Latest news with #DamianShaw
Perth Now
3 days ago
- Business
- Perth Now
Sydney Trains pay deal struck
The long-running pay dispute between the NSW government and train unions, that led to months of on-off chaos for commuters, appears to have been resolved. The government and unions on Friday agreed in the Fair Work Commission to a 12 per cent pay rise over three years. The Rail, Tram, and Bus Union and the Electrical Trades Union had been seeking a 32 per cent pay rise over four years, while the government offered a 9.5 per cent rise over three years. 'This agreement will bring relief to the disruption from protected industrial action that a million daily rail commuters have been forced to endure while just trying to get to work and get around,' Transport Minister John Graham said. The dispute led to a series of industrial action, that disrupted travel for millions since last September. The NSW government has come to an agreement with train unions over the long running pay dispute. NewsWire / Damian Shaw Credit: News Corp Australia The deal ends protected industrial action by the Combined Rail Unions and allows Sydney Trains and NSW TrainLink to focus on improving reliability across the network, the government said in a statement. The proposed Enterprise Agreement, facilitated by the Fair Work Commission, delivers rail workers a 12 per cent pay rise over three years plus back pay. It will deliver agreement on a number of technology-based solutions to improve recovery times when incidents on the tracks bring the system to a halt. For example, train crews will support the introduction of a new digital disruption management system that will end the current practice that relies on a manual system of phone calls and paper-based instructions during recovery from an incident. The unions and government have also reached agreement to move to a streamlined process for consulting on new fleet, systems and infrastructure projects. NSW Transport Minister John Graham has hailed the breakthrough on a deal with rail unions. NewsWire / Nikki Short Credit: News Corp Australia Mr Graham said the bitter dispute had 'strained the patience of train passengers'. 'But in finalising this deal we have made a very important investment in reliability,' he said. 'This much-needed reset allows us to implement improvements for passengers with the full support of the rail workforce and unions. 'We said we would sign off on a fair and reasonable wage rise for our rail workers that protects taxpayer's money, and that is exactly what we have done. 'I want to thank the commuting public for their patience as we got this agreement done.' More to come
Perth Now
09-05-2025
- Climate
- Perth Now
REVEALED: West Aussies in for stunning weekend weather
Winter is just weeks away but many Australians are still basking in warm and sunny weather as a high-pressure system drives fine conditions across most of the country this weekend, unless you are on the east coast. Showers are expected from QLD's tropical north down to the Central Coast of NSW, as well as a few light showers around WA's southwest capes. Bureau of Meteorology senior meteorologist Dean Narramore said conditions would be similar across the nation on Saturday and Sunday. A weak front will bring a few lights showers into WA's southwest on Saturday morning, but elsewhere in WA will have summer-like conditions with temperatures in the low 30s in northern parts of the state, and mid to high 20s in the south. Perth will be partly cloudy reaching a high of 26C. Areas inland of QLD's coast can expect warm, dry weather with temperatures in the high 20s for most of the state. Sydney can expect a few showers across the weekend with temperatures around 22C. NewsWire / Damian Shaw Credit: News Corp Australia NSW will be hit with widespread showers from the central and northern coastal areas, which will head towards the mountain regions in the afternoon and evening. Inland areas should remain dry, warm and sunny with temperatures in the low 20s with some morning frost in southern parts of the state and Canberra. Sydney is forecast for a few showers and a high of 22C. Victoria will be dry, warm and sunny across the state with temperatures in the low 20s, Melbourne will reach a high of 21C. NewsWire / Andrew Henshaw Credit: News Corp Australia Victoria will be dry, warm and sunny across the state with temperatures in the low 20s, Melbourne will reach a high of 21C. After a wild week of weather in Tasmania, conditions will be milder across the weekend with temperatures reaching the mid to high teens across most of the state. Hobart will be partly cloudy with a high of 18C. Dry conditions will continue throughout South Australia with temperatures in the mid to high 20s in northern parts of the state and slightly cooler in the southern areas. Adelaide can expect a high of 23C. South Australia will continue to experience dry conditions with temperatures in the mid to high 20s in northern parts of the state and slightly cooler in the southern areas. Adelaide can expect a high of 23C. Newswire/Dean Martin Credit: News Corp Australia It will be hot, dry and sunny across the northern parts of Australia in the Kimberley, the Top End, Cape York and inland NT seeing Darwin reach a high of 34C.
Courier-Mail
05-05-2025
- Business
- Courier-Mail
ASX falls on Westpac results
Don't miss out on the headlines from Business Breaking News. Followed categories will be added to My News. The Australian sharemarket broke a seven-day winning streak after a major bank announced its half yearly result and the price of oil slumped on a new deal. The benchmark ASX 200 index slumped by 82.20 points or 0.92 per cent to 8,157.80 during Monday's trading. The broader All Ordinaries also fell by 82.20 points or 0.97 per cent to close Monday at 8,373.00. The Aussie dollar is trading around US64.40 cents. A worse-than-expected half yearly result by Westpac led to a fall in the financial sector. For the six months ending March 31 Westpac announced a 3 per cent decline in net interest income to $9,351m. Westpac helped drive the market down on its half year results Picture: NewsWire / Damian Shaw It also said the bank's core net interest margin, a key metric of profitability, fell by 3 basis points on tighter loan spreads, due to more competition in lending and tighter deposit spreads. Westpac shares slumped 2.99 per cent to $32.45 on the result, which also dragged ANZ down 0.99 per cent to $30.06, NAB dropped 1.75 per cent to $35.85 and bourse heavyweight CBA dropped 1.61 per cent to $166.93. senior financial market analyst Kyle Rodda said financials dragged after the Westpac result. 'The numbers from the bank weren't terrible,' he said. 'However, given the rich valuations of some of the Big 4 – almost comically rich when it comes to the CBA – a dose of reality helped sober up investors, lower bank stocks and weaken the overall ASX200.' On an overall negative day for the market, eight of the 11 sectors finished in the red. Monday's falls were led by the energy sector which closed down 2.9 per cent lower after OPEC+ announced a deal which will see supply of oil rise at the same time demand for crude is slowing. According to the oil producers, countries including Saudi Arabia and Russia said after a meeting on Sunday (AEST) to raise output by 411,000 barrels per day from June, in a move designed to punish overproducing nations. The price of Brent futures dropped $US2.04 a barrel to $US59.25. Woodside shed 3.6 per cent to $19.87 while Santos shed 4 per cent to $5.84 following the announcement. On a mixed day for the market eight of the 11 sectors finished in the red. Picture: NewsWire / Jeremy Piper Mr Rodda said unfortunately for investors, the drop breaks a seven day winning streak. 'Energy weighed on the markets off the back of a nose dive in oil prices this morning, with the Saudis seemingly taking their hand off the wheel to punish other OPEC members for noncompliance with output quotas,' he said. 'There's also the possibility they are allowing prices to fall to butter up the Americans before critical nuclear and arms talks.' In other corporate news Endeavour Group announced flat to modest retail sales growth for April following improved trading over the Easter holiday period. The business said it had strong sales momentum in its hotel sector across food, bars, gaming and accommodation. It was also a good day for Gold Road shareholders, soaring 9.43 per cent to $3.25 after announcing a takeover bid. The company previously entered an intraday trading halt on Friday, before announcing the agreement with ruyere Holding which will acquire 100 per cent of the issued and outstanding shares capital in Gold Road. Originally published as 'Rich valuation': ASX slumps during Monday's trading
Daily Telegraph
05-05-2025
- Business
- Daily Telegraph
ASX falls on Westpac results
Don't miss out on the headlines from Business Breaking News. Followed categories will be added to My News. The Australian sharemarket broke a seven-day winning streak after a major bank announced its half yearly result and the price of oil slumped on a new deal. The benchmark ASX 200 index slumped by 82.20 points or 0.92 per cent to 8,157.80 during Monday's trading. The broader All Ordinaries also fell by 82.20 points or 0.97 per cent to close Monday at 8,373.00. The Aussie dollar is trading around US64.40 cents. A worse-than-expected half yearly result by Westpac led to a fall in the financial sector. For the six months ending March 31 Westpac announced a 3 per cent decline in net interest income to $9,351m. Westpac helped drive the market down on its half year results Picture: NewsWire / Damian Shaw It also said the bank's core net interest margin, a key metric of profitability, fell by 3 basis points on tighter loan spreads, due to more competition in lending and tighter deposit spreads. Westpac shares slumped 2.99 per cent to $32.45 on the result, which also dragged ANZ down 0.99 per cent to $30.06, NAB dropped 1.75 per cent to $35.85 and bourse heavyweight CBA dropped 1.61 per cent to $166.93. senior financial market analyst Kyle Rodda said financials dragged after the Westpac result. 'The numbers from the bank weren't terrible,' he said. 'However, given the rich valuations of some of the Big 4 – almost comically rich when it comes to the CBA – a dose of reality helped sober up investors, lower bank stocks and weaken the overall ASX200.' On an overall negative day for the market, eight of the 11 sectors finished in the red. Monday's falls were led by the energy sector which closed down 2.9 per cent lower after OPEC+ announced a deal which will see supply of oil rise at the same time demand for crude is slowing. According to the oil producers, countries including Saudi Arabia and Russia said after a meeting on Sunday (AEST) to raise output by 411,000 barrels per day from June, in a move designed to punish overproducing nations. The price of Brent futures dropped $US2.04 a barrel to $US59.25. Woodside shed 3.6 per cent to $19.87 while Santos shed 4 per cent to $5.84 following the announcement. On a mixed day for the market eight of the 11 sectors finished in the red. Picture: NewsWire / Jeremy Piper Mr Rodda said unfortunately for investors, the drop breaks a seven day winning streak. 'Energy weighed on the markets off the back of a nose dive in oil prices this morning, with the Saudis seemingly taking their hand off the wheel to punish other OPEC members for noncompliance with output quotas,' he said. 'There's also the possibility they are allowing prices to fall to butter up the Americans before critical nuclear and arms talks.' In other corporate news Endeavour Group announced flat to modest retail sales growth for April following improved trading over the Easter holiday period. The business said it had strong sales momentum in its hotel sector across food, bars, gaming and accommodation. It was also a good day for Gold Road shareholders, soaring 9.43 per cent to $3.25 after announcing a takeover bid. The company previously entered an intraday trading halt on Friday, before announcing the agreement with ruyere Holding which will acquire 100 per cent of the issued and outstanding shares capital in Gold Road. Originally published as 'Rich valuation': ASX slumps during Monday's trading
Perth Now
05-05-2025
- Business
- Perth Now
ASX snaps seven day winning streak
The Australian sharemarket broke a seven-day winning streak after a major bank announced its half yearly result and the price of oil slumped on a new deal. The benchmark ASX 200 index slumped by 82.20 points or 0.92 per cent to 8,157.80 during Monday's trading. The broader All Ordinaries also fell by 82.20 points or 0.97 per cent to close Monday at 8,373.00. The Aussie dollar is trading around US64.40 cents. A worse-than-expected half yearly result by Westpac led to a fall in the financial sector. For the six months ending March 31 Westpac announced a 3 per cent decline in net interest income to $9,351m. Westpac helped drive the market down on its half year results NewsWire / Damian Shaw Credit: News Corp Australia It also said the bank's core net interest margin, a key metric of profitability, fell by 3 basis points on tighter loan spreads, due to more competition in lending and tighter deposit spreads. Westpac shares slumped 2.99 per cent to $32.45 on the result, which also dragged ANZ down 0.99 per cent to $30.06, NAB dropped 1.75 per cent to $35.85 and bourse heavyweight CBA dropped 1.61 per cent to $166.93. senior financial market analyst Kyle Rodda said financials dragged after the Westpac result. 'The numbers from the bank weren't terrible,' he said. 'However, given the rich valuations of some of the Big 4 – almost comically rich when it comes to the CBA – a dose of reality helped sober up investors, lower bank stocks and weaken the overall ASX200.' On an overall negative day for the market, eight of the 11 sectors finished in the red. Monday's falls were led by the energy sector which closed down 2.9 per cent lower after OPEC+ announced a deal which will see supply of oil rise at the same time demand for crude is slowing. According to the oil producers, countries including Saudi Arabia and Russia said after a meeting on Sunday (AEST) to raise output by 411,000 barrels per day from June, in a move designed to punish overproducing nations. The price of Brent futures dropped $US2.04 a barrel to $US59.25. Woodside shed 3.6 per cent to $19.87 while Santos shed 4 per cent to $5.84 following the announcement. On a mixed day for the market eight of the 11 sectors finished in the red. NewsWire / Jeremy Piper Credit: News Corp Australia Mr Rodda said unfortunately for investors, the drop breaks a seven day winning streak. 'Energy weighed on the markets off the back of a nose dive in oil prices this morning, with the Saudis seemingly taking their hand off the wheel to punish other OPEC members for noncompliance with output quotas,' he said. 'There's also the possibility they are allowing prices to fall to butter up the Americans before critical nuclear and arms talks.' In other corporate news Endeavour Group announced flat to modest retail sales growth for April following improved trading over the Easter holiday period. The business said it had strong sales momentum in its hotel sector across food, bars, gaming and accommodation. It was also a good day for Gold Road shareholders, soaring 9.43 per cent to $3.25 after announcing a takeover bid. The company previously entered an intraday trading halt on Friday, before announcing the agreement with ruyere Holding which will acquire 100 per cent of the issued and outstanding shares capital in Gold Road.
