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%….
Households can absorb rate rise: treasurer
CANBERRA, AAP – Treasurer Josh Frydenberg believes many households are in a position to absorb a rise in interest rates after the Reserve Bank appeared to suggest tighter monetary policy is just months away. The RBA left the the cash rate at a record low of 0.1 per cent at Tuesday’s monthly board meeting. But…
Poll positions for electric car campaign
CANBERRA, AAP – A new auto industry, a ban on fossil fuel-powered vehicles, subsidies for electric cars, and “choices not mandates” are on the starting line as parties gear up for the federal election. Australian Greens leader Adam Bandt says the party will push for a South Australian-focused package to support an electric car industry…
Medicine regulator faces Senate grilling
CANBERRA, AAP – Senior health officials from the medicines regulator will be grilled on Australia’s pandemic response as part of the Senate Estimates hearings. On Wednesday the community affairs committee will focus on Australia’s health policy, access and response. Officers from the Therapeutic Goods Administration will answer questions on health protection, emergency response and regulation…
Musk joins Twitter board promising change
NEW YORK CITY, RAW – Tesla Inc boss Elon Musk vowed “significant” improvements at Twitter Inc on Tuesday, after the micro-blogging site announced plans to name him to the board. The appointment, however, will potentially block chances of a takeover bid from Musk as he cannot own more than 14.9 per cent of Twitter’s stock…
