Growth in services sector slows in March
CANBERRA, AAP – Growth in Australia’s services sector has slowed as price pressures and staff shortages take their toll. The Australian Industry Group performance of services index fell 3.8 points to 56.2 in March, although still held above the 50-point mark, which separates expansion from contraction. “Australia’s services sector continued its positive run in March…
Climate change poses looming health crisis
BRISBANE, AAP – Australia is yet to properly acknowledge climate change as a health crisis with limited efforts to understand what’s coming, researchers say. Ahead of the federal election, the Australian Academy of Health and Medical Sciences has issued a statement declaring climate change an urgent health priority. The academy, which represents the nation’s top…
Stocks drop amid wait for Fed minutes
NEW YORK, RAW – US Treasury yields have risen and stock indexes fallen sharply ahead of the release of minutes from the Federal Reserve’s last meeting which investors will scan for clues on the central bank’s plans to fight inflation. Fed Governor Lael Brainard said this week she expected a combination of interest rate rises…
Scarborough gas venture wins key approvals
CANBERRA, AAP – Woodside has received key federal and state approvals for the $16 billion Scarborough gas project off the coast of Karratha. The Woodside-BHP joint venture has secured the pipeline licence needed to build and operate in Commonwealth waters, Woodside announced on Wednesday. Minister for Resources Keith Pitt said it’s estimated the project will…
Mining, tech drag Aust shares lower
SYDNEY, AAP – The Australian share market has closed lower as expectations of faster interest rate increases soured investor sentiment. The benchmark S&P/ASX200 index closed down 37.8 points, or 0.5 per cent, to 7490.1 on Wednesday. The All Ordinaries index lost 44.9 points, or 0.57 per cent, to 7788.3. Technology shares as well as the…
Thousands yet to receive aged care bonus
CANBERRA, AAP – Less than half of aged care workers eligible for federal government bonuses have not yet received their first payment under the scheme. A Senate estimates hearing was told on Wednesday about 265,000 aged care workers would be eligible to receive a $400 bonus, with a second bonus of the same amount due…
Major cities see impact of fuel excise cut
CANBERRA, AAP – The consumer watchdog expects motorists everywhere will be enjoying the impact of lower fuel excise on petrol prices in coming weeks. Last week’s federal budget halved fuel excise to 22 cents a litre as part of an $8.6 billion cost-of-living package. Australian Competition and Consumer Commission chair Gina Cass-Gottlieb said the fuel…
Iron ore jacks up Rio Tinto’s tax bill
SYDNEY, AAP – Rio Tinto has declared a 58 per cent jump in its tax and royalty payments in 2021, underlining the gains reaped by global miners from a spike in iron ore prices. Rio Tinto, the world’s second-largest iron ore producer, last year paid $US13.3 billion ($A17.5 billion) in taxes and royalties across the…
ASX weighed down by US rate hike concerns
SYDNEY, AAP – Interest rate-sensitive technology shares were faring worst on the Australian share market after Wall Street investors worried about bigger rate hikes to curb inflation. Technology shares were down two per cent on a slightly lower and mixed ASX on Thursday. The heavyweight categories of financials and materials were both lower, but by…
Air pockets are becoming easier to find these days
MARKETS US equities fell Tuesday, S&P down 1.3%. US10yr yields up 15bps to 2.55% after Fed Governor Brainard quoted Paul Volcker on runaway inflation and called for a rapid reduction in the Fed’s balance sheet (more below). 2yr yields up 9bps, taking 2s10s back into modestly positive territory. Germany 10yr bunds up 11bps to 0.61%….
