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ABC News
8 hours ago
- ABC News
Is the Reserve Bank waiting too long to cut rates?
IVIEW BLURB: Chief interest rates strategist at Barrenjoey, Andrew Lilley says even with the benefit of hindsight, he thinks the RBA got this rate cycle "exactly right."
Perth Now
9 hours ago
- Perth Now
ASX soars on shock jobs figures
Australia's sharemarket closed at a record high for the second time in four trading days after weaker than expected jobs figures renewed hopes of an August rate cut. The benchmark ASX 200 jumped 77.20 points or 0.90 per cent to 8,639. The broader All Ordinaries also had a strong day up 74.40 points or 0.84 per cent to close Thursday's trading at 8,890.80. The Aussie dollar slumped 0.87 per cent and is now buying 64.64 US cents at the time of writing. Australia's markets immediately responded to the ABS announcement of a jump in the unemployment rate, with bond traders pricing in a 98 per cent chance of a rate cut. ASX soars after weaker than expected job figures. Picture NewsWire/ Gaye Gerard. Credit: News Corp Australia The unemployment rate rose to 4.3 per cent last month against expectations of holding flat at 4.1 per cent. With expectations of lower rates, the Australian dollar slumped back below 65 US cents, while Australia's sharemarket jumped on the news. AMP economist My Bui told NewsWire the fall in the Australian dollar followed the market pricing in a more definite rate cut by the RBA. It was a sea of green on the markets, with all 11 sectors finishing higher, led by industrials, financials and technology stocks. 'We continue to see the jobs market as being weaker than the (figures suggests),' Ms Bui said. 'Yes the unemployment rate seems quite low but this month we've seen weakening in multiple measures, including leading indicators in the job market which I think the RBA will pay attention to.' Betashares chief economist David Bassanese said the weaker than expected job figures were a 'slum dunk' for rate cuts in June. 'We'll need more consistent signs of weakness in both employment and hiring indicators before we can conclude the labour market is turning,' he said. 'That said, today's result clearly adds to the case for a RBA rate cut at the August policy meeting provided next week's Q2 CPI report is not a shocker.' Market heavyweight CBA jumped 1.82 per cent to $180.80, while NAB gained 1.12 per cent to $38.70, Westpac finished 1.20 per cent higher at $33.70 and ANZ climbed 1.10 per cent to $30.45. Despite the ASX overall soaring, it was mixed news for the miners. NewsWire / Jeremy Piper Credit: News Corp Australia Tech stocks also rose with Xero jumping 1.71 per cent to $179.13, Life360 finished 1.10 per cent higher to $35.80 and Codan jumped 3.13 per cent to $19.75. Iron ore miners had a mixed day despite the price of the commodity rising to a two-month high, surpassing $US100 a tonne during the day's trading. BHP closed flat at $39.11, Fortescue gained 0.30 per cent to $16.91 and Rio Tinto gained 0.52 per cent to $7.48. In company news shares in Clarity Pharmaceuticals rose 2.05 per cent to $3.48 after announcing an important milestone in the Co-PSMA trials. Shares in superannuation and fund management business Australian Ethical soared 7.40 per cent to $6.68 after releasing its fourth quarter and full yearly update. The ethically based fund said there was a 34 per cent increase in funds under management to $13.94bn. The fight for ASX listed wagering business Pointsbet continued with Mixi formally lodging a second takeover bid and Betr announcing an unsolicited all-scrip takeover on Wednesday after the market closed. Shares in Pointsbet closed flat. Qantas shares also finished in the green up 0.55 per cent to $11.04 after it secured a Supreme Court injunction to stop stolen data being published by anyone, a few weeks after cybercriminals gained access to the airlines systems and stole 5.7 million customers personal details.
The Advertiser
14 hours ago
- The Advertiser
Surprise jump as unemployment rate rises in June
The jobless rate has risen to 4.3 per cent, surpassing expectations, as the number of unemployed Australians jumped. Financial markets had expected the rate to remain steady at 4.1 per cent in June, however, there was a 34,000 increase in people without work, according to the Australian Bureau of Statistics. Employment rose by 2,000, up two per cent compared to the same month last year, after part-time employment grew by 40,000 and full-time employment fell by 38,000. Until this result, the unemployment rate had sat at 4.1 per cent for three consecutive monthly readings. The Reserve Bank will closely monitor the labour market before its next monetary policy meeting in August, NAB's head of Australian economics Gareth Spence said. "The focus for the RBA will be ensuring the labour market remains healthy going forward," he said. "The timing of (rate) cuts is not super important. "It's more about where do they end up." In a move that shocked analysts and disappointed mortgage holders, the RBA in July kept the cash rate steady at 3.85 per cent. Most economists had pencilled in a 25 basis point cut on the back of slowing inflation growth. Mr Spence still expected the jobless rate to climb to 4.4 per cent by the end of 2025, but said economic indicators point to the labour market still being in a strong position. The Reserve Bank said in its latest monetary policy decision that labour market conditions remained tight. "Measures of labour under-utilisation are at relatively low rates and business surveys and liaison suggest that availability of labour is still a constraint for a range of employers," the bank said. "Alternatively, labour market outcomes may prove stronger than expected, given the signal from a range of leading indicators." The jobless rate has risen to 4.3 per cent, surpassing expectations, as the number of unemployed Australians jumped. Financial markets had expected the rate to remain steady at 4.1 per cent in June, however, there was a 34,000 increase in people without work, according to the Australian Bureau of Statistics. Employment rose by 2,000, up two per cent compared to the same month last year, after part-time employment grew by 40,000 and full-time employment fell by 38,000. Until this result, the unemployment rate had sat at 4.1 per cent for three consecutive monthly readings. The Reserve Bank will closely monitor the labour market before its next monetary policy meeting in August, NAB's head of Australian economics Gareth Spence said. "The focus for the RBA will be ensuring the labour market remains healthy going forward," he said. "The timing of (rate) cuts is not super important. "It's more about where do they end up." In a move that shocked analysts and disappointed mortgage holders, the RBA in July kept the cash rate steady at 3.85 per cent. Most economists had pencilled in a 25 basis point cut on the back of slowing inflation growth. Mr Spence still expected the jobless rate to climb to 4.4 per cent by the end of 2025, but said economic indicators point to the labour market still being in a strong position. The Reserve Bank said in its latest monetary policy decision that labour market conditions remained tight. "Measures of labour under-utilisation are at relatively low rates and business surveys and liaison suggest that availability of labour is still a constraint for a range of employers," the bank said. "Alternatively, labour market outcomes may prove stronger than expected, given the signal from a range of leading indicators." The jobless rate has risen to 4.3 per cent, surpassing expectations, as the number of unemployed Australians jumped. Financial markets had expected the rate to remain steady at 4.1 per cent in June, however, there was a 34,000 increase in people without work, according to the Australian Bureau of Statistics. Employment rose by 2,000, up two per cent compared to the same month last year, after part-time employment grew by 40,000 and full-time employment fell by 38,000. Until this result, the unemployment rate had sat at 4.1 per cent for three consecutive monthly readings. The Reserve Bank will closely monitor the labour market before its next monetary policy meeting in August, NAB's head of Australian economics Gareth Spence said. "The focus for the RBA will be ensuring the labour market remains healthy going forward," he said. "The timing of (rate) cuts is not super important. "It's more about where do they end up." In a move that shocked analysts and disappointed mortgage holders, the RBA in July kept the cash rate steady at 3.85 per cent. Most economists had pencilled in a 25 basis point cut on the back of slowing inflation growth. Mr Spence still expected the jobless rate to climb to 4.4 per cent by the end of 2025, but said economic indicators point to the labour market still being in a strong position. The Reserve Bank said in its latest monetary policy decision that labour market conditions remained tight. "Measures of labour under-utilisation are at relatively low rates and business surveys and liaison suggest that availability of labour is still a constraint for a range of employers," the bank said. "Alternatively, labour market outcomes may prove stronger than expected, given the signal from a range of leading indicators." The jobless rate has risen to 4.3 per cent, surpassing expectations, as the number of unemployed Australians jumped. Financial markets had expected the rate to remain steady at 4.1 per cent in June, however, there was a 34,000 increase in people without work, according to the Australian Bureau of Statistics. Employment rose by 2,000, up two per cent compared to the same month last year, after part-time employment grew by 40,000 and full-time employment fell by 38,000. Until this result, the unemployment rate had sat at 4.1 per cent for three consecutive monthly readings. The Reserve Bank will closely monitor the labour market before its next monetary policy meeting in August, NAB's head of Australian economics Gareth Spence said. "The focus for the RBA will be ensuring the labour market remains healthy going forward," he said. "The timing of (rate) cuts is not super important. "It's more about where do they end up." In a move that shocked analysts and disappointed mortgage holders, the RBA in July kept the cash rate steady at 3.85 per cent. Most economists had pencilled in a 25 basis point cut on the back of slowing inflation growth. Mr Spence still expected the jobless rate to climb to 4.4 per cent by the end of 2025, but said economic indicators point to the labour market still being in a strong position. The Reserve Bank said in its latest monetary policy decision that labour market conditions remained tight. "Measures of labour under-utilisation are at relatively low rates and business surveys and liaison suggest that availability of labour is still a constraint for a range of employers," the bank said. "Alternatively, labour market outcomes may prove stronger than expected, given the signal from a range of leading indicators."
