Reserve Bank cash rate – 1.5% – is about to be consigned to history. On Tuesday Governor Philip Lowe made it clear he plans to cut it in two weeks’ time. The money market cash rate (from which all other rates derive) will then fall to 1.25%. After that, if betting in…

ASX dips for first time in seven days

The Australian share market has closed lower for the first time in seven days following losses by the mining, energy and financial sectors. The benchmark S&P/ASX200 index finished 18.9 points, or 0.29 per cent, to 6,491.8 points on Thursday, while the broader All Ordinaries was down 13.8 points, or 0.21 per cent, to 6,584.3. “What’s…

Older workers find it tougher

Can do better: Older workers find it tougher Detailed employment data Older workers find it tougher: In the year to April the unemployment rate for 55-64 year old Aussies was 4.2 per cent, up from 3.6 per cent back in 2013 and above record lows of 2.6 per cent. The data on employment by industry…

Wesfarmers’ $776m Kidman bid to go to vote

Kidman Resources shareholders will vote on Wesfarmers’ $776 million takeover offer in August after the lithium miner entered into a scheme implementation deed with the WA-based conglomerate. Wesfarmers has completed its due diligence and Kidman’s directors and its major shareholders all support the cash offer of $1.90 per share, which represents a 47.3 per cent…

Economic Six-Pack

Economic Six-Pack Economic & financial events Charts of the week: Attached is a report that features six of the standout charts over the past week. The charts include: Spot iron ore price, US$ per tonne Australian national average petrol price, cents per litre Domestic passenger numbers, rolling annual average change, per cent Construction work done,…

A hundred jobs to go in Vic dairy closure

Dairy company Fonterra will close its western Victorian factory, shedding nearly 100 jobs. The New Zealand-based processor says its Dennington plant, opened in 1911, is no longer viable and will be shut down later this year. “The Australian ingredients business continues to feel the impact of the drought and other significant changes that mean there…

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