Rate rise drives sentiment to 1990s recession level
Westpac's sentiment index fell 4.7 per cent to 80.4. Among people surveyed after the RBA's rate rise it was 67.2, last seen in the early 1990s recession.
Business
Ministers split as ATO holds firm on credit card ban
The tax office stops taking credit cards from 1 December, citing $200 million a year in fees. Two ministers want a rethink; a third backs the ban.
AEMC backs billing all power users for EV chargers
A draft AEMC rule lets power networks recover 70 per cent of the cost of new public EV chargers from every customer, about $1 a year for five years.
Bullock says upside inflation risks are materialising
RBA Governor Michele Bullock told MPs inflation risks are materialising as firms pass on costs. Markets price a fourth rate rise this year on 29 September.
Reliance Worldwide takeover priced in US dollars
Reliance Worldwide has agreed to a US$3.38 a share cash takeover by Brookfield. Shareholders offered A$4.75 in August now carry the exchange rate until the deal completes, expected early 2027.
Petrol's oil shock is two weeks from the bowser
Brent crude broke US$100 for the first time since July. The national average petrol price of 205.5 cents a litre predates the move, and on the ACCC's own stated lag the increase reaches motorists just as weekly price monitoring is due to lapse.
Card surcharges end October 1, but not on every card
Surcharges on eftpos, Mastercard and Visa payments stop on 1 October, three weeks away, removing a charge that cost Australian consumers $1.6 billion last financial year. American Express is dropping them the same day. Diners Club, PayPal and buy now pay later are not covered.
Housing stock sheds $34bn in first fall since 2022
The total value of Australia's homes fell $34.1 billion to $12.7 trillion in the June quarter, the first quarterly decline since September 2022, the ABS said on Tuesday. Half an hour earlier Westpac reported consumer sentiment down 5.2 per cent, with homeowners' confidence falling 13 per cent.
Bathla stands down 213 staff as lenders buy two weeks
Administrators stood down 213 of Bathla Group's roughly 350 staff at a Sydney meeting on Monday after five of the collapsed developer's 43 lenders agreed to fund two more weeks of construction on their own sites. Work on every other Bathla project has stopped.
Diversa defends $777k bonus as it seeks super bailout
Super trustee Diversa told a parliamentary committee in Sydney a $777,399 bonus to its chief executive was deserved, five months after asking the federal government for a reported $239 million to cover members' losses in the collapsed First Guardian fund.
APRA hits ING Australia over liquidity misreporting
ING Australia overstated its liquidity coverage ratio by more than 50 percentage points for five quarters and fell below the legal floor. APRA has imposed licence conditions and a $50 million capital add-on.
Economy grew 0.4pc in June quarter, beating forecasts
The economy grew 0.4 per cent in the June quarter and 2.1 per cent through the year, ahead of forecasts, and traders moved quickly to price in a rate rise.
