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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Australia's central bank board judged further policy easing would likely be needed over the coming year when it cut rates this month, and the pace could be gradual or quicker depending on the flow of economic data, Reuters reported. Minutes of its August 11-12 policy meeting showed the Reserve Bank of Australia saw a strong case for a quarter-point reduction in the cash rate to 3.6% as data had shown inflation was heading towards the mid-point of its 2-3% target band.
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Binance is under the microscope in Australia, DLNews reported. Austrac, the country’s financial crimes regulator, has ordered the crypto exchange to appoint an external auditor after allegedly finding shortcomings in its anti-money laundering and counter-terrorism financing systems. “Big global operators may appear well resourced … but if they don’t understand local money laundering and terrorism financing risks, they are failing to meet their AML/CTF obligations in Australia,” the country’s top regulator Brendan Thomas said.
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Part 2: Strategic Solutions - Restructuring Strategies and Value Realisation in Energy and Utilities
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Australia's central bank cut interest rates on Tuesday for a third time this year and signaled further policy easing might be needed to meet its inflation and employment goals as the economy lost some momentum, Reuters reported. Wrapping up a two-day policy meeting, the Reserve Bank of Australia board cut the main cash rate by a quarter point to 3.6%, saying that data suggested core inflation would moderate to around the middle of its 2% to 3% target band, assuming a gradual easing in policy.
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