Latest news with #StephanieChalmers
RNZ News
4 days ago
- Business
- RNZ News
Reserve Bank of Australia cuts interest rates for third time this year
By ABC News business reporter Stephanie Chalmers Australia's Reserve Bank Governor Michele Bullock speaks during the Monetary Policy Decision media conference in Sydney. Photo: AFP / DAVID GRAY The Reserve Bank of Australia has delivered its third interest rate cut of 2025, with a 0.25 percentage point reduction at its August board meeting. That takes the cash rate to 3.6 percent for the first time since April 2023. The move had been overwhelmingly anticipated by financial markets and economists after the surprise decision to hold rates steady in July. It was a unanimous decision by board, which had been divided last month. Tuesday's cut follows a further easing of inflation in the June quarter, which RBA governor Michele Bullock last month highlighted as the crucial piece of data the monetary policy board was waiting for. "Updated staff forecasts for the August meeting suggest that underlying inflation will continue to moderate to around the midpoint of the 2-3 percent range, with the cash rate assumed to follow a gradual easing path," the post-meeting statement read. The inflation pull back, alongside "labour market conditions easing slightly, as expected", led the board to deem "further easing of monetary policy was appropriate". "This takes the decline in the cash rate since the beginning of the year to 75 basis points," the RBA board noted in its statement. The central bank cut interest rates at its February and May board meetings. Before that, the RBA's cash rate had sat at 4.35 per cent since November 2023, after a series of 13 rate hikes, beginning in May 2022. The Australian dollar fell following the decision, dipping just below 65 US cents as Ms Bullock addressed a media conference in Sydney. The RBA governor indicated the board was prepared to cut interest rates further if necessary. "The forecasts imply that the cash rate might need to be a bit lower than it is today to keep inflation low and stable, and employment growing, but there is still a lot of uncertainty," Ms Bullock told reporters. "The board will continue to focus on the data to guide its policy response." Betashares chief economist David Bassanese has forecast further interest rate cuts, with the next easing more likely in November, rather than at the next meeting in September. "Indeed, the [central] bank's own forecasts of underlying inflation stabilising at 2.6 percent over coming quarters incorporate further declines in the cash rate in line with current market expectations," he wrote. "That said, barring a major growth scare, the RBA does not seem in any rush to cut interest rates. "All up, my base case remains that a rate cut on Melbourne Cup day is an odds on favourite - following release of the June quarter consumer price index report in late October." The governor would not be drawn on what specific cash rate the central bank considers to be "neutral" - that is, the level where the rate is not stimulating or putting a handbrake on the economy. Instead, she gave a "very wide range" of between 1 and 4 percent, and noted a neutral rate is for when there is an absence of economic shocks. "We are very often not in the absence of shocks… we've got shocks, particularly at the moment." - ABC
RNZ News
02-07-2025
- Business
- RNZ News
What the Qantas cyber attack may mean for your data
By Stephanie Chalmers and Emilia Terzon , ABC A photo taken on August 20, 2023 shows the wing-tip of a Qantas Airbus A330 descending to land at Sydney´s Kingsford Smith Airport. Photo: WILLIAM WEST/AFP Cybersecurity experts are warning Qantas customers to remain vigilant to scams and hacking attempts in coming days, after as many as 6 million Australians were caught up in a data breach . Qantas has revealed it came under attack by cybercriminals on Monday and is continuing to investigate exactly how many customer records were stolen, of the millions on the platform that was breached. Here's what we know about the data accessed, how it could be used by cybercriminals and what you can do to protect yourself in the wake of the incident. Qantas says a cybercriminal targeted a call centre and then gained access to a third-party customer servicing platform. The airline has outlined the data stolen: it includes some customers' names, email addresses, phone numbers, birth dates and frequent flyer numbers. "Importantly, credit card details, personal financial information and passport details are not held in this system," the airline's statement reads. "No frequent flyer accounts were compromised nor have passwords, PIN numbers or log in details been accessed." Qantas said the system that was accessed contains the records of 6 million customers. It said it would contact all of those who were potentially affected. On Wednesday, a message was sent to Qantas Frequent Flyer members, noting: "For those customers whose information has been potentially compromised, you will receive further communication from us shortly." So, essentially, watch this space if you are a Qantas customer. Tony Jarvis, the chief information security officer at cybersecurity firm Darktrace, told The Business that personal data had different values when sold on the dark web, depending on the nature of the data. "It can range anywhere from a dollar or two, to over $100 depending on the type of information we see," he said. As of Wednesday evening, Jarvis couldn't detect any data from the Qantas breach for sale on the dark web but said he would continue to monitor the situation. He advises Qantas customers to stay across updates from the airline in case further details of the type of data compromised are released. Qantas has established customer support lines and says it will also maintain a dedicated page on its website to keep customers updated. The biggest risk for people now is that their data is used to attempt fraud, target scams or, in the worst-case scenario, steal their identity. Personal details can be used to add weight to impersonation scams - for example, pretending to be a company or agency someone has an account with. "If I was to receive an email with accurate information of my name, date of birth and frequent flyer information, then I'd trust this email," La Trobe University data security expert Daswin De Silva said. He therefore warns Qantas customers to be vigilant about handing over extra details, like credit card information or bank details, to people claiming to be from government agencies or companies. "Then it becomes a financial loss," he added. Cybercrime specialist Richard Buckland agrees that further scam attempts remain one of the biggest concerns from the Qantas breach. The data could also be used to try and hack into accounts on other services. If you use the same email address across many online profiles, stolen information such as your date of birth, address or phone number could be used to try and gain access to other accounts and even financial records. "The information that's been stolen is used by lots of companies to identify them," Professor Buckland, from UNSW, said. "The data could be used to do password resets on lots of other accounts." In previous cybersecurity incidents involving major Australian companies including Medibank and Optus, there were also concerns that people's personal information could be sold on the dark web to carry out further identity theft. In Medibank's case, the data hacked was so sensitive in nature - with personal healthcare records accessed - that it also led to grave concerns for people's individual wellbeing and ransom demands against Medibank. Both Professor Buckland and Professor De Silva note that such sensitive information hasn't been reported as accessed in the Qantas hack. If you're a member of the Qantas loyalty program, you might be wondering if your points are at risk. Qantas has listed frequent flyer numbers as among the data compromised, but says "no frequent flyer accounts were compromised". However, Professor Buckland warns those accounts could be targeted in subsequent hacking attempts, given membership numbers are among the data breached. "It's quite possible this could be used to log into the frequent flyer system by claiming you've lost a password and trying to do some sort of password reset," he said. Airline loyalty commentator Adele Eliseo notes that loyalty balances are extremely valuable, describing them as a financial asset. "Frequent flyer numbers are more than membership references. They are the gateway to accessing points with tangible financial value, and when linked with personal information, they expose account holders to significant vulnerability," she said. She encourages people to log in to their accounts often in coming weeks and months and check for any unusual activity, and consider two-factor authentication. The consensus among the cyber experts we spoke to? An oldie but a goodie - change your passwords. "If it was me, I'd be keeping a close eye on my frequent flyer points and changing my [frequent flyer account] password straight away," Professor Buckland said. "Then just watching it closely. Presumably, if someone does go in and steal those points or it uses them for things, Qantas is able to reimburse that, so I think it's just a matter of noticing that that's happened." Professor De Silva says people should think about resetting passwords and make them as secure as possible, including by using password generation software that encrypts codes. "This is something we should be doing regularly," he said. Darktrace's Jarvis warns people to avoid clicking on links in emails purporting to be from Qantas, as companies that have experienced cyber attacks are often impersonated in their wake. "It could direct you to a malicious website where your details, your usernames and passwords, can be siphoned off … always go to the Qantas website directly to get your source of information." Professor De Silva also says there is a risk that people's credit card details have been stored along with their frequent flyer accounts, and that this information could now be accessed too. In this instance, he thinks people should take the "extreme measure" to cancel their credit card, "to be on the safe side". - ABC
ABC News
05-05-2025
- Business
- ABC News
Markets live updates: ASX set to slip as Wall Street ends nine-day winning streak ahead of Fed meeting
ASX futures are lower after Wall Street fell following a recent streak of gains, with Donald Trump's film tariff announcement and the looming Federal Reserve meeting in focus. The Australian dollar continued to push higher against the falling greenback as oil prices fell and gold rose. Follow the day's financial news and insights from our specialist business reporters on our live blog. Disclaimer: this blog is not intended as investment advice. Key Events 19m ago 19 minutes ago Mon 5 May 2025 at 9:26pm Submit a comment or question Log in to comment Live updates Latest Oldest Pinned 30m ago Mon 5 May 2025 at 9:15pm Market snapshot S By Stephanie Chalmers ASX futures: -0.3% to 8,152 points Australian dollar: +0.1% to 64.64 US cents S & P 500: -0.6% to 5,650 points Nasdaq: -0.7% to 17,844 points FTSE: +1.2% to 8,596 points EuroStoxx 600: +0.2% to 537 points Spot gold: +2.9% to $US3,333/ounce Brent crude: -1.6% $US60.33/barrel Iron ore: -0.3% to $US97.35/tonne Bitcoin: +0.3% to $94,522 Prices current around 7:10am AEST Key Event 19m ago Mon 5 May 2025 at 9:26pm ASX to slip as Wall Street's 9-session winning streak ends S By Stephanie Chalmers Good morning, Steph Chalmers here to take you through the morning on markets. Futures are pointing to local stocks slipping at the start of trade, after the S & P 500 snapped a nine-session streak of gains on Wall Street. Donald Trump's Federal Reserve's two-day meeting this week . Locally, the Australian dollar continued to push higher against the greenback . Stick with us through the day!
ABC News
01-05-2025
- Business
- ABC News
Markets live updates: Wall Street continues to regain tariff loses, Amazon disappoints
US stocks have continued to reclaim ground from their post-tariff losses, with the S&P 500 gaining for an eighth straight session to reach its highest level since April 2. Amazon's shares fell in extended trade as its cloud revenue growth missed Wall Street's expectations and tariff uncertainty weighed. Follow the day's financial news and insights from our specialist business reporters on our live blog. Disclaimer: this blog is not intended as investment advice. Key Events 34m ago 34 minutes ago Thu 1 May 2025 at 9:37pm Submit a comment or question Log in to comment Live updates Latest Oldest Pinned 47m ago Thu 1 May 2025 at 9:24pm Market snapshot S By Stephanie Chalmers ASX futures: -0.4% to 8,130 points Australian dollar: -0.1% to 63.79 US cents S & P 500: +0.6% to 5,604 points Nasdaq: +1.5% to 17,710 points FTSE: flat at 8,496 points EuroStoxx: flat at 527 points Spot gold: -1.4% to $US3,240/ounce Brent crude: +1.3% to $US61.88/barrel Iron ore: +0.1% to $US96.25/tonne Bitcoin: +0.2% to $US96,640 Prices current around 7:15am AEST. Live updates on major ASX indices: Key Event 34m ago Thu 1 May 2025 at 9:37pm US stocks continue streak of gains S By Stephanie Chalmers Good morning! Steph Chalmers joining you for the first few hours of our markets blog this Friday. And it was another positive day for US stocks, with the S & P 500 rising for an eighth consecutive session . It was the highest close of the index since April 2 . Results from Meta and Microsoft released after the Wall Street close yesterday boosted market sentiment, as they did during the Australian session on Thursday, when tech and data centre-related stocks led the gains. However, Apple and Amazon have now released their results and shares are down in after-hours trade so the mood may sour. We'll bring you across the detail shortly.
ABC News
23-04-2025
- Business
- ABC News
Markets live updates: ASX poised to follow Wall Street, European stocks higher on softer Trump stance
The drivers of optimism on the ASX yesterday have spilled over to global markets, with Wall Street and Europe finishing with strong gains. Australian futures are pointing to another positive session locally. Follow the day's financial news and insights from our specialist business reporters on our live blog. Disclaimer: this blog is not intended as investment advice. Key Events 20m ago 20 minutes ago Wed 23 Apr 2025 at 9:36pm Submit a comment or question Log in to comment Live updates Latest Oldest Pinned 39m ago Wed 23 Apr 2025 at 9:17pm Market snapshot S By Stephanie Chalmers ASX futures: +0.2% to 7,946 points Australian dollar: -0.1% to 63.51 US cents S & P 500: +1.7% to 5,375 points Nasdaq: +2.5% to 16,708 points FTSE: +0.9% to 8,403 points EuroStoxx 600: +1.8% to 516 points Spot gold: -2.8% to $US3,288/ounce Brent crude: -1.9% to US$66.16/barrel Iron ore: flat at $US100.25/tonne Bitcoin: +0.2% to $US93,892 Prices current around 7:15am AEST . 4m ago Wed 23 Apr 2025 at 9:52pm Strong gains on Wall Street S By Stephanie Chalmers Let's take a look at how the major US indices closed earlier this morning: Dow Jones +1.1% Nasdaq +2.5% S & P 500 +1.7% Things were looking even better earlier in the session, however. Here's how the S & P tracked over the day: S&P 500 on Wednesday (US time) (LSEG Refinitiv) And it's also worth zooming out to see how markets are tracking since the tariff turbulence really kicked into gear at the start of April: S&P 500 three-month chart (LSEG Refinitiv) Key Event 20m ago Wed 23 Apr 2025 at 9:36pm Positive mood on markets on China deal hopes S By Stephanie Chalmers Good morning, Steph Chalmers here again to take you through the start of the trading day on our markets live blog. It was a strong session for global stocks overnight, with strong gains in Europe and Wall Street also closing higher . Despite the decent gains, US indices closed off their highs , with an even bigger rally earlier in the session. The major news boosting markets emerged during Australian and Asian trade yesterday — , sparking hopes of a deal, and walking back his attack on Federal Reserve chair Jerome Powell . Locally, the ASX looks set to edge higher, with SPI 200 futures up 0.2 per cent . Stick with us!
