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Australia/Oceania

Australian Consumer Price Inflation Hits ThreeYear Low of 2.7% in August

With government power rebates helping, Australian consumer price inflation fell to a threeyear low of 2.7% in August, while core inflation reached its

With government power rebates helping, Australian consumer price inflation fell to a threeyear low of 2.7% in August, while core inflation reached its lowest point since early 2022. Potential interest rate reductions might be made possible by this progress. Market responses were modest despite the good news since the Reserve Bank of Australia RBA has previously stated that the headline inflation drop is transitory and inadequate to warrant a change in interest rates anytime soon. Additionally, the trimmed mean core inflation index decreased to 3.4%. The rate has been at 4.35% since November, but expectations are mounting because current swaps indicate a 75% chance of a decrease as early as December. Read More..

B2B Tech News | 8 days ago         

RBA Reforms Hit Another Roadblock as Greens Demand Interest Rate Cuts

Another blow to longdelayed Reserve Bank of Australia RBA changes came when Greens members insisted on lower interest rates in exchange for backing th

Another blow to longdelayed Reserve Bank of Australia RBA changes came when Greens members insisted on lower interest rates in exchange for backing the bill. The Greens urged the RBA to drop rates during its next decision, stating they would only pass Labors RBA changes once they were. Due to the ongoing inflation, officials have indicated that a rate decrease this year is unlikely, and the RBA has kept rates at 4.35% since November. The opposition has criticised the planned reforms, citing concerns about possible political influence, especially creating a distinct governing board. After calling the Greens proposals "economically irresponsible," Finance Minister Katy Gallagher shelved the reform legislation and maintained the status quo policymaking framework. Read More..

B2B Tech News | 8 days ago         

APRA Proposes Phasing Out Bank Hybrid Bonds for More Stable Capital Forms by 2032

Because the increasing proportion of these securities owned by individual investors creates a risk to the countrys financial stability, Australias Pru

Because the increasing proportion of these securities owned by individual investors creates a risk to the countrys financial stability, Australias Prudential Regulator APRA suggested on Tuesday that bank hybrid bonds be replaced with more stable and affordable capital forms. In response to a September 2023 discussion paper, APRA intends to simplify additional tier1 AT1 capital instruments to improve their crisis resilience. Hybrid bonds, which combine debt and equity, may be phased out by 2032 the shift would begin on 1 January 2027. Hybrid securities will still be available to insurers, though. The purpose of APRAs action is to protect depositor money, lower bank compliance costs, and strengthen the financial systems stability. Read More..

B2B Tech News | 21 days ago         

RBA Governor Michele Bullock No Rate Cuts in Sight as Inflation Remains Above Target

Governor of the Reserve Bank of Australia RBA, Michele Bullock, stressed that the main worry should be sustained inflation and that it is premature to

Governor of the Reserve Bank of Australia RBA, Michele Bullock, stressed that the main worry should be sustained inflation and that it is premature to think about shortterm rate reductions. Bullock said that bringing inflation down to the 23% goal range is still the RBAs top aim in a speech in Sydney. Bullock remained hawkish in July despite the sluggish economic growth and a minor decrease in headline inflation to 3.5%. She emphasised that pressures on domestic inflation, especially in the housing and market services sectors, are still a factor in abovetarget inflation. Since last November, the RBA has maintained interest rates at 4.35% and will react suitably to economic shifts. Markets anticipate a 42% chance of a rate cut by November, but Bullock stressed that high inflation must be addressed to avoid more severe financial impacts. Read More..

B2B Tech News | 24 days ago         

New Zealand Faces Economic Policy Challenges Due to Data Delays

Significant delays in official economic statistics have made it difficult for New Zealand to make economic policy, as evidenced by the recent surprise

Significant delays in official economic statistics have made it difficult for New Zealand to make economic policy, as evidenced by the recent surprise rate drop of the Reserve Bank of New Zealand RBNZ, which came one year ahead of schedule. The nations quarterly reporting of consumer price indices CPI impedes the Reserve Bank of New Zealands ability to identify patterns in inflation rapidly. As seen by the rate decrease in August after fasterthanexpected softening in inflation statistics, this lag has made it more difficult for the RBNZ to make timely monetary policy choices. Better economic decisionmaking requires more timely and reliable data, even if Stats NZ is modernising its datagathering methods and has raised its funding by 60% since 2020. Read More..

B2B Tech News | 1 months ago         

BlackstoneCPPIB Consortium Nears A$20 Billion Acquisition of Australian Data Center Giant AirTrunk

An agreement to purchase Australian data centre operator AirTrunk for A$20 billion $13.53 billion, including debt, is almost finalised by a group led

An agreement to purchase Australian data centre operator AirTrunk for A$20 billion $13.53 billion, including debt, is almost finalised by a group led by Blackstone and the Canada Pension Plan Investment Board CPPIB. After beating out a competing consortium in bidding, Blackstone and CPPIB were declared the preferred buyers. The agreement, which calls for buying AirTrunk from its present owners, the Public Sector Pension Investment Board PSP of Canada and Macquarie Group, may be made public soon. Macquarie and PSP have refrained from commenting on the deal, as have Blackstone and CPPIB. The acquisition shows Australias rising interest in data centre architecture. Read More..

B2B Tech News | 1 months ago         

Commonwealth Bank CEO Matt Comyn Slams MP Over Misinformation and Tax Proposal

Commonwealth Bank of Australia CBA CEO Matt Comyn denounced a lawmaker for disseminating false information and denounced a tax hike on large corporati

Commonwealth Bank of Australia CBA CEO Matt Comyn denounced a lawmaker for disseminating false information and denounced a tax hike on large corporations that was being pursued by "insidious populism" and lacked foundation. Defying proposals from the Reserve Bank of Australia, Comyn countered statements made during a parliamentary inquiry that pointofsale fees imposed by banks were a significant source of profit, labelling such language as harmful. Additionally, he criticised a recent Greens party plan to raise taxes on banks and miners, claiming it needed more validity and was predicated on incorrect premises. Comyns comments were a break from the customarily submissive attitude that Australian bank executives had previously adopted. Read More..

B2B Tech News | 1 months ago         

Google and CSIRO Unite to Combat Cyber Threats for Critical Infrastructure

The National Science Agency of Australia, CSIRO, and Google have collaborated to create digital tools that automatically identify and address software

The National Science Agency of Australia, CSIRO, and Google have collaborated to create digital tools that automatically identify and address software vulnerabilities for critical infrastructure operators, including healthcare facilities and energy providers. Addressing the growing threat of cyberattacks, this program aligns with Australias strict legal framework. With CSIROs research capabilities, Google will provide AI services and an opensource vulnerability database. As a result of Australias recent drive for stricter controls on international internet companies, Google has decided to invest A$1 billion over five years in this initiative. The findings will be publicly available to improve compliance and confidence among critical infrastructure operators. Read More..

B2B Tech News | 1 months ago         



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