All eyes on top bank official as rate-cut hopes inflate
RBA deputy governor Andrew Hauser will speak at an economic forum hosted by investment bank Barrenjoey on Thursday.
The event comes less than 24 hours after the Australian Bureau of Statistics revealed the Reserve Bank's preferred measure of inflation, the trimmed mean, eased to 2.7 per cent in the June quarter.
The result was slightly softer than economists had expected and was widely interpreted as consistent with the RBA board lowering the cash rate to 3.6 per cent at its next meeting in August.
Money markets are fully pricing in a 25 basis point cut and have upped the odds of a back-to-back cut in September to about 40 per cent, said Chief CommSec economist Ryan Felsman.
But Mr Hauser could "offer some push-back about the need for rapid easing" at the Barrenjoey event in Sydney.
The RBA stunned analysts by leaving rates on hold in July, with governor Michele Bullock telling an event last week that the board preferred a "measured and gradual" approach to easing interest rates.
While less pivotal than inflation or jobs data, retail sales figures released by the ABS on Thursday will provide an update on the vitality of the Australian consumer.
The recovery in household spending has been softer than the RBA had expected, the board said in minutes from its last meeting.
But sales are expected to rebound to the highest level since the beginning of 2024, following a run of softer months.
The retail print is the last the bureau will produce before it switches over to a more comprehensive measure of consumption, the monthly household spending indicator.
As the government prepares for an economic roundtable aimed at fixing Australia's productivity woes, fault lines have opened up between businesses and unions on artificial intelligence.
Peak union body the ACTU has called for tougher regulations to ensure AI does not lead to job losses, while business groups have warned against regulation that could stifle adoption of the technology.
Independent MP Zali Steggall has called for the government to appoint a special envoy for AI and the future of work to drive adoption of the technology while addressing growing public distrust.
"I am concerned it's going to be unions trying to put a lid on it," Ms Steggall told AAP.
"Look, I am supportive of guardrails. It has to be done safely, but to suggest that you can put the genie back in the bottle is unrealistic."
The former Winter Olympian on Thursday launched her economic plan to re-energise the economy while speeding the transition to net zero, by encouraging clean energy investment and reducing the cost of housing.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
West Australian
9 hours ago
- West Australian
Zeus Street Greek joins the rise of ‘elevated' Aussie fast food chains
Australian fast food chains are quickly establishing themselves in a market that has traditionally been dominated by massive American competitors. Now, a clever new trend may be the key to unlocking an even greater market share for homegrown businesses. Zeus Street Greek is a fast-growing Aussie food chain that specialises in both new and classic ways of making Greek-inspired dishes. In a bold move to expand its reach, Zeus has partnered with Woolworths to introduce a new range of products for consumers who want to recreate the store's signature flavours in their own homes. Zeus CEO Ramon Castillo said the kits would allow Aussies to recreate some of the most popular flavours available inside the restaurants. 'The products that we've developed for Woolworths have been inspired by our menu here in-store,' Mr Castillo said. 'We've got some make-at-home products like pilaf rice, there's some sauces and there's actually products that are almost directly (the same) as what we serve here in our store.' The range includes 20 news products that will only be available in Woolworths stores, including 'signature rubs, sauces and DIY pita kits.' The $80m chain boasts 40 stores nationwide, which it has gradually accumulated in the 11 years since the first Zeus store opened its doors in Drummoyne in June 2014. Not yet satisfied, Mr Castillo said he was planning to introduce another 100 stores across the nation in the next five years. 'We have got a strong presence here in NSW, and we've seen some growth in Victoria and Queensland,' said Mr Castillo. 'We've opened our second location in Western Australia and the demand has just been amazing, so we are going to continue to look at the west coast and continue to build down in Victoria and up in Queensland.' 'We're really looking forward to a full national presence over the next five years on the journey to 140 locations.' Zeus isn't the only company testing the waters of commercial grocery partnerships. Sydney-based burger chain Grill'd, which has built up one of the strongest homegrown 'Quick Service Restaurant' (QSR) empires in Australia, has just entered into a partnership with Coles. Founded in 2004, Grill'd operates 173 restaurants in Australia and is one of the country's eight fastest-growing QSR brands. From Wednesday, several varieties of Grill'd's signature burger patties have hit shelves in Coles stores around the country. The move comes as Australian brands such as Zambrero and Guzman y Gomez begin to find serious purchase in fast food market share. When it comes to the kind of area that fits the bill for a new Zeus franchise, Mr Castillo said there had to be a 'strong breakdown' of diverse demographics in the community. 'We're looking for a strong cross-section of Gen Z and families, but ultimately we know that our brand is emerging as a new style of elevated (fast food),' he said. 'There are lots of pizza shops, there are lots of Mexican and burgers, (but) there aren't a lot of Greek stores. 'So we are very proud to ultimately recognise the strength that comes from our Greek offer.' The strength of the 'Greek offer' is also part of the reason why Zeus partnered with Woolworths. 'When you think of Mexican food when you go shopping, you think of Old El Paso,' he said. 'But there's no real brand that anybody thinks of when it comes to Greek food, and we hope to change that.' Zeus is still figuring out price points and dates of sale, but eagle-eyed shoppers can expect to see the collaboration launch in the near future.
Perth Now
9 hours ago
- Perth Now
Aussie fast food giants' huge new move
Australian fast food chains are quickly establishing themselves in a market that has traditionally been dominated by massive American competitors. Now, a clever new trend may be the key to unlocking an even greater market share for homegrown businesses. Zeus Street Greek is a fast-growing Aussie food chain that specialises in both new and classic ways of making Greek-inspired dishes. In a bold move to expand its reach, Zeus has partnered with Woolworths to introduce a new range of products for consumers who want to recreate the store's signature flavours in their own homes. Zeus has taken the classic Greek Gyros formula and turned it into an $80 million fast food empire. Christian Gilles / NewsWire Credit: News Corp Australia Zeus CEO Ramon Castillo said the kits would allow Aussies to recreate some of the most popular flavours available inside the restaurants. 'The products that we've developed for Woolworths have been inspired by our menu here in-store,' Mr Castillo said. 'We've got some make-at-home products like pilaf rice, there's some sauces and there's actually products that are almost directly (the same) as what we serve here in our store.' The range includes 20 news products that will only be available in Woolworths stores, including 'signature rubs, sauces and DIY pita kits.' Pilaf rice is one of the 20 different Zeus products coming soon to Woolworths' shelves. Christian Gilles / NewsWire Credit: News Corp Australia The $80m chain boasts 40 stores nationwide, which it has gradually accumulated in the 11 years since the first Zeus store opened its doors in Drummoyne in June 2014. Not yet satisfied, Mr Castillo said he was planning to introduce another 100 stores across the nation in the next five years. 'We have got a strong presence here in NSW, and we've seen some growth in Victoria and Queensland,' said Mr Castillo. 'We've opened our second location in Western Australia and the demand has just been amazing, so we are going to continue to look at the west coast and continue to build down in Victoria and up in Queensland.' 'We're really looking forward to a full national presence over the next five years on the journey to 140 locations.' Zeus stores are adorned with the royal blue and white of the nation which inspires their dishes. Christian Gilles / NewsWire Credit: News Corp Australia Zeus isn't the only company testing the waters of commercial grocery partnerships. Sydney-based burger chain Grill'd, which has built up one of the strongest homegrown 'Quick Service Restaurant' (QSR) empires in Australia, has just entered into a partnership with Coles. Founded in 2004, Grill'd operates 173 restaurants in Australia and is one of the country's eight fastest-growing QSR brands. From Wednesday, several varieties of Grill'd's signature burger patties have hit shelves in Coles stores around the country. The move comes as Australian brands such as Zambrero and Guzman y Gomez begin to find serious purchase in fast food market share. Grill'd operates more than 170 stores across Australia. Google Credit: Supplied When it comes to the kind of area that fits the bill for a new Zeus franchise, Mr Castillo said there had to be a 'strong breakdown' of diverse demographics in the community. 'We're looking for a strong cross-section of Gen Z and families, but ultimately we know that our brand is emerging as a new style of elevated (fast food),' he said. 'There are lots of pizza shops, there are lots of Mexican and burgers, (but) there aren't a lot of Greek stores. 'So we are very proud to ultimately recognise the strength that comes from our Greek offer.' The strength of the 'Greek offer' is also part of the reason why Zeus partnered with Woolworths. 'When you think of Mexican food when you go shopping, you think of Old El Paso,' he said. 'But there's no real brand that anybody thinks of when it comes to Greek food, and we hope to change that.' Zeus is still figuring out price points and dates of sale, but eagle-eyed shoppers can expect to see the collaboration launch in the near future.
The Advertiser
9 hours ago
- The Advertiser
Australia and New Zealand embrace in 'uncertain world'
Australia and New Zealand are promising to strengthen trade and security ties in an "increasingly fractious and uncertain" world. Prime Minister Anthony Albanese has crossed the Tasman for annual talks with his Kiwi counterpart. "In a time of global uncertainty, the certainty and the strength of this bond has never been more important," Mr Albanese said in Queenstown on Saturday. Greeting the Australian prime minister with an enthusiastic full-body hug, Christopher Luxon said his nation had "no greater friend than Australia". "You are family," the New Zealand leader said. "There's nothing more certain than the bedrock of the relationship that we have between our two great countries." It is Mr Albanese's second time across the Tasman as Australia's leader and although he and Mr Luxon represent opposite ends of the political spectrum, both affirmed their nations "common outlook and deep trust". During an annual leaders' meeting, the pair discussed defence, the war in Gaza and trade deals amid what they described as "the most unpredictable and dangerous strategic environment in decades". Mr Albanese addressed attendees by noting the "uncertain world" the two nations faced with "geopolitical tension, issues with trade and conflict in the world". "But there is one thing that is certain and that is that Australia and New Zealand stand together," he said. The leaders committed to further advancing the trans-Tasman single economic market, established in 2009 to grow trade and deepen investment links between the two countries, as "an example for the world". "At a time when free and fair trade is being questioned, I think it's really important that we emphasise the opportunity that's there as well for both of our nations being located as we are," Mr Albanese said. "Just to our north is the fastest-growing region in the world in human history, and that represents opportunity." The "complicated" relationship between opportunities and challenges posed by China became a focus of talks behind the scenes "China is a massive and significant player in the world, and it's a permanent feature of global affairs," Mr Albanese told reporters shortly after the closed door meetings. "We have a approach which is about co-operating where we can (and) we disagree where we must. "We have different systems, different values ... We'll stand up for those at different times, and we'll have differences." The pair also discussed the impact of the US President Donald Trump's tariffs. While Mr Trump raised tariffs against dozens of nations, he showed mercy on Australia and kept levies against most products at 10 per cent. But New Zealand was not spared - hit with a 15 per cent "reciprocal" tariff. Mr Albanese and Mr Luxon said they stood for "rules-based trade" where businesses could be given certainty and predictability. They also agreed to work together to reform the World Trade Organisation as the foundation and enforcer of global trade rules. David Capie, from Victoria University of Wellington, said the Luxon government had leaned into its partnership with Australia since coming to power. "You've got a New Zealand government that wants to do more with Australia," the foreign and defence policy expert told AAP. "The up-ending of the economic order with the Trump tariffs, the Middle East - all of those things NZ and Australia are finding that they're very closely aligned." The meeting coincided with the release of a joint statement from the foreign ministers of Australia, New Zealand, Germany, Italy and the United Kingdom, condemning Israel's plan to intensify the war on Gaza and assume full control of the territory. In it, the ministers said they "strongly reject" Israel's decision to launch a large-scale military operation in Gaza and warned the looming military operation risked violating international law and putting the lives of hostages and civilians in more danger. Mr Albanese's two-day trip to New Zealand continues on Sunday. Australia and New Zealand are promising to strengthen trade and security ties in an "increasingly fractious and uncertain" world. Prime Minister Anthony Albanese has crossed the Tasman for annual talks with his Kiwi counterpart. "In a time of global uncertainty, the certainty and the strength of this bond has never been more important," Mr Albanese said in Queenstown on Saturday. Greeting the Australian prime minister with an enthusiastic full-body hug, Christopher Luxon said his nation had "no greater friend than Australia". "You are family," the New Zealand leader said. "There's nothing more certain than the bedrock of the relationship that we have between our two great countries." It is Mr Albanese's second time across the Tasman as Australia's leader and although he and Mr Luxon represent opposite ends of the political spectrum, both affirmed their nations "common outlook and deep trust". During an annual leaders' meeting, the pair discussed defence, the war in Gaza and trade deals amid what they described as "the most unpredictable and dangerous strategic environment in decades". Mr Albanese addressed attendees by noting the "uncertain world" the two nations faced with "geopolitical tension, issues with trade and conflict in the world". "But there is one thing that is certain and that is that Australia and New Zealand stand together," he said. The leaders committed to further advancing the trans-Tasman single economic market, established in 2009 to grow trade and deepen investment links between the two countries, as "an example for the world". "At a time when free and fair trade is being questioned, I think it's really important that we emphasise the opportunity that's there as well for both of our nations being located as we are," Mr Albanese said. "Just to our north is the fastest-growing region in the world in human history, and that represents opportunity." The "complicated" relationship between opportunities and challenges posed by China became a focus of talks behind the scenes "China is a massive and significant player in the world, and it's a permanent feature of global affairs," Mr Albanese told reporters shortly after the closed door meetings. "We have a approach which is about co-operating where we can (and) we disagree where we must. "We have different systems, different values ... We'll stand up for those at different times, and we'll have differences." The pair also discussed the impact of the US President Donald Trump's tariffs. While Mr Trump raised tariffs against dozens of nations, he showed mercy on Australia and kept levies against most products at 10 per cent. But New Zealand was not spared - hit with a 15 per cent "reciprocal" tariff. Mr Albanese and Mr Luxon said they stood for "rules-based trade" where businesses could be given certainty and predictability. They also agreed to work together to reform the World Trade Organisation as the foundation and enforcer of global trade rules. David Capie, from Victoria University of Wellington, said the Luxon government had leaned into its partnership with Australia since coming to power. "You've got a New Zealand government that wants to do more with Australia," the foreign and defence policy expert told AAP. "The up-ending of the economic order with the Trump tariffs, the Middle East - all of those things NZ and Australia are finding that they're very closely aligned." The meeting coincided with the release of a joint statement from the foreign ministers of Australia, New Zealand, Germany, Italy and the United Kingdom, condemning Israel's plan to intensify the war on Gaza and assume full control of the territory. In it, the ministers said they "strongly reject" Israel's decision to launch a large-scale military operation in Gaza and warned the looming military operation risked violating international law and putting the lives of hostages and civilians in more danger. Mr Albanese's two-day trip to New Zealand continues on Sunday. Australia and New Zealand are promising to strengthen trade and security ties in an "increasingly fractious and uncertain" world. Prime Minister Anthony Albanese has crossed the Tasman for annual talks with his Kiwi counterpart. "In a time of global uncertainty, the certainty and the strength of this bond has never been more important," Mr Albanese said in Queenstown on Saturday. Greeting the Australian prime minister with an enthusiastic full-body hug, Christopher Luxon said his nation had "no greater friend than Australia". "You are family," the New Zealand leader said. "There's nothing more certain than the bedrock of the relationship that we have between our two great countries." It is Mr Albanese's second time across the Tasman as Australia's leader and although he and Mr Luxon represent opposite ends of the political spectrum, both affirmed their nations "common outlook and deep trust". During an annual leaders' meeting, the pair discussed defence, the war in Gaza and trade deals amid what they described as "the most unpredictable and dangerous strategic environment in decades". Mr Albanese addressed attendees by noting the "uncertain world" the two nations faced with "geopolitical tension, issues with trade and conflict in the world". "But there is one thing that is certain and that is that Australia and New Zealand stand together," he said. The leaders committed to further advancing the trans-Tasman single economic market, established in 2009 to grow trade and deepen investment links between the two countries, as "an example for the world". "At a time when free and fair trade is being questioned, I think it's really important that we emphasise the opportunity that's there as well for both of our nations being located as we are," Mr Albanese said. "Just to our north is the fastest-growing region in the world in human history, and that represents opportunity." The "complicated" relationship between opportunities and challenges posed by China became a focus of talks behind the scenes "China is a massive and significant player in the world, and it's a permanent feature of global affairs," Mr Albanese told reporters shortly after the closed door meetings. "We have a approach which is about co-operating where we can (and) we disagree where we must. "We have different systems, different values ... We'll stand up for those at different times, and we'll have differences." The pair also discussed the impact of the US President Donald Trump's tariffs. While Mr Trump raised tariffs against dozens of nations, he showed mercy on Australia and kept levies against most products at 10 per cent. But New Zealand was not spared - hit with a 15 per cent "reciprocal" tariff. Mr Albanese and Mr Luxon said they stood for "rules-based trade" where businesses could be given certainty and predictability. They also agreed to work together to reform the World Trade Organisation as the foundation and enforcer of global trade rules. David Capie, from Victoria University of Wellington, said the Luxon government had leaned into its partnership with Australia since coming to power. "You've got a New Zealand government that wants to do more with Australia," the foreign and defence policy expert told AAP. "The up-ending of the economic order with the Trump tariffs, the Middle East - all of those things NZ and Australia are finding that they're very closely aligned." The meeting coincided with the release of a joint statement from the foreign ministers of Australia, New Zealand, Germany, Italy and the United Kingdom, condemning Israel's plan to intensify the war on Gaza and assume full control of the territory. In it, the ministers said they "strongly reject" Israel's decision to launch a large-scale military operation in Gaza and warned the looming military operation risked violating international law and putting the lives of hostages and civilians in more danger. Mr Albanese's two-day trip to New Zealand continues on Sunday. Australia and New Zealand are promising to strengthen trade and security ties in an "increasingly fractious and uncertain" world. Prime Minister Anthony Albanese has crossed the Tasman for annual talks with his Kiwi counterpart. "In a time of global uncertainty, the certainty and the strength of this bond has never been more important," Mr Albanese said in Queenstown on Saturday. Greeting the Australian prime minister with an enthusiastic full-body hug, Christopher Luxon said his nation had "no greater friend than Australia". "You are family," the New Zealand leader said. "There's nothing more certain than the bedrock of the relationship that we have between our two great countries." It is Mr Albanese's second time across the Tasman as Australia's leader and although he and Mr Luxon represent opposite ends of the political spectrum, both affirmed their nations "common outlook and deep trust". During an annual leaders' meeting, the pair discussed defence, the war in Gaza and trade deals amid what they described as "the most unpredictable and dangerous strategic environment in decades". Mr Albanese addressed attendees by noting the "uncertain world" the two nations faced with "geopolitical tension, issues with trade and conflict in the world". "But there is one thing that is certain and that is that Australia and New Zealand stand together," he said. The leaders committed to further advancing the trans-Tasman single economic market, established in 2009 to grow trade and deepen investment links between the two countries, as "an example for the world". "At a time when free and fair trade is being questioned, I think it's really important that we emphasise the opportunity that's there as well for both of our nations being located as we are," Mr Albanese said. "Just to our north is the fastest-growing region in the world in human history, and that represents opportunity." The "complicated" relationship between opportunities and challenges posed by China became a focus of talks behind the scenes "China is a massive and significant player in the world, and it's a permanent feature of global affairs," Mr Albanese told reporters shortly after the closed door meetings. "We have a approach which is about co-operating where we can (and) we disagree where we must. "We have different systems, different values ... We'll stand up for those at different times, and we'll have differences." The pair also discussed the impact of the US President Donald Trump's tariffs. While Mr Trump raised tariffs against dozens of nations, he showed mercy on Australia and kept levies against most products at 10 per cent. But New Zealand was not spared - hit with a 15 per cent "reciprocal" tariff. Mr Albanese and Mr Luxon said they stood for "rules-based trade" where businesses could be given certainty and predictability. They also agreed to work together to reform the World Trade Organisation as the foundation and enforcer of global trade rules. David Capie, from Victoria University of Wellington, said the Luxon government had leaned into its partnership with Australia since coming to power. "You've got a New Zealand government that wants to do more with Australia," the foreign and defence policy expert told AAP. "The up-ending of the economic order with the Trump tariffs, the Middle East - all of those things NZ and Australia are finding that they're very closely aligned." The meeting coincided with the release of a joint statement from the foreign ministers of Australia, New Zealand, Germany, Italy and the United Kingdom, condemning Israel's plan to intensify the war on Gaza and assume full control of the territory. In it, the ministers said they "strongly reject" Israel's decision to launch a large-scale military operation in Gaza and warned the looming military operation risked violating international law and putting the lives of hostages and civilians in more danger. Mr Albanese's two-day trip to New Zealand continues on Sunday.
