DIRS.INFO The most relevant business & tech news

☆ Australia Oct inflation slows more than expected as goods prices fall
▼ + stars: | 2023-11-29 | by ( Stella Qiu | ) www.reuters.com time to read: +3 min

For the month, CPI fell 0.3%, driven by declines in petrol, rent and holiday travel. A closely watched measure of core inflation, the trimmed mean, rose an annual 5.3% in October, easing from 5.4% the previous month. "It's hard to find bad news in Australia's October inflation print," said Harry Murphy Cruise, an economist at Moody’s Analytics. Prices for tradable goods fell 1.6% in October from a month earlier. It also left the door open to further tightening if necessary to meet its annual inflation target of 2-3%.

Persons: Daniel Munoz, Harry Murphy Cruise, Jonathan Kearns, Wayne Cole, Stella Qiu, Lincoln, Sam Holmes Organizations: REUTERS, Rights, U.S ., Australian Bureau, Statistics, Moody’s, Reserve Bank Board, Reserve Bank of Australia, Challenger, Thomson Locations: Australia

☆ Australia Oct retail sales slip as consumers hold off for Black Friday sales
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +2 min

Women shop for clothes on a store in a shopping mall in Sydney's central business district (CBD) Australia, February 5, 2018. REUTERS/Daniel Munoz/File Photo Acquire Licensing RightsSYDNEY, Nov 28 (Reuters) - Australian retail sales unexpectedly slipped in October as consumers cut back on everything but food, though analysts believe many were merely saving some money to splurge on Black Friday sales that took place this month. Retail sales fell 0.2% from September to A$35.77 billion, data from the Australian Bureau of Statistics (ABS) showed on Tuesday. "This is a pattern we have seen develop in recent years as Black Friday sales grow in popularity." Data from e-commerce firm Shopify also showed that point-of-sale sales made by its merchants in Australia during this year's Black Friday sales grew 27% from a year ago.

Persons: Daniel Munoz, Ben Dorber, Shopify, that's, Marcel Thieliant, Michele Bullock, Stella Qiu, Tom Hogue, Edwina Gibbs Organizations: REUTERS, Rights, Australian Bureau of Statistics, Black, ANZ, Asia Pacific, Capital Economics, Reserve Bank of Australia, Thomson Locations: Australia

☆ Australia employment rebounds in Oct, jobless rate still edges up
▼ + stars: | 2023-11-16 | by ( Wayne Cole | ) www.reuters.com time to read: +2 min

A worker pushes a trolley loaded with goods past a construction site in the central business district (CBD) of Sydney in Australia, March 15, 2018. REUTERS/David Gray/File Photo Acquire Licensing RightsSYDNEY, Nov 16 (Reuters) - Australia employment rebounded strongly in October, after a soft patch the previous month, though the jobless rate still ticked higher as more people went looking for work and rapid migration boosted the supply of labour. Figures from the Australian Bureau of Statistics on Thursday showed net employment rose 55,000 in October from September, more than double market forecasts of 20,000. The jobless rate edged up to 3.7%, matching forecasts and largely due to a jump in the participation rate back to an all-time peak of 67%. Over the year to October, jobs growth of a healthy 2.8% was still not enough to match labour force growth of 3.8%.

Persons: David Gray, Bjorn Jarvis, Wayne Cole, Kim Coghill, Jacqueline Wong Organizations: REUTERS, Rights, Australian Bureau, Statistics, Reserve Bank of Australia, Thomson Locations: Sydney, Australia

☆ Australia wages see record rise in Q3, unlikely to be repeated
▼ + stars: | 2023-11-15 | by ( Wayne Cole | ) www.reuters.com time to read: +3 min

REUTERS/Loren Elliott/File Photo Acquire Licensing RightsSYDNEY, Nov 15 (Reuters) - Australian wages posted the largest increase on record last quarter as a sharp rise in minimum wages benefited millions of workers, while intense competition among employers pushed up many individual pay deals. Annual pay growth picked up to 4.0%, from 3.6%, the fastest since early 2009 and just above market expectations of 3.9%. "Q3 was a perfect storm for wage pressures," said Sean Langcake, head of macroeconomic forecasting for Oxford Economics Australia. Much of the spike was due to a mandated 5.75% rise in the minimum wage which covers more than two million workers. Wage growth in the public sector accelerated to a 12-year high of 3.5%, while the private sector saw growth of 4.2% as firms fought to recruit and retain workers.

Persons: Loren Elliott, Sean Langcake, Wayne Cole, Tom Hogue, Sam Holmes Organizations: REUTERS, Rights, Australian Bureau, Statistics, Reserve Bank of Australia, Analysts, Oxford Economics Australia, Thomson Locations: Sydney, Australia

☆ Australia Sept retail sales climb at fastest pace in 8 months
▼ + stars: | 2023-10-30 | by ( Stella Qiu | ) www.reuters.com time to read: +3 min

REUTERS/Daniel Munoz/file photo Acquire Licensing RightsSYDNEY, Oct 30 (Reuters) - Australian retail sales rose at the fastest pace in eight months in September, suggesting some resilience in consumer spending which would add to the case for an interest rate hike as soon as next week. The Australian dollar rose 0.4% to $0.6360, while three-year government bond yield hit a fresh 12-year high of 4.388%. "Downside risks to household consumption have been a key focus of the RBA, but those do not look to have been realised so far." The broad softening in consumer spending has been one major reason that the RBA has left interest rates unchanged for four straight months now. However, a sustained rebound in housing prices could lend some support to household consumption.

Persons: Daniel Munoz, Ben Dorber, Taylor Nugent, Downside, Stella Qiu, Tom Hogue, Edwina Gibbs, Miral Organizations: REUTERS, Rights, Reserve Bank of, Australian Bureau of Statistics, National Australia Bank, Thomson Locations: Sydney's, Australia, Reserve Bank of Australia, Queensland

☆ Australia's surprisingly strong Q3 inflation raises odds of Nov rate hike
▼ + stars: | 2023-10-25 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

Markets are wagering both the U.S. Federal Reserve and the European Central Bank are done with hiking. HAWKISH MESSAGINGThe recent messaging from the central bank has been on the hawkish side. The biggest contributors to the third quarter inflation were fuel, rents, and electricity. Fuel prices rose 7.2% from a year ago, reversing two quarters of price falls, with the conflict in the Middle East potentially set to further stoke inflationary pressures. The central bank forecast in August that inflation was only projected to return to the top of the bank's target band of 2-3% in late 2025.

Persons: David Gray, Worryingly, Adam Boyton, Gareth Aird, Michele Bullock, Woolworths WOW.AX, Taylor Nugent, Stella Qiu, Wayne Cole, Shri Navaratnam Organizations: REUTERS, Rights, Reserve Bank of Australia, Australian Bureau, Statistics, Wednesday, Commonwealth Bank of Australia, ANZ, Economics, CBA, U.S . Federal Reserve, European Central Bank, Woolworths, National Australia Bank, NAB, Thomson Locations: Sydney, Australia

☆ Australia's Outback Dialysis Clinic Says Indigenous Voice Can Save Lives
▼ + stars: | 2023-10-10 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +3 min

Napaltjarri, 55, is one of dozens of Indigenous Aboriginal and Torres Strait Island people who are treated each day for kidney failure at remote dialysis clinics run by The Purple House, an Aboriginal community-led health service. Headquartered in Alice Springs, it's an example of how community involvement can improve outcomes for Australia's Indigenous people, The Purple House CEO Sarah Brown told Reuters in an interview. Purple House is evidence of how including the community can improve outcomes, Brown said. Kidney failure is a common cause of death among the Indigenous. Treatment for kidney failure requires dialysis for five hours a day, thrice a week.

Persons: Jill Gralow, Praveen Menon ALICE SPRINGS, Rachel Napaltjarri, She's, Sarah Brown, Brown, Alice Springs, Praveen Menon, Sonali Paul Organizations: Aboriginal, Purple, Reuters, Australian Bureau of Statistics, Torres Strait Locations: Alice Springs, Torres, Australia, Northern Territory, Western Australia, South Australia, Darwin

☆ Australia State Swings From Bush Fires to Flash Flooding in 24 Hours
▼ + stars: | 2023-10-03 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +2 min

SYDNEY (Reuters) - Less than 24 hours since residents in parts of Australia's Victoria state fled bush fires, state authorities are now warning of flooding as heavy rain douses flames and lifts rivers in the southeastern state. First responders overnight rescued a farmer in the area who got trapped after driving through floodwaters, according to chief officer operations Tim Wiebusch at Victoria state emergency service. "But over these next 24, 48 hours, flash flooding, riverine flooding is really the key risk. Firefights are still working to contain bush fires in two parts of Victoria state but authorities said there was no immediate threat to nearby residents. State fire authorities said conditions eased overnight although several properties were lost and firefighters still worked to contain the blaze.

Persons: Tim Wiebusch, Lewis Jackson, Aurora Ellis Organizations: SYDNEY, Australian, of Meteorology, Meteorology Locations: Australia's Victoria, Victoria, New South Wales, Bermagui, Sydney . State

☆ Australia state swings from bush fires to flash flooding in 24 hours
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, Oct 4 (Reuters) - Less than 24 hours since residents in parts of Australia's Victoria state fled bush fires, state authorities are now warning of flooding as heavy rain douses flames and lifts rivers in the southeastern state. First responders overnight rescued a farmer in the area who got trapped after driving through floodwaters, according to chief officer operations Tim Wiebusch at Victoria state emergency service. "But over these next 24, 48 hours, flash flooding, riverine flooding is really the key risk. Firefights are still working to contain bush fires in two parts of Victoria state but authorities said there was no immediate threat to nearby residents. State fire authorities said conditions eased overnight although several properties were lost and firefighters still worked to contain the blaze.

Persons: Tim Wiebusch, Lewis Jackson, Aurora Ellis Organizations: SYDNEY, Australian, of Meteorology, Meteorology, Thomson Locations: Australia's Victoria, Victoria, New South Wales, Bermagui, Sydney . State

☆ Australia Aug retail sales post tepid rise, add to rate pause case
▼ + stars: | 2023-09-28 | by ( Stella Qiu | ) www.reuters.com time to read: +2 min

SYDNEY, Sept 28 (Reuters) - Australian retail sales rose modestly in August as consumers continued to cut back on spending in the face of elevated living expenses and high borrowing costs, signalling interest rates may not have to rise further. Data from the Australian Bureau of Statistics (ABS) on Thursday showed nominal retail sales rose 0.2% in August from July, missing analysts' forecast of a 0.3% gain. Sales of A$35.4 billion ($22.56 billion) were up just 1.5% from a year earlier, the lowest gain in percentage terms since August 2021. Data from Commonwealth Bank of Australia showed that younger Australians who are renting or have mortgages are cutting back on purchases, while older Australian who benefit from higher savings rates are still spending. ($1 = 1.5694 Australian dollars)Reporting by Stella Qiu; Editing by Tom Hogue and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Ben Dorber, Stella Qiu, Tom Hogue, Jamie Freed Organizations: Australian Bureau of Statistics, FIFA, Reserve Bank of Australia, Commonwealth Bank of Australia, Thomson

☆ Australian jobs surge as productivity debate heats up
▼ + stars: | 2023-09-14 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

"Headline indicators report a very strong employment report, but the bias towards predominantly part-time employment should temper exuberance," said Dwyfor Evans, head of APAC macro strategy at State Street Global Markets. Markets maintained bets that the Reserve Bank of Australia (RBA) would keep rates steady next month, with an about 40% chance of one final hike early next year. WAGES, PRODUCTIVITYThe strong figures showed Australia's jobs market is still extremely tight more than and a year-and-a-half after the economy shook off its COVID-era border restrictions. loadingTreasurer Jim Chalmers on Thursday welcomed the strong jobs report, but warned that the labour market could slow from here, a consensus view among economists. Adam Boyton, head of Australian research at ANZ, is already seeing signs of slackening in the labour market, with underemployment rate creeping up and hours worked falling.

Persons: Barista Claudio Chimisso, Loren Elliott, Dwyfor Evans, Tim Gurner, Alexandria Ocasio, Cortez, Jim Chalmers, Chalmers, Adam Boyton, Boyton, Stella Qiu, Kim Coghill, Sam Holmes Organizations: REUTERS, Rights, Australian Bureau, Statistics, Street Global, Reserve Bank, Australian, Reserve Bank of Australia, ANZ, Thomson Locations: Sydney, Australia, China

☆ Australian economy grows modestly in Q2, eases recession fears
▼ + stars: | 2023-09-06 | by ( Stella Qiu | ) www.reuters.com time to read: +3 min

Data from the Australian Bureau of Statistics on Wednesday showed real gross domestic product (GDP) rose 0.4% in the second quarter, slightly beating forecasts of 0.3%. The world's 12th largest economy got a boost from net exports, with the return of students and tourists, and public investment. "For all its challenges, the Aussie economy remains remarkably resilient," said Harry Murphy Cruise, an economist at Moody's Analytics. Government consumption will also moderate from its elevated levels, and business investment will ease on the back of squeezed profits." Household consumption, which used to be the engine of growth, remained subdued with just a 0.1% gain in the quarter due to spending on essential goods and services.

Persons: Harry Murphy Cruise, Jim Chalmers, Chalmers, Sean Langcake, Stella Qiu, Jacqueline Wong, Lincoln Organizations: SYDNEY, Australian Bureau, Statistics, Moody's, Consumers, Reserve Bank of Australia, BIS Oxford, Thomson Locations: China

☆ Australia Q2 business investment hits highest in 7-1/2 years
▼ + stars: | 2023-08-31 | by ( Wayne Cole | ) www.reuters.com time to read: +3 min

The central business district (CBD) of Melbourne can be seen from the area located along the Yarra River called Southbank located in Melbourne, Australia, July 27, 2016. Spending of A$37.58 billion ($24.43 billion) was the highest since late 2015, while investment in equipment reached a record peak of A$17.53 billion. Firms also lifted spending plans for the fiscal year to June 2024 to A$157.8 billion, up 14.5% on the previous quarter. Figures for gross domestic product (GDP) for the June quarter are due next week and analysts are tipping growth of only around 0.3%. ($1 = 1.5370 Australian dollars)Reporting by Wayne Cole; Editing by Christopher Cushing and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Persons: David Gray, Nomura, Andrew Ticehurst, Wayne Cole, Christopher Cushing, Stephen Coates Organizations: REUTERS, Rights, Australian Bureau, Statistics, Reserve Bank of Australia, Investors, Thomson Locations: Melbourne, Southbank, Australia

☆ Australia retail sales rebound after fall, annual rate slows further
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +2 min

Holiday shoppers stand in line inside a mall in the city centre of Sydney, Australia, December 17, 2020. REUTERS/Loren Elliott/File Photo Acquire Licensing RightsSYDNEY, Aug 28 (Reuters) - Australian retail sales rebounded in July after a sharp fall the previous month, but the annual rate slowed further, a result that should not upset the outlook for interest rates as high borrowing costs work to slow consumer spending. Data from the Australian Bureau of Statistics (ABS) on Monday showed nominal retail sales rose 0.5% in July from June. Ben Dorber, ABS head of retail statistics, said the rebound was boosted by additional spending at catering and takeaway food outlets linked to the 2023 FIFA Women’s World Cup and school holidays. The rate hikes have added hundreds of dollars to average monthly mortgage repayments, weighing on consumer spending, which had been resilient at first thanks in part to savings amassed during the pandemic.

Persons: Loren Elliott, Ben Dorber, Stella Qiu, Jacqueline Wong Organizations: REUTERS, Rights, Australian Bureau of Statistics, Analysts, FIFA, Reserve Bank of Australia, ANZ, Thomson Locations: Sydney, Australia

☆ Australia July jobs take a surprise fall as market loosens
▼ + stars: | 2023-08-17 | by ( Wayne Cole | ) www.reuters.com time to read: +3 min

A worker pushes a trolley loaded with goods past a construction site in the central business district (CBD) of Sydney in Australia, March 15, 2018. REUTERS/David Gray/File Photo Acquire Licensing RightsSYDNEY, Aug 17 (Reuters) - Australia employment unexpectedly fell in July to end two months of very strong growth, while the jobless rate ticked higher in a sign the drum-tight labour market might finally be loosening. "Even so, the deterioration in the labour market has a long way to run before the RBA can completely relax." The labour market has proved remarkably resilient with 399,000 net jobs added in the 12 months to July even as interest rates have climbed 400 basis points to a decade-high of 4.1%. "It is getting harder to argue for a sustained lift in wage inflation momentum," said Justin Smirk, a senior economist at Westpac.

Persons: David Gray, Ben Udy, Justin Smirk, Wayne Cole, Jacqueline Wong, Sam Holmes Organizations: REUTERS, Rights, Bank of Australia, Australian Bureau of Statistics, ABS, Oxford Economics Australia, Westpac, Thomson Locations: Sydney, Australia

☆ 'Urgent warning' in Australia as unusually high temperatures spark early start to snake season
▼ + stars: | 2023-08-17 | by ( Caolán Magee | ) edition.cnn.com time to read: +2 min

CNN —Warming global temperatures are dangerous for people in many ways, but they’re proving ideal for one type of animal: venomous snakes. As Australia’s east coast experiences one of its warmest winters on record, snake season appears to have started early. The Australian Reptile Park has issued an “urgent warning” for people to be on the look out for venomous snakes. A rise in temperatures, coupled with winter rainfall, is the perfect environment for venomous snakes to become more active, the Australian Reptile Park said in a statement. As the world continues to burn planet-warming fossil fuels, and global temperatures soar, Australia’s winters have been steadily warming.

Persons: Billy Collett Organizations: CNN, New, Australian, of Meteorology, Royal Society for, Animals Locations: New South Wales

☆ Australia Q2 wage gains underwhelm, argue against further hikes
▼ + stars: | 2023-08-15 | by ( Stella Qiu | ) www.reuters.com time to read: +3 min

"Wage growth has been stuck at 0.8% q/q for the past three quarters – a somewhat surprisingly slow pace given the very low level of the unemployment rate," said Sean Langcake, head of macroeconomic forecasting for Oxford Economics Australia. Despite higher interest rates, Australia's jobless rate is hovering near 50-year low of 3.5% and the economy is adding more jobs than expected. The RBA now sees a credible path where inflation could be restrained with interest rates at their current level, minutes showed on Tuesday. The path involves annual wage growth peaking at 4.1% by the end of the year before easing back to 3.6% by end-2025, according to the bank's latest forecasts. The ABS data showed wages in the public sector picked up to an annual rise of 3.1% while growth in private sector wages increased 3.8%.

Persons: David Gray, Sean Langcake, Andrew Boak, Goldman Sachs, Stella Qiu, Kim Coghill, Sonali Paul, Simon Cameron, Moore Organizations: REUTERS, Reserve Bank of Australia, Australian Bureau, Statistics, Oxford Economics, Thomson Locations: Newcastle, Sydney, Australia, SYDNEY, Oxford Economics Australia

☆ Australia retail sales extend losing stretch to a third quarter
▼ + stars: | 2023-08-03 | by ( Wayne Cole | ) www.reuters.com time to read: +3 min

REUTERS/Daniel Munoz/file photoSYDNEY, Aug 3 (Reuters) - Australian retail sales volumes fell again in the June quarter as cost of living pressures and rising borrowing costs ate into consumer spending power, hampering economic growth and weakening the case for further interest rate hikes. Data from the Australian Bureau of Statistics on Thursday showed real retail sales fell 0.5% in the second quarter to A$35.2 billion ($23.02 billion), matching analyst forecasts. "The widespread fall in sales volumes reflects what retailers have been telling us about consumers focusing on essentials, buying less or switching to cheaper brands," said Ben Dorber, ABS head of retail statistics. Since sales account for around 17% of gross domestic product, the drop will weigh on economic activity and analysts expect barely any growth in the quarter. Thursday's data showed retail prices rose 0.9% in the second quarter, up from 0.7% the previous quarter.

Persons: Daniel Munoz, Ben Dorber, Alan Oster, Oster, Wayne Cole, Muralikumar Anantharaman, Simon Cameron, Moore Organizations: REUTERS, Australian Bureau, Statistics, Reserve Bank of Australia, NAB, Thomson Locations: Sydney's, Australia

☆ Great Barrier Reef stays off UNESCO ‘in danger’ list but hot El Niño summer looms
▼ + stars: | 2023-08-01 | by ( Hilary Whiteman | ) edition.cnn.com time to read: +7 min

“A lot of climate scientists are shocked by the fact that it wasn’t put on the list,” Kimberley Reid from the ARC Centre of Excellence for Climate Extremes and Monash University told CNN. Covering nearly 133,000 square miles (345,000 square kilometers), the Great Barrier Reef is home to more than 1,500 species of fish and 411 species of hard corals. Environment minister Tanya Plibersek told reporters Tuesday she made no apology for lobbying UNESCO to keep the Great Barrier Reef off the “in danger” list. Bleaching events and global warming have done significant damage to the Great Barrier Reef. Tourists, divers and marine biologists enter and exit the waters of the Great Barrier Reef on August 10, 2022 on Hastings Reef, Australia.

Persons: El, wasn’t, Kimberley Reid, I’m, ”, Reid, Tanya Plibersek, Michael Robinson Chavez, ” Plibersek, that’s, Terry Hughes, El Niño, ” Hughes, David Booth, government’s, “ Will, Booth, Jodie Rummer, “ That’s Organizations: Australia CNN —, UNESCO World Heritage, ARC Centre, Excellence, Extremes, Monash University, CNN, “, Heritage, UNESCO, Labor, Washington Post, Coral Reef, James Cook University, Australian, of Meteorology, Oceanic Atmospheric Administration, World Meteorological Organization, UTS, Reef Society, Federal Government Locations: Brisbane, Australia, Paris, Hastings Reef

☆ Slowing Australia Q2 inflation lessens rate hike pressure
▼ + stars: | 2023-07-26 | by ( Stella Qiu | ) www.reuters.com time to read: +3 min

In the first quarter, inflation was at 1.4%. That was balanced by a sharp fall in goods inflation, which slowed to an annual rate of 5.8% from 7.6% the quarter before. Adelaide Timbrell, senior economist at ANZ, said both headline and trimmed mean inflation are tracking below the RBA's forecast for the second quarter. "(The data) highlight that a 4.1% cash rate may be restrictive enough to bring inflation down. The RBA has warned that some further tightening may be required to bring inflation to heel.

Persons: Robert Carnell, Carnell, Adelaide Timbrell, Stella Qiu, Wayne Cole, Jacqueline Wong Organizations: Reserve Bank of Australia, Australian Bureau, Statistics, Wednesday, ING, ANZ, Thomson Locations: SYDNEY, Asia, Pacific

☆ Column: Australia's energy transition stalled by stubbornly high demand
▼ + stars: | 2023-07-24 | by ( Gavin Maguire | Thomson Reuters | Gavin Maguire Is The Global Energy Transition Columnist. He Was Previously Asia Commodities | ) www.reuters.com time to read: +5 min

Sustained growth in Australia's electricity demand has in turn meant that power producers must continue to heavily rely on coal for electricity generation on top of recent additions in supply of renewable energy sources. Even so, electric vehicles accounted for only 5.1% of total Australian car sales in 2022, according to the International Energy Agency (IEA). Heating and cooling for homes and businesses is another major energy demand driver in Australia, and accounts for roughly 40% of total electricity use in the country. To alleviate any potential power shortages Australian utilities are expected to continue rolling out more renewable energy supply capacity, likely at an accelerating pace. However, Australian power producers look set to remain substantially reliant on coal for baseload electricity generation for years, if not decades, more.

Persons: Gavin Maguire Organizations: International Energy Agency, Australian Bureau of Statistics, European Union, EV, New South, RENEWABLES, South, Reuters, Thomson Locations: Australia, France, Germany, Japan, United Kingdom, New Zealand, New South Wales, Oceania and Pacific, South Korea

☆ Australia jobs jump again, heaping pressure on RBA
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +3 min

The jobless rate held at a downwardly revised 3.5%, when analysts had expected 3.6%, leaving it just above the 3.4% trough from October last year. Markets moved to priced in a 42% probability that the Reserve Bank of Australia (RBA) would resume hiking rates in August, compared with 35% before the jobs data. Incoming RBA Governor Michele Bullock has said the jobless rate would need to rise to about 4.5% to curb inflation. "The hotter-than-expected jobs numbers... leave no room whatsoever for an upside surprise in next Wednesday's Q2 CPI data. However, pressure on the RBA to keep pace with its overseas counterparts on rate hikes has eased somewhat in recent weeks.

Persons: Michele Bullock, Tony Sycamore, Marcel Thieliant, Stella Qiu, Wayne Cole, Jacqueline Wong, Jamie Freed Organizations: SYDNEY, Australian Bureau, Statistics, Reserve Bank of Australia, Incoming, IG, Capital Economics, Reserve, European Central Bank, Bank of England, Thomson Locations: Australia

☆ Australia expects unemployment rate to rise as global economy slows
▼ + stars: | 2023-07-16 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, July 16 (Reuters) - Australian Treasurer Jim Chalmers said on Sunday that he expected the nation's jobless rate to lift from near a 48-year low on the back of higher interest rates and slowing global growth. The Reserve Bank of Australia (RBA) has said the jobless rate would need to rise to about 4.5% - still well below pre-pandemic levels - to bring the economy back into balance. Unemployment was expected to lift "a bit as the economy slows as a consequence of higher interest rates and global economic uncertainty", Chalmers said ahead of attending a meeting of Group of 20 (G20) finance ministers and central bankers in India with outgoing RBA Governor Philip Lowe. The RBA this month kept the cash rate at an 11-year high of 4.10%, having lifted rates by 400 basis points since May last year, but warned that further tightening might be needed. Reporting by Sam McKeith in Sydney; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Jim Chalmers, Chalmers, Philip Lowe, Sam McKeith, Jamie Freed Organizations: SYDNEY, Bank, Treasury, Australian Broadcasting Corp, Reserve Bank of Australia, Australian Bureau, Statistics, Thomson Locations: India, Sydney

☆ Factbox: Potential candidates as next chief of Australia's central bank
▼ + stars: | 2023-07-05 | by ( Wayne Cole | ) www.reuters.com time to read: +2 min

SYDNEY, July 5 (Reuters) - The Australian government will announce this month whether it would reappoint Reserve Bank of Australia (RBA) Governor Philip Lowe or replace him. * Michele Bullock, 60, became the first female Deputy Governor of the RBA when she was appointed in the role in April 2022. She studied economics at the University of New England and a masters from the London School of Economics. He studied economics at Sydney University, and completed a PhD in health economics at the Australian National University. He has PhD degrees in physiology from Cambridge University and in economics from the Australian National University.

Persons: Philip Lowe, Michele Bullock, Bullock, RBA, Steven Kennedy, Kennedy, Kevin Rudd, Julia Gillard, Jenny Wilkinson, David Gruen, Wilkinson, Gruen, Martin Parkinson, Guy Debelle, Fortescue, Australia's, Debelle, Andrew, Carolyn Wilkins, Shri Navaratnam Organizations: SYDNEY, Australian, Reserve Bank of Australia, University of New, London School of Economics, Treasury, Labor, Sydney University, Australian National University, government's Department of Finance, Parliamentary, ANU, Princeton, Australian Bureau of Statistics, Cambridge University, Macquarie University, Department of Prime, Adelaide University, Fortescue Future Industries, University of Adelaide, MIT, Bank of Canada, Thomson Locations: University of New England

☆ Breakingviews: El Nino will brew up potent new economic storm
▼ + stars: | 2023-07-04 | by ( Antony Currie | ) www.reuters.com time to read: +8 min

It looks likely that the El Nino weather phenomenon has returned, according to both the U.S. National Oceanographic and Atmospheric Administration and the Australian Bureau of Meteorology. Reuters GraphicsBy one reckoning, a single El Nino event might seem manageable. The direct impact of El Nino- and La Nina-affected weather on sowing, growing and harvesting is not the only economic consideration. On June 8 the U.S. National Oceanographic and Atmospheric Administration’s Climate Prediction Center issued an advisory that El Nino conditions “are present and are expected to gradually strengthen into the Northern Hemisphere winter”. The highest temperature reached in any past El Nino was 2.6 degrees Celsius above average in 2016.

Persons: El, Nina, Gabrielle, It’s, there’s, Peter Thal Larsen, Katrina Hamlin, Thomas Shum Organizations: MELBOURNE, Reuters, El, U.S . National Oceanographic, Atmospheric Administration, Australian, of Meteorology, International Monetary Fund, University of Dartmouth, El Nino, Nina, Rabobank, Barclays, World Meteorological Organisation, Center, Thomson Locations: India, Thailand, Vietnam, El Nino, Brazil, Indonesia, Mexico, Europe, China, Southeast Asia, United States, Oceania, Australia, Western Australia, Delhi, Ukraine

Search resuls for: "Australian Bureau"

25 mentions found