Greens plan to return retirement age to 65
CANBERRA, AAP – Retirement could come sooner for more than half a million Australians under a new Greens proposal. The plan involves returning the retirement age to 65 from 67 years by 2026 and granting everyone earlier access to the age pension. That means expanding access to the pension to hundreds of thousands of older…
US stocks gain despite investor concerns
OAKLAND, RAW – The S&P 500 ended higher on Thursday, with Microsoft and Tesla fuelling a late-session rally while investors eyed the war in Ukraine and a potentially more aggressive Federal Reserve. Gains in Microsoft Corp, Tesla Inc and Apple Inc helped lift the S&P 500. Also supporting the S&P 500, Pfizer Inc jumped after…
Toyota class action bill could reach $2b
SYDNEY, AAP – Toyota could be forced to pay out thousands of Australian customers who were sold cars with faulty engine filters to the tune of $2 billion, after the auto giant lost a class action lawsuit. In a Federal Court judgment handed down on Thursday, Justice Michael Lee found 264,170 drivers who bought some…
Biggest ASX loss in more than three weeks
SYDNEY, AAP – Australian shares have had their steepest fall in more than three weeks after US Federal Reserve meeting minutes showed policymakers wanted bigger rate hikes to curb inflation. The ASX lost 0.63 per cent on Thursday and rate-sensitive technology shares fared worst, down three per cent. There were losses of one per cent…
Different Strokes For Different Folks
The macro backdrop remains very choppy with equity and FX markets on the defensive amid further weakness in tech and a well-supported USD. Although the Fed’s balance sheet’s run-off flagged in the FOMC minutes was not especially different from market expectations, uncertainty around central bank reaction functions remains high. Policy challenges vary wildly by economy/region….
Former AMP chair re-emerges at Scentre
SYDNEY, AAP – Former AMP chair Catherine Brenner, who presided over the company’s fee-for-no-service scandal uncovered by the banking royal commission, has been elected to the board of Westfield owner Scentre Group. The Australian Shareholders Association (ASA) and prominent activist Stephen Mayne were among those to vote against Ms Brenner’s election at the annual general…
Retail wages add $15b to regions: union
ORANGE, AAP – Retail workers say they are struggling with the rising cost of living, at a time when their wages are injecting billions of dollars into regional economies. The Shop, Distributive and Allied Employees’ Association (SDA) is joining calls for a five per cent wage increase for low-paid workers, citing a new report that…
Telstra rolls out scam text message filter
SYDNEY, AAP – Telstra is rolling out a brand-new SMS scam filter as the country’s biggest telecommunications provider encounters a surge in malicious text messages on its network. Scam text messages are not only annoying but also malicious and have the potential to steal people’s money or install malware to steal personal information, hack their…
Changes proposed for power plant closures
CANBERRA, AAP – The Morrison government is seeking to ensure energy companies give more notice before they shut down coal-fired power stations. Energy Minister Angus Taylor has asked the Australian Energy Market Commission to increase the notice period from 3.5 years to five years. He says the change is essential to ensuring there is enough…
One swallow doesn’t a spring make, but a Volcker adjustment is on the cards
US equities were weaker Wednesday, S&P down 1.0%. US 2s10s steepened further, with 10yr yields up 5bps to 2.6%, highest in three years, 2yrs down 5bps to 2.47%. Oil fell 4.7%. I will not dwell on the FED minutes, as Vice-Chair to be Brainard had already set the table. After a March reprieve, the global…
