It’s hard for the RBA to walk away from Q4 inflation numbers
There’s no doubt inflation is becoming an issue given the 3.5% annualised growth rate printed today. It’s hard to see how the Reserve Bank of Australia (RBA) walks away and we reiterate our view last week that interest rates will rise sooner than expected, probably in the second half of this year. The RBA is…
Inflation pressures accelerate further
CANBERRA, AAP – Price pressures in Australia accelerated in the December quarter with annual inflation rising to 3.5 per cent and beyond the Reserve Bank’s two to three per cent target. This compared with three per cent as of the September quarter. The Australian Bureau of Statistics said the consumer price index jumped 1.3 per…
WeChat hits back at interference claims
CANBERRA, AAP – An ownership dispute, and not “hacking or third-party intrusion”, is behind the rebranding of Scott Morrison’s WeChat account, the operator of the Chinese social media platform says. Coalition members backed a WeChat boycott in retaliation for the prime minister’s account being taken over and rebranded as “Australian Chinese new life”. But WeChat’s…
Facebook’s Meta creates AI supercomputer
MENLO PARK, AP – Facebook’s parent company Meta says it has created what it believes is among the fastest artificial intelligence supercomputers running today. The social media giant on Monday said it hopes the machine will help lay the groundwork for its building of the metaverse, a virtual reality construct intended to supplant the internet…
Jobless drop helps to steady confidence
CANBERRA, AAP – Consumer confidence has stabilised after a rocky start to 2022, buoyed by the latest labour force figures that showed the unemployment rate plunging to a 13-year low. However, concerns about the inflation outlook remain elevated heading into Tuesday’s release of the consumer price index for the December quarter. The weekly ANZ-Roy Morgan…
Vital diesel exhaust fuel supplies boosted
BRISBANE, AAP – Australia has significantly boosted supplies of a diesel exhaust fuel vital to keeping the country’s freight and logistics sectors on track. After striking up an agreement with the federal government, fertiliser manufacturer Incitec Pivot has increased the local production of AdBlue by 800 per cent to address a domestic shortage. Energy Minister…
Make every drop count in Melbourne
MELBOURNE, AAP – Reducing water consumption by four litres a day could help protect Victoria from future water shortages. With Melbourne’s population forecast to almost double by 2051 and the changing environment affecting water storages over the next 30 years, the pressure is on to help secure water supplies. One way is to reduce average…
Wall St higher in late market reversal
NEW YORK, RAW – Wall Street bounced back from a steep sell-off late in the session to close higher on Monday, with bargain hunters pushing the indexes into positive territory. The S&P 500 earlier came close to confirming a correction as investors focused on concerns about an increasingly hawkish Federal Reserve and geopolitical tensions. This…
ASX dips as inflation data, US Fed loom
SYDNEY, AAP – Investors have started a week of key data and decisions by taking money out of the ASX. The market closer lower for the fourth trading day in the past five prior to Australian inflation data on Tuesday and a US Federal Reserve policy meeting this week. Most share categories were down and…
Australia Post breaks Xmas parcel record
SYDNEY, AAP – Australians sent a record-breaking number of parcels over the Christmas period with Australia Post transporting tonnes of gifts by air. The mail service delivered 52 million parcels in the December peak as more than 5.6 million households shopped online. The number of online purchases rose 1.5 per cent year-on-year from 2020, and…
