Latest news with #ChristianGilles


Perth Now
7 days ago
- Business
- Perth Now
ASX drops on banks and miners
A slump in the price of iron ore and Australians dumping their bank stocks saw the local market slide for the third straight trading day. The benchmark ASX200 dropped 42.5 points or 0.49 per cent to 8,666.9 points on Friday while the broader All Ordinaries lost 45.10 points or 0.50 per cent to close the week at 8,934.30. Australia's dollar also fell and at the time of writing was buying 65.76 US cents. The ASX 200 fell for the third straight day of trading. NewsWire / Christian Gilles Credit: News Corp Australia The falls were broad based with seven of the 11 sectors ending the day in the red, led by the materials, financials and healthcare sector. BHP shares fell 1.92 per cent to $40.80, Fortescue shares dropped 3.42 per cent of $18.35 and Rio Tinto traded down 0.83 per cent to $118.86 on the back of a falling iron ore price. Singapore iron ore futures slumped 1.7 per cent to $103.35. The drop follows investors fear of an oversupply of the commodity. The big four banks continued their sell-off with CBA down 0.35 per cent to $172.87, NAB down 0.40 per cent to $37.51, Westpac slumping 0.78 per cent to $33.03 and ANZ down 0.72 per cent to $30.22. Market heavyweight CSL also fell 0.61 per cent to $267.92, while Sigma Healthcare lost 0.70 per cent to $2.84 and Cochlear slid 0.38 per cent to $312.83. AMP chief economist and head of investment strategy Shane Oliver said the Australian market fell during the week even though Wall Street continued to reset record highs. 'Resources and health stocks rose but this was more than offset by falls in consumer and financial shares, with CBA coming under after it nearly doubled in price over two years,' he said. Dr Oliver said the Australian sharemarket was still on track for a solid July up 1.4 per cent so far although the gains could be short lived. 'With lots of good news already factored in and valuations stretched, markets are a bit vulnerable to a correction over the seasonally weaker months of August and September with a long worry list,' he said. Seven of the 11 sectors finished in the red. NewsWire / Max Mason-Hubers Credit: News Corp Australia Shares in anti-drone technology business DroneShield slumped 10.09 per cent to $3.03. This was on the back of no announcement and could be investors taking profit after the shares surged more than 300 per cent so far this year. Bapcor shares gained 1.64 per cent to $3.72 following after tanking nearly 30 per cent to a five-year low on Thursday on the back of its latest earnings forecast. The Autobarn and Midas owner said statutory net profits after tax would lie between $31m-$34m. Specialist alternative investment manager Regal Partners surged 9.02 per cent to $2.90 after announcing a 7 per cent increase in funds under management to $17.7bn. Shares in Newmont also shined, gaining 3.81 per cent to $95.38 after the US gold miner announced a 9 per cent rise in net income for the second quarter and a $4.6bn share buyback program.


Perth Now
22-07-2025
- Business
- Perth Now
Why RBA put shock hold on rates
A stronger than expected job market stopped the RBA pulling the trigger on a July rate cut, leaving struggling homeowners to wait a little longer for rate relief. The central bank released its meeting minutes on Tuesday, showing the board decided to hold the cash rate despite inflation sitting within its target range. 'Recent monthly CPI indicator data – which can be volatile and do not cover all items in the CPI – were broadly consistent with this expectation,' the RBA board said. But with more Australians currently in work, the RBA was wary the strong employment figures could lead to an increase in inflation. 'The labour market was assessed to have remained tight, with measures of labour utilisation little changed over the prior year,' it said. 'Growth in private demand had begun to recover, but was still subdued.' The board voted 6-3 in favour of holding the cash rate. Christian Gilles / NewsWire Credit: News Corp Australia The RBA had to work with May's unemployment figures, which showed just 4.1 per cent of eligible Australians were out of work. When the June figures were released after the RBA meeting, it showed unemployment had jumped to 4.3 per cent, with 34,000 Aussies losing their jobs. But households may not have to wait long for interest rate relief, with the RBA's meeting minutes seemingly clearing the way for further rate cuts. 'All members agreed that, based on the information currently available, the outlook was for underlying inflation to decline further in year-ended terms, warranting some additional reduction in interest rates over time,' the RBA minutes said. RBA governor Michele Bullock fronted a press conference after holding the cash rate at 3.85 per cent. NewsWire / Nikki Short Credit: News Corp Australia A cautious RBA monetary board held the official cash rate at 3.85 per cent following its July meeting, with the shock move defying expert commentators and predictions from the money markets. The board voted 6-3 in favour of the hold. 'A minority of members judged that there was a case to lower the cash rate target at this meeting,' the board said. 'These members placed more weight on downside risks to the economic outlook – stemming from a likely slowing in growth abroad and from the subdued pace of GDP growth in Australia.' Australia's Cash Rate 2022 Critics say the board is unlikely to learn anything by holding interest rates for a further five weeks. Christian Gilles / NewsWire Credit: News Corp Australia Fronting the media after the decision, Reserve Bank governor Michele Bullock said the votes were 'unattributed' and declined repeatedly to reveal her position. She said the board wanted to wait for the full quarterly data to be released by the Australian Bureau of Statistics. 'By then we will know what the June quarter CPI is and if it comes in as we think it will – a little bit at the margin, we're a little bit worried about – but if it comes in as we think it will, continue to decline, then that validates our easing path,' she said. Opinion remains divided as to whether the hold was the right decision. Westpac chief economist Luci Ellis, who worked for the RBA for 15 years, says the central bank might have chosen to 'assert its independence' by bucking expectations of a rate cut. 'There was no real economic benefit to waiting five more weeks,' Ms Ellis wrote in an economic note released last week. While the decision may have left homeowners frustrated, Ms Ellis said it was a low-risk decision for the central bank from a broader economic perspective. 'The dirty little secret of monetary policy is that small differences in the level of interest rates or the timing of changes make essentially no difference for inflation outcomes,' Ms Ellis said. 'If holding the cash rate 100 basis points lower for a year only boosts inflation by 0.2 per cent or so – broadly the result from the RBA's main model – then 25bp higher for five weeks is not even a rounding error.' The RBA will next meet on August 12, with money markets widely forecasting a rate cut.


Perth Now
18-07-2025
- Business
- Perth Now
ASX has best week since May
Australia's sharemarket hit its third record high in five days on Friday, on the back of a jump in the major iron ore miners and healthcare stocks. The ASX 200 continued its record breaking run, jumping 118.20 points or 1.37 per cent to 8,757.20 with the index having its best day since April 10. The broader All Ordinaries surged 116 points or 1.30 points to 9,006.80. On an overall strong day for investors, all 11 sectors finished in the green. Healthcare shares led the way up 2.47 per cent while the materials sector gained 2.06 per cent and information technology closed the week 1.50 per cent higher. Healthcare darling CSL rallied 3.62 per cent to $257.38, Sigma Healthcare gained 1.08 per cent to $2.81 and Telix Pharmaceuticals jumped 2.77 per cent to $25.26. The ASX 200 continued its record breaking run. NewsWire Christian Gilles Credit: News Corp Australia The major iron ore miners continued their run higher as the price of the commodity rose above $US100 a tonne for the first time in two months through the trading week, on the back of better than expected economic data out of China. BHP chief executive Mike Henry told the market the demand for iron ore remained resilient on the back of strong Chinese demand. 'That resilience largely reflects China's ongoing ability to grow its overall export base despite a significant decline in exports to the USA, and its ability to deliver robust domestic demand despite the dislocation in the property sector,' Mr Henry said. 'While slower economic growth and a fragmenting trading system remain potential headwinds, stimulus efforts by China and the USA would help to mitigate the near-term impact.' BHP jumped on this news, 3.02 per cent to $40.29, Fortescue rose 0.53 per cent to $17 and Rio Tinto finished in the green up 1.81 per cent to $113.11. All 11 sectors finished in the green. NewsWire / Jeremy Piper Credit: News Corp Australia The big four banks also had a strong day with CBA adding 0.92 per cent to $182.46, NAB gained 1.27 per cent to $39.19. Westpac jumped 1.81 per cent to $34.31 and ANZ finished 1.22 per cent higher to $30.82. Despite the strong run up from the major Australian shares, Morningstar says the top end could be overvalued with an 'earnings recession' likely to continue for the third straight year. Morningstar market strategist Lochlan Halloway said while the other indexes continued to rise, Australia's largest businesses – from an earnings point of view – were actually falling. 'Eventually, something's got to give – either earnings catch up to lofty prices, or valuations rebase to reflect the reality of slower growth,' Mr Halloway said. 'This disconnect between prices and profits goes a long way to explaining why valuations look so stretched at the top end of the market. In company news, shares in Mesoblast soared 34.7 per cent to $2.41 after the biotech company informed the market it had $20m in sales of its flagship stem cell therapy which was launched in March. Virgin Australia gained 1.9 per cent to $3.27 after the recently relisted airline gained a buy rating from UBS citing clearer strategy and strong fundamentals for the business.


Perth Now
15-07-2025
- Business
- Perth Now
Fresh push to ban sneaky fee for Aussies
Australian consumers could stop paying $1.2bn in sneaky surcharge fees, following a simple change proposed by the Reserve Bank of Australia. A fresh consultation paper released by the RBA proposes the removal of surcharge fees for tapping a card on eftpos, MasterCard, and Visa payments. While this is a step further than the government's initial ban on fees for debit transactions, the RBA says it would bring the Australian payment market in line with the rest of the world. The central bank is looking to finalise consultation with industry by the end of the year and have surcharges removed by July next year. RBA governor Michele Bullock said the payment landscape was always evolving, meaning it was critically important to keep pace and ensure Australia's remained safe, competitive, and efficient. RBA governor Michele Bullock said it was critically important for Australia's payment market remained competitive. Christian Gilles / NewsWire Credit: News Corp Australia 'We think the time has come to address some of these high costs and inefficiencies in the system,' Ms Bullock said. 'This could save consumers $1.2bn annually, simplify payments and boost competition.' The RBA has acknowledged any savings for customers would require businesses to absorb the costs. If businesses instead lifted prices, it could add about 0.1 per cent to inflation. 'Merchants that surcharge debit card payments would be faced with a choice of increasing their prices or absorbing their debit payment costs through reduced margins,' the RBA said. The RBA has proposed axing surcharge fees costing Aussies $1.2bn. Credit: NewsWire The central bank is proposing another two changes to Australia's card network, including lowering the cap on interchange fees in a move they say could save businesses $1.2bn a year. 'Around 90 per cent of Australian businesses are estimated to be better off under the proposed change,' the RBA says. 'The proposed reduction in interchange caps would benefit small businesses the most, as they tend to pay fees closer to the existing cap.' The RBA is also in consultation to require card networks and large acquirers to publish the fees they charge. 'Improving transparency and competition will help all players better under the fees they are charged and make it easier for businesses to shop around for a better deal,' the RBA consultation papers say.

Herald Sun
09-07-2025
- Automotive
- Herald Sun
Lanes closed, huge delays after six-vehicle crash on Sydney Harbour Bridge
Don't miss out on the headlines from Breaking News. Followed categories will be added to My News. A four-vehicle crash on the Sydney Harbour Bridge has brought morning peak-hour traffic in the city to a standstill. One person was trapped inside their vehicle after the horror smash, with emergency crews on the scene shortly after 8am on Wednesday. 'Police were told two vehicles collided head-on before crashing into two other cars,' a police statement read. Two cars collided on the Sydney Harbour Bridge on Wednesday morning. Picture: Christian Gilles / NewsWire Traffic is heavy in both directions after the crash, after two of three southbound lanes and one northbound lane were closed on the deck of the bridge near Mandalong Road. All lanes have since reopened, LiveTraffic confirmed. 'Continue to allow plenty of extra travel time as traffic remains heavy on all approaches to the Bridge,' they said in a statement. One person became trapped inside the car. Picture: Supplied Emergency crews are on the scene. Picture: Christian Gilles / NewsWire 'Motorists are advised to allow plenty of extra travel time and exercise caution.' Traffic was at a standstill on and approaching the bridge, with cars and trucks stretching for kilometres as emergency crews worked to clear the area. Build-ups were also reported in all directions surrounding the Harbour Bridge, including Anzac Bridge, Military Road and Palmer Street. Three people have been treated for injuries. Picture: Christian Gilles / NewsWire Traffic crews, a tow truck and emergency services Remained on site late in the morning. 'Ongoing police investigations are expected to take some time,' LiveTraffic reported. Fire and Rescue NSW Superintendent Adam Dewberry told NewsWire emergency crews were on the scene to free a person who was 'still in (a) vehicle'. The person has since been removed from the vehicle and transported to St Vincent's Hospital in Darlinghurst with back injuries. Cars were seen stretching back for kilometres. Picture: Christian Gilles / NewsWire Ambulance NSW told NewsWire five ambulances were on the scene, including intensive care paramedics. Two other people have been treated and assessed for minor injuries by paramedics, a spokesman said. Traffic is at a standstill. Picture: LiveTraffic NSW A Transport NSW spokesman told NewsWire buses travelling over the Harbour Bridge may 'experience delays' of up to 40 minutes. Some city bound buses approaching the bridge are being diverted to North Sydney Station due to the crash. State Liberal Party acting leader Damien Tudehope suggested commuters should be given a toll-free day for sitting in traffic, saying the toll had recently increased. 'One of the things that really annoys me is when you have an incident like this, you sit there and think, 'I am paying for this',' he told 2GB's Mark Levy. More to come Originally published as Huge delays after four-vehicle crash on Sydney Harbour Bridge