Top economists expect RBA to hold rates
Australia’s leading forecasters expect the Reserve Bank to resist pressure to lift interest rates all year, despite rising interest rates overseas, much higher inflation, plunging unemployment, and financial market traders pricing in two hikes in the next six months. The 24-person forecasting panel assembled by The Conversation also predicts: weaker economic growth much lower housing…
The climate challenge for investors
A number of developments at the COP26 climate change summit in Glasgow gave grounds for optimism. These include deeper cooperation between China and the US and a pledge by the financial services sector to harness its resources to help with the global transition to net zero emissions. In the wake of Fidelity’s Sustainable World Summit,…
Oil, gold ASX stocks rise on Russia fear
SYDNEY, AAP – Oil and gold stocks were surging on a tame Australian market as the possibility of Russia invading Ukraine continued to influence trade. Energy stocks were up three per cent on the ASX on Monday after oil prices moved towards their highest levels in more than seven years. World leaders have warned Russia…
Biggest ASX loss in more than two weeks
SYDNEY, AAP – Shares had their biggest loss in more than two weeks on the ASX as investors despaired at US inflation figures which may prompt a series of rate rises. The market dropped about one per cent on Friday and most share categories fell after US annual inflation rose to a 40-year record. Property,…
Home owners have built big buffers: RBA
CANBERRA, AAP – Reserve Bank governor Philip Lowe has tried to soothe Australian borrowers’ concerns about the prospect of higher interest rates, saying it will occur at a time of stronger wages and jobs growth. He also told federal politicians that after two years of saving through the COVID-19 pandemic there is an extra $250…
Asia shares fall, US treasury yields firm
HONG KONG, RAW – Asian share markets fell on Friday, after red-hot US inflation data and hawkish comments from a Federal Reserve official fuelled bets on US interest rates being hiked more aggressively, and sent US Treasury yields jumping. MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.76 per cent, with most markets in…
Hi-tech centre for Comm Bank in Adelaide
ADELAIDE, AAP – The Commonwealth Bank will establish a technology hub in Adelaide creating 150 jobs within the next five years. The new centre will be based in Adelaide’s Lot Fourteen’s Entrepreneur and Innovation Centre, on the site of the old Royal Adelaide Hospital. It will employ and train skilled technology staff, including software engineers,…
Super boost for low income earners
CANBERRA, AAP – Low income earners will receive a boost to their superannuation after changes to existing laws were made in federal parliament. The $450 threshold – where super is not paid to a worker if they earn less than that a month – will be scrapped. It means from July, around 300,000 Australians –…
East coast restart looms for cruise ships
CANBERRA, AAP – The federal government hopes cruise ships can return to Australia’s east coast over coming months, something the industry says can’t happen soon enough. Victoria, NSW and Queensland have agreed to work on plans to restart the industry once Commonwealth COVID-19 biosecurity controls are scrapped. The federal government expects this to happen over…
US inflation up 7.5 per cent in past year
WASHINGTON, D. C., AP – Inflation in the United States soared over the past year at its highest rate in four decades, hammering consumers, wiping out pay raises and reinforcing the central bank’s decision to begin raising borrowing rates across the economy. The Labor Department said on Thursday that consumer prices jumped 7.5 per cent…
