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Construction eases, but still plenty of work

Construction eases, but still plenty of work Construction work done Construction activity: Construction work done fell by 3.0 per cent in the December quarter – the fifth fall in six quarters. The value of construction work done is down by 7.4 per cent on a year ago. Calendar year: In 2019, $204.6 billion of construction…

Virus boosting Bubs baby formula demand

Australian baby formula producer Bubs has reported more sales from some Chinese buyers even as it flagged fears the coronavirus outbreak will hamper supply. Baby formula from Australia is a valued commodity in China, where the virus – which has killed close to 2700 people – is making the transporting and delivery of goods difficult….

CommSec Daily Report Wednesday

Latest News The sell-off continues for local shares on Wednesday with the ASX 200 shedding another 140 points or 2 per cent to 6726 at lunch. This follows a second successive day of 3 per cent declines for the Dow Jones and broader S&P 500 on Wall Street. Meanwhile our market has given back 5.7…

Funds to support Aboriginal housing in Vic

A $5.3 million plan to support Aboriginal Victorians beating homelessness and maintaining long-term housing aims to make changes within a generation. The Victorian Aboriginal Housing and Homelessness Framework will fund initiatives such as an Aboriginal-specific private rental program, community engagement activities and exploring future housing investment. Part of the Victorian Government plan will also gradually…

Red tape cut for foster kids in child care

It will be easier for foster children to attend child care under a Morrison government bid to cut red tape. Education Minister Dan Tehan introduced the underpinning legislation to parliament on Wednesday. “This will reduce unnecessary red tape for providers, families and state and territory governments by no longer requiring them to reapply for a…

Woolworths underpayments rise to $315m

Woolworths has upped its estimated staff underpayments to $315 million and says the final amount could still be higher once a review into the nine-year scandal is complete. The supermarket giant – which also owns Big W – on Tuesday said it would exceed its initial guess of $200 million to $300 million in salaried…

Tesla slammed for fatal ‘driverless’ crash

The National Transportation Safety Board has sharply criticised Tesla’s lack of system safeguards in a fatal 2018 Autopilot crash in California and US regulators’ approach in overseeing the driver assistance systems. NTSB board members questioned Tesla over the design of its semi-automated driving assistance system and condemned the National Highway Traffic Safety Administration for a…

Australian stocks to fall for third day

Australian shares face another hammering after big falls on US equity markets overnight following a warning for Americans to prepare for the coronavirus. The SPI200 futures contract was down 162 points, or 2.37 per cent, at 6,664 at 0800 AEDT on Wednesday, pointing to another sharp fall when the local market opens. Local stocks lost…

Gold retreats from multi-year peak

Gold fell over one per cent on Tuesday as the metal’s rally to 7-year highs in the last session prompted profit-taking even as worries about the coronavirus kept investors anxious about the fate of global economy. Spot gold slipped about 1 per cent to $US1,644.40 per ounce. US gold futures settled down 1.6 per cent…

Wall St edges higher after sharp sell-off

US stock indexes have ticked slightly higher as investors dipped their toes in the water a day after worries about the the worldwide spread of the coronavirus sent the S&P 500 and the Dow Industrials to their biggest daily declines in two years. Investors have been laser focused on the potential economic impact of the…