Crown Perth royal commission under way
PERTH, AAP – A royal commission into Crown Perth will examine whether Western Australia’s decades-old gambling legislation remains fit for purpose. The inquiry officially opened on Monday with a brief hearing outlining the scope of evidence to be heard in coming months. It is being led by three commissioners: former Supreme Court justices Neville Owen…
Divergent tides: The ebb and flow of financial markets
Most of the time, financial markets ebb and flow like the tide. All boats are lifted or fall together. On occasions, however, different assets part company, responding to the same influences in divergent ways. The first three months of 2021 has been such a period. Last week, the S&P 500 rose above 4,000 for the…
Scentre investors hit out against exec pay
SYDNEY, AAP – Investors in Westfield-owners Scentre Group have served a ‘first strike’ on executives’ pay, after the company leaders produced a full-year loss and reduced final dividend. Investors participating in the company’s annual general meeting on Thursday cast a 51 per cent vote against executives’ remuneration, following pandemic-plagued results. Chief executive Peter Allen and…
Melbourne suburbs top for shopping online
SYDNEY, AAP – Melbourne postcodes have dominated a list of the suburbs where the most online shopping is delivered across Australia. Five Melbourne suburbs – Point Cook, Cranbourne, Hoppers Crossing, Craigieburn and Doreen – did the greatest amount of online shopping by purchase volume last year, according to Australia Post data. People in these suburbs…
All eyes on the Non-Farm Payroll this week
US equities were stronger on Friday as the S&P 500 found a fresh record high ahead of a busy data week. The Non-Farm Payroll data – the granddaddy of them all — is set to provide keen direction for risk markets as we enter Q2. After springing a few leaks due to global Covid-19 concerns,…
Economic review: A hard bump ahead?
The vast arsenal of fiscal, monetary and legal measures used by Australian governments to offset the COVID-induced economic crisis have worked well. They did not prevent a recession (popularly defined as two quarters of negative GDP growth) but things could have been much worse. What is particularly interesting is that the expected consequences have not…
Aust shares down, AUD rises on job figures
SYDNEY, AAP – Australia’s share market was a little lower, while the Aussie dollar picked up after a big drop in the unemployment rate in February. The S&P/ASX200 benchmark index was lower by 16.3 points, or 0.23 per cent, to 6778.9 at 1200 AEDT on Thursday. The All Ordinaries was lower by 13.4 points, or…
Minister’s leave fuels work reform delay
CANBERRA, AAP – Controversial workplace law reforms will almost certainly be delayed, with a key crossbench senator declaring negotiations will be impossible next week. Industrial Relations Minister Christian Porter has taken time off after emphatically denying historical rape allegations. Prime Minister Scott Morrison has backed his temporary replacement Michaelia Cash to lead negotiations while he…
Debt servicing ratio at 41-year low
Debt servicing ratio at 41-year low Current Account; Government spending International trade: The broadest measure of international trade – the current account – was in surplus by $14.5 billion in the December quarter. The rolling annual surplus rose to a record $49.36 billion. Net exports (exports less imports) will detract 0.1 percentage points from economic…
Ampol wants new COVID approach after loss
SYDNEY, AAP – Ampol boss Matthew Halliday says short coronavirus lockdowns are damaging longer-term consumer confidence and Australia needs a risk-based approach. Mr Halliday was speaking on Monday after the fuel refiner posted a full-year loss of $485 million, mainly due to coronavirus restrictions limiting travel. The company formerly known as Caltex Australia makes money…
