Latest news with #MyBui
The Australian
16 hours ago
- Business
- The Australian
Nintendo Switch launch sparks surprising Aussie shopping spree
Bargain-hunting Australians and the arrival of the new Nintendo Switch unexpectedly bumped retail sales in June, but it might not be a sign of a strong national economy. Retail sales surged 1.2 per cent in June, according to the Australian Bureau of Statistics, the biggest monthly jump since November 2021 when Aussies flocked to stores post Covid lockdowns. While this smashed expectations that retail sales would grow by 0.4 per cent in June, AMP economist My Bui said the figures were quite tepid. 'The strong June result has benefited from one-off releases and promotions, which is not necessarily a sign of strength,' Ms Bui said. KPMG chief economist Brendan Rynne also said the surge in spending showed Australians were still under financial pressure. The highly anticipated launch of the Nintendo Switch 2 helped boost consumer spending. Picture: Supplied 'As cost-of-living pressures continue, households are very much vying for bargains wherever they can, with sale items now consuming a far larger portion of our spending compared to just a few years ago,' Dr Rynne said. 'This month's results show despite a lift in household savings in the first quarter of the year, families have sought to tighten their belts further to ensure they're getting the biggest bang for their buck and only buying items they absolutely need, unless it's a one-off purchase.' Mr Rynne said even factoring in the surge in retail trade on Thursday, volumes still remained sluggish over the quarter. KPMG points out that on a per capita basis, retail volumes fell 0.1 per cent in the June quarter after falling 0.4 per cent in the previous quarter, reflecting ongoing restraint in consumer spending. Compared with the same time last year, retail volumes per capita are down 0.1 per cent and are now 6.0 per cent below the June 2022 quarter peak. But zooming out, KMPG says this is still 3.2 per cent higher than the pre-pandemic level recorded in the December 2019 quarter. ABS head of business statistics Robert Ewing said the spike in retail sales was largely driven by end-of-financial year sales and the launch of the latest Nintendo video game console. A large driver of consumer spending was the new Nintendo Switch. Picture: NewsWire / John Appleyard 'Consumers are targeting sales events with a focus on value for big-ticket items like household furniture, bedding, electronic devices and TVs,' Mr Ewing said. 'Turnover for electrical and gaming retailers was lifted further by the much-anticipated launch of the Nintendo Switch 2, which delivered record sales.' Spending for the month was driven by non-food related purchasing, led by household goods retailing (up 2.3 per cent) and other retailing (up 1.9 per cent). There was also a strong bump in department store sales (up 1.9 per cent), and clothing, footwear and personal accessory retailing, which jumped 1.5 per cent. The other key spending driver was end-of-financial-year sales. Picture: NewsWire / Nicholas Eagar The ABS says this jump was due to end-of-financial-year sales of winter clothing items. Food-related spending also rose after a fall last month. While food retailing bounced back 0.9 per cent, spending in cafes, restaurants and takeaway food services fell 0.4 per cent. Oxford Economics Australia head of economic research and global trade Harry Murphy Cruise said retail trade data created the perfect trifecta for an August rate cut. 'Just as the RBA looked through the noise in monthly measures of consumer prices, the board will do the same for June's higher-than-expected retail sales print,' he said. 'It's the trend that matters, and on that front, the trend of soft retail sales, labour market weakness and easing inflation make a perfect trifecta for an August rate cut.'
Perth Now
17-07-2025
- Business
- 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.
News.com.au
17-07-2025
- Business
- News.com.au
ASX soars as expectations of rate cut on spike in unemployment
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. 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. 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.
Perth Now
15-07-2025
- Business
- Perth Now
Australian shares gain as consumers' mood lifts
The local share market has moved higher as a long-running survey of Australian consumer sentiment posted another modest gain despite last week's surprise move on interest rates. At noon on Tuesday, the benchmark S&P/ASX200 index was up 36.7 points, or 0.43 per cent, to 8,607.1, while the broader All Ordinaries had gained 36.9 points, or 0.42 per cent, to 8,852.2. The Westpac-Melbourne Institute Consumer Sentiment survey, based on a poll of 1,200 Australian adults conducted last week, showed a lift for a third straight month. "While the mood improved a touch for the month as a whole, responses over the survey week show a clear disappointment following the RBA's surprise move to leave rates on hold at its July meeting," said Westpac's head of Australian macro forecasting, Matthew Hassan. AMP economist My Bui said that compared to the longer-term trend, Australian consumer confidence remained soft and way below its long run average. In China, the National Bureau of Statistics reported that the world's second-biggest economy grew at 5.2 per cent in the June quarter, slightly better than consensus estimates of 5.1 per cent growth. Ten of the ASX's 11 sectors were in the green at midday, with materials flat. Tech was the biggest mover, rising 2.1 per cent. Life360 had gained 9.0 per cent to an all-time high of $35.55, Appen had climbed 5.6 per cent to $1.135 and Weebit Nano had advanced 6.4 per cent. Eftpos providers Tyro Payments and Smartpay Holdings were down 5.2 and 1.9 per cent, respectively, after the Reserve Bank proposed banning surcharging on debit and credit cards. Hub24 had advanced 5.5 per cent to an all-time high of $99.71 after the wealth management platform announced strong growth in the fourth quarter, with funds under administration climbing $5.3 billion. The big four banks were all at least slightly in the green, with CBA up 0.3 per cent, ANZ up 0.4 per cent and NAB and Westpac posting very marginal gains. In the heavyweight financial sector, BHP was down 0.7 per cent, Fortescue had dropped 1.0 per cent and Rio Tinto had fallen 0.9 per cent. The Australian dollar was buying 65.55 US cents, from 65.59 US cents at the close of business on Monday.
Sky News AU
26-06-2025
- Business
- Sky News AU
Section 899 of Trump's Big Beautiful Bill makes US assets ‘less attractive' to Aussie investors
AMP economist My Bui has claimed she is 'quite concerned' about the impact of section 899 of US President Donald Trump's Big Beautiful Bill on Australian businesses. Treasurer Jim Chalmers spoke to his American counterpart Scott Bessent this morning and used the call to lobby him over the Section 899 tax proposal, which forms part of Donald Trump's Big Beautiful Bill. If the Bill passes, it could result in Australia being deemed a 'discriminatory foreign country', which could result in Australian businesses investing in America being charged higher taxes.
