RBA disappoints traders seeking cash rate pause
Some economists updated their outlook for interest rates after the Reserve Bank said it would continue to lift rates.
- Opinion
- Chanticleer
Worst of RBA’s rate pain is still a year off for property market
The usual lagged effect of monetary policy is being compounded by a high proportion of mortgage borrowers on fixed-rate loans, making the RBA’s job harder.
Westpac, NAB, ANZ send early Christmas pain to borrowers
Westpac was the first of the big four banks out behind the RBA with rate rises for Christmas, as Citi says banks are well-provisioned and ready for the rapid rate raising cycle.
ASIC chairman demands ASX consult more on CHESS
A day after an explosive parliamentary committee hearing, Joe Longo has a message for ASX’s board: restoring market confidence must be its top priority.
- Opinion
- Chanticleer
Less worse news might not be good enough to keep rally running
Is the rally that’s been running since October coming to an end? Ironically, signs of economic strength are weighing on investors.
Labor tells regulator to clarify rules after Barossa gas ruling
The clarification request in effect rules out new legislation to lower the threshold that gas developers must overcome.
Expect more interest rate rises in 2023: RBA
The Reserve Bank of Australia announced an eighth straight increase in the official interest rate after its final meeting for 2022, delivering an unwelcome quarter-point rise.
Professional Life: Inside the biggest news and moves at PwC, Deloitte, McKinsey and KPMG. In your inbox every Wednesday.
Companies
Gupta plans massive mining boost to make green iron
Billionaire Sanjeev Gupta says a massive increase in magnetite mining in South Australia can make steel-making operations carbon-neutral by 2030.
ACCC puts airlines on notice as domestic fares hit 15-year high
The competition watchdog says it will “monitor closely” domestic airlines to ensure they add extra seats and flights to bring down airfares, which have hit 15-year highs.
Solar power to overtake coal by 2027: IEA
The International Energy Agency’s latest report said the global energy crisis emanating from the war in Ukraine has accelerated the transition to renewables.
Westpac, NAB, ANZ send early Christmas pain to borrowers
Westpac was the first of the big four banks out behind the RBA with rate rises for Christmas, as Citi says banks are well-provisioned and ready for the rapid rate raising cycle.
- Exclusive
- Energy prices
Energy regulator raises bar for retail licences after chaos
New applicants will have to demonstrate they have the capability to withstand recent volatility in the energy market.
NAB fraudster to spend Christmas in jail awaiting sentence
Sydney woman Helen Mary Rosamond, who embezzled millions of dollars from National Australia Bank, will spend the festive season in jail ahead of her sentence next year.
- Opinion
- Chanticleer
Clough collapse comes as cracks spread beyond construction
The failure of the contracting group comes as rising rates, cost pressures, COVID-19 supply chain hangovers and a more active ATO start to hit the business sector.
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Markets
ASX sheds 0.5pc as RBA again raises rates
The S&P/ASX 200 Index dropped 0.5 per cent to 7291.3 points. Magellan Financial Group fell 3.3 per cent to $9.20 and St Barbara dropped 8.8 per cent to 62.5¢.
Afterpay US turns lender offering interest-bearing loans
Afterpay will offer US consumers loans up to $US4000, but they’ll have to pay interest in a pivot for the business famous for interest-free lending.
Take profits before bear market returns, warns Morgan Stanley
The broker’s chief equity strategist says the bear market rally he correctly predicted is running out of steam, and it’s time to sell US stocks.
Westpac, NAB lift rates ahead of Christmas; ASX falls 0.5pc
Reserve Bank lifts interest rates in line with expectations to 10-year high of 3.1 per cent. CBA upgrades peak cash rate forecast. Westpac lifts home loan rates by 25 basis points. Gold miners fall as coal stocks gain. Magellan FUM down $2.5b. Follow for updates.
FTX fallout hits Aussie crypto player Maple Finance
The Melbourne-based crypto start-up has severed ties with crypto hedge fund Orthogonal Trading, which has defaulted on $US35m worth of loans.
Opinion
RBA’s rate rises to keep coming
The latest rate increase by the Reserve Bank was expected. What’s less certain is how many more there will be next year.
Columnist
What these fallen tech stars have in common
Elizabeth Holmes and Sam Bankman-Fried were charismatic entrepreneurs who attracted billions in funds by holding out the promise of disrupting big industries.
Columnist
Blockchains: What’s the point of them, really?
Why go to the trouble and expense of maintaining a ledger in many places to then carry it around every time a transaction takes place?
Contributor
It’s not just Albanese who’s stuck in an energy price mess
Divisions between NSW Premier Dominic Perrottet and his treasurer and energy minister also demonstrate the contradictions in Australia’s energy ambitions.
Columnist
Labor needs a plan B for energy transition
We need renewables to succeed. But the irony is that Labor is setting them up to fail by demonising gas, demolishing coal-fired plants, and rubbishing the nuclear option.
Shadow Minister
Why business could join politicians in the NACC dock
Companies have to be careful in engaging with governments to win work or risk becoming a target of the federal anti-corruption body for breaching public trust.
Risk and Policy Adviser
Politics
Morrison seeks cabinet privilege waiver ahead of robodebt appearance
Former Prime Minister Scott Morrison is seeking to waive cabinet confidentiality ahead of appearance before the robodebt royal commission next week.
Plibersek to reveal EPA plans for 2023
Businesses are watching carefully amid fears the new body could complicate critical projects and worsen state and federal duplication
‘All the way with WA’: Labor’s plan to court the west
Retaining seats in WA is a crucial part of federal Labor’s re-election strategy.
$31b trade surplus swamped by offshore dividend flows
Record mining profits sparked a flood of dividend payments offshore in the September quarter, more than offsetting a strong trade balance.
Health insurers bemoan ‘politicised’ premium decisions
The peak body for not-for-profit hospitals wants the Health Department and Health Minister Mark Butler to be stripped of their roles in approving premium rises.
SPONSORED
World
Don’t do it: US warns Indonesia on criminalising sex outside marriage
Indonesia risks being shunned by international investors and travellers after its parliament approved a controversial new criminal code.
Cheers star Kirstie Alley dies aged 71
“An icon of the screen.” Alley died of cancer that was only recently discovered, her children announced.
Beijing prepares for ‘life again’ as lockdowns lift across China
The capital’s easing of testing requirements followed a similar move from Shanghai, China’s most populous city.
Brazil dances its way into World Cup quarter-finals
Brazil has surely cemented its status as one of the favourites to lift the FIFA World Cup trophy.
Xi thanks Jiang Zemin for ensuring party’s survival
Mr Jiang, who died on Wednesday aged 96, confounded the naysayers, chalking up a list of achievements after breaking China out of diplomatic isolation in the post-Tiananmen era.
Property
The Sydney suburbs where annual rents may rise by $5200
The sharp rise in rent of at least $100 a week comes as the number of vacant rental homes dropped to record low levels in the past 12 months.
Industrial trumps retail as rate hikes hit commercial auctions
Charter Hall was the big winner from a lacklustre commercial property auction as it sold nine out of 13 warehouses leased to Woolworths subsidiary PFD Foods.
Greens push tough new rules for landlords
Wednesday’s meeting of the national cabinet should consider tough new rules for landlords, says Greens housing spokesman Max Chandler-Mather.
- Opinion
- Property development
Are put and call options a duty avoidance scheme?
NSW has expanded general anti-avoidance rules to include schemes that involve “postponing payment of tax”. Clear guidance will be crucial for land deals.
Almost 6000 rooms will open next year, but it’s not good for hoteliers
The number of hotel rooms due for completion in 2023 is almost double the number that opened this year, according to a report by Colliers.
Wealth
- Opinion
- Bonds
What rising bond yields mean for Australia
Australia has emerging costs from an ageing population, a forecast NDIS blowout, and childcare initiatives. It’s the cost of servicing government debt, though, that deserves new focus.
Banks’ deposit war spells good news for investors
Rising interest rates are taking both financial and resources sectors for a dizzying spin of activity that could potentially bring higher returns for investors.
- Opinion
- SMSFs
Is setting up an SMSF really the best idea for you?
If you are considering setting up a SMSF, there are certain investment ‘opportunities’ that you should carefully research before proceeding down that path.
Technology
- Exclusive
- Funding
US VCs Bonfire and Wonder back Aussie brothers’ tech start-up
Peter and James Iansek founded Operative Intelligence to help customer contact centres resolve problems faster.
- Exclusive
- Funding
Melbourne Uni start-up pulls in $15.8m from tech giants
Apromore is in one of the hottest M&A fields in tech, and Salesforce has bought into the local start-up to enter the emerging sector.
- Exclusive
- Venture capital
Rokt’s valuation leaps by $750m as Nasdaq looms
Some early investors and employees have sold shares in Bruce Buchanan’s e-commerce technology company Rokt, with the round valuing the company at $US2.4 billion.
Work & Careers
Unions jump on new IR laws to boost aged care pay
Aged care unions will use new gender equity rules introduced by the Albanese government to bolster their claims for pay rises of up to 25 per cent for 300,000 workers.
Top ABC presenter quits journalism for investment firm
Elysse Morgan, who was one of the most high-profile business journalists at the ABC, has joined Brett Himbury’s Stafford Capital.
Life & Luxury
‘It’s cheaper to fly private’: the execs ditching Qantas
Sky-high fares are prompting some companies to re-think commercial flights and opt for a private jet instead.
Lessons learnt kiteboarding that this Polestar boss takes to work
As an evolving sport, it attracts innovative people with sustainability in mind, says Samantha Johnson.
Brazil crush Korea with an attacking masterclass
The tournament favourites produced a performance to delight fans after Japan crashed out of the Cup in a penalty shootout against Croatia.
Blood test could detect Alzheimer’s years before symptoms occur
A simple blood test that can detect Alzheimer’s disease years before symptoms appear may be one step closer to reality, as researchers devise a new method to find it early.
The $1.8m smiley watch plus 14 more of the latest luxury timepieces
Sales boom while new models from the big guns keep coming; it promises to be a bountiful season of giving.
