‘IPO window definitely open' says CEO who secured a $250m listing
After a few dull years, airline Virgin Australia, over-50s resort builder GemLife and gold miner Greatland Gold and their bankers are all out rustling up fund manager interest this week in what we'd say was the busiest week for Australian IPOs and IPO roadshows in the past four years.
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9 News
40 minutes ago
- 9 News
The crucial factor that could soon cost every Aussie $14,000 a year
Your web browser is no longer supported. To improve your experience update it here Productivity: it's the crucial economic principle that has helped propel Australians into some of the best living standards in the world. But even as politicians and economists discuss it more and more, ahead of the federal government's crucial upcoming roundtable, it's something that many people still don't quite understand. So what actually is productivity, and why are experts so concerned with it at the moment? This is what you need to know. Productivity has driven the massive improvement in Australian living standards since mid-last century. (Edwina Pickles/SMH) Think of productivity as working smarter, not harder. Economically speaking, productivity is the amount of output you get from a set of inputs. Inputs are things like labour – often measured as the number of employees or number of hours worked – and capital, while output is the amount of goods and services produced. For a basic example, let's say a fast food outlet employs five staff, who work a combined 200 hours per week, and produces 5000 burgers over the course of that week. Its productivity would be 25 burgers per hour worked. So, put super simply, productivity is how much stuff you get from a set amount of effort. Productivity growth has been slowing in Australia and most other advanced economies. (Louie Douvis/AFR) Productivity itself isn't falling, but productivity growth is most certainly on the decline in Australia. The Australian Bureau of Statistics' (ABS) main, top-line measure of productivity growth has fallen substantially in recent years. In 2022-23, the 20-year average annual growth rate had fallen to 0.9 per cent, down from 1.2 per cent the year before and just half of the 1.8 per cent it was in 2003-04. It's important to note this problem isn't unique to Australia; just about every developed country is experiencing slowing productivity. Improved productivity is responsible for Australians' improved living standards. It leads to higher wages, more (and cheaper and better-quality) goods and services available, bigger profits for businesses, and overall economic growth. It also even paves the way for more leisure time; according to the Productivity Commission, the average Australian now spends five fewer hours at work every week than in 1960 due to better productivity. But if growth continues to slow, it puts all those benefits at risk. Improved productivity has allowed companies to produce more goods that are both cheaper and better quality. (Getty) To put a dollar figure on it, the Productivity Commission estimates that full-time workers will be $14,000 a year worse off by 2035 if Australia can't rediscover its previous growth and instead continues on its current trend. "The implications of that, I think, are already being felt," RBA Governor Michele Bullock said on August 12. "Real wages are not rising by very much, because that's the implication of slow productivity growth is that real wages can't grow as quickly. "If we can get productivity growth up, that will allow for more growth in real wages, which is ultimately good for Australians." Artificial intelligence has been touted as a potential productivity gamechanger. (Getty) While economists have been discussing productivity for decades – the Productivity Commission was established in the late '90s – a few developments have thrust it very firmly into the public eye. That came a week out from the federal government's productivity roundtable (officially the Economic Reform Roundtable), which was announced by Prime Minister Anthony Albanese in June. RBA Governor Michelle Bullock has warned Australians are already feeling the pinch of slowing productivity growth. (Dominic Lorrimer) The roundtable, to be held from August 19-21 in Canberra, will be a three-day discussion involving business and union leaders about how to address stagnating productivity growth. Many of the ideas put forward ahead of the summit have focused on tax (although AI, regulation, and even a four-day working week have also been discussed), following these comments made by Treasurer Jim Chalmers in June. "No sensible progress can be made on productivity, resilience or budget sustainability without proper consideration of more tax reform," he told the National Press Club. "I don't just accept that, I welcome it. Tax is one of many ways our three primary economic challenges are related." Treasurer Jim Chalmers flagged the economic roundtable could lead to tax reform. (Rohan Thomson/AFR) That's the trillion-dollar question. Albanese has been giving mixed messages, at one point ruling out any new tax reform ("the only tax policy that we're implementing is the one that we took to the election") and reminding everyone that he and his ministers get final say on any productivity solutions ("governments make government policy"). But the prime minister has also welcomed the glut of proposals he and Chalmers have been presented with, and has insisted he's "up for big reform" – although it might be something he takes to the next election in 2028. "We're up for discussion, and one of the things I said very clearly was we weren't going to get into the rule-in, rule-out game," he told ABC radio. "We have a big agenda. We were elected with a clear mandate on May 3. That's our priority, delivering on that. "But we're also up for ideas and we're up for things that can be done immediately. If they will improve the economy, then of course we'll give it consideration." Anthony Albanese has ruled out any new tax reform but at the same time said he's open to big ideas. (James Brickwood) Respected economist Richard Holden, who along with independent MP Kate Chaney proposed a revised GST model for the roundtable , said it was crucial that proper reform does come out of the summit. "That's the question: is the upcoming August 19 roundtable going to be a moment for genuinely thinking about bold ideas?" he said. "Or is it going to be another one of these pro-forma... we have three days, we'll put out a press release and we go back to normal? "I hope it's the former." CONTACT US Property News: Rubbish-strewn house overtaken by mould asks $1.2 million.
AU Financial Review
an hour ago
- AU Financial Review
ASX to rise, US bonds rally on rising US rate bets
Australian shares are poised to open modestly higher, with results pending from Telstra, Origin Energy, ASX and Suncorp among others. The Dow advanced while the S&P 500 hovered near its record high. US bonds rallied as traders further lifted their bets on a September rate cut. Treasury Secretary Scott Bessent said he sees the potential for US rates to fall as much as 175 basis points, in a series of moves. The probability of a quarter point rate cut at the Fed's mid-September meeting reached 97.9 per cent according to the CME's FedWatch Tool, up from 93.9 per cent the previous day. Bessent also said he sees the agreements to allow Nvidia and AMD to sell semiconductor chips to Chinese customers, and paying the US Treasury 15 per cent of sales to do so, as a potential model for other sectors. The revenue would be used to pay down America's debt, he said. Get the daily Results Wrap newsletter during earnings season, with our Chanticleer columnists' analysis of the key results of the day. Sign up here. Market highlights ASX 200 futures are pointing up 37 points or 0.4 per cent to 8831. All US prices at 4pm New York time. Today's agenda Among the other results expected on Thursday: Temple & Webster, Abacus Storage King and Pro Medicus. Follow our reporting season coverage here. For a review of Wednesday's reporting news: Australia's July jobs report is scheduled for release at 11.30am. In a note, TD Securities said: 'We remain pessimistic on the jobs market and don't expect a strong rebound after two weak jobs report. We expect jobs growth at +12k in July. Unemployment rate is likely to stay at 4.3 per cent with the participation rate holding steady. Another weak job report may trigger speculation of consecutive rate cuts from the RBA.' Overseas, the UK and the EU are each set to report second-quarter GDP data. Policymakers meet in Norway and are expected to keep rates on hold. The US will release July PPI data and weekly initial claims: the strength, or weakness, of the labour market is seen as key to the Fed's next rate decision. Top stories Chalmers moves to phase in EV road user charge | The Albanese government is working on plans for a road user charge that would start with heavy electric vehicles. | In its final report before next week's roundtable, the Productivity Commission also urged the government to create uniform rules on AI in the care sector. | 'I think we could see it in other industries over time,' Treasury Secretary Scott Bessent said, with the revenue going to pay down the national debt.
Canberra Times
an hour ago
- Canberra Times
More than a climate fix: carbon capture opponents shouldn't have such a blinkered view
What it didn't mention is that an Australian CCS project that only opened late last year, the Santos-led facility at Moomba in South Australia, has already successfully stored one million tonnes of carbon dioxide (CO2). Having operated as designed since being switched on, Moomba has the capacity to safely and permanently store 1.7 million tonnes of CO2 each year, the equivalent of taking 700,000 petrol cars off the road.
