Investment banker Aidan Allen steps up as Jarden executive chair
Sarah Rennie, who has been co-chief executive with Allen for the past two years, and New Zealand-based equities boss Dan Reynolds will lead the business, which is aiming to flatten its leadership structure and free up rainmakers to do deals.
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Perth Now
25 minutes ago
- Perth Now
All eyes on top bank official as rate-cut hopes inflate
A fireside chat starring a top Reserve Bank of Australia official will be closely watched as mortgage holders look for more signs confirming another interest rate cut. RBA deputy governor Andrew Hauser will speak at an economic forum hosted by investment bank Barrenjoey on Thursday. The event comes less than 24 hours after the Australian Bureau of Statistics revealed the Reserve Bank's preferred measure of inflation, the trimmed mean, eased to 2.7 per cent in the June quarter. The result was slightly softer than economists had expected and was widely interpreted as consistent with the RBA board lowering the cash rate to 3.6 per cent at its next meeting in August. Money markets are fully pricing in a 25 basis point cut and have upped the odds of a back-to-back cut in September to about 40 per cent, said Chief CommSec economist Ryan Felsman. But Mr Hauser could "offer some push-back about the need for rapid easing" at the Barrenjoey event in Sydney. The RBA stunned analysts by leaving rates on hold in July, with governor Michele Bullock telling an event last week that the board preferred a "measured and gradual" approach to easing interest rates. While less pivotal than inflation or jobs data, retail sales figures released by the ABS on Thursday will provide an update on the vitality of the Australian consumer. The recovery in household spending has been softer than the RBA had expected, the board said in minutes from its last meeting. But sales are expected to rebound to the highest level since the beginning of 2024, following a run of softer months. The retail print is the last the bureau will produce before it switches over to a more comprehensive measure of consumption, the monthly household spending indicator. As the government prepares for an economic roundtable aimed at fixing Australia's productivity woes, fault lines have opened up between businesses and unions on artificial intelligence. Peak union body the ACTU has called for tougher regulations to ensure AI does not lead to job losses, while business groups have warned against regulation that could stifle adoption of the technology. Independent MP Zali Steggall has called for the government to appoint a special envoy for AI and the future of work to drive adoption of the technology while addressing growing public distrust. "I am concerned it's going to be unions trying to put a lid on it," Ms Steggall told AAP. "Look, I am supportive of guardrails. It has to be done safely, but to suggest that you can put the genie back in the bottle is unrealistic." The former Winter Olympian on Thursday launched her economic plan to re-energise the economy while speeding the transition to net zero, by encouraging clean energy investment and reducing the cost of housing.
Sky News AU
5 hours ago
- Sky News AU
'Big day for America': US President Donald Trump declares August 1 tariff deadline will not be extended after securing deals with Japan, EU
President Donald Trump has declared his August 1 deadline for the introduction of tariffs will not be extended after the United States secured fresh trade deals with Japan and the European Union. The President's threat of widespread tariffs first emerged in April when the US leader announced a long list of nations would be hit with levies to address perceived trade imbalances. Those measures were subsequently delayed, however, with President Trump ultimately pushing back their introduction until August 1 in order to strike "90 deals in 90 days". Despite the delay, the US is set to fall well short of that target, prompting speculation the President could again push back the deadline. On Wednesday, though, President Trump took to his Truth Social platform to dispel any doubts about when tariffs would come into force. "The August first deadline is the August first deadline - it stands strong, and will not be extended," he wrote. "A big day for America!!!" The declaration is likely to cause concern for a number of Australian businesses, with the Albanese government yet to negotiate a new deal with the Trump administration. Prime Minister Anthony Albanese and Trade Minister Don Farrell have both cited an existing free trade agreement, as well as Australia's longstanding trade deficit with the US, as reasons the nation should escape tariffs, although neither argument has appeared to resonate. President Trump had singled out Australian biosecurity restrictions on US beef, which the government loosened last week, as an example of unfair trade practices, while pharmaceutical companies are understood to have lobbied his administration over Australia's Pharmaceutical Benefits Scheme. If Australian officials are unsuccessful at allaying those concerns, and others, the nation appears set to face tariffs of at least 10 per cent - although President Trump flagged that number may rise as high as 20 per cent in future. The President's declaration comes on the heels of major new agreements struck with Indonesia, Japan and the EU. All three nations will still face tariffs as part of the deals, although at a lower level than originally threatened when President Trump first announced the measures. President Trump's moves to upend global trade have sparked chaos in world markets and prompted the International Monetary Fund to warn they could impact economic growth in the years ahead. In its July World Economic Outlook Update, the organisation's chief economist, Pierre-Olivier Gourinchas, warned: "The world economy is still hurting, and it's going to continue hurting with tariffs at that level, even though it's not as bad as it could have been". Mr Gourinchas added tariffs were beginning to impact the US economy, saying the IMF was seeing evidence consumer prices were beginning to edge higher.
AU Financial Review
6 hours ago
- 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.
