ASX at highest level since mid-January
SYDNEY, AAP – Australia’s share market had climbed to its highest level since mid-January as investors feel more comfortable with a rising interest rate environment. A good lead from US markets helped the ASX200 rise to 7480.9 points in the first two hours of trading on federal budget day. The market was last at this…
Qld seeks more health funding in budget
BRISBANE, AAP – The Queensland government is ramping up pressure for health funding reform but has expressed doubt about transport funding in the federal budget. State Health Minister Yvette D’Ath is urging the Morrison government to cover half of the state’s public health care bill ahead of Tuesday night’s budget. She says the state currently…
Insurers seek support on cyber cover gap
CANBERRA, AAP – The insurance industry is calling for new standards and investment incentives to better protect Australian businesses from cyber gangs. Ransomware attacks and data theft are a growing threat to Australia amid unprecedented growth in digitisation and connectivity. But just one in five small businesses have cyber cover, and insurance providers are few,…
Newcastle to Sydney train gets $1b boost
SYDNEY, AAP – The Newcastle to Sydney train line will get a $1 billion boost in the Morrison government budget, to grow the capacity of the country’s busiest regional passenger rail corridor. The funding for upgrades between Tuggerah and Wyong would contribute to “faster, more frequent and more reliable services”, federal Minister for Urban Infrastructure…
Shanghai to lock down in two stages
SHANGHAI, RAW – China’s financial hub of Shanghai says it will lock down the city in two stages to carry out COVID-19 testing over a nine-day period, after it reported a new daily record for asymptomatic infections. Authorities said they would divide Shanghai into two for the exercise, using the Huangpu River that passes through…
S&P 500 higher as Treasury yields jump
NEW YORK, RAW – The S&P 500 ended higher as financial shares rose after the benchmark Treasury yield jumped to its highest level in nearly three years. The Nasdaq ended lower on Friday, and tech and other big growth names mostly declined, but they finished off session lows following a late-session rally. For the week,…
The federal budget: What we know so far
CANBERRA, AAP – FEDERAL BUDGET – WHAT WE KNOW SO FAR: THE BIG PICTURE * With the COVID-19 pandemic, flooding and Ukraine-Russia war creating headwinds, Treasurer Josh Frydenberg is emphasising the “fiscal dividend of a stronger economy” * Budget deficit estimated to be around $70 billion, instead of the $98.9 billion estimated in the mid-year…
Why the RBA won’t hike interest rates just yet
The biggest question relating to the management of the economy right now has nothing to do with next week’s budget. It has everything to do with the Reserve Bank and the board meetings that will follow it. The question facing the board – the biggest there is when it comes to how the next few…
Aust shares make good start to budget week
SYDNEY, AAP – Australian shares have started budget week looking like they may notch an eighth day of gains in the past nine. The market was higher by almost half a per cent on Monday despite a coronavirus lockdown ordered for the Chinese financial hub of Shanghai. Shanghai’s Pudong financial district and nearby areas will…
Australian shares close 0.26 pct higher
SYDNEY, AAP – Shares have held on in afternoon trading to lift the Australian market to its highest close in more than two months, buoyed by gains in materials and energy stocks. The benchmark S&P/ASX200 index ended 19.1 points, or 0.26 per cent higher, at 7406.2 on Friday, recording increases for the fourth straight session….
