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Australian consumer prices rose at the fastest annual pace in a year in August after a hot July, suggesting some upside to inflation that prompted markets to pare back the chances of imminent policy easing, Reuters reported. The Australian dollar rose 0.3% to $0.6619, while three-year government bond futures fell 7 ticks to 96.45, the lowest in three weeks. Investors doubled down on bets that the Reserve Bank of Australia will skip a move in interest rates next week given the recent flow of data has been on the strong side.
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A Melbourne lawyer has been sentenced to three years’ imprisonment, with a non-parole period of one year, for perverting the course of justice and running an offshore scam to help his clients avoid bankruptcy, according to a joint release from the Australian Federal Police and Australian Financial Security Authority. The man used his law firm to create fictitious personal debts for two clients so they could gain a favourable outcome from bankruptcy and insolvency processes.
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The Australian Securities and Investments Commission (ASIC) has made an interim stop order against the RELI Capital Mortgage Fund, a registered managed investment scheme operated by RELI Capital, CapitalBrief.com reported. ASIC said the order was to "protect consumers and retail investors from acquiring a product that may not be suitable for their financial objectives, situation or needs." As of 31 December 2024, the fund held $50.9 million in net assets under management.
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A measure of Australian business conditions picked up in August as firms reported better profits and employment, while input costs grew at the slowest pace since 2021 in a promising sign for inflation and margins, Reuters reported. The survey from National Australia Bank showed its index of business conditions rose two points to +7 in August, taking it back to the long run average. A more volatile index of business confidence eased 4 points to +4, but again was around the long run trend.
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Australia's central bank is exploring how emerging technologies like artificial intelligence could influence the economy, with possible implications for inflation and the labour market, its governor said on Wednesday, Reuters reported. In a speech in Perth, Reserve Bank of Australia (RBA) Governor Michele Bullock said there was a lot of uncertainty about how the technological change will affect the economy, but policymakers needed to be alert to different possible impacts. "Technological change has always reshaped the labour market, and AI is no exception," said Bullock.
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