Latest news with #Westpac
AU Financial Review
5 hours ago
- Business
- AU Financial Review
How Westpac hit CBA for six in Cricket Australia sponsor deal
It was a devastating fast ball, delivered by Westpac chief executive Anthony Miller, that took out his rival Commonwealth Bank boss Matt Comyn's middle stump. Westpac, the oldest of the nation's largest banks, is now officially the flagship sponsor of Australian cricket, ending a 37-year innings by CBA in that role. The loss of the cricket sponsorship is understood to have left Comyn fuming, and means that Westpac, under the leadership of Miller, now not only sponsors the cricket but also rugby league.
Sydney Morning Herald
9 hours ago
- Business
- Sydney Morning Herald
Westpac boss sees case for rate cuts after fall in inflation
Westpac boss Anthony Miller says the case for cutting interest rates has been strengthened by a fall in inflation, as he also pointed to positive economic trends, including a declining number of borrowers falling behind on their repayments. After underlying inflation fell to a three-and-a-half-year low of 2.7 per cent on Wednesday, the boss of Australia's second-largest retail bank said the decline should reinforce the case for a rate cut next month. Miller acknowledged a cut was not a sure thing, after the Reserve Bank shocked markets when it held rates this month, but he said markets had priced in roughly a 90 per cent chance of a cut in August. Reflecting the views of market economists, Miller highlighted the positive move in the underlying inflation rate – known as the 'trimmed mean' – which excludes items with particularly big price changes. 'The trimmed mean is the one that I think we should all fixate on. The fact that it wasn't up probably is another data point that reinforces it is open to the Reserve Bank to cut rates,' Miller said at a Trans-Tasman Business Circle event in Sydney. Loading At the same time, Miller still cautioned that the progress in dealing with inflationary challenges was 'not overwhelming', and he pointed out markets had been convinced there was a cut coming in July, only for the Reserve Bank to hold. He said the central bank remained focused on whether this was the right time to cut rates. 'It feels like there's even more evidence now that they should [cut rates], but I can't help but think that only four weeks ago, everyone was absolutely clear that there was a rate cut coming, and it didn't,' he said. 'I think we're lucky to have a Reserve Bank and a governor with that independence and that confidence to look after the country's long-term interests.'
The Age
9 hours ago
- Business
- The Age
Westpac boss sees case for rate cuts after fall in inflation
Westpac boss Anthony Miller says the case for cutting interest rates has been strengthened by a fall in inflation, as he also pointed to positive economic trends, including a declining number of borrowers falling behind on their repayments. After underlying inflation fell to a three-and-a-half-year low of 2.7 per cent on Wednesday, the boss of Australia's second-largest retail bank said the decline should reinforce the case for a rate cut next month. Miller acknowledged a cut was not a sure thing, after the Reserve Bank shocked markets when it held rates this month, but he said markets had priced in roughly a 90 per cent chance of a cut in August. Reflecting the views of market economists, Miller highlighted the positive move in the underlying inflation rate – known as the 'trimmed mean' – which excludes items with particularly big price changes. 'The trimmed mean is the one that I think we should all fixate on. The fact that it wasn't up probably is another data point that reinforces it is open to the Reserve Bank to cut rates,' Miller said at a Trans-Tasman Business Circle event in Sydney. Loading At the same time, Miller still cautioned that the progress in dealing with inflationary challenges was 'not overwhelming', and he pointed out markets had been convinced there was a cut coming in July, only for the Reserve Bank to hold. He said the central bank remained focused on whether this was the right time to cut rates. 'It feels like there's even more evidence now that they should [cut rates], but I can't help but think that only four weeks ago, everyone was absolutely clear that there was a rate cut coming, and it didn't,' he said. 'I think we're lucky to have a Reserve Bank and a governor with that independence and that confidence to look after the country's long-term interests.'
News.com.au
9 hours ago
- Business
- News.com.au
Closing Bell: ASX climbs back toward record highs as inflation softens
June CPI comes in at 0.7pc, annual inflation at 2.1pc Broad market strength across six sectors Banks move higher on interest rate cut anticipation Soft inflation read points to likely rate cut The ASX wasn't in bad shape by midmorning, but June quarter CPI coming in with the lowest inflation levels in almost four years gave the bourse some real legs. Climbing 0.60% on six of 11 sectors, it's hard to pick which one had the most effect. It was a steady climb from 11.30am AEST when the ABS revealed our June CPI print was just 0.7%, with inflation sitting at 2.1% for the past 12 months. That's a good bit lower than the 2.6% expected, meaning markets are as sure as they can be that the RBA will be slicing interest rates yet again at its August meeting. Westpac's Chief Economist and former RBA Assistant Governor Dr Luci Ellis threw down the gauntlet, saying the RBA no longer has any justification for keeping rates on hold. "If they do decide to hold, I'd like to see what that argument is,' she challenged. Strong words from an economist. Turning our attention back to the market itself, it was a group effort from the sectors on the bourse today. Staples, real estate, discretionary and financials collectively lifted the ASX higher, resisting weakness in utilities, resources and technology. Woolworths (ASX:WOW) and Coles (ASX:COL) added 1.6% and 1.9% respectively, diversified property investment firm Charter Hall Group (ASX:CHC) climbed 1.7% and JB HiFi (ASX:JBH) added 4.1% The banks were, unsurprisingly, celebrating the inflation read and rubbing their hands together in anticipation of that juicy August rate cut, perhaps just around the corner now. Our top seven banks climbed a minimum of 0.71%, with special mentions for Commonwealth Bank (ASX:CBA) up 1.55%, Westpac (ASX:WBC) with a 1.6% lift and ANZ (ASX:ANZ) adding 1.25%. ASX SMALL CAP LEADERS Today's best performing small cap stocks: Code Name Last % Change Volume Market Cap OLI Oliver'S Real Food 0.009 80% 9582179 $2,703,660 CMB Cambium Bio Limited 0.46 59% 103971 $5,301,973 BSA BSA Limited 0.14 56% 14673353 $6,777,023 ECT Env Clean Tech Ltd. 0.003 50% 6552072 $8,030,871 MX1 Micro-X Limited 0.086 39% 2656871 $41,366,540 SFG Seafarms Group Ltd 0.002 33% 583466 $7,254,899 PIM Pinnacleminerals 0.053 33% 2213674 $1,818,533 ATV Activeportgroupltd 0.014 27% 9695536 $7,556,748 SP3 Specturltd 0.015 25% 4485916 $3,802,801 MEL Metgasco Ltd 0.0025 25% 2910399 $3,674,173 MOH Moho Resources 0.005 25% 1880328 $2,981,656 ATS Australis Oil & Gas 0.011 22% 2267595 $11,862,562 IMI Infinitymining 0.011 22% 1764790 $3,807,142 DVL Dorsavi Ltd 0.029 21% 15438314 $21,868,727 1AI Algorae Pharma 0.006 20% 1681427 $8,436,974 AAU Antilles Gold Ltd 0.006 20% 3177272 $11,895,340 JGH Jade Gas Holdings 0.038 19% 397646 $53,978,693 IRD Iron Road Ltd 0.033 18% 130793 $23,259,398 IME Imexhs Limited 0.33 18% 3424 $15,021,790 FAL Falconmetalsltd 0.51 17% 1238811 $77,237,429 M4M Macro Metals Limited 0.007 17% 1020453 $23,864,505 OVT Ovanti Limited 0.007 17% 8182194 $25,645,942 TYX Tyranna Res Ltd 0.0035 17% 227750 $9,865,276 UNT Unith Ltd 0.007 17% 2968159 $8,872,713 PPK PPK Group Limited 0.565 15% 91320 $44,498,124 In the news… Cold cathode X-ray technology specialist Micro-X (ASX:MX1) has tapped into a nationwide network of 700 hospitals with a new supply agreement through a major US healthcare provider, the first of its kind for the company. MX1 secured the contract after a highly competitive tender process and a successful in-hospital trail of its Rover Plus mobile radiology system. The company is in discussions with a second major procurement group for a similar supply agreement. Regenerative medicine company Cambium Bio (ASX:CMB) is on the up after a strategic investment from prominent Taiwanese firm Da Jyun Capital Investment closed out a share placement raising just over $2.1m. The funds will enable a Phase 3 trial assessing Elate Ocular in dry eye disease, a type of off-the-shelf biologic eye drops produced from human platelets. Infinity Mining (ASX:IMI) has been building out its portfolio of copper and gold projects this financial year, adding 3000 square kilometres to its Eastern Australian portfolio across 12 tenements. Over in the west, IMI hit lithium grades up to 3.7% lithium oxide at its Woody lithium project, and released a maiden resource of 63k oz and an exploration target of 592k oz of gold for the Central Goldfields assets. The company is looking at divestment options for its western assets. Pinnacle Minerals (ASX:PIM) is climbing despite launching a $1.76m share placement at $0.04 per share, a more than 25% discount on its intraday trading price of $0.054 a share. PIM is also offering a free attaching option at $0.08 each for every two shares subscribed for. The fresh capital will go to exploration programs at the Adina East project in Quebec next door to several significant lithium projects and Pinnacle's rare earth and heavy mineral sands projects in Australia. ASX SMALL CAP LAGGARDS Today's worst performing small cap stocks: Code Name Last % Change Volume Market Cap OB1 Orbminco Limited 0.001 -33% 1 $5,103,852 M2R Miramar 0.003 -25% 1356442 $3,987,293 RGL Riversgold 0.003 -25% 5201000 $6,734,850 RLG Roolife Group Ltd 0.003 -25% 901930 $6,371,125 SCP Scalare Partners 0.135 -25% 360625 $7,530,304 CZN Corazon Ltd 0.002 -20% 4000000 $2,961,431 JAV Javelin Minerals Ltd 0.002 -20% 3415417 $15,630,562 PIL Peppermint Inv Ltd 0.002 -20% 2163343 $5,752,724 VFX Visionflex Group Ltd 0.002 -20% 646413 $8,419,651 RPG Raptis Group Limited 0.165 -20% 765029 $71,890,395 CDE Codeifai Limited 0.021 -19% 20567547 $12,269,425 EQS Equitystorygroupltd 0.023 -18% 55543 $4,670,971 WWG Wisewaygroupltd 0.15 -17% 20000 $30,123,575 AMS Atomos 0.005 -17% 78593 $7,290,111 EE1 Earths Energy Ltd 0.005 -17% 2477726 $3,179,785 TEG Triangle Energy Ltd 0.0025 -17% 535535 $6,267,702 COY Coppermoly Limited 0.011 -15% 92121 $11,474,547 AQC Auspaccoal Ltd 0.012 -14% 5119015 $9,806,546 ENT Enterprise Metals 0.003 -14% 150 $4,799,610 ENV Enova Mining Limited 0.006 -14% 10501341 $10,203,200 GTR Gti Energy Ltd 0.003 -14% 4514195 $13,029,292 MSG Mcs Services Limited 0.006 -14% 570164 $1,386,698 TSL Titanium Sands Ltd 0.006 -14% 1100000 $16,413,230 STH Stepchange Holdings 0.155 -14% 283651 $28,844,158 SMS Starmineralslimited 0.025 -14% 118888 $5,426,093 IN CASE YOU MISSED IT Drilling of historical stockpiles at the Van Uden gold mine site in WA has delivered a strategic opportunity for TG Metals (ASX:TG6) to generate near-term cash flow. Nordic Resources (ASX:NNL) has launched diamond drilling to test shallow targets for near-surface extensions along strike of existing resources at its Kopsa copper-gold project in Finland. Phase 2 drilling by Ora Banda Mining (ASX:OBM) at the Davyhurst project in WA has expanded the multi-lode gold system at Little Gem prospect to a strike of more than 1km. A desktop review and first-pass fieldwork has identified several iron-enriched rock chip samples at CuFe's (ASX:CUF) Camp Creek project in the NT. Australia is sharpening its focus on sovereign technology as global security risks escalate Aerologix. Trading halts
RTÉ News
10 hours ago
- Business
- RTÉ News
Australia's Q2 inflation surprises on low side, heralds rate cut
Australian consumer prices grew at the slowest pace in over four years in the June quarter, data showed today, while core inflation hit a fresh three-year low and cemented market wagers for a cut in interest rates next month. The surprisingly benign report will be a huge relief to the board of the Reserve Bank of Australia which paused its easing cycle this month on concerns core inflation would not cool as much as hoped, a shock decision that badly wrong-footed markets. "We believe that the board now has the confirmation it needs to continue on its 'cautious' - if not so predictable - path of removing current monetary restrictiveness," said Luci Ellis, chief economist at Westpac. "We therefore expect it to cut rates by 25 bps at its August meeting," she added. "Further cuts in November, February 2026 and May 2026, also look increasingly likely". Markets now imply a near-100% chance the RBA will cut its 3.85% cash rate by a quarter point when it meets on August 12, and continue easing to 3.10% or lower by the end of the year. The report certainly supported the doves as the main trimmed mean measure of core inflation rose 0.6% in the June quarter, below forecasts of 0.7%. That took the annual pace to 2.7%, down from 2.9% in the March quarter and nearer the mid-point of the RBA's target band of 2% to 3%. This underlying measure is favoured by policy makers as it strips out volatile one-off shifts in prices. The headline consumer price index rose 0.8% in the quarter, nudging the annual pace down to 2.1% from 2.4%, the lowest reading in more than four years. This measure has been held down by government rebates on electricity and child care, which will soon drop out of the series and likely see the CPI temporarily rise back toward 3%. A monthly measure of the CPI actually showed annual price growth dropped to just 1.9% in June, putting it under the RBA's target band. Details of the report showed the largest price gains in the June quarter came in clothing, electricity and health care, but gains elsewhere were much more modest. Crucially for the RBA, the cost of new housing eased markedly asproject home builders responded to subdued demand with incentives and promotional offers. Annual inflation in new dwellings slid to just 0.7% in the second quarter, from 1.6% the previous quarter and a high of almost 21% back in 2022. There was also a welcome slowdown in the services sector, which has proved more stubborn than for goods which are open to international competition. Annual services inflation dropped to 3.3% in the June quarter, led by rents and insurance. The cool down has been helped by a pullback in wage growth and a loosening in the labour market, where the jobless rate hit a three and a half year high of 4.3% in June.
