RBA rate cut in July likely after inflation falls
Financial markets are pricing in a more than 90 per cent chance that the Reserve Bank will lower interest rates in July after inflation fell more than expected.
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News.com.au
42 minutes ago
- News.com.au
Aussies on minimum wage left with $33 after rent, food and transport, Anglicare finds
A worker on the minimum wage has just $33 left over after paying for basic weekly living expenses like rent, food and transport, while a two-child family with two parents working full-time would only have $5 remaining each week, 'bleak' new research has found. Findings recorded by not-for-profit body Anglicare in its 2025 Cost of Living Index found that since 2023, a worker on the minimum wage would have $24 less left over after paying for basic expenses, largely reflecting the 'major increases in asking rents'. The situation was even more startling for single parents looking after a child. The report states that they would have just $1 left over for bills and discretionary expenses, even with social supports like the Family Tax Benefit and the Commonwealth Rent Assistance, which would beef-up their budget by $227. Anglicare Australia executive director Kasy Chambers said the results of the Cost of Living Index were 'bleak,' and said low-earning Australians were struggling to put money away for bills. Her comments highlight findings from Anglicare which 331,750 Australians have accrued more than $300m in energy debt. The number of households with unpaid electricity and gas bills totalling over $3000 had also surged by 11.8 per cent year-on-year. 'After paying for the basics, minimum wage workers are left with almost nothing. In many cases, there's no money left for energy bills at all,' she said. 'We're seeing more people trapped in energy debt. They are skipping meals, going without heating, and falling behind on bills they'll never be able to repay.' The report noted that despite hardship programs offered by retailers, the system needed 'structural reform,' with struggling households unable to 'pay what they do not have'. Ms Chambers said low-earning Aussies were being 'forced into payment plans they can't sustain,' and called on the government to provide new energy debt relief for people in hardship. 'People are forced into payment plans they can't sustain. They carry energy debt from one bill to the next with no chance of catching up, even though energy retailers are making record profits,' she said. 'Energy is not a luxury. It is essential to running a household, staying healthy, and living with dignity. It's time to rein in profiteering and make sure no one is left in the dark.' The report also made a series of recommendations targeting the escalating grocery costs, rent increases and increasing support for households in energy debt. Among them include expanding home energy upgrades like rooftop solar and batteries, or insulating to provide long-term support, Commonwealth pressure on states and territories to introduce caps on rental increases, a commitment to boosting social and affordable housing by 25,000 homes a year, and rules on manning excessive pricing by supermarket giants.
News.com.au
3 hours ago
- News.com.au
Gilmour Technologies locks in second crack at historic Aussie rocket launch
The first Australian-made, Australian-launched rocket is set for takeoff in just a week. Gilmour Space Technologies has confirmed it is targeting a launch window of July 1 to July 3 from launchpad in North Queensland. The launch has been delayed by previous technical issues, with Gilmour Space chief executive, Adam Gilmour, telling 7News: 'I'm kind of almost sick of this rocket'. The protective nose which shields the rocket from the atmospheric pressure was one issue for the engineers to fix at the last launch attempt, along with problems in the data-collecting sensors. 'We have done a full test again of the vehicle just to be safe,' Mr Gilmour said. Upper-level winds are the biggest environmental challenge now facing the 25-metre, three-stage Eris rocket. A Gilmour satellite was launched aback a SpaceX rocket this week - a launch which was pushed back by similar weather conditions. 'That launch was delayed three days because of upper-level winds, and we're seeing the same high winds here as well,' Mr Gilmour said. 'That was really good … We'd made a few prototypes, but we'd never taken them to space,' he said of his firm's satellite. The satellite will monitor algae in Queensland's rivers and lakes. Gold Coast-based Gilmour Space plans to launch its rocket from the only certified Australian launch facility, the Bowen Orbital Spaceport, 150km southeast of Townsville. In May, the Australian Space Agency notified Gilmour Space that the company could launch Eris. Technical issues scuppered two launch attempts, the second time the rocket's nose cone accidentally opened, half an hour before takeoff.
The Australian
4 hours ago
- The Australian
ASX 200 trades flat on mixed day of trading
Australia's sharemarket swung between gains and losses throughout Wednesday's trading as market heavy Commonwealth Bank Australia's (CBA) new record high was offset by falls among the major miners. The benchmark ASX 200 traded virtually flat, up just 3.70 points or 0.04 per cent to finish trading at 8,559.20. Meanwhile the broader All Ordinaries also eked out a tiny gain, up 5.10 points or 0.06 per cent to 8,779.90. The Aussie dollar is up 0.06 per cent and is now buying 64.98 US cents. Seven of the 11 sectors dropped during Wednesday's trading. Picture: NewsWire / Gaye Gerard. Seven of the 11 sectors finished in the red, with strong gains from the financials offset by a 1.25 per cent fall in the materials sector. CBA continued its record breaking march, hitting an intra day high of $192 before closing up 1.7 per cent to $191.4. The other major banks also finished in the green with ANZ surging 1.8 per cent to $29.10, NAB trading 0.75 per cent higher to $40.05 and Westpac finishing 0.73 per cent higher to $34.54. But the gains out of the bourse's heavy financials was offset by Australia's major iron ore producers. The price of the underlying commodity dipped just under $US93 a tonne on Tuesday, before recovering slightly on Wednesday. BHP shares slipped 1.01 per cent to $36.11, Rio Tinto is down 0.61 per cent to $104.30 and Fortescue Metals slumped 2.30 per cent to $14.88. The financial sector traded higher as the odds of a July rate cut increased on the back of weaker than expected inflation figures. Gains in the banking sector was offset by the major miners. Picture: NewsWire / Max Mason-Hubers Data released by the ABS showed the CPI rose by 2.1 per cent for the 12 months to May 2025, beating expectations of 2.3 per cent. The all-important trimmed mean inflation rate, which the Reserve Bank considers when making decisions about the cash rate, came in at 2.4 per cent. HSBC chief economist Paul Bloxham said both headline and trimmed mean indicators showed disinflation. 'While the jobs market has remained resilient, GDP growth in Q1 was sluggish, and today's data points to further disinflation,' he said. 'The global backdrop also continues to pose significant risks. Our central case sees the RBA cut by 25bp in Q3, with today's data meaning that a cut in July is likely.' In company news, Japanese entertainment giant Mixi plans to take over wagering company Pointsbet is a step closer after the company announced it has secured enough shareholder support to buy the business. Shares in Pointsbet closed up 1.27 per cent to $1.20. ASX listed Betr, who is also trying to acquire Pointsbet shares fell 5.17 per cent to $0.27. Defence business DroneShield announced its largest ever deal, a $61.1m contract with a major European military power. The company said the latest deal surpasses the entire 2024 revenue of $57.7m. Bally's is one step closer to acquiring Star Entertainment. Picture: NewsWire / Glenn Campbell Shares in Humm Group rallied 8 per cent after it was confirmed the buy now pay later operator had received a takeover offer from the family office of chairman Andrew Abercrombie. Star Entertainment is also one step closer to having its rescue package secured, with shareholders approving two items on the agenda of the meeting that would allow US gaming giant Bally to take control of the business.
