From ‘money muling' to ‘micro-laundering', new scams grab watchdog's attention
'It's allowing us to get access to bigger amounts of data and information in a much faster way, and it then allows us to bring a bunch of different perspectives to analysing that data and information to give us a better understanding of the criminal threats, risks to the financial system and, importantly, big criminal networks,' he says.
The alliance is being used to detect other scams like micro-laundering where illicit funds are mingled with money from legitimate sources and moved at volume through low-value digital transactions.
Money muling is another issue the alliance has uncovered. It involves students from overseas receiving ads to sell their bank accounts after they leave Australia. It gives criminals control of bank accounts that have already been vetted by the banks and are not considered a threat.
Scambling is another threat not captured by traditional AUSTRAC reporting thresholds. It involves unlicensed gambling operators tricking people onto scam websites and then to participate in gambling. A campaign by the watchdog found scambling to be a particular problem in regional and remote Aboriginal communities.
Co-operation through the Fintel Alliance represents a remarkable turnaround in the relationship between the regulator and the companies it regulates.
In 2020, Westpac was ordered by the courts to pay a $1.3 billion fine for money-laundering breaches after AUSTRAC brought action against the bank.
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The Commonwealth Bank paid a $700 million fine in 2018, Crown was hit with a $350 million penalty in 2023, and Star Entertainment is due to appear in court next month and may face a $300 million fine for alleged money-laundering breaches.
The banks and casinos have beefed up their anti-money laundering units in response to these cases which has helped boost the effectiveness of the alliance. In turn, it allows these companies to check whether their controls are working effectively, spot any weaknesses in their systems and reduce the risk of money-laundering breaches.
'Criminals are adept at finding the weak points. By working together to develop and use new tools, technologies and fresh approaches to combat crime, we can strengthen the ecosystem we all operate in,' says ANZ Group's financial crime risk boss, Cassandra Hewett.
To give an idea of how much things have changed, NAB's financial crime risk boss Paul Jevtovic was AUSTRAC's chief executive when the Fintel Alliance was first introduced.
For AUSTRAC, the next step is to take the program global. After all, that is where most of the money being laundered in Australia is coming from.
'Organised crime is a global business,' Thomas says.
'We've got billions of dollars moving between jurisdictions around the world, and we can all take action in our own jurisdictions to combat that much (more strongly) if we've got international governments, global banks and others working together across multiple jurisdictions to try and combat crime.
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The Advertiser
21 hours ago
- The Advertiser
Probe into Indigenous man's death after airport custody
An Indigenous man has died in hospital after federal police stopped him from boarding a plane for allegedly being intoxicated, with a death-in-custody investigation underway. It's the second death in custody in a fortnight in the Northern Territory, following that of young Aboriginal man Kumanjayi White on May 27 after he was restrained by plain-clothes NT officers in an Alice Springs supermarket. On May 30, a 68-year-old was prevented from joining a flight out of Darwin after federal officers received reports of him being intoxicated, Northern Territory Police said in a statement. He was taken into protective custody and driven to the Palmerston Watchhouse where the custody sergeant and nurse deemed it necessary to take him to Royal Darwin Hospital for assessment. Upon arrival at the hospital federal officers noticed the man had lost consciousness, prompting medical staff to immediately commence CPR, with resuscitation efforts proving successful. He was transferred to the Intensive Care Unit in a stable condition for ongoing treatment for what was a suspected medical event, NT Police said. The man died in the ICU on Saturday and NT Police said his next of kin had been notified. "The cause of the man's death remains undetermined pending a post mortem (examination)," territory police said. "The incident is being investigated as a death in custody as the man was in the custody of the AFP at the time of him first losing consciousness." An AFP spokesperson said in a statement on Sunday individuals in protective custody are not under arrest and the man was "not restrained at any point by AFP officers". The AFP confirmed the man was detained under the public intoxication section of the NT Police Administration Act. The man was taken to hospital so he could be "monitored while sobering up" and he presented no medical concerns while being transported, the spokesperson said. But when he arrived at the hospital he "experienced a sudden and serious medical episode" and lost consciousness. The officers involved are being supported by AFP welfare officers. NT Police will prepare a report for the coroner. In the case of Mr White, rallies continue across the country to demand justice, calling for an independent inquiry into his death. 13YARN 13 92 76 Lifeline 13 11 14 An Indigenous man has died in hospital after federal police stopped him from boarding a plane for allegedly being intoxicated, with a death-in-custody investigation underway. It's the second death in custody in a fortnight in the Northern Territory, following that of young Aboriginal man Kumanjayi White on May 27 after he was restrained by plain-clothes NT officers in an Alice Springs supermarket. On May 30, a 68-year-old was prevented from joining a flight out of Darwin after federal officers received reports of him being intoxicated, Northern Territory Police said in a statement. He was taken into protective custody and driven to the Palmerston Watchhouse where the custody sergeant and nurse deemed it necessary to take him to Royal Darwin Hospital for assessment. Upon arrival at the hospital federal officers noticed the man had lost consciousness, prompting medical staff to immediately commence CPR, with resuscitation efforts proving successful. He was transferred to the Intensive Care Unit in a stable condition for ongoing treatment for what was a suspected medical event, NT Police said. The man died in the ICU on Saturday and NT Police said his next of kin had been notified. "The cause of the man's death remains undetermined pending a post mortem (examination)," territory police said. "The incident is being investigated as a death in custody as the man was in the custody of the AFP at the time of him first losing consciousness." An AFP spokesperson said in a statement on Sunday individuals in protective custody are not under arrest and the man was "not restrained at any point by AFP officers". The AFP confirmed the man was detained under the public intoxication section of the NT Police Administration Act. The man was taken to hospital so he could be "monitored while sobering up" and he presented no medical concerns while being transported, the spokesperson said. But when he arrived at the hospital he "experienced a sudden and serious medical episode" and lost consciousness. The officers involved are being supported by AFP welfare officers. NT Police will prepare a report for the coroner. In the case of Mr White, rallies continue across the country to demand justice, calling for an independent inquiry into his death. 13YARN 13 92 76 Lifeline 13 11 14 An Indigenous man has died in hospital after federal police stopped him from boarding a plane for allegedly being intoxicated, with a death-in-custody investigation underway. It's the second death in custody in a fortnight in the Northern Territory, following that of young Aboriginal man Kumanjayi White on May 27 after he was restrained by plain-clothes NT officers in an Alice Springs supermarket. On May 30, a 68-year-old was prevented from joining a flight out of Darwin after federal officers received reports of him being intoxicated, Northern Territory Police said in a statement. He was taken into protective custody and driven to the Palmerston Watchhouse where the custody sergeant and nurse deemed it necessary to take him to Royal Darwin Hospital for assessment. Upon arrival at the hospital federal officers noticed the man had lost consciousness, prompting medical staff to immediately commence CPR, with resuscitation efforts proving successful. He was transferred to the Intensive Care Unit in a stable condition for ongoing treatment for what was a suspected medical event, NT Police said. The man died in the ICU on Saturday and NT Police said his next of kin had been notified. "The cause of the man's death remains undetermined pending a post mortem (examination)," territory police said. "The incident is being investigated as a death in custody as the man was in the custody of the AFP at the time of him first losing consciousness." An AFP spokesperson said in a statement on Sunday individuals in protective custody are not under arrest and the man was "not restrained at any point by AFP officers". The AFP confirmed the man was detained under the public intoxication section of the NT Police Administration Act. The man was taken to hospital so he could be "monitored while sobering up" and he presented no medical concerns while being transported, the spokesperson said. But when he arrived at the hospital he "experienced a sudden and serious medical episode" and lost consciousness. The officers involved are being supported by AFP welfare officers. NT Police will prepare a report for the coroner. In the case of Mr White, rallies continue across the country to demand justice, calling for an independent inquiry into his death. 13YARN 13 92 76 Lifeline 13 11 14 An Indigenous man has died in hospital after federal police stopped him from boarding a plane for allegedly being intoxicated, with a death-in-custody investigation underway. It's the second death in custody in a fortnight in the Northern Territory, following that of young Aboriginal man Kumanjayi White on May 27 after he was restrained by plain-clothes NT officers in an Alice Springs supermarket. On May 30, a 68-year-old was prevented from joining a flight out of Darwin after federal officers received reports of him being intoxicated, Northern Territory Police said in a statement. He was taken into protective custody and driven to the Palmerston Watchhouse where the custody sergeant and nurse deemed it necessary to take him to Royal Darwin Hospital for assessment. Upon arrival at the hospital federal officers noticed the man had lost consciousness, prompting medical staff to immediately commence CPR, with resuscitation efforts proving successful. He was transferred to the Intensive Care Unit in a stable condition for ongoing treatment for what was a suspected medical event, NT Police said. The man died in the ICU on Saturday and NT Police said his next of kin had been notified. "The cause of the man's death remains undetermined pending a post mortem (examination)," territory police said. "The incident is being investigated as a death in custody as the man was in the custody of the AFP at the time of him first losing consciousness." An AFP spokesperson said in a statement on Sunday individuals in protective custody are not under arrest and the man was "not restrained at any point by AFP officers". The AFP confirmed the man was detained under the public intoxication section of the NT Police Administration Act. The man was taken to hospital so he could be "monitored while sobering up" and he presented no medical concerns while being transported, the spokesperson said. But when he arrived at the hospital he "experienced a sudden and serious medical episode" and lost consciousness. The officers involved are being supported by AFP welfare officers. NT Police will prepare a report for the coroner. In the case of Mr White, rallies continue across the country to demand justice, calling for an independent inquiry into his death. 13YARN 13 92 76 Lifeline 13 11 14
The Advertiser
a day ago
- The Advertiser
Indigenous man dies after airport apprehension
An Indigenous man has died in hospital after federal police stopped him from boarding a plane for allegedly being intoxicated, with a death-in-custody investigation underway. It is the second death in custody in a fortnight in the Northern Territory, following the death of Aboriginal man Kumanjayi White, who died on May 27 after being restrained by plain-clothes NT police officers in a supermarket in Alice Springs. On May 30, a 68-year-old was prevented from joining the flight out of Darwin after federal officers received reports of him being intoxicated, Northern Territory Police said in a statement. He was taken into protective custody and driven to the Palmerston Watchhouse where the custody sergeant and nurse deemed it necessary to take him to Royal Darwin Hospital for assessment. Upon arrival at the hospital federal officers noticed the man had lost consciousness, prompting medical staff to immediately commence CPR, with resuscitation efforts proving successful. He was transferred to the Intensive Care Unit in a stable condition for ongoing treatment for what was a suspected medical event, NT Police said. The man died in the ICU on Saturday. Police told the ABC the man was Aboriginal and his next of kin had been notified. "The cause of the man's death remains undetermined pending a post mortem (examination)," police said. "The incident is being investigated as a death in custody as the man was in the custody of the AFP at the time of him first losing consciousness." NT Police will prepare a report for the Coroner. The AFP said in a statement on Sunday that the man was "not restrained at any point by AFP officers". Rallies continue across the country to demand justice for Kumanjayi White. 13YARN 13 92 76 Lifeline 13 11 14 An Indigenous man has died in hospital after federal police stopped him from boarding a plane for allegedly being intoxicated, with a death-in-custody investigation underway. It is the second death in custody in a fortnight in the Northern Territory, following the death of Aboriginal man Kumanjayi White, who died on May 27 after being restrained by plain-clothes NT police officers in a supermarket in Alice Springs. On May 30, a 68-year-old was prevented from joining the flight out of Darwin after federal officers received reports of him being intoxicated, Northern Territory Police said in a statement. He was taken into protective custody and driven to the Palmerston Watchhouse where the custody sergeant and nurse deemed it necessary to take him to Royal Darwin Hospital for assessment. Upon arrival at the hospital federal officers noticed the man had lost consciousness, prompting medical staff to immediately commence CPR, with resuscitation efforts proving successful. He was transferred to the Intensive Care Unit in a stable condition for ongoing treatment for what was a suspected medical event, NT Police said. The man died in the ICU on Saturday. Police told the ABC the man was Aboriginal and his next of kin had been notified. "The cause of the man's death remains undetermined pending a post mortem (examination)," police said. "The incident is being investigated as a death in custody as the man was in the custody of the AFP at the time of him first losing consciousness." NT Police will prepare a report for the Coroner. The AFP said in a statement on Sunday that the man was "not restrained at any point by AFP officers". Rallies continue across the country to demand justice for Kumanjayi White. 13YARN 13 92 76 Lifeline 13 11 14 An Indigenous man has died in hospital after federal police stopped him from boarding a plane for allegedly being intoxicated, with a death-in-custody investigation underway. It is the second death in custody in a fortnight in the Northern Territory, following the death of Aboriginal man Kumanjayi White, who died on May 27 after being restrained by plain-clothes NT police officers in a supermarket in Alice Springs. On May 30, a 68-year-old was prevented from joining the flight out of Darwin after federal officers received reports of him being intoxicated, Northern Territory Police said in a statement. He was taken into protective custody and driven to the Palmerston Watchhouse where the custody sergeant and nurse deemed it necessary to take him to Royal Darwin Hospital for assessment. Upon arrival at the hospital federal officers noticed the man had lost consciousness, prompting medical staff to immediately commence CPR, with resuscitation efforts proving successful. He was transferred to the Intensive Care Unit in a stable condition for ongoing treatment for what was a suspected medical event, NT Police said. The man died in the ICU on Saturday. Police told the ABC the man was Aboriginal and his next of kin had been notified. "The cause of the man's death remains undetermined pending a post mortem (examination)," police said. "The incident is being investigated as a death in custody as the man was in the custody of the AFP at the time of him first losing consciousness." NT Police will prepare a report for the Coroner. The AFP said in a statement on Sunday that the man was "not restrained at any point by AFP officers". Rallies continue across the country to demand justice for Kumanjayi White. 13YARN 13 92 76 Lifeline 13 11 14 An Indigenous man has died in hospital after federal police stopped him from boarding a plane for allegedly being intoxicated, with a death-in-custody investigation underway. It is the second death in custody in a fortnight in the Northern Territory, following the death of Aboriginal man Kumanjayi White, who died on May 27 after being restrained by plain-clothes NT police officers in a supermarket in Alice Springs. On May 30, a 68-year-old was prevented from joining the flight out of Darwin after federal officers received reports of him being intoxicated, Northern Territory Police said in a statement. He was taken into protective custody and driven to the Palmerston Watchhouse where the custody sergeant and nurse deemed it necessary to take him to Royal Darwin Hospital for assessment. Upon arrival at the hospital federal officers noticed the man had lost consciousness, prompting medical staff to immediately commence CPR, with resuscitation efforts proving successful. He was transferred to the Intensive Care Unit in a stable condition for ongoing treatment for what was a suspected medical event, NT Police said. The man died in the ICU on Saturday. Police told the ABC the man was Aboriginal and his next of kin had been notified. "The cause of the man's death remains undetermined pending a post mortem (examination)," police said. "The incident is being investigated as a death in custody as the man was in the custody of the AFP at the time of him first losing consciousness." NT Police will prepare a report for the Coroner. The AFP said in a statement on Sunday that the man was "not restrained at any point by AFP officers". Rallies continue across the country to demand justice for Kumanjayi White. 13YARN 13 92 76 Lifeline 13 11 14
The Advertiser
a day ago
- The Advertiser
Businesses and consumers caught between opposing forces
Will a second rate cut be enough to settle the nerves of businesses and consumers spooked by global trade uncertainty? Donald Trump's tariffs have weighed on sentiment in recent months, stifling an expected economic recovery in 2025. Household confidence spiked following the Reserve Bank's first interest rate reduction in February but the prospect of a global economic slowdown brought about by the US president's trade war wiped away those gains. Westpac and the Melbourne Institute will release the June update to their consumer sentiment index on Tuesday. Despite a de-escalation in trade tensions between the US and China, uncertainty remains high. In the central bank board's May minutes, the word uncertainty was used 21 times - almost double the figure in April. But another rate cut by the RBA last month could at least provide a much-needed boost to consumer spirits, after spending was slower than expected in the first few months of the year. Following the May board meeting, Reserve Bank governor Michele Bullock said there was a downside risk to the economy if households remained more cautious than they had been during past rate easing cycles. Subdued consumption was having a flow-on effect for businesses, which are battling with relatively low spending while unit labour costs remain high. Household spending rose just 0.1 per cent in April, cancelling out a 0.1 per cent fall the previous month, the Australian Bureau of Statistics reported on Thursday. NAB's business survey, also to be released on Tuesday, will be closely watched for signs of how the last month of tariff turbulence and interest rate reductions have impacted firms' investment plans. "Capex and forward orders indicators will be key to deducing how business decisions and demand have been impacted by global growth uncertainty," ANZ Bank senior economist Adelaide Timbrell said in a research note. Capital expenditure fell 0.1 per cent in the March quarter, with spending on equipment and machinery dipping a worrying 1.3 per cent. Australia desperately needs businesses to invest more in the sort of capital that can help boost anaemic productivity growth. In NAB's last business survey, capex fell sharply by six index points while forward orders were also weak. With little in the way of hard economic data on offer domestically, investors will cast their eyes offshore to US inflation data on Wednesday and Thursday. "Tariffs have yet to meaningfully impact published CPI data to date," said ANZ economists Tom Kenny and Shwetha Sunilkumar. "We think May's CPI data will show some of the increased cost pressures facing businesses being passed onto consumers, particularly via higher goods prices." The US central bank has remained cautious, keeping rates on hold at 4.25 per cent since December and has so far resisted Mr Trump's demands to drop them. If inflation remains subdued, the Fed could eventually be reassured enough to resume its easing cycle. Wall Street closed higher on Friday after a better-than-expected jobs report calmed worries about the economy, while Tesla bounced, clawing back some previous session losses. The S&P 500 closed above 6000 for the first time since February 21, fuelled by gains in technology shares. Australian share futures moved up 29 points, or 0.34 per cent, to 6226. The S&P/ASX200 traded a tight range on Friday to finish 23.2 points lower, down 0.27 per cent to 8,515.7, as the broader All Ordinaries slipped 26.7 points, or 0.3 per cent, to 8,741.9. Will a second rate cut be enough to settle the nerves of businesses and consumers spooked by global trade uncertainty? Donald Trump's tariffs have weighed on sentiment in recent months, stifling an expected economic recovery in 2025. Household confidence spiked following the Reserve Bank's first interest rate reduction in February but the prospect of a global economic slowdown brought about by the US president's trade war wiped away those gains. Westpac and the Melbourne Institute will release the June update to their consumer sentiment index on Tuesday. Despite a de-escalation in trade tensions between the US and China, uncertainty remains high. In the central bank board's May minutes, the word uncertainty was used 21 times - almost double the figure in April. But another rate cut by the RBA last month could at least provide a much-needed boost to consumer spirits, after spending was slower than expected in the first few months of the year. Following the May board meeting, Reserve Bank governor Michele Bullock said there was a downside risk to the economy if households remained more cautious than they had been during past rate easing cycles. Subdued consumption was having a flow-on effect for businesses, which are battling with relatively low spending while unit labour costs remain high. Household spending rose just 0.1 per cent in April, cancelling out a 0.1 per cent fall the previous month, the Australian Bureau of Statistics reported on Thursday. NAB's business survey, also to be released on Tuesday, will be closely watched for signs of how the last month of tariff turbulence and interest rate reductions have impacted firms' investment plans. "Capex and forward orders indicators will be key to deducing how business decisions and demand have been impacted by global growth uncertainty," ANZ Bank senior economist Adelaide Timbrell said in a research note. Capital expenditure fell 0.1 per cent in the March quarter, with spending on equipment and machinery dipping a worrying 1.3 per cent. Australia desperately needs businesses to invest more in the sort of capital that can help boost anaemic productivity growth. In NAB's last business survey, capex fell sharply by six index points while forward orders were also weak. With little in the way of hard economic data on offer domestically, investors will cast their eyes offshore to US inflation data on Wednesday and Thursday. "Tariffs have yet to meaningfully impact published CPI data to date," said ANZ economists Tom Kenny and Shwetha Sunilkumar. "We think May's CPI data will show some of the increased cost pressures facing businesses being passed onto consumers, particularly via higher goods prices." The US central bank has remained cautious, keeping rates on hold at 4.25 per cent since December and has so far resisted Mr Trump's demands to drop them. If inflation remains subdued, the Fed could eventually be reassured enough to resume its easing cycle. Wall Street closed higher on Friday after a better-than-expected jobs report calmed worries about the economy, while Tesla bounced, clawing back some previous session losses. The S&P 500 closed above 6000 for the first time since February 21, fuelled by gains in technology shares. Australian share futures moved up 29 points, or 0.34 per cent, to 6226. The S&P/ASX200 traded a tight range on Friday to finish 23.2 points lower, down 0.27 per cent to 8,515.7, as the broader All Ordinaries slipped 26.7 points, or 0.3 per cent, to 8,741.9. Will a second rate cut be enough to settle the nerves of businesses and consumers spooked by global trade uncertainty? Donald Trump's tariffs have weighed on sentiment in recent months, stifling an expected economic recovery in 2025. Household confidence spiked following the Reserve Bank's first interest rate reduction in February but the prospect of a global economic slowdown brought about by the US president's trade war wiped away those gains. Westpac and the Melbourne Institute will release the June update to their consumer sentiment index on Tuesday. Despite a de-escalation in trade tensions between the US and China, uncertainty remains high. In the central bank board's May minutes, the word uncertainty was used 21 times - almost double the figure in April. But another rate cut by the RBA last month could at least provide a much-needed boost to consumer spirits, after spending was slower than expected in the first few months of the year. Following the May board meeting, Reserve Bank governor Michele Bullock said there was a downside risk to the economy if households remained more cautious than they had been during past rate easing cycles. Subdued consumption was having a flow-on effect for businesses, which are battling with relatively low spending while unit labour costs remain high. Household spending rose just 0.1 per cent in April, cancelling out a 0.1 per cent fall the previous month, the Australian Bureau of Statistics reported on Thursday. NAB's business survey, also to be released on Tuesday, will be closely watched for signs of how the last month of tariff turbulence and interest rate reductions have impacted firms' investment plans. "Capex and forward orders indicators will be key to deducing how business decisions and demand have been impacted by global growth uncertainty," ANZ Bank senior economist Adelaide Timbrell said in a research note. Capital expenditure fell 0.1 per cent in the March quarter, with spending on equipment and machinery dipping a worrying 1.3 per cent. Australia desperately needs businesses to invest more in the sort of capital that can help boost anaemic productivity growth. In NAB's last business survey, capex fell sharply by six index points while forward orders were also weak. With little in the way of hard economic data on offer domestically, investors will cast their eyes offshore to US inflation data on Wednesday and Thursday. "Tariffs have yet to meaningfully impact published CPI data to date," said ANZ economists Tom Kenny and Shwetha Sunilkumar. "We think May's CPI data will show some of the increased cost pressures facing businesses being passed onto consumers, particularly via higher goods prices." The US central bank has remained cautious, keeping rates on hold at 4.25 per cent since December and has so far resisted Mr Trump's demands to drop them. If inflation remains subdued, the Fed could eventually be reassured enough to resume its easing cycle. Wall Street closed higher on Friday after a better-than-expected jobs report calmed worries about the economy, while Tesla bounced, clawing back some previous session losses. The S&P 500 closed above 6000 for the first time since February 21, fuelled by gains in technology shares. Australian share futures moved up 29 points, or 0.34 per cent, to 6226. The S&P/ASX200 traded a tight range on Friday to finish 23.2 points lower, down 0.27 per cent to 8,515.7, as the broader All Ordinaries slipped 26.7 points, or 0.3 per cent, to 8,741.9. Will a second rate cut be enough to settle the nerves of businesses and consumers spooked by global trade uncertainty? Donald Trump's tariffs have weighed on sentiment in recent months, stifling an expected economic recovery in 2025. Household confidence spiked following the Reserve Bank's first interest rate reduction in February but the prospect of a global economic slowdown brought about by the US president's trade war wiped away those gains. Westpac and the Melbourne Institute will release the June update to their consumer sentiment index on Tuesday. Despite a de-escalation in trade tensions between the US and China, uncertainty remains high. In the central bank board's May minutes, the word uncertainty was used 21 times - almost double the figure in April. But another rate cut by the RBA last month could at least provide a much-needed boost to consumer spirits, after spending was slower than expected in the first few months of the year. Following the May board meeting, Reserve Bank governor Michele Bullock said there was a downside risk to the economy if households remained more cautious than they had been during past rate easing cycles. Subdued consumption was having a flow-on effect for businesses, which are battling with relatively low spending while unit labour costs remain high. Household spending rose just 0.1 per cent in April, cancelling out a 0.1 per cent fall the previous month, the Australian Bureau of Statistics reported on Thursday. NAB's business survey, also to be released on Tuesday, will be closely watched for signs of how the last month of tariff turbulence and interest rate reductions have impacted firms' investment plans. "Capex and forward orders indicators will be key to deducing how business decisions and demand have been impacted by global growth uncertainty," ANZ Bank senior economist Adelaide Timbrell said in a research note. Capital expenditure fell 0.1 per cent in the March quarter, with spending on equipment and machinery dipping a worrying 1.3 per cent. Australia desperately needs businesses to invest more in the sort of capital that can help boost anaemic productivity growth. In NAB's last business survey, capex fell sharply by six index points while forward orders were also weak. With little in the way of hard economic data on offer domestically, investors will cast their eyes offshore to US inflation data on Wednesday and Thursday. "Tariffs have yet to meaningfully impact published CPI data to date," said ANZ economists Tom Kenny and Shwetha Sunilkumar. "We think May's CPI data will show some of the increased cost pressures facing businesses being passed onto consumers, particularly via higher goods prices." The US central bank has remained cautious, keeping rates on hold at 4.25 per cent since December and has so far resisted Mr Trump's demands to drop them. If inflation remains subdued, the Fed could eventually be reassured enough to resume its easing cycle. Wall Street closed higher on Friday after a better-than-expected jobs report calmed worries about the economy, while Tesla bounced, clawing back some previous session losses. The S&P 500 closed above 6000 for the first time since February 21, fuelled by gains in technology shares. Australian share futures moved up 29 points, or 0.34 per cent, to 6226. The S&P/ASX200 traded a tight range on Friday to finish 23.2 points lower, down 0.27 per cent to 8,515.7, as the broader All Ordinaries slipped 26.7 points, or 0.3 per cent, to 8,741.9.
