Oil price rise likely to hit consumers with $4 billion headache and absorb benefit of tax cuts

Oil price rise likely to hit consumers with $4 billion headache and absorb benefit of tax cuts

Posted May 15, 2018 13:41:13 Photo: Rising fuel costs tipped to drive up inflation hitting consumers already struggling to deal with stagnant wages. (ABC: Nic MacBean) The surging oil price will deliver the equivalent of a $3.7 billion tax on consumers, according to the big investment bank Morgan Stanley. Key …

Westpac half year after-tax profit rises 7 per cent to $4.2 billion

Westpac half year after-tax profit rises 7 per cent to $4.2 billion

Updated May 07, 2018 09:13:59 Photo: Westpac’s chief executive said the bank would continue to make changes based on customer feedback. (Reuters: Will Burgess) Westpac has just announced a half year after-tax profit of $4.2 billion, a 7 per cent improvement. The bank’s preferred measure of cash profit is up …

Budget 2018: $1.5 billion in road, rail and bridge upgrades for SA

Budget 2018: $1.5 billion in road, rail and bridge upgrades for SA

Posted May 07, 2018 09:40:46 Photo: The Port Road overpass over South Road opened to traffic last April. (Supplied: SA Government) The electrification of the Gawler rail line and the completion of more stages of the South Road upgrade are among projects earmarked for more than $1.5 billion worth of …

Macquarie Group posts record $2.6 billion full-year profit

Macquarie Group posts record $2.6 billion full-year profit

Posted May 04, 2018 09:15:35 While the big retail banks struggle to grind out even flat profits, Australia’s biggest investment bank is flying, posting a record $2.6 billion full-year profit. The result is 15 per cent higher than last year and comfortably beat analysts’ expectations. More to come. Topics: australia …

Trade surplus surges to $1.5 billion while housing approvals rebound

Trade surplus surges to $1.5 billion while housing approvals rebound

Updated May 03, 2018 14:07:09 Australia appears to have enjoyed a mini-economic boom in March with surprising bounces in both exports and building approvals. Key Points: Exports rise 1 per cent to a record $34.8 billion in March First quarter surplus $4b, a $5b turnaround from a soft Q4 in …

China forges ties with Dominican Republic offering $4.1 billion package in a blow to Taiwan – China power

China forges ties with Dominican Republic offering $4.1 billion package in a blow to Taiwan – China power

Posted May 02, 2018 15:24:19 The Dominican Republic has switched allegiance from Taiwan to China after it offered a $US3.1 billion ($4.1 billion) package of investments and loans, a Taiwan official says. Key points: Package includes freeway, infrastructure investment, natural gas power plant China is Dominican Republic’s second largest supplier …

CBA forced to put aside $1 billion extra by bank regulator APRA

CBA forced to put aside $1 billion extra by bank regulator APRA

Posted May 01, 2018 08:35:26 The Australian Prudential Regulation Authority has slammed the Commonwealth Bank over events leading to allegations that it broke anti-money laundering and counter terrorism financing laws on almost 54,000 occasions. In its final report into governance, accountability and culture at the CBA, APRA said the bank’s …

Growing Melbourne suburbs targeted by $2.2 billion roads upgrade

Growing Melbourne suburbs targeted by $2.2 billion roads upgrade

Updated April 29, 2018 10:27:04 Photo: Mr Donnellan said it was about addressing the growth pressures in the north and south-east. (ABC News: Chris Sonesson) Related Story: A tale of three cities: Populations soar in Melbourne, Sydney and Brisbane Thirteen major arterial roads in Melbourne’s growing north and south-east will …

Murray-Darling Basin Plan: $8 billion spent and still the Coorong wetland is dying

Murray-Darling Basin Plan: $8 billion spent and still the Coorong wetland is dying

Posted April 27, 2018 05:11:19 Photo: David Paton stands in the Coorong. (ABC News: Sarah Dingle) Related Story: Record low bird count as algae chokes Coorong wetlands The Murray-Darling Basin Plan is six years in and Australian taxpayers have spent $8 billion on it so far — yet the internationally …

Australia’s Chinese personal shoppers about more than baby formula — it’s a $1 billion industry

Australia’s Chinese personal shoppers about more than baby formula — it’s a $1 billion industry

Posted April 26, 2018 17:52:11 Photo: Demand for baby formula in China has regularly seen Australian supermarket shelves emptied. (ABC News: Brian Hurst ) Ever seen people clear entire shelves of baby formula at your local pharmacy or supermarket? Those shoppers may be Daigou — the Chinese practice of buying …