A large-scale Western Australian iron ore mine will cease operating by the end of the year in a move that will see about 1000 jobs cut from one of Australia’s largest mining ventures. ASX-listed resources giant Mineral Resources Limited issued the announcement on the market on Wednesday, stating its EsperanceContinue Reading
Soaring imports for consumer goods like clothes, footwear and medicines, coupled with declining prices for key commodities including coal and iron ore, may have caused Australia’s economy to contract in the March quarter. Australia’s current account plunged into a $4.9bn deficit in the first three months of 2024, far weakerContinue Reading
Mining giant BHP has proposed a transformative $60bn takeover bid for coal and copper rival Anglo American in a deal that would reshape Australian and world mining. The $230bn behemoth confirmed the mega mining deal on Friday morning, offering Anglo shareholders $48 a share for a near $60bn all-share offer.Continue Reading
The WA Supreme Court has denied Gina Rinehart’s children John Hancock and Bianca Rinehart’s application to access dozens of documents and correspondence that were made between their mother and her lawyers dating back decades. The siblings were trying to get hold of the documents to push their case in aContinue Reading
Households hoping for additional cost of living relief in the May budget could be disappointed with Treasurer Jim Chalmers set to hose down expectations of cash splash due to weaker revenue windfalls. In each of Labor’s first two budgets, the bottom line has benefited from more than $100bn in revenueContinue Reading
The federal budget deficit forecast for this financial year has been slashed to just $1.1bn, all but guaranteeing Jim Chalmers will deliver back-to-back surpluses. In a move designed to ease inflationary pressures, the Mid-Year Economic and Fiscal Outlook (MYEFO), released on Wednesday, shows revenue windfalls of $65bn since May willContinue Reading
The Australian share market firmed on Wednesday as healthcare, financials and materials stocks offset heavy losses booked by oil producers. The benchmark S&P/ASX200 climbed 0.3 per cent, or 22.5 points, to reach 7257.80 points, while the broader All Ordinaries rose a similar amount, to finish at 7469.10 at the closingContinue Reading
The federal budget deficit forecast for this financial year has been slashed to just $1.1bn, all but guaranteeing Jim Chalmers will deliver back-to-back surpluses. In a move designed to ease inflationary pressures, the Mid-Year Economic and Fiscal outlook (MYEFO), released on Wednesday, shows revenue windfalls will be banked rather thanContinue Reading
The local benchmark fell to a two-month low on Tuesday as equities continue their correction after a round of central bank meetings last week signalled interest rates would need to stay higher for longer. The S&P/ASX 200 sank by 38.4 points, or 1.3 per cent, to 2949 points as bondContinue Reading
Treasurer Jim Chalmers is set to unveil an improvement to the budget bottom line of almost $18bn, bringing the underlying cash surplus to $22.1bn. On Friday, the government will formally release the final budget outcome figures for 2022-23, showing the first recorded surplus since Peter Costello’s final budget in 2007.Continue Reading