Hopes of another rate cut have nosedived after the unemployment rate fell last month, adding to evidence that inflation pressures remain in the Australian economy.
Hopes of another rate cut have nosedived after the unemployment rate fell last month, adding to evidence that inflation pressures remain in the Australian economy. The drop in the jobless rate from 4.5 per cent in September to 4.3 per cent in October came after the number of employed people rose by 42,000 people, well above expectations. There was a substantial 55,000 jump in full time employees, and the number of part-time workers fell by 13,000. The participation rate – the percentage of working-age Australians in the labour force – held steady at 67 per cent.
The Coalition would repeal Australia’s near and long-term climate targets from legislation if it returns to government. Opposition Leader Sussan Ley confirmed that the Liberal Party will abandon its policy commitment to achieve net zero emissions by 2050, joining coalition partner, the Nationals.
Australia’s chance of hosting next year’s COP meeting appears remote after Turkish President Recep Tayyip Erdoğan wrote to PM Anthony Albanese, saying he will not back down from his country’s bid to claim hosting rights for next year’s UN climate summit.
A Sydney woman who claimed to be a fortune teller and feng shui master and her daughter have been charged over an alleged $70 million fraud and money-laundering scheme.
A couple in Northern NSW have paid $1 for a house located on the flood plains of Lismore, possibly the cheapest house sold in the last century. Eleven properties sold at the auction this week at the Murwillumbah RSL, with four homes sold for $5 each and another for $200. The catch is the buyers have to relocate them.
The very last penny in the US, worth one cent, has been minted after President Donald Trump ordered the coin discontinued earlier this year. There are over 300 billion pennies in circulation – that’s $US3 billion worth of pennies – and the public have been encouraged to keep using them.
Fear-o-meter
ASIC has launched civil penalty proceedings against research house, SQM Research, alleging it published misleading “Favourable” ratings for the Shield Master Fund and failed to meet required standards in its reporting.
ASIC is getting antsy about research houses and ratings agency. A couple of weeks ago, in its report on the private credit sector, the regulator had a swipe at ratings agencies, saying they had limited capacity for independent verification of private credit assets.
Now it is claiming SQM Research, in reports issued in October 2021, March 2022, and October 2022, rated various Shield classes as “3¾ stars, Favourable” without properly verifying information or addressing inconsistencies.
Approximately 5,800 investors relied on financial advisers who used SQM Research’s reports to recommend Shield, ASIC said, and Shield Master Fund ultimately collapsed.
ASIC alleges the firm misrepresented that it had a reasonable basis and exercised due care in giving the ratings.
This is aggressive action by the regulator against the research houses, which are pivotal to financial markets. It is going to be a very closely watched case.
Fear & Greed Q+A today
On how borrowers can get the best bang for their buck with their new loan, including the role of Lenders Mortgage Insurance:
"Lenders price loans based on risk. We look at that and we go, Sean, you look pretty good from what we understand. We'll take that risk on you. It's not for the customer, it's for the bank. And what does that mean? it's actually if something was to go wrong with the loan and the customer couldn't afford it... During that time, if the price of that property went down, the value went down, it protects the bank in that if they had to resell that property.
Our loan, our 10% one, we're going, you know what, this is first time buyers, we want to help you get in. We're going to back you in and we'll waive that because we're going to do our checks and balances and we're going to be with honest customers."
In collaboration with Ubank. Find out more at ubank.com.au
More than 42,000 people found jobs in October, according to the latest ABS data. But if you're a jobseeker, SEEK says these are the top ten skills employers are looking for right now (excluding qualifications like a driver’s license and workplace health and safety).
Rank
Skill
1
Customer Service
2
Microsoft Office
3
Relationship Management
4
Leadership
5
Relationship Building
6
Team Leadership
7
Analysis
8
Cleaning
9
Project Management
10
Investigation
Source: SEEK
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