Unemployment rate remains at 5.1 percent
The unemployment rate has surprised commentators and remains unchanged at the start of the year. Frog Recruitment Managing Director Shannon Barlow spoke to Charlotte Cook.
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RNZ News
6 hours ago
- RNZ News
Reserve Bank of Australia cuts interest rates for third time this year
By ABC News business reporter Stephanie Chalmers Australia's Reserve Bank Governor Michele Bullock speaks during the Monetary Policy Decision media conference in Sydney. Photo: AFP / DAVID GRAY The Reserve Bank of Australia has delivered its third interest rate cut of 2025, with a 0.25 percentage point reduction at its August board meeting. That takes the cash rate to 3.6 percent for the first time since April 2023. The move had been overwhelmingly anticipated by financial markets and economists after the surprise decision to hold rates steady in July. It was a unanimous decision by board, which had been divided last month. Tuesday's cut follows a further easing of inflation in the June quarter, which RBA governor Michele Bullock last month highlighted as the crucial piece of data the monetary policy board was waiting for. "Updated staff forecasts for the August meeting suggest that underlying inflation will continue to moderate to around the midpoint of the 2-3 percent range, with the cash rate assumed to follow a gradual easing path," the post-meeting statement read. The inflation pull back, alongside "labour market conditions easing slightly, as expected", led the board to deem "further easing of monetary policy was appropriate". "This takes the decline in the cash rate since the beginning of the year to 75 basis points," the RBA board noted in its statement. The central bank cut interest rates at its February and May board meetings. Before that, the RBA's cash rate had sat at 4.35 per cent since November 2023, after a series of 13 rate hikes, beginning in May 2022. The Australian dollar fell following the decision, dipping just below 65 US cents as Ms Bullock addressed a media conference in Sydney. The RBA governor indicated the board was prepared to cut interest rates further if necessary. "The forecasts imply that the cash rate might need to be a bit lower than it is today to keep inflation low and stable, and employment growing, but there is still a lot of uncertainty," Ms Bullock told reporters. "The board will continue to focus on the data to guide its policy response." Betashares chief economist David Bassanese has forecast further interest rate cuts, with the next easing more likely in November, rather than at the next meeting in September. "Indeed, the [central] bank's own forecasts of underlying inflation stabilising at 2.6 percent over coming quarters incorporate further declines in the cash rate in line with current market expectations," he wrote. "That said, barring a major growth scare, the RBA does not seem in any rush to cut interest rates. "All up, my base case remains that a rate cut on Melbourne Cup day is an odds on favourite - following release of the June quarter consumer price index report in late October." The governor would not be drawn on what specific cash rate the central bank considers to be "neutral" - that is, the level where the rate is not stimulating or putting a handbrake on the economy. Instead, she gave a "very wide range" of between 1 and 4 percent, and noted a neutral rate is for when there is an absence of economic shocks. "We are very often not in the absence of shocks… we've got shocks, particularly at the moment." - ABC
RNZ News
8 hours ago
- RNZ News
Inquiry clears SkyCity Entertainment to hold South Australia's only casino licence
SkyCity Entertainment has been cleared by an independent review as fit to hold South Australia's only casino licence. Photo: RNZ / Marika Khabazi SkyCity Entertainment has been cleared by an independent review as fit to hold South Australia's only casino licence, despite identified shortcomings in its implementation of anti-money laundering rules, but might yet face further penalties. The review, led by retired Supreme Court judge Brian Martin, also found that SkyCity Entertainment was 'suitable' to be a close associate of it subsidiary SkyCity Adelaide. "If I had been asked to determine the suitability of the licensee and SCEG (SkyCity Entertainment Group) at the end of October 2021, the inevitable answer would have been that neither were suitable," Martin said in his report. "Since then, the situation has changed." He credited the company's "genuine" efforts to meet its obligations. "I am satisfied that as at the date of this Report, the licensee is a suitable person to hold the license to operate the Adelaide Casino." The inquiry was initiated in mid-2022 by the South Australian liquor and gambling commissioner, amid concerns the Adelaide establishment had been lax in policing anti-money laundering rules, leading to the laundering of billions of dollars over several years. It was interrupted between February 2023 and June 2024, while the Australian financial regulator AUSTRAC took civil action against SkyCity Adelaide for breaching national AML/CFT laws, resulting in a A$67m (NZ$74m) penalty for the breaches. "We fully accept and acknowledge the findings of the report that we did not measure up to the standards required, and we apologise for those failings," said SkyCity's chief executive Jason Walbridge. He said the company was working with authorities to improve systems and standards, having already committed up to $60m up to 2027. However, SkyCity still faces possible further action as the state Liquor and Gambling Commissioner, Brett Humphrey, considers the Martin report and other study by authorities. "This is by no means a clean bill of health for SkyCity Adelaide ... [given] deficiencies and breaches uncovered [which] are deeply concerning," Humphrey said in a statement. Forsyth Barr investment analyst Paul Koraua said the talk of further enforcement suggested the risk of another penalty. "We assume a A$50m penalty payable in FY26, with some credit given for the NZ$60m three-year programme of works for the Adelaide casino which has been approved by the Commissioner, and the A$67m AUSTRAC fine already paid." The Adelaide Casino has been mixed performer for SkyCity costing it close to NZ$120m in tax and AML/CFT penalties, as well as a $94m write down in its value last year, on top of a $330m rebuild completed in 2021. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
RNZ News
10 hours ago
- RNZ News
Oral Questions for 12 August 2025
Questions to Ministers CAMERON BREWER to the Minister of Finance: What recent reports has she seen on the economy? Rt Hon CHRIS HIPKINS to the Prime Minister: Does he stand by all his Government's statements and actions? CHLÖE SWARBRICK to the Prime Minister: E tautoko ana ia i nga korero me nga mahi katoa a tona Kawanatanga? Does he stand by all of his Government's statements and actions? CARL BATES to the Minister of Education: What announcements has she made regarding NCEA? Hon GINNY ANDERSEN to the Minister for Economic Growth: Does she agree with the Minister of Finance, who said about the additional 16,000 people unemployed that they "shouldn't take it personally"; if not, why not? Dr VANESSA WEENINK to the Minister for Building and Construction: What reports has he seen on building and construction? Hon PEENI HENARE to the Minister of Health: Does he agree with Hon Dr Shane Reti when he said, "I want to see IMPBs (iwi-Maori partnership boards) powered up to support the health outcomes for your whanau and your communities"; if so, what does that look like? JENNY MARCROFT to the Minister for Rail: What recent statements has he made regarding rail? RIMA NAKHLE to the Minister for Building and Construction: What announcements has the Government made about building and construction? ARENA WILLIAMS to the Acting Minister of Commerce and Consumer Affairs (Grocery Sector): Has the Government's focus changed since the Prime Minister said in December 2023 that it would have a "laser focus on bringing down the cost of living"; if not, is she confident that she has the Prime Minister's backing to bring down the cost of groceries? DEBBIE NGAREWA-PACKER to the Prime Minister: Does he stand by all his Government's statements and actions? Hon MARAMA DAVIDSON to the Prime Minister: E tautoko ana ia i nga korero me nga mahi katoa a tona Kawanatanga? Does he stand by all of his Government's statements and actions? To embed this content on your own webpage, cut and paste the following: See terms of use.
