Live updates: Wall Street rises as rate cuts forecast for both Australia and US
Wall Street is rallying again, pushed along by the US -China tariff pause and fresh data that points to the need to cut interest rates. Meanwhile, Australian investors are days away from a RBA meeting.
Follow the day's financial news and insights from our specialist business reporters on our live blog.
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News.com.au
43 minutes ago
- News.com.au
Top Aussie unis slip down global rankings
Australian universities have fallen down the international rankings. However, the prestigious tertiary institutes still leave Australia ranked as the fifth-best nation for higher study. Released on Thursday, the QS World University Rankings show only Hong Kong, Singapore, Sweden and Switzerland have more top-100 universities than Australia on a relative basis. The top-ranked University of Melbourne fell from 13th to 19th spot, while the University of NSW, The University of Sydney and ANU also slipped. Australia has 36 universities in the total list of 1501 THAT QS ranked this year. Nine Australian unis made the top-100, a fifth place result. federal opposition education spokesman Jonno Duniam, called a slip in the rankings a 'disappointment'. 'The government must take note of our constant slide down the rankings and implement policy and funding solutions to get our universities to where they need to be,' he said. 'It is simply not good enough.' Analysis of the rankings show 70 per cent of Australian universities have reduced their academic staff-to-student ratio. 'We want education policies that meet the 21st century skills that our economy demands, not just funding injections from which Australian taxpayers cannot see a reasonable return on their investments – not to mention our university students who deserve better,' Mr Duniam said. The University of NSW fell from 19th to 20th spot in this year's rankings. The University of Sydney came down from 18th to 25th, and ANU slipped from 30th spot to 32nd. Monash rose one spot to 36th, and the University of Queensland fell two spots to 42nd. UWA held steady at 77th. The unopened Adelaide University debuted in the 82nd spot. The University of Technology Sydney fell from 88th to 96th. The Group of Eight is a combined body representing Australia's top eight universities; chief executive Vicki Thomson said Australia punched above its weight. 'At a time when global collaboration underpinned by quality has never been more important, the ranking result for Australia and in particular the Go8 is impressive,' she said. 'This comes against a backdrop of global uncertainty and mixed messaging from our largest research partner, the United States, which threatens our very capacity to deliver on our mission of education and research. 'And yet despite these headwinds, Australia continues to punch above its weight, ranking fifth overall as the best higher education system in the world.' The strong showing was testimony to the quality of our universities and academic and research staff, Ms Thomson said. 'That we have two Go8 members ranked in the top 20 and six in the world's top 50 is an outstanding result and must not be taken for granted but rather leveraged in these contested times,' she said. 'Singularly impressive is the debut of the new Adelaide University at 82. This result confirms that Adelaide University will create quality at the scale needed to deliver far-reaching benefits for Australia's research and higher education.' Adelaide University, set to open in 2026, is an amalgamation of the University of South Australia and The University of Adelaide.
Sky News AU
2 hours ago
- Sky News AU
Unemployment rate remains at 4.1 per cent for three consecutive months as markets continue to favour July cash rate cut
The unemployment rate has remained at 4.1 per cent for three months in a row as it continues to sit near historic lows since the nation came out of the Covid-19 pandemic. The data is critical for the Reserve Bank of Australia which will closely examine the unemployment rate ahead of its July cash rate decision when it is tipped to deliver mortgage holders more financial relief. Data from the Australian Bureau of Statistics showed employment fell by 2,000 during the month but remained up 2.3 per cent compared to May 2024. The participation rate remained at 67 per cent while the employment to population rate was steady at 64.3 per cent for May. EY Oceania chief economist Cherelle Murphy told Sky News the data made the case for a July rate cut as it showed Australia's labour market continued to be strong and there was little risk wages would be pushed up at a time when productivity remained low. 'Overall, the RBA will be pretty happy with this,' Ms Murphy said after the data was released. 'The economy really warrants another rate cut and that's because … both business investment and private consumption is running at fairly weak rates at the moment. 'The stance of monetary policy right now is restrictive ... it's actually slowing the economy down and that is not really appropriate for an economy where inflation is back under control and the private sectors not really spending.' Following the release of the unemployment data, the odds of a rate cut when the Reserve Bank of Australia meets in July has dropped 1.5 per cent to 66 per cent. Sky News' Business Editor Ross Greenwood said the shift was 'marginal' and the markets were 'not surprised' by the consistent unemployment rate. 'The odds are still in favour of the Reserve Bank cutting interest rates when they meet in just a little under a month's time,' Greenwood said. The RBA has cut rates twice in 2025 and is likely to deliver further cuts beyond the July call. It will also examine trimmed mean inflation – the middle 70 per cent of price changes in the consumer price index - which fell back into the RBA's 2-3 per cent target band in the March quarter. This was the first time since 2021 trimmed mean inflation was in the RBA's target band.
News.com.au
2 hours ago
- News.com.au
CommBank to expand sponsorship portfolio with Football Australia
Football Australia has confirmed that CommBank will become the FIFA World Cup-bound Socceroos' new naming rights sponsor as part of the financial institution's growing investment in the sport. Already the main backer of the Matildas, CommBank will take over from Subway as the Socceroos' major sponsor in September. It's part of a new six-year deal, reportedly worth between $10m and $15m each year, that will result in the bank becoming FA's major sponsor at all levels. 'We are beyond delighted to take this next step in our relationship with CommBank and continue with our joint purpose of creating a game that is accessible to and loved by all Australians,' FA's interim chief executive officer Heather Garriock said. 'CommBank have been incredible partners since 2021. In the four years since, we have together taken the women's and para games from strength to strength, and we cannot wait to extend this success into other programs.' The sponsorship will also result in CommBank's naming rights scope expanding to the Olyroos, the Young Socceroos and the Joeys. CommBank chief executive Matt Comyn, said: 'With the Socceroos facing the upcoming FIFA World Cup 2026 and the Matildas preparing for the Australia-hosted AFC Women's Asian Cup, there has never been a more exciting time to be a fan of football in Australia.'
