Tree changers push NSW land value up $400b
SYDNEY, AAP – “Ski changers” and “tree changers” are being blamed for pushing the price of land in NSW to a record-high peak. Land in the state was valued at $2.2 trillion in the 12 months to July 2021, up from $1.8 trillion – an uptick of 24.8 per cent. The biggest growth was recorded…
Aust shares rolled by rising bond yields
SYDNEY, AAP – A second-half fade for the ASX has left investors with a reminder that rising interest rates could dominate 2022. The Australian market turned from gains to losses on Tuesday as bond yields rose here and abroad. The Australian government 10-year-bond was at 1.93 per cent as investors anticipate the US Federal Reserve…
Statewide Superannuation to pay $4 million penalty
The Federal Court has imposed combined penalties of $4 million on Statewide Superannuation Pty Ltd (Statewide) for providing members with misleading information regarding their insurance and failing to breach report the issue to ASIC in the time required by law. ASIC Deputy Chair Sarah Court said, ‘Statewide provided misleading communication to thousands of its members,…
Rapid tests to ‘play role’ in NSW schools
SYDNEY, AAP – NSW Premier Dominic Perrottet says rapid antigen tests will play a role in the government’s strategy to get kids back to school for term one as the state’s COVID-19 situation worsens. “We see a role of rapid antigen tests … as we open up schools … and that’s why we procured here…
Huge NT fuel site to power US fighter jets
DARWIN, AAP – Construction work is set to start on a huge US fuel storage depot in the Northern Territory to support military operations in the Asia-Pacific region. The $270 million project capable of holding 300 million litres will be the largest purpose-built fuel storage facility in northern Australia. It will be built at East…
Truckies call for electric freight policy
CANBERRA, AAP – Keeping shelves stocked will be helped by electric trucks, peak bodies say. The Electric Vehicle Council (EVC) and the Australian Trucking Association (ATA) have joined forces to call for urgent reforms. Truckies and electric vehicle experts on Tuesday released an electrification road map for governments to improve fuel security and supply chains…
Aust shares little higher, miners rebound
SYDNEY, AAP – Australia’s share market was a little higher on Tuesday and some of the biggest moves were in household-name retail stocks. The market was up 0.31 per cent as traders followed European markets, which closed higher after Chinese rate cuts. Wall Street traders enjoyed a public holiday. Materials shares were the most significant…
ASX drops, tech plunges on rate fears
SYDNEY, AAP – Australia’s share market has started the day lower but has been faring better than the whopping losses handed out on Wall Street overnight. The ASX was down 0.76 per cent on Wednesday after soaring bond yields in the US helped decimate markets there. ASX technology stocks fared worst and were down more…
Rio Tinto to hike iron ore exports in 2022
SYDNEY, AAP – Mining giant Rio Tinto has forecast greater iron ore exports in 2022 but is assuming the worst of the pandemic is over for its workforce. The company on Tuesday tipped exports of the steel-making commodity would increase from 322 million tonnes in 2021 to a range of 320 million tonnes to 335…
Confidence slumps as Omicron takes hold
CANBERRA, AAP – Consumer confidence has slumped due to the rapid spread of the Omicron variant and the immense strain this has put on testing facilities. The ANZ-Roy Morgan consumer confidence index – a guide to future household spending – tumbled 7.6 per cent in the past week to its lowest level since October 2020…
