Latest news with #MaxMason-Hubers
Perth Now
6 days ago
- Business
- Perth Now
ASX slips after Trump/Musk stoush
Cautious investors sold down the ASX on a quiet day of trading on Friday, despite the US and China resuming trade talks, as markets await critical jobs data out of the US. The benchmark ASX 200 index slipped for the second consecutive day of trading falling by 23.20 points or 0.27 per cent to 8,515.70. The ASX200 has now recorded four consecutive weekly gains. The broader All Ordinaries fell during Friday's trading, down 26.70 points or 0.30 power cent to 8,741.90. The Australian dollar also is down 0.21 per cent and is now buying 64.95 US cents. Nine of the 11 sectors fell during Friday's trading NewsWire / Max Mason-Hubers Credit: News Corp Australia On an overall bleak day on the market, nine of the 11 sectors finished in the red with just energy, industrials and utilities gaining ground. Woodside Energy gained 0.97 per cent to $22.94, while Santos is up 0.61 per cent to $6.58 as the price of Brent crude oil continues to recover over the week's trading. Industrials also had a strong day led by Qantas Airways which jumped 3.46 per cent to $10.76 despite the news Virgin Australia is looking to re-list. Transurban shares also rose 0.63 per cent to $14.38, and Computershares Limited rose 0.83 per cent to $41.08. CBA shares slipped from its record highs down 0.79 per cent to $179.90, Westpac fell 0.24 per cent to $33.18 and ANZ traded 0.44 per cent lower to $29.50. NAB was the only big four bank to finish in the eking out a 0.18 per cent gain and to close Friday's trading at $38.58. eToro market analyst Josh Gilbert said initially there was optimism on the markets following 'very good' trade talks between Washington and Beijing. But this quickly changed after a public spat between former friends President Donald Trump and Tesla chief executive Elon Musk. 'This will provide a hit to overall market sentiment, particularly tech, but may not be long-lasting for anyone other than Tesla,' Mr Gilbert said. Australia's sharemarket has now risen four consecutive weeks in a row. NewsWire / Max Mason-Hubers Credit: News Corp Australia The overall lower volumes on the ASX comes as investors await the latest payroll data out of the US. 'The uncertain macro backdrop continues to provide a hurdle for risk-on sentiment, and cooling US economic data is leaving investors unassured,' Mr Gilbert said. 'With the labour market heavily in focus, the print this evening will be essential for market direction.' Mr Gilbert said negative economic data released throughout the week could actually help drive the ASX 200 higher. 'The weaker-than-expected GDP data this week also drives the expectation for further rate cuts, further supporting the market optimism,' he said. In corporate news, Worley shares fell 0.46 per cent to $13.08 despite the business announcing it had won a contract with Glenfarne to help support engineering work on its Alaska LNG pipeline. Shares in gold miner West Cobar Metals soared 60 per cent to $0.024 after announcing it has completed the acquisition of the Mystique Gold Project in Fraser Range, Western Australia.
Herald Sun
7 days ago
- Business
- Herald Sun
Number of high net worth Australians outpaces economic growth
Don't miss out on the headlines from Breaking News. Followed categories will be added to My News. The wealth of Australia's millionaires and billionaires significantly outpaced economic growth in 2024, new analysis shows. Research from French multinational business consultancy firm, Capgemini, shows 334,800 Australians are now deemed 'high net worth individuals', up 0.5 per cent last year. Just under 10 per cent of those people have investable assets between $US5m-$US30m. There are now 2450 Australians with investable assets over $US30m. The total wealth of high net worth Australians grew 3.3 per cent in 2024, the report shows, while the Australian economy grew just 1.3 per cent for the year. Owning a house continues to be the largest differentiator between the rich and the least wealthy 50 per cent of the population. Picture: NewsWire / Max Mason-Hubers The Capgemini report, released this week, also throws up a broad view of how the wealthy will pass on their riches, and how their children are likely to invest the funds. In the next two decades, globally some $128 trillion will change hands by inheritance, Capgemini estimates. The inheriting generation are more open to risk, Capgemini says, and advises wealth and asset managers to prepare for the change in appetite. Separate analysis released this week by Oxfam shows the number of Australian billionaires has doubled in the space of a decade to 161. The wealth of Australia's high net worth citizens grew 3.3 per cent last year, while the country's economic growth came in at 1.3 per cent. Picture: Christian Gilles / NewsWire 'This level of inequality is not just morally wrong – it's economically and socially dangerous,' Oxfam Australia acting chief executive Chrisanta Muli said. 'While millions of Australians are struggling to make ends meet, the country's richest continue to amass eye-watering fortunes, often without lifting a finger.' In the past decade, the wealth of Australia's richest 200 people has risen 160 per cent to $667bn, Oxfam says. 'It is scandalous and unjust that property continues to be one of the biggest drivers of wealth across the decade while over 99 per cent of rentals are unaffordable for people earning a full-time minimum wage,' Dr Muli said. Originally published as 'Scandalous': Number of high net worth Australians outpaces economic growth
Perth Now
7 days ago
- Business
- Perth Now
‘Scandalous': Uber wealthy Aussies get richer
The wealth of Australia's millionaires and billionaires significantly outpaced economic growth in 2024, new analysis shows. Research from French multinational business consultancy firm, Capgemini, shows 334,800 Australians are now deemed 'high net worth individuals', up 0.5 per cent last year. Just under 10 per cent of those people have investable assets between $US5m-$US30m. There are now 2450 Australians with investable assets over $US30m. The total wealth of high net worth Australians grew 3.3 per cent in 2024, the report shows, while the Australian economy grew just 1.3 per cent for the year. Owning a house continues to be the largest differentiator between the rich and the least wealthy 50 per cent of the population. NewsWire / Max Mason-Hubers Credit: News Corp Australia The Capgemini report, released this week, also throws up a broad view of how the wealthy will pass on their riches, and how their children are likely to invest the funds. In the next two decades, globally some $128 trillion will change hands by inheritance, Capgemini estimates. The inheriting generation are more open to risk, Capgemini says, and advises wealth and asset managers to prepare for the change in appetite. Separate analysis released this week by Oxfam shows the number of Australian billionaires has doubled in the space of a decade to 161. The wealth of Australia's high net worth citizens grew 3.3 per cent last year, while the country's economic growth came in at 1.3 per cent. Christian Gilles / NewsWire Credit: News Corp Australia 'This level of inequality is not just morally wrong – it's economically and socially dangerous,' Oxfam Australia acting chief executive Chrisanta Muli said. 'While millions of Australians are struggling to make ends meet, the country's richest continue to amass eye-watering fortunes, often without lifting a finger.' In the past decade, the wealth of Australia's richest 200 people has risen 160 per cent to $667bn, Oxfam says. 'It is scandalous and unjust that property continues to be one of the biggest drivers of wealth across the decade while over 99 per cent of rentals are unaffordable for people earning a full-time minimum wage,' Dr Muli said.
Perth Now
10-05-2025
- Business
- Perth Now
Insane bank of mum and dad cost revealed
Younger Australians are increasingly turning to the bank of mum and dad to take their first steps onto the property ladder, but even with a leg up many are struggling to raise enough money to buy in Australia's capital cities. Survey data released by comparison site Mozo shows more than one in three first home buyers needed parental assistance. 'Despite these large contributions, Mozo modelling shows a $74k gift is often still not enough to cover a 20 per cent deposit on median homes in Sydney or Melbourne, especially with stamp duty and other upfront costs factored in,' the Mozo report said. 'Dual incomes remain essential and many first home buyers still fall short of lending thresholds even with family support.' According to Mozo, that was $4,113 more than in 2021. And 75 per cent of parents who had backed a deposit did not expect to be repaid, up from 33 per cent over the same period. PropTrack data confirms this, showing Australia's median house price is already at a record high in April, rising 0.2 per cent to $805,000, although prices in Australian cities are more expensive. The new bank of mum and dad does not expect to be paid back. Mozo Credit: Supplied An average house price in Sydney now costs buyers $1.18m, while Australia's second most expensive city Brisbane costs $882,000 and the ACT will cost buyers on average $852,000. Since March 2020 during the depth of the Covid lows, house prices nationally have recovered by 48.6 per cent, putting more pressure on those looking to get into the market. REA Group senior economist and report author Anne Flaherty said one positive for those looking to get into the market was house price growth was slowing. 'While national home prices rose in April, the rate of growth has slowed compared to the first three months of the year,' she said. 'Should interest rates fall in May, we may see the rate of growth pick up again as borrowing capacities increase and mortgage repayments decline.' The bank of mum and dad is still not enough for a deposit in major capital cities. NewsWire / Max Mason-Hubers Credit: News Corp Australia More than half of the parents who did help their children had to dip into their savings, while 14 per cent are putting off their own retirement or accessed their superannuation to help the children. Even though parents are willing to sacrifice to help their own children, when asked if they were willing to sell the family home, the majority answered no. Aussie parents are less willing to downsize their home: Picture. Mozo Credit: Supplied 'Interestingly, while financial support from parents has increased, fewer parents are willing to make extreme sacrifices to fund their children's homeownership goals,' Mozo's report said. Despite the large sums of money given from parent to child, Mozo's data warns there is a lack of any formal agreement or protection. 'That leaves both parties exposed if circumstances change. As house prices continue to outpace wage growth, the role of the 'Bank of Mum and Dad' is becoming both more vital and more financially perilous,' the report said.
Perth Now
08-05-2025
- Climate
- Perth Now
Wild weather to smash the east coast
Showers and rough seas are set to smash a big portion of the eastern coast this weekend, while graziers have been told to keep an eye on their sheep due to extremely cold temperatures. Strong south-easterly winds are expected to hit the north of NSW coast and almost the entire coast of Queensland on Friday. The Bureau of Meteorology issued warnings for heavy winds on Friday for Byron and Coffs coast in NSW, and areas between Gold Coast right up to the North East Gulf of Carpentaria in Queensland. Strong south-easterly winds are expected to hit the northern NSW coast and almost the entire coast of Queensland on Friday. NewsWire / Max Mason-Hubers Credit: News Corp Australia While the wind and rain lashes down, Brisbane is looking to hit a top of 24C on Friday and Sunday, and 23C on Saturday, while further north in Cairns, temperatures will reach 27C and 28C. Queensland residents further inland will enjoy mostly sunny conditions. There has also been a warning issued for graziers in NSW and the ACT, as part of the Snowy Mountains are expected to be so frigid there may be a risk of losing lambs and sheep due to exposure. Canberra's capital will be exceptionally cold, with minimums as low as -2C expected on Friday. Fog and frost is expected each morning, but as the sun appears, the capital will reach 20C on most days over the weekend. Fog and frost is expected most mornings this weekend in Canberra, but as the sun appears, the capital will reach 20C on most days over the weekend. . NCA NewsWire / Martin Ollman Credit: NCA NewsWire Light showers are expected for Sydney all weekend, with the temperature incrementally warming from Friday to Sunday – maximums will reach 21C, 22C and then 23C. Tasmanians on the south east coast and south west coast have been warned to prepare for gale force winds on Friday, while a strong wind warning is also in place for regions surrounding the central west coast. Residents in Hobart can expect partly cloudy conditions from Friday to Sunday, and three days of 18C. The rest of the country is set to enjoy 'settled' weather, according to meteorologist Christie Johnson, due to a high pressure system moving from the Great Australian Bight towards Victoria. Melbourne and Adelaide will enjoy mostly sunny days with light winds, with maximum temperatures ranging between 21-23C and 22-24C respectively. Perth and Darwin will also enjoy sunny conditions with light winds, but much higher temperatures. The NT capital city will reach 34C most days, and residents in Perth will enjoy maximum temperatures between 26C and 31C.
