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The S&P/ASX 200 closed 59 points higher, up 0.77%.
APRA lending data boosts bank stocks for a second session. Westpac (+2.50%), NAB (+1.6%), CBA (+1.4%), and ANZ (+1.1%) led the gains, trading within 2–5% of recent highs. Utilities and Real Estate, which are yield-sensitive, rose as US PCE inflation data was mostly in line with the Fed's preferred inflation measure. These sectors saw gains from AGL (+2.7%), Goodman Group (+1.8%), and Stockland (+1.7%). Technology stocks fell with the Nasdaq overnight. Large caps Wisetech, Xero, and NextDC fell 1%.[Read more]
💡Here are a few headlines from this morning:
Award-winning presenter and journalist Antoinette Lattouf was fired by ABC after being taken off the air during a radio appearance, according to the Fair Work Commission.
Former Kooyong MP Josh Frydenberg will not run again in the next election and has publicly backed local Liberal candidate Amelia Hamer, amid speculation.
The Matildas defeated China 2-0 at Accor Stadium in their final match before the 2024 Olympics in front of a record 76,798 fans.
🗳️ HEADSTART
CoreLogic Reports 0.8% Rise in Home Value Index for May
Brisbane overtakes Canberra as the second most expensive capital city, according to CoreLogic's Home Value Index, which increased 0.8% in May for the 16th consecutive month and the highest monthly gain since October of last year. Sydney is showing signs of recovery.
The Background :
The CoreLogic Hedonic Home Value Index (HVI) is a hedonic regression methodology that uses recent sales data and property attributes to calculate the market value of residential properties. The index separates sales values from market fluctuations and determines the value of properties based on their known features even without recent sales prices. This feature enables precise monitoring of changes in market values over time.
The Revelation :
The mid-sized capitals kept up their lead in terms of growth rate, with property values in Perth increasing by 2.0%, Adelaide by 1.8%, and Brisbane by 1.4% in May. This means that each city's median home value is rising by over $12,000 monthly.
In comparison, property values in other major cities had varying trends, with Sydney's values increasing by 0.6%, Hobart declining by -0.5%, and Darwin falling by -0.3% monthly.
CoreLogic research director Tim Lawless noted that the number of properties for sale in Perth and Adelaide is over -40% below the five-year average, whereas Brisbane listings are -34% below average.
Our Data and Sources :
RP Data Pty Ltd, trading as CoreLogic Asia Pacific (ABN 67 087 759 171) ("CoreLogic"), used several external sources to compile this publication. CoreLogic does not guarantee the accuracy or completeness of this publication. CoreLogic is not liable, to the maximum extent permitted by law, for any losses or damages that subscribers or any individual or business entity may incur from accessing or using all or part of this publication, for any reason. CoreLogic's only responsibility is to return the money that was paid for the information.
What role does this play?
Brisbane's rising home values are significant because they are a reflection of wider economic trends, have an effect on multiple stakeholders, and have an impact on policy decisions. Making educated decisions in the real estate market requires staying up-to-date on these developments, whether you're a prospective buyer, investor, or industry professional. Comprehending the elements that influence Brisbane's property values can assist you in managing possible hazards and advantages within the real estate industry.
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🔥 HOT COPY
Fair Work Commission Announces 3.75% Increase to Minimum Wage
From July 1, the Fair Work Commission will raise Australia's minimum wage and award wages by 3.75 percent. The national minimum wage will rise to $24.10 per hour and $915.91 per week for full-time, 38-hour workers. This increase results in a $33 weekly raise for 2.6 million workers, constituting 20.7% of the national workforce.
The Background :
The Annual Wage Review, mandated by section 285 of the Fair Work Act 2009, requires the Fair Work Commission to assess the National Minimum Wage order and modern award minimum wages. The National Minimum Wage establishes a minimum pay rate for employees who are not under modern awards or enterprise agreements. The Commission must consider the amount of the National Minimum Wage when setting modern award rates of pay.
The Review:
In light of rising expenses, workforce participation, and living standards, the FWC has chosen to raise the minimum wage and award wages. The decision is largely influenced by the challenges of increasing living costs faced by modern workers reliant on awards, particularly those from low-income households, despite reduced inflation.
ACTU
The ACTU supports the Fair Work Commission's 3.75% wage increase for 2.6 million workers, resulting in a $33.11 weekly wage increase. However, the ACTU is disappointed that the Commission has not provided interim pay rises for workers in key feminised occupations, a crucial first step in valuing their work.
"Any day working people get a pay rise is a good day. This decision allows people to keep up with inflation and have a small real wage increase. If employers got their way, Australian workers would’ve seen a significant real wage cut while facing cost-of-living pressures." ACTU Secretary Sally McManus said
ACCI
The Australian Chamber of Commerce and Industry (ACCI) has endorsed the Fair Work Commission's decision to raise national and modern award minimum wages by 3.75 per cent. Although slightly higher than current inflation and surpassing the Reserve Bank's target range, the decision does not pose a major inflation risk if productivity is taken into account.
“It is inevitable that businesses will need to pass increased costs through to consumers. " ACCI chief executive officer Andrew McKellar said.
Why does this matter for the overall economy?
Higher wages may boost consumer spending, but excessive price hikes by businesses could hinder economic growth. Policymakers must find a balance between ensuring fair wages for workers and promoting sustainable business practices to maintain economic stability.
Our Take :
The key to long-term economic growth and stability on this matter is striking this balance. It is imperative that policymakers closely monitor the situation and make necessary adjustments to avoid any unfavourable effects on the economy.
🛒 MARKET EDGE
Cyberattacks and Conflict: Top Threats to Australia's Interests
Despite the recent political reengagement between Australia and China over the last two years, the Lowy Institute Poll 2024 highlights that public opinion of China remains very negative.
The Poll :
The Lowy Institute's flagship annual poll, now in its 20th edition, is the most extensive and longest-running survey of Australian public opinion worldwide. It has demonstrated shifting opinions and been a significant factor in the public discourse on foreign policy for twenty years.
The Revelation :
The 20th Lowy Institute Poll shows that 17% of Australians trust China, while most are concerned about China becoming a military threat in the next 20 years. Trust in the US and President Biden has decreased, and many prefer Biden to be re-elected.
Australians view cyberattacks and potential conflicts over Taiwan and the South China Sea as the top threats to their interests. While 9 in 10 Australians view cultural diversity positively, 48% believe immigration levels are too high. Although a majority of Australians see global warming as a pressing issue, cost-of-living pressures have shifted the focus to reducing household energy bills. 61% now support nuclear power, a shift from 37% opposing it over a decade ago. Two-thirds of Australians believe the government's renewable energy target is either "about right" or "not ambitious enough."
Our Data and Sources :
The Lowy Institute is an Australian think tank with a global outlook, hosting distinguished speakers on foreign policy, defense, politics, journalism, sport, science, and arts. It is at the center of Australia's foreign policy and national security debates, hosting the annual Lowy Lecture, which has featured prominent figures such as Malcolm Turnbull, Angela Merkel, and others.
Why does this matter? :
Based on the insights discussed, it is recommended that policymakers prioritize understanding Australian attitudes towards immigration, climate change, and energy policy to align decisions with public opinion. Moreover, these issues can have substantial implications for Australia's relationships with other countries, particularly in the Asia-Pacific region where tensions are high, influenced by Australian attitudes.
Our Take :
In conclusion, ongoing reporting on these topics is crucial to provide the public with accurate information, foster informed discussions, and contribute to a more knowledgeable and engaged society. Keeping abreast of these issues allows us to contribute to a more knowledgeable and engaged society, better prepared to participate in shaping policies that mirror Australian values and priorities.
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🌎 World Tonight
🇲🇽 Mexico. In the 200-year history of the nation, Claudia Sheinbaum, the predicted winner of the presidency, will be the first female president of Mexico.
🇮🇷 Iran. On Sunday, Iran's state television reported that hardline former President Mahmoud Ahmadinejad has registered to run for president in the June 28 election after Ebrahim Raisi's helicopter crash last month.
🇬🇷 Greece. Nine Europeans will be deported from Greece for disrupting anti-Israel protests at University of Athens School of Law last month.
🇸🇬 Singapore. Ukrainian President Volodymyr Zelensky accuses Russia and China of undermining his Switzerland global peace summit.
🇿🇦 South Africa. On Sunday, President Cyril Ramaphosa urged South Africa's political parties to find “common ground” to form the country's first national coalition government.
🏅VIEWPOINT 360
Social media bans distract from real issue
By Aleesha Rodriguez and Michael Dezuanni, Queensland University of Technology and Tama Leaver, Curtin University in Brisbane
Proposed social media bans are distracting us from the real issue — how to make digital experiences better for children.
Governments across Australia are proposing social media bans for children under 14 or 16 depending on the jurisdiction.
It's a move being backed by Prime Minister Anthony Albanese, with the federal government committing $6.5 million towards a trial of age verification technology.
But bans can prevent children from discussing how they're using online spaces with trusted adults in their lives and risk driving any subsequent social media use underground. [Read more]
📰 Good News, Inspiring, Positive Stories
TAFE Queensland launches home automation training facility
As technology becomes more ingrained in our everyday lives, TAFE Queensland has opened a new Smart Home Technology training facility at its Ashmore campus.
The Smart Room, which has commenced its first intake, offers upskilling opportunities for current electrotechnology apprentices and qualified electricians to elevate their skills to transition traditional homes into interconnected, energy-efficient, and secure living spaces.
Fully equipped with Clipsal Wiser smart home products, the state-of-the-art facility is an immersive training ground with the newest innovations in smart home technology, providing a comprehensive advanced understanding of smart home automation.
Wiser is an accessible, scalable, and wireless home automation system that was developed to empower Australians with control of the entire home. Compatible with Bluetooth and the Zigbee system, the range allows for seamless control with connected switches, sockets, sensors, and IR controllers, all unified by the Wiser by Schneider Electric Hub and app. [Read more]
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