Federal govt lashes Origin over coal exit
SYDNEY, AAP – Origin Energy has been criticised by the federal government for speeding up the closure of Australia’s largest coal-fired power station. The Eraring power station in Lake Macquarie will be closed in August 2025, up to seven years earlier than previously planned and will be replaced with a large-scale battery. “This decision is…
Employment rose by 12,900 in January
CANBERRA, AAP – LABOUR FORCE DATA FOR JANUARY: * Unemployment rate – Unchanged at 4.2 per cent compared to December * Underemployment rate (employed people seeking additional work) – 6.7 per cent versus 6.6 per cent * Employment – rose 12,900 * Full-time positions – down 17,000 * Part-time employment – rose 30,000 * Participation…
Telstra gets mobile lift amid profit slide
SYDNEY, AAP – Telstra has reported a drop in operating earnings that it attributed to various one-off costs, but recorded strong growth for its mobile network. The telco, regarded by analysts as a high-yielding and low volatile stock, said it would pay an 8 cents per share interim dividend, in line with expectations. Telstra reported…
Vic pursues laws to limit Crown pokies
MELBOURNE, AAP – Crown punters will be required to pre-commit to maximum poker machine losses and time limits, under new Victorian laws to be introduced later this year. A compulsory pre-commitment system, requiring patrons to set a daily, weekly or monthly time and loss limit before play, was one of the key recommendations from the…
Wesfarmers records slide in interim profit
SYDNEY, AAP – Retail and industrial conglomerate Wesfarmers has reported a 12.7 per cent drop in its interim profit to $1.21 billion in what the company described as the most disrupting period of the pandemic. The Perth-headquartered company that owns major chains including Bunnings, Officeworks, and Kmart Group – which includes Target – declared a…
Fed, Ukraine gives Wall Street jitters
NEW YORK CITY, RAW – US stocks have fallen, with the tech-heavy Nasdaq leading losses after stronger-than-expected retail sales data gave the Federal Reserve more ammunition to tighten policy, while geopolitical tensions over Russia and Ukraine added to caution. Eight of the 11 major S&P sectors fell, with technology and communication services leading the declines….
Rate rise this year not inevitable: RBA
CANBERRA, AAP – Reserve Bank of Australia Deputy Governor Guy Debelle says an interest rate rise in the next 12 months is possible, but not inevitable. Speculation of a rise in the cash rate from its record low 0.1 per cent has grown after recent strong inflation figures and the sharp drop in the unemployment…
CSL soars, helps ASX gain one per cent
SYDNEY, AAP – Market giant CSL soared after its first-half profit while easing tensions in Europe helped a broad-based rally on the ASX. Biotech CSL rose eight per cent to $263.69 after investors accepted a lower profit due to the challenges of collecting blood in a pandemic. Fortescue Metals reported lower first-half profit due to…
ATO resumes tax debt collections
CANBERRA, AAP – The Australian Taxation Office has restarted tax debt collections before it becomes problematic for businesses to pay back, having shown leniency during the depths of the COVID-19 pandemic. Tax commissioner Chris Jordan has told senators the ATO is taking a measured approach. It is contacting businesses individually to make sure they’re aware…
Budget cuts could risk recovery: Treasury
CANBERRA, AAP – Treasury boss Steven Kennedy sees no reason for the Morrison government to provide additional support for the Australian economy. But neither does he want measures put in place during the pandemic wound back too quickly for fear of having a negative impact on the economy. Treasurer Josh Frydenberg will hand down his…
