We are a proud member of the Financial Services Online network!
Connect with us on your favourite social media platform for the latest financial news, views, tips, tricks, resources and information.
With approximately 16,000 Australians entering employment last month, industry experts have suggested that this data will likely encourage the Reserve Bank of Australia (RBA) to delay any reductions in interest rates. Notably, economists from HSBC and financial firm VanEck have asserted that the RBA has fewer reasons to hasten their rate easing timeline.
Cameron McCormack, a portfolio manager at VanEck, interpreted the figures as indicative of a "robust jobs market." He warned, "The strength in the labour market continues to exert upward pressure on already elevated services inflation," complicating efforts to align inflation with the RBA's target range of 2 to 3%.
Meanwhile, My Bui from AMP articulated that the month's job growth was lackluster by recent standards, with Bjorn Jarvis of the ABS noting, "This was lower than each of the previous six months, when employment rose by an average of 0.3% per month."
Treasurer Jim Chalmers emphasized that while job creation remains robust and inflation declines, signs of deceleration are evident. "Our labour market has remained resilient to date," Chalmers remarked, "but it is softening around the edges with more modest employment growth last month."
Amid global economic uncertainty, rising costs, and increasing interest rates, Chalmers reassured Australians that the government's focus is on "easing the cost of living, getting more people into work, and helping Australians earn more and keep more of what they earn."
These remarks surface against a backdrop of impressive job creation up to September, with around 430,000 roles reported as being filled this past year—a fact that has drawn the attention of the RBA. Governor Michele Bullock has recognized the paradox of a vigorous labour market paired with high service-sector inflation.
Furthermore, a press release from The Nightly disclosed that while the RBA cautioned against a hike, it maintained assurance that Australians would not be "tossed out of their jobs" as market adjustments take place naturally over time.
This employment update coincides with news of Australian wage growth at 3.5% year-over-year up to September—slower than the 4.1% noted previously in June. Yet, since wages have outstripped inflation, there's an uptick in workers' purchasing power, a rare occurrence amid global economies.
Financial markets, as noted in overnight analyses, reflect only a 12% expectation of rate relief during the RBA's forthcoming December discussions. This forms part of broader monetary strategies amid uncertain economic climates.
Published:Friday, 15th Nov 2024
Source: Paige Estritori
| Employment Holds Steady Amid Rate Speculation 15 Nov 2024: Paige Estritori Australia's unemployment rate remained fixed at 4.1% this October, marking the third consecutive month without change, according to newly released Australian Bureau of Statistics data. Despite this steady figure, the growth of new jobs appears to be waning. - read more |
| UK Broker Hit with Multi-Million Pound Penalty for Misallocated Premiums 15 Nov 2024: Paige Estritori A UK brokerage owner has been ordered to pay a substantial fine exceeding £1 million (approximately $1.96 million) and has been barred permanently from the financial services industry. This comes after regulators found him guilty of financially mismanaging funds intended for insurers and providing misleading information. - read more |
| Unprecedented Surge in Australia's ETF Market 14 Nov 2024: Paige Estritori Australian investors are rewriting the record books in the exchange-traded fund (ETF) sector, with data from BetaShares illustrating impressive growth figures that have taken the market by storm. Inflows have surged to $23.7 billion by October, far exceeding the previous yearly high of $23.2 billion established in 2021. - read more |
| RBA's Inflation Strategy Shows Signs of Easing Pressures 13 Nov 2024: Paige Estritori In a move that is being closely watched by economists and financial analysts, the Reserve Bank of Australia (RBA) has maintained a firm stance on interest rates, reflecting its concerns about underlying inflation dynamics. - read more |
| Debate Over Student Debt Cancellation Heats Up 12 Nov 2024: Paige Estritori In a bold move earlier this month, Prime Minister Anthony Albanese announced plans for a potential reduction of student debt by 20% if the current government retains power. This proposal seeks to alleviate the financial burden on graduates, signaling a shift towards addressing Australia’s student loan crisis. - read more |
| What Every Australian Commercial Vehicle Buyer Should Know About Truck Financing In the dynamic realm of Australian commerce, the role of reliable transportation cannot be understated. Especially crucial is the ownership of commercial vehicles which serves as the linchpin for logistical and operational efficiency. The pursuit of acquiring such vital assets often leads businesses to explore the world of truck financing—a realm teeming with opportunities and intricacies. - read more
|
| Key Insurance Policies Every Truck Owner Needs Truck insurance plays a critical role in safeguarding your valuable assets. For truck owners, having the right insurance coverage can mean the difference between financial security and devastating loss. - read more
|
| Trucking finance: How leasing can help grow your business Running a successful trucking business in Australia can be a challenge, but with the right financing options, you can grow your business and increase profits. One popular financing option for truckers in Australia is leasing. Leasing allows trucking businesses to acquire vehicles and equipment necessary for their operations without incurring the high costs of outright purchase. - read more
|
| Dealer Negotiations: Smart Tips for Australian Commercial Truck Buyers Navigating the used truck market in Australia can be as complex as the rugged terrains these vehicles traverse. With the market growing steadily, the need for savvy bargaining and well-informed purchases has never been more critical. The significance of due diligence escalates when considering the investment at stake and the pivotal role these trucks play in driving businesses forward. - read more
|
| Preventive Maintenance: Keeping Your Truck on the Road for Years Keeping your truck in top condition through preventive maintenance is crucial for extending its longevity. Regular check-ups and timely repairs can save you from unexpected breakdowns and costly repairs, keeping your truck on the road for years. - read more
|
|
|
Dealer Negotiations: Smart Tips for Australian Commercial Truck Buyers Navigating the used truck market in Australia can be as complex as the rugged terrains these vehicles traverse. With the market growing steadily, the need for savvy bargaining and well-informed purchases has never been more critical. The significance of due diligence escalates when considering the investment at stake and the pivotal role these trucks play in driving businesses forward. - read more
|
|
The Ultimate Guide to Truck Loan Terms for Commercial Vehicles Getting a truck loan is a significant financial commitment, especially for commercial vehicles. Understanding the terms of your truck loan is crucial for managing your finances effectively and ensuring that you can meet your repayment obligations. - read more
|
|
|
What Every Australian Commercial Vehicle Buyer Should Know About Truck Financing In the dynamic realm of Australian commerce, the role of reliable transportation cannot be understated. Especially crucial is the ownership of commercial vehicles which serves as the linchpin for logistical and operational efficiency. The pursuit of acquiring such vital assets often leads businesses to explore the world of truck financing—a realm teeming with opportunities and intricacies. - read more
|
|
Avoiding the Potholes: How to Select the Right Truck Loan for Your Fleet Selecting the right financing for your fleet can be as crucial to your business's success as the trucks themselves. The journey for the perfect truck loan is fraught with potential pitfalls that can impede your business growth and financial stability. In this introductory section, we will delve into the significance of making informed choices when it comes to truck loans and how they impact your operations. - read more
|
|
|
Trucking finance: How leasing can help grow your business Running a successful trucking business in Australia can be a challenge, but with the right financing options, you can grow your business and increase profits. One popular financing option for truckers in Australia is leasing. Leasing allows trucking businesses to acquire vehicles and equipment necessary for their operations without incurring the high costs of outright purchase. - read more
|