Star Entertainment Group delisted days after damning report by casino regulator in New South Wales. Australia’s largest publicly traded casino operator has been temporarily suspended from the country’s stock exchange after failing to lodge its annual financial results. Star Entertainment Group was delisted from the Australian Securities Exchange on Monday as the group faces scrutiny...
Tag: Economy
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Australia caps international student numbers amid discontent over housing
Education minister says enrolments to be limited to 270,000 in 2025 in bid to create ‘a better and a fairer system’. Australia has announced a cap on the number of international students amid growing public discontent over rising housing costs. Education Minister Jason Clare said on Tuesday that enrolments at publicly funded universities and vocational...
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New law allows Australians to ignore after hours work calls and emails
Sydney — Australian employees now have the right to ignore their bosses outside working hours thanks to a new law which enshrines the “right to disconnect.” The legislation, which passed in February and came into force Monday, protects workers who refuse to monitor, read or respond to contact from their employers after the hours of...
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Australia greenlights $19bn solar project to export power to Singapore
Australia-Asia Power Link is slated to provide up to 15 percent of city-state’s energy needs once completed. Australia has granted environmental approval for a $19bn solar power project to export electricity to Singapore. The Australia-Asia Power Link is slated to generate 6GW of renewable energy, one-third of which would be transmitted to the Southeast Asia...
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Unemployment rate climbs to 4.2 per cent in July with more than 58,000 jobs created
The unemployment rate has climbed to 4.2 per cent in July — its highest level since November 2021 — as Australia’s economy continues to slow down. Data from the Australian Bureau of Statistics showed more than 58,000 jobs were created last month, with the majority in full-time roles. However, the number of unemployed people grew...
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The RBA has managed to dodge a bullet on interest rates, but dark economic clouds are looming
That’s the thing with silver linings. They’re usually attached to dark clouds. After salivating for months about the prospect of interest rate cuts and blithely ignoring reality, financial markets suddenly are in a mad panic about the fundamentals driving the push for cuts. This time last week, our stock market surged to a new record,...
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Australia’s ‘Goldilocks scenario’ is over with a $100 billion fall. It’s hard to tell what happens now
Australian stocks have closed down 3.7 per cent today, wiping more than $100 billion from the stock market. That’s the biggest fall since the pandemic lockdown era. Back then, financial markets panic spread like wildfire. Now, global financial markets are nervous, to say the least. It was unclear, for days, if not weeks, how severely...
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‘We are being tossed around on a sea of volatility’: Fears US economy headed towards recession
In short: Global financial markets have fallen on fears the US is heading toward a recession. The tech-heavy NASDAQ lost 2.43 per cent on on Friday, local time, and is now in technical correction. What’s next? Analysts say further economic and financial markets weakness could put pressure on central banks to ease monetary policy. There...
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300 jobs to be lost as US lithium giant makes further cuts at WA plant
In short: Up to 300 jobs could be lost after lithium giant Albemarle announced a halt on the construction of a third production train. Albemarle operates a lithium refinery in WA’s South West and owns 49 per cent of the lithium mine in Greenbushes. What’s next? The announcement is expected to result in a billion-dollar...
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Why the RBA should hold off on rate hikes
There’s a curious thing about openness, communication and transparency. The more people talk, the less we seem to know. Take central banks. In the past decade, they’ve been forced to explain how and why they make decisions and even throw some light on how they view our economic future, so we can all understand exactly...
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ANZ warns unemployment could rise above 5pc as ‘over-qualified’ job applicants feel ‘abandoned by society’
In short: ANZ is warning the labour market is poised to deteriorate sharply. Recruiters are reporting hundreds of applications for individual roles. What’s next? The RBA will have to sort through the evidence on unemployment before its next meeting in August. While the jobless rate has been slowly creeping higher, alarm bells are ringing about...
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While all eyes are on Washington, Beijing is quietly heading into economic oblivion
As the world looks on entranced at the drama playing out in Washington, an equally significant but far less visible event has been unfolding in our very own time zone. In Beijing, the all-important Third Plenum, a summit that takes place just twice a decade, has just concluded. And what a contrast. While Americans have...