Economy

Low spending boosting the Australian Economy

Low spending boosting the Australian Economy

  Scott Morrison will today launch a strident defence of the government’s fiscal strategy, warning that an earlier than planned return­ to budget surplus risks dampening an economy that is gathering momentum for the first time in ­almost a decade.  The Treasurer will tell the Melbourne Institute/The Australian Economic and Social Outlook Conference that the turnaround […]

Housing bubble fears are overblown

Housing bubble fears are overblown

Soaring home prices in Australia’s biggest cities are driven by strong demand and a lack of supply, rather than indicating a “bubble,” according to HSBC’s local chief cconomist Paul Bloxham. “At a national level, a key reason for rising housing prices has been housing under-supply,” Bloxham writes. “This also suggests that a significant fall in prices, as occurred in […]

Banks drive ASX’s best day in 2017

Banks drive ASX’s best day in 2017

Banks drive ASX’s best day in 2017 Shares had a blistering session on Tuesday, gaining $28 billion in value as banks and consumer discretionary plays led the market to its best day of the year. Investors scooped up financial stocks after a few weeks of savage selling, helped along by news the South Australian Liberals will block the state’s bank […]

Businesses brace for crippling energy bill increases

Businesses brace for crippling energy bill increases

Businesses brace for crippling energy bill increases BUSINESSES will be forced to cut staff or shut down altogether as crippling energy price hikes begin sweeping across the nation this month. The small business lobby group says urgent action is needed to resolve the decade-long national deadlock on energy policy in the face of what’s being […]

Surprise retail sales figures light fire under consumer stocks

Surprise retail sales figures light fire under consumer stocks

Surprise retail sales figures light fire under consumer stocks A surprise jump in retail sales statistics lit a fire under Australia’s beleaguered discretionary retail stocks on Tuesday, making them some of the best performing companies on the ASX’s best day of the year so far. Gain were enjoyed across the sector as JB Hi-Fi shares […]

No hint of hikes as RBA remains on hold

No hint of hikes as RBA remains on hold

No hint of hikes as RBA remains on hold The Reserve Bank remains firmly perched on the fence, leaving the official cash rate unchanged at a record low for an eleventh straight month. The central bank kept the official interest rate at 1.5 per cent, as Governor Philip Lowe pointed to mixed labour market conditions […]

ASX faces end-of-financial-year tumble as global markets slump

ASX faces end-of-financial-year tumble as global markets slump

Stand by for a rough day on the local market with the ASX poised to drop more than 1 per cent on opening, as global markets suddenly lost their appetite for risk overnight. Markets at 7:15am (AEST): ASX SPI 200 futures -1.16pc to 5,710 AUD: 76.81 US cents, 59.05 British pence, 86.15 Japanese yen, 67.12 […]

Finance meets politics: Australian banks in a bilateral sandwich

Finance meets politics: Australian banks in a bilateral sandwich

The government’s levy on Australia’s five biggest banks has passed through federal Parliament. Expected to raise $6.2 billion, it will come into effect on July 1 for ANZ, Westpac, NAB, CBA and Macquarie. But just when it seemed another battle had been fought, if perhaps not completely won, in the ongoing power struggle between banks and government, […]

Australian banks told to reform sales targets by Wells Fargo whistleblower

Australian banks risk being embroiled in misconduct such as the fake bank account scandal that hit Wells Fargo unless sales targets for frontline staff are reformed, says a whistleblower from the US bank. Kilian Colin, a former Wells Fargo banker, played a key role in exposing the scandal in which millions of fake accounts were opened by staff who […]

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