Aussies stashed cash as Omicron took hold
SYDNEY, AAP – Australians stashed more money in the bank at the beginning of the Omicron outbreak and Federal Treasurer Josh Frydenberg hopes it will be used to revitalise the nation’s economy. A sharp rise in household deposits of 1.7 per cent ($20.7 billion) occurred in December, APRA figures published Monday show, as the number…
ASX ends little lower, dollar eases
SYDNEY, AAP – Australia’s share market has wavered in the second half of trade and closed a little lower while the dollar struggled to trade for more than 70 US cents. The heavyweight financials category was the worst performer on the ASX and lost 1.83 per cent on Monday. Financials were not helped by a…
Asia shares in cautious mood, oil rising
SYDNEY, RAW – Asian share markets made a cautious start to a week that is likely to see a rise in UK interest rates and mixed reports on US jobs and manufacturing, while surging oil prices added to worries over inflation. Data out on Sunday showed China’s factory activity slowed in January as a resurgence…
WeChat parent Tencent reaches out to PM
CANBERRA, AAP – The prime minister’s office has confirmed WeChat’s parent company Tencent has reached out after months of snubbing. The office had repeatedly tried to contact the company since July 2021 – including the CEO – after Scott Morrison lost control of his account. A Tencent executive reached out to the office on January…
Melbourne Airport runway plan takes off
MELBOURNE, AAP – Melbourne Airport’s long-held plans for a third runway will be released to the public. The plans for the 3000m north-south runway will be released Monday and made available for consultation until May 16. The $1.9 billion project is expected to increase the airport’s capacity by 136,500 take-offs and landings each year. Planning…
Get in gear on electric vehicles: industry
CANBERRA, AAP – Australia could see mass take-up of electric vehicles if the federal government gets into gear, the industry says. Tax breaks and fuel efficiency standards could drive sales of EVs, just like in other developed economies, Electric Vehicle Council head Behyad Jafari said on Monday. “After so many wasted years, Australia’s a long…
Net zero brings uneven job losses: report
CANBERRA, AAP – Australia will lose hundreds of thousands of jobs, mostly in a handful of regions, if it fails to make the changes required by our emissions-busting trading partners, a report warns. The independent Centre for Policy Development on Monday released detailed modelling on the impact of locked-in and likely commitments for net zero…
Wall St rallies for best day of the year
NEW YORK, RAW – Wall Street has surged, notching its best day so far in 2022 after another zigzag session, ending a tumultuous week marked by mixed corporate earnings, geopolitical turmoil and an increasingly aggressive Federal Reserve. All three major US stock indexes began Friday in the red, but turned increasingly green as the session…
Coalition snubs NSW economic support calls
CANBERRA, AAP – Deputy Prime Minister Barnaby Joyce has attacked the NSW treasurer for asking the federal government to support the state’s new business package. Matt Kean wanted the Commonwealth to put additional money into the scheme to support businesses that have suffered a 40 per cent downturn during the summer. But Mr Joyce spruiked…
Why it’s too early for the RBA to pull the trigger
Inflation is picking up in Australia, and there is considerable speculation about what the central bank will do with interest rates in 2022. The Consumer Price Index figures out this week show prices over 2021 rose 3.5%. That increase reflected big jumps in some prices – such as transportation costs, up 12.5% – while other…
