The federal government is playing down speculation Australia's economy could be set to shrink. Assistant Treasurer Josh Frydenberg has pointed to the ASX 200 companies, of which 170 have reported to date ...
A roundup of trading on major world markets: NEW YORK - Nervous investors have sold down US stocks after surviving last week's turbulence, amid continued worries over the potential broader impact of China's ...
Joe Hockey will be hoping for some good news on the economy over the next few days to take the spotlight off his position as treasurer. Prime Minister Tony Abbott has thrown his full support behind his treasurer after a media report said two cabinet ministers had urged the Liberal leader to dump Mr Hockey should the party perform badly in the September 19 by-election in Canning. Mr Abbott says nobody has approached him with concerns about Mr Hockey.
The Australian market looks set to open lower after Wall Street fell with nervous investors selling down stocks amid continued worries over the potential impact of China's slowdown. At 0645 AEST on Tuesday, ...
Building approvals are expected to have risen in July, after they suffered their largest fall in almost a year the month before. Westpac economists said the June fall was overdone and should be reversed in July but expect dwelling approvals to eased in the coming months from the strong surge earlier this year.
The Reserve Bank is widely tipped to leave the cash rate unchanged at Tuesday's board meeting as new figures point to a sluggish economy. The central bank is expected to keep its key rate at a record low of two per cent for another month, although financial markets still see the risk of a cut to 1.75 per cent by the end of the year.
The Australian dollar has crept lower despite a weaker greenback and a spike in most commodities. At 0630 AEST on Tuesday, the currency was trading at 71.17 US cents, down from 71.42 cents on Monday. Overnight, ...
The Reserve Bank is expected to look through recent market turmoil and keep the cash rate unchanged for the foreseeable future. All 16 economists surveyed by AAP expect the RBA to keep the cash rate unchanged at its September meeting on Tuesday, and only three expect another cut before the middle of next year. The central bank cut its interest rate by a quarter of a percentage point in February and again in May, taking the cash rate to a new record low of two per cent.
Businesses are growing more confident, but still seem to be reluctant to back it up by investing in their operations. The latest Dun and Bradstreet Business Expectations survey shows that 61 per cent of businesses are more optimistic about their growth prospects than a year ago, while 31 per cent are less optimistic. The survey showed 29 per cent of businesses believe weak demand for their products and services is the largest barrier to growth, with 13 per cent saying a shortage of skilled workers is their main concern.
Streaming service Quickflix has launched a major review aimed at reviving its struggling business. The restructure is expected to take at least a month, but Quickflix says it will continue to deliver for its current customers. A partnership deal between Quickflix and Presto recently fell through, and another tentative deal to buy a Chinese film and TV company also failed to eventuate.
Clive Palmer's Mineralogy has launched fresh legal action against Chinese-owned enterprise CITIC over claims it owes the Australian company $10 billion in damages. The Palmer United Party founder announced on Monday that proceedings had been filed in the Supreme Court of Western Australia to claim the "net present value" of royalties owed by CITIC. Mr Palmer said the foreign company had shipped up to $500 million worth of iron ore concentrate without meeting its contractual obligations.
The Australian dollar has been weighed down by a looming interest rate hike in the US and concerns about the local economy. Over the weekend, US central bankers urged the Federal Reserve to raise their interest rate in September. IG chief market strategist Chris Weston said the Australian dollar was also impacted by disappointing business data, and anticipation of the Reserve Bank of Australia's board meeting on Tuesday.
The Australian share market has closed one per cent lower as investors fretted over the possibility the US Federal Reserve could soon raise interest rates. Federal Reserve vice chairman Stanley Fischer said over the weekend that the US central bank would not wait for inflation to hit two per cent before tightening policy. "It (a rates rise in the US) could signal the end of the easy-money party that we've seen come out of the GFC, and it would be the first rates hike in eight years," he said.
Bond futures prices surged on new concerns about the local and Chinese economies, Nomura rates strategist Andrew Ticehurst said. "That reflects weakness in Chinese equity markets and downward revisions to Wednesday's GDP (gross domestic product) figures," he said. Estimated business inventories, seasonally adjusted, were flat in the June quarter, following a 0.6 per cent rise in the three months to March, the Australian Bureau of Statistics said on Monday.
The Australian share market has closed one per cent lower as investors fretted over the possibility that the US Federal Reserve could soon raise interest rates. Over the weekend, Federal Reserve vice-chairman Stanley Fischer said the US central bank would not wait for US inflation to hit two per cent before tightening policy. OptionsXpress market analyst Ben Le Brun said Mr Fischer's comments had unnerved investors, sending the US futures market lower and pushing Asian markets into the red.