Wednesday, 27 May 2020 Sydney
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Invest In Australia News::

  • YouTube, Facebook, Twitter targeted by strict new social media laws in Australia. Here's what it means.

    • Parliament has approved new laws that will make it a crime to host or stream “abhorrent violent material”.
    • The laws were proposed by Prime Minister Scott Morrison on Saturday and some are concerned they’ve been rushed through.
    • Atlassian cofounder Scott Farquhar said the laws lack details and believes they will damage the Australian tech industry.
  • The Australian dollar's roller coaster ride continues - but it's not really going anywhere

    • The Australian dollar rallied hard on Wednesday, assisted by stronger domestic data from home and abroad and more positive chatter about trade negotiations between China and the United States.
    • The US dollar lost ground on the improvement in risk appetite as well as softer US economic data.
    • There’s not a lot on the economic calendar on Thursday.
  • Australian Federal Budget 2019: Winners and losers

    Here are the winners and losers of this year’s federal budget:

    WINNERS

    Future generations – The budget forecasts a return to surplus of $7.1 billion by 2019-20, after more than a decade of deficits since the global financial crisis.

    Individual taxpayers – The budget promises a $302 billion package of personal tax cuts to be rolled out over the next decade.

  • Australia is setting up new secret 'sprint teams' to deal with foreign hackers

    The Australian government is investing millions in cyber security as part of an effort to keep foreign adversaries out of its networks and prevent them from meddling in future elections.

    Part of the investment will see new so-called “sprint teams” established to protect the nation’s networks. It is unclear what the government means by the term “sprint team”. Business Insider Australia has reached out to Australian Cyber Security Centre for clarity.

     

  • Government pledges $19.5 million over four years to lift-off Australia's space program

    The Morrison government on Tuesday night pledged $19.5 million over four years to expand its emerging domestic space industry and help triple the size of the Australian space sector.

    The funding is part of the government’s push to back “industries of the future.”

    Karen Andrews, Minister for Industry, Science and Technology, said the subsidies will help “support the Coalition’s plan to help create 1.25 million more jobs over the next five years.”

  • Australians are suddenly feeling a lot more confident about the economy

    • Australians are suddenly feeling a lot more confident about the economy, according to the latest ANZ-Roy Morgan Consumer Confidence Index.
    • Confidence is now higher than average, perhaps helped by hopes for additional tax cuts in the federal budget.
    • Sentiment levels softened in the second half of last year, coinciding with a slowdown in household spending over the same period.

    Australians are suddenly feeling a lot more confident about the economy, accor

  • In unsettling news, Australian online retail sales have suddenly plunged

    • Australian online sales tumbled in February, according to analysis of transactions processed by the NAB.
    • The monthly decline was the sharpest since the data series began in early 2016.
  • Australian unit approvals surge but few think the bounce will last

    • Australian building approvals surged by the most in over five years in February.
    • Total approvals to build attached dwellings jumped by a mammoth 64.6%.
  • The Australian dollar has jumped out of the blocks to start the new trading week

    • The Australian dollar has jumped out of the blocks in early trade on Monday, supported by stronger-than-expected Chinese economic data released over the weekend.
    • Renewed optimism over US-Sino trade talks helped to lift investor sentiment on Friday.
    • There’s a raft of economic data releases scheduled both at home and abroad on Monday.

    The Australian dollar has jumped out of the blocks upon the resumption of trade on Monday, supported by better-than-expect

  • Iron ore prices surge on renewed uncertainty over Brazilian and Australian supply

    • Iron ore spot markets rose strongly across the board on Friday.
    • Uncertainty over supply disruptions in Brazil and Australia, along with firmer steel prices, likely explain the size of the gains recorded during the session.
    • China’s official manufacturing and non-manufacturing PMIs both improved in March compared to the levels reported in February.
    • The Caixin-IHS Markit China manufacturing PMI report for March will be released on Monday.<
  • Consultation process for unfair contract terms must listen to small business

    Consultations on changes to legislation on unfair contract terms (UCT) for small businesses must adequately consult and take into account the views of the small business sector and the regulators, the Australian Small Business and Family Enterprise Ombudsman, Kate Carnell said today.

    “We welcome the proposed UCT changes by the Coalition and expect the Regulation Impact Statement process to involve proper consultation and engagement with the sector and not just the big end of town which has a vested interest in watering it down,” Ms Carnell said.

  • Amazon is struggling to compete on price in Australia, says Morgan Stanley analyst

    • Morgan Stanley analyst Tom Kierath thinks Amazon is struggling to beat local retailers on price in Australia.
    • The ecommerce giant is competitive when it stocks the item in one of its Australian warehouses, but it often has to ship items in from the US.
    • Retailers in Australia have also been relatively reluctant to sell their products on Amazon, according to Kierath.

    There’s no shortage of doom and gloom in Australia’s retailing sector righ

  • If you're wondering where the next financial crisis may hit, you may want to listen to Cassandra

    • Nomura has created a model known as “Cassandra” that has reliably signalled at least two-thirds of the past 50 financial crises.
    • Right now, Cassandra is warning about a potential financial crisis in Hong Kong in the coming years.
    • China’s risk is also elevated, although it’s fallen in recent quarters. Turkey is also on the radar.
  • Australian housing credit growth hits record lows, pointing to further price falls ahead

    • Australian housing credit grew by 4.19% in the year to February, the weakest level on record.
    • Credit growth for owner-occupiers slipped to 5.91%, the lowest level since August 2015. Investor credit grew by only 0.85% over the same period.
  • Boeing just unveiled how it's going to fix the 737 Max that was grounded after 2 fatal crashes in recent months

    Boeing unveiled the software fix and updated training procedures for the 737 Max airliner on Wednesday. The changes come amid the grounding of the global 737 Max fleet after two deadly crashes in just four months.

    “We mourn this loss of life, and we’re going to do everything that we can do to ensure that accidents like these never happen again,” Mike Sinnett, Boeing’s vice president of product strategy and development, said at a press conference on Wednesday.

  • Australian household wealth hit by plunging stocks and weaker property prices

    Australian household wealth fell at the fastest pace in seven years in the final there months of last year, dragged down by a plunge in stocks and continued weakness in home prices.

    According to the Australian Bureau of Statistics (ABS), household wealth slipped by 2.1% during the December quarter, representing a decline in dollar terms of $257.6 billion.

    It was the largest percentage decline since the September quarter of 2011.

  • How Australia's top secret cyber agency helped defeat Islamic State

    In a rare public address, the head of the Australian Signals Directorate (ASD) Mike Burgess declassified details about the operation against so-called Islamic State, known as Daesh, for the Australian public.

    “Our offensive cyber operators were at their keyboards in Australia, firing highly targeted bits and bytes into cyberspace. Daesh communications were degraded within seconds,” Burgess told a Lowy Institute event in Sydney yesterday.

  • Atlassian co-founder slams government over encryption bill: 'This poorly written law is putting jobs at risk'

    • Atlassian co-founder and co-chief executive Scott Farquhar repeats claim encryption laws place tech industry in a chokehold.
    • The tech star calls for government to keep its promise and review legislation.
    • “At a time when the the industry is trying to create jobs for the future, this poorly written law is putting jobs at risk,” he said.

    Atlassian’s Scott Farquhar is calling on the federal government to keep its promise and revisit

  • The founder of Jim's Mowing slams Australian government: 'Franchisees get incredibly stuffed'

    Jim’s Mowing founder David “Jim” Penman has described a set of new franchising recommendations that were submitted to the Australian government as “feeble,” adding that he believes franchisees currently get “incredibly stuffed” by franchisors.

    Recommendations from the parliamentary inquiry into the $170 billion franchising sector don’t go far enough, according to Penman, who founded his gardening franchise in the 1980s.

  • Capital Economics is pretty bearish on Australia, including its currency

    Capital Economics is bearish on Australia, forecasting sluggish economic growth, higher unemployment, soft inflation, declining home prices and a reversal of recent commodity price strength will force the Reserve Bank of Australia (RBA) to cut official interest rates to 0.75% by the middle of next year.

    Given that not so rosy outlook, it also sees the Aussie dollar falling further this year, even if the US Federal Reserve decides to cut interest rates as well.

  • The Australian dollar climbs as recession fears ease

    The Australian dollar reversed earlier losses on Monday, finding support from reduced financial market volatility, modest gains in some commodity markets and another large drop in US bond yields.

    Here’s the scoreboard at 8am in Sydney on Tuesday.

  • Airwallex, Australia's latest unicorn has arrived — and shows no signs of slowing down

    In another exciting boost for the Aussie startup scene, local fintech Airwallex has become Australia’s latest unicorn after completing a $US100 million ($A141 million) capital raise.

    The Series-C round takes Airwallex’s valuation to a cool $USD1 billion and into the realm of what is known as “unicorn” status. It follows a massive Series-B round of $US80 million in 2018, which was Australia’s second largest in history.

  • Australians remain downbeat despite lower unemployment

    News that Australia’s unemployment rate fell below 5% in February failed to boost confidence levels last week, a worrying outcome that will add to concerns that the spending slowdown seen in the second half of last year may continue for some time yet.

    The ANZ-Roy Morgan Consumer Confidence Index dipped 0.1% to 111.8 last week, leaving overall confidence levels well below the series long-run average.

  • $7.5 Million To Beef Up Sa’s Red Meat Industry

    The State Government will inject $7.5 million into South Australia’s red meat sector in a bid to grow productivity in the industry and further strengthen biosecurity.

     

    This new State Government investment from the Economic and Business Growth Fund will focus on technology adoption, vital infrastructure for growth and measures to enhance biosecurity in the red meat industry.

    Minister for Primary Industries and Regional Development Tim Whetstone said the funding boost will aim to boost on-farm productivity to increase the number of sheep and cattle that are raised and processed in South Australia.